CAFR_FY Ending_09/30/1987Comprehensive Annual
Village of Tequesta, Florida
Fiscal Year Ended September 30, 1487
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Fiscal Year Ended September 30, 1487
COMPREHENSIVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1987
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September. 30, 1987
TABLE OF CONTENTS
Page
Number
Introductory Section
Title Page i
Table of Contents 1
Letter of Transmittal 3
Certificate of Achievement for Excellence in
Financial Reporting 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 27
Statement of Changes in Financial Position--
Proprietary Fund Type 28
Statement of Changes in Assets and Liabilities--
Agency Fund 29
Notes to Financial Statements 30
Supplemental Information
General Fund
Schedule of Revenues--Budget and Actual 50
Schedule of Departmental Expenditures--
Budget and Actual 52
Proprietary Fund (Enterprise Fund)
Schedule of Operating Expenses--Budget and Actual 60
Comparative Summary of Operations--Fiscal Years
Ended September 30, 1987 and 1986 61
Schedule of Restricted Accounts Under Revenue Bond
Ordinance 62
1
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1987
TABLE OF CONTENTS (Continued)
Page
Number
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1985 64
General Fixed Asset Account Group
Schedule of General Fixed Assets By Source 65
Schedule of General Fixed. Assets By
Function and Activity 66
Schedule of Changes in General Fixed Assets
By Function and Activity 67
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979 68
All Funds
Schedule of Investments 69
Schedule of Insurance 71
Statistical Section
General Revenues by Source 72
General Government Expenditures by Function 74
Property Tax Levies and Collections 76
Taxable Value and Just Value of Taxable Property 77
Property Tax Rates--All Overlapping Governments 79
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 81
Legal Debt Margin 83
Computation of Direct and Overlapping Debt 84
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures 85
Revenue Bond Coverage--Water Bonds 86
Property Value, Construction and Bank Deposits 87
Principal Taxpayers 88
Miscellaneous Statistics 89
Demographic Statistics 90
Auditor's Report on comments on Internal Accounting
Controls and Administrative Requirements 91
Report on Compliance with Laws and Regulations 94
Statutory Report 96
2
VILLAGE OF TEQUESTA
Post Office Box 3273 • 357 Tequesta Drive
Teyuesta, Florida 33469-0273 • (305) 746-7457
February 2, 1988
The eonorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
Gentlemen:
Submitted herewith is the Comprehensive Annual Financial Report
of the Village of Tequesta,, Florida, for -the fiscal year ended
September 30, 1987. 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, Bolt & 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
The Honorable Mayor and
Village Council
Village of Tequesta
3. Statistical Section, which contains data of the Village
relating to social, political and economic characteristics,
is 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.
PRESENTATION AND STANDARDS
The accounting records of the general governmental operations
are maintained on a modified accrual basis in that revenue is recog-
nized when both measurable and available; whereas, expenditures are
recorded when incurred. The full accrual basis is used in the Enter-
prise Fund.
The Village's financial statements have been designed to conform
substantially to the high standards of financial reporting set forth
by the National Council on Governmental Accounting and the American
Institute of Certified Public Accountants.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluating the Village's accounting system,
consideration is given to the adequacy of internal accounting con-
trols. Internal accounting controls are designed to provide reasona-
ble, but not absolute, assurance regarding: (1) the safeguarding of
assets against loss from unauthorized use or disposition; and (2) the
reliability of financial records for preparing financial statements
and maintaining accountability for assets. The concept of reasonable
assurance recognizes that: (1) the cost of a control should 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 frame-
work. I believe that the Village's internal accounting controls
adequately safeguard assets and provide reasonable assurance of
proper recording of financial transactions.
Budgetary control is maintained at the department level by the
encumbrance of estimated purchase amounts prior to the release of
purchase orders to vendors. Purchase orders which result in an over-
run of departmental balances are not released until additional appro-
priations are made available. Open encumbrances are reported as
reservations of fund balance at September 30, 1987.
4
The Honorable Mayor and
Village Council
Village of Tequesta
THE REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account groups of the
Village. It also includes all activities considered to be part of
(controlled by or dependent on) the Village, as determined by the
application of the criteria set forth in "Defining the Governmental
Reporting Entity - NCGA Statement 3." In accordance with NCGA State-
ments 3 and 7, for financial reporting purposes, the Village's finan-
cial statements include all funds, account groups, departments, agen-
cies, boards, commissions and other organizations over which Village
officials exercise oversight responsibility.
Oversight responsibility includes such aspects as appointment of
governing body members, budget approval, approval of property tax
levies, outstanding debt secured by__Village's full faith-and credit-
or revenues, responsibility for funding deficits and others.
As in prior years, the Village found that there were no entities
to consider when attempting to implement NCGA Statements 3 and 7.
Therefore, the criteria in Statement 3 did not require the inclusion
of any entity as an accompanying unit in the Village's financial
statements.
The Village provides the full range of municipal services
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 a comparison of
interest rates. The average yield on maturing investments during the
year was 6.7$. The average yield on money market accounts was 5.2$.
5
The Honorable Mayor and
Village Council
Village of Tequesta
GENERAL FUND
The General Fund of the Village encompasses the Village's gene-
ral 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 $2,595,215 in 1986-1987. The
detail is summarized below:
REVENUES
Source
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous and intra-
governmental revenues
Total
Percentage
1985-86 1986-87 of Total
Amount Amount Revenues
$1,729,412 $1,881,171 72.5$
104,014 123,303 4.8$
370, 315 421, 385 16.2$
11,869 8,880 .38'
42, 929 51 , 126 2.0$
137,158 109,350 4.2$
$2,395,697 $2,595,215 100.0$
--~
6
The Honorable Mayor and
Village Council
Village of Tequesta
EXPENDITURES
Expenditures for the General Fund totaled $2,429,553 in 1986-87.
The detail is summarized below:
Purpose
Current
1985-86 Percentage
1986-87 of 1986-87
Amount Amount Total
General government
Public safety
Physical environment
Transportation
Human services
Culture and recreation
Total
$ 357, 272 $ 401, 854 16.5$
1,234,668
240,507
200,309
1, 328, 602
278, 752
306,292
5, 768 2, 907
120,204 111,146
$2,158,728 $2,429,553
54.7$
11.5$
12.6
.1$
4.6$
-~
100.0$
Revenue and Expenditures
Revenues reported this fiscal year were $199,518, or 8.3$ more
than the revenues reported for the previous fiscal year, resulting
primarily from an increase to the Ad Valorem Property Tax millage
rate in the amount of .2259 mills and a moderate increase in
Intergovernmental Revenues.
7
The Honorable Mayor and
Village Council
Village of Tequesta
Expenditures reported this fiscal year were $270,825, or 12.5$
more than expenditures reported for the previous fiscal year. The
increased expenditures were attributed to:
1. Employee personal service expenses which included a Cost of
Living Adjustment for all employees of 3$, annual merit
increase for employees averaging 3$, increased health
insurance premiums of 12.5$, and increased FICA contribu-
tions of 5~.
2. Operation and Maintenance expenses experienced increases for
general insurance and workers compensation insurance of 15$.
Physical Environment expenses were increased 16$ resulting
from an increase to the solid waste disposal contract for
Village refuse service, and the Village contract with Palm
Beach County for Fire-Rescue Service was increased 13$.
3. Capital Outlay Expenses reflected a substantial increase for
Transportation Improvements consisting of road and drainage
improvements and beautification projects.
Fund Balance
The General Fund has a fund balance of $660,857 at September 30,
1987. The balance is summarized as follows:
Fund balance, September 30, 1986 $630,015
Excess of revenues over expenditures 165,662
Operating transfers in 180
Operating transfers out 135,000
Fund balance, September 30, 1987. $660,857
SPECIAL REVENUE FUND
The Special Revenue Fund is used to account for revenue real-
ized from specific sources which is legally required to be accounted
for separately from other funds. The Federal Revenue Sharing Fund
was the only Special Revenue Fund maintained by the Village. The
Special Revenue Fund was closed this year as a result of the discon-
tinuation of the Program by the Federal government in 1986.
CAPITAL PROJECTS FUND
The Capital Projects Fund is used to account for financial
resources to be used for the construction of major capital facilities
other than those accounted in the Enterprise Fund.
8
The Honorable Mayor and
Village Council
Village of Tequesta
AGENCY FUND
The Agency Fund is used to account for investments held by the
Village as trustee for employees participating in the Deferred
Compensation Plan.
DEBT SERVICE FUND AND GENERAL LONG-TERM DEBT ACCOUNT GROUP
The Debt Service Fund is used to account for the accumulation of
resources for the payment of general long-term debt principal, inte-
rest and related costs.
The General Long-Term Debt Account Group is used to account for
long-term liabilities expected to be financed from governmental
funds. - _
On October 1, 1979, the Village issued $910,000 Improvement
Revenue Bonds Series 1979 for the purpose of financing certain drain-
age improvements within the Village.
The bonds received Moody's A and Standard and Poor's AAA (MBIA)
rating. _
The bonds are secured by the pledge of and first lien on the
guaranteed entitlement portion of the State Revenue Sharing Trust
Funds and by the pledge of and first lien on certain Franchise Fees,
Public Service Taxes and Occupational License Taxes.
On September 30, 1987, $760,000 of the bonds were outstanding.
ENTERPRISE FUND
Enterprise Fund income and expense data of the Village Water
System for 1987 is shown in the following schedule:
Operating revenues $1,633,794
Operating expenses 1,434,538
Operating income 199,256
Non-operating revenues (expenses) (6,179)
Operating transfer (out) (50,000)
Net income $ 143,077
9
The Honorable Mayor and
Village Council
Village of Tequesta
The Village issued $1,525,000 Water Refunding Revenue Bonds -
Series 1985, on January 1, 1985. The bond sale proceeds were used to
refund Series 1978 Water Refunding Revenue Bonds.
The bonds are secured by the net revenues of the Water Fund. On
September 30, 1987, $1,365,000 of the bonds remained outstanding.
GENERAL FIXED ASSETS
General Fixed Assets are those fixed assets which are not ac-
counted for in the Enterprise Funds. These assets are classified as
land, buildings, improvements other than buildings and equipment.
They are acquired by general fund revenue, federal or state grants or
gifts.
A summary of changes in general fixed assets follows:
Balance Balance
October 1, September 30,
1986 Additions Deletions 1987
Land $ 35,000 $ 14,728 $ $ 49,728
Buildings 214,832 214,832
Improvements 126,446 44,176 170,622
Equipment 424,059 66,153 22,636 467,576
Total $800,337 $125,057 $22,636 $902,758
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:
10
The Honorable Mayor and
Village Council
Village of Tequesta
1. Greater reliance on technology and improved data processing
capability to increase internal efficiency and reduce the
need for additional personnel.
2. Continued upgrading of the present water treatment system
with emphasis on potential well field expension.
3. Pursuant to the direction of the "Local.-Government Compre-
hensive Planning and Larid Regulation Act of the State of
Florida", the Village intends to review the potential for
implementation of impact fees for new development where
feasible, to offset the cost of rendering services to new
developments within the corporate limits of the Village.
4. In accordance with the intended direction of--the "Village
Comprehensive Plan", the Village intends to pursue all
feasible areas for annexation in order to provide for
continuity of service delivery and to provide for fairness
in the distribution of costs associated with the delivery of
public services.
If the Village maintains the level of fiscal discipline and
control exercised over the past several years, its financial condi-
tion should continue to be strong and stable.
CERTIFICATE OF ACHIEVEMENT
The Government Finance Officers Association of the United States
and Canada (GFOA) awarded a Certificate of Conformance in Financial
Reporting to the Village of Tequesta for its comprehensive annual
financial report for the fiscal year ended September 30, 1986.
In order to be awarded a Certificate of Achievement, a govern-
mental unit must publish an easily readable and efficiently organized
comprehensive annual financial report, whose contents conform to pro-
gram standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year
only. We believe our current report continues to conform to the
Certificate of Achievement Program requirements, and we are submit-
ting it to GFOA to determine its eligibility for another certifi-
cate.
11
The Honorable Mayor and
Village council
The Village of Tequesta
ACKNOWLEDGMENTS
The preparation of this report on a timely basis could not
have been accomplished without the cooperation and dedicated
services of the entire staff of the Village and the professional
guidance and assistance provided by the independent auditors
retained by the Village.
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,
` /'s~-~s-rs~J
Thomas G. Bradford, Village Manager
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, 1986
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.
President
~~~
`~~~~
Executive Director
13
VILLAGE OF TEQUESTA
ORGANIZATION CHART
a
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL - 1986-1987
Carlton D. Stoddard
Edward C. Howell
Earl L. Collings
Ron Mackail
Edwin J. Nelson
VILLAGE OFFICIALS
Mayor
Vice-Mayor
Councilmember
Councilmember
Councilmember
Thomas G. Bradford Manager
John C. Randolph Attorney
(Johnston, Sasser & Randolph)
Bill C. Kascavelis Finance Director/Clerk
Franklin D. Flannery Police Chief
Scott D. Ladd Director of Public Works
& Recreation
Thomas C. Hall Water System Manager
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Nowlen, Holt & Miner, P.A.
15
NOWLEN, HOLT & MINER, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
21 S FIFTH STREET
SUITE 200
POST OFFICE BOX 347
WEST PALM BEACH, FLORIDA 33402
TELEPHONE (305) 859.3080
EVERETT B. NOWLEN. CPA (1930.19841
EDWARD T. MOLT, CPA
WILLIAM B. MNER, CPA
ROBERT W. HENDFiIX, JR., CPA
JANET R. BARICEVICN, CPA
B.E. WEEKS, CPA MARILYN ROBERTS. CPA
KATHLEEN A. BENTLEY, CPA R. GREGORY SMRH, CPA
KMA HATCHER BEAUMONT, CPA MARTHA ANN HERB, CPA
GAIL H. MOYE. CPA ROBERT W. HELMREK:H, CPA
MEMBER$
AMERK;AN INSTRUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE 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. 2rW STREET
POST OFFICE BOX 33B
BELLE GLADE. FLORIDA 33x30
TELEPHONE (3051998-5812
We have examined the general purpose financial statements of the
Village of Tequesta, Florida, as of and for the year ended Septem-
ber 30, 1987, as set forth in the table of contents. 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.
In our opinion, the general purpose financial statements present
fairly the financial position of the Village of Tequesta, Florida at
September 30, 1987, 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.
~rl,~.oa.~ ,1~.~- ~. nru~,,., P. ~.
February 2, 1988
17
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 30, 1987
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
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
Debt Capital
General Service Projects
-_._._
$197, 1 10 $ 15, 779 $
59, 817
555,000 100,000 100,000
280
4, 147
9,582
2, 132
735
2, 773 136
$768,986 $178,369 $100,136
18
Proprietary Fiduciary
Fund Type Fund Type
Enterprise Agency
$ 263,957 $
1,445,000 46,295
151,289
12, 122
17,055
77,694
1,004,486
7, 066
4,515,690
$7,494,359 $46,295
Account Grou s
General Genera
Fixed Long-Term
Assets Debt
902,758
Conte ~co
118,377
664,131
c~o~ cno
See notes to financial statements.
19
Totals
(Memorandum
Only)
$ 476,846
59, 817
2,246,295
151,569
19, 178
9,582
2, 132
17,790
77,694
1,004,486
7,066
5,418,448
1 18, 377
664,131
$10,273,411
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 30, 1987
• Governmental
Fund Types
Debt Capital
General Service Projects
Liabilities and fund equity
Liabilities
Accounts payable
Accrued liabilities
Matured interest payable
Matured principal payable
Payable from restricted assets
Cash overdraft
Deposits
Due to other funds
Deferred revenue
Deferred compensation payable
Improvement revenue bonds payable
Water refunding revenue bonds payable
Unamortized debt discount
Other liabilities
$ 26, 157 $
54,306
175 $
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
Ondesignated
Total fund equity
Total liabilities and fund equity
27,666
1, 890
57, 927
108,129 59,992
735
88,755
9,575
152
15, 170
29, 522
635,225 100,136
660,857 118,377 100,136
$768,986 $178,369 $100,136
20
Proprietary
Fund Type
Enterprise
Fiduciary
Fund Type
Agency
$ 9,876 $ $
8,499
322,899
127,625
9,582
46,295
1,365,000
(35,352)
1,836
1,809,965
1,965,180
561 , 028
3, 1 58, 1 86
46,295
Account Groups
General General Totals
Fixed Long-Term (Memorandum
Assets Debt Only)
902,758
22, 508
760,000
782,508
$ 36,208
85, 313
1 , 890
57, 927
322,899
127,625
9,582
27,666
46,295
760,000
1,365,000
(35,352)
1,836
2,806,889
902, 758
1,965,180
561,028
3, 158, 186
735
88,755
9,575
152
15, 1 70
29, 622
735,361
5,684,394
$7,494,359
902,758
$46,295 $902,758 $782,508
See notes to financial statements.
21
7,466,522
$10,273,411
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances -
All Governmental Fund Types
^ur the Fiscal Year Ended SPOten.ber 30, 1987
General
Revenues
Taxes $1,881,171
Licenses and permits 123,303
Intergovernmental revenues 421,385
Charges for services 8.880
Fines and forfeits 51,126
Miscellaneous revenues 41,350
Inteagovernmental services 68,000
Total revenues 2,595,215
Expenditures
Current
General government 401,854
Public safety 1,328,602
Physical environment 278.752
Transportation 306,292
Human services 2,907
Culture/recreation 111,146
Debt service
Principal retirement
Interest and fiscal charges
Total expenditures 2,429,553
Excess of revenues over (under) expenditures 165,662
Other financing sources (uses)
Operating transfers in
Operating transfers out (135,000)
Total other financing sources (uses) (135,000)
Excess of revenues and other sources over (under)
expenditures and other uses 30,662
Fund balances, October 1, 1986 630,015
Residual equity transfer 180
Fund balances, September 30, 1987 $ 660,857
22
Governmental Fund Types
Special Debt Capital
Revenue Service Projects
$ $ $
13,654
1 ,654
25,000
66,215
91,215
(77,561)
85,000
,~~
7,439
180 110,937
(180)
$ -0- $118,376
136
136
136
100,000
~~
100, 136
$100,136
Totals
(Memorandum
Onlv)
$1,881,171
123,303
421, 385
8, 880
51, 126
55, 140
68,000
2,609,005
401 , 854
1, 328, 602
278,752
306, 292
2,907
111, 146
25,000
66,215
2,520,768
88,237
185, 000
(135,000)
50,OOb
138,237
741, 132
$ 879,369
See note s. 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 T pes
For the Fiscal Year Ended September 30, 1987
General Fund
ariance -
Favorable
Budget Actual (Unfavorable)
Revenues
Taxes $1, 860E 288 $1, 881, 171 $ 20, 883
Licenses and permits 119,308 123,303 3,995
Intergovernmental revenues 434,627 421,385 (13,242)
Charges for services 7,850 8,880 1,030
Fines and forfeits 45,300 51,126 5,826
Miscellaneous revenues 26,100 41,350 15,250
Intragovernmental services 68,600 68,000 (600)
Total revenues 2,562,073 2,595,215 3
Expenditures
Current
General government 411,280 401,854 9,426
Public safetX 1,349,334 1,328,602 20,732
Physical environment 280,000 278,752 1,248
Transportation 336,930 306,292 30-,638
Auman services 4, 730 2, 907 1, 823
Culture/recreation 136,890 111,146 25,744
Debt service
Principal retirement
Interest and fiscal changes
Total expenditures 2,519,164 2,429,553 89,611
Excess of revenues over
(under) expenditures 42,909 165,662 122,753
Other financing sources (uses)
Operating transfers in
Operating transfers out (135,000) (135,000)
-_-___
Total other financing
sources (uses) (135,000) (135,000) _
Excess of revenues and other
sources over (under) expenditures
and other uses $ (92,091) 30,662 $122,753
Fund balances, October 1, 1986 630,015
Residual equity transfer 180
Fund balances, September 30, 1987 $ 660,857
24
Special Revenue Fund
variance -
Favorable
Budget Actual (Unfavorable)
$ $ $
Debt Service Fund
variance -
Favorable
Budget Actual (Unfavorable)
$ $ $
6,230 13,654 7,424
6,230 13,654 7,424
25,000 25,000
66,230 66,215 15
91,230 91,215 15
(85,000) (77,561) 7,439
85,000 85,000
85,000 85,000
$ 7, 439 $739
180 110,937
(180)
I' ~ $1 1~8 ,.. 3~7 6
(Continued)
25
Capital Projects Fund Totals (Memorandum Only)
ariance - - ariance -
Favorable Favorable
_Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ $
136
136
$ $1,860,288 $1,881,171 $ 20,883
119,308 123,303 3,995
434, 627 421, 385 (13, 242 )
7, 850 8, 880- 1, 030
45, 300 51 , 126 5, 826
136 32, 330 55, 140 22, 810
68,600 68,000 (600)
136 2,568,303 2,609,005 40,702
411,280 401,854 9,426
1, 349, 334 1, 328, 602 20, 732
280,000 278,752 1,248
336,930 306,292 30,638
4, 730 2, 907 1, 823
136,890 111,146 25,744
25,000 25,000
66,230 _ 66,215 15
2,610,394 2,520,768 89,626
136
100,000 100,000
100,000 100,000
$100, 000000 100, 136
$100,136
136 (42,091)
185, 000
(135,000)
50,000
$ ~ $ 7,909
88,237 130,328
185,000
(135,000)
50,000
138,237 $130,328
741, 132
$ 879,369
See notes to financial statements.
26
VILLAGE OF TEQUESTA, FLORIDA
Statement of Revenues, Expenses, and
Changes in Retained Earnings -
Proprietary Fund Type
For the Fiscal~Year Ended September 30, 1987
Operating revenues
Charges for services
Operating expenses
Purchased water
Personal services
Contractual services
Supplies
Heat, light and power
Repairs and maintenance
Depreciation
Bad debts
Total operating expenses
Operating income
Nonoperating revenues (expenses)
Interest revenue
Interest expense and fiscal charges
Total nonoperating revenues (expenses)
Income before operating expenses
Operating transfers (out)
Net income
Retained earnings, October 1, 1986,
Retained earnings, September 30, 1987
See notes to financial statements.
Proprietary
Fund Type
Enterprise
$1,633,794
466,068
198,672
151 , 357
28, 060
79, 121
140, 223
368, 660
2,377
1,434,538
199,256
126, 740
(132,919)
(6,179)
193,077
(50,000)
143,077
3,576,137
$3,719,214
27
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Financial Position -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1987
Sources of working capital
Operations
Net income
Items not requiring working capital
Depreciation
Amortization of debt discount and issue costs
Working capital provided by operations
Contributions
Increase in current liabilities payable
from restricted assets
Decrease in restricted assets
Total sources of working capital
Uses of working capital
Acquisition of property, plant and equipment
Decrease in other liabilities
Decrease in long-term debt
Total uses of working capital
Net decrease in working capital
Elements of net increase (decrease) in working capital
Cash
Investments
Accounts receivable
Accrued interest receivable
Inventories
Accounts payable and accrued liabilities
Due to other funds
Net increase in working capital
See notes to financial statements.
Proprietary
Fund Type
Enterprise
$143,077
368,660
4,663
516,400
297,244
5,697
427,174
730,115
249,467
5, 432
70,000
324,899
$921,616
$195,391
716,500
7,997
1 64
7,624
(137)
(5,923)
$921,616
28
VILLAGE OF 'rEQUESTA, FLORIDA
Statement of Changes in Assets and Liabilities -
Agency Fund
For Fiscal Year Ended September 31, 1987
Deferred Balance
Compensation October 1,
Fund 1986 Additions Deductions
Assets
Balance
September 30,
1987
Investments $2,871 $43,424 $46,295
Liabilities
Deferred
compensation
payable $2,871 $43,424 $46,295
See notes to financial statements.
29
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Consideration of Definition of the Reportin4 Entity
This report includes all of the funds and account groups of the
Village. It also includes all activities considered to be part of
(controlled by or dependent on) the Village, as determined by the
application of the criteria set forth in "Defining the Governmental
Reporting Entity - NCGA Statement 3." In accordance with NCGA
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, 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:
30
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September ~ 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Governmental Fund Types
General Fund
The General Fund is the general operating fund of the Village.
It is used to account for all financial resources except those
required to be accounted for in another fund.
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.
Capital Projects Fund
The Capital Projects Fund is used to account for financial
resources to be used for the acquisition or construction of
major capital facilities (other than those to be financed by
the Proprietary 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 far specified purposes. The Special
Revenue Fund used by the Village was the Federal Revenue
Sharing Fund which accounted for revenue received from the
Federal government under the Federal Revenue Sharing Program.
The program was discontinued as of September 30, 1986. During
fiscal year ended September 30, 1987 funds were transferred to
the General Fund for public safety expenditures. A residual
equity transfer was made to the General Fund to close the
remaining balance of the discontinued fund.
31
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 the Water Fund which accounts
for the provision of water services to the residents of the
Village and some residents of the County. All activities
necessary to provide such services are accounted for in this
fund including, but not limited to, administration, operations,
maintenance, financing and related debt service and billing and
collection.
Fiduciary Fund Type
Agency Fund
The Agency Fund is used to account for assets held by the
Village in a trustee capacity or as an agent for individuals.
Agency funds are custodial in nature (assets equal liabilities)
and do not involve measurement of results and operations.
Fixed Assets and Long-Term Liabilities
The accounting and reporting treatment applied to the fixed assets
and long-term liabilities associated with a fund are determined by
its measurement focus. All governmental funds are accounted for on a
spending or "financial flow" measurement focus. This means that only
current assets and current liabilities are generally included on
their balance sheets. Their reported f and 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.
32
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Long-Term Liabilities (Continued)
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.
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.
33
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30,-1987
NOTE 1 - SUMIrIARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Long-Term Liabilities (Continued)
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
Improvements
Equipment
40 years
20 - 25 years
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.
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.
34
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Interfund transactions (Continued)
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, 1987 and 1986 were $152 and $6,865,
respectively.
Revenue Recognition
Ad Valorem Taxes
Ad valorem taxes are assessed as of January 1 and billed the
following October. They are due and payable on November 1 of
each year or as soon thereafter as the assessment roll is
certified and delivered to the Tax Collector. These taxes are
collected by the County and remitted to the Village. Revenue
is recognized at the time monies are received from the County.
AlI unpaid taxes become delinquent on April 1 following the
year in which they are assessed. Discounts are allowed 'far
early payment at the rate of 4$ 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.
35
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Revenue Recognition (Continued)
Ad Valorem Taxes (Continued)
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
material uncollected property taxes at year end.
Budgets and Budgetary Accounting
Formal budgetary integration is employed as a management control
device during the year for the General Fund, Debt Service Fund and
Capital Projects Fund. The Finance Department also maintains control
over expenditures of the debt service fund through the use of bond
indenture provisions.
Budgets for the General, Debt Service and Capital Projects Funds are
adopted on a basis consistent with generally accepted accounting
principles. For budgeting purposes, current year encumbrances are not
treated as expenditures.
The Village follows these procedures in establishing the budgetary
data reflected in the financial statements:
1. Prior to September 1, the Village Manager submits to the
Village Council a proposed operating budget for the fiscal
year commencing the following October 1. The operating
budget includes proposed expenditures and the means of
financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to October 1, the budget is legally enacted through
passage of a resolution.
Changes or amendments to the total budgeted expenditures of the
Village total departmental expenditures dr 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.
36
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets and Budgetary Accounting (Continued)
During the year, the Village did not make any supplemental appropria-
tion increases but did make several administrative changes on the
departmental level.
The Village has complied with the Florida requirement that budgets be
in balance. The General Fund, Debt Service Fund and Capital Projects
Fund budgets reflected 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 1985.
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.
37
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Total Columns on Combined Statements
The Total columns on the combined statements are captioned "Memoran-
dum Only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial
position, results of operations, or changes in financial position in
conformity with generally accepted accounting principles. Neither is
such data comparable to a consolidation. Interfund eliminations have
not been made in the aggregation of this data.
NOTL~ 2 - CASH AND INVESTMENTS
Village funds are invested in accordance with Florida Statutes with
qualified public depositories and in United States Treasury Obliga-
tions.
Deposits
The Village's deposits at year end are entirely covered by Federal
depository insurance or by collateral held by the Village's custodial
banks in the Village's name. Deposits are carried at cost plus
accrued interest. As of September 30, 1987 the carrying amount of
total cash deposits was $213,764.
Investments
As of September 30, 1987 the Village has $2,968,864 invested in
certificates of deposit and money market accounts with qualified
public depositories. These investments are entirely covered by
Federal depository insurance or by collateral held by the depository
in the Village's name.
The Village is obligated by its Water Refunding Revenue Bond issue,
Series 1985, to purchase U.S. Treasury Obligations. In accordance
with the securities contract U.S. Treasury Obligations of $250,000
are held by a qualified public depository. The bonds are recorded
net of unamortized discount of $14,378, which approximates market
value .
The Village's Deferred Compensation plan has investments of $46,295
as of September 30, 1987. The ICMA Retirement Corporation invests
funds withheld from employees and is sponsored by the Government
Finance Officers Associations. The funds a•re invested in a Guaran-
teed Fund which provides contracts guaranteeing both protection of
principal and a rate of return for a specific period of time and
protection from default by underwriters.
38
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 2 - CASH AND INVESTMENTS (Continued)
Investments (Continued)
As of September 30, 1987 the carrying amount of total investments was
$3, 250, 781 .
NOTE 3 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable of $152,300 are stated net of a $2,000 allowance
for doubtful accounts and consist of billed revenues totaling
$129,443 and unbilled revenues totaling $22,857.
NOTE 4 - COMPONENTS OF FIXED ASSETS
A summary of changes in general fixed assets follows:
Balance Balance
October 1, September 30,
1986 Additions Deletions 1987
Land $ 35, 000 $ 14, 728 $ $ 49, 728
Buildings 214, 832 214, 832
Equipment 424, 059 66, 153 22, 636 467, 576
Improvements other
than buildings 126,446 44,176 17+0622
Total $800,337 $125,057 $22,636 $902,758
The components of fixed assets at September 30, 1987 are summarized
as follows:
General
Enterprise Fixed Assets
Fund Account Group Total
Land $ 92, 042 $ 49, 728 $ 141, 770
Buildings 388,592 214,832 603,424
Improvements other than
buildings 6,159,983 170,622 6,330,605
Machinery and equipment 236,600 467,576 704,176
6, 8 , ~, 7~$ ~~
Accumulated depreciation 2,361,527 2,361,527
Total $4,515,690 $902,758 $5,418,448
39
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
N0TE_5 - DEFINED BENEFIT PENSION PLAN
All Village full-time employees participate in the noncontributory
Florida Retirement System, a multiple-employer public employee
retirement system. The payroll for employees covered by the System
for the year ended September 30, 1987 was $971, 843.
All Village full-time employees are eligible to participate in the
System as authorized by Chapter 121 of the Florida Statutes. The
Florida Retirement System has four classes of membership. Village
employees belong to two of the four classes, the regular class
consisting of administrative, operations and clerical employees, and
the special risk class consisting of law enforcement officers.
Employees who retire at or after age 62 with 10 years of credited
service are entitled to a retirement benefit, payable monthly-for
life, equal to 1.60 to 1.68$ (regular class) and 2.0 to 3.0~ (special
risk class) of their average final compensation for each year of
credited service, depending on the years served. Average final
compensation is the employee's average of the five highest years of
credited service. Benefits fully vest on reaching 10 years years of
service. Vested employees may retire at or after age 55 and receive
reduced retirement benefits. The System also provices death and
disability benefits. Benefits are established by State statute.
Total pension costs for the year ended September 30, 1987 were
$130,157 (General Fund $110,994, Enterprise Fund $19,163). The
Village contribution rates as of September 30, 1987 were based on
13.14$ of covered payrol for regular class and 15.11$ for special
risk class.
The "pension benefit obligation" is a standardized disclosure measure
of the present value of pension benefits, adjusted for the effects of
projected salary increases and step-rate benefits, estimated to be
payable in the future as a result of employee service to date. The
measure, which is the actuarial present value of credited projected
benefits, is intended to help users assess the System's funding
status on a going-concern basis, assess progress made in accumulating
sufficient assets to pay benefits when due, and make comparisons
among PERS and employers. The System does not make separate measure-
ments of assets and pension benefit obligation for individual
employers. The pension benefit obligation at July 1, 1987 for the
System as a whole, determined through an actuarial valuation per-
formed as of that date, was $20.8 million. The System's net assets
available for benefits on that date (valued at market) were $13.7
million, leaving an unfunded pension benefit obligation of
$7.1 million.
40
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 5 - DEFINED BENEFIT PENSION PLAN (Continued)
Ten-year historical trend information showing the System's progress
in accumulating sufficient assets to pay benefits when due is pre-
sented in the System's June 30, 1987 comprehensive annual financial
report.
NOTE 6 - DEFERRED COMPENSATION PLAN
The Village-offers its employees a deferred compensation plan created
in accordance with Internal Revenue Code Section 457. The plan,
available to all Village employees, permits them to defer a portion
of their salary until future years. The deferred compensation is not
available to employees until termination, retirement, death, or
unforeseeable emergency.
AlI a.•nounts of compensation deferred under the plan, all property and
rights purchased with those amounts, and all income attributable to
those amounts, property, or rights are (until paid or made available
to the employee or other beneficiary) solely the property and rights
of the Village (without being restricted to the provisions of bene-
fits under the plan), subject only to the claims of the Village's
general creditors. Participants' rights under the plan are equal to
those of general creditors of the Village in an amount equal to the
fair market value of the deferred account for each participant.
It is the opinion of the Village that it has no liability for losses
under the plan but does have the duty of due care that would be
required of an ordinary prudent investor. The Village believes that
is unlikely that it will use the assets to satisfy the claims of
general creditors in the future.
NOTE 7 - 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, 1987, the total liability for compen-
sated absences was $52,552. The. current liability in the General
Fund was $27,008. 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, 1987, the long-term
amount was $22,508. The liability recorded by the Enterprise Fund
was $3,036.
41
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NC 'E 8 - LEASE COMMITMENTS
'? a Village presently has no material lease commitments. In addi-
~~on, the Village has no commitments under lease purchase or similar
,..ontractual arrangements.
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 - PROJECTS ENTERED INTO WITH OTHER GOVERNMENTAL UNITS
On August 15, 1984 the Village entered
between Palm Beach County and various
vices to be rendered by the Palm Beach
to said municipalities for a fee. For
1987 fire protection and emergency
$376,439.
into an interlocal agreement
other municipalities for ser-
County Fire Rescue Department
the year ended September 30,
medical service expense was
NOTE 11 - 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.
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.
42
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 11 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
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
estimated annual cost of extensions, additions to, enlargements and
replacement of capital assets of the system and emergency repairs
thereto, such cost to be established by recommendation of the con-
sulting engineer. Finally, any revenues remaining may be used for
any lawful purpose.
The Resolution requires the establishment of the following accounts:
Account Purpose
Revenue Account To collect the entire gross revenues
derived from the system, except invest-
ment earnings.
Operation and To pay fully accrued operating expenses.
Maintenance Account
Sinking Account To accumulate sufficient funds to meet
annual debt service requirements through
transfers from the Revenue Account.
Bond Amortization Established within the Sinking Account
Account to meet. principal payment on the debt.
Reserve Account To accumulate funds for payment of
principal and interest only if funds in
the Sinking Account are insufficient.
Renewal and Replacement To accumulate funds for the purpose of
Account funding the cost of extensions, addi-
tions to, enlargements and replacement
of capital assets of the system and
emergency repairs thereto.
43
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 11 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
The annual requirements to amortize the debt are as follows:
Fiscal Year Ending
September 30
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Principal Interest
$ 3 5, 000
80,000
80,000
90, 000
95, 000
105,000
185,000
275,000
300,000
120,000
$ 56, 609
109,505
103,805
97, 667
90, 749
83, 005
74, 199
55, 143
30,592
5,340
$1,365,000
$ 706,614
Total
$ 91, 609
189,505
183, 805
187, 667
185, 749
188, 005
259,199
330, 143
330,592
125,340
$2,071,614
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 8.508. At September 30,
1987, $760,000 of this issue, which consists of term and serial
bonds, were outstanding. The guaranteed entitlement portion of state
revenue sharing trust funds, public service utilities taxes, fran-
chise fees and occupational license taxes have been pledged. The
bonds will be repaid through the Debt Service Fund.
44
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 11 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
Annual requirements to amortize this debt are as follows:
Co upo n
Rate Principal Interest
1 988 October 1 8.40$ $ 25, 000 $ 63, 755
1989 October 1 8.30$ 25,000 61,655
1990 October 1 8.30$ 30, 000 59, 580
1991 October 1 8.30 30,000 57,090
1992 October 1 8.40$ 54,600
1993 October 1 8.40$ 54,600
1994 October 1 8.40$ 54,600
1995 October 1 8.40$ 54,600
1996 October 1 8.40$ 54, 600
1997 October 1 8.40$ 54,600
1998 October 1 8.40$ 54,600
1999 October 1 8.40$ 54,600
2000 October 1 8.408 54, 600
2001 October 1 8.40$ 54,600
2002 October 1 8.40$ 54,600
2003 October 1 8.40$ 54,600
2004 October 1 8.40$ 650,000 __ 54,600
Totals $760,000 $ 951,880
Total
Payments
$ 88, 755
86, 655
89, 580
87, 090
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
704,600
$1,711,880
Monie s 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
i 993 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
45
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 11 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
The annual requirements to amortize all outstanding debt including
interest payments of $1,658,494 as of September 30, 1987 are as
follows:
Fiscal
Year Ending
September 30
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Various
Compensated Improvement Water
Absences Revenue Revenue Total
$ 88, 755
86, 655
89, 580
87, 090
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
704, 600
$ 184,311
189, 505
183, 805
187,667
185,749
188, 005
259, 199
330,143
330, 592
125, 340
$ 273, 066
276, 160
273,385
274, 757
240,349
242, 605
31 3, 799
384, 743
385, 192
17 9, 940
54, 600
54, 600
54, 600
54, 600
54, 600
54,600
704, 600
22,508
22,508
$22,508 $1,711,880 $2,164,316 $3,898,704
Annual maturities of long-term compensated absences cannot be reason-
ably determined.
46
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 11 - LONG-TERM DEBT (Continued)
Chan es in Lon -Term Debt: Transactions for the Village for the year
ended Septem er 30, 1987 are summarized as follows:
Long-term debt at
October 1, 1986
Less
Reduction in
compensated
absences
Less: Bonds retired
Long-term debt at
September 30, 1987
Interest Expense
Improvement Water
Compensated Revenue Revenue
Absences Bonds Bonds Total
$35,770 $785,000 $1,435,000 $2,255,770
13, 262 13, 262
25,000 70,000 95,000
$22,508 $760,000 $1,365,000 $2,147,508
Interest expense on long-term debt for the fiscal year ended Septem-
ber 30, 1987 totaled $182,354 (general long-term debt - $65,855;
Enterprise Fund - $116,499).
NOTE 12 - DEFEASANCE OF PRIOR DEBT
In prior years, the Village defeased the 1978 Series, $3,915,000
Water Revenue Refunding Bonds by placing the proceeds of new bonds in
an irrevocable trust to provide for all future debt service payments
on the old bonds. Accordingly, the trust account assets and the
liability for the defeased bonds are not included in the Village's
financial statements. At September 30, 1987 $8,725,391 of bonds
outstanding, including interest, are considered defeased.
47
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 13 - INTERFUND RECEIVABLES AND PAYABLES
Individual fund interfund receivables and payables at September 30,
1987 are as follows:
Fund
General Fund
Enterprise Fund
NOTE 14 - INTERFUND ADMINISTRATIVE FEE
Interfund Interfund
Receivables Payables
$9, 582
9,582
$9,582
$9,582
During the year ended September 30, 1987, the Enterprise Fund
remitted $68,000 to the General Fund for administrative management
fees. This amount is reflected as intragovernmental services revenue
in the General Fund and as contractual services operating expenses in
the Enterprise Fund.
NOTE 15 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of the following:
Contributions from capital improvement
charges $1,182,613
Contributions from developers 782,567
$1,965,180
For the year ended September 30, 1987, contributions from capital
improvement charges totaled $89,341 and contributions from developers
totaled $208,903.
48
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 16 - EXCESS OF EXPENDITURES OVER APPROPRIATIONS
Excess of expenditures over appropriations, as adopted in the budget
for the fiscal year ended September 30, 1987 and as presented on
pages 24 and 25, are as follows:
General Fund
General government $8,704
Public safety 1,692
Culture/recreation 3,468
NOTE 17 - LITIGATION
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.
49
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1987
Taxes
Current ad valorem taxes
Delinquent ad valorem taxes
Franchise fees
Utility service taxes
Dotal taxes
Budget
$1,252,000
1, 000
241 , 551
365,737
1,860,288
Actual
$1,252,073
2, 191
229,276
397,631
1,881,171
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
Camp. planning assistance
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
49, 000
67, 334
2,974
119,30
16, 900
129,228
7, 237
1, 542
82, 000
21, 320
164, 400
12,000
434,627
750
400
850
2, 000
1, 350
2,500
7,85
50
50, 343
68,623
4,337
15, 678
129,234
5, 902
4 86
79, 479
21, 524
160, 790
8,292
421,385
1, 150
336
999
2, 424
1, 231
2,740
8,880
Variance -
Favorable
(Unfavorable)
$ 73
1,191
(12, 275 )
31,894
20,883
1, 343
1, 289
1,363
~~5
(1,222)
6
(1,335)
(1,056)
(2, 521 )
204
(3,610)
(3,708)
(13,242)
400
(64)
149
424
(119)
240
1,030
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1987
Fines and forfeits
Court fines
Parking tickets
Total fines and forfeits
Miscellaneous revenues
Interest
Other
Abandoned bicycle sales
Total miscellaneous revenues
Intragavernmental services
Administrative management -
water fund
Total revenues
Variance -
Favorable
Budget Actual (Unfavorable)
$ 45,000
300
45,300
$ 50,711
415
51, 126
$ 5,711
115
5,82
25,000
1,000
100
26,100
68,600
$2,562,073
51
38,087
3, 263
4 ,
68,000
$2,595,215
13, 087
2, 263
(100)
250
(600)
$ 33, 142
-----
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
~neral government
Legislative
Travel and per diem
Other charges
Total legislative
Variance -
Favorable
Budget Actual (Unfavorable)
$ 6,800
750
7,550
$ 6, 646
389
7,035
$ 154
361
515
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
Total executive
37,450 37,446 4
2,705 2,703 2
4,725 4,677 48
1 , 525 1, 517 8
2, 315 2, 314 1
1, 205 1, 200 5
5, 900 5, 892 8
100 31 69
450 421 29
6,8531 (6,853)
56,375 63,054 (6,679)
Financial and administrative
Finance director's and
bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
52,205 52,200 5
3, 680 3, 631 49
6, 650 6, 499 151
4, 615 4, 447 168
1, 310 1, 308 2
52
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
General government (continued)
Financial and administrative
(continued)
Accounting and auditing
Travel and per diem
Other charges
Office supplies
Books, publications, dues
Repairs and maintenance -
office machines
Capital outlay
Machinery and equipment
Total financial and
administrative
Legal counsel
Legal services
Total legal counsel
Planning and zoning
Planning service
Comprehensive plan revision
Tatal planning and zoning
Other general government
Salaries
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Onemployment compensation
Employee recognition program
Fire/rescue study
Variance
Favorable-
Bud~et Actual (Unfavorable)
$ 18,250 $ 18,250
1, 400 1, 337
350 315
1,200 1,151
250 135
2,200 1,705
1,260 1,090
93,370 92,068
36,500
36,500
31,911
31,911
27,800
21,000
48,800
27, 749
20,091
47,840
63
35
49
115
495
170
1, 302
4,589
51
909
~_
960
29,450 29,416 34
1, 150 1, 133 17
2, 100 2, 042 58
1,350 1,341 9
670 666 4
1, 000 1, 000
2,500 2,500
850 (850)
53
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
eneral government (continued)
Other general government
(continued)
Travel and per diem
Communication services
Secretarial services
Postage
Utility services
Fire hydrant rental fees
Leases
Insurance
Village Hall maintenance
Office machines maintenance
Other charges
Office supplies
Books, publications, dues
Aid to private organizations
Other grants and aids
Capital outlay
Machinery and equipment
Variance
Favorable
Budget Actual (Unfavorable)
$ 650 $ 631 $ 19
3,500 3,441 59
5,000 4,936 64
3, 000 2, 873 127
8, 500 8, 387 113
1 1, 400 1 1, 400
5, 250 5, 241 9
36, 500 34, 472 2, 028
6, 000 4, 244 1, 756
1, 500 129 1, 371
10, 150 9, 183 967
6,000 5,943 57
1, 500 1, 104 396
24, 100 24, 100
6, 330 6, 328 2
1,085 2,086
Total other general government
~tal general government
ubl is safety
Folice department
168,685 159,946
411,280 401,854
(1,001)
8,739
9,426
Salaries 499, 400 483, 204 16, 196
Overtime 23, 300 23, 283 17
F.I.C.A. 36, 780 36, 457 323
Retirement 73, 075 ~3, 052 23
Life and health insurance 58,000 57,116 884
54
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
Budget
Actual
Variance -
Favorable
(Unfavorable)
Public safety (continued)
Police department (continued)
Worker's compensation
insurance $ 21, 535 $ 21, 535 $
Travel and per diem 5,120 5,013 107
Communication services _ 6,200 6, 141 59
Leases 410 408 2
Insurance 29,.250 29,244 6
Repairs and maintenance - cars 13,300 13,278 22
Repairs and maintenance -
office equipment 1,500 1,434 66
Repairs and maintenance -
radio communications 3,515 3,505 10
Repairs and maintenance - other 1,350 1,342 8
Printing and binding 300 292 8
Other charges 2, 800 2, 780 20
Personnel training 3,100 3,085 15
Office s uppl ies 3, 800 3, 7 95 5
Gasoline and oil 18,100 18,058 42
Uniforms and equipment 7,310 7,230 80
Books, publications, dues 450 434 16
"Capital outlay
Machinery and equipment 36,000 37,692 (1,692)
Total police department 844,595 828,378 16,217
Detention and/or correction
Other contractual services -
P.B.C. Sheriff's Department 150 150
Total detention and/or
correction 150 150
Protective inspections
Salaries 73, 500 73, 037 463
F.I.C.A. 5,200 5,083 117
Retirement 9,300 9,180 120
Life and health insurance 9,575 9,567 8
Code enforcement service 5,600 5,584 16
55
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
Variance -
Favorable
Budget Actual (Unfavorable)
~blic safety (continued)
Protective inspections (continued)
Office supplies $
Worker's compensation
insurance
Travel and per diem
Communication services
Other charges
Books, publications, dues
Repairs and maintenance -
office machines
Capital outlay
Machinery and equipment
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
Total fire protection and
emergency medical service
otal public safety
hysical environment
Contractual services - garbage
and trash
~otal physical environment
3, 450 $ 3, 427 $ 23
2,050 2,047 3
2, 700 2, 625 75
2, 150 2, 107 43
125 113 12
1,000 787 213
1,350 1,218 132
6,150 6,131 19
122,150 2 ,
500 489 11
5, 000 2, 390 2, 610
500 500
6,000 2,879
376,439 376,439 _
376,439 376,439
1,349,334 1,328,602 2____0,732
280,000 278,752 1,248
- ~ 7 , ~$
'ransportation
Road and street facilities
Salaries
Overtime
F.I.C.A.
56
83, 000 ?6, 757 6, 243
750 490 260
6,000 5,804 196
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
Transportation (continued)
Road and street facilities
(continued)
Retirement
Life and health insurance
Worker's compensation
insurance
Engineering services
Travel and per diem
Communication services
Street lights
Insurance
Repairs and maintenance -
truck and tractor
Repairs and maintenance -
drainage
Repairs and maintenance -
general
Bridge restoration
Other charges
Gasoline and oil - truck and
tractor
Gasoline and oil - other
Small tools
Traffic signs
Road materials and supplies
Capital outlay
Machinery and equipment
Road improvements
Improvements other than
buildings - replacement
of Royal Palms
Improvements other than
buildings - beautification
Total transportation
Variance -
Favorable
Budget Actual (Unfavorable)
$ 10, 650 $ 10, 620 $ 30
1 1, 600 10, 575 1, 025
6, 530 6, 529 1
49, 000 48, 942 58
1, 400 1, 245 155
500 4 78 22
19, 000 18, 235 765
7, 025 7, 008 17
1, 250 831 419
7,000 6,022 978
45, 025 44, 907 118
10, 635 10, 630 5
100 41 59
1, 100 893 207
2, 000 517 1, 483
1, 175 1, 161 14
3, 000 1, 893 1, 107
13, 160 11, 686 1, 474
28, 030 28, 026 4
13, 000 12, 078 922
16,000 924 15,p~6
336,930 306,92 30,638
Auman services
Health - mosquito control
Salaries 1,200 2111 989
F.I.C.A. 90 15 75
57
VILLAGE OF TEQUESTA, FLORIDA
General Fund.
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
uman services (continued)
8ealth - mosquito control
(continued)
Retirement
Repairs and maintenance -
equipment
Flushing solution
Other charges
Gasoline and oil
Insecticide
otal human services
Variance -
Favorable
Budget Actual (Unfavorable)
$ 170 $ $ 170
20U 200
250 149 101
45 25 20
75 75
2,700 2,507
4,730 2,907 1,823
ulture/Recreation
Parks and recreation
Salaries
Overtime
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Travel and per diem
Communication services
Utility services - trailer
and office
Utility services - water
Insurance
Buildings, equipment and
grounds repairs and
maintenance
Fields repairs and maintenance
Truck repairs and maintenance
Other charges
43,200 42,996 204
200 200
3,090 2,695 395
5,000 4,924 76
1, 825 1, 824 1
1,435 1,432 3
1, 400 1, 2 65 135
600 560 40~
8, 525 8, 419 106
3, 390 3, 389 1
11 , 400 11, 379 21
4,600 4,572 28
400 398 2
200 200
58
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental- Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1987
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
Constitution Park
Park land purchases
Playground parks - wood fence
Machinery and equipment
Dover Road park improvements
Total culture/recreation
Budget Actual
$ 50 $ 31
450 358
1, 200
1, 200
100
3, 500
34, 250
3,600
4, 000
3,275
624
921
15
3, 475
1 1, 253
7, 468
3, 148
136,890 111,146
Variance -
Favorable
(Unfavorable)
$ 19
92
576
279
85
25
22,997
3, 600
(3,468)
127
25,744
Total expenditures $2,519,164 $2,429,553 $ 89,611
59
PROPRIETARY FUND
(ENTERPRISE FUND)
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year_Ended September 30, 1.987- --
Purchased water
Personal services
Wages
F.I.C.A. taxes
Retirement
Life and health insurance
Employee recognition program
Total personal services
Contractual services
Insurance
Professional services
Communication services
Rentals
Legal
Engineering
Accounting and auditing
Other current charges
Licenses and fees
Administrative management
Personnel training and travel
Total contractual services
Supplies
Office supplies
Truck gas and oil
Chemicals
Small tools
Laboratory supplies
Diesel fuel
Books
Total supplies
Heat, light and power
Repairs and maintenance
Variance -
Favorable
Budget Actual (Unfavorable)
$467,000 $466,068 $ 932
$15 7, 100 $145, 950 $ 1 1, 150
1 1, 170 10, 811 359
19, 300 19, 163 137
23, 690 22, 748 942
175 175
211,435 19 , ,763
$ 21 , 400 $ 21, 133 $ 267
1 1, 000 9, 727 1, 273
5, 400 5, 310 90
1, 550 1, 321 229
2, 000 767 1, 233
15,600 15,585 15
19, 700 19, 698 2
3, 400 1, 624 1, 776
1, 700 1, 690 10
68, 000 68, 000
7,050 6,502 548
156, 8 ~~' 3
---_-~
r
-~
$ 3,300 $ 3,022 $ 278
2,250 2,230 20
24, 000 27, 064 1, 936
650 649 1
300 300
80 80
350 95 255
~~~
-____ ~
---
$ 80,000 $ 79,121 $ 879
$145,175 $140,223 $ 4,952
----
60
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1987 and 1986
Operating revenues
Charges for services
Operating expenses
Purchased water
Personal services
Contractual services
Supplies
Heat, light and power
Repairs and maintenance
Depreciation
Bad debts
Total operating expenses
Operating income
Nonaperating revenues (expenses)
Interest revenue
Interest expense and fiscal charges
Total nonoperating revenues (expenses)
Income before operating expenses
Operating transfers fout)
Net income
1987 1986
$1,633,794 $1,512,281
466,068
198,672
151,357
28,060
79, 121
140,223
368,660
2,377
466,468
176,550
143,860
23,243
79, 161
52,816
361,268
6,884
1,434,538
199,256
1,310,250
202,031
126,740 108,328
(132,919) (134,421)
(6,179) (26,093)
193,077 175,938
(50,000)
$ 143,077 $ 175,938
61
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1987
Sinking
Account
Balance, October 1, 1986
Cash and investments $ 1,342
Unamortized discount on investments
Accrued interest receivable
1,342
Increases
Transfers from unrestricted accounts 180,500
Investment earnings 7,889
Transfers from restricted accounts 570,000
Total 758,389
Decreases
Capital outlay
Interest payments
Other debt service costs 10,932
Transfers to other restricted accounts 846,514
Transfers to other unrestricted accounts
Total 857,446
Balance, September 30, 1987
Cash and investments (97,746)
Unamortized discount on investments
Accrued interest receivable 31
Total $(97,715)
62
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$167, 677 $288, 020 $ 5, 192
(9,407)
5,395 3,908 22
163,665 291,928 5,214
-.---
33, 935 124
113,963 634,434 5,000
113,963 668,369 5,124
7, 420
5,395 .411 22
648, 805
4,971 5,000
10,366 649,216 12,442
281, 640 307, 583 ( 2, 104 )
(14,378)
3,498
$267,262 $311,081 $(2,104)
63
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$1,525,000 Water Refunding Revenue Bonds - Series 1985
September 30, 1987
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 $1,365,000; the
payment schedule follows:
Due Date Principal Interest Total
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 1 150,000 12,015 162,015
1996 Oct. 1 120,000 5,340 125,340
Totals $1,365,000 $ 706,614 $2,071,614
64
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Source
September 30, 1987
General fixed assets
Land
Building and improvements
Equipment
Improvements other than buildings
Total general fixed assets
Investment in general fixed assets
General Fund revenue
Special Revenue fund revenue (Federal Revenue Sharing)
Total investment in general fixed assets
$ 49, 728
214,832
467, 576
17--- 0_?
$902,758
$831, 266
7- 1--;492
$902,758
65
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Function and Activity
September 30, 1987
Buildings
and
Total Land Improvements Equipment
General government $210,337 $35,000 $127,892 $ 47,445
Fublic safety 225, 994 1 4, 180 21 1, 814
Transportation 111,723 48,741 62,982
Human services 4, 810 4, 810
Culture/recreation 116,497 14,728 79,997 21,772
Total general fixed assets
Allocated to functions 669, 361 49, 728 270, 810 348, 823
Frior year data which
cannot be allocated 233,397 114,644 118,753
Total general fixed assets $902,758 $49,728 $385,454 $467,576
66
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Changes in General Fixed Assets
By Function and Activity
September 30, 1987
General General
Fixed Assets Fixed Assets
October 1, September 30,
Function and Activity 1986 Additions Deletions 1987
General government $201,030 $ 9,307 $ $210,337
Public safety 205, 982 37, 692 17, 680 225, 994
Transportation 74, 821 40, 636 3, 734 11 1, 723
8uman services 4, 810 4, 810
Culture/recreation 80,297 37,422 1,222 116,497
566,940 $125,057 $22,636 669,361
Prior to allocation
by function 233,397 233,397
$800,337 $902,758
67
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
Improvement Revenue Bonds - Series 1979
September 30, 1987
The debt was incurred on April 1, 1980, through the issuance of
$910,000 improvement revenue bonds. The proceeds were used for paving
and drainage improvements. On September 30, 1987, the outstanding
bonds totaled $760,000:
Coupon Total
Rate Princi al Interest Payments
1988 October 1 8.40$ $ 25,000 $ 63,755
1989 October 1 ~ 8.30$ 25,000 61,655
1990 October 1 8.30$ 30,000 59,580
1991 October 1 8..30$ 30,000 57,090
1992 October 1 8.40$ 54, 600
1993 October 1 8.40$ 54,600
1994 October 1 8.40$ 54, 600
1995 October 1 8.40$ 54,600
1996 October 1 8.40$ 54,600
1997 October 1 8.40$ 54,600
1998 October 1 8.40$ 54,600
1999 October 1 8.40$ 54,600
2000 October 1 8.40$ 54,600
2001 October 1 8.40$ 54,600
2002 October 1 8.40$ 54,600
2003 October 1 8.40$ 54,600
2004 October 1 8.40$ 650,000 _ 54,600
Totals $760,000 $ 951,880
$ 88, 755
86, 655
89, 580
87, 090
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 600
54, 640
54, 600
704,600
$1,711,880
68
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1987
Enterprise Fund
Bond Amortization
Account
Enterprise Fund
United States Treasur Obli ations
Unamortize Interest Maturity
Par Value Cost Discount Rate Date
$250,000 $234,688 $14,378 7.625$ 2/15/07
Retained earnings account
General Fund
Money Market Accounts
Interest
Amounts Rate
$ 5,000
55,000
Various
Various
69
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1987
Debt Service Fund
Enterprise Fund
Meter deposits account
Retained earnings account
Reserve account
Sinking Fund
Capital improvement account
General Fund
Capital Projects Fund
Certificates of Deposit
Interest Maturity
Amounts Rate Date
$100,000 11.000 4/01/90
100,000 7.200 4/08/88
35,500 7.100 1/04/88
125,00 7.100 1/11/88
140,000 6.75 11/13/87
200,000 7.100 2/11/88
200,000 7.200 3/11/88
100,000 7.200 4/08/88
100,000 7.100 1/04/88
100,100 7.100 1/04/88
200,000 6.75 10/02/87
250,000 7.500 3/30/88
150,000 6.900 12/14/87
233,805 7.000 7/14/88
150,000 7.500 3/30/88
64,500 7.100 1/04/88
60,000 6.75 11/13/87
150,000 7.100 11/13/87
200,000 6.00 12/11/87
150,000 6.75 10/02/87
100,000 7.100 1/04/88
70
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Insurance
September 30, 1987
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 BAP566260 $1,000,00.0
Public Employees Blanket Bond H04135132 $100,000
Workmen's Compensation WC0075436-04 $500,000
Multi-peril Policy SCAMP623045 $1,000,000
Folice Professional Liability LE 861182 $1,000,000
Police Official's and
Employee's Liability 6887030 $1,000,000
Umbrella Liability XC43156 $1,000,000
Unlawful and Intentional Death
Policy (Police Department
Personnel, death resulting
from an intentional and
illegal act) DGA-725328 $50,000
71
VILLAGE OF TEQUESTA, FLORIDA
General Revenues by Source (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
Licenses
and
Taxes (3) Permits
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 1 13, 982
1985 1,777,305 102,894
1986 1, 729, 412 104, 014
1987 1, 881, 171 123, 303
(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.
72
Charges
for Fines and
Intergovernmental Services,: Forfeits Miscellaneous(2) Total
$216, 284 $ 8, 200 $ 5, 120 $ 14, 650 $ 871, 780
202, 807 7, 172 12, 524 35, 556 956, 618
237, 467 7, 874 1 1, 891 45, 767 1, 100, 154
249, 224 8, 178 18, 573 124, 152 1, 368, 751
200, 916 8, 200 23, 574 98, 081 1, 396, 830
283, -130 9, 463 32, 455 99, 601 1, 534, 633
335, 899 8, 807 48, 783 107, 163 1, 743, 741
348,936 9,023 43,330 144,301 2,425,789
385, 952 11, 869 42, 929 151, 640 2, 425, 816
421, 385 8, 880 51, 126 123, 140 2, 609, 005
FISCAL YEAR ENDED SEPTEMBER 9Q, 1987
fNTERGOVERNMENTAf_ (16.2X)
~ BARGES FOR SERVICES (0.3X)
LICENSES AND PERMITS (4.7X)
FlNES AND FORFERS (2.0X)
TAXES (72.17[)
73
fNISCEW4NE01JS (4.7l~
VILLAGE OF TEQUESTA, FLORIDA
General Government Expenditures by Function (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
General Public
Government Safety (2) Transportation
1978 $194,720 $ 278,171 5144,676
1979 169,923 395,799 543,838
1980 175,074 470,194 296,792
1981 197, 191 534, 729 125, 801
1982 271, 157 635, 668 299, 846
1983 279, 561 703, 124 356, 401
1984 274, 038 755, 573 227, 840
1985 296, 537 1, 143, 971 239, 512
1986 373,195 1,234,668 200,309
1987 401, 854 1, 328, 602 306, 292
(1) Includes General, Special Revenue and Debt Service Funds.
(2) Includes Fire/Emergency Contract with Palm Beach County year 1985.
Source: Village of Tequesta financial reco-rds.
74
Culture
Physical Human and Debt
Environment Services Recreation Service Total
,~:
$139, 816 $ 4, 073 $ 55, 271 $ 13, 601 $ 830, 328
150, 930 4, 397 63, 813 26, 385 1, 355, 085
186, 776 7, 281 71, 986- 101, 330 1, 309, 433
127, 641 8, 382 76, 857 90, 535 1, 161, 136
159, 155 1 1, 069 82, 808 89, 088 1, 546, 791
177, 427 8, 024 79, 719 92, 988 1, 697, 244
183, 591 2, 154 128, 247 91, 299 1, 662, 742
206, 776 ~ 10, 907 121, 847 89, 603 2, 109, 153
240, 507 5, 768 120, 204 87, 896 2, 262, 547
278, 752 2, 907 1 1 1, 146 91, 215 2, 520, 768
FISCAL YEAR ENDED SEPTEMBER 30, 1987
CULTURE AND RECREA?lON (4.4lr)
a'HY5ICAL ENViROT:MEN
DEe7T SERVICE (3.6%
TRAf~SPOr~'iAT10N (72.211)
HUMAN SERVICES (0.17L)
iIERNIJENT (1S.>i!~
IY (527ln
75
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Levies and Collections (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Total
Ended Tax Levy
September 30 (1)
1978 $ 358,362
1979 387,591
1980 410,854
1981 534,655
1982 569,277
1983 550,573
1984 641, 179
1985 1,038,027
1986 1, 129, 458
1987 1, 255, 399
Current Tax
Collections
(1)
$ 357, 307
386, 889
407, 931
531, 676
558, 068
540, 876
636, 533
1, 037, 003
1, 128, 128
1, 252, 073
Percent
of Levy
Collected
99.7
99.8
99.3
99.4
98.0
98.2
99.3
99.9
99.9
99.7
Outstanding
Delinquent
Taxes
$ 1, 055
702
2, 92 3
2, 9 79
11, 209
9, 6 97
4, 646
1, 024
1, 330
3, 326
(1) Includes discounts taken by property taxpayers.
Source: Palm Beach County Tax Collector's office.
Percent of
Delinquent
Taxes to
Tax Levy
.2
.2
.7
.6
2.0
1.8
.7
.1
.1
.3
76
VILLAGE OF TEQUESTA, FLORIDA
Taxable Value and Just Value of
Taxable Property (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
Real Property
Taxable
Value Just Value
$ 93, 399, 125
96, 414, 986
108,755,676
146,062,451
200,770,160
199, 394, 093
206, 001, 538
219,001,538
233,658,151
257, 766, 850
$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
324, 296, 888
Source: Palm Beach County Property Appraiser's office.
77
Personal Property Total Ratio
Taxable Just Taxable Just Taxable Value
Value Value Value Value To Just Value
$ 6,398,719 $ 9,807,003 $ 99,797,844 $112,734,465 89~
7, 218, 482 10, 918, 206 103, 633, 468 1 17, 814, 920 88$
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$
11, 547, 658 12, 241, 396 269, 31 4, 508 336, 718, 284 80$
78
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Rates - All Overlapping Governments (Unaudited)
(Per $1,000 of Assessed Value)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
County
General School County
Fund County Board Library
1978 4.1110 5.9808 9.7500 .3838
1979 4.0090 6.0734 8.3000 .3717
1980 4.0540 6.3170 7.0200 .3620
1981 5.0430 7.3227 8.6300 .4008
1982 2.9839 4.9361 6.9192 .3707
1983 2.6762 4.1823 6.1331 .3261
1984 3.1506 4.2489 6.9329 .3526
1985 4.9200 4.1836 7.1720 .3525
1986 5.0867 4.5271 7.2280 .3428
1987 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 a
part of Palm Beach County through consolidation. The County provides
fire rescue service to the Village at an annual contract rate. The
millage required to fund the service is included within the Village
tax rate.
Source: Palm Beach County Property Appraiser's office.
79
South
Florida
Water
Management
District
Jupiter
Jupiter Fire
Inlet District
District No. 1
Palm Beach
Jun io r
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
80
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
1978 3, 814 $ 99, 797, 844
19?9 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
1987 ~ 4, 141 269, 314, 508
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census, and Village Building
Department
81
Debt Ratio of Net
Gross Service Net Bonded Debt Net Bonded
Bonded Monies Bonded to Assessed Debt
Debt (1) Available Debt Value Per Capita
$ 25, 000 $ 14, 1 10 $ 10, 890 .O1 2.86
910, 000 147, 650 762, 350 . 79 126.47
895, 000 147, 650 747, 350 . 64 202
81
880, 000 102, 751 777, 249 . 50 .
207.27
865,000 110,918 754,082 .36 196.99
845,000 110,508 734,492 .35 192.78
825,000 110,205 714,795 .33 184.70
805,000 109,769 695,231 .30 176.99
785,000 110,937 674,063 .27 165
33
760,000 118,377 641,623 .23 .
154.94
82
VILLAGE OF TEQUESTA, FLORIDA
Legal Debt Margin (Unaudited)
September 30, 19.87
The Village of Tequesta, Florida has no legal debt margin.
83
VILLAGE OF TEQUESTA, FLORIDA
Computation of Direct and Overlapping Debt (Unaudited)
September 30, 1987
Taxing Authority
Village of Tequesta
Palm Beach County
Total
Net Debt
Outstanding
$ 641,623
97,660,000
Percentage
Applicable
To
Tequesta
Amount
Applicable
To
Tequesta
84
100.00$
. 74$
$ 641, 623
722,684
$1,364,307
VILLAGE OF TEQUESTA, FLORIDA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
Principal Interest
Total
Total General
Debt Expenditures
Service (1)
Ratio
of Debt
Service to
Total
General
Expenditures
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, 158, 728 3. 1
1987 25, 000 65, 855 90, 855 2, 429, 553 3.7
(1) Includes General, Special Revenue and Debt Service Funds.
85
VILLAGE OF TEQUESTA, FLORIDA
Revenue Bond Coverage
Water Bonds (Unaudited)
Last Ten Fiscal Years
Net
Revenue
Kcal Year Available Debt Service Re quirements
Ended Gross Operating for Debt __ Cover-
~tember 30 Revenues Expenses Service Principal Interest Total a e
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, 2Q7, 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
1 986 1, 620, 609 1, 310, 250 310, 359 65, 000 134, 421 199, 421 1.56
1987 1, 760, 534 1, 434, 538 325, 996 70, 000 132, 919 202, 919 1 . 61
86
VILLAGE OF TEQUESTA, FLORIDA
Property Value, Construction and Bank Deposits (Unaudited)
Last Five Fiscal Years
Commercial Residential
Construction (1) Construction(1) _ Property Value(3)
Number Number
Fiscal of of Bank Real Personal
Year Units Value Units Value Deposits (2) Property Propert
y
1983 Z $ 687,754 39 $5,535,8.34 $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, 51 9, 953 233, 658, 151 10, 812, 3
1987 1 116,250 27 2,717,154 269,494,041 257,766,850 11,547,6
Source:
1) Village of Tequesta Planning and Zoning.
(2) Tequesta Commercial Banks and Savings and Loan Associations.
(3) Palm Beach County Property Appraiser's office.
{4} Information only available for years provided.
87
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1987
Taxpayer
Lighthouse Plaza
(Lighthouse Plaza
Assoc., LTD.)
Dorner Properties
(Bank of Palm Beach &
Trust Co.)
Tequesta Shoppes
(Pride Plaza)
Village Square
(Tequesta Shoppes, LTD.)
Barnett Bank
(First Bank. of Jupiter/
Tequesta)
Tequesta Plaza
(Felhaber Corporation)
Tequesta Fashion Mall
(Edwin J. Nelson
Tequesta Country Club
Tequesta Associates
(Pantlin Associates)
Richard Haisfield
(Developer)
Percentage
1987 of
Assessed Asse ssed
Type of Business Valuation Valuation
Shopping Center
Undeveloped
Real Estate
$6, 408, 849 2.37
6,090,294 2.26
Shopping Center
Shopping Center
Banking
Shopping Center
Shopping Center
Golf/Social Club
Undeveloped
Commercial
Real Estate
Undeveloped
Residential
Real Estate
4, 584, 903 1.70
3, 324, 198 1 . 23
3, 233, 805 1 . 20
2,483,619 .92
2,269,802 .84
1,842,601 .68
1, 700, 127 .63
1, 672, 200 .62
Source: Palm Beach County Property Appraiser's office.
88
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1987
Date of Incor oration: 1957
Forms of Government: Council-Manager, 3 Councilmembers elected even
years, 2 Councilmembers elected odd years
Municipal Elections: Non-Partisan
Area: 1.8 square miles
Miles of Streets: Approximately 17 miles
Fire Protection:
Police Protection:
Provided by - Palm Beach County
Fire Insurance Rating - 6
Number of stations - 1
Number of certified officers - 17
Number of dispatchers - 4
Municipal Water Department: Number of customers - 4,018
Average daily consumption -
2.469 million gallons
Miles of water mains ~- 43 miles
Sanitary Sewage: Service provided by Loxahatchee River
Environmental Control District
Storm Sewers: Adequate coverage
Garbage Collection:
Electric Service:
Service franchised to Nichol's Sanitation
Frequency of service is bi-weekly
Florida Power & Light Company
Telephone Service: Southern Bell Telephone & Telegraph Company
Building Permits-Issued:
Recreation and Culture:
1, 943
Number of parks - 3, approximately 52 acres
Number of libraries - 1, branch of PaLn
Beach County system
Number of volumes - 15,000-20,000
Municipal Employees: Full-time - 42
Part-time - 5 (seasonal)
89
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)
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 5.9
1987 4, 141 5. 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.
90
LETTER OF COMMENTS TO MANAGEMENT
NOWLEN, HOLT & MINER, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
21 S FIFTH STREET
SUITE 200
POST OFFICE BOX 317
WEST PALM BEACH, FLORIDA 33402
TELEPHONE 1305) 659.3060
vERETT B NCKIEN. CPA I t p30~t 98x1 B E WEEKS. CPA MARILYN ROBERTS, CPA
DWARfl T MOLT. CPA KATHLEEN A BENTLEY. CPA R GREGORY SMRH. CPA
14UAM B MhER. CPA KIM MATCHER BEAUMONT, CPA MARTHA ANN HERB. CPA
08ERT W MEyDRIx, JR ,CPA GAIL H MOPE. CPA ROBERT W MELMREICH. CPA
INET R. BARICEVICH, CPA
The Honorable Mayor and Village Council
Village of Tequesta
Tequesta, Florida
RE: AUDITOR'S REPORT OF COMMENTS ON INTERNAL ACCOUNTING
CONTROL AND ADMINISTRATIVE REQUIREMENTS
Gentlemen:
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLK ACCOUNTANTS
ACCOUNTING FIRM5 AS$OCIATEO iNC
BELLE GLADE OFFICE
3J3 S E 2M STREET
POST OFFICE BOx J38
BELLE GLADE. FLORIDA 3330
TELEPHONE 13051 996 S6 f 2
We have examined the general purpose financial statements of the
Village of Tequesta for the year ended September 30, 1987, and have
issued our report thereon dated February 2, 1988. 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.
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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
procedures. The objectives of a system are to provide management
with reasonable, but not absolute, assurance that assets are safe-
guarded against loss from unauthorized use or disposition, and that
transactions are executed in accordance with management's authoriza-
tion and recorded properly to permit the preparation of financial
statements in accordance with generally accepted accounting prin-
ciples.
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
weaknesses 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. During our field work, we received a computer printout which
identified Village water customers and the amount of their
deposit. The printout was not mathematically correct and
when totaled manually did not agree to the computer printed
total. After discussion with Village personnel, it was
determined the names and amounts on the listing had been
cross referenced back to the original deposit documents. A
computer program used to generate a printout that does not
add correctly can result in over or understated assets or
liabilities and cause financial statements to be in error.
We recommend that all computer programs be checked for
accuracy prior to implementation. For this particular
program, a change needs to be made as soon as reasonably
possible to insure that accurate financial information is
being generated.
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2. We noticed that bank statements for Improvement Bond Revenue
Fund and Improvement Bond Revenue Sinking Fund were not
reconciled in a timely manner. Although this appeared to be
an isolated instance, we cannot stress enough the importance
of timely reconcilation of bank statements. Unreconciled
statements allow errors to go undetected and could result in
loss of assets or incurring bank charges due to insufficient
funds to cover checks.
We recommend that bank statements be reconciled upon
receipt.
3. We noted that amounts due from the State and other munici-
palities .have been accounted for as "accounts receivable"
instead of "due from other governments". Incorrect classifi-
cation of receivable amounts cause the financial statements
to be misleading.
We recommend that the Village modify its general ledger
system to conform to the Uniform Accounting System for Local
Units of Government, State of Florida. The chart of accounts
set forth in this system was designed to ensure consistency
in financial reporting throughout the state.
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,
~ ~. -~-.
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NOWLEN, HOLT & MINER, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SUITE 200
POST OFFICE BOX 347
WEST PALM.BEACH, FLORIDA 33402
TELEPHONE (305) 659.3080
EVERETT B. NOWLEN. CPA (1930-t 9541 B.E. WEEKS. CPA MAfi1LYN ROBERTS. CPA
EDWARD T. MOLT, CPA KATHLEEN A. BENTLEY, CPA R. GREGORY SMITH. CPA
WILLIAM B. MP1ER. CPA KIM HATCHER BEAUMONT, CPA MARTHA ANN HERB. CPA
ROBERT W. HENDRIX. JR., CPA GAIL H. MOVE, CPA ROBERT W. HELMREICH. CPA
JANET R. BMICEVK;M, CPA
February 2, 1988
REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS BASED
ON AN EXAMINATION OF GENERAL PURPOSE FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH THE STANDARDS
FOR AUDIT ISSUED BY THE GAO
Honorable Mayor and Village Council
Village of Tequesta, Florida
MEMBERS
AMERICAN I('1STITUTE QF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
ACCOUNTING FIRMS ASSOCIATED INC
BELLE GLADE OFFICE
333 S.E. TM STREET
POST OFFICE BOX 330
BELLE GLADE, FLORIDA 33430
TELEPHONE (305) 906-56t4
We have examined the general purpose financial statements of the
Village of Tequesta, Florida, for the year ended September 30, 1987
and have issued our report thereon dated February 2, 1988. 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 con-
sidered necessary in the circumstances.
The management of the Village is responsible for the Village's
compliance with laws and regulations. In connection with our
examination referred to above, we selected and tested transactions
and records to determine the Village's compliance with laws and
regulations 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.
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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,
I I~.UI)V~ ~ W-815L~ ~ ~ • ~.
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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.
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