CAFR_FY Ending_09/30/1988 - ~ -.- ~
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1988
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1988
TABLE OF CONTENTS
Page
Number
Introductory Section
Title Page i
Table of Contents 1- 2
Letter of Transmittal 3-13
Certificate of Achievement for Excellence in
Financial Reporting 14
Village of Tequesta Organization Chart 15
List of Principal Officials 16
Financial Section
Auditor's Report--Opinion of Independent Certified
Public Accountants 17-18
General Purpose Financial Statements
Combined Balance Sheet--All Fund Types and
Account Groups 19-22
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances--All Governmental
Fund Types 23-24
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances --Budget and Actual--
General and Special Revenue Fund Types 25-27
Statement of Revenues, Expenses and Changes in
Retained Earnings--Proprietary Fund Type 28
Statement of Changes in Financial Position--
Proprietary Fund Type 29
Notes to Financial Statements 30-51
Supplemental Information
General Fund
Schedule of Revenues--Budget and Actual 52-53
Schedule of Departmental Expenditures--
Budget and Actual 54-61
Proprietary Fund (Enterprise Fund)
Schedule of Operating Expenses--Budget and Actual 62
Comparative Summary of Operations--Fiscal Years
Ended September 30, 1988 and 1987 63
Schedule of Restricted Accounts Under Revenue Bond
Ordinance 64-65
1
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1988
TABLE; OF CONTENTS (Continued)
Page
Number
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1985 66
Fiduciary Fund
Statement of Changes in Assets and Liabilities -
Agency Fund 67
General Fixed Asset Account Group
Schedule of General Fixed Assets By Source 68
Schedule of General Fixed Assets By
Function and Activity 69
Schedule of Changes in General Fixed Assets
By Function and Activity 70
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979 71
All Funds
Schedule of Investments 72-73
Schedule of Insurance 74
Statistical Section
General Revenues by Source 75-76
General Government Expenditures by Function 77-78
Property Tax Levies and Collections 79
Taxable Value and Just Value of Taxable Property 80-81
Property Tax Rates--All Overlapping Governments ~ 82-83
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 84-85
Legal Debt Margin 86
Computation of Direct and Overlapping Debt 87
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures 88
Revenue Bond Coverage--Water Bonds 89
Property Value, Construction and Bank Deposits 90
Principal Taxpayers 91
Miscellaneous Statistics 92
Demographic Statistics 9 3
Auditor's Report on Internal Accounting Controls 94-97
Report on Compliance with Laws and Regulations 98-99
Statutory Report 100
2
VILLAGE OF TEQUESTA
Post Office Box 3273 • 357 Tequesta Drive
Tequesta. Florida 33469-0273 • (305) 746-7457
December 19, 1988
The Honorable Mayor and
Village Council
Village of Tequesta
Tequesta, Florida
Gentlemen:
The Comprehensive Annual Financial Report of the Village of
Tequesta, Florida, for the fiscal year ended September 30, 1988, is
hereby submitted. Responsibility for both the accuracy of the data
and the completeness and fairness of the presentation, including all
disclosures, rests with the Village. To the best of our knowledge
and belief, the enclosed data are accurate in all material respects
and are reported in a manner designed to present fairly the financial
position and results of operations of the various funds and account
groups of the Village. All disclosures necessary to enable the
reader to gain an understanding of the Village's financial activities
have been included.
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 Governmental Accounting Standards Board and the American
Institute of Certified Public Accountants.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
In developing and evaluating the Village's accounting system,
consideration is given to the adequacy of internal accounting 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. We 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, 1988.
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
Temporary idle cash is invested with various financial institu-
tions located within the Village and the State Board of Administra-
tion, Local Government Surplus Funds Trust Fund Investment Fool, in
accordance with the requirements set forth in the Florida Statutes.
Investments with local financial institutions are comprised of
certificates of deposit and money market accounts ranging from 30 to
365 days to maturity. Investments with the State Board of Adminis-
tration consist of obligations of the U.S. Treasury and its agencies,
money market securities of highest quality such as commercial paper,
bankers acceptance, corporate notes and repurchase agreements.
Because of the short maturities and high quality, securities in this
fund are considered practically risk free.
5
The Honorable Mayor and
Village Council
Village of Tequesta
Depositories are selected based on a comparison of interest
rates. The average yield on maturing investments during the year was
7.4$. The average yield on money market accounts was 5.4$.
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 $3,019,915 in 1987-1988. The
detail is summarized below:
REVENUES
Source
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
1986-87 1987-88
Amount Amount
$1,881, 171 $2, 143, 933
123, 303
421, 385
8,880
51, 126
Percentage
of Total
Revenues
71.0$
5. 7$
16.3$
.68
1.8$
Miscellaneous and intra-
governmental revenues
Total
170, 834
493,644
19, 562
53, 034
109,350 138,908
$2,595,215 $3,019,915
4.6$
100.0$
6
The Honorable Mayor and
Village Council
Village of Tequesta
EXPENDITURES
Expenditures for the General Fund totaled $2,555,048 in 1987-88.
The detail is summarized below:
Purpose
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture and recreation
Total
Revenue and Expenditures
1986-87 1987-88
Amount Amount
$ 401,854 $ 429,632
1,328,602 1,435,360
278,752
306,292
2,907
111,146
$2,429,553
308,215
269,873
502
111,466
$2,555,048
Percentage
of 1987-88
Total
16.8$
56.2$
12.1$
10.68
.0$
4.3$
100.0$
Revenues reported this fiscal year were $424,700, or 16.4$ 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 .4384 mills and a moderate increase in Licenses
and Permit Revenues resulting from an increase in "land development
fees" for administrative and associated costs, and Intergovernmental
Revenues consisting of various taxes collected by the State of
Florida, Department of Revenue.
7
The Honorable Mayor and
Village Council
Village of Tequesta
Expenditures reported this fiscal year were
more than expenditures reported for the previous
increased expenditures were attributed to:
1. Employee personal service expenses which
Living Adjustment for all employees of
increase for employees averaging 3$,
insurance premiums of 10.$.
$125,495, or 5.28
fiscal year. The
included a Cost of
3$, annual merit
increased health
Provision was also made in the budget providing for the
additional position within the Village Manager's Division
for an "Administrative Assistant to the Village Manager" and
for a full-time "Administrative Secretary" replacing the
part-time Secretary within the Manager's Division.
2. Operation and Maintenance expenses experienced increases for
general insurance and workers compensation insurance of 10$.
Physical Environment expenses were increased 10$ 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 decreased 1$.
3. Capital Outlay Expenses reflected a substantial decrease for
Transportation Improvements consisting of road and drainage
improvements which were reported in the "Capital Projects
Fund" established the previous fiscal year. Capital Outlay
Expenses reported in the General Fund consist primarily of
expenditures for departmental equipment replacement and
additions.
Fund Balance
The General Fund has a fund balance of $905,724 at September 30,
1988. The balance is summarized as follows:
Fund balance, September 30, 1987 $ 660,857
Excess of revenues over expenditures 464,867
Operating transfers out (220,000)
Fund balance, September 30, 1988 $ 905,724
8
The Honorable Mayor and
Village Council
Village of Tequesta
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.
Revenue and Expenditures
Revenues and Other Financing Sources reported this fiscal year
were $289,192 consisting of reimbursements from Palm Beach County
Government for the Tequesta Drive Improvement Project in the amount
of $74,447, $14,745 Interest Income on Investments, Inter-Fund
Transfers of $150,000 from the General Fund and $50,000 from the
Water Enterprise Fund.
Expenditures reported this fiscal year were $272,502 for the
following listed projects.
1987-88
Project Amount
Dover-Elm Drainage Project $ 62,586
Tequesta Country Club Drainage Project 31,267
Tequesta Drive Road Improvement Project 71,840
U.S. Highway No. 1, Palm Trees
Beautification Project 27,307
Village Hall, Renovation Project 7_ 9,502
$27.2,502
During the "Budget Process" for the fiscal year it was deter-
mined that the annual level of funding to the Capital Projects Fund
would be $200,000. Consisting of Inter-Fund Transfers from the
General Fund of $150,000 and from the Water Enterprise Fund of
$50,000. Consideration will be given during the next fiscal year
Budget Hearings to provide additional funding to meet annual
inflationary trends.
AGENCY FUND
The Agency Fund is used to account for investments held by the
Village as trustee for employees participating in the Deferred Com-
pensation Plan.
9
The Honorable Mayor and
Village Council
Village of Tequesta
DEBT SERVICE FUND AND GENERAL LONG-TERM DEBT ACCOUNT GROUP
The Debt Service Fund is used to account for the accumulation of
resources foc 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 Septem-
ber 30, 1988, $735,000 of the bonds were outstanding.
ENTERPRISE FUND
Enterprise Fund income and expense data of the Village Water
System for 1988 is shown in the following schedule:
Operating revenues $1,668,127
Operating expenses 1,437,407
Operating income 230,720
Non-operating revenues 40,630
Operating transfer (out) (50,000)
Net income $ 221,350
10
The Honorable Mayor and
Village Council
Village of Tequesta
The Village issued $1,525,000 Water Refunding Revenue Bonds -
Series 1985, on January 1, 1985. The bond sale proceeds were used to
refund Series 1978 Water Refunding Revenue Bonds. The bonds are
secured by the net revenues of the Water Fund. On September 30,
1988, $1,290,000 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 class if ied as
land, buildings, improvements other than buildings and equipment.
They are acquired by general fund revenue, federal or state grants or
gifts.
A summary of changes in general fixed assets follows:
Balance
October 1,
1987 Additions Deletions
Land $ 49,728 $ $
Buildings 214,832 79,501
Improvements 170,622 4,604 44,176
Equipment 467,576 105,139 32,265
Total $902,758 $189,244 $76,441
PROSPECTS FOR THE FU TURE
Balance
September 30,
1988
$ 49,728
294,333
131,050
540,450
$1,015,561
The Village administration is intent upon maintaining its strong
financial condition and maintaining service levels with minimal
increase in ad valorem property taxes. Budget plans are now being
implemented that emphasize the following goals:
1. Utilize greater reliance on technology and improved data
processing capability to increase internal efficiency and
reduce the need for additional personnel.
2. Continue upgrading the present water acquisition, treatment
and distribution system.
11
The Honorable Mayor and
Village Council
Village of Tequesta
3. In accordance with the intended direction of the "Village
Comprehensive Development 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 utilized by those currently
contiguous to Village boundaries.
4. Enhance the plan for the routine replacement of major
capital equipment and the Long Range Plan for funding
capital improvements relative to the needs of the Village
infrastructure.
5. Maintain an adequate level of unappropriated fund balances
necessary to provide continuity of services. Transference
of undesignated funds to the Capital Projects Fund will be
considered in this regard.
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.
INDEPENDENT AUDIT
This report is required by Florida Statutes 166.241 and Chapter
10.550 Rules of the Auditor General. The books, records and annual
financial report of the Village have been examined by our independent
auditors, Nowlen, Holt & Miner, P.A., Certified Public Accountants,
as required, and their opinion on the financial statements of the
Village is included as a part of this report.
CERTIFICATE OF ACHIEVEMENT
The Government Finance Officers Association of the United States
and Canada (GFOA) awarded a Certificate of Achievement for Excellence
in Financial Reporting to the Village of Tequesta for its comprehen-
sive annual financial report for the fiscal year ended September 30,
1987.
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.
12
The Honorable Mayor and
Village Council
Village of Tequesta
A Certificate of Achievement is valid for a period of one year
only. We believe our current report continues to conform to the Cer-
tificate of Achievement Program requirements, and we are submitting
it to GFOA to determine its eligibility for another certificate.
ACKNOWLEDGEMENTS
The preparation of this report on a timely basis could not have
been accomplished without the cooperation and dedicated services of
the entire staff of the Village and the 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
financial stability.
Respectfully submitted,
Thomas G. Brad ord, Vil age Manager
J ..~~~~E~-eZ
Bi C. Kascav is, Finance Director
13
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, 1987
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards. in governrr~ent accounting
and financial reporting.
~~~
14
VILLAGE OF TEQUESTA
ORGANIZATION CHART
15
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL - 1987-1988
Ron T. Mackail
Edward C. Howell
William E. Burckart
Joseph N. Capretta
Earl L. Collings
Mayor
Vice-Mayor
Councilmember
Councilmember
Councilmember
VILLAGE OFFICIALS
Thomas G. Bradford
John C. Randolph
(Jones, Foster, Johnston & Stubbs)
Bill C. Rascavelis
Carl R. Roderick
Scott D. Ladd
Gary Preston
Thomas C. Hall
Manager
Attorney
Finance Director/Clerk
Police Chief
Building Official
Director, Public Works &
Recreation
Water System Manager
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Nowlen, Holt & Miner, P.A.
16
NOWLEN, HOLT & MINER, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
2 t 5 FIFTH STREET
SURE 200
POST OFFICE 6pX 317
WEST PALM BEACH. FLORIDA 33102.9989
TELEPHONE 11071 859.3080
FAX 11071 835-0628
EVERETT B NOWLEN. CPA I t 930-t 9e41
EDWARD T MOIT. CPA
WILLIAM B MWER. CPA
ROBERT W HENDRIX. JR .CPA
JANET R BARICEVICH. CPA
B E WEEKS. CPA
KATHLEEN A BENTLEY. CPA
KIM MATCHER BEAUMONT. CPA
GAIL H. MOPE. CPA
MARILVN ROBERTS CPA
INDEPENDENT AUDITOR'S REPORT
R GREGORr SMITH, CPA
MARTHA ANN HERB, CPA
ROBERT W NELMREICM- CPA
LAWRENCET VAMGE. CPA
iERRrL MORTON JR.CPA
N RONALD BENNETT. CPA
MEM8ER5
AMERICAN IN$TRUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTAAtTS
ACCOUNTMIG FIRMS AS.90CIATED SIC
The Honorable Mayor and Village Council
Village of Tequesta
Tequesta, Florida
BELLE GLADE OFFICE
333 S.E. 2rb STREET
POST OFFICE BOX 33e
BELLE GLADE. FLORIDA 33430-03e!
TELEPHONE N071 gee-Sett
We have audited the accompanying general purpose financial statements
of the Village of Tequesta, Florida, as of and for the year ended
September 30, 1988, as listed in the table of contents. These finan-
cial statements are the responsibility of the Village's management.
Our responsibility is to express an opinion on these financial state-
ments based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and the standards for financial and compliance audits
contained in the "Standards for Audit of Governmental Organizations,
Pro rams, Activities and Functions, issued y the U.S. General
ccounting 0 ice . ose Stan ar s require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to
above present fairly, in all material aspects, the financial position
of the Village of Tequesta, Florida, as of September 30, 1988, 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.
17
We have also reviewed the accounting requirements of the bond ordin-
ances associated with both the Independent Revenue Bonds, Series 1979
and Water Refunding Revenue Bonds, Series 1985, relating to the bene-
fits and application of funds. In our opinion, based on our audit of
the general purpose financial statements, the Village has complied
with such provisions. It should be noted that information obtained
on the basis of our audit of the general purpose financial statements
would not necessarily disclose defaults of a nonaccounting nature.
Our audit 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 table of contents are presented for
purposes of additional analysis and are not a required part of the
general purpose financial statements of the Village of Tequesta,
Florida. Such information has been subjected to the auditing
procedures applied in the audit 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.
`YI,~.Q,~~ I.1.~:Q~- a- M;v,un,-Q. ~l.
December 19, 1988
18
GENERAL PURPOSE FINANCIAL STATEMENTS
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 30, 1988
Assets
Governmental
Fund Types
Debt Capital
General Service Projects
Cash and cash equivalents $ 157,553 $ 9,147 $122,165
Cash with fiscal agent 1,260
Investments 855,000 100,000
Receivables
Accounts (net of allowance for
uncollectibles) 5,453 1,160
Accrued interest 9,087 2,773
Due from other funds 16,608
Due from other governments 547
Inventories of supplies 735
Unamortized debt issue costs
Restricted assets
Cash and cash equivalents
..._ z _...,:.. noes ments
Accrued interest
Fixed assets
Amount available in debt service fund
Amount to be provided for retirement
of general long-term debt
Total assets
$1,044,983 $113,180 $123,325
19
Proprietary
Fund Type
Enterprise
$ 535,605
1,273,000
146, 907
9, 872
17,055
68, 554
Fiduciary
Fund Type.,
Agency
Account Grou s
General Genera
Fixed Long-Term
Assets Debt
Totals
(Memorandum
Only)
$ $ $ ~ 824, 470
~, 1,260
~ 2,304,330
153,520
21, 732
16,608
547
1 7, 790
68, 554
120,441 ~ 120 441
63 ~, 1, 012, 263
2,318 2,318
4,297,600 1,015,561 5,313,161
111,920 111,920
674,906 674,906
$7,483,615 $76,330 $1,015,561 $786,826 $10,643,820
See notes to financial statements.
20
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 30, 1988
Liabilities and fund equity
Liabilities
Accounts payable
Accrued liabilities
Matured interest payable
Matured principal payable
Payable from restricted assets
Deposits
Due to other funds
Deferred revenue
Deferred compensation payable
Improvement revenue bonds payable
Water refunding revenue bonds payable
Unamortized debt discount
Other liabilities
Total liabilities
Fund equity
Investment in general fixed assets
Contributed capital
Retained earnings
Reserved for revenue bond debt service
Unreserved
Fund balances
Reserved for inventory of supplies
Reserved for debt service
Reserved for recreation and parks
Reserved for encumbrances
Unreserved
Designated for subsequent year's
expenditures
Designated for debt service
Undesignated
Total fund equity
Governmental
Fund Types
Debt Capita.
General Service Projec,
$ 45,698 $ $ 6, 4'
55, 052
1, 260
38, 509
139,259 1,260 6,4!
735
86,655
10, 108
7,402
27,636
25,265
859,843 116,81
905,724 111,920 116,82
Total liabilities and fund equity $1,044,983 $113,180 $123,32
21
Proprietary Fiduciary
Fund Type Fund Type Account Grou s
Genera Genera
Fixed Long-Term
Enterprise Agency Assets Debt
$ 9,229 $ $ $
9,290 51,826
135,579
16,608
76,330
735,000
1,290,000
(31,374)
5,113
1,434,445 76,330 786,826
2,123,726
973,407
2,952,037
1,015,561
Totals
(Memorandum
Only)
$ 61 , 426
116, 168
1, 260
135,579
16, 608
38,509
76, 330
735•, 000
1,290,000
(31,374)
5,113
2,444,619
1,015,561
2, 123, 726
973,407
2,952,037
735
86,655
10, 108
7,402
27, 636
25,265
976,669
6,049,170 1,015,561 _
$7,483,615 $76,330 $1,015,561 $786,826
See notes to financial statements.
22
8,199,201
$10,643,820
VILLAGE OF TSQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances -
All Governmental Fund Types
For the Fiscal Year Ended September 30, 1988
General
Revenues
Taxes $2,143,933
Licenses and permits 170,834
Intergovernmental revenues 493,644
Charges for services 19,562
Fines and forfeits 53,034
Miscellaneous revenues 67,508
Intragovernmental services 71,400
Total revenues .
Expenditures
Current
General government 429,632
Public safety 1,435,360
Physical environment 308,215
Transportation 269,873
Human services 502
Culture/recreation 111,466
Debt service
Principal retirement
Interest and fiscal charges
Total expenditures ~~.~5
Excess of revenues over (under) expenditures 464,867
Other financing sources (uses)
Operating transfers in
Operating transfers out (220,000)
Total other financing sources (uses) , )
Excess of revenues and other sources over (under)
expenditures and other uses 244,867
Fund balances, October 1, 1987 660,857
Fund balances, September 30, 1988 $ 905,724
23
Governmental Fund Types Totals
Debt Capftal (Memorandum
Service Projects Only)
$ $ $2, 143, 933
170, 834
74,447 568,091
19, 562
53,034
12,894 14,745 95,147
71,400
79,502 509,134
1,435,360
308,215
193,000 462,873
502
111,466
25,000 25,000
64,350 64,350
89,350 272,502 ,9 ,9
(76,456) (183,310) 205,101
70,000 200,000 270,000
(220,000)
~, bib ~o~b
(6,456) 16,690 255,101
118,376 100,136 879,369
$111,920 $116,826 $1,134,470
See notes to financial statements.
24
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, 8xpenditures, and
Changes in Fund Balances
Budget and Actual
General and Special Revenue Fund Types
For the Fiscal Year Ended September 30, 1988
Revenues
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Inteagovernmental services
Total revenues
Expenditures
Current
General government
Public safetx
Physical environment
Transportation
Human services
Culture/recreation
Debt service
Principal retirement
Interest and fiscal changes
Total expenditures
Excess of revenues over
(under) expenditures
Other financing sources (uses)
Loan proceeds
Operating transfers in
Operating transfers out
General Fund
ari c -
Favorable
Budget Actual (Unfavorable
$2,063,478 $2,143,933 $ 80,455
103,000 170,834 67,834
461,214 493,644 32,430
8,650 19,562 10,912
40,350 53,034 12,684
26, 100 67, 508 41, 408
71,400 71,400
2,774,192 3,019,915 245,723
459,419
1,474,909
318,000
294,606
6,380
151,435
429,632
1, 435, 360
308,215
269,873
502
111,466
29,787
39,549
9, 785
24,733
5, 878
39,969
2,704,749 2,555,048
69,443 464,867
(233,000) (220,000)
Total other financing
sources (uses) (233,000) (220,000)
Excess of revenues and other
sources over (under) expenditures
and other uses $ (163,557) 244,867
Fund balances, October 1, 1987
Fund balances, September 30, 1988
660,857
25
$ 905,724
149,701
395,424
13,000
13,000
$408,424
~~
Debt Service Fund
ariance -
Favorable
Budget Actual (Unfavorable)
$ $ $
Capital Proiects Fund
variance -
Favorable
Budget Actual (Unfavorable)
$ $ $
74,447 74,447
5,000 12,894 7,894 14,745 14,745
5,000 12,894 7,894
____-.~ 89,192 89,192
80,000 79,502 498
667,200 193,000 474,200
68,200 25,000 43,200
109,490 64,350 45,140
177,690 89,350 88,340 747,200 272,502 474,698
(172,690) (76,456) 96,234 (747,200) (183,310) 563,890
648,000 (648,000)
83,000 70,000 (13,000) 200,000 200,000
83,000 70,000 (13,000) 848,000 200,000 (648,000)
$ (89,690) (6,456) $ 83,234
~~ $100,800
~~ 16,690 $(84,110)
~~~
118,376 100,136
$111,920 $116,826
(Continued)
26
Totals (Memorandum Only)
ariance -
Favorable
Budget Actual (Unfavorable)
$2,063,478 $2,143,933 $ 80,455
103,000 170,834 67,834
461,214 568,091 106,877
8,650 19,562 10,912
40,350 53,034 12,684
31,100 95,147 64,047
71,400 71,400
2,779,192 3,122,001 342,809
539,419 509,134 30,285
1,474,909 1,435,360 39,549
318,000 308,215 9,785
961,806 462,873 498,933
6, 380 502 5, 878
151,435 111,466 39,969
68,200 25,000 43,200
109,490 64,350 45,140
3,629,639 2,916,900 712,739
(850,447) 205,101 1,055,548
648, 000
283,000
(233,000)
270, 000
(220,000)
(648,000)
(13, 000 )
13,000
• 698,000
$ (152,447)
50,000
255,101
879,369
$1,134,470
(648,000)
$ 407,548
See notes to financial statements.
27
THIS PAGE INTENTIONALLY LEFT BLANK
VILLAGE OF TEQUESTA, FLORIDA
Statement of Revenues, Expenses, and
Changes in Retained Earnings -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1988
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, beginning of year as
previously reported
Prior period adjustment - error in amortization
of contributed capital
Retained earnings as restated, October 1, 1987
Retained earnings, September 30, 1988
See notes to financial statements.
Proprietary
Fund Type
Ent- p se
$1,668,127
467,952
227,894
158,437
38, 117
89, 800
84, 252
369,990
965
~, ~'~b~f
230,720
166, 803
(126,173)
40,630
271,350
(50,000)
221,350
3,719,214
(15,120)
3,704,094
$3,925,444
28
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Financial Position -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1988
Sources of working capital
Operations
Net income
Items not requiring working capital
Depreciation
Amortization of debt discount and issue cysts
Gain on disposal of equipment
Working capital provided by operations
Contributions
Increase in current liabilities payable
from restricted assets
Increase in other liabilities
Total sources of working capital
Uses of working capital
Increase in restricted assets
Acquisition of property, plant and equipment
Adjustment for plan year amortization of
contributed capital
Decrease in long-term debt
Total uses of working capital
Net increase in working capital
Elements of net increase (decrease) in working capital
Cash
Investments
Accounts receivable
Accrued interest receivable
Accounts payable and accrued liabilities
Due to other funds
Net increase in working capital
See notes to financial statements.
Proprietary
Fund Type
8nterp se
$221, 350
369, 990
i3, 118
(2,271)
602, 187
158, 546
7, 954
3,277
~~
420, 333
149, 629
15, 120
75,000
~~~
$111,882
$297,684
(172,000)
(4, 382 )
(2,250)
(144)
(7,026)
$111,882
29
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Consideration of Definition of the Reporting Entit
This report includes all of the funds and account groups of the
Village. It also includes all activities considered to be part of
(controlled by or dependent on) the Village, as determined by the
application of the criteria set forth in "Defining the Governmental
Reporting Entity - NCGA Statement 3." In accordance with NCGA
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 three generic fund types and three broad
fund categories as follows:
30
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
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).
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.
31
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 fund balance (net current
assets) is considered a measure of "available spendable resources."
Governmental fund operating statements present increases (revenues
and other financing sources) and decreases (expenditures and other
financing uses) in net current assets. Accordingly, they are said to
present a summary of sources and uses of "available spendable re-
sources" during a period.
Fixed assets used in governmental fund type operations (general fixed
assets) are accounted for in the General Fixed Assets Account Group,
rather than in governmental funds. Public domain ("infrastructure")
general fixed assets consisting of certain improvements other than
buildings, including roads, bridges, curbs and gutters, streets and
sidewalks,, drainage systems, and lighting systems, are not capital-
ized. No depreciation has been provided on general fixed assets.
All fixed assets are valued at historical cost or estimated histori-
cal cost if actual historical cost is not available. Donated fixed
assets are valued at their estimated fair value on the date donated.
Long-term liabilities expected to be financed from governmental funds
are accounted for in the General Long-Term Debt Account Group, not in
the governmental funds.
32
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE. 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fixed Assets and Low-Term Liabilities (Continued)
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.
Depreciation of all exhaustible fixed assets used by the proprietary
fund is charged as expense against the operations. Accumulated
depreciation is reported on the proprietary fund balance sheet.
Depreciation has been provided over the estimated useful lives using
the straight-line method. The estimated useful lives are as follows:
Buildings 40 years
Improvements 20 - 25 years
Equipment 4 - 10 years
33
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 34, 1988
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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.
34
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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
balance until expended or accrued
Encumbrances at September 30, 1988
respectively.
any, as a reservation of fund
as a liability of the fund.
and 1987 were $7,402 and $152,
Revenue Recognition
Ad Valorem Taxes
Ad valorem taxes are assessed as of January 1 and billed the
following October. They are due and payable on November 1 of
each year or as soon thereafter as the assessment roll is
certified and delivered to the Tax Collector. These taxes are
collected by the County and remitted to the Village. Revenue
is recognized at the time monies are received from the County.
All unpaid taxes become delinquent on April 1 following the
year in which they are assessed. Discounts are allowed for
early payment at the rate of 4$ in the month of November, 3$ in
the month of December, 2$ in the month of January and 1$ in the
month of February. The taxes paid in March are without dis-
count. At September 30, unpaid delinquent taxes, if any, are
reflected as a receivable on the balance sheet and are fully
reserved.
The Village does not accrue property tax revenues since the
collection of these taxes coincides with the fiscal year in
which levied, and since the Village consistently has no
material uncollected property taxes at year end.
35
VILLAGE OF TSQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 or items within a department
must be approved by the Village Council. However, in order to make
the most effective use of the budgetary process, it is the policy of
the Village to make as few budget adjustments as possible. Appropri-
ations are legally controlled at the departmental level within funds
and expenditures may not legally exceed budgeted appropriations at
that level.
During the year, the Village did not make any supplemental appropria-
tion increases but did make several administrative changes on the
departmental level.
36
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets and Budgetary Accounti~ (Continued)
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, money market
accounts, U.S. treasury obligations and funds held with the state
investment pool are stated at cost or amortized cost, which approxi-
mates market. Assets of Internal Revenue Code Section 457 Deferred
Compensation Plan are reported at market value.
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, 1988
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Total Columns on Combined Statements
The Total columns on the combined statements are captioned "Memoran-
dum Only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial
position, results of operations, or changes in financial position in
conformity with generally accepted accounting principles. Neither is
such data comparable to a consolidation. Interfund eliminations have
not been made in the aggregation of this data.
NOTE 2 - CASH AND INVESTMENTS
Cash
At year end,. the carrying
$.946.,11. Cash consists of
non-iri'~erest bearing accoun
cash. These funds were
insurance or by collateral
in the Village's name.
Investments
amount of the Village's deposits ~.
unrestricted and restricted funds held in
is funds held by fiscal agent and petty
entirely covered by federal depository
held by the Village's bank or its agent,
`Imvestmet~ iincluding restricted investments) consist of interest-
bearing bank accounts, funds held with the state investment pool,;
obligations of the United States government and amounts held by the
Village's agent in e~deferred compensation plan. Interest-bearing
bank accounts and funds held with the state investment pool were
entirely covered by.~'ederal depository insurance or by a collateral
pool pledged to the ~t,~~ Treasurer by financial institu~t,~q,~s which
comply with the r~qui cements of "~'l+d~rit3~ `-Statute S.. ~hd ~ have been
designated as a qualified public depository by the 5lrate treasurer.
Obligations of the United States government are guaranteed and held
by a qualified public depository. The Village is obligated by its
Water Refunding Revenue Bond issue, Series 1985, to purchase U.S.
Treasury Obligations. The bonds are recorded net of unamortized
discount of $19, 737.
38
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 2 - CASH AND INVESTMENTS (Continued)
Investments (Continued)
The Village's Deferred Compensation plan has funds held by ICMA
Retirement Corporation. The plan has been approved by the IRS and
complies fully with all Federal regulations. It is sponsored by the
Government Finance Officers Association. Funds withheld from
employees are invested in a Guaranteed 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.
Funds are invested at the discretion of individual plan participants.
The Village's investments are categorized as either (1) insured or
registered or for which the securities are held by the Village or its
agent in the Village's name, (2) uninsured and unregistered for which
the securities are held by the broker's or dealer's trust department
or agent in the Village's name, or (3) uninsured and unregistered for
which the securities are held by the broker or dealer, or by its
trust department or agent but not in the Village's name.
Cate ories Carrying Market
Amount Value
Interest-bearing
bank accounts
Investment in
deferred
compensation
plan
Obligations of
United States
government
Investment in
state invest-
ment pool
$ 810,000 $ $ $ 810,000 $ 810,000
76, 330
76, 330 76, 330
330,263 330,263 312,830
$1,140,263 $76,330 $
1,216,593 1,199,160
2,100,000 2,100,000
$3,316,593 $3,299,160
39
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 2 - CASH AND INVESTMENTS (Continued)
Investments (Continued)
Florida statutes authorize the Village to invest in the Local Govern-
ment Surplus Funds Trust Fund administered by the State Treasurer;
negotiable direct- obligations of or obligations unconditionally
guaranteed by the U.S. Government; interest-bearing time deposits or
savings accounts in financial institutions located in Florida and
organized under Federal or Florida laws; obligations of the Federal
Farm Credit Banks, the Federal Home Loan Mortgage Corporation, the
Federal Aome Loan bank or its district banks, or obligations guaran-
teed by the Government National Mortgage Association and obligations
of the Federal National Mortgage Association.
NOTE 3 - RESTRICTED ASSETS
Restricted assets consist of cash on deposit, interest-bearing time
deposits and investments in U.S. Obligations in the following
accounts:
Accrued
Interest
Cash Investments Receivable
Meter Deposit
Accounts $ 26,037 $ 250,000 $ 415
Capital Improvement
Accounts 25, 090 160, 000
1985 Bond Accounts
Sinking Account _ 4, 557 50.4_
~onc~~ Amo t zat of n
_~ Account 63, 166 330, 263 ~
eserve ccoun ~~'r";~57U , 1, 399
Renewal and Replace-
ment Account 21
$120,441 $1,012,263
Total
$ 276,452
185, 090
5, 061
393, 429
274,969
21
$2,318 $1,135,022
40
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 4 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable of $146,907 are stated net of a $2,000 allowance
for doubtful accounts and consist of billed revenues totaling
$120,044 and unbilled revenues totaling $28,813.
NOTE 5 - COMPONENTS OF FIXED ASSETS
A summary of changes in general fixed assets follows:
Land
Buildings
Equipment
Improvements other
than buildings
Total
Balance
October 1,
1987
$ 49, 728
214,832
467, 576
170,622
$902,758
Additions
79,501
105, 139
4;64
$189,244
Deletions
32,265
44,176
$76,441
Balance
September 30,
1988
$ 49, 728
294, 333
540, 450
131,050
$1,015,561
The components of fixed assets at September 30, 1988 are summarized
as follows:
Enterprise
Fund
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Accumulated depreciation
Total
$ 92,042
388,591
6, 245, 689
300,524
7,026,846
2,729,246
$4,297,600
41
General
Fixed Assets
Account Group
$ 49, 728
294, 333
131,050
540,450
1, 015, 561
$1,015,561
Total
$ 141,770
682, 924
6,376,739
840,974
8,042,407
2,729,246
$5,313,161
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 6 - 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, 1988 was $1,099,945.
All Village full-time employees are eligible to participate in the
System as authorized by Chapter 121 of the Florida Statutes. The
Florida Retirement System has four classes of membership. Village
employees belong to two of the four classes, the regular class
consisting of administrative, operations and clerical employees, and
the special risk class consisting of law enforcement officers.
Employees who retire at or after age 62 with 10 years of credited
service are entitled to a retirement benefit, payable monthly for
life, equal to 1.60 to 1.68$ (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 5 5 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, 1988 were
$144,377 (General Fund $123,783, Enterprise Fund $20,594). The
Village contribution rates as of September 30, 1988 were based on
13.14$ of covered payroll 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, 1988 for the
System as a whole, determined through an actuarial valuation per-
formed as of that date, was $23.4 billion. The System's net assets
available for benefits on that date (valued at market) were $14.5
billion, leaving an unfunded pension benefit obligation of
$8.9 billion.
42
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 6 - 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, 1988 comprehensive annual financial
report.
NOTE 7 - 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.
All amounts 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 8 - COMPENSATED ANNUAL LEAVE AND SICR PAY
In accordance with Statement 4 of the National Council on Government-
al Accounting, vacation pay and sick pay are recorded when earned by
employees. As of September 30, 1988, the total liability for compen-
sated absences was $111,093. The current liability in the General
Fund was $51,748. 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, 1988, the long-term
amount was $51,826. The liability recorded by the Enterprise Fund
was $7,519.
43
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 9 - LEASE COMMITMENTS
The Village presently has no material lease commitments. In addi-
tion, the Village has no commitments under lease purchase or similar
contractual arrangements.
NOTE 10 - 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 11 - PROJECTS ENTERED INTO WITS OTBER GOVERNMENTAL UNITS
On August 15, 1984, the Village entered into an interlocal agreement
between Palm Beach County and various other municipalities for ser-
vices to be rendered by the Palm Beach County Fire Rescue Department
to said municipalities for a fee. For the year ended September 30,
1988 fire protection and emergency medical service expense was
$372,786.
NOTE 12 - 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
interest on, and reserve for, the outstanding water refunding revenue
bonds.
44
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 12 - 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
Revenue Account
Operation and
Maintenance Account
Sinking Account
Bond Amortization
Account
Reserve Account
Renewal and Replacement
Account
Purpose
To collect the entire gross revenues
derived from the system, except invest-
ment earnings.
To pay fully accrued operating expenses.
To accumulate sufficient funds to meet
annual debt service requirements through
transfers from the Revenue Account.
Established within the Sinking Account
to meet principal payment on the debt.
To accumulate funds for payment of
principal and interest only if funds in
the Sinking Account are insufficient.
To accumulate funds for the purpose of
funding the cost of extensions, addi-
tions to, enlargements and replacement
of capital assets of the system and
emergency repairs thereto.
45
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 12 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
The annual requirements to amortize the debt are as follows:
Fiscal Year Ending
September 30
1989
1990
1991
1992
1993
1994
1995
1996
1997
Principal
$ 40, 000
80,000
90,000
95,000
105,000
185,000
275,000
300,000
120,000
$1,290,000
Interest
$ 54,078
103, 805
97,667
90, 749
83,005
74, 199
55, 143
30, 592
5,340
$ 594,578
Total
$ 94,078
183, 805
187,667
185, 749
188,005
259, 199
330, 143
330, 592
125,340
$1,884,578
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 7-5/88, 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 Lon -Term Debt: This debt consists of Improvement Revenue
Bonds Series , ated October 1, 1979, in the amount of ,$910,000
with interest rates ranging from 8.30$ to 8.508. At September 30,
1988, $735,000 of this issue, which consists of term and serial
bonds, were outstanding. The guaranteed entitlement portion of state
revenue sharing trust funds, public service utilities taxes, fran-
chise fees and occupational license taxes have been pledged. The
bonds will be repaid through the Debt Service Fund.
46
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 12 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
Annual requirements to amortize this debt are as follows:
Coupon Total
Rate Principal Interest Payments
1989 October 1 8.30$ $ 25,000 $ 61,655 $ 86,655
1990 October 1 8.30$ 30,000 59,580 89,580
1991 October 1 8.30$ 30,000 57,090 87,090
1992 October 1 8.40$ 54,600 54,600
1993 October 1 8.40$ 54,600 54,600
1994 October 1 8.40$ 54,600 54,600
1995 October 1 8.40$ 54,600 54,600
1996 October 1 8.40$ 54,600 54,600
1997 October 1 8.40$ 54, 600 54, 600
1998 October 1 8.40$ 54,600 54,600
1999 October 1 8.40$ 54,600 54,600
2000 October 1 8.40$ 54,600 54,600
2001 October 1 8.40$ 54,600 54,600
2002 October 1 8.40$ 54,600 54,600
2003 October 1 8.40$ 54,600 54,600
2004 October 1 8.40$ 650,000 54,600 704,600
Totals $735,000 $ 888,125 $1,623,,125
Monies will be deposited into a bond amortization account for the
retirement of the 2004 term bonds on October 1 in such years and such
amounts as follows:
Year Amount
Year Amount
1992 $ 35,000 1999 $ 55,000
1993 35,000 2000 55,000
1994 40,000 2001 60,000
1995 40,000 2002 65,000
1996 45,000 2003 70,000
1997 45,000 2004 55,000
1998 50,000
47
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 12 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
The annual requirements to amortize all outstanding debt including
interest payments of $1,482,703 as of September 30, 1988 are as
follows:
Fiscal
Year Ending Compensated
September 30 Absences
1989 $
1990
1991
1992
1993
1994
1995
1996
1997
' 1998
1999
2000
2001
2002
2003
2004
Various 51,826
$51,826
Improvement Water
Revenue Revenue Total
$ 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
94,078
183,805
187,667
185, 749
188, 005
259, 199
330, 143
330, 592
125, 340
$ 180, 733
273, 385
274, 757
240, 349
242, 605
313,799
384, 743
385,192
179,940
54,600
54,600
54, 600
54,600
54, 600
54,600
704, 600
51,826
$1,623,125 $1,884,578 $3,559,529
Annual maturities of long-term compensated absences cannot be reason-
ably determined.
48
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
NOTE 12 - LONG-TERM DEBT (Continued)
Chan es in Lon -Term Debt: Transactions for the Village for the year
en a Septem er , are summarized as follows:
Long-term debt at
October 1, 1987
Plus:
Addition to
compensated
absences
Less: Bonds retired
Long-term debt at
September 30, 1988
Interest Expense
Improvement Water
Compensated Revenue Revenue
Absences Bonds Bondi Total
$22, 508 $760, 000 $1, 365, 000 $2, 147, 508
29,318 29,318
25,000 75,000 100,000.
$51,826 $735,000 $1,290,000 $2,076,826
Interest expense on long-term debt for the fiscal year ended Septem-
ber 30, 1988 totaled $175,791 (general long-term debt - $63,755;
Enterprise Fund - $112,036).
NOTE 13 - 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, 1988 $8,461,129 of bonds
outstanding, including interest, are considered defeased.
49
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1987
NOTE 14 - INTERFUND RECEIVABLES AND PAYABLES
Individual fund interfund receivables and payables at September 30,
1988 are as follows:
Fund
General Fund
Enterprise Fund
NOTE 15 - INTERFUND ADMINISTRATIVE FEE
Interfund Interfund
Receivables Payables
$16,608
16,608
$16, 608
$16,608
During the year ended September 30, 1988, the Enterprise Fund
remitted $71,400 to the General Fund for administrative management
fees. This amount is reflected as intragovernmental services revenue
in the General Fund and as contractual services operating expenses in
the Enterprise Fund.
NOTE 16 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of the following:
Contributions from capital improvement
charges $1,323,039
Contributions from developers 800,687
$2,123,726
For the year ended September 30, 1988, contributions from capital
improvement charges totaled $140,426 and contributions from
developers totaled $18,120.
50
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1988
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.
NOTE 18 - PRIOR PERIOD ADJUSTMENTS
Retained earnings of September 30, 1987 have been restated to reflect
an adjustment for amortization of contributed capital in the amount
of $15, 120, recorded in 1985. The error had no effect on net income
for 1988.
51
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the. Fiscal Year Ended September 30, 1988
Taxes
Current ad valorem taxes
Delinquent ad valorem taxes
Franchise fees
Utility service taxes
Total taxes
Licenses and permits
Professional and occupational
licenses
Building permits
Other licenses and permits
Total licenses and permits
Intergovernmental revenues
Cigarette tax
State revenue sharing
Alcoholic beverage licenses
Municipal fuel tax
Local option gas tax
Countywide registrations
One-half cent sales tax
Comp. planning assistance
Total intergovernmental revenues
Charges for services
Zoning fees
Map sales
Certification, copying,
record search
Building inspection service
Municipal police academy
Tennis lights
Public works - service
Total charges for services
Budget
$1,470,228
1,000
238, 750
353,500
~ ~
45, 000
55,000
3,000
16 ,0
15, 768
129,246
7,200
1, 500
80, 000
21, 300
196, 200
10,000
461,214
1, 500
500
850
2,00.0
1, 300
2, 500
5
52
Variance -
Favorable
Actual (Unfavorable)
$1, 496, 727
1, 468
246, 658
399,080
$ 26, 499
468
7, 908
45,580
!r, 1 ~ J, J JJ
51, 545
109, 091
10,198
-~70; 8~
16,019
129,228
8, 083
18, 054
94, 848
24, 967
197, 123
5,322
493,644
12, 450
904
880
2, 450
700
2,084
94
I J , JV~+
v.+,:.,~
6, 545
54,091
7,198
6
251
(18)
883
16,554
14, 848
3,667
923
(4,678)
32,430
10, 950
404
30
450
(600)
(416)
94
~~
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1988
Fines and forfeits
Court f fines
Parking tickets
Total fines and forfeits
Budget
$ 40,000
350
Actual
$ 52,555
479
Miscellaneous revenues
Interest
Other
Abandoned bicycle sales
Total miscellaneous revenues
intragovernmental services
Administrative management -
water fund
Total revenues
25, 000
1, 000
100
2 ,
57,042
10,466
__~~
71,400 71,400
$2,774,192
$3,019,915
53
Variance -
Favorable
(Unfavorable
$ 12, 555
129
~~$~
32, 042
9,466
(100)
~~~
$245,723
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
General government
Legislative
Life and health insurance
Travel and per diem
Other charges
Books, publications and dues
Total legislative
Executive
Village manager's salary
F.I.C.A.
Retirement
Life and health insurance
Deferred compensation plan
Worker's compensation
insurance
Travel and per diem
Other charges
Office supplies
Books, publications, dues
Repair and mantenance -
office machines
Capital outlay
Machinery and equipment
Total executive
Variance -
Favorable
Budget Actual (Unfavorable)
$ 2, 250 $ 1, 720 $ 530
10,450 10,193 257
985 983 2
2,153 2,151 2
15,838 15,047 791
93, 085 93, 1351 ( 50 )
6,925 6,924 1
12, 500 1 1, 437 1, 063
10,560 6,737 3,823
2, 485 2, 453 31
1, 260 180 1, 080
7,520 7,285 235
600 159 441
2,525 2,515 10
1,000 657 343
2, 150 2, 146 4
750 408 342
141,360 134x036 7,324
Financial and administrative
Finance director's and
bookkeeper's salary
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Codif ication
56,655 56,179 476
4, 210 4, 206 4
7, 440 7, 436 4
7,400 6,988 412
695 180 515
3, 350 3, 347 3
54
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
General government (continued)
Financial and administrative
(continued)
Accounting and auditing
Other contractual services
Travel and per diem
Other charges
Office supplies
Books, publications, dues
Repairs and maintenance -
office machines
Capital outlay
Machinery and equipment
Variance
Favorable-
Budget Actual (Unfavorable)
$ 19,035 $ 19,030 $ 5
3,665 3,664 1
1, 400 1, 380 20
8,000 7,773 227
4,800 4,601 199
250 165 85
1, 200 1, 1 19 81
5,451 5,451
Total financial and
administrative
Legal counsel
Legal services
Total legal counsel
Planning and zoning
Planning service
Comprehensive plan revision
Professional services
Postage
Printing and binding
Office supplies
Total planning and zoning
123,551 121,519
51,665
51,665
6, 515
12, 120
5, 200
300
2,450
300
26,885
55
2,032
51,665
51,665
2,394
12, 120
5,200
14
2,405
101
22,234
4, 121
286
45
199
4,651
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental-Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
General government (continued)
Budget Actual
Variance -
Favorable
(Unfavorable )
Other general government
Employee recognition program
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
Total other general government
Total general government
$ 2, 500 $ 1 , 088 $ 1, 412
600 71 529
4, 000 3, 506 494
2,500 2,500
S, 000 4, 758 242
9,000 7,136 1,864
1 1, 400 1 1, 400
6,000 5,877 123
16, 700 13, 754 2, 946
1 1, 945 1 1, 613 332
300 65 235
3,735 3,270 465
4,295 4,285 10
1, 900 1, 892 8
3, 200 3, 200
850 850
16,195 12,366 3,829
~_
100,120 85,131 14,989
459,419 429,632 29,787
Public safety
Police department
Salaries
Overtime
Special pay
F.I.C.A.
Retirement
Life and health insurance
51 1, 325 527, 459° ( 16, 134 )
31,900 25,613/ 6,287
20, 000 20, 000
40, 760 41, 525 ( 765 )
82,556 77,871 4,685
66,670 6 ,159 3,511
56
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
Variance -
Favorable
Budget Actual (Unfavorable)
Public safety (continued)
Police department (continued)
Worker's compensation
insurance $ 22,337 $ 18,561 $ 3,776
Travel and per d iem 7, 375 4, 817 2, 558
Communication services 7,459 6,423 1,036
Leases 450 408 42
Insurance 31,940 28,768 3,172
Repairs and maintenance - cars 14,435 14,315 120
Repairs and maintenance -
office equipment 3,113 2,801 312
Repairs and maintenance -
radio communications 3,410 3,385 25
Repairs and maintenance - other 1,040 973 67
Printing and binding 650 515 135
Other charges 5,495 2,916 2,579
Personnel training 6,581 4,934 1,647
Office supplies 3,415 2,576 839
Gasoline and oil 22,000 18,466 3,534
Uniforms and equipment 11,870 11,371 499
Books, publications, dues 741 494 247
Capital outlay
Machinery and equipment 57,851 45,693 12,158
Total police department 953,373 923,043 30,330
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 77,015 76,639 376
F.I.C.A. 5,750 5,715 35
Retirement 10,175 10,129 46
Life and health insurance 10,950 10,673 277
Worker's compensation
insurance 200 183 17
Code enforcement service 9,230 8,798 432
57
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
Variance -
Favorable
Budget Actual (Unfavorable)
Public safety (continued)
Protective inspections (continued)
Travel and per diem $ 3,280 $ 3,277 $ 3
Communication services 2,600 2,505 95
Insurance 1,500 1,497 3
Repairs and maintenance -
office machines 2,050 2,027 23
Repair & maintenance - vehicle 465 396 69
Printing and binding 1,050 910 140
Other charges 4,450 752 3,698
Office supplies 2,750 2,731 19
Gasoline and oil 300 191 109
Books, publications, dues 1,035 1,002 33
Capital outlay
Machinery and equipment 9,800 9,180 620
Total protective inspections ~ 42,6 1 6,6 5,9 5
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
Total public safety
Physical environment
Contractual services - garbage
and trash
Total physical environment
500 400 100
5,000 2,526 2,474
500 500
6,000 2,926 3,074
372,786 372,786
372,786 372,786
1,474,909 1,435,360 39,549
318,000 308,215 9,785
318,0 0 308, 5 9,785
Transportation
Road and street facilities
Salaries
Overtime
F.I.C.A.
91, 000 94, 70 ] ( 3, 701 )
305 (29) 334
6, 800 6, 751 49
58
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
Variance -
Favorable
Budget Actual (Unfavorable)
Transportation (continued)
Road and street facilities
(continued)
Retirement $ 12,025 $ 11,749 $ 276
Life and health insurance 13,800 13,798 2
Worker's compensation
insurance 4,500 4,404 86
Engineering services 19,500 19,445 55
Travel and per diem 1,400 1,079 321
Communication services 750 730 20
Street lights 19,200 18,456 744
Utility service 8,300 8,271 29
Insurance 22,725 22,722 3
Repairs and maintenance -
truck and tractor 1,500 882 618
Repairs and maintenance -
drainage 10, 200 3, 125 7, 075
Repairs and maintenance -
general 33,000 32,709 291
Other charges 150 146 4
Gasoline and oil - truck and
tractor 1, 350 1, 049 301
Small tools 450 436 14
Traffic signs 2, 200 2, 036 164
Road materials and supplies 2,425 1,140 1,285
Uniforms and equipment 800 743 57
Books, publications, dues 150 133 17
Capital outlay
Machinery and equipment 13,500 13,319 181
Improvements other than
buildings - replacement
of Royal Palms 13, 500 12, 078 1, 422
Improvements other than
buildings - beautification 15,076 15,076
Total transportation 294,606 269,873 24,733
Human services
Health - mosquito control
Salaries 1, 200 81 '~ 1, 1 19
F.I.C.A. 90 6 84
59
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
Human services (continued)
Health - mosquito control
(continued)
Retirement
Repairs and maintenance -
equipment
Flushing solution
Other charges
Gasoline and oil
Insecticide
Operating supplies
Variance -
Favorable
Budget Actual (Unfavorable)
$ 170 $
200
250
45
75
4, 000
350
$ 170
35
250
45
75
4, 000
100
Total human services
Culture/Recreation
Parks and recreation
Salaries
Overtime
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Travel and per diem
Communication services
Utility services - trailer
and office
Insurance
Buildings, equipment and
grounds repairs and
maintenance
Fields repairs and maintenance
Truck repairs and maintenance
Other charges
165
250
6,380 502 5,878
40, 000 37, 689 2, 31 1
200 200
2, 885 2, 674 21 1
5,375 5,161 214
2,325 2,032 293
2, 000 1, 448 552
1, 400 1, 394 6
825 800 25
12, 000 10, 566 1, 434
750 482 268
13, 700 13, 766 ( 66 )
4, 950 3, 305 1, 645
800 760 40
250 242 8
60
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1988
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
Capital outlay
Machinery and equipment
Playground park equipment
Total culture/recreation
Total expenditures
Variance -
Favorable
Budget Actual (Unfavorable)
$ 250 $ 203
675 650
1, 200 328
1 3, 000 1 1, 634
100
6,000 5,842
30, 800
9, 750
2,200
151,435
$2,704,749
$ 47
25
872
1, 366
100
158
30, 800
(632)
92
39,969
$149,701
10, 382
2,108
111,466
$2,555,048
61
PROPRIETARY FUND
(ENTERPRISE FUND)
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended September 30, 1988
Variance -
Favorable
Budget Actual (Unfavorable)
Purchased water
$468,000 $467,952 $ 48
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, publications and dues
Total supplies
Aeat, light and power
Repairs and maintenance
$169,800 $168,478 $ 1,322
12,175 11,798 377
22, 300 20, 594 1, 706
31,205 27,024 4,181
600 600
236,080 227,894 ,186
$ 30,550 $ 27,185 $ 3,365
6,600 4,598 2,002
4, 800 4, 740 60
3,600 3,479 121
2, 500 594 1, 906
15,000 13,844 1,156
20, 500 20, 458 42
9,250 9,105 145
1, 750 1, 750
71,400 71,400
2,000 1,284 716
167,95 58,4 9,5 3
$ 5,500 $ 4,685 $ 815
4,200 4,066 134
26, 100 25, 114 986
1, 400 1, 357 43
2, 500 1, 765 735
300 138 162
1,000 992 8
~`~4 . b~ fi 3 ~~'T ~ 1, $8 3
$ 90,000 $ 89,800 $ 200
$ 85,875 $ 84,252 $ 1,623
62
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1988 and 198,7
Operating revenues
Charges for services
Operating expenses
Purchased Ovate r
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 transfer
Operating transfers (out)
Net income
1988 1987
$1,668,127 $1,633,794
467,952 466,068
227,894 198,672
158, 437 151 , 357
38,117 28,060
89,800 79,121
84,252 140,223
369, 990 368, 660
965 2,377
1,437,407 1,434,538
230,720 199,256
166, 803 126, 740
(126,173) (132,919)
40,63-0 (6,179)
271,350 193,077
(50,000) (50,000)
$ 221,350 $ 143,077
63
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1988
Sinking
Account
Balance, October 1, 1987
Cash and investments $(97,746)
Unamortized discount on investments
Accrued interest receivable 31
(97,715)
Increases
Transfers from unrestricted accounts 350,010
Investment earnings 2,595
Transfers from restricted accounts 286,778
Total 639,473
Decreases
Capital outlay
Other debt service costs 1,630
Transfers to other restricted accounts 535,067
Total 536,697
Balance, September 30, 1988
Cash and investments 4,557
Unamortized discount on investments
Accrued interest receivable 504
Total $ 5,061
64
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$281,640 $307,583 $(2,104)
(14,378)
3498
267,262 311,081 (2,104)
17,400
2,969
131,525 624,000
131,525 626,969 17,400
15,275
5,358 663,081
5,358 663,081 15,275
4 i 3, 166 273, 570
(1 9, 737)
1,399
$393,429 $274,969 $ 21
65
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$1,525,000 Water Refunding Revenue Bonds - Series 1985
September 30, 1988
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, 1988, the outstanding bonds totaled
$1,290,000; the payment schedule follows:
Due Date Principal Interest Total
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 $1,290,000 $594,578 $1,884,578
66
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in Assets and Liabilities -
Agency Fund
For Fiscal Year Ended September 31, 1988
Deferred Balance
Compensation October 1,
Fund 1987 Additions Deductions
Assets
Balance
September 30,
1988
Investments $46,295 $30,035 $76,330
Liabilities
Deferred
compensation
payable $46,295 $30,035 $76,330
See notes to financial statements.
67
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Source
September 30, 1988
General fixed assets
Land
Building and improvements
Equipment
Improvements other than buildings
Total general fixed assets
Investment in general fixed assets
General Fund revenue
Total investment in general fixed assets
$ 49,728
294, 333
540,450
131,050
$1,015,561
$1,015,561
$1,015,561
68
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Function
September 30, 1988
General government
Public safety
Transportation
Human services
Culture/recreation
Total general fixed assets
Allocated to functions
Prior year data which
cannot be allocated
Total general fixed assets
Buildings
and
Total Land Improvements Equipment
$ 316,010 $35,000 $207,393 $ 73,617
258,546 14,180 244,366
79, 469 7, 713 71, 756
4, 810 4, 810
123,329 14,728 81,453 27,148
782, 164 49, 728
233,397
$1,015,561 $49,728
310,739 421,697
114,644
$425,383
118,753
$540,450
69
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Changes in General Fixed Assets
By Function
September 30, 1988
Function
_~_
General government
Public safety
Transportation
Human services
Culture/recreation
Prior to allocation
by function
General General
Fixed Assets Fixed Assets
October 1, September 30,
1987 Additions Deletions 1988
$210,337 $106,906 $ 1,233 $ 316,010
225,994 54,034 21,482 258,546
11 1, 723 13, 318 45, 572 79, 469
4, 810 4, 810
116,497 14,986 8,154 123,329
669,361 $189,244 $76,441 782,164
233,397
$902,758
233,397
$1,015,561
70
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
Improvement Revenue Bonds - Series 1979
September 30, 1988
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 S eptember 30, 1988, the
outstanding bonds totaled $735,000:
Coupon Total
Rate Principal Interest Payments
1989 October 1 8.30$ $ 25,000 $ 61,655 $ 86,655
1990 October 1 8.30$ 30,000 59,580 89,580
1991 October 1 8.30$ 30,000 57,090 87,090
1992 October 1 8.40$ 54,600 54,600
1993 October 1 8.40$ 54,600 54,600
1994 October 1 8.40$ 54,600 54,600
1995 October 1 8.40$ 54,600 54,600
1996 October 1 8.408 54,600 54,600
1997 October 1 8.40$ 54,600 54,600
1998 October 1 8.40$ 54,600 54,600
1999 October 1 8.40$ 54,600 54,600
2000 October 1 8.40$ 54,600 54,600
2001 October 1 8.40$ 54,600 54,600
2002 October 1 8.40$ 54,600 54,600
2003 October 1 8.40$ 54,600 54,600
2004 October 1 8.40$ 650,000 54,600 704,600
Totals $735,000 $ 888,125 $1,623,125
71
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1988
Enterprise Fund
Bond Amortization
Account
United States Treasur Obli ations
Unamortize nterest aturity
Par Value Cost Discount Rate Date
$350,000 $328,508 $19,737 7.625$ 2/15/07
Money Market Accounts
Interest
Amounts Rate
Enterprise Fund
Retained earnings account
General Fund
Enterprise fund
Meter deposits account
Retained earnings account
Reserve account
Capital improvement account
General Fund
$ 55, 000
5 5, 000
Various
Various
State Board of Administration
Interest
Amounts Rate
$250,000 Various
768,000 Various
272,000 Various
160,000 Various
650,000 Various
72
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1988
Certificates of Deposit
Interest Maturity
Amounts Rate Date
Debt Service Fund $100,000 11.000 4/01/90
Enterprise Fund
Retained earnings account 150,000 7.00$ 10/13/88
100,000 7.30$ 11/10/88
200,000 8.35$ 3/30/89
General Fund 150,000 7.30$ 11/10/88
73
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Insurance
September 30, 1988
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 BA0014609-01 $1,000,000
Public Employees Blanket Bond 4135132 $100,000
Workmen's Compensation WC0075436-04 $500,000
Multi-peril Policy SCAMP623045 $1,000,000
Police Professional Liability 88-010-87 $1,000,000
Police Official's and
Employee's Liability 731526 $1,000,000
Umbrella Liability XC43329 $1,000,000
Unlawful and Intentional Death
Policy (Police Department
Personnel, death resulting
from an intentional and
illegal act) DGA-725328 $50,000
74
VILLAGE OF TEQUESTA, FLORIDA
General Revenues by Source (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Ended
September 30
Licenses
and
Taxes (3) Permits
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
1988 2,143,933 170,834
(1) Includes General, Special Revenue, Debt Service Funds and Capital
Projects Funds.
(2) Includes intragovernmental services.
(3) Includes Fire/Emergency Rescue Service. Ad valorem tax millage
effective year 1985.
Source: Village of Tequesta financial records.
75
Charges
for Fines and
Intergovernmental Services
-_, Forfeits Miscellaneous(2) Total
$202, 807 $ 7, 172 $12, 524 $ 35, 556 $ 956
618
237, 467
249, 224 7, 874
8, 1 78 1 1, 891
18, 573 45, 767
124
1 52 ,
1, 100, 154
1
200,916
8,200
23,574 ,
98,081 , 368, 751
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 1 1, 869 42, 929 151, 640 2, 425
816
421, 385 8, 880 51, 126 123, 140 ,
2, 609
005
568,091 19,562 53,034 166,547 ,
3,022,001
76
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
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
1988 509,134 1,435,360 462,873
(1) Includes General, Special Revenue, Debt Service and Capital
Projects Funds.
(2) Includes Fire/Emergency Contract with Palm Beach County year 1985.
Source: Village of Tequesta financial records.
77
Culture
Physical Human and Debt
Environment Services
__ Recreation Service
___ Total
$150,930 $ 4,397 $ 63,813 $ 26,385 $1,355,085
186,776 7,281 71,986 101,330 1,309,433
127, 641 8, 382 76, 857 90, 535 1, 161, 136
159,155 11,069 82,808 89,088 1,548,791
177,427 8,024 79,719 92,988 1,697,244
183, 591 2, 154 128, 247 9], 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 2,907 111,146 91,215 2,520,768
308,215 502 111,466 89,350 2,916,900
78
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Levies and Collections (Unaudited) (1)
Last Ten Fiscal Years
Fiscal Year Total Current Tax
Ended Tax Levy Collections
September 30 (1) (1)
1979 $ 387,591 $ 386,889
1980 410,854 407,931
1981 534,655 531,676
1982 569,277 558,068
1983 550,573 540,876
1984 641,179 636,533
1985 1,038,027 1,037,003
1986 1, 129,458 1, 128, 128
1987 1,255,399 1,252,073
1988 1,501,241 1,496, 727
Percent of
Percent Outstanding Delinquent
of Levy Delinquent Taxes to
Collected Taxes Tax Levy
99.8 $ 702 .2
99.3 2,923 .7
99.4 2,979 .6
98.0 1 1, 209 2.0
98. 2 9, 697 1 . 8
99.3 4,646 .7
99. 9 1, 024 . 1
99.9 1, 330 . 1
99. 7 3, 326 . 3
99.7 4,514 .3
(1) Includes discounts taken by property taxpayers.
Source: Palm Beach County Tax Collector's office.
79
VILLAGE OF TEQUESTA, FLORIDA
Taxable Value and Just Value of
Taxable Property (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
Real Pro ert
Taxab e
Value Just Value
$ 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
262,373,925
$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
329,524,860
Source: Palm Beach County Property Appraiser's office.
80
Personal Pro ert Total
Taxa a Just Taxable Just
Value Value Value Value
$ 7,218,482
8, 036, 976
8,576,046
9, 434, 287
10,410,095
1 1, 333, 640
10,902,190
10,812,334
1 1, 547, 658
12,052,258
$10,918,206
1 1, 774, 601
12,847,602
9,856,038
10, 943, 31 1
11,916,171
11,562,981
11,562,008
12,241,396
12,977,252
$103,633,468
1 16, 792, 652
154,638,497
210,204,447
209,804,188
218,153,678
229,903,728
244,470,485
269,314,508
274,426,183
$117,814,920
130,509,005
225, 51 1, 078
247, 774, 531
254,693,308
274, 164, 029
287,464,396
308,932,060
336,718,284
342, 502, 1 12
Ratio
Taxa a Va ue
To Just Value
88$
89$
69$
85$
82$
80$
80$
79$
80$
80$
81
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Rates - All Overlapping Governments (Unaudited)
(Per $1,000 of Assessed Value)
Last Ten Fiscal Years
Fiscal Year County
Ended General School County
September 30 Fund County Board Library
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
X985 4.9200 4.1836 7.1720 .3525
1986 5.0867 4.5271 7.2280 .3428
1987 5.3126 4.6190 7.5950 .3951
1988 5.7510 4.7862 8.1580 .9075
(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.
82
South Florida
Florida Jupiter Naviga-
Water Jupiter Fire Palm Beach tional Children
Management Inlet District Junior Inland Service
District District No. 1 College District Council Total
.3970 .1950 1.7610 21.1071
.4420 .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
.4970 .1979 (2) .0670 .0923 20.4569
83
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
1979 3,842 $103,633,468
1980 3,685 116,792,652
1981 3,750 154,638,497
1982 3,828 210,204,447
1983 3,810 209,804,188
1984 3,870 218,153,678
1985 3,928 229,903,728
1986 4,077 244,470,485
1987 4,141 269,314,508
1988 4,448 274,426,183
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census, and Village Building
Department
84
Debt Ratio of Net
Gross Service Net Bonded Debt Net Bonded
Bonded Monies Bonded to Assessed Debt
Debt Available Debt Value Per Capita
$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
735,000 111,920 623,080 .22 140.08
85
VILLAGE OF TEQUESTA, FLORIDA
Legal Debt Margin (Unaudited)
September 30, 1988
The Village of Tequesta, Florida has no legal debt margin.
86
VILLAGE OF TEQUESTA, FLORIDA
Computation of Direct and Overlapping Debt (Unaudited)
September 30, 1988
Taxing Authority
Village of Tequesta
Palm Beach County
Palm Beach County
School Board
Total
Percentage
Applicable
Net Debt To
Outstanding Tequesta
$ 623,080 100.00$
91, 79 5, 000 .70$
243,475,000
.70$
Amount
Applicable
To
Tequesta
$ 623,080
642,565
1,704,325
$2,969,970
87
VILLAGE OF TEQUESTA, FLORIDA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures (Unaudited)
Last Ten Fiscal Years
Rat i o
of Debt
Total Service to
Fiscal Year Total General Total
Ended Debt Expenditures General
September 30 Principal Interest Service
T (1) Expenditure
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 2,174,651 4.0
1987 25,000 65,855 90,855 2,520,768 3.6
1988 25,000 64,350 89,350 2,916,900 3.1
(1) Includes General, Special Revenue, Debt Service and Capital Projects
Funds.
88
VILLAGE OF TEQUESTA, FLORIDA
Revenue Bond Coverage
Water Bonds (Unaudited)
Last Ten Fiscal Years
Net
Revenue
Fiscal Year Available Debt Service Requirements
Ended Gross Operating for Debt Cover
September 30 Revenues Expenses Service Principal Interest Total age
1979 $ 995,592 $ 493,811 $501,781 $ -0- $264,263 $264,263 1.89
1980 1,088,504 659,326 429,178 -0- 275,948 275,948 1.55
1981 1,207,659 752,255 455,404 -0- 274,759 274,759 1.65
1982 1,249,423 745,584 503,839 -0- 275,090 275,090 1.83
1983 1,245,749 804,402 441,347 -0- 275,252 275,252 1.60
1984 1,349,576 982,883 366,693 -0- 276,344 276,344 1.33
1985 1,566,884 1,239,255 327,629 25,000 183,139 208,139 1.57
1986 1,620,609 1,310,250 310,359 65,000 134,421 199,421 1.56
1987 1,760,534 1,434,538 325,996 70,000 132,919 202,919 1.61
1988 1,834,930 1,437,407 397,523 75,000 112,036 187,036 2.13
89
VILLAGE OF TEQUESTA, FLORIDA
Property Value, Construction and Bank Deposits (Unaudited)
Last Six Fiscal Years
Commercial Residential
Construction (1) Construction(1) Property Value(3)
Num er Num er
Fiscal of of Bank Real Persona
Year Units Value Units Value Deposits (2) Property Propert
1983 2 $ 687,754 39 $5,535,834 $270,278,000 $199,394,093 $10,410,
1984 3 329,567 50 4,366,966 232,803,399 206,820,038 11,333,
1985 9 4,692,681 33 2,106,652 224,302,732 219,001,538 10,902,
1986 2 828,435 5 484,135 272,519,953 233,658,151 10,812,
1987 1 116,250 27 2,717,154 269,494,041 257,766,850 11,547,
1988 6 6,803,410 24 3,358,458 294,073,604 329,524,860 12,052,
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.
90
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1988
Percentage
1988 of
Assessed Assessed
Taxpayer Type of Business Valuation Valuation
Lighthouse Plaza
(Lighthouse Plaza
Assoc., LTD.) Shopping Center $ 6,417,320 2.33$
Dorner Properties
(Bank of Palm Beach & Undeveloped
Trust Co.) Real Estate 6,287,541 2.29$
Tequesta Shoppes, Ltd.
(Pride Plaza, Inc.) Shopping Center 4,666,543 1.70$
County Line Plaza
(Tequesta Associates -
Pantlin Associates) Shopping Center 4,064,765 1.48$
Haisfield Enterprises Intracoastal
of Florida Villas Residential
Development 3,363,500 1.22$
Barnett Bank
(First Bank of Jupiter/
Tequesta) Commercial Bank 3, 250, 859 1 . 18$
Tequesta Plaza
(Felhaber Corporation) Shopping Center 2,643,518 .96$
Tequesta Fashion Mall
(Edwin J. Nelson) Shopping Center 2,467,267 .89$
Tequesta Country Club Golf/Social Club 1,861,247 .67$
Feibel Recreation
Center, Inc.
(Tequesta Corp. Center Professional
Partners) Offices and Bank ___1,568,374 .57$
Total $36,590,934
Source: Palm Beach County Property Appraiser's office.
91
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1988
Date of Incorporation: 1957
Forms of Government: Council-Manager, 3 Councilmembers elected even
years, 2 Councilmembers elected odd years
Municipal Elections: Non-Partisan
Area: Approximately 2 square miles
Miles of Streets: Approximately 17 miles
Fire Protection: Provided by - Palm Beach County
Fire Insurance Rating - 6
Police Protection: Number of stations - 1
Number of certified off icers - 16
Number of dispatchers - 4
Municipal Water Department: Number of customers - 4,159
Average daily consumption -
2.382 million gallons
Miles of water mains - 43 miles
Sanitary Sewage: Service provided by Loxahatchee River
Environmental Control District
Storm Sewers: Adequate coverage
Garbage Collection: Service franchised to Nichol's Sanitation
Frequency of service is bi-weekly
Electric Service: Florida Power & Light Company
Telephone Service: Southern Bell Telephone & Telegraph Company
Building Permits Issued: 685
Recreation and Culture: Number of parks - 3, approximately 52 acres
Number of libraries - 1, branch of Palm
Beach County system
Number of volumes - 15,000-20,000
Municipal Employees: Full-time - 46
92
VILLAGE OF TEQUESTA, FLORIDA
Demographic Statistics (Unaudited)
Last Ten Fiscal Years
(And as Available)
Fiscal
Year
Population
(1)
Education
Level in
Years of
Per Capita Median Formal Unemployment
Income (2) Age (2) Schooling (2) Rate (3)
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 g.g
1986 4, 077 5. 9
1987 4,141 7.7
1988 4,448 7.2
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.
93
NOWLEN, HOLT & MINER, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SURE 200
POST OFFICE 80X 347
WEST PALM BEACH, FLORIDA 33x02-9989
TELEPHONE 14071 659.3080
FAX 14071 835.0628
EvEREtt B NOwLEN CPA I ~ 930-~ 96n
EOwARO T HOLT. CPA
WLWM B MINER, CPA
ROBERT W HENDRI%. JA .CPA
,JANET R BAAICE VIC H. CPA
BE WEEK5.CPA
KATHLEEN A BE NTLE r. CPA
KIM HATCHER BEAUMONT CPA
GAIL N MOrE. CPA
MAAIL rN ROBERTS. CPA
R GREGORr SMITH CPA
MARTHA ANN HERB CPA
ROBERT W HELMREICH, CPA
LAWRENCET YANCE CPA
TE RgrI MORTON JR.CPA
N RONALD BENNETT, CPA
MEMBERS
AMERICAN MISi1TUTE OF
CERTIFIED PUBLIC ACCOUNTAMS
FLORIDA INSTITUTE OF
CERTIFIED PUBl1C ACCOUNTANTS
ACCOUNTING FIRMS ASSOCUTED !qC
BEU.E GLAOE OFFICF
333 S E 2~ STREET
POST OFFICE BOx 33A
BELLE GLADE, FLORfDA 33430.03EG
TELEPHONE 14071 9965617
REPORT ON INTERNAL ACCOUNTING CONTROLS BASED
SOLELY ON A STUDY AND EVALUATION MADE AS A
PART OF AN AUDIT OF THE GENERAL PURPOSE
FINANCIAL STATEMENTS
The Honorable Mayor and Village Council
Village of Tequesta, Florida
We have audited the general purpose financial statements of the
Village of Tequesta, Florida for the year ended Septembe r 30, 1988,
and have issued our report thereon dated December 19, 1988. As a
part of audit, we made a study and evaluation of the system of
internal accounting control of the Village of Tequesta to the extent
we considered necessary to evaluate the system as required by
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 Or anizations, Pro rams, Activi-
ties, and Functions. For t e purpose o this report, we have c assi-
ie t e signs scant internal accounting controls in the following
categories: cash, revenue and receivables - governmental funds,
expenditures for goods and services and accounts payable, payroll and
related liabilities, and fixed assets and capital expenditures, debt
and debt service expenditures. Our study included all of the control
categories listed above except that the Village of Tequesta is so
small that it is not feasible to have an adequate internal control
system, therefore, we did not rely on the system of internal control
to restrict the nature, timing and extent of auditing procedures
necessary for expressing an opinion of the Village's financial state-
ments. Our study and evaluation was more limited than would be
necessary to express an opinion on the system of internal accounting
control taken as a whole or on any of the categories of controls
identified above.
94
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 above
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 of Tequesta taken as a whole or any
of the categories of controls identified in the second paragraph.
However, our study and evaluation disclosed the following conditions
that we believe results in more than a relatively low risk that
errors or irregularities in amounts that would be material in rela-
tion to the financial statements of the Village of Tequesta, may
occur and not be detected within a timely period.
SeareQation of Duties
There is inadequate separation of duties in all the control
cycles. Although the limited number of personnel in the
Village's accounting staff limits the extent of separation of
duties, procedures can be performed to compensate for this
weakness. A responsible official or employee not involved in
the accounting functions should periodically perform tests on a
sample basis to determine if the accounting procedures of the
various control cycles are being carried out in compliance with
prescribed standards.
Prior Year Comments Which Continue to Apply
Meter deposits reconcilation
During our fieldwork, we received a computer printout for water
customer deposits which was not mathematically correct. In
addition, a manual card file reconciliation revealed a dif-
ferent balance.- 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.
95
We recommend all computer programs and printouts be checked for
accuracy. After discussion with Village personnel,. it was
determined that -the manual card file data was reliable. Plans
were made with programmers to resolve program problems and it
was agreed that the Water department personnel will reconcile
the account on a regular basis.
Current Year Comments
Building department revenues
We observed that the Village building department has not
prepared deposits in a timely manner. Cash has been held for
several days resulting in large sums of cash on hand which
could be lost or stolen.
The Village should make daily bank deposits for each department
receiving revenues. As an alternative, the Village may wish to
establish a maximum amount of cash to be received before making
a deposit. All cash on hand should be stored in the Village
safe each evening. These procedures will help prevent the loss
or misuse of funds and will make cash more readily available
for expenditures and investment activities.
Buildin department - cash receipts journal
During the course of our audit, it came to our attention that
building department deposits have not been reconciled to the
cash book. Proper internal control for cash receipts dictates
that a cash receipts book be maintained, summarized and totaled
daily and agreed to a deposit slip. Failure to do so could
result in receipts being omitted, without a reconciliation the
error would go undetected.
We recommend that the cash book be maintained daily on an
agreed to daily deposit slip. This procedure provides a
necessary control feature over revenues received.
The above conditions were considered in determining the nature,
timing and extent of the audit tests to be applied in our examination
of the 1 988 financial statements and this report does not affect our
report on these financial statements dated December 19, 1988.
96
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 purpose. 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 several of our com-
ments from the prior years and appreciate the courtesy and coopera-
tion shown us by the Village staff.
Respectfully submitted,
71~~,,~. ~ I.I.~P~- ~ ~l~ !?. 14--.
December 19, 1988
97
NOWLEN, HOLT & MINER, P.A.
CER71fIED PUBLIC ACCOUNTANTS
215 FIFTH STREET
SURE 200
vOSr OFFICE BOx 347
WEST PALM BEACH. FLORIDA 334029989
TELEPHONE f407f 6593060
FAx 14071 835-0628
EVERETT B NOWLEN CPA X1930-19BA~
EDWARD T MOLT. CPA
WILLIAM B MINER. CPA
ROBERT w HENORIx JR .CPA
JANET R BARICEVICM CPA
BE WEEKS CPA
KATHLEEN A BENTLEY. CPA
KIM MATCHER BEAUMONT CPA
GAIL M MOrE. CPA
MARILYN ROBERT. CPA
R GREGORr $AAITH CPA
MARTHA ANN HERB. CPA
ROBERT w MELMREICH CPA
LAWRENCE 7 VANCE. CPA
TERRVL MORTON JR CPA
N RONALD BENNETT CPA
MEMBERS
AMERICAN M$TITUTE OF
CERTIFIED PUBLIC ACCOUNTAN'S
FLORIDA INSTITUTE OF
CERTIFIED PUBl1C ACCOUNT Ah'$
ACCOUNTING FIRMS ASSOCU TEC 7VC
December 19, 1988
REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS
BASED ON AN AUDIT OF GENERAL P RPOSE FINANCIAL
S A EME TS PERF RMED IN ACCORDANCE WITH THE
STANDARDS FOR AUDIT BY THE GAO
The Honorable Mayor and Village Council
Village of Tequesta, Florida
BEIIE GIADE OFFICE
333 S E 2n0 STREET
POST OFFICE BOx 338
BELLE GLADE. FLOPoDA 3330-6388
TELEPHONE 1071 g9!l-381?
We have audited the general purpose financial statements of the
Village of Tequesta, Florida for the year ended September 30, 1988,
and have issued our report thereon dated December 19, 1988. Our
audit was made in accordance with generally accepted auditing stan -
dards and the standards for financial and compliance audits contained
in the Standards for Audit of Governmental Or anizations, Pro ram
Activities an Functions, issued y t e U.S. Genera Accounting
0 ice, an accor ing y included such tests of the accounting records
and such other auditing procedures as we considered necessary in the
circumstances.
The management of the Village of Tequesta, Florida 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 non-compliance 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 transactions 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 or imma-
terial effect on the Village's general purpose financial statements.
98
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,
December 19, 1988
99
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.
100
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