CAFR_FY Ending_09/30/1986Comprehensive Annual Financial. Report
Village of Tequesta, Florida
COMPREHENSIVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1986
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1986
TABLE OF CONTENTS
Page
Number
Introductory Section
Title Page i
Table of Contents 1
Letter of Transmittal 3
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, 1986 and 1985 55
Schedule of Restricted Accounts Under Revenue Bond
Ordinance 56
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1985 58
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1986
TABLE OF CONTENTS (Continued)
Eage
Numbe:
General Fixed Asset Account Group
Schedule of General Fixed Assets By Source 59
Schedule of General Fixed Assets By
Function and Activity 60
Schedule of Changes in General Fixed Assets
By Function and Activity 61
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979 62
All Funds
Schedule of Investments 63
Schedule of Insurance 65
Statistical Section
General Revenues by Source 66
General Government Expenditures by Function 68
Property Tax Levies and Collections 70
Assessed and Estimated Actual Value of Taxable Property 71
Property Tax Rates--All Overlapping Governments 73
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 75
Legal Debt Margin 77
Computation of Overlapping Debt 78
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures 79
Revenue Bond Coverage--Water Bonds 80
Property Value, Construction and Bank Deposits 81
Principal ~!'axpayers 82
Miscellaneous Statistics 83
Demographic Statistics 84
Auditor's Report on comments on Internal Accounting
Controls and Administrative Requirements 85
Report on Compliance with Laws and Regulations 88
Statutory Report 90
2
i
,~ VILLAGE OF TEQUESTA
~~ Post Office Box 3273 • 357 Tequesta Drive
~ ~ e Tequesta, Florida 33469-0273 • (305) 746-7457
~ o
f y v
CM
December 19, 1986
The Honorable Mayor and Village Council
Village of Tequesta
Tequesta, Florida 33469
Gentlemen:
Submitted herewith is the Comprehensive Annual Financial
Report of the Village of Tequesta, Florida, for the fiscal year
ended September 30, 1986. 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, P.A., 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
Village's financial operations, and is intended for the use and
reference of investment firms, financial institutions, bond
holders, rating services, and all persons interested in the
Village's operations, 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 information.
3. Statistical Section, which contains data of the Village
relating to social, political and economic characteris-
tics, is presented to provide a more complete
understanding of the financial affairs of the Village,
beyond the statements and schedules as found in the
Financial Section.
3
The Honorable Mayor and
Village council
The 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 recognized when both measurable and available;
whereas, .expenditures are recorded when incurred. The full
accrual basis is used in the Enterprise Fund.
The Village's financial statements have been designed to
conform substantially to the high standards of financial
reporting set forth by the Governmental Accounting Standards
Board 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 controls. Internal accounting controls are designed
to provide reasonable, but not absolute, assurance regarding: (1)
the safeguarding of assets against loss from unauthorized use of
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 not 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
framework. 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 overrun of departmental balances are not released
until additional appropriations are made available. Open
encumbrances are reported as reservations of fund balance at
September 30, 1986.
4
The Honorable MayoF and
Village Council
The 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 Statements 3 and 7, for financial
reporting purposes, the Village's financial 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 the Village's
full faith and credit or revenues, and the 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
contemplated by statute or charter. The services provided
include: public safety (police), streets and roads, culture and
recreation, public improvements, planning and zoning, water
service, 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
~ comparison of interest rates. The average yield on maturing
investments during the year was 7.8$. The average yield on money
market accounts was 6.3$.
5
The Honorable Mayor and
Village Council
The Village of Tequesta
ADMINISTRATIVE CHANGES
At the annual organization meeting of the Village Council,
Council deleted the position of the Village Clerk and assigned
those duties to the Finance Director.
Mr. Robert Harp, Village Manager, for the past 29 years
retired. He was succeeded by Mr. Thomas G. Bradford.
The Village Council also accepted a recommendation from the
Village Manager to consolidate the Maintenance Department with
the Department of Parks and Recreation. The duties previously
performed by two department heads were assigned to one individual
(Director of Public Works & Recreation).
With the guidance and support of the Village Council, the
administration seeks to maintain and improve the level of
services provided to the residents of Tequesta while holding
operating expenses at an acceptable level.
GENERAL FUND
The General Fund of the Village encompasses the Village's
general government operations and all other functions not
accounted for in other funds.
As a result of the year's activities, the Village once again
completed the year in a financially sound position.
General Fund revenues totaled $2,395,697 in 1985-1986. The
detail is summarized below:
REVENUES Percentage
1984-85 1985-86 of Total
Source Amount Amount Revenues
Taxes $1,777,305 $1,729,412 72.2
Licenses and permits 102,894 104,014 4.3$
Intergovernmental revenues 332,731 370,315 15.5
Charges for services 9,023 11,869 .5~
Fines and Forfeitures 43,330 42,929 1.8~
Miscellaneous and intra- 128,577 137,158 5.7$
governmental revenues
Total $2,393,860
$2,395,697 100.0
6
The Honorable Mayor and
Village Council
The Village of Tequesta
EXPENDITURES
Expenditures for the General Fund totaled $2,002,750 in
1985-86. The detail is summarized below:
Percentage
1984-85 1985-86 of total
Purpose Amount Amount Expenditures
Current
General government $ 296,537 $ 357,272 16.5$
Public Safety 1,127,171 1,234,668 57.2$
Physical Environment 206,776 240,507 11.1
Transportation 239,512 200,309 9.3$
Human Services 10,907 5,768 2.6~
Culture and recreation 121,847 120,204 3.3~
Total $ 2,002,750 $ 2,158,728 100.0$
Revenues and Expenditures
Taxes reported this fiscal year were less than the previous
fiscal year, as a result of a (one time) change in the payment of
franchise fees by F.P.& L. during the previous fiscal year.
Intergovernmental Revenues showed a moderate increase which is
attributable to an increase in Local Option Gas Taxes. The tax
was increased from two cents per gallon of gasoline sold in the
County to four cents, effective the first tax distribution period
of this fiscal year.
Expenditures for this fiscal year reflect an increase over
the previous fiscal year of 7.8~, which is a result of average
Cost of Living Adjustment (C.O.L.A.) for employees of 5$, and a
Y5% increase in solid waste (garbage) tipping fees passed on to
the Village through the service contract for refuse collection.
7
The Honorable Mayor and
Village Council
Village of Tequesta
Fund Balance
The General Fund has a fund balance of $630,015 at September
30, 1986. The balance is summarizzed as follows:
Fund balance, September 30, 1985 $ 468,046
Excess of revenues over expenditures 236,969
Operating transfers Out 75,000
Fund balance, September 30, 1986 ..........$ 630,015
SPECIAL REVENUE FUND
The Special Revenue Fund is used to account for revenue
realized 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, 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
drainage 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.
8
The Honorable Mayor and
Village Council
The Village of Tequesta
On September 30, 1986, $785,000 of the bonds were
outstanding.
ENTERPRISE FUND
Water Treatment Plant Improvements
The former water treatment system, (an aeration,
chlorination, gravity sand filtration system) with a .96 MGD
capacity was replaced with a manganese greensand system with a
1.8 MGD capacity during fiscal year 1984/1985.
The total cost of the improvements was $735,930 consisting
of the following payments:
Item 1984/1985 1986 Total
Engineering Fees $100,802 $ 31,740 $132,542
General Contractor 592,250 3,888 596,138
Miscellaneous Expense 7,250 0 7,250
Totals $700,302 S 35,628 $735,930
The original project cost was estimated by the Village
Consulting Engineers at $650,000. Actual costs incurred were
13.2 more than the engineer's estimate. The improvements were
paid with funds accrued to the unreserved retained earnings of
the water system.
Enterprise Fund income and expense data for 1986 is shown in
the following schedule:
Operating revenues $1,512,2$1
Operating expenses 1,310,250
Operating income $ 202,031
Nonoperating revenues (expenses) ( 26,093)
Net income $ 175,938
9
The Honorable Mayor and
Village Council
The Village of Tequeta
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 1978 Water Refunding Revenue Bonds.
The bonds are secured by the net revenues of the Water Fund.
On September 30, 1986, $1,435,000 of the bonds remained
outstanding.
GENERAL FIXED ASSETS
General Fixed Assets are those fixed assets which are not
accounted 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
October 1,
1985
Land $ 35,000
Buildings 214,832
Improvements 93,661
Equipment 352,881
Balance
September 30,
Additions Deletions 1986
$ $ $ 35, 000
214,832
32,785 126,446
71,533 355 424,059
Total $696,374 $104,318 $ 355 $ 800,337
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.
10
The Honorable Mayor and
Village Council
The Village of Tequesta
2. Continued emphasis on improvement and maintenance of the
Village's infrastructure system by establishing a
Capital Improvement Fund to finance future improvements.
Funding will be provided with annual contributions from
the General Fund and Enterprise Fund. An initial annual
funding level of $75,000 has been established and is bud-
geted for fiscal year 1987. Any increases accruing to
the General Fund fund balance in excess of operating
cash flow requirements may also be transferred to the
Capital Improvement Fund.
3. Continued upgrading of the present water treatment sys-
tem 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
condition should continue to be strong and stable.
CERTIFICATE OF ACHIEVEMENT
The Government Finance Officers Association of the United
States and Canada (GFOA) awarded a Certificate of Achievement
for Excellence in Financial Reporting to the Village of Tequesta
for its comprehensive annual financial report for the fiscal year
ended September 30, 1985.
In order to be awarded a Certificate of Achievement, a
governmental unit must publish an easily readable and efficiently
organized comprehensive annual financial report, whose contents
conform to program standards. Such reports must satisfy both
generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid
year only. We believe our current report
to the Certificate of Achievement Program
are submitting it to GFOA to determine
another certificate.
for a period of one
continues to conform
requirements, and we
its eligibility for
11
The Honorable Mayor and
Village Council
The Village of Tequesta
The preparation of
have been accomplished
services of the entire
guidance and assistance
retained by the Village.
ACKNOWLEDGMENTS
this report on a timely basis could not
without the cooperation and dedicated
staff of the Village and the professional
provided by 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 continued financial stability.
Respectfully submitted,
/ ~~
Thomas G. Bradford, Vil ge Manager
Director
12
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Village of
Tequesta, Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1985
A Certificate of Achievement for Excellence 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.
PAGE OFF~~ /, /O ~;
'c~~' OF 1~ F9 lVV/~A y"
_ ~UNIIEDSIATfS\ y a
W = AND 1IN President
S ~t CANADA /o
G \ COAPDAATIDN / a
o~ti. -~o_
CN~(1G0 ~ ~~~~r fl~~
Ex/ecutive Director
13
VILLAGE OF TEQUESTA
ORGANIZATIONAL CHART
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL - 1985-1986
Carlton D. Stoddard
Edward C. Howell
Jill K. Gemino
Ron Mackail
Edwin J. Nelson
Thomas G. Bradford
John C. Randolph
(Johnston, Sasser,
Bill C. Kascavelis
Franklin E. Flannery
Scott D. Ladd
Gary Preston
James W. Worth
VILLAGE OFFICIALS
Randolph & Weaver)
Mayor
Vice-Mayor
Councilmember
Councilmember
Councilmember
Manager
Attorney
Finance Director/Clerk
Police Chief
Building Official
Director of Public
Works & Recreation
Water Department Super-
intendent
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Nowlen, Holt & Miner, P.A.
~5
NOWLEN, HOLT, MINER & KISKER
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SUITE 200
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305) 659-3060
:VERETT B. NOWLEN, CPA, (1930-1984)
:DWARD T. HOLT, GPA
NILLIAM B. MINER, CPA
NILLIAM C. KISKER, JR., CPA (Retired)
iOBERT W. HENDRIX, JR., CPA
iCHARD J. HUTCHINSON, CPA
IANET R. BARICEVICH, CPA
B.E. WEEKS, CPA
CAROL A. CALLAHAM, CPA
RICHARD D. HOOVER, JR.. CPA
MARIA D. GALDOS, CPA
KATHLEEN A. BENTLEY, CPA
DEBRA M. ALBERDI, CPA
KIM HATCHER BEAUMONT, CPA
ANTHONY B. GRAVETT, CPA
GAIL HILL, CPA
SCOTT D.DRUKER
MARILYN ROBERTS, CPA
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA MSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC.
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
BELLE GLADE OFFICE
333 S.E. 2nd STREET
POST OFFICE BOX 33B
BELLE GLADE, FLORIDA 33130
TELEPHONE (305) 998.5912
We have examined the general purpose financial statements. of the
Village of Tequesta, Florida, as of and for the year ended Septem-
ber 30, 1986, 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, 1986, 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.
16
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.
December 19, 1986
17
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 30, 1986
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
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
$321,455 $16,103 $ 8,16
1 , 26(
405,000 100,00(
1,153
4,394 2,77:
19, 582
2,805
735
$755,124 $16,103 $112,19'
18
Proprietary
Fund Type
Enterprise
$ 68,566
728,500
143,292
11,958
9,431
78,198
361,154
742,093
12, 580
4,634,883
$6,790,655
Account Groups
General General
Fixed Long-Term
Assets Debt
800,337
$800,337
-----
110,937
709,833
______-
$820,770
See notes to financial statements.
Totals
(Memorandum
Only)
$ 414,288
1,260
1,233,500
144,445
19,125
19,582
2, 805
10,166
78,198
361,154
742,093
12,580
5,435,220
110,937
709,833
$9,295,186
19
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 30, 1986
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
Investment in general fixed assets
Contributed capital
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
Governmental
Fund Types
Special Debi
General Revenue Servi~
$ 65, 757 $
51,222
1,2~
75,923
8, 1 30
125,109 15,923 1,2~
735
20,827
6,865
188,903
412,685 18U
90, 8!
20, 0£
Total fund equity 630,015 180 110,9:
Total liabilities and fund equity $755,124 $16,103 $112,1
20
Proprietary
Fund Type
Enterprise
$ 12,584
5,654
121,928
3,659
1,435,000
(39,511)
7.268
1,546,582
1,667,936
993,899
2, 582,'L38
5,244,073
$6,790,655
Account. Groups
General General
Fixed Long-Term
Assets Debt
Totals
(Memorandum
Unly)
$ $ $ 78,341
35,770 92,646
1,260
121, 928
19,582
8 , 1 30
785,000 785,000
1,435,000
(39,511)
7,268
820,770 2,509,644
800,337 800,337
1,667,936
993, 899
2,582,238
735
90,855
20, 827
6,865
188,903
20, 082
412,865
800,337 6,785,542
$800,337 $820,770 $9,295,186
See notes to financial statements.
21
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances -
All Governmental r'und Types
For the Fiscal Year Ended September 30, 1986
General
Revenues
Taxes $1,729,412
Licenses and permits 104,014
Intergovernmental revenues 370,315
Charges for services 11,869
Fines and forfeits 42,929
Miscellaneous revenues 74,758
Intragovernmental services 62,400
Total revenues 2,395,697
Expenditures
Current
General government 357,272
Public safety 1,234,668
Physical environment 240,507
Transportation 200,309
Human services 5,768
Culture/recreation 120,204
Debt service
Principal retirement
Interest and fiscal charges
Total expenditures ~~.~~
Excess of revenues over (under) expenditures 236,969
Other financing sources (uses)
Operating transfers in
Operating transfers out (75,000)
Total other financing sources (uses) 75,0 0)
Excess of revenues and other sources over (under)
expenditures and other uses 161,969
Fund balances, October 1, 1985 468,046
Fund balances, September 30, 1986 $ 630,015
22
Governmental Fund Types
Special Debt
Revenue Service
Totals
(Memorandum
Only)
$ $ $1,729,412
104,014
15,637 385,952
11,869
42,929
418 14,064 89,240
62,400
16,055 14,064 2,425,816
373,195
15,923 1,234,668
240,507
200, 309
5,768
120, 204
20,000 '10,000
67,896 67,896
15,923 87,896 2,262,547
132 (73,832) 163,269
75,000 75,000
(75,000)
75,000
132 1,168 163,269
48 109,769 577,863
$ 18G $110,937 $ 741,132
See notes to financial statements.
23
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances -
Budget and Actual
General and Special Revenue Fund Types
For the Fiscal Year Ended September 30, 1986
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, October 1, 1985
Fund balances, September 30, 1986
General Fund
Variance
Favorable
Budget Actual (Unfavorably
$1,618,900
93,600
347, 628
9,700
40,400
38,121
62,400
2,210,749
$1,729,412
104,014
370, 315
11,869
42,929
74,758
62,400
2,395,697
$1 10, 512
10,414
22,687
2, 169
2, 529
36, 637
184,948
376,548
1,262,842
243,000
237,075
7,150
131,790
109,000
2,367,405
357,272
1 , 234, 668
240,507
20U, 309
5, 768
1l0, 204
2,158,728
(156,656) 236,969
(75,000) (75,000)
(75,000) (75,000)
19,276
28, 174
2,493
36,766
1 , 382
1 1 , 586
109,000
208,677
393,625
$ (231,656) 161,969 $393,625
468,046
24
$ 630,015
Special Revenue Fund Totals (Memorandum Only)
Variance - Variance -
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $ $ $1,618,900 $1,729,412 $110,512
93,600 104,014 10,414
16,276 15,637 (639) 363,904 385,952 22,048
9,700 11,869 2,169
40,400 42,929 2,529
400 418 18 38,521 75,176 36,655
62,400 62,400
676
16 16,055 621) 1,227,425 2,4 , 5 ~,~~
, _ '
16,676 15,923 753 393,224 373,195 i
20,029
1,262,842 1,234,668 28,174
243,000 240,507 2,493
237,075 200,309 36,766
7,150 5,768 1,382
131,790 120,204 11,586
109,000 109,000
676
16 15,923 753 2,384,081 2,174,651 209,430
,
132 132 (156,656) 237,101 393,757
(75,000) (75,000)
(75,000) (75,000)
$ 132
48
$ 180
$ 132 $ (231,656)
162,101
468,094
$ 630,195
Cza~_7S7
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, 1986
Proprietary
Fund Type
Enterprise
Operating revenues
Charges for services $1,512,281
Operating expenses
Purchased water 466,468
Personal services 176,550
Contractual services 143,860
Supplies 23,243
Heat, light and power 79,161
Repairs and maintenance 52,816
Depreciation 361,268
Bad debts _ 6,884
Total operating expenses 1,310,250
Operating income 202,031
Nonoperating revenues (expenses)
Interest revenue 108,328
Interest expense and fiscal charges (134,421)
Total nonoperating revenues (expenses) (26,093)
Net income 175,938
Retained earnings, October 1, 1985,
as restated 3,400,199
Retained earnings, September 30, 1986 $3,576,137
See notes to financial statements.
26
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Financial Position -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1986
Proprietary
Fund Type
Enterprise
Sources of working capital
Operations
Net income $175,938
Items not requiring working capital
Depreciation 361,268
Amortization of debt discount and issue costs 12,391
Working capital provided by operations 549,597
Contributions 446,773
Increase in other liabilities 553
Increase in current liabilities payable
from restricted assets 6,845
Total sources of working capital 454,171
Uses of working capital
Acquisition of property, plant and equipment 386,538
Increase in restricted assets 427,751
Decrease iri long-term debt 65,000
Total uses of working capital 879,289
Net decrease in working capital $124,479
Elements of net increase (decrease) in working capital
Cash $(87,756)
Investments 123,500
Accounts receivable (17,831)
Accrued interest receivable 7.533
Prepaid expenses (1,511)
Inventories (1,666)
Accounts payable and accrued liabilities 101,424
Due to other funds 786
Net increase in working capital $124,479
See notes to financial statements.
27
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Consideration of Definition of the Reporting Entit
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
Staements 3 and 7, for financial reporting purposes, the Village's
financial 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.
Funds and Account Groups
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:
28
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Governmental Fund Types (Continued)
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 Federal 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
Enterprise Fund of the Village is t
for the provision of water servic
Village and some residents of t
necessary to provide such service
fund including, but not limited to,
maintenance, financing and related
collection.
he Water Fund which accounts
es to the residents of the
he County. All activities
s are accounted for in this
administration, operations,
debt service and billing and
29
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Lona-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.
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.
30
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Lonq-Term Liabilities (Continued)
Because of their spending measurement focus, expenditure recognition
for governmental fund types is limited to exclude amounts represented
by noncurrent liabilities. Since they do not affect net current
assets, such long-term amounts are not recognized as governmental
fund type expenditures or fund liabilities. They are instead
reported as liabilities in the General Long-Term Debt Account Group.
The proprietary fund is accounted for on a cost of services or "capi-
tal maintenance" measurement focus. This means that all assets and
all liabilities (whether current or noncurrent) associated with its
activity are included on its balance sheet. The reported fund equity
(net total assets) is segregated into contributed capital and
retained earnings components. Proprietary fund type operating state-
ments present increases (revenues) and decreases (expenses) in net
total assets.
Depreciation of all exhaustible fixed assets used by the proprietary
fund is charged as expense against the operations. Accumulated
depreciation is reported on the proprietary fund balance sheet.
Depreciation has been provided over the estimated useful lives using
the straight-line method. The estimated useful lives are as follows:
Buildings 40 years
Improvements 20 - 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.
31
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
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, 1986 and 1985 were $6,865 and $2,000,
respectively.
32
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Revenue Recognition
Ad Valorem Taxes
Ad valorem taxes are assessed as of January 1 and billed the
following October. They are due and payable on November 1 of
each year or as soon thereafter as the assessment roll is
certified and delivered to the Tax Collector. These taxes are
collected by the County and remitted to the Village. Revenue
is recognized at the time monies are received from the County.
All unpaid taxes become delinquent on April 1 following the
year in which they are assessed. Discounts are allowed for
early payment at the rate of 4$ 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. The
revenue payment for the last entitlement period of the fiscal
year is susceptible to accrual under the modified accrual
basis.
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.
Tie 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.
33
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NO'PE 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.
34
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
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, 1986, the Enterprise Fund
remitted $62,400 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.
35
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
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, 1986 were $121,137 (General Fund $105,005 Enterprise
Fund $16,132). 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, 1986,
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 $143,292 are stated net of a $1,500 allowance
for doubtful accounts and consist of billed revenues totaling
$120,078 and unbilled revenues totaling $24,714.
NOTE 5 - COMPENSATED ANNUAL LEAVE AND SICK 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, 1986, the total liability for compen-
sated absences was $71,173. The current liability in the General
Fund was $27,125. 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, 1986, the long-term
amount was $35,770. The liability recorded by the Enterprise Fund
was $8,278.
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.
36
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
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 Purppse _
Revenue Account To collect the entire gross revenues
except invest-
m
t
e
,
derived from the sys
ment earnings.
Operation and To pay fully accrued operating expenses.
Maintenance Account
Sinking Account To accumulate sufficient funds to meet
uirements through
i
ce req
annual debt serv
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.
37
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 6 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
The annual requirements to amortize the debt are as follows:
Fiscal Year Ending
September 30 Principal Interest Total
1987 $ 35,000 $ 58,797 $ 93,797
1988 70,000 114,311 184,311
1989 80,000 109,505 189,505
1990 80,000 103,805 183,805
1991 90,000 97,667 187,667
1992 95,000 90,749 185,749
1993 105,000 83,005 188,005
1994 185,000 74,199 259,199
1995 275,000 55,143 330,143
1996 300,000 30,592 330,592
1997 120,000 5,340 125,340
$1,435,000 $ 823,113 $2,258,113
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,
1986, $785,000 of this issue, which consists of term and serial
bonds, were outstanding. The guaranteed entitlement portion of state
revenue sharing trust funds, public service utilities taxes, fran-
chise fees and occupational license taxes have been pledged. The
bonds will be repaid through the Debt Service Fund.
38
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 6 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
Annual requirements to amortize this debt are as follows:
Coupon Total
Rate Principal Interest Payments
1987 October 1 8.40$ $ 25,000 $ 65,855 $ 90,855
1988 October 1 8.40$ .25,000 63,755 88,755
1989 October 1 8.30$ 25,000 61,655 86,655
1990 October 1 8.30$ 30,000 59,580 89,580
1991 October 1 8.30$ 30,000 57,090 87,090
1992 October 1 8.40 54,600 54,600
1993 October 1 8.408 54,600 54,600
1994 October 1 8.40 54,600 54,600
1995 October 1 8.40$ 54,600 54,600
1996 October 1 8.40$ 54,600 54,600
1997 October 1 8.40$ 54,600 54,600
1998 October 1 8.40$ 54,600 54,600
1999 October 1 8.40 54,600 54,600
2000 October 1 8.40$ 54,600 54,600
2001 October 1 8.40 54,600 54,600
2002 October 1 8.40$ 54,600 54,600
2003 October 1 8.408 54,600 54,600
2004 October 1 8.40$ 650,000 54,600 704,600
Totals $785,000 $1,017,735 $1,802,735
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
39
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 6 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
The annual requirements to amortize all outstanding debt including
interest payments of $1,900,650 as of September 30, 1986 are as
follows
Fiscal
Year Ending Compensated Improvement Water
September 30 Absences Revenue Revenue Total
1987 $ $ 90,855 $ 188,599 $ 279,454
1988 88,755 184,311 273,066
1989 86,655 189,505 276,160
1990 89,580 183,805 273,385
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
1995 54,600 330,143 384,743
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 35,770 35,770
$35,770 $1,802,735 $2,352,915 $4,191,420
Annual maturities of long-term compensated absences cannot be reason-
ably determined.
40
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 6 - LONG-TERM DEBT (Continued)
Changes in Long-Term Debt: Transactions for the Village for the year
ended September 30, 1986 are summarized as follows:
Improvement
Compensated Revenue
Absences Bonds
Long-term debt at
October 1, 1985 $32,237
Add:
Compensated
absences 3,533
Less: Bonds retired
Long-term debt at
September 30, 1986 $35,770
Interest Expense
Water
Revenue
Bonds
Total
$805,000 $1,500,000 $2,337,237
3,533
20,000 65,000 85,000
$785,000 $1,435,000 $2,255,770
Interest expense on long-term debt for the fiscal year ended Septem-
ber 30, 1986 totaled $188,003 (general long-term-debt -.$67,535;
Enterprise Fund - $120,468).
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 .$1,094,272
Contributions from developers 573,664
' $1,667,936
For the year ended September 30, 1986, contributions from capital
improvement charges totaled $95,741 and contributions from developers
totaled $351,032.
41
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
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,
1986 are as follows:
Interfund
Fund Receivables
General Fund $19,582
Special Revenue Fund
Enterprise Fund
$19,582
NOTE 11 - COMPONENTS OF FIXED ASSETS
A summary of changes in general fixed assets follows:
Balance
October 1,
1985
Land $ 35,000
Buildings 214,832
Equipment 352,881
Improvements other
than buildings 93,661
Total $696,374
Additions
71,533
32,785
5104.318
42
Interfund
Payables
15,923
3,659
$19,582
-Balance
September 30,
Deletions 1986
$ $ 35,000
214,832
355 424,059
126,446
$ 355 $800,337
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1986
NOTE 11 - COMPONENTS OF FIXED ASSETS (Continued)
The components of f fixed assets at September 30, 1986 are summarized
as follows:
General
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Accumulated depreciation
Total
NOTE 12 - LITIGATION
Enterprise Fixed Assets
Fund Account Group Total
$ 92,042 $ 35,000 $ 127,042
388,592 214,832 603,424
5,914,061 126,446 6,040,507
233,055 424,059 657,114
6,627,750 800,337 7,428,087
1,992,867 _ 1,992,867
$4,634,883 $800,337 $5,435,220
The Village, in accordance with the normal conduct of its affairs, is
involved in various judgments, claims and litigations. It is expect-
ed that the final settlement of these matters will not materially
affect the financial statements of the Village.
NOTE 13 - PRIOR PERIOD ADJUSTMENT
Retained earnings at the beginning of the 85/86 fiscal year has been
adjusted to correct an error in matured interest payable, which was
previously understated due to the use of an erroneous amortization
schedule. Had the error not been made, net income for the 84/85
fiscal year would have decreased by $27,267, as would the gain on
extinguishment of debt. Retained earnings at October 1, 1985 has
accordingly been decreased by $27,267.
43
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1986
Taxes
Current ad valorem taxes
Delinquent ad valorem taxes
Franchise fees
Utility service taxes
Total taxes
Budget
$1,100,000
1,200
217,700
300,000
,618,900
Actual
$1,126,221
1,907
245,260
356,024
1,729,412
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
40,000
50,000
3,600
93,600
16,000
129,228
5,200
1,800
45,000
20,400
130,000
347,628
750
350
600
1,500
3, 500
3,000
9,700
44
43,063
58,336
2,615
104,014
16, 573
129,234
7, 797
2,041
51,832
21,308
141,530
370,315
1,275
534
907
2,882
3,277
2,994
11,869
Variance
Favorable
(Unfavorable
$ 26,221
707
27,560
56,024
110,512
3, 063
8,336
(985)
10,4,14
573
6
2, 597
241
6, 832
908
11,530
22,687
525
1 84
307
1,382
(223)
(6)
2, 169
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1986
Fines and forfeits
Court fines
Parking tickets
Total fines and forfeits
Miscellaneous revenues
Interest
Contribution for park land
Other
Abandoned bicycle sales
Total miscellaneous revenues
Intragovernmental services
Administrative management -
water fund
Total revenues
Variance -
Favorable
Budget Actual (Unfavorable)
$ 40,000 $ 42,309 $ 2,309
400 620 220
40,400 42,929 2,529
35,000 48,575 13,575
21,375 21,375
3, 000 4, 687 1, 687
121 121
38,121 74,758 36,637
62,400 62,400
$2,210,749 $2,395,697
45
$184,948
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1986
Budget
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
Deferred compensation plan
Worker's compensation
insurance
Travel and per diem
Other charges
Machinery and equipment
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
Repairs and maintenance -
office machines
Total executive
Variance -
Favorable
Actual (Unfavorable
$ 6,450 $ 6,449 $ 1
100 99 1
6,550 6,548 2
48,000 45,837 2,163
3,450 3,335 115
5, 660 5, 532 128
1,500 1,499 1
875 7621 113
150 146 4
2,965 2,960 5
1,000 767 233
2,000 1,998 2
100 54 46
19,230 9,608 9,622
1,491 716 775
2,309 1,473 836
2,897 2,408 489
100 75 25
2,000 1,911 89
1,725 1,721 4
350 217 133
75 67 8
125 115 10
96,002 81,201 1~1
Financial and administrative
Finance director's and
bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
44,448 45,372 (924)
3,170 3,153 17
5, 378 5, 360 18
2,750 2,741 9
46
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiseal Year Ended September 30, 1986
Variance -
Favorable
Bud et Actual (Unfavorable)
General government (continued)
Financial and administrative
(continued)
Worker's compensation $ $ $
insurance 175 157 18
Accounting and auditing 17,500 17,470 30
Travel and per diem 1,100 1,010 90
Other charges 400 315 85
Office supplies 1,600 1,416 184
Books, publications, dues 150 96 54
Machinery and equipment 400 350 50
Repairs and maintenance -
office machines 3,200 3,020 180
Total financial and
administrative 80,271 80,460 (189)
Legal counsel
Legal services 42,150 42,135 15
Total legal counsel 42,150 42,135 15
Planning and zoning
Planning service 12,000 11,851 149
Comprehensive plan revision 6,000 4,920 1,080
Other current charges 200 200
Other general government
Salaries 13,750 13,494 256
F.I.C.A. 985 945 40
Retirement 1,685 1,576 1Q9
Life and health insurance 1,205 1,205
Worker's compensation
insurance 50 43 7
Unemployment compensation 700 700
Employee recognition program 1,990 1,000 990
47
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1986
General government (continued)
Budget
Variance
Favorable
Actual (Unfavorabl
Other general government
(continued)
Travel and per diem $ 110 $ 110 $
Communication services 3,700 2,973 727
Postage 3,200 2,800 400
Utility services 9,000 8,662 338
Fire hydrant rental fees 11,400 11,400
Leases 5,100 5,033 67
Insurance 26,000 24,938 1,062
Village Hall maintenance 9,675 9,674 1
Office machines maintenance 250 95 155
Other charges 11,775 11,773 2
Office supplies 4,050 4,039 11
Books, publications, dues 1,200 941 259
Machinery and equipment 9,700 11,607 (1,907)
Aid to private organizations 14,100 14,100
Other grants and aids 3,750 3,749 1
Total other general government 133,375 130,157 3,218
Total general government 376,548 357,272 19,276
Public safety
Police department
Salaries 462,323 462,304° 19
Overtime 37,000 36,460 540
F.I,C.A. 35,577 35,097 480
Retirement 70,878 68,079.E 2,799
Life and health insurance 51,000 49,469 1,531
48
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1986
Public safety (continued)
Police department (continued)
Worker's compensation
insurance
Travel and per diem
Communication services
Leases
Insurance
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
Variance -
Favorable
Budget Actual (Unfavorable)
$ 19,000 $ 18,790 $ 210
7, 489 5, 372 2, 1 17
5,600 5,422 178
450 408 42
22,000 21,504 496
14,200 13,835 365
3,420 3,144 276
3,300
975
600
3,507
5,225
4,750
24,000
6,870
450
28,060
Total police department
Detention and/or correction
Other contractual services -
P.B.C. Sheriff's Department
Total detention and/or
correction
Protective inspections
806,674
3, 268
957
347
2,686
5,217
4, 1 10
20,606
6,815
408
21,751
786,049
32
18
253
821
8
640
3, 394
55
42
6,309
20,625
150
150
150
150
,Salaries 66,880 66,353` 538
F.I.C.A. 4,765 4,727
8,090 8,037 53
Retirement 10
Life and health insurance 8,715 8,705
49
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1986
Public safety (continued)
Budget
Actual
Variance
Favorable
(Unfavorabl
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
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
Other professional services
Total fire protection and
emergency medical service
Total public safety
Physical environment
Contractual services - garbage
and trash
Total physical environment
Transportation
Road and street facilities
Salaries
Overtime
F.I.C.A.
3, 730 $ 3, 721 $ 9
3,250 3,246 4
2,600 2,398 202
2,000 1,799 201
150 5 145
570 563 7
5,300 5,257 43
400 240 160
106,450 105,051
500 500
5,000 5,000
500 500
6,000 6,000
335,910 335,910
7,658 7,658 _
343,568 343,568
1,262,842 1,234,668 28,174
243,000 240,507 2,493
243,000 240,507 2,493
50
78,100 77,598' 502
1,000 584 416
5,700 5,487 213
VILLAGE OF TEQUES`PA, FLORIDA
General Fund
Schedule °theeFiscalnYearEEnded1SeptembeBu30et1986 Actual
For
Variance -
Favorable
Budget Actual (Unfavorable)
Transportation (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
Repairs and maintenance -
general
Other charges
Gasoline and oil - truck and
tractor
Gasoline and oil - other
Small tools
Traffic signs
Road materials and supplies
Capital outlay
Road improvements
Machinery and equipment
Improvements other than
buildings
Improvements other than
buildings
$ 9, 500 $ 9, 014
11,030 9.807
6,200 5,737
50
500 493
17,500 17.078
6,000 5.787
2,000 735
10,775 9,379
30,800 30,791
100 38
2,000 1,244
250 183
800 645
1,000 845
4,000 3,710
27,000
5,670 4,145
17,100 17,009
$ 486
1,223
463
50
7
422
213
1, 265
1, 396
62
Total transportation
Human services
Health - mosquito control
Salaries
F.I.C.A.
Retirement
Repairs and maintenance -
equipment
756
67
155
155
290
27,000
1,525
91
17,100 17,009 91
-----
237,075 200,309 36,766
2,000 1,174 820
160 40
100 100
200 100 100
51
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 198b
Human services (continued)
Budget
Variance
Favorable
Actual (Unfavorably
Health - mosquito control
(continued)
Flushing solution $ 350 $ 300 $ 50
Other charges 45 45
Gasoline and oil 150 30 120
Insecticide 4,145 4,124 _ 21
Total human services $ 7,150 5,768 1,382
Culture/Recreation
Parks and recreation
Salaries 49,800 49,450 350
Overtime 300 62~ 238
F.I.C.A. 3,920 3,638 282
Retirement 5,725 5,933 (208)
Life and health insurance 3,320 3,133 187
Worker's compensation
insurance 1,525 1,507 18
Travel and per diem 1,250 1,244 6
Communication services 500 429 71
Utility services -trailer
and office 4,000 3,542 458
Utility services -field lights 4,400 4,380 20
Utility services - security
lights 300 238 62
Utility services - water 950 930 20
Insurance 2,600 2,572 28
Buildings, equipment and
grounds repairs and
maintenance 10,250 10,227 23
Fields repairs and maintenance 5,000 4,525 475
Truck repairs and maintenance 88 (88)
Park repairs and maintenance 500 500
Other charges 50 50
52
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1986
Culture/Recreation (continued)
Parks and recreation (continued)
Office supplies
Gasoline and oil -truck and
tractor
Small tools and minor
equipment
Program expense
Books, publications, dues
Playground parks - wood fence
Machinery and equipment
Dover Road park improvements
Village Green improvements
Total culture/recreation
Contingency
Total expenditures
Variance -
Favorable
Budget _ Actual (Unfavorable)
$ 200 $ 184 $ 16
600 520 80
1,200 575 625
1,200 737 463
100 10 90
2,100 2,067 33
12,000 10,504 1,496
20,000 20,000
13,709 (13,709)
131,790 120,204 11,586
109,000 109,000
$2,367,405 $2,158,728 $208,677
53
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended September 30, 1986
Budget Actual
Variance -
Favorable
(Unfavorable
Purchased water $467,000 $466,468 $ 532
Personal services
Wages $138,777 $129,065 $ 9,712
F.I.C.A. taxes 10,035 9,478 557
Retirement 16,241 16,132 109
Life and health insurance 24,255 21,875 2,380
Employee recognition program 600 600
Total personal services 189,908 176,5 3, 58
Contractual services
Insurance $ 14,800 $ 13,053 $ 1,747
Professional services 15,500 12,385 3,115
Communication services 5,350 5,080 270
Rentals 1,450 1,336 114
Legal 2,500 606 1,894
Engineering 26,000 23,015 2,985
Accounting and auditing 17,000 16,783 217
Other current charges 1,103 1,996 (893)
Licenses and fees 1,750 1,640 110
Administrative management 63,000 62,400 600
Personnel training and travel 6,300 5,566 734
Total contractual services 154,753 1 ,$~b
Supplies
Office supplies $ 6,650 $ 6,494 $ 156
Truck gas and oil 3,000 2,205 795
Chemicals 16,950 13,998 2,952
Small tools 500 180 320
Laboratory supplies 300 61 239
Diesel fuel 300 300
Books 325 305 20
Total supplies $ 28,025 23,23 4,7 2
Heat, light and power $ 80,975 $ 79,161 $ 1,814
Repairs and maintenance $148,100 $ 52,816 $ 95,284
54
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1986 and 1985
Operating revenues
Operating expenses
Operating income
Nonoperating revenues (expenses)
Income before extraordinary item
Operating transfers in (out)
Income before extraordinary item
Extraordinary item
Net income (loss)
1986
1985
$1,512,281 $1,400,742
1,310,250 1,224,135
202,031 176,607
(26,093) (22,376)
175,938 154,231
175,938
96,673
250,904
$ 175,938
842,754
$1,093,658
55
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1986
Sinking
Account
Balance, October 1, 1985
Cash and investments $ 2,479
Unamortized discount on investments
Accrued interest receivable
2,479
Increases
Transfers from unrestricted accounts 264,000
Investment earnings -5,643
Transfers from restricted accounts 221,200
Total 490,843
Decreases
Capital outlay 120,467
Interest payments 313
Transfers to other restricted accounts 371,200
Total 491,980
Balance, September 30, 1986
Cash and investments 1,342
Unamortized discount on investments
Accrued interest receivable
Total $ 1,342
56
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$ 73,391 $267,344 $ 4,061
(2,391)
1,794 28
71,072 269,138 4,089
12,000
5,744 16,350 306
117,563 351,240
123,307 367,590 12,306
11, 181
30,714 344,800
30,714 344,800 11,181
167,677 288,020 5,192
(9,407)
5,395 3,908 22
$163,665 $291,928 $ 5,214
57
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$1,525,000 Water Refunding Revenue Bonds - Series 1985
September 30, 1986
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 1978 water refunding revenue
bonds. The bonds are secured by the net revenues of the Water Fund. On
September 30, 1986, the outstanding bonds totaled $1,435,000; the payment
schedule follows:
Due Date Principal Interest Total
1987 April 1 35,000 58,796 93,796
1987 Oct. 1 ,
35,000 57,703 92,703
1988 April 1 35,000 56,609 91,609
1988 Oct. 1 40,000 55,427 95,427
1989 April 1 40,000 54,078 94,078
1989 Oct. 1 40,000 52,627 92,627
1990 April 1 40,000 51,178 91,178
1990 Oct. 1 45,000 49,677 94,677
1991 April 1 45,000 47,990 92,990
1991 Oct. 1 45,000 46,246 91,246
1992 April 1 50,000 44,503 94,503
1992 Oct. 1 50,000 42,502 92,502
1993 April 1 55,000 40,503 95,503
1993 Oct. 1 55,000 38,234 93,234
1994 April 1 130,000 35,965 165,965
1994 Oct. 1 135,000 30,440 165,440
1995 April 1 140,000 24,702 164,702
1995 Oct. 1 150,000 18,578 168,578
1996 April 1 ~---C 150,000 12,015 162,015
1996 Oct. 1 120,000 5,340 125,340
Totals $1,435,000 $ 823,113 $2,258,113
58
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Source
September 30, 1986
General fixed assets
Land $ 35,000
Building and improvements 214,832
Equipment 424,059
Improvements other than buildings 126,446
Total general fixed assets $800,337
Investment in general fixed assets
General Fund revenue $729,025
Special Revenue Fund revenue (Federal Revenue Sharing) 71,312
Total investment in general fixed assets $800,337
59
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Function and Activity
September 30, 1986
Buildings
and
Total Land Improvements Equipment
General government $201,030 $35,000 $127,892 $ 38,138
Public safety 205,982 14,180 191,802
Transportation 74,821 19,791 55,030
Human services 4,810 4,810
Culture/recreation 80,297 64,771 15,526
Total general fixed assets
Allocated to functions 566,940 35,000 226,634 305,306
Prior year data which .
cannot be allocated 233,397 114,644 118,753
Total general fixed assets $800,337 $35,000 $341,278 $424,059
60
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Changes in General Fixed Assets
By Function and Activity
September 30, 1986
Function and Activity
General government
Public safety
Transportation
Human services
Culture/recreation
Prior to allocation
by function
General General
Fixed Assets Fixed Assets
October 1, September 30
1985 Additions Deletions 1986
$187,075 $ 13,955 $ 355 $201,030
163,052 42,930 205,982
54,023 21,153 355 74,821
4,810 4,810
54,017 26,280 80,297
462,977 $104,318 $ 355 566,940
233,397
$696,374
233,397
~unn_~~~
61
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
Improvement Revenue Bonds - Series 1979
September 30, 1986
The debt was incurred on April 1, 1980, through the issuance o
$910,000 improvement revenue bonds. The proceeds were used for pavin
and drainage improvements. On September 30, 1986, the outstandin
bonds totaled $785,000:
Coupon
Rate Principal
Interest
Total
Payments
1987 October 1 8.40 $ 25,000 $ 65,855 $ 90,855
1988 October 1 8.40 25,000 63,755 88,755
1989 October 1 8.30 25,000 61,655 86,655
1990 October 1 8.30 30,000 59,580 89,580
1991 October 1 8.30$ 30,000 57,090 87,090
1992 October 1 8.40$ 54,600 54,600
1993 October 1 8.40$ 54,600 54,600
1994 October 1 8.40$ 54,600 54,600
1995 October 1 8.408 54,600 54,600
1996 October 1 8.40$ 54,600 54,600
1997 October 1 8.40$ 54,600 54,600
1998 October 1 8.40$ 54,600 54,600
1999 October 1 8.40$ 54,600 54,600
2000 October 1 8.40$ 54,600 54,600
2001 October 1 8.40 54,600 54,600
2002 October 1 8.40$ 54,600 54,600
2003 October 1 8.40$ 54,600 54,600
2004 October 1 8.40$ 650,000 54,600 704,600
Totals $785,000 $1,017,735 $1,802,735
62
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1986
Enterprise Fund
Bond Amortization
Account
United States Treasury Obligations
Unamortized Interest Maturit
Par Value Cost Discount Rate Date
$160,000 $150,190
$9,407 7.625 2/15/07
Money Market Account
Interes
Amounts Rate
Enterprise Fund
Meter deposits accounts
Retained earnings account
Renewal and replacement account
General Fund
$5,000 Various
5,000 Various
5,000 Various
55,000 Various
63
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1986
Debt Service Fund
Enterprise Fund
Meter deposits account
Retained earnings account
Reserve account
Capital improvement account
General Fund
Certificates of Deposit
nterest Maturity Maturity
Amounts Rate Date
$100,000 11.000 4/01/90
170,000 6.900 11/10/86
35,000 6.850 11/20/86
100,000 6.250 11/14/86
100,000 6.250 11/14/86
100,000 6.750 10/06/86
150,000 6.850 11/07/86
100,000 6.750 10/06/86
83,000 6.900 11/10/86
50,000 6.000 10/14/86
70,000 6.400 12/12/86
100,000 5.900 11/03/.86
218,000 7.000 07/14/87
65,000 6.400 12/12/86
2,000 10.750 04/20/87
64,000 6.850 02/15/07
150,000 6.400 12/12/86
150,000 6.750 10/03/86
100,000 5.900 10/03/86
100,000 5.900 10/17/86
64
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Insurance
September 30, 1986
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 WC0075436-02 $100,000/$500,OOC
Multi-peril Policy SMP541122 $1,000,000
Police Professional Liability 83LE-005589 $500,000/$1,OOO,C
Police Official's and
Employee's Liability 199-11-49 $1,000,000
Umbrella Liability XC34341 $1,000,000
Unlawful and Intentional Death
Policy (Police Department
Personnel, death resulting
from an intentional and
illegal act) DGS7252328 $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
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
1986 1,729,412 104,014
(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
Charges
Lvr Lines and
Intergoveritn~citial Services Cvrteiis Miscellaneous(~~ '!'vial
$250,017 $ 0, 2UU ~ $ 7,311 $ 29,902 $ 819,303
2 1 G, 204 0, 2UU 5, 120 14, 650. 871, 780
202, 007 7, 172 12, 524 35, 556 956, 618
237, ~ G7 7, 079 1 1, 891 95, 767 1, 1U0, 154
24 9, 224 0, 1 70 18, 573' ~ ~ 124, 152 1, 368, 75 1
2UU, 9 1 G 0, 200 23, 574 98, 081 i, 396, 830
203,13U 9,963 32,455 99,601 1,534,633
335,099 O,ao7 ~ 90,783 107,163 1,743,741
340,93E 9,023 93,330 144,301 2,425,789
305, 952 1 1, OG9 92; 929 151, 690 Z, 425, 8 16
Fleoal Year Ended 5splerttb~r 30, 1886
Inlerpovernmentol (1[3.9X)
Gltorpee for Servlcee (0.6X)
lJceneee and parmlte (~1.3I:)
flnee and forlelle (1.8X)
TaKe~ (71.3X)
G7
C111eoallaneous (6.3X)
VII,T~AGE OC TEQUCSTA, FLORIpA
General Government Expenditures by Function (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
Seetember 30 General
~ Government Public
Safet (2)
.Transportation
1977 $199,850 $ 261,261 $296,482
1978 199, 720 278, 171 14 4, 676
1879 169,923 395,799 543,838
1980 175,079 970,194 296,792
' 1981 197,191 534,729 125,801
1982 271,157 635,668 299,846
1983 279,56'1 703,124 356,401
1989 ~ 279,038 755,573 227,840 .
1985 296,537' 1,193,971 239,512
1986 373,195 1,239,66U 200,309
(1) Includes General, Special Revenue and petit Service C'unds.
(2) Includes Fire/Emergency Contract with Palm 6eaci~ CounL-y year 1985.
Source: Village of Tequesta.financial records.
r :'
68
Physical
I:nv i ronment
Culture
Eluman and
Services Recreation
Debt
Service 'T'otal
269
$132 $ 3,781 $ 46,387 $ 13,070 $ 903,095
,
139,816 9,073
4
397 55,271
813
63 13,601
385
26 830,328
1,355,085
150,930
18 G
776 ,
7, 281 ,
71 , 986 ,
101, 330 1, 309, 433
,
127,691 8,382 76,857
' 90,535
88 1,161,136
791
548
1
159,155
927
177 11,069
8,024 82.,808
79,719 89,0
92,988 ,
,
1,697,244
,
183,591 2,154 ~ 128,247
47 91,299
603
89 1,662,742
109,153
2
206,776
290,507 10;907
5,.768 1.21,8
120,204 ,
87,896 ,
2,262,547
Fiscal Yeor Ended September 30, 1888
Culture and Recreation (5.3X)
Physical [:nvlronmen!
petit Service (3.9X,
Traneportatlon (8.9X)
Human Servlcea (0.3q)
enment (16.6Y.)
................., ~.i4.87L)
69
VII,LAGC OF T~QU~STA, FLORIDA
Property Tax Levies .and Collections (Unaudit-ed) (1)
Last '1'en Fiscal Years
Fiscal Year Total Current Tax Percent
Ended Tax Levy Co11ecL-ions of Levy
Se t~ ember 30 (1) (1) Collected
1977 $ 337,294 $ 336,650 ~ 99.8
1978 358,362 357,307 99.'7
1979 387, 591 306, 889 99.8 .,
1980 910,854 907,931 99.3
1981 534,655 531,676 ~ 99.9
1982 569,277 558,06fl~ 98.0
1983 550,573 540,876 98.2
~
1984 691,179 636,533 99.3
1985 1,038,027 1,037,003 99.9
1986 1,129,958 1,128,120 99.9_
Percent of
Outstanding Delinquent
Delinquent `Faxes to
?'axes Tax Levy
$ 636 .2
1,055 .2
702 .2
2,923 .7
2,979 .6
11,209 2.0
9,697 1.8
4,646 .7
1, 02~! . 1
1, 33U . 1
(1) Includes discounts taken by property taxpayers.
Source: Palm Beach County Tax Collect_-or's office.
7Q
THIS PAGE INTENTIONALLY LEFT BLANK
VILLAGE OF TEQUESTA, FLORIDA
Taxable Value and Just Value of
Taxable Property (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
Real Property
Taxable
Value Just Value
$ 81,345,307
93,399,125
96,414,986
10$,755,676
146,062,451
200,770,160
199,394,093
206,001,538
219,001,538
233,658,151
$ 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
297,370,052
Source: Palm Beach County Property Appraiser's office.
71
Personal Property Total Ratio
Taxable Just Taxable Just Taxable Value
Value Value Value Value To Just Value
$ 6,147,522 $ 8,550,730 $ 87,492,829 $101,576,670 86$
6,398,719 9,807,003 99,797,844 112,734,465 89$
7,218,482 10,918,206 103,633,468 117,814,920 88$
8,036,976 11,774,601 116,792,652 130,509,005 89$
8,576,046 12,847,602 154,638,497 225,511,078 69$
9,434,287 9,856,038 210,204,447 247,774,531 85$
10,410,095 10,943,311 209,804,188 254,693,308. 82$
11,333,640 11,916,171 218,153,678 274,164,029 80$
10,902,190 11,562,981 229,903,728 287,464,396 80$
10,812,334 11,562,008 244,470,485 308,932,060 79$
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 Count Board Librar
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
1986 5.3126 4.6190 7.5950 .3951
(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
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
.5130 .2115 (2) 18.6462
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
Population*
Taxable
Value
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
1986 4,077 244,470,485
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census
75
Debt
Gross Service Net
Bonded Monies Bonded
Debt Available Debt
Ratio of Net
Bonded Debt
to Assessed
Value ___
Net Bonded
Debt
Per Capita
$ 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 1U 2,751 777,249 .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
785,000 110,937 674,063 .27 165.33
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 Direct and Overlapping Debt (Unaudited)
September 30, 1986
Taxing Authority
Village of Tequesta
Palm Beach County
Total
Percentage Amount
Applicable Applicable
Net Debt To To
Outstanding Tequesta Tequesta
$ 674,063
160,590,000
100.00$ $ 674,063
.74~ 1,188,366
$1,862,429
78
VILLAGE OF TEQUESTA, FLORIDA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures (Unaudited)
Last Ten Fiscal Years
Rat i o
of Debt
Total Service tc
Fiscal Year Total General Total
Ended Debt Expenditures General
September 30 Principal Interest Service (1) Expenditur
• 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
1985 20,000 69,235 89,235 2,109,153 4.2
1986 20,000 67,896 87,896 2,262,547 3.9
(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 Gross
eptember30 Revenues
Net
Revenue
Available
Operating for Debt
Expenses Service
Debt Service Requirements
Cover-
Principal Interest Total age
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 25,000 183,139 208,139 1.57
1986 1,620,609 1,310,250 310,359 65,000 134,421 199,421 1.56
80
VILLAGE OF TEQUESTA, FLORIDA
Property Value, Construction and Bank Deposits
Last Four Fiscal Years
Commercial Residential
Construction (1) Construction(1)
•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 $10,410,0
1984 3 329,567 50 4,366,966 232,803,399 206,820,038 11,333,6
1985 9 4,692,681 33 2,106,652 224,302,732 219,001,538 10,902,1
1986 2 828,435 5 484,135 272,519,953 233,658,151 10,812,3:
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.
(4) Information only available for years provided.
81
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1986
Percentage
1986 of
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Barnett Bank of Palm
Beach County Banking $7,517,514 3.96$
Lighthouse Plaza Shopping Center 5,717,128 2.33$
Pride Plaza Supermarket 3,653,589 1.49$
Tequesta Shoppes, Ltd. Shopping Center 3,321,449 1.35$
Tequesta Plaza Shopping Center 2,467,244 1.00
Tequesta Fashion Mall Shopping Center 2,151,151. .87$
Tequesta Country Club Golf & Social Club 1,767,385 .72$
Village Apartments Apartment Rentals 1,251,748 .51$
Community Savings, F.A. Savings & Loan
Riviera Beach Association 990,798 .40~
Shaw Properties Office Building 962,906 .39$
Source: Palm Beach County Property Appraiser's office.
82
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1986
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 Protection:
Numbe r of stations - 1
Number of certified officers- - 17
Number of dispatchers - 4
Municipal Water Department: Number of customers - 3,885
Average daily consumption -
2.193 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 franchised to Nichol's Sanitation
Frequency of service is bi-weekly
Electric Service: Florida Power & Light
Telephone Service: Southern Bell Telephone & Telegraph Company
Building Permits Issued: 1,057
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 - 41
Part-time - 5 (seasonal)
83
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)
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
1986 4,077 7.3
Sources:
(1) Palm Beach County Planning Board, University of Florida
Estimates and Federal Census.
(2) U.S. Department of Commerce, Bureau of the Census.
Information only available for years provided.
(3) Job Service of Florida.
84
1VOWLEN, HOLT, 1VIINER & ICISKER
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SUITE 200
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305) 659-3060
EVERETT 8. NOWLEN, CPA, (1930-1884(
EDWARD T. HOLT, CPA
WILLAM B. MINER, CPA
WLLLAM C. KISKER, JR., CPA (ReNrsd)
ROBERT W. HENDRI%, JR., CPA
RICHARD J. HUTCHINSON, CPA
JANET R. BARICEVICH, CPA
B.E. WEEKS, CPA
CAROL A. CALLAHAM, CPA
RICHARD D. HOOVER, JR., CPA
MARIA D. OALDOS, CPA
KATHLEEN A. BENTLEY, CPA
DEBRA M. ALBERDI, CPA
KIM HATCHER BEAUMONT, CPA
ANTHONY B. GRAVETT, CPA
GAIL HILL, CPA
SCOTT D. DRUKER
MARILYN ROBERTS, CPA
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANT
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANT
ACCOUNTING FIRMS ASSOCIATED II
BELLE GLADE OFFICE
333 S.E. 2nd STREET
POST OFFICE BOX 338
BELLE GLADE, FLORIDA 33430
TELEPHONE (305( 996-5812
The Honorable Mayor
Village of Tequesta
Tequesta, Florida
and Village Council
RE: AUDITOR'S REPORT OF COMMENTS ON INTERNAL ACCOUNTING
CONTROL AND ADMINISTRATIVE REQUIREMENTS
Gentlemen:
We have examined the general purpose financial statements of the
Village of Tequesta for the year ended September 30, 1986, and have
issued our report thereon dated December 19, 1986. Our examination
was made in accordance with generally accepted auditing standards and
the standards for financial and compliance audits contained in the
U.S. General Accounting Office Standards for Audit of Governmental
Organizations, Programs, Activities, and Functions.
Solely to assist us in planning and performing our examination, we
made a study and evaluation of the internal accounting controls.
That study and evaluation was limited to a preliminary review of the
system to obtain an understanding of the control environment and the
flow of transactions through the accounting system. For the purpose
of this report we have classified the significant internal accounting
controls in the following categories: receipts cycle, non-payroll
disbursements cycle, payroll disbursements cycle, external financial
reporting, and fixed assets. Our study included all of the control
categories listed above; however, since we did not intend to rely on
the system of internal control to restrict the nature, timing and
extent of auditing procedures to be performed, our study and evalua-
tion of the internal accounting controls did not extend beyond the
preliminary phase.
85
The management of the Village is responsible for establishing and
maintaining a system of internal accounting control. In fulfilling
this reponsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of control proce-
dures. 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 transac-
tions are executed in accordance with management's authorization and
recorded properly to permit the preparation 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.
Our study and evaluation made for the limited purpose described in the
second paragraph would not necessarily disclose all material weak-
nesses in the system. Accordingly, we do not express an opinion on
the system of internal accounting control of the Village taken as a
whole or any of the categories of controls identified in the second
paragraph of this letter. Our study and evaluation disclosed no
condition that we believed to be a material weakness. However, the
following suggestion is submitted to assist in improving procedures
and control.
1. We noted that the balance of the customer deposit account in
the water fund was not reconciled to the subsidiary records
at year end.
We recommend that you adopt a policy requiring the subsidiary
records be reconciled to the general ledger on a monthly
basis.
2. We noticed that the Village often prepares payroll checks
several days prior to their distribution date and obtains one
of the two required signatures at that time. In addition the
checks are dated the day they will be distributed instead of
the day they are prepared.
While it appears that the check are being recorded in the
proper time period, the built-in internal control accounting
for the numerical sequencing of checks is weakened if not
destroyed. In addition, in the event any of these checks
were lost the fact that they already have one of the required
signatures makes them very easy to cash.
86
We recommend that checks not be written or signed until they
are to be distributed. Since checks are distributed every
two weeks, arrangements should be made to have two approved
signers available at a specif ied time on payroll day to sign
the checks. In the event that it is not feasible to obtain
two signatures on a regular basis, consideration should be
given to allowing a single signature for payroll checks.
3. We noticed that although the budget process has been
computerized, the amendments made during the year are not
posted as they are approved. As a result the budgetary
printout is not complete or accurate during the year.
We suggest that all amendments to the budget be posted to the
budgetary accounts as soon as they are approved.
This report is intended solely for the use of management and the
Council of the Village of Tequesta and should not be used for any
other purposes. This restriction is not intended to limit the
distribution of this report, which upon acceptance by the Council is
a matter of public record.
We commend the Village of the implementation of our comments from the
prior year and appreciate the courtesy and cooperation shown us by
the Village staff.
Respectfully submitted,
87
NOWLEN, HOLT, MINER & KISKER
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SUITE 200
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305) 859-3080
EVERETT B. NOWLEN, CPA, (1930-1984) B.E. WEEKS, CPA DEBRA M. ALBERDI, CPA MEMBER3
EDWARD T. HOLT, CPA CAROL A. CALLAHAM, CPA KIM HATCHER BEAUMONT, CPA AMERICAN INSTITUTE OF
WILLIAM B. MINER, CPA RICHARD D. HOOVER, JR., CPA ANTHONY B. GRAVETT, CPA CERTIFIED PUBLIC ACCOUNTANTS
WILLIAM C. KISKER, JR., CPA (Retlred) MARIA D. GALOOS, CPA GAIL HILL, CPA FLORIDA INSTITUTE OF
ROBERT W. HENDRIX, JR.. CPA KATHLEEN A. BENTLEY, CPA SCOTT D. DRUKER CERTIFIED PUBLIC ACCOUNTANTS
RICHARD J. HUTCHHJSON, CPA MARILYN ROBERTS, CPA ACCOUNTING FIRMS ASSOCIATED INC.
JANET R. BARICEVICH, CPA
Dece mber 19, 1986
BELLE GLADE OFFICE
333 S.E. 2nd STREET
POST OFFICE BOX 333
BELLE GLADE, FLORIDA 33130
TELEPHONE (305) 998-5812
REPORT ON COMPL IANCE WITH LAWS AND REGULATIONS BASED ON AN
EXAMINATION OF GENERAL PURPOSE FINANCIAL STATEMENTS P ERFORMED IN
ACCORDANCE WITH THE STANDARDS FOR AUDIT ISSUED BY THE GAO
Honorable Mayor and Village Council
Village of Tequesta, Florida
We have examined the general purpose financial statements of the
Village of Tequesta, Florida, for the year ended September 30, 1986,
and have issued our report thereon dated December 19, 1986. Our
examination was made in accordance with generally accepted auditing
standards and the standards for financial and compliance audits
contained in the Standards for Audit of Governmental Organizations,
Programs, Activities, and Functions, issued by the U.S. General
Accounting Office, and accordingly included such tests of the
accounting records and such other auditing procedures as we
considered necessary in the circumstances.
The management of the Village is responsible for the Village's com-
pliance with laws and regulations. In connection with our examina-
tion referred to above, we selected and tested transactions and
records to determine the Village's compliance with laws and regula-
tions noncompliance with which could have a material effect on the
general purpose financial statements of the Village.
The results of our tests indicate that for the items tested, the
Village of Tequesta, Florida complied with those provisions of laws
and regulations noncompliance with which could have a material effect
on the general purpose financial statements. Nothing came to our
attention that caused us to believe that for the items not tested the
Village of Tequesta, Florida was not in compliance with laws or
regulations noncompliance with which could have a material effect on
the Village's general purpose financial statements.
88
This report is intended solely for the use of management and the
Village Council of the Village of Tequesta, Florida and should not be
used for any other purpose. This restriction is not intended to
limit the distribution of this report, which upon acceptance by the
Village Council of the Village of Tequesta, Florida, is a matter of
public record.
Respectfully submitted,
~~Q,.,. ,I~;P; V~1~,.,..,.~ a. jaw
89
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.
90