CAFR_FY Ending_09/30/1985VILLAGE OF TEQUESTA
ORGANIZATION CHART
Village Council
Village Manager
Village Clerk ~ ~ ~ Village Attorney
Maintenance Park & Water Finance and Building Police
Department Recreation Department Administrative Department Department
Department Department
COMPREHENSIVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1985
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1985
TABLE OF CONTENTS
Pag e
Number
Introductory Section
Title Page 1
Table of Contents 2
Letter of Transmittal 4
Certificate of Conformance 13
Village of Tequesta Organization Chart 14
List of Principal Officials 15
Financial Section
Auditor's Report--Opinion of Independent Certified
Public Accountants 16
General Purpose Financial Statements
Combined Balance Sheet--All Fund Types and
Account Groups 18
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances--All Governmental
Fund Types 22
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances --Budget and Actual--
General and Special Revenue Fund Types 24
Statement of Revenues, Expenses and Changes in
Retained Earnings--Proprietary Fund Type 26
Statement of Changes in Financial Position--
Proprietary Fund Type 27
Notes to Financial Statements 28
Supplemental Information
General Fund
Schedule of Revenues--Budget and Actual 44
Schedule of Departmental Expenditures--
Budget and Actual 46
Proprietary Fund (Enterprise Fund)
Schedule of Operating Expenses--Budget and Actual 54
Comparative Summary of Operations--Fiscal Years
Ended September 30, 1985 and 1984 55
2
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1985
TABLE OF CONTENTS (Continued)
Proprietary Fund (Enterprise Fund) (Continued}
Schedule of Restricted Accounts Under Revenue Bond
Ordinance
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1985
General Fixed Asset Account Group
Schedule of General Fixed Assets By Source
Schedule of General Fixed Assets By
Function and Activity
Schedule of Changes in General Fixed Assets
By Function and Activity
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979
All Funds
Schedule of Investments
Schedule of Insurance
Statistical Section
General Revenues by Source
General Government Expenditures by Function
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
Demographic Statistics
Page
Number
56
58
59
60
61
62
63
65
66
68
70
71
73
75
77
78
79
80
81
82
83
85
3
OFFICE OF THE VILLAGE MANAGER
VILLAGE OF TEQUESTA
357 TEQUESTA DRIVE
TEQUESTA. FLORIDA
TELEPHONE
AREA CODE 3q5
746-7457
March 10, 1986
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
Gentlemen:
MAILING ADDRE59
P. O. BOX 3273
TEQUESTA, FLORIDA 33458
Submitted herewith is the Comprehensive Annual Financial Report
of the Village of Tequesta, Florida, for the fiscal year ended
September 30, 1985. 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.
I
i
_ 4
The Honorable Mayor and
Village Council
Village of Tequesta
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.
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, 1985.
5
The Honorable Mayor and
Village Council
Village of Tequesta
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the
Village. It also includes all activities considered to be part of
(controlled by or dependent on) the Village, as determined by the
application of the criteria set forth in "Defining the Governmental
Reporting Entity - NCGA Statement 3." In accordance with NCGA State-
ments 3 and 7, for financial reporting purposes, the Village's finan-
cial statements include all funds, account groups, departments, agen-
cies, boards, commissions and other organizations over which Village
officials exercise oversight responsibility.
Oversight responsibility includes such aspects as appointment of
governing body members, budget approval, approval of property tax
levies, outstanding debt secured by Village's full faith and credit
or revenues, responsibility for funding deficits and others.
As in prior years, the Village found that there were no entities
to consider when attempting to implement NCGA Statements 3 and 7.
Therefore, the criteria in Statement 3 did not require the inclusion
of any entity as an accompanying unit in the Village's financial
statements.
The Village provides the full range of municipal services con-
templated by statute or charter. This includes public safety
(police), streets and roads, culture-recreation, public improvements,
planning and zoning, and general administrative services.
CASH MANAGEMENT
Cash temporarily idle is invested with various Village financial
institutions in accordance with the requirements set forth in the
Florida Statutes. Investments are comprised of certificates of
deposits and money market accounts ranging from 30 to 365 days to
maturity. The depository is selected based on a comparison of
interest rates. The average. yield on maturing investments during the
year was 9.0~. The average yield on money market accounts was 7.6$.
6
The Honorable Mayor and
Village Council
Village of Tequesta
EXPENDITURES
Expenditures for the General Fund totaled $2,002,750 in 1984-85.
The detail is summarized below:
Purpose
1983-84 1984-85
Amount Amount
Percentage
of 1984-85
Total
14.8
56.3
10.3
12.0
.5
6.1
100.0
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture and recreation
Total
$ 274,038 $ 296,537
737,008 1,127,171
183,591
227,840
2, 1 54
206, 776
239,512
10,907
128,247 121,847
$1,552,878
$2,002,750
Revenue and Expenditure Increases
Prior to October 1, 1983, Palm Beach County (the County) was
divided into several fire control taxing districts. Each of these
districts levied their own taxes and was considered an ,independent
special district under the laws of the State of Florida.
Beginning October 1, 1983, the districts were consolidated into
a single County-controlled, public safety department. As a result of
that consolidation, beginning October 1, 1984, each municipality in
the County has been required to pay a proportionate share of the
costs of the fire station which services its area. Therefore, for
the fiscal year ended September 30, 1985, the Village of Tequesta
increased tax revenue and public safety expenditures by approximately
$400,000 for fire protection.
8
The Honorable Mayor and
Village Council
Village of Tequesta
Fund Balance
The General Fund has a fund balance of $468,046 at September 30,
1985. The balance is summarized as follows:
Fund balance, September 30, 1984 $247,409
Excess of revenues over expenditures 391,110
Operating transfers in
Operating transfers out (170,473)
Fund balance, September 30, 1985 $468,046
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 general long-term debt principal, inte-
rest 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, 1985, $805,000 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.
9
The Honorable Mayor and
Village Council
Village of Tequesta
ENTERPRISE FUND
Water Treatment Plant Improvements
During March of 1985,. construction was completed at the Water
Treatment Plant that upgraded the water treatment system to a mangan-
ese greensand system, with a pumping capacity of 1.8MGD.
The former water treatment system, an aeration chlorination,
gravity sand filtration system had a .96MGD capacity.
The new water treatment system nearly doubles the daily pumping
capacity and was necessary to meet Department of Environmental Regu-
lation requirements and the projected future water demands for custo-
mers of the system.
Total cost of the improvements was $700,302 consisting of:
Engineering fees $100,802
General contractor payments 592,250
Miscellaneous incidental costs 7,250
Total $700,302
Original project costs were estimated at $650,000. During this
fiscal .period, $633,507 was expended from unreserved retained earn-
ings of the water system. Payments totaling $64,781 were expended
during fiscal year 1984. Incidental project expenses totaling $2,014
were paid through January 20, 1986 reflecting the total cost of
$700,302.
Enterprise Fund income data is shown in the following schedule:
Operating revenues $1,400,742
Operating expenses 1,239,255
Operating income 161,487
Nonoperating revenues (expenses) (22,376)
Operating transfers in 96,673
Extraordinary item 870,022
Net income $1,105,806
10
The Honorable Mayor and
Village Council
Village of Tequesta
The Village issued $1,525,000 Water Refunding Revenue Bonds -
Series 1985, on 'January 1, 1985. The bond sale proceeds were used to
refund Series 19?8 Water Refunding Revenue Bonds.
The bonds are secured by the net revenues of the Water Fund. On
September 30, 1985, $1,500,000 of the bonds remained 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.
A summary of changes in general fixed assets follows:
Balance Balance
October 1, September 30,
1984 Additions Deletions 1985
Land $ 35,000 $ $ $ 35,000
Buildings 211,004 3,828 214,832
Equipment 293,207 91,454 31,780 352,881
Total $539,211 $95,282 $31,780 $602,713
PROSPECTS FOR THE FUTURE
The Village administration is intent upon maintaining its strong
financial condition and maintaining service levels with minimal
increase in ad valorem property taxes. Budget plans are now being
implemented that emphasize the following goals:
1. Greater reliance on technology and improved data pro-
cessing capability to increase internal efficiency and
reduce the need for additional personnel.
2. Continued emphasis on improvement and maintenance of
the Village's infrastructure system.
3. Continued upgrading of the present water treatment
system with emphasis on potential well field expansion.
If the Village maintains the level of fiscal discipline and
control exercised over the past several years, its financial condi®
tion should continue to be strong and stable.
11
The Honorable Mayor and
Village Council
Village of Tequesta
CERTIFICATE OF ACHIEVEMENT
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, 1984.
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 continues to conform to the
Certificate of Achievement Program (formerly Certificate of Conform-
ance) requirements, and we are submitting it to GFOA to determine its
eligibility for another certificate.
ACKNOWLEDGEMENTS
The preparation of this report on a timely basis could not have
been accomplished without the cooperation and dedicated services of
the entire staff of the Village and the efficient assistance of the
independent auditors.
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
manner, thus assuring the citizens of the Village a high level of
financial stability.
Respectfully submitted,
Robert Harp, V llage Manager
Bill C. scav lis, Finance Director
12
Certificate
of
Conformance
in Financial
F~eporting
Presented to
Llillage of Tequesta,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1984
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.
4\aQH OF TNE~CF9,r / i
'~ UNITED STATES ~ y
W ' AND ; H President
f ~ CANADA j c
Z6~ ; CONPORATION ~ a
CNi[~b0 % C J--
Executive Director
13
VILLAGE OF TEQUESTA
ORGANIZATION CHART
Village Council
Village Manager
Village Clerk ~ ~ ~ Village Attorney
Maintenance Park & Water Finance and Building Police
Department Recreation Department Administrative Department Department
Department Department
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL - 1984-1985
Carlton D. Stoddard
Arthur R. Murphy
W. Harvey Mapes, Jr.
Jill K. Gemino
Edward C. Howell
Mayor
Vice Mayor
Councilmember
Councilmember
Councilmember
VILLAGE OFFICIALS
Robert Harp
Cyrese Colbert
John C. Randolph
(Johnston, Sasser & Randolph)
Bill C. Kascavelis
Franklin D. Flannery
Scott D. Ladd
Gary Preston
James W. 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
15
NOWLEN, HOLT, MINER & KI5KER
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SUITE 200
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE 1305) 859.3060
EVERETT 8. NOWLEN, CPA, (1930.19841 JANET R. BARICEVK:H, CPA KATHLEEN A. BENTLEY
CPA
EDWARD T. HOLT, CPA B.E. WEEKS, CPA ,
DEBRA M. ALBERDI
CPA
WIWAM B. MINER, CPA CAROL A. CALLAHAM, CPA .
KIM HATCHER, CPA
WILLIAM C. KISKER. JR., CPA RICHARD D. HOOVER, JR., CPA ANTHONY B. GRAVETT
CPA
R. GREGORY SMITH, CPA MARIA O. GALDOS. CPA ,
GAIL HILL
CPA
R08ERT W. HENORIX. JR., CPA .
RICHARD J. HUTCHINSON, CPA
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
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 338
BELLE GLADE, FLORIDA 33x30
TELEPHONE (3051 948.5812
We have examined the general purpose financial statements of the
Village of Tequesta, Florida, as of and for the year ended Septem-
ber 30, 1985, as set forth in the table of contents. Our examination
was made in accordance with generally accepted auditing standards
and, accordingly, included such tests of the accounting records and
such other auditing procedures as we considered necessary in the
circumstances.
In our opinion, the general purpose financial statements present
fairly the financial position of the Village of Tequesta, Florida at
September 30, 1985, 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 1985, 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 28, 1986
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1985
Governmental
Fund Types
Special Debt
General Revenue Service
Assets
Cash
Cash with fiscal agent
Investments
Receivables
Accounts (net of allowance for
uncollectibles)
Accrued interest
Due from other funds
Due from other governments
Prepaid expenses
Inventories of supplies
Unamortized debt issue costs
Restricted assets
Cash
Investments
Accrued interest
Fixed assets
Amount available in debt service fund
Amount to be provided for retirement
of general long-term debt
$ 57, 01 9 $1 2, 841 $
455,000
1 7, 853
2, 227
21,245
3, 767 4, 007
735
6, 996
1,260
100,000
Total assets
2, 773
$557,846 $16,848 $111,029
18
Proprietary
Fund Type
Enterprise
$ 156,322
605,000
161,123
4,425
1,511
11,097
86,430
1 31 , 281
552,029
4, 766
4,609,612
$6,323,596
Account Groups
General General
Fixed Long-Term
Assets Debt
602, 71 3
$602,713
109,769
727,468
.---
$837,237
See notes to financial statements.
19
Totals
(Memorandum
Only)
$ 233,178
1,260
1,160,000
178,976
9, 425
21 , 245
7,774
1,511
1 1 , 832
86, 430
131,281
552,029
4, 766
5,212,325
109,769
727,468
$8,449,269
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 30, 1985
Liabilities and fund equity
Liabilities
Accounts payable
Accrued liabilities
Matured interest payable
Payable from restricted assets
Deposits
Due to other funds
Deferred revenue
Improvement revenue bonds payable
Water refunding revenue bonds payable
Unamortized debt discount
Other liabilities
Total liabilities
Fund equity
Contributed capital
Investment in general fixed assets
Retained earnings
Reserved for revenue bond debt service
Unreserved
Fund balances
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
Governmental
Fund Types
Special Debt
General Revenue Service
$ 37,480 $
40,255
1,260 ~
12,065
16, 800
89,800. 16,800 1,260
735
13,161
2,000
271,518
180,632
468,046
22, 234
48
48 '109,769
$557,846 $16,848 $111,029
87,535
20
Proprietary
Fund Type Account Grou s
General Genera Totals
Fixed Long-Term (Memorandum
Enterprise Assets Debt Only)
$ 82,905 $ $ $ 120,385
9,489 32,237 81,981
1,260
115,083 115,083
4,445 21,245
12,065
805,000 805,000
1,500,000 1,500,000
(43,670) (43,670)
6,714 6,714
1,674,966 837,237 2,620,063
1,221,163 1,221,163
602,713 602,713
572,993 572,993
2,854,474 2,854,474
735
87,535
13,161
2, 000
271,518
22,234
180,680
4,648,630 602,713 5,829,206
$6,323,596 $602,713 $837,237 $8,449,269
See notes to financial statements.
21
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances -
All Governmental Fund Types
For the Fiscal Year Ended September 30, 1985
Revenues
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Intragovernmental services
Total revenues
Expenditures
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture/recreation
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, October 1, 1984
Fund balances, September 30, 1985
General
$1,777,305
102,894
332,731
9,023
43, 330
68,577
60,000
2 ,~
296, 537
1,127,171
206,776
239,512
10,907
121,847
2,002, 5
391,110
{170,473)
(17 ,473)
220,637
247,409
$ 468,046
22
Governmental Fund Types Totals
Special Debt (Memorandum
Revenue Service Only)
$ $ $1,777,305
1 02, 894
16,205 348,936
9,023
43,330
357 15,367 84,301
60,000
16,562 15,367 2,42 , 9
296,537
16,800 1,143,971
206,776
239,512
10,907
121,847
20,000 20,000
69,603 69,603
16,800 89,603 2,109,153
(238) (74,236) 316,636
73,800 73,800
(170,473)
73,800 {9 ,6 )
(238) (436) 219,963
286 110,205 357,900
$ 48 $109,769 $ 577,863
See notes to financial statements.
23
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures,
Changes in Fund Balances -
Budget and Actual
General and Special Revenue Fund Types
For the Fiscal Year Ended September 30, 1985
Revenues
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Inteagovernmental services
Total revenues
and
General Fund
Variance -
Favorable
Budget Actual (Unfavorable)
$1,721,803
1 Q3,550
313,180
8,530
40, 200
32,353
60,000
2,279,E
$1,777,305
102,894
332, 73i
9,023
43, 330
68,577
60,000
,3 ,86
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, October 1, 1984
Fund balances, September 30, 1985
320, 575
1,141,767
206,800
259,175
12,920
122,387
214, 435
2,27 ,OS
296, 537
1,127,171
206,776
239,512
10,907
121,847
~,~
1,557 391,110
(170,473) (170,473)
(170,473) (170,473)
$ (168,916)
24
220, 637
247,409
$ 468,046
$ 55, 502
(656)
1 9, 551
493
3,130
36,224
14, 4
24,038
1 4, 596
24
1 9, 663
2,013
540
21 4, 435
5_,
389,553
$389,553
Special Revenue Fund Totals (Memorandum Only}
Variance - Variance -
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $1,721,803 $1,777,305 $ 55,502
103,550 102,894 (656)
16,276 16,205 (71) 329,456 348,936 19,480
8,530 9,023 493
40,200 43,330 3,130
540 357 (183) 32,893 68,934 36,041
60,000 60,000
16,816 16,562 (254) 2,296,432 2,4 ,4 13, 90
320,575 296,537 24,038
17,316 16,800 516 1,159,083 1,143,971 15,112
206,800 206,776 24
259,175 239,512 19,663
1 2, 920 1 0, 907 2, 01 3
122,387 121,847 540
214,435 214,435
17,316 16,8 0 516 2,295,375 2,019,550 275,825
(500) (238) 262 1,057 390,872 389,815
(170,473) (170,473)
(170,473} (170,473)
$ (500) (238) $ 262 $ (169,416) 220,399 $389,815
286 247,695
$ 48 $ 468,094
See notes to financial statements.
25
VILLAGE OF TEQUESTA, FLORIDA
Statement of Revenues, Expenses, and
Changes in Retained Earnings -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1985
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 reven
Computer service
Interest revenue
Interest expense
Loss on disposal
Total nonoperating
ues (expenses)
fee
and fiscal charges
of fixed assets
revenues (expenses)
Income before operating transfers and
extraordinary item
Operating transfers in
Income before extraordinary item
Extraordinary item
Gain on extinguishment of debt
Net income
Depreciation on fixed assets acquired by
contributions from subdividers
Increase in retained earnings
Retained earnings, October 1, 1984
Retained earnings, September 30, 1985
See notes to financial statements.
Proprietary
Fund Type
Enterprise
$1,400,742
465,375
173,405
147,049
18,676
74,794
20,565
338,617
774
1,239,255
161,487
2, 333
1 63, 809
(183,139)
(5,379)
(22,376)
139,111
96,673
235,784
870,022
1,105,806
15,120
1,120,926
2,306,541
$3,427,467
26
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Financial Position -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1985
Proprietary
Fund Type
Enterprise
Sources of working capital
Operations
Income before extraordinary item $ 235,784
Items not requiring working capital
Depreciation 338,617
Amortization of debt discount and issue costs 11,511
Depreciation on contributed assets 15,120
Loss on disposal of fixed asset 5,379
Working capital provided by operations
before extraordinary item 606,411
Extraordinary item - gain on retirement of bonds 870,022
Working capital provided by operations 1,476,433
Contributions 341,494
Proceeds from sale of land 16,499
Proceeds from issuance of bonds 1,525,000
Increase in other liabilities 791
Decrease in restricted assets 1,224,045
Decrease in debt discount and issue costs 97,943
Total sources of working capital 4,682,205
Uses of working capital
Acquisition of property, plant and equipment 977,562
Retirement of bonds payable 3,940,000
Decrease in current liabilities payable from
restricted assets 112,992
Total uses of working capital 5,030,554
Net decrease in working capital $ (348,349)
Elements of net increase (decrease) in working capital
Cash $ 4,584
Investments (345,700)
Accounts receivable 44,329
Accrued interest receivable (10,955)
Prepaid expenses 1,511
Inventories 7
Accounts payable and accrued liabilities (38.072)
Due to other funds (4,053)
Net decrease in working capital $ (348,349)
See notes to financial statements.
27
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
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 Fund Types
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 Type
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
28
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
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.
29
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
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. However, depreci-
ation expense related to contributed assets is closed to the contrib-
uted equity account and not to retained earnings. 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 - 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.
30
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
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 fund is accounted for using the accrual basis of
accounting. Revenues are recognized when they are earned, and the
expenses are recognized when they are incurred.. Unbilled Water Fund
utility service receivables are recorded at year end.
Interfund transactions
Following is a description of the basic types of interfund transac-
tions made during the year and the related accounting policy:
Transactions for services rendered or facilities provided.
These transactions are recorded as revenue in the receiving
fund and expenditures in the disbursing fund.
Transactions to transfer revenue or contributions from the fund
budgeted to receive them to the fund budgeted to expend them.
These transactions are recorded as operating transfers in and
out .
Compensated Absences
Accumulated unpaid vacation and sick leave amounts are accrued when
incurred. In governmental funds, the current liability to be liqui-
dated with expendable available financial resources is recorded in
the specific fund, with the remainder of the liability reported in
the General Long-Term Debt Account Group. The Proprietary Fund
records its respective share of the liability in total.
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, 1985 and 1984 were $2,000 and $84,232,
respectively.
31
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Revenue Recognition
Ad Valorem Taxes
Ad valorem taxes are assessed as of January 1 and billed the
following October. They are due and payable on November 1 of
each year or as soon thereafter as the assessment roll is
certified and delivered to the Tax Collector. These taxes are
collected by the County and remitted to the Village. Revenue
is recognized at the time monies are received from the County.
All unpaid taxes become delinquent on April 1 following the
year in which they are assessed. Discounts are allowed for
early payment at the rate of 4$ in the month of November, 3~ in
the month of December, 2$ in the month of January and 1~ in the
month of February. The taxes paid in March are without dis-
count.. At September 30, unpaid delinquent taxes,. if any, are
reflected as a receivable on the balance sheet and are fully
reserved.
The Village does not accrue property tax revenues since the
collection of these taxes coincides with the fiscal year in
which levied, and since the Village consistently has no mate-
rial uncollected property taxes at year end.
.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 measurable 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.
32
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets and Budgetary Accounting (Continued)
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.
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 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.
33
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 - INTERFUND ADMINISTRATIVE FEE
During the year ended September 30, 1985, the Enterprise Fund
remitted $60,000 to the General Fund for administrative management
fees. .This amount is reflected as intragovernmental services revenue
in the General Fund and as contractual services operating expenses in
the Enterprise Fund.
34
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 3 - 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, 1985 were $111,828 (General Fund $96,775, Enterprise
Fund $15,053). 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, 1985,
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.
NOTE 4 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable of $161,123 are stated net of a $1,500 allowance
for doubtful accounts and consist of billed revenues totaling
$130,745 and unbilled revenues totaling $31,878.
NOTE 5 - COMPENSATED ANNUAL LEAVE AND SICR PAY
In accordance with Statement 4 of the National Council on Government-
al Accounting, vacation pay and sick pay are recorded when earned by
employees. As of September 30, 1985, the total liability for compen®
sated absences was $65,166. The current liability in the General
Fund was $20,682. The noncurrent portion of compensated absence
liability of the General Fund is recorded in the Long-Term Debt
Group. For the fiscal year ended September 30, 1985, the long-term
amount was $32,237. The liability recorded by the Enterprise Fund
was $12,247.
NOTE 6 - LONG-TERM DEBT
Water Fund: Water Refunding Revenue Bonds, Series 1985 were issued
pursuant to Resolution 2-84/85 enacted by the Village Council on
October 23, 1984, for a total principal amount of $1,525,000.
35
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 6 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
Resolution 2-84/85-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 inte-
rest 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 Resolution requires the establishment of the following accounts:
Account
Purpose
Revenue Account To collect the entire gross revenues
derived from the system, except invest-
ment earnings.
Operation and To pay fully accrued operating expenses.
Maintenance Account
Sinking Account To accumulate sufficient funds to meet
annual debt service requirements through
transfers from the Revenue Account.
Bond Amortization Established within the Sinking Account
Account to meet principal payment on the debt.
Reserve Account To accumulate funds for. payment of
principal and interest only if funds in
the Sinking Account are insufficient.
Renewal and Replacement To accumulate funds for. the purpose of
Account funding the cost of extensions, addi-
tions to, enlargements and replacement
of capital assets of the system and
emergency repairs thereto.
36
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 6 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
The annual requirements to amortize the debt are as follows:
Fiscal Year Ending
September 30
1 986
1987
1988
1989
1990
1 991
1992
1993
1994
1995
1996
1 997
Principal Interest
$ 55,000
70,000
70,000
80,000
80,000
90, 000
95,000
105,000
185,000
275,000
300,000
120,000
$ 125,426
118,599
114,311
1 09, 505
103,805
97,667
90,749
83,005
74,199
55,1 43
30,592
5,340
$1,525,000
$1,008,341
Total
$ 1 80, 426
188,599
184,311
189,505
1 83, 805
187,667
185,749
188,005
259,199
330,1 43
330,592
125,340
$2,533,341
The Village is obligated by the securities contract to purchase an
aggregate of $980,000 par amount of U.S. Treasury Bonds due Febru-
ary 15, 2007, bearing interest at 7-5/8~, at an aggregate purchase
price of $928,323.57. Purchase must be made semi-annually on April 1
and October 1 from April 1, 1985 through October 1, 1993, at semi-
annual prices increasing from approximately $33,000 in 1985 to
approximately $71,000 in 1993. Neither the U.S. Treasury Bonds nor
their income is pledged for payment of the refunding bonds. However,
the purchase prices of the Treasury Bonds are added to gross debt
service and the income from the Treasury Bonds is subtracted from
gross debt service to compute bond service requirements.
Debt issue expense and bond discount on the Water Refunding Revenue
Bonds, Series 1985, 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,
1985, $805,000 of this issue, which consists of term and serial
bonds, were outstanding. The guaranteed entitlement portion of state
revenue sharing trust funds, public service utilities taxes, fran-
chise fees and occupational license taxes have been pledged. The
bonds will be repaid through the Debt Service Fund.
37
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 6 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
Annual requirements to amortize this debt are as follows:
1986 October
1987 October
1988 October
1989 October
1990 October
1991 October
1992 October
1993 October
1994 October
1995 October
1996 October
1997 October
1998 .October
1999 October
2000 October
2001 October
2002 October
2003 October
2004 October
Totals
Coupon Total
Rate Principal Interest Payments
8.40$ $ 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
$ 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
$ 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
$805,000 $1,085,270
$1,890,270
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
1992 $ 35,000
1993 35,000
1994 40,000
1995 40,000
1996 45,000
1997 45,000
1998 50,000
Year Amount
1999 $ 55,000
2000 55,000
2001 60,000
2002 65,000
2003 70,000
2004 55,000
38
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 6 - LONG-TERM DEBT (Continued}
General Long-Term Debt: (Continued}
The annual requirements to amortize all outstanding debt including
interest payments of $2,093,611 as of September 30, 1985 are as
follows:
Fiscal
Year Ending Compensated Improvement Water
September 30 Absences Revenue Revenue Total
1 986 $ $ 87, 535 $ 1 80, 426 $ 267, 961
1987 90,855 188,599 279,454
1988 88,755 184,311 273,066
1989 86,655 189,505 276,160
1 990 89, 580 1 83, 805 273, 385
1991 87,090 187,667 274,757
1992 54,600 185,749 240,349
1993 54,600 188,005 242,605
1994 54,600 259,199 313,799
1 995 54, 600 330,1 43 384, 743
1996 54,600 330,592 385,192
1997 54,600 125,340 179,940
1998 54,600 54,600
1999 54,600 54,600
2000 .54,600 54,600
2001 54,600 ~ 54,600
2002 54,600 54,600
2003 54,600 54,600
2004 704,600 704,600
Various 32,237 32,237
$32,237 $1,890,270 $2,533,341 $4,455,848
Annual maturities of long-term compensated absences cannot be reason-
ably determined.
39
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 6 - LONG-TERM DEBT (Continued)
Chan es in Lon -Term Debt: Transactions for the Village for the year
ended Septem er 30, 1985 are summarized as follows:
Improvement Water
Compensated Revenue Revenue
Absences Bonds Bonds Total
Long-term debt at
October 1, 1984
Add:
Compensated
absences
Bonds issued
Less: Bonds retired
Long-term debt at
September 30, 1985
Interest Expense
$30,783 $825,000 $3,915,000 $4,770,783
1 , 454 1 ,.454
1,525,000 1,525,000
20,000 3,940,000 3,960,000_
$32,237 $805,000 $1,500,000 $2,337,237
Interest expense on long-term debt for the fiscal year ended Septem-
ber 30, 1985 totaled $239,160 (general long-term debt - $69,235;
Enterprise Fund - $169,925).
NOTE 7 - 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 8 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of the following:
Contributions from capital improvement
charges $ 998,531
Contributions from developers $237,752
Less: amortization 15,120 222,632
$1,221,163
For the year ended September 30, 1985, contributions from capital
improvement charges totaled $243,994 and contributions from develop-
ers totaled $97,500.
40
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 9 - LONG-TERM AGREEMENT TO PURCHASE WATER
On July 15, 1976, the Village entered into an agreement with Tri-
Southern Utilities Company, Inc. (the agreement subsequently assumed
by the Town of 'Jupiter) to purchase water for the Village's water
system for a period of 30 years. Rates for water service are based
on wholesale rates. The Village is billed monthly based upon a
1,500,000 gallons per day contracted minimum.
NOTE 10 - INTERFUND RECEIVABLES AND PAYABLES
Individual fund interfund receivables and payables at September 30,
1985 are as follows:
Fund
General Fund
Special Revenue Fund
Enterprise Fund
NOTE 11 - COMPONENTS OF FIXED ASSETS
Interfund Interfund
Receivables Payables
$21,245 $
1 6, 800
4,445
$21,245 $21,245
A summary of changes in general fixed assets follows:
Balance
Octo'oer 1 ,
1984
Balance
September 30,
Additions Deletions 1985
Land $ 35,000 $ $ $ 35,000
Buildings 211,004 3,828 214,832
Equipment 293,207 91,454 31,780 352,881
Total $539,211 $95,282 $31,780 $602,713
41
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 11 - COMPONENTS OF FIXED ASSETS (Continued)
The components of fixed assets at September 30,
as follows:
1985 are summarized
General
Land
Buildings
Improvements
buildings
other than
Machinery and equipment
Accumulated depreciation
Total
Enterprise Fixed Assets
Fund Account Group Total
$ 92,042 $ 35,000 $ 127,042
386,394 214,832 601,226
5,553,002 5,553,002
209,774 352,881 562,655
6,241,212 602,713 6,843,925
1,631,600 1_,631,600
$4,609,612 $602,713 $5,212,325
NOTE 12 - EXTRAORDINARY GAIN - EARLY EXTINGUISHMENT OF DEBT
Water Fund
During the year ended September 30, 1985, the Village refunded its
outstanding $3,915,000 Water Refunding Revenue Bonds, Series 1978 by
issuance of $1,525,000 Series 1985 Bonds. The transaction resulted
in an extraordinary gain of $870,022. This gain represents the
excess of the principal amount of the refunded bonds (after deducting
unamortized debt issue costs, discounts and expenses of the refund-
ing) over the stated value of the new bond issue at issuance.
Refunding revenue bond proceeds were placed in an irrevocable escrow
fund with an independent escrow agent. The funds were invested in
direct obligations of the United States of America, the maturing
principal and interest earnings of which will provide sufficient
monies to pay at maturity, or redeem prior to maturity, the principal
of and premium, if any, and interest on the refunded water and sewer
revenue bonds. These obligations mature at various dates through
April 1, 2007. In accordance with generally accepted accounting
principles, the refunded debts are not included in the combined
balance sheet all fund types and account groups at September 30,
1985. Similarly, interest expense related to the refunded debt and
interest earned on the investment of the escrowed funds have not been
recognized in the statement of revenues and expenses and changes in
retained earnings - Proprietary Fund Type.
42
SUPPLEMENTAL INFORMATION
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1985
NOTE 13 - CONSIDERATION OF DEFINITION OF THE REPORTING ENTITY
This report includes all of the funds and account groups of the
Village. It also includes all activities considered to be part of
(controlled by or dependent on) the Village, as determined by the
application of the criteria set forth in "Defining the Governmental
Reporting Entity - NCGA Statement 3." In accordance with NCGA State-
ments 3 and 7, for financial reporting purposes, the Village's finan-
cial statements include all funds, account groups, departments,
agencies, boards, commissions and other organizations over which
Village officials exercise oversight responsibility.
Oversight responsibility includes such aspects as appointment of
governing body members, budget approval, approval of property tax
levies, outstanding debt secured by Village's full faith and credit
or revenues, responsibility for funding deficits and others.
As in prior years, the Village found that there were no entities to
consider when attempting to implement NCGA Statements 3 and 7.
Therefore, the criteria in Statement 3 did not require the inclusion
of any entity as an accompanying unit in the Village's financial
statements.
NOTE 14 - LITIGATION
The Village, in accordance with the normal conduct of its
involved in various judgments, claims and litigations. It
ed that the final settlement of these matters will not
affect the financial statements of the Village.
affairs, is
is expect-
materially
43
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1985
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
State alternative fuel tax
County road and bridge 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
$1,036,125
1,000
380,178
304,500
1,7 1, 3
$1,036,124
879
411,704
328,598
1,777,305
40,000
58,000
5,550
103,550
16,000
129,228
5,200
2,650
25,200
19,800
1 1 5, 000
25
77
313,180
300
380
850
1,000
3,800
2,200
8,530
44
41,725
56,368
4,801
102,894
15,877
1 29, 235
5,769
2,612
26,747
1 9, 738
132,650
26
77
332,731
450
492
81 7
1,478
3, 540
2,,246
9,023
Variance -
Favorable
(Unfavorable)
$ (1
(121
31 , 526
24,098
55,502
1,725
(1,632)
(749)
(656)
(123)
7
569
(38)
1,547
(62)
1 7, 650
1
19,551
150
112
(33)
478
(260)
46
493
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1985
Fines and forfeits
Court fines
Parking tickets
Total fines and forfeits
Budget
$ 40, 000
200
40,200
Actual
$ 43,120
21 0
43,330
Miscellaneous revenues
Interest
Contribution for park land
Contribution from private
sources
Other
Abandoned bicycle sales
Total miscellaneous revenues
Intragovernmental services
Administrative management -
water fund
Total revenues
27,500
4,800
53
32,353
35,721
30,267
1,200
1,336
53
68,577
60,000 60,000
$2,279,616
$2,393,860
45
Variance
Favorable
(Unfavorable)
$ 3,120
10
3,130
8, 221
30,267
1,200
(3,464)
3 6 ~~
$114,244
-VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
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
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
Variance -
Favorable
Budget Actual (Unfavorable)
$ 3,800 $ 3,412 $ 388
100 84 16
3,900 3,496 404
38,682 38,631 51
2,760 2,713 47
4,685 4,627 58
1,560 1,553 7
100 100
1,600 1,406 194
50 34 16
50 20 30
19,770 19,766 4
1,400 1,386 14
2,365 2,363 2
3,200 3,175 25
55 51 4
1,300 1,150 150
1,200 396 804
350 279 71
60 60
115 115
79,302 77,825
Financial and administrative
Finance director's and
bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
41,300 41,300
2,905 2,902 3
5,000 4,951 49
1,650 1,618 32
110 107 3
46
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
General government (continued)
Financial and administrative
(continued)
Computer services
Accounting and auditing
Travel and per diem
Other charges
Office supplies
Books, publications, dues
Machinery and equipment
Repairs and maintenance -
office machines
Total financial and
administrative
Legal counsel
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
Employee recognition program
Variance
Favorable
Budget Actual (Unfavorable)
$ 2, 335 $ 2, 333 $ 2
13,000 13,000
600 525 75
395 315 80
1,765 1,763 2
1 50 90 60
390 375 15
2,425 686 1,739
72,025 69,965 2,060
35,000 28,210 6,790
35,000 28,210 6,790
12, 000 1 1 , 586 41 4
200 200
12,200 11,586 614
11,025 11,023 2
780 776 4
1,300 1,315 (15)
1,525 1,522 3
24 19 5
500 500
2,970 2,970
47
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
General government (continued)
Other general government
(continued)
Codification
Communication services
Postage
Utility services
Fire hydrant rental fees
Office equipment rentals
Insurance
Village Hall maintenance
Office machines maintenance
Other charges
Office supplies
Books, publications, dues
Personnel training
Improvements other than
buildings
Machinery and equipment
(computer)
Aid to private organizations
Other grants and aids
Total other general government
Total general government
Public safety
Police department
Variance -
Favorable
Budget Actual (Unfavorable)
$ 3,660 $ 3,488 $ 172
3,700 3,174 526
2,500 2,298 202
9,600 8,777 823
1 1 , 400 1 1 , 400
5,000 4,543 457
8,500 7,343 1,157
8,000 5,473 2,527
220 87 133
3,400 3,390 10
3,220 2,843 377
1,100 815 285
425 380 45
3,500 1,094 2,406
20,400 20,296 104
12,400 12,400
2,999 2,999
118,148 105,455 12,693
320,575 296,537 24,038
Salaries 437,200 437,141 59
Overtime 20,450 20,430 20
F.I.C.A. 32,750 32,114 636
Retirement 64,600 62,200 2,400
Life and health insurance 62,200 60,414 1,786
48
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
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
Variance -
Favorable
Budget Actual (Unfavorable)
$ 16,400 $ 16,324 $ 76
4,600 4,468 132
5, 200 5, 1 50 50
11,000 10,554 446
385 384 1
11,000 10,036 964
1,365 1,006 359
2,150 2,100 50
150 119 31
600 50 550
4,500 4,459 41
3,000 2,318 682
2,800. 2,533 267
26,000 24,145 1,855
5,000 4,916 84
400 392 8
35,430 37,532 (2,102)
747,180 738,785 8,395
150 150
Total detention and/or
correction
Protective inspections
1 50 1 50
Salaries 61,150 61,135 15
F.I.C.A. 4,300 4,293 7
4
Retirement 7,305 7,301 64
Life and health insurance 9,200 9,136
49
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
Public safety (continued)
Budget
Actual
Variance -
Favorable
(Unfavorable)
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 -
2, 600 $ 2, 51 0 $ 90
2,090 2,089 1
2,600 2,370 230
1,360 1,340 20
144 39 105
520 51 6 4
1,575 1,497 78
office machines 570 394 176
Total protective inspections 93,414 92,620 794
Emergency and disaster relief
Civil preparedness
Contingency fund
Capital outlay
Machinery and equipment
Total emergency and disaster
relief
Fire protection and emergency
medical service
Palm Beach County
contractual services
Total fire protection and
emergency medical service
800
4,700
500
6,000
295,023
295,023
743 57
4,700
500
743 5,257
295,023
295,023
Total public safety 1,141,767 1,127,171 14,596
Physical environment
Contractual services - garbage
and trash 206,800 206,776 24
Total physical environment 206,800 206,776- 24
Transportation
Road and street facilities
Salaries 77,000 74,394 2,606
Overtime 1,000 487 513
F.I.C.A. 5,500 5,359 141
50
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
Trarnsportation (continued)
Road and street facilities
(continued)
Retirement
Life and health insurance
Worker's compensation
insurance
Travel and per diem
Communication services
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
Traf f is s igns
General maintenance
Road materials and supplies
Capital outlay
Road improvements
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)
$ 9,600 $ 9,174 $ 426
12,200 11,087 1,113
5,000 4,990 10
50 50
725 655 70
20,400 18,606 1,794
2, 800 2, 583 21 7
2,000 1,786 214
12,000 3,049 8,951
50 50
2,000 1,674 326
280 279 1
920 911 9
1,000 1,000
28,000 27,773 227
3,650 1,938 1,712
66,000 65,803 197
9,000 8,964 36
259,175 239,512 19,663
2,000 1,658 342
140 15 125
245 245
200 23 177
51
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
Human services (continued)
Health - mosquito control
(continued)
Machinery and equipment
Flushing solution
Other charges
Gasoline and oil
Insecticide
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
Budget
Actual
$ 4,810 $ 4,810
350 204
45
1 30 36
5,000 4,161
12,920 10,907
Variance -
Favorable
(Unfavorable)
1 46
45
94
Quo
2,013
46, 900 46, 81 2 88
100 79 21
3,530 3,526 4
4,920 4,844 76
3, 440 3, 436 4
955 954 1
1,250 1,232 18
500 384 11 6
3,870 4,121 (251)
4,700 4,610 90
300 21 6 84
735 735
1,100 1,076 24
8,000 6,084 1,916
6,000 4,473 1,527
500 447 53
4, 475 4, 472 3
50 50
52
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1985
Culture/Recreation (continued)
Parks and recreation (continued)
Office supplies
Gasoline and oil - truck and
tractor
Gasoline and oil - other
Small tools and minor
equipment
Program expense
Books, publications, dues
Buildings - restroom facility
Playground parks - wood fence
Machinery and equipment
Tennis court resurfacing
Village Green (sodding and
walks)
Total culture/recreation
Contingency
Total contingency
Total expenditures
Variance -
Favorable
Budget Actual (Unfavorable)
$ 50 $ 9 $ 41
600 540 60
1 , 420 1 , 271 1 49
1,200 1,004 196
100 10 90
3,828 (3,828)
2, 1 OS 2, 1 01 4
1,180 1,180
6,932 6,932
17,475 17,471 4
122,387 121,847 540
214,435 214,435
21 4, 435 21 4, 435
$2,278,059 $2,002,750 $275,309
53
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended September 30, 1985
Variance -
Favorable
Budget Actual (Unfavorable)
Purchased water $474,000 $465,375 $ 8,625
Personal services
Wages $131,350 $126,700 $ 4,650
F.I.C.A. taxes 9,110 8,805 305
Retirement 15,210 15,053 157
Life and health insurance 23,570 22,847 723
Employee recognition program 400 400
Total personal services 179,640 173,405 6,235
Contractual services
Insurance $ 7,250 $ 5,496 $ 1,754
Professional services 30,500 27,814 2,686
Communication services 4,900 4,300 600
Rentals 1,480 1,430 50
Legal 3,000 2,960 40
Engineering 24,200 20,697 3,503
Accounting and auditing 14,600 14,600
Other current charges 990 1,400 (410)
Licenses and fees 1,600 1,595 5
Administrative management 60,000 60,000
Personnel training and travel 7,250 6,757 493
Total contractual services $155,770 $147,049 8,721
Supplies
Office supplies $ 6,150 $ 5,574 $ 576
Truck gas and oil 2,800 2,644 156
Chemicals 10,500 9,673 827
Small tools 510 510
Laboratory supplies 300 300
Diesel fuel 290 290
Books 300 275 25
Total supplies $ 20,850 18,676 2,174
Heat, light and power $ 80,000 $ 74,794 $ 5,206
Repairs and maintenance
$ 24,775 $ 20,565 $ 4,210
54
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1985 and 1984
1985 1984
Operating revenues $1,400,742 $1,094,051
Operating expenses 1,239,255 982,883
Operating income 161,487 111,168
Nonoperating revenues (expenses) (22,376) (41,168)
Income before operating transfers
and extraordinary item 139,111 70,000
Operating transfers in (out) 96,673 (96,673)
Income before extraordinary item 235,784 (26,673)
Extraordinary item 870,022
Depreciation on fixed assets acquired by
contributions from subdividers 15,120
Net income (loss) $1,120,926 $ (26,673)
55
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1985
Sinking
a .,.,r,~,,,+-
Balance, October 1, 1984
Cash and investments $ 1,061
Unamortized discount on investments
Accrued interest receivable
1 ,061
Increases
Treasury obligation purchase - 1985 bond issue
Transfers from unrestricted accounts 191,131
Investment earnings 5,170
Transfers from restricted accounts 206,518
Total 402,819
Decreases
Treasury obligation defeased - 1979 bond issue
Capital outlay
Interest payments 197,193
Other debt service costs 1,158
Transfers to other unrestricted accounts
Transfers to other restricted accounts 203,050
Total 401,401
Balance, September 30, 1985
Cash and investments 2.479
Unamortized discount on investments
Accrued interest receivable
Total $ 2-479
56
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$923,687 $268,352 $26,693
(49,253)
8,505 1,861 184
882,939 270,213 26,877
32,627
68,300
20,531 3,054
2,766 _107,380 21,800
35,393 196,211 24,854
838,459
20,531
89,906 27,111
8,801 107,380
847,260 197,286 47,642
73,391 267,344 4,061
(2,319)
1,794 28
$ 71,072 $269,138 $ 4,089
57
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$1,525,000 Water Refunding Revenue Bonds - Series 1985
September 30, 1985
The debt was incurred on "January 1, 1985, through the issuance of
$1,525,000 water refunding revenue bonds. The proceeds were used to
refund a portion of the outstanding Series 1985 water refunding revenue
bonds. The bonds are secured by the net revenues of the Water Fund. On
September 30, 1985, the outstanding bonds totaled $1,500,000; the payment
schedule follows:
Due Bate
1985 Oct. 1*
1986 April 1
1986 Oct. 1
1987 April 1
1987 Oct. 1
1988 April 1
1988 Oct. 1
1989 April 1
1989 Oct. 1
1990 April 1
1990 Oct. 1
1991 April 1
1991 Oct. 1
1992 April 1
1992 Oct. 1
1993 April 1
1993 Oct. 1
1994 April 1
1994 Oct. 1
1995 April 1
1995 Oct. 1
1996 April 1
1996 Oct. 1
Totals
Principal
$ 25,000
30,000
35,000
35,000
35,000
35,000
40,000
40,000
40,000
40,000
45,000
45,000
45,000
50,000
50,000
55,000
55,000
130,000
135,000
140,000
150,000
150,000
120,000
$1,525,000
Interest
$ 64,761
60,665
59, 802
58,796
57,703
56,609
55,427
54,078
52,627
51,178
49,677
47,990
46,246
44,503
42,502
40,503
38,234
35,965
30, 440
24,702
18,578
12,015
5,340
$1,008,341
Total
$ 89,761
90,665
94,802
93,796
92, 703
91,609
95,427
94,078
92,627
91,178
94,677
92,990
91,246
94,503
92, 502
95,503
93,234
165,965
165,440
164,702
168,578
162,015
125,340
$2,533,341
Annual
Requirements
$ 123,797
258,278
257,346
260,246
256,968
257, 1 56
256,021
263,207
258,962
256,080
257,955
212,030
$2,918,046
* This payment was made in advance on September 30, 1985.
58
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Source
September 30, 1985
General fixed assets
Land $ 35,000
Building and improvements 214,832
Equipment 352,881
Total general fixed assets $602,713
Investment in general fixed assets
General Fund revenue $547,324
Special Revenue Fund revenue (Federal Revenue Sharing) 55,389
Total investment in general fixed assets $602,713
59
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Function and Activity
September 30, 1985
Buildings
and
Total Land Improvements Equipment
General government $187,075 $35,000 $127,892 $ 24,183
Public safety 163,052 14,180 148,872
Transportation 54,023 2,782 51,241
Human services 4,810 4,810
Culture/recreation 54,017 48,995 5,022
Total general fixed assets
Allocated to functions 462,977 35,000 193,849 234,128
Prior year data which
cannot be allocated 139,736 20,983 118,753
Total general fixed assets $602,713 $35,000 $214,832 $352,881
60
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Changes in General Fixed Assets
By Function and Activity
September 30, 1985
General
Fixed Assets
October 1,
Function and Activity 1984 Additions Deletions
General government $166,404 $20,671 $
Public safety 139,003 55,829 31,780
Transportation 45,059 8,964
Auman services 4,810
Culture/recreation 49,009 5,008
399,475 $95,282 $31,780
Prior to allocation
by function 139,736
C~zo ~~~
General
Fixed Assets
September 30,
1985
$187,075
1 63, 052
54,023
4,810
54,017
462,977
139,736
a~n~_~~~
61
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
Improvement Revenue Bonds - Series 1979
September 30, 1985
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, 1985, the outstand-
ing bonds totaled $805,000:
Coupon Total
Rate Principal Interest Payments
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 $805,000 $1,085,270
$ 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
$1,890,270
62
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1985
Enterprise Fund
Bond Amortization
Account
Enterprise Fund
Meter deposits accounts
United States Treasury Obligations
Unamortized Interest Maturity
Par Value -Cost Discount Rate Date
$35,000 $32,683 $2,317 7.625$ 2/15/07
Retained earnings account
Renewal and replacement account
General Fund
Money Market Accounts
Interest
Amounts Rate
$5,000 Various
5,000 Various
5,000 Various
5,000 Various
63
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1985
Debt Service Fund
Enterprise Fund
Meter deposits account
Retained earnings account
Reserve account
Capital improvement account
General Fund
Certificates of Deposit
Interest Maturity
Amounts Rate Date
$100,000 11.000 4/01/90
100,000 7.825 2/20/86
63,000 7.750 1/20/86
63,000 7.750 1/20/86
150,000 7.625 2/10/86
150,000 7.500 1/13/86
100,000 7.375 10/21/85
100,000 7.500 12./16/85
100,000 7.500 11/11/85
208,848 7.500 7/01/86
2,000 10.750 4/20/87
52,500 7.750 2/20/86
20,000 7.250 11/21/85
150,000 7.375 11/18/85
100,000 7.500 12/12/85
100,000 7.500 11/01/85
100,000 7.375 10/04/85
64
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Insurance
September 30, 1985
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 BAP468606 500,000
Public Employees Blanket Bond H04135132 100,000
Workmen's Compensation WC0075436 100,000
Multi-peril Policy
(90~ co-insurance) SMP486543 Various
(includes rider for
computers) 10,000/40,000
Police Professional Liability ULF-0953 100,000/1,000,000
Public Official's and
Employee's Liability 5240053602 200,000
Umbrella Liability 5502058392 1,000,000
Group Accident Policy DJA7252328 50,000
65
VILLAGE OF TEQUESTA, FLORIDA
General Revenues by Source (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
Licenses
and
Taxes (3) Permits
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
1985 1,777,305 102,894
(1) Includes General, Special Revenue and Debt Service Funds.
(2) Includes intragovernmental services.
(3) Includes Fire/Emergency Rescue Service. Ad valorem tax millage
effective year 1985.
Source: Village of Tequesta financial records.
66
Intergovernmental
$179,354
258,817
216,284
202,807
237,467
249,224
200,916
283,130
335,899
348,936
0
~.
Charges
for Fines and
Services Forfeits Miscellaneous(2) Total
$7,600 $12,850 $ 34,233 $ 764,768
8,200 7,311 24,982 879,303
8,200 5,120 14,650 871,780
7,172 12,524 35,556 956,618
7,874 11,891 45,767 1,100,154
8,178 18,573 124,152 1,368,751
8,200 23,574 98,081 1,396,830
9,463 32,455 99,601 1,534,633
8,807 48,783 107,163 1,743,741
9,023 43,330 144,301 2,425,789
~~~e t~~ ~g~e is~~e ~ 9381 983 13:3 t3~84
2.35
24
S.3
2.2
Z!
2
1.9
!.8
1J
].8
~.~
1.4
1.3
i.z
~.i
ra,g
o.e
o.~
O ita~rsnue
~ssef
67
VILLAGE OF TEQUESTA, FLORIDA
General Government Expenditures by Function (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
General
Government
Public
Safety (2) Transportation
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 274,038 755,573 227,840
1985 296,537 1,127,171 239,512
(1) Includes General, Special Revenue and Debt Service Funds.
(2) Includes Fire/Emergency Contract with Palm Beach County year 1985.
Source: Village of Tequesta financial records.
68
Physical
Environment
$128,259
132,264
139,816
150,930
186,776
127,641
159,155
177,427
183,591
206,776
Culture
Human and
Services Recreation
$ 4,784
3,781
4,073
4,397
7,281
8,382
11,069
8,024
2,154
10,907
$ 57,860
46,387
55,271
63,813
71,986
76,857
82,808
79,719
128,247
121,847
Debt
Service
$ 13,562
13,070
13,601
26,385
101,330
90,535
89,088
92,988
91,299
89,603
Total
$ 752,094
903,095
830,328
1,355,085
1,309,433
1,161,136
1,548,791
1,697,244
1,662,742
2,090,353
ie~a ~o?~ ie~n i~~ »eo i~ei i~aa i~8.3 ige4 isaa
2.1
2
i.a
i.e
!.7
i.a
i~
i.~+
i .~
i.z
i.i
1
l~.9
a.~
0.7
~ ~cp~nd!#u~+se
69
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
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
1985 1,038,027 1,037,003 99.9 1,024 .1
(1) Includes discounts taken by property taxpayers.
Source: Palm Beach County Tax Collector's office.
70
VILLAGE
Assessed and
Taxable
Last
Fiscal Year
Ended
September 30
1976
1977
1978
1979
1 980
1981
1 982
1983
1984
1985
OF TEQUESTA, FLORIDA
Estimated Actual Value of
Property (Unaudited)
Ten Fiscal Years
Real Property
Assessed Estimated
_ Value Actual Value
$ 62,427,067
81,345,307
93,399,125
96, 41 4, 986
108,755,676
146,062,451
200,770,160
199,394,093
206,001,538
219,001,538
Source: Palm Beach County Property Appraiser's office.
$ 73,334,539
93,025,940
102,927,462
106,896,714
118,734,404
212,663,476
237,918,493
243,749,997
262,247,858
275,901,415
71
Personal Property Total
Estimated
Assessed Actual Assessed Estimated
Value Value Value Actual Value
$ 5,720,139 $ 7,695,025 $ 68,147,206 $ 81,029,564
6,147,522 8,550,730 87,492,829 101,576,670
6,398,719 9,807,003 99,797,844 112,734,465
7,218,482 10,918,206 103,633,468 117,814,920
8,036,976 11,774,601 116,792,652 130,509,005
8,576,046 12,847,602 154,638,497 225,511,078
9,434,287 9,856,038 210,204,447 247,774,531
10,410,095 10,943,311 209,504,188 254,693,308
11,333,640 11,916,171 218,153,678 274,164,029
10,902,190 11,562,981 229,903,728 287,464,396
goo
280
280
24d
220
,., 200
a
c
~ 180
160
1419
120
100
80
80
Ratio of
Assessed to
Total Estimated
_Actual Value
84~
86
89
88
89
69
85
82
80
80
1978 197? 1878 1979 1980 1981 1982 1983 1984 198!5
O Attasnd
+ ~Aolunt
72
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Rates - All Overlapping Governments (Unaudited)
(Per $1,000 of Assessed Value)
Last Ten Fiscal Years
Fiscal Year County
Ended General School County
September 30 Fund County Board Library
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
1985 5.0867 4.5271 7.2280 .3428
(1) Two (2} year levy
(2) Included in Village General Fund 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.
73
South
Florida 'Jupiter
Water 'Jupiter Fire Palm Beach
Management Inlet District "Junior
District District No. 1 College Total
.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) 17.2841
.4390 .2290 (2) 17.8526
~~
24
~Z "~"'~.
"'.`~.~
2fl
18 --~--
14
13
1a
a
e
z
1875 18TJ 1878 1878 188 1881 ~88Z 1883 18!!4 1880
A 7aq~3c~
# Cour~#y W1ds
74
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
1976 3,852 $ 68,147,206
1977 3,812 87,492,829
1978 3,814 99,797,844
1979 3,842 103,633,468
1980 3,685 116,792,652
1981 3,750 154,638,497
1982 3,828 210,204,447
1983 3,810 209,804,188
1984 3,870 218,153,678
1985 3,928 229,903,728
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census
75
Debt
Gross Service Net
Bonded Monies Bonded
Debt (1) Available Debt
Ratio of Net
Bonded Debt
to Assessed
Value
Net Bonded
Debt
Per Capita
$ 48,000 $ 13,766 $ 34,234 .05 8.89
37,000 15,046 21,954 .03 5.76
25,000 14,110 10,890 .01 2.86
910,000 147,650 762,350 .79 126.47
895,000 147,650 747,350 .64 202.81
880,000 102,751 777,249 .50 207.27
865,000 110,918 754,082 .36 196.99
845,000 110,508 734,492 .35 192.78
825,000 110,205 714,795 .33 184.70
805,000 109,769 695,231 .30 176.99
76
VILLAGE OF TEQUESTA, FLORIDA
Legal Debt Margin (Unaudited)
September 30, 1985
The Village of Tequesta, Florida has no legal debt margin.
77
VILLAGE OF TEQUESTA, FLORIDA
Computation of Overlapping Debt (Unaudited)
September 30, 1985
Taxing Authority
Village of Tequesta
Palm Beach County
Total
Net Debt
Outstanding
$ 695, 231
75,931,013
Percentage
Applicable
To
Tequesta
78
100.00
.83~
Amount
Applicable
To
Tequesta
$ 695,231
630,227
$1,325,458
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
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
1 982 1 5, 000 73, 91 0 88, 91 0 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
1985 20,000 69,235 89,235 2,109,153 4.2
(1) Includes General, Special Revenue and Debt Service Funds.
79
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
Cover-
Principal Interest Total age
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
1985 1,566,884 1,239,255 327,629 -0- 183,139 169,925 1.93
80
VILLAGE OF TEQUESTA, FLORIDA
Property Value, Construction and Bank Deposits (Unaudited)
Last Three Fiscal Years
Commercial Residential
Construction (1) Construction(1) Property Value(3)
Number Number
Fiscal of of Bank Real Personal
Year Units Value Units Value Deposits (2) 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
1985 9 4,692,681 33 2,106,652 224,302,732 219,001,538 10,902,190
Source:
(1) Village of Tequesta Planning and Zoning Department.
(2) Tequesta Commercial Banks and Savings and Loan Associations.
(3) Palm Beach County Property Appraiser's office.
81
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1985
Taxpayer
Barnett-Bank of Palm
Beach County
Lighthouse Plaza
Village Square
Tequesta Plaza
Pride Plaza
Tequesta Fashion Mall
Tequesta Country Club
Villager Apartments
Management Advisory
& Research
Shaw Properties
Percentage
1985 of
Assessed Assessed
Type of Business Valuation Valuation
Banking $7,093,858 3.09
Shopping plaza 5,367,677 2.34
Shopping center 3,248,803 1.42
Shopping plaza 2,355,524 1.03
Super market 2,215,183 .97
Shopping center 1,897,805 .83
Golf and social
club 1,775,580 .78
Apartment rentals 1,264,162 .55
Commercial
property 907,982 .40
Office building 900,032 .39
Source: Palm Beach County Property Appraiser's office.
82
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1985
Date of Incorporation: 1957
Forms of Government: Council-Manager
Municipal Elections: Non-Partisan
Area: 1.69 square miles
Miles of Streets: Approximately 17 miles
Fire Protection:
Provided by - Palm Beach County
Fire Insurance Rating - 6
Police Protectionz
Number of stations - 1
Number of certified officers - 17
Number of dispatchers - 4
Municipal Water Department:
Number of customers - 3,654
Average daily consumption - 1,941 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
83
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: 1,893
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)
84
VILLAGE OF TEQUESTA, FLORIDA
Demographic Statistics
Last Ten Fiscal Years
(And as Available)
Education
Level in
Years of
Fiscal Population Per Capita Median Formal Unemployment
Year (1) Income (2) Age (2) Schooling (2) Rate (3)
1976 3,852 14.6
1977 3,812 $11,336 12.4
1978 3,814 9.5
1979 3,842 15,034 8.4
1980 3,685 49.7 13.7 7.2
1981 ,3,750 19,072 8.4
1982 3,828 10.9
1983 3,810 20,169 12.1
1984 3,870 9.1
1985 3,928 8.8
Sources:
(1) Palm Beach County Planning Board, University of Florida
Estimates and Federal Census.
(2) U.S. Department of Commerce, Bureau of the Census.
(3)'Job Service of Florida.
85