CAFR_FY Ending_09/30/1989Comprehensive Annual Financial Report
Village of Tequesta, Florida
Fiscal Year Ended September 30, 1989
COMPREHENSIVE ANNUAL FINANCIAL REPORT
VILLAGE OF TEQUESTA, FLORIDA
September 30, 1989
Prepared by the Finance Department
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1989
TABLE OF CONTENTS
Introductory Section
Title Page
Table of Contents
Letter of Transmittal
Certificate of Achievement for Excellence in
Financial Reporting
Village of Tequesta Organization Chart
List of Principal Officials
Financial Section
Independent Auditor's Report
General Purpose Financial Statements
Combined Balance Sheet--All Fund Types and
Account Groups
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances--All Governmental
Fund Types
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances --Budget and Actual--
Governmental Fund Types
Statement of Revenue s, Expenses and Changes in
Retained Earnings--Proprietary Fund Type
Statement of Changes in Financial Position--
Proprietary Fund Type
Notes to Financial Statements
Suppl ement al I nfo rmation
General Fund
Schedule of Revenues--Budget and Actual
Schedule of Departmental Expenditures--
Budget and Actual
Proprietary Fund (Enterprise Fund)
,Schedule of Operating Expenses--Budget and Actual
Comparative Summary of Operations--Fiscal Years
Ended September 30, 1989 and 1988
Schedule of Restricted Accounts Under Revenue Bond
Ordinance
Page
Number
i
1- 2
3-11
i2
13
14
15-16
17-20
21-22
23-25
26
27
28-50
51-52
53-60
61
62
63-64
1
VILLAGE OF TEQUESTA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 1989
TABLE OF CONTENTS (Continued)
Page
Number
Amortization Schedule--Water Refunding Revenue
Bonds - Series 1985 65
Fiduciary Fund
Schedule of Changes in Assets and Liabilities - --
Agency Fund 66
General Fixed Asset Account Group
Schedule of General Fixed Assets By Source 67
Schedule of General Fixed Assets By Function 68
Schedule of Changes in General Fixed Assets
By Function 69
General Long-Term Debt
Amortization Schedule--Improvement Revenue Bonds -
Series 1979 70
All Funds
Schedule of Investments 71
Schedule of Insurance 72
Statistical Section
General Revenues by Source 73-74
General Government Expenditures by Function 75-76
Property Tax Levies and Collections 77
Taxable Value and Just Value of Taxable Property 78-79
Property Tax Rates--All Overlapping Governments 80-81
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt Per Capita 82-83
Legal Debt Margin 84
Computation of Direct and Overlapping Debt 85
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures 86
Revenue Bond Coverage--Water Bonds 87-88
Property Value, Construction and Bank Deposits 89
Principal Taxpayers 90
Miscellaneous Statistics 91
Demographic Statistics 92
Other Reports
Independent Auditor's Report on Internal
Control Structure 93-95
Independent Auditor's Report on Compliance with
Laws and Regulations 96-97
Statutory Report 98
Appendix A: Statement of Comments and Recommendations 99-100
2
VILLAGE OF TEQUESTA
Post Office Box 3273 • 357 Tequesta Drive
Tequesta. Florida 33469-0273 • (407) 575-6200
FAX: (407) 575-6203
December 15, 1989
To the Citizens of the
Village of Tequesta, Florida
The Comprehensive Annual Financial .Report of the Village of
Tequesta, Florida, for the fiscal year ended September 30, 1989, 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.
The Comprehensive Annual Financial Report is presented in three
sections: introductory, financial and statistical. The introductory
section includes this transmittal letter, the Village's organiza-
tional chart and a list of principal officials. The financial
section includes the general purpose financial statements and
individual fund and account group financial statements and schedules,
as well as the auditor's report on the general purpose financial
statements. The statistical section includes selected financial and
demographic information, generally presented on a multi-year basis.
This report includes all funds and account groups of the
Village. The Village provides a full range of services. These
services include police protection; the construction and maintenance
of highways, streets, and infrastructure; recreational activities;
the operation of a municipal water supply system, in addition to
general gove rrunent activities. The Village also contracts with Palm
Beach County for fire-rescue service, and a privately owned
sanitation company for garbage and refuse service.
3
ECONOMIC CONDITION AND OUTLOOK
The Village is located at the northeastern boundary of Palm
Beach County. Tequesta is a relatively affluent residential com-
munity with adequate commercial facilities necessary to provide goods
and services to its residents. Northern Palm Beach County ranks as
one of the top growth areas in the country, and the economic condi-
tion and outlook of the Village's growth potential for the next
decade is excellent. During September, the Village conducted an
intensive five day planning Charrette to develop aI ter
MBi~ter Plate" for a 90 acre area located in the center of the `'V'illage
commercial business district. The Village is currently in the
process of marketing and implementing the Master Plan. During the
past two years, property values have increased 13.5$, The develop-
ment contemplated in the Town Center Master Plan should result in
municipal property values increasing at a substantially greater pace
than experienced the past few years.
Based on current projections, this trend is expected to continue
through the end of the century. While having a positive impact, such
growth also presents significant challenges for the Village. If the
present high level of services are to be maintained, the Village will
need to explore new methods of obtaining financial resources for the
future. The additional employees required to provide expanded
government services should be minimal.
MAJOR INITIATIVES
In preparing the 1989 budget, the Village identified three
specific areas of concern:
° Expansion of Transportation Corridors
° Expansion of Potable Water Treatment Facilities
° Expansion of Storm Water Drainage Facilities
During the year the Village began the construction phase of
widening Tequesta Drive, the main east-west thoroughfare within the
Village. On September 30, 1989, project expenditures reported in the
Capital Projects Fund were $620,687, representing more than 50$ of
project costs. The project is scheduled for completion in April
1990. During the year, an intersection improvement was also com-
pleted at a cost of $27,176.
Expenditures reported in the Proprietary Fund in the amount of
$922,712 for the acquisition of property, plant and equipment
included capital outlay expenditures for the completion of expansion
to the water treatment plant which has increased daily pumping
capacity from 1.8 to 2.7 million gallons per day.
Storm water drainage system expenditures in the amount of
$13,765 provided for the Village's share of an engineering study
addressing local storm water issues.
Future projects will include completion of landscaping for the
Tequesta Drive Widening Project, and landscaping improvements for the
Beach Road Beautification Project, further expansion of the potable
water system, and improvements to the local storm water drainage
systems .
Maintenance and expansion of the community's general infrastruc-
t ure (such as roads, bridges, sidewalks and storm water drainage
systems) remain a major concern of the Village. To address this
concern, the government has leveloped a five-year capital projects
plan that provides a framework for the development and maintenance of
infrastructure to meet current and future needs. This plan is
revised each budget year.
FINANCIAL INFORMATION
Management of the Village is responsible for establishing and
maintaining an internal control structure designed to ensure that the
assets of the government are protected from loss, theft or misuse and
to ensure that adequate accounting data are compiled to allow for the
preparation of financial statements in conformity with generally
accepted accounting principles. The internal control structure is
d esigned to provide reasonable, but not absolute, assurance that
these objectives are met. 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 valuation of costs and
benefits requires estimates and judgments by management.
Budgetary Controls
In addition, the Village maintains budgetary controls. The
objective of these budgetary controls is to ensure compliance with
legal provisions embodied in the annual appropriated budget approved
by the Village Council. Activities of the General Fund, Debt Service
Fund, Capital Projects Fund and Proprietary Fund are included in the
annual appropriated budget. The level of budgetary control (that is,
the level at which expenditures cannot legally exceed the appropri-
ated amount) is established by function within each individual fund.
The government also maintains an encumbrance accounting system as one
technique of accomplishing budgetary control. Encumbered amounts
lapse at year end. However, encumbrances generally are reappropri-
ated as part of the following year's budget.
As demonstrated by the statements and schedules included in the
financial section of this report, the Village continues to meet its
responsibility for sound financial management.
5
General Government Functions
The following schedule presents a summary of General Fund and
Debt Service Fund revenues for the fiscal year ended September 30,
1989 and the amount and percentage of increases and decreases in
relation to prior year revenues.
Increase Percent of
Percent (Decrease) Increase
Revenues Amount of Total From 1988 (Decrease)
Taxes $2,199,925 66.12$ $ 55,992 2.618
Licenses & Permits 219,862 6.61 49,028 28.70
Intergovernmental 495,559 14.90 1,915 .39
Charges for Services 32,941 .99 13,379 68.39
Fines & Forfeitures 51,555 1.55 (1,479) (2.79)
Miscellaneous 248,628 7.47 164,296 243.37
Intergovernmental
Services 78,540 2.36 7,140 10.00
Total $3,327,010 100.00$
-T $290,271
~
The most significant increase in actual continued revenue
sources was derived from licenses and pera~~. A lame portion of
these revenues resulted from an increase in °occupational li~cen~e
tuaxes and building permit fees.
The largest actual revenue increase came from miscellaneous
revenue s. The principal source of these revenues, $125,338, was for
p~a°k,and.recreation impact fees. received .from developers. However,
future revenues from this source will be less significant since the
remaining undeveloped land within the Village consists of less than
10$ of the total land area available for development.
Taxes accounted for the largest percent of actual revenues. Tax
revenues consist of three distinct resources: ad valorem property
tax, franchise fees and utility service tax. The property tax rate
for 1989 was 5.7510 mills, well within the ten mill rate limit
established by the State. However, it is worthy of noting that the
Village provides garbage/refuse service and fire-rescue service to
its citizens from property tax revenues. If the cost of providing
these services were removed from the Village's property tax millage
rate, and billed directly or separately, as is the practice in most
Florida municipalities, the Village's property tax millage rate would
have been reduced $713,803 or 47.69$ to 2.7427 mills.
6
Expenditures
The following schedule presents a summary of General Fund and
Debt Service Fund expenditures for the fiscal year ended Septem-
ber 30, 1989, and the amount and percentage of increases and
decreases in relation to prior year amounts:
Increase Percent of
Percent (Decrease) Increase
Amount of Total From 1988 (Decrease)
~_
Current:
General Government $ 549,033 20.00$ $119,401 27.79$
Public Safety 1,387,841 50.56 (47,519) (3.31)
Physical Environ-
ment 337,268 12.29 29,053 9.43
Transportation 279,718 10.19 9,845 3.65
Human Services 1,067 .04 565 200.12
Culture & Recreation 103,019 3.75 (8,447) (7.58)
Debt Service:
Principal 25,000 .91
Interest 61,905 2.26 (2,445) (3.80)
Total $2,744,851 100.00$ $100,453
_~
The significant increase in General Government expenditures was
primarily attributable to: the addition of one full-time employee in
the Finance & Administration Department, increasing departmental
expenditures 23$; Planning and Zoning expenditures were increased
319$ from $22,234 to $93,151 due to planning consultant services
necessary to complete the State mandated comprehensive development
plan; other departments experienced less significant increases, which
were primarily the result of employee COLA and merit increases
averaging 7.5$ and increased group health insurance costs of 10$.
Physical Environment increased expenditures were for employee
COLA adjustments required per the government franchise agreement with
Nichols Sanitation for residential garbage/refuse service, and a 12$
increase in landf ill tipping fees.
Public Safety expenditures were reduced primarily as a result of
the elimination of one lieutenant position within the Police Depart-
ment, and a decrease in general insurance costs attributed to prior
year insurance audit adjustments.
General Fund Balance. The Fund Balance of the General Fund was
$927, on Septem er , 1989, of this total $126,955 was designated
for encumbrances and subsequent year expenditures. The resultant
cash position of $801,009 is more than adequate to provide the
capital resources necessary for government operations. The likeli-
hood of the government entering the short-term debt market to pay for
current operating expenditures is highly remote.
Ca~it~a__l~Pro'ects Fund. The Capital Projects Fund is used to
account~or ~inancia resources to be used for the construction of
major capital facilities other than those accounted for in the
Proprietary Fund.
Revenues and other financing sources this fiscal year were
$916,777, consisting of inter-governmental revenues of $205,-553,
interest income $11,224, and operating transfers from the General
Fund of $550,000 and $150,000 from the Water Enterprise Fund.
Expenditures reported this fiscal year were $675,050 for the
following listed projects.
Project Amount
Cypress Drive Drainage $ 13,765
Tequesta Drive & Riverside Drive
Road Improvements 27,176
Tequesta Drive Sign and Landscape 6,000
Tennis Court Resurfacing 7,422
Tequesta Drive Widening 620,687
Total $675,050
Proprietary Operations. The government's proprietary operations
consist of the Water Enterprise- Fund. Operating revenues for 1989
increased 13.7$. The increased revenues can be attributed to a
tiered water consumption rate increase adopted in July 1989. The
Village Council also increased security deposits to reduce the prob-
ability of losses occurring from the non-payment of final bills. The
capital connection charges to the water system were also increased,
per recommendations from the Village's consulting engineers, to
provide the capital resources necessary for the expansion of water
supply and treatment facilities to accommodate future water service
demands. The Enterprise Fund income and expense data for 1989 is
shown in the following schedule:
8
Income and Expenses
Operating Revenues $1,896,136
Operating Expenses 1,555,291
Operating Income 34.0,845
Non-Operating Revenues (expenses) 92,436
Income before Operating transfer 433,281
Operating transfer out (150,000)
Net Income $ 283,281
Enter rise Fund Bonded Debt. On January 1, 1985, the Village
issued ,5 5, Water Re un ing Revenue Bonds. The bonds received
Moody's AAA, and Standard & Poor's AAA (MBIA) ratings. The bond sale
proceeds were used to refund Series 1978 Water Refunding Revenue
Bonds. The bonds are secured by the net revenues of the Enterprise
Fund. On September 30, 1989, $1,210,000 of the bonds remained
outstanding.
Fiduciar 0 erations. The Village's fiduciary operations
consist o an Agency Fun used to account for investments held by the
government as trustee for employees participating in a deferred
compensation plan administered by ICMA Retirement System.
Debt Administration. The Debt Service Fund is used to account
for t e accumu anon o resources for the payment of general -long-
term debt principal, interest and related costs. The General Long-
Term Debt Account Group is used to account for long-term liabilities
e xpected to be financed from governmental funds. The government
issued $910,000, Series 1979 Improvement Revenue Bonds, on October 1,
1979, to finance drainage improvements. -The bonds received Moody's A
and Standard & Poor's AAA (MBIA) ratings. 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 the first
lien on certain franchise fees, public service taxes and occupational
license taxes. On September 30, 1989, $710,000 of the bonds remained
outstanding.
The Village does not have a legal debt limitation. During the
current year, the Village did not issue any bonded debt. As of
September 30, 1989, the Village's net bonded debt was $588,161, the
ratio of net bonded debt to taxable value was 19$ and the net bonded
debt per capita was $131.32.
9
Cash Mana ement. The Village maintains two pooled cash accounts
known as t e general corporation investment account and the water
enterprise investment account. The equity of all funds comprising
the investment accounts is maintained at all times. Cash require-
ments are constantly monitored and temporary idle cash is approved
for investment by the Village Manager upon recommendation from the
Finance Director. The investment policy of the Village is to maxi-
mize its investments in high quality risk free securities authorized
by State Statutes, while maintaining a competitive yield on its
portfolio. Preference is also given for purchasing investments with
local financial institutions when comparable interest rates are
quoted.
The Village's investments for the current year consisted of
Certificates of Deposit and Money Market Accounts ranging from 30 to
365 days, and time deposits with the State Board of Administration,
Local Government Surplus Funds Trust Fund Investment Pool. Invest-
ments with the State Board of Administration consist of obligations
of the U.S. Treasury and its agencies, money market securities of
highest quality such as commercial paper, banker's acceptance,
corporate notes and repurchase agreements. Because of the short
maturities and high quality, securities in this fund are considered
practically risk free.
On September 30, 1989, investments held by the Village totaled
$3,470,466, which is detailed in Note 2, Notes to Financial
Statements. The average yield on investments maturing during the
year was~~:9.10 and the average yield on money market investment
accounts wasp 6.06~.~
Risk Management. During 1989, the Village continued using
third- party insurance coverage for its Risk Management Program.
Also during the year, the government conducted CPR - Cardiac,
Pulmunary, Resuscitation, training classes and distributed MSDS -
Material Safety Data Sheets, in accordance with the 1986 Congres-
sional Emergency Planning and Community Right-to-Know Act,- and
regularly distributed a safety newsletter to all its employees to
assist in the prevention of accident related losses. A detailed list
of insurance in effect is contained in the Schedule of Insurance
section of this report.
OTHER INFORMATION
Inde endent Audit. State statutes require an annual audit by
indepen ent certi ie public accountants. The accounting firm of
Nowlen, Holt & Miner, P.A., CPA's, was selected to conduct the
Village audit. The auditor's report on the general purpose financial
statements is included in the financial section of this report.
10
Awards. The Government Finance Officers Association (GFOA)
awarded a Certificate of Achievement for Excellence in Financial
Reporting to the Village for its comprehensive annual financial
report for the fiscal year ended September 30, 1988. This was the
seventh consecutive year that the Village has received this presti-
gious award. In order to be awarded a Certificate of Achievement,
the Village published an easily readable and efficiently organized
comprehensive annual financial report. This report satisfied both
generally accepted accounting principles and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year.
We believe that our current comprehensive annual financial report
continues to meet the Certificate of Achievement Program's require-
ments and we are submitting it to the GFOA to determine its eligi-
bility for another certificate.
Acknowled ements. The preparation of the comprehensive annual
financia report on a timely basis was made possible by the dedicated
service on the entire staff of the Finance Department and Village
Manager's office. Each member of the departments mentioned has our
sincere appreciation for the contributions made in the preparation of
this report.
In closing, without the leadership and support of the Village
Council of the Village of Tequesta, preparation of this report would
not have been possible.
Sincerely,
n ~~
~~
Thomas G. Bradford
Village Manage r
/%~-
Bill K cavelis
Finance erector
11
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, 1988
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 (CAFR's) achieve the highest
standards in government accounting
and financial reporting.
President
~G~
`~~~~
Executive Director
12
VILLAGE OF 1F~QUE.STA
ORGANIZATIONAL (~iAaf
13
VILLAGE OF TEQUESTA, FLORIDA
Council - Manager Form of Government
VILLAGE COUNCIL - 1988-1989
Joseph N. Capretta
Edward C. Howell
William E. Burckart
Earl L. Collings
Ron T. Mackail
VILLAGE OFFICIALS
Thomas G. Bradford
John C. Randolph
(Jones, Foster, Johnston & Stubbs)
Bill C. Kascavelis
Carl R. Roderick
Scott D. Ladd
Gary Preston
Thomas C. Hall
Manager
Attorney
Mayor
Vice-Mayor
Councilmember
Councilmember
Councilmember
Finance Director/Clerk
Police Chief
Building Official
Director, Public Works
& Recreation
Water System Manager
INDEPENDENT CERTIFIED PUBLIC ACCOUNTS
Nowlen, Holt & Miner, P.A.
14
NOWLEN, HOLT & MINER, P.A.
cEnT~F7EC Pu~euc ACCOUNTANTS
2~ s fFTN sTHEET
sst,xrE 200
POST OFFCE BOx 317
WEST PALM BEACH.FLOipDA 33102•Y9BB
TELEPHONE 1107) B59.30d0
FAX 1107) 03S•OE2ls
EvERETT B NOWLEN.CPA,1930-19Ea~
EDWARD T HOLT. CPA
wILUAM 8 41NER CPA
R08fRT W MENDRI% JR CPA
,iANET R BAAICEVICH CPA
B E WEEKS. CPA
KAT}q.EEN A. MNJEA. CPA
KFI MATCHER 6EAUMONT. CPA
MARILVN ROBEATS. CPA
A GRE GORY SMRM CPA
ROBERT W HELMRECH. CPA
TERRY L. MORTON. ,PI-. CPA
N AONMp BENNETT. CPA
RUTH ANN A.9IAYEAD. CPA
J MCHAEL STfVEN$ CPA
MArAA AMOREI'TdiOSS, CPA
MEMBER6
AAEPICAN 88)TRYTE OF
CfRTFED PIAlIJC ACCOUNTANTS
iLO/~A NST1fUTE OF
CERTIFED PUBIC AOCOUNTANTS
ACCOIAdTMG i8i~1S ASSOpATED !IC
The Honorable Mayor
Village of Tequesta
Tequesta, Florida
INDEPENDENT AUDITOR'S REPORT
and Village Council
BELLE GLADE OFFCE
777 S.E. 21tl STREET
P06T OFFICE BOf( 736
BELLE fB.ADE. FLORA 73170-0.738
TELEPfipE IIO7) 886.58, 2
FAx (107) 888218
We have audited the accompanying general purpose financial statements
of the Village of Tequesta, Florida, as of and for the year ended
September 30, 1989. These general purpose financial statements are
the responsibility of the Village's management. Our responsibility
is to express an opinion on these general purpose financial state-
ments based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comp-
troller General of t e United States. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the general purpose
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, 1989, 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.
15
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.
December 15, 1989
16
VILLAGE OF TEQUE5TA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
September 30, 1989
Assets
Governmental
Fund Types
Debt Capital
General Service Projects
~_
Cash and cash equivalents $ 444,054 $ 18,253 $123,924
Cash with fiscal agent 31,668
Investments 555,972 100,000 202,175
Receivables
Accounts (net of allowance for
uncollectibles) 2,503
Accrued interest 230 2,773
Due from other funds 8,397 813 100,000
Due from other governments 7,129
Inventories of supplies 735
Unamortized debt issue costs
Restricted assets
Cash and cash equivalents _ ~
Investments
Fixed assets
Amount available in debt service fund
Amount to be provided for retirement
of general long-term debt
Total assets
$1,019,020 $153,507 $42_ 6_099
17
Proprietary Fiduciary
Fund Type Fund Type Account Grou s
Genera enera Totals
Fixed Long-Terms (Memorandum
Enterprise Agency Assets Debt Only)
$ 305,121 $ $ $ $
8
31,668
X
1,284,663 90,162 x,2,232,972
178,715 181,218
245 3,248
109,210
7, 129
17,055 17,790
59,413 59,413
232,830
...
- -- ~ 232,830
._,~_.
_ v ~ _ _~.,,~ ~7 , ~4 9 4 .,~ 1 , 2 3 7 , 4 9 4
4,890,085 963,475 5,853,560
121,839 121,839
662,542 662,542
$8,205,621 $90,162 $ 963,475 $784,381 $11,642,265
See notes to financial statements.
18
VILLAGE OF TEQUESTA, FLORIDA
Combined Balance Sheet - All Fund Types and Account Groups
(Continued)
September 3 0 , 19 8 9
Liabilities and fund equity
Liabilities
Accounts payable
Accrued liabilities
Matured interest payable
Payable from restricted assets
Accounts payable
Deposits
Due to other funds
Due to other governments
Deferred r eve nue
Deferred compensation payable
Contracts 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
Inventory of supplies
Debt service
Recreation and parks
Encumbrances
Unreserved
Designated
Subsequent year's expenditures
Debt service
Undes ig nated
Governmental
Fund Types
Debt Capital
General Service Projects
$ 32,111 $
12, 176
813
22,068
23,888
31,668
$ 67,546
91,056 31,668 67,546
735
135,446
45,210
177,209
81,745 146,300
32,259
664,828
Total fund equity 927, 964 121 , 839
Total liabilities and fund equity $1,019,020 $153,507
89,580
35,044
358,553
$426,099
19
Proprietary
Fund Type
Enterprise
$ 19,203
1,925
16,034
154,916
108,397
770
118,863
1,210,000
(27,396)
4,478
1,607,190
2,389,706
851,004
3,357,721
Fiduciary
Fund Type
Agency
90,162
90,162
Account Groups
'Z~enera enera
Fixed Long-Term
Assets Debt
963,475
74,381
710,000
784,381
Totals
(Memorandum
Only)
$ 1 18, 860
88,482
31,668
16,034
154,916
109,210
22,838
23,888
90, 162
1 18, 863
710,000
1,210,000
(27,396)
4,478
2,672,003
963,475
2,389,706
851,004
3,357,721
735
89,580
135,446
222,419
228,045
32,259
699,872
6,598,431 963,475
.__
$8,205,621 $90,162 $ 963,475 $784,381
~~ ~
See notes to financial statements.
20
8,970,262
$11,642,265
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balances -
Al1 Governmental Fund Types
For the Fiscal Year Ended September 30, 1989
General
Revenues
Taxes $2,199,925
Licenses and permits 219.862
Intergove rnme ntal revenues 495, 559
Charges for services 32,941
Fines and forfeits 51,555
Miscellaneous revenues 231,804
Intragovernmental services 78,540
Total revenues 3, 310~~6
Expendi tures
Current
General government 549,033
Public safety 1,387,841
Physical environment 337,268
Transportation 279,718
Human services 1,067
Culture/recreation 103,019
Capital outlay
Debt service
Principal retirement
Interest and fiscal charges
Total expenditures ,65 ,
Excess of revenues over (under) expenditures 652,240
Other financing sources (uses)
Operating transfers in
Operating transfers out (630,000)
Total other financing sources (uses) 63 ,~)
Excess of revenues and other sources over (under)
expenditures and other uses 22,240
Fund balances, October 1, 1988 905,724
Fund balances, September 30, 1989 $ 927,964
21
Governmental Fund Types Totals
Debt Capital (Memorandum
Service Projects Only)
$ $ $2,199,925
219,862
205,553 701,112
32,941
51,555
16,824 11,224 259,852
78,540
16,824 216,777 3,54 ,
549,033
1,387,841
337,268
279,718
1,067
103,019
675,050 675,050
25,000 25,000
61,905 61,905
86,905 675,050 3,419,901
(70,081) (458,273) 123,886
80,000 700,000 780,000
(630,000)
8p,~~ 7 0,000 50,0 0
9,919 241,727_ 273,886
111,920 116,826 1,134,470
$121,839 $ 358,553 $1,408,356
_~~--
See notes to financial statements.
22
VILLAGE OF TEQUESTA, FLORIDA
Combined Statement of Revenue s, Expenditures, and
Changes in Fund Balances -
Budget and Actual
Governmental Fund Types
For the Fiscal Year Ended September 30, 1989
Revenues
Taxe s
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Inteagovernmental services
Total revenues
Expenditures
Current
General government
Public safety
Physical environment
Transportation
Human services
Culture/recreation
Capital outlay
Debt service
Principal retirement
Interest and fiscal changes
Total expenditures
Excess of revenues over
(under) expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
General Fund
n e -
Favorable
Budget Actual (Unfavorable)
$2,150,050
171,000
492,001
40,800
50,250
71,600
78,540
$2,199,925
219,862
495,559
32,941
51,555
231,804
78,540
$ 49,875
48,862
3,558
(7,859)
1,305
160,204
3,054,241 3,310,186 255,945
564,590
1,447,545
340,500
316,035
1,725
112,525
549,033
1,387,841
337,268
279,718
1,067
103,019
15,557
59,704
3,232
36,317
658
9,506
2,782,920 2,657,946
271,321 652,240
(630,000) (630,000)
Total other financing
sources (uses) (630,000) (630,000)
Excess of reve Hues and other
sources over (under) expenditures
and other uses $ (358,679) 22,240
Fund balances, October 1, 1988
Fund balances, September 30, 1989
905,724
23
$ 927,964
124,974
380,919
$38~~
~~~
p~ r' 4
hV ~.
Debt Service Fund
ariance -
Favorable
Budget Actual (Unfavorable)
$ $ $
Capital Proiects Fund
variance -
Favorable
Budget Actual (Unfavorable)
$ $ $
206,000 205,553 (447)
7,500 16,824 9,324 5,000 11,224 6,224
_~-
16,824 9,324 211,000 216,777 5,777
,_ ----
858,700 675,050 183,650
25,000 25,000
62,430 61,905 525
----
87,430 86,905 525 858,700 675,050 183,650
(79,930) (70,081) 9,849 (647,700) (458,273) 189,427
80,000 80,000 700,000 700,000
80,000 80,000 700,000 700,000
$ 70 9,919 $ 9,849
.~~ $ 52,300 241,727 $189,427
111,920 116,826
$121,839
~~~ $ 358,553
(Continued)
24
Totals (Memorandum Only)
- ariance -
Favorable
Budget Actual (Unfavorable)
$2,150,050 $2,199,925 $ 49,875
171,000 219,862 48,862
698,001 701,112 3,111
40,800 32,941 (7,859)
50,250 51,555 1,305
84,100 259,852 175,752
78,540 78,540
3,272,741 3,543,787 271,046
564,590 549,033 15,557
1,447,545 1,387,841 59,704
340,500 337,268 3,232
316,035 279,718 36,317
1,725 1,067 658
112,525 103,019 9,506
858,700 675,050 183,650
25,000 25,000
62,430 61,905 525
3,729,050 3,419,901 309,149
(456,309) 123,886 580,195
780,000 780,000
(630,000) (630,000)
150,000
$ (306,309)
150,000
273,886
1,134,470
$1,408,356
$ 580,195
See notes to financial statements.
25
VILLAGE OF TEQUESTA, FLORIDA
Statement of Revenue s, Expenses, and
Changes in Retained Earnings -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1989
Operating revenues
Charges for services
Operating expenses
Purchased water
Personal services
Contractual services
Supplies
Heat, light and power
Repairs and maintenance
Depreciation
Total operating expenses
Operating income
Nonoperating revenues (expenses)
Interest revenue
Interest expense and fiscal charges
Loss on disposal of equipment
Total nonoperating revenues
Income before operating transfers
Operating transfers (out)
Net income
Retained earnings, October 1, 1988
Retained earnings, September 30, 1989
See notes to financial statements.
Proprietary
Fund Type
Enterprise
$1,896,136
465,375
281,366
225,819
52,247
108,672
124,291
297,521
1,555,291
340,845
246,124
(120,982)
(32,706)
92,436
433,281
(150,000)
283,281
3,925,444
$4,208,725
26
VILLAGE OF TEQUESTA, FLORIDA
Statement of Changes in~Financial Position -
Proprietary Fund Type
For the Fiscal Year Ended September 30, 1989
Sources of working capital
Operations
Net income
Items not requiring working capital
Depreciation
Amortization of debt discount and issue costs
Loss on disposal of equipment
Working capital provided by operations
Capital contributions
Increase in current liabilities payable
from restricted assets
Total sources of working capital
Uses of working capital
Increase in restricted assets
Acquisition of property, plant and equipment
Decrease in long-term debt
Total uses of working capital
Net decrease in working capital
Elements of net increase (decrease) in working capital
Cash
Investments
Accounts receivable
Accrued interest receivable
Accounts payable and accrued liabilities
Due to othe r funds
Contracts payable
Net decrease in working capital
See notes to financial statements.
Proprietary
Fund Type
Enterprise
$ 283,281
297,521
13,119
32,706
626,.627
265,980
19,336
911,943
286,053
922,712
80,634
1,289,399
$ (377,456)
$ (236,235)
66,663
31,808
(9,627)
(19,413)
(91,789)
(118,863)
$ (377,4561
27
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Reporting Entity
The Village of Tequesta is a municipal corporation organized under
the laws of the State of Florida. The Village's-major operations
include public safety (-police), streets and roads, culture and
recreation, public improvements, planning and zoning, water service
and general and administrative.
In accordance with the provisions of Statement 3 issued- by the
National Council on Governmental Accounting entitled, "Defining the
Governmental Reporting Entity," as endorsed by the Governmental
Accounting Standards Board (GASB), the basic, but not the only,
criterion for including a potential component unit within the report-
ing entity is the governing body's ability to exercise oversight
responsibility. The most significant manifestation is financial
interdependency. Other manifestations of the ability to exercise
oversight responsibility include, but are not limited to, the selec-
tion of the governing authority, the designation of management, the
ability to significantly influence operations and accounting for
fiscal matters. A second criterion used in evaluating potential
component units is the scope of public service. Application of this
criterion involves considering whether the activity benefits the
government or its citizens, or whether the activity is conducted
within the geographic boundaries of the government and is generally
available to its citizens. A third criterion used to evaluate poten-
tial component units for inclusion or exclusion from the reporting
entity is the existence of special financing relationships, regard-
less of whether the government exercises oversight responsibilities.
Based upon application of these criteria, the Village of Tequesta has
determined that there are no additional governmental departments,
agencies, institutions, commissions, public authorities or other
governmental organizations operating within the jurisdiction of the
Village that would be required to be included in-the general purpose
financial statements of the Village.
Basis of Presentation - Fund Accounting
The accounts of the Village are considered a separate accounting
entity. The operations of each fund are accounted for through a
separate set of self-balancing accounts that comprise its assets,
liabilities, fund equity, revenues and expenditures or expenses as
appropriate. An account group, on the other hand, is a financial
reporting device designed to provide accountability for certain
assets and liabilities that are not recorded in funds because they do
not directly affect net expendable available financial resources.
28
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Presentation - Fund Accounting (Continued)
The following are the fund categories, funds and account groups used
by the Village:
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-
n ue 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.
29
VILLAGE OF TEQUESTA, FLORILIA
Notes to Financial Statements
September 30, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Proprietary Fund Type (Continued)
The proprietary fund is accounted for on a cost of services or
"capital 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
statements 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
Improvements
Equipment
40 years
20 - 25 years
4 - 10 years
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 of operations.
Account Groups
General Fixed Assets Account Group
The accounting and reporting treatment applied to the fixed
assets 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
30
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Account Groups (Continued)
General Fixed Assets Account Group (Continued)
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 resources" 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 consist-
ing of certain improvements other than buildings, including
roads, bridges, curbs and gutters, streets and sidewalks,
drainage systems, and light systems, are not capitalized. No
depreciation has been provided on general fixed assets. All
fixed assets are valued at historical cost or estimated
historical cost if actual historical cost is not available.
Donated fixed assets are valued at their estimated fair market
value on the date donated.
General Long-Term Debt Account Group
Long-term liabilities expected to be financed from governmental
funds are accounted for in the General Long-Term Debt Group,
not in the governmental funds.
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 debt 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 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.
31
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Basis of Accountin4
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.
Encumbrances
The Village records encumbrances, if any, as a reservation of fund
balance until expended or accrued as a liability of the fund.
Encumbrances at September 30, 1989 were $222,419.
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.
32
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
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
f 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 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. Appropriations are legally con-
trolled at the departmental level within funds and expenditures may
not legally exceed budgeted appropriations at that level.
On September 14, 1989, the Village adopted a resolution providing for
s upplemental appropriation increases.
33
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Budgets and Budgetary Accounting (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.
Compensated Absences
Accumulated unpaid vacation and sick leave amounts are accrued when
incurred. In governmental funds, the current liability expected to
be liquidated 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 Proprie-
tary Fund records its respective share of the liability in total.
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.
34
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Revenue Recognition
Ad Valorem Taxes (Continued)
The Village does not accrue property tax revenues since the
collection of these taxes coincides with the fiscal year in
which levied, and since the Village consistently has no
material uncollected property taxes at year end.
Investments
Investments, consisting ~ of certificates of deposits, U.S. treasury
obligations and funds held with the state investment pool are stated
at cost or amortized cost, which approximates 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.
35
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
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 and Cash Equivalents
At year end, the carrying amount of the Village's deposits was
$1,155,850 and the bank balance was $1,325,325. Cash consists of
unrestricted and restricted funds entirely covered by federal
depository insurance or by a collateral pool pledged to the State
Treasurer by financial institutions which comply with the require-
ments of Florida Statutes and have been designated as a qualified
public depository by the State Treasurer.
Investments
Florida statutes authorize the Village to invest the Local Government
Surplus Funds Trust Fund administered by the State Treasurer; negoti-
able direct obligations of or obligations unconditionally guaranteed
by the U.S. Government; interest-bearing time deposits 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 Home Loan Bank or
its district banks, or obligations guaranteed by the Government
National Mortgage Association and obligations of the Federal National
Mo rtgage Association.
Investments (including restricted investments) consist of interest-
bearing time deposits, funds held with the state investment pool,
obligations of the United States government and amounts held by the
Village's agent in a deferred compensation plan. Interest-bearing
time deposits and funds held with the state investment pool were
entirely covered by Federal depository insurance or by a collateral
pool pledged to the State Treasurer by financial institutions which
comply with the requirements of Florida Statutes and have been
d esignated as a qualified public depository by the State Treasurer.
36
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 2 - CASH AND INVESTMENTS (Continued)
Investments (Continued)
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 $25, 181 .
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 proviaes 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 financial institution's trust depart-
ment or agent in the Village's name, or (3) uninsured and unregis-
tered for which the securities are held by the broker or dealer, or
by its safekeeping department or agent but not in the Village's
name .
Cate or Carrying Market
Amount Value
Interest-bearing
time deposits $100,000 $ 100,000 $ 100,000
Obligations of
United States
government 429,819 429,819 423,150
$529,819 529,819 523,150
Investment in:
State invest-
ment pool 2,850,485 2,850,485
ICMA Retirement
Corporation 90,162 90,162
\ $3,470,466 $3,463,797
37
VILLAGE OF TEQUESTA, FLORIQA
Notes to Financial Statements
September 30, 1989
NOTE 3 - RESTRICTED ASSETS
Restricted assets as of September 30, 1989 consist of the following
accounts:
Cash
Meter Deposit
Accounts $ 75,2.85
Capital Improvement
Accounts 10,630
1985 Bond Accounts
Sinking Account 20,352
Bond Amortization
Account 101,255
Reserve Account 24,602
Renewal and Replace-
ment Account 706
Investments
252,081
Total
$232,830
T
$ 327,366
281,323 291,953
20,352
429,819
274,271
$1,237,494
531,074
298,873
706
$1,470,324
NOTE 4 - ACCOUNTS RECEIVABLE - ENTERPRISE FUND
Accounts receivable of $178,715 are stated net of a $2,000 allowance
for doubtful accounts and consist of billed revenues totaling
$151,715 and unbilled revenues totaling $29,000.
NOTE 5 - COMPONENTS OF FIXED ASSETS
A summary of changes in general fixed assets follows:
Balance Balance
October 1, September 30,
1988 Additions Deletions 1989
Land $ 49,728 $ $ $ 49,728
Buildings 294,333 294,333
Equipment 540,450 66,721 121,022 486,149
Improvements other
than buildings 131,050 2,215
__.,._ 133,265
Total $1,015,561 $68,936 $121,022 $963,475
38
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 5 - COMPONENTS OF FIXED ASSETS (Continued)
The components of fixed assets at September 30, 1989 are summarized
as follows:
General
Land
Buildings
Improvements
buildings
Machinery and
Construction
Improvements
other than
Enterprise Fixed Assets
Fund Recount Group Total
$ 92,042 $ 49,728 $ - 141,770-
388,592 294,333 682,925
6,929,032 486,149 7,415,181
115,087 133,265 248,352
118,863 118,863
165,000 ~ 165,000
7,808,616 963,475 8,772,091
2,918,531 2,918,531
equipment
in progress
- idle wells
Accumulated depreciation
Total
$4,890,085 $963,475 $5,853,560
!~
NOTE 6 - DEFINED BENEFIT PENSION PLAN
All Village full-time employees participate in the noncontributory
Florida Retirement System, a cost-sharing multiple-employer public
employee retirement system. The payroll for employees covered by the
System for the year ended September 30, 1989 was $1,145,692, which is
also the total payroll for the Village.
All Village full-time employees are eligible to participate in the
System as authorized by Chapter 121 of the Florida Statutes. The
Florida Retirement System has four classes of membership. Village
employees belong to two of the four classes, the regular class
consisting of administrative, operations and clerical employees, and
the special risk class consisting of law enforcement officers.
Employees who retire at or after age 62 with 10 years of credited
service are entitled to a retirement benefit, payable monthly for
life, equal to 1.60 to 1.68$ (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
compe?^~;~+~ion is the employee's average of the five highest years of
39
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 6 - DEFINED BENEFIT PENSION PLAN (Continued)
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 of
service. Vested employees may retire at or after age 55 and receive
reduced retirement benefits. The System also provides death and
disability benefits. Benefits are established by State statute.
The Village's actuarially determined contribution requirement for the
year ended September 30, 1989 was $170,956. The actual contribution
made was $170,956 (General Fund $142,841, Enterprise Fund $28,115).
The Village is required by statute to contribute at rates as of
September 30, 1989 of 13.9$ of covered payroll far regular class and
17.5 for special risk class. Because this is a non-contributory
plan, no employee contributions are required.
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 (the
latest available information) for the System as a whole, determined
through an actuarial valuation performed as of July 1, 1987, 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.
Ten-year historical trend information showing the System's progress
in accumulating sufficient assets to pay benefits when due is pre-
sented in the System's June 30, 1987 comprehensive annual financial
report.
40
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
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-
f its 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 bzlieves 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 SICK PAY
In accordance with Statement 4 of the National Council on Govern-
mental Accounting, vacation pay and sick pay are recorded when earned
by employees. As of September 30, 1989, the total liability for
compensated absences was $92,960. The current liability in the
General Fund was $12,176. 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, 1989, the long-
term amount was $74,381. The liability recorded by the Enterprise
Fund was $6,403.
41
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
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 - CONTRACTS PAYABLE AND COMMITMENTS
As of September 30, 1989, the Village had the following contracts
payable and commitments with respect to unfinished capital projects:
Proprietary Fund - Contracts Payable
Remaining
Construction Expected Date
Capital Project Commitment of Completion
Emergency Hook-ups $ 2,000 October, 1989
Wate r Treatment Plant
Expansion 59,438 January, 1990
South Florida Water
Management District
Water Use 7,800 February, 1990
Well #8R Improvements 11,625 March, 1990
Emergency Generator 3+8,000 March, 1990
$118,863
~-
Capital Improvement Fund - Commitments
Tequesta Drive $171,974
Tequesta Drive Sign &
Landscaping 4, 000
Cypress Drive Drainage 1,235
$177,209
~-
___-_-
April, 1990
July, 1990
September, 1990
42
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 11 - LONG-TERM AGREEMENT TO PURCHASE WATER
On July 15, 1976, the Village entered into an agreement with Tri-
Southern Utilities Company, Inc. (the agreement subsequently assumed
by the Town of Jupiter) to purchase water for the Village's water
system for a period of 30 years. Rates for water service are based
on wholesale rates. The Village is billed monthly based upon a
1,500,000 gallons per day contracted minimum.
NOTE 12 - PROJECTS ENTERED INTO WITH OTHER 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,
1989 fire protection and emergency medical service expense was
$376,535.
NOTE 13 - LONG-TERM DEBT
Water Fund: Water Refunding Revenue Bonds, Series 1985 were issued
p ursuant 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.
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-
s ulting engineer. Finally, any revenues remaining may be used for
any lawful purpose.
43
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 13 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
The Resolution requires the establishment of the following accounts:
Account Purpose
Revenue Account To collect the entire gross revenues
derived from the system, except invest-
ment earnings. --
Operation and To pay fully accrued operating expenses.
Maintenance Account
Sinking Account To accumulate sufficient funds to meet
annual debt service requirements through
transfers from the Revenue Account.
Bond Amortization Established within the Sinking Account
Account to meet principal payment on the debt.
Reserve Account To accumulate funds for payment of
principal and interest only if funds in
the Sinking Account are insufficient.
Renewal and Replacement To accumulate funds for the purpose of
Account funding the cost of extensions, addi-
tions to, enlargements and replacement
of capital assets of the system and
emergency repairs thereto.
44
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 13 - LONG-TERM DEBT (Continued)
Water Fund: (Continued)
The annual requirements to amortize the debt are as follows:
Fiscal Year Ending
September 30
1990
1991
1992
1993
1994
1995
1996
1997
Principal
$ 40,000
90,OOQ
95,000
105,000
185,000
275,000
300,000
120,000
$ 91, 1.78
187,667
185,749
188,005
259,199
330, 142
330,593
125,340
$1,210,000 $ 487,873 $1,697,873
Interest
$ 51,178
97,667
90,749
83,005
74,199
55,142
30,593
5,340
Total
The Village is obligated by the securities contract to purchase an
aggregate of $980,000 par amount of U.S, Treasury Bonds due
February 15, 2007, bearing interest at 7-5/8$, at an aggregate
purchase price of $928,323.57. Purchase must be made semi-annually
on April 1 and October 1 from April 1, 1985 through October 1, 1993,
at semi- annual prices increasing from approximately $33,000 in 1985
to approximately $71,000 in 1993. Neither the U.S. Treasury Bonds
nor their income is pledged for payment of the refunding bonds.
However, the purchase prices of the Treasury Bonds are added to gross
debt service and the income from the Treasury Bonds is subtracted
from gross debt service to compute bond service requirements.
Required Annual Bond Amortization Account payments to the Trustee of
the 85 Series Bonds are as follows:
Fiscal Year Ending
September 30 Amount
1990 $115,000
1991 120,000
1992 130,000
1993 140,000
1994 75,000
$580,000
45
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 13 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
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
Bon s Series ated October 1, 1979, in the amount of $910,000
with interest rates ranging from 8.30_$ to 8.50$. At September 30,
1989, $710,000 of this issue, which consists of term and serial
bonds, were outstanding. The guaranteed entitlement portion of state
revenue sharing trust f ands, public service utilities taxes, fran-
chise fees and occupational license taxes have been pledged. The
bonds will be repaid through the Debt Service Fund.
Annual requirements to amortize this debt are as follows:
Coupon Total
October 1, Rate
_~ Principal interest Payments
1990 8.30$ $ 30,000 $ 59,580 $ 89,580
1991 8.30 30,000 57,090 87,090
1992 8.40$ 35,000 54,600 89,600
1993 8.40$ 35,000 51,660 86,660
1994 8.40 40,000 48,720 88,720
1995 8.40$ 40,000 45,360 85,360
1996 8.40$ 45,000 42,000 87,000
1997 8.40 45,000 38,220 83,220
1998 8.40$ 50,000 34,440 84,440
1999 8.40$ 55,000 30,240 85,240
2000 8.40$ 55,000 25,620 80,620
2001 8.40$ 60,000 21,000 81,000
2002 8.40$ 65,000 15,960 80,960
2003 8.40$ 70,000.. 10,500 __ 80,500
2004 8.40$ 55,000 4,620 59,620
Totals $710,000 $539,610 $1,249,610
46
VILLAGE OF TEQUESTA, FLORIQA
Notes to Financial Statements
September 30, 1989
NOTE 13 - LONG-TERM DEBT (Continued)
General Long-Term Debt: (Continued)
The annual requirements to amortize all outstanding debt including
interest payments of $1,027,483 as of September 30, 1989 are as
f ollows
Fiscal
Year Ending Compensated Improvement Water
September 30 Absences Revenue Revenue Total
1990 $ $ 89,580 $ 91,178 $ 1808758
1991 87,090 187,667 274,757
1992 89,600 185,749 275,349
1993 86,660 188,005 274,665
1994 88,720 259,199 347,919
1995 85,360 330,142 415,502
1996 87,000 330,593 417,593
1997 83,220 125,340 208,560
1998 84,440 84,440
1999 85,240 85,240
2000 80,620 80,620
2001 81,000 81,000
2002 80,960 80,960
2003 80,500 80,500
2004 59,620 59,620
Various 74,381 74,381
$74,381 $1,249,610 $1,697,873 $3,021,864
Annual maturities of long-term compensated absences cannot be reason-
ably determined.
47
VILLAGE OF TEQUESTA, FLORILIA
Notes to Financial Statements
September 30, 1989
NOTE 13 - 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, 1988
Plus:
Addition to
compensated
absences
Less: Bonds retired
Long-term debt at
September 30, 1989
Interest Expense
Improvement Water
Compensated Revenue Revenue
Absences Bonds Bonds Total
$51,826 $735,000 $1,290,000 $2,076,826
22,555 22,555
25,000 80,000 105,000
$74,381 $710,000 $1,210,000 $1,994,381
~~
Interest expense on long-term debt for the fiscal year ended Septem-
ber 30, 1989 totaled $168,360 (general long-term debt - $61,655;
Enterprise Fund - $106,705).
NOTE 14 - 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, 1989, $8,196,867 of bonds
outstanding, including interest, are considered defeased.
48
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 15 - INTERFUND RECEIVABLES AND PAYABLES
Individual fund Interfund receivables and payables at September 30,
1989 are as follows:
Fund
General Fund
Debt Service Fund
Capital Projects Fund
Enterprise Fund
NOTE 16 - INTERFUND ADMINISTRATIVE FEE
Interfund Interfund
Receivables Payables
$ 8,397 $ 813
813
100,000
108,397
$109,210 $109,210
_~
~~
During the year ended September 30, 1989, the Enterprise Fund
remitted $78,540 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 17 - CONTRIBUTED CAPITAL - ENTERPRISE FUND
Contributed capital consists of the following:
Contributions from capital improvement
charges $1,536,019
Contributions from developers 853,687
$2,389,706
For the year ended September 30, 1989, contributions from capital
improvement charges totaled $212,980 and contributions from
developers totaled $53,000.
49
VILLAGE OF TEQUESTA, FLORIDA
Notes to Financial Statements
September 30, 1989
NOTE 18 - LITIGATION
The Village, in accordance with the normal conduct of its
involved in various judgments, claims and litigations. It
ed that the final settlement of these matters will not
affect the financial statements of the Village.
50
affairs, is
is expect-
materially
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Taxes
Current ad valorem taxes
Delinquent ad valorem taxes
Franchise fees
Utility service taxes
Total taxes
Licenses and permits
Professional and occupational
1 icenses
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 Actual
$1,496,500
2,700
252,150
398,700
2,150,050
$1,522,364
3,436
248,100
426,025
2,199,925
52,000
110,000
9,000
171,
15,700
129,246
6, 000
1,500
100,000
24,200
205,000
10,355
492,001
28,000
800
850
8,000
800
2, 200
150
40,8
51
77,360
135,087
7,415
15,642
129,216
7,784
2,216
103,346
24,997
202,006
10,352
495,559
17,885
876
1,061
9,874
999
2,073
173
32,9
Variance -
Favorable
(Unfavorable )
$ 25, 864
736
(4,050)
27,325
49,875
25,360
25,087
(1,585)
48~~
(58)
(30)
1,784
716
3,346
797
(2,994)
(3)
3,558
(10,115)
76
211
1,874
199
(127)
23
7,85 )
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Revenues - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Fines and forfeits
Court fines
Parking tickets
Total fines and forfeits
Miscellaneous revenues
Contributions for park land
Interest
Othe r
Police department
Total miscellaneous revenues
Intragovernmental services
Administrative management -
wate r fund
Variance -
Favorable
Budget Actual (Unfavorable)
$ 50,000 $ 51,100 $ 1,100
250 455 205
0,250 51,555 ~~
125,338 125,338
70,000 99,287 29,287
1,500 3,769 2,269
100 3,410 3,310
71,600 231,804 160,204
78,540 78,540
Total revenues $3,054,241 $3,310,186 $255,945
52
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
General government
Legislative
Travel and per diem
Other charges
Books, publications and dues
Total legislative
Executive
Salaries
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
Office machines maintenance
Capital outlay
Machinery and equiFxnent
Total executive
Variance -
Favorable
Budget Actual (Unfavorable)
$ 14,200
500
2,830
17,530
$ 12,792
152
2,716
15,660
$ 1,408
348
114
1,870
103,900
8,000
15,000
12,270
2,685
475
8,400
100
2,000
1,700
2,000
1,350
157,880
99,854
7,997
14,266
12,085
2,678
460
7, 501
1, 795
1,676
1,992
1,034
151,338
4,046
3
734
185
7
15
899
100
205
24
8
316
6,542
Financial and administrative
Salaries
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Codification
76,000
5,675
10,925
9,900
250
2,075
73,720
5,613
10,470
9,840
2,280
62
455
60
53
247
2,055
3
20
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
General government (continued)
Financial and administrative
(continued)
Accounting and auditing
Other contractual services
Travel and per diem
Other charges
Office supplies
Books, publications, dues
Office machines maintenance
Capital outlay
Machinery and equipment
Total financial and
admi nistrative
Legal counsel
Legal services
Total legal counsel
Planning and zoning
Planning service
Comprehensive plan revision
Charette
Postage
Printing and binding
Total planning and zoning
Variance
Favorable-
Budget Actual (Unfavorable)
$ 21,315 $ 21,315 $
17,480 17,290 190
1,785 1,781 4
400 344 56
3,240 3,233 7
250 197 53
3,300 3,215 85
1,100 1,073 27
153,695 150,393 3,302
59,950 59,935 15
59,950 59,935 15
19,300 19,262 38
45,325 45,312 13
30,400 28,278 2,122
200 200
500 299 201
95,725 93,151 2,574
54
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
General government (continued)
Other general government
Employee recognition program
Life and health insurance
Employee assistance program
Travel and per diem
Communication services
Postage
Utility services
Fire hydrant rental fees
Leases
Insurance
Village Hall maintenance
Office machines maintenance
Printing and binding
Other charges
Office supplies
Books, publications, dues
Capital outlay
Machinery and equipment
Total other general government
Total general government
Public safety
Police department
Variance -
Favorable
Budget Actual (Unfavorable)
$ 1,500 $ 1,273
1,650 1,647
650 636
600 253
4,250 4,249
4,200 -4,193
7,250 7,232
11,400 11,400
6,000 5,655
12,800 12,781
10,060 10,057
100 75
650 626
6,700 6,634
5,200 5,144
2,~0 2, 349
227
3
14
347
1
7
18
4,400 4,352
79,810 78,556
564,590 549,033
345
19
3
25
24
66
56
51
48
1,254
15,557
Salaries 527,000 494,833 32,167
Overtime 20,000 15,764 4,236
F.I.C.A. 41,020 39,952 1,068
Retirement 89,350 87,291 2,059
Life and health insurance 59,540 57,946 1,594
55
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Public safety (continued)
Police department (continued)
Worker's compensation
insurance
Travel and per diem
Communication services
Leases
Insurance
Vehicle maintenance
Office equipment maintenance
Repairs and maintenance -
radio communications
Repairs and maintenance - other
Printing and binding
Other charges
Personnel training
Office supplies
Gasoline and oil
Uniforms and equipment
Books, publications, dues
Capital outlay
Machinery and equipment
Total police department
Protective inspections
Salaries
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Code enforcement service
Travel and per diem
Contractor services
Communication services
Insurance
Variance -
Favorable
Budget Actual (Unfavorable)
$ 22,675 $ 22,382 $ 293
3,050 2,471 579
5,125 4,663 462
860 791 69
19,000 18,979 21
17,000 16,622 378
2,910 2,597 313
2,300 1,925 375
2,100 1,985 115
860 797 63
5,350 3,757 1,593
5,650 .3,650 2,000
5,225 3,775 1,450
22,500 21,583 917
11,550 11,170 380
750 557 193
38,785 42,307 (3,522)
902,600 855,797 46,803
84,600 81,862 2,738
6,375 6,239 136
12,100 11,702 398
12,275 12,172 103
3,750 3,739 11
9,910 9,739 171
4,000 3,782 218
7,050 6,542 508
1,850 1,802 48
950 946 4
56
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Public safety (continued)
Variance -
Favorable
Budget Actual (Unfavorable)
Protective inspections (continued)
Office machines maintenance $
Vehicle maintenance
Printing and binding
.Other charges
Office supplies
Gasoline and oil
Books, publications, dues
Capital outlay
1,400 $ 1,139 $ 261
500 468 32
1,800 1,438 362
850 233 617
4,400 3,818 582
300 241 59
600 588 12
Machinery and equignent 950 719
Total protective inspections 5 ,6 ,
Emergency and disaster relief
Civil preparedness 500 250
Disaster relief 2,750 590
Total emergency and disaster
relief 3,250 840
Fire protection and emergency
medical service
Public safety department stud
Palm Beach County
contractual services
Total fire protection and
emergency medical service
Total public safety
Physical environment
Contractual services - refuse
and recycling
Total physical environment
Transportation
Road and street facilities
Salaries
Overtime
F.I.C.A.
F~~
K
231
~, 4~
250
2,160
2,410
11,500 7,500 4,000
376,535 376,535
___.~-
388,035 384,035 4,000
1,447,545 1,387,841 59,704
340,500 337,268 3,232
34 ,5 337, y
57
101,000 92,924 8,076
750 34 716
7,500 7,419 81
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Transportation (continued)
Road and street facilities
(continued)
Retirement
Life and health insurance
Worker's compensation
insurance
Engineering services
Other contractual services
Travel and per diem
Communication services
Street lights
Utility service
Insurance
Vehicle maintenance
Drainage maintenance
General maintenance
Other charges
Gasoline and oil - vehicles
Small tools
Traffic signs
Road materials and supplies
Uniforms and equipment
Books, publications, dues
Capital outlay
Machinery and equipment
Improvements other than
buildings - replacement
of Royal Palms
Variance -
Favorable
Budget Actual (Unfavorable)
13,875 $ 13,469 $ 406
16,000 15,836 164
5,000 4,996 4
20,000 15,129 4,871
28,610 18,777 9,833
2,100 2,100
1,000 969 31
20,000 19,791 209
9,000 8,035 965
24,000 23,561 439
1,200 1,018 182
5,000 4,558 442
33,500 25,888 7,612
100 85 15
1,350 861 489
500 447 53
5,000 4,599 401
4,000 3,515 485
1,400 1,330 70
250 207 43
12,000 11,270 730
2,900 2,900
Total transportation 316,035 279,718 36,317
58
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Human services
Health - mosquito control
Variance -
Favorable
Budget Actual (Unfavorable)
Equipment maintenance $ 800 $ 564 $ 236
Flushing solution 150 150
Other charges 50 50
Gasoline and oil 75 75
Personnel training 600 503 97
Operating supplies 50 50
Total human services
1,725 1,067 658
Culture/Recreation
Parks and recreation
Salaries
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation
insurance
Contractual services
Travel and per diem
Communication services
Utility services
Insurance
General maintenance
Field maintenance
Vehicle maintenance
Other charges
40,210 36,845 3,365
3,095 3,051 44
5,820 5,643 177
2,350 2,302 48
2,200 2,165 35
3,200 3,055 145
1,800 1,720 80
500 367 133
11,300 11,291 9
2,800 2,621 179
15,000 10,437 4,563
3,400 3,359 41
300 99 '201
200 50 150
59
VILLAGE OF TEQUESTA, FLORIDA
General Fund
Schedule of Departmental Expenditures - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Culture/Recreation (continued)
Parks and recreation (continued)
Office supplies
Gasoline and oil - vehicles
Small tools and equipment
Program expense
Books, publications, dues
Aid to government organizations
Other grants and aids
Capital outlay
Machinery and equipment
Playground park equipment
Total culture/recreation
Variance -
Favorable
Budget Actual (Unfavorable)
$ 250 $ 201
425 406
600 483
3,700 3,656
250 235
1,300 1,300
7,000 7,000
49
19
117
44
15
4,600 4,518
2,225 2,215
112,525 103,019
82
10
9,506
Total expenditures $2,782,920 $2,657,946 $124,974
60
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Operating Expenses - Budget and Actual
For the Fiscal Year Ended September 30, 1989
Purchased water
Personal services
Salaries
Overtime
F.I.C.A.
Retirement
Life and health insurance
Worker's compensation insurance
Employee recognition program
Employee assistance program
Total personal services
Contractual services
Insurance
Personal services
Communication services
Rentals
Computer program services
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
Heat, light and power
Repairs and maintenance
Variance -
Favorable
Budget Actual (Unfavorable)
$466,000 $465,375 $ 625
$207,500 $194,276 $ 13,224
7,000 5,408 1,592
15,950 15,464 486
30,800 28,115 2,685
32,800 31,111 1,689
7,100 6,754 346
500 500
1,300 238 1,062
3 ,950 281, 66 ~~,5$~
$ 25,400 $ 24,613 $ 787
6,700 6,689 11
4,700 4,603 97
4,000 3,500 500
8,700 8,649 51
7,500 7,466 34
55-,000 54,814 186
23,200 23,186 14
11,550 10,468 1,082
2,000 1,750 250
78,540 78,540
3,500 1,541 1,959
2 ,790 225,819 4,97
$ 6,450 $ 6,376 $ 74
4,000 3,662 338
35, 71 0 35, 706 4
1,700 1,614 86
2,000 1,853 147
300 202 98
3,000 2,834 166
5 3 , ~5~7 ~9 f ~
$110,200 $108,672 $ 1,528
$13~ 1,240 $124,291 $ 6,949
61
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Comparative Summary of Operations
For the Fiscal Years Ended September 30, 1989 and 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
Loss on disposal of equipment
Total nonoperating revenues
Income before operating transfer
Operating transfers (out)
Net income
1989 1988
$1,896,136 $1,668,127
465,375
281,366
225,819
52,247
108, 672
124,291
297,521
467,952
227,894
158,437
38, 1 17
89,800
84,252
369,990
965
1,555,291
340,845
246,124
(120,982)
(32,706)
1,437,407
230,720
166,803
(126,173)
92,436 40,630
433,281 271,350
(150,000) (50,000)
$ 283,281 $ 221,350
62
VILLAGE OF TEQUESTA, FLORIDA
Enterprise Fund
Schedule of Restricted Accounts Under Revenue Bond Ordinance
For the Fiscal Year Ended September 30, 1989
Sinking
Account
Balance, October 1, 1988
Cash and investments $ 4,557
Unamortized discount on investments
Accrued interest receivable 504
5,061
Increases
Transfers from unrestricted accounts 294,705
Investment earnings 12,531
Transfers from restricted accounts
Total 307,236
Decreases
Capital outlay
Other debt service costs 240
Transfers to other restricted accounts 291,705
Total 291,945
Balance, September 30, 1989
Cash and investments 20,352
Unamortized discount on investments
Total $ 20,352
63
Bond Renewal and
Amortization Reserve Replacement
Account Account Account
$413,166 $273,570 $ 21
(19,737)
1,399
393,429 274,969 21
_- --
40,000
32,645 23,904
105,000
137,645 23,904 40,000
39,315
39,315
556,255 298,873 706
(25,181)
$531 , 07_4 $29g_8~ $ 706
64
VILLAGE OF TEQUESTA, FLORIDA
Amortization Schedule
$1,525,000 Water Refunding Revenue Bonds - Series 1985
September 30, 1989
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, 1989, the outstanding bonds totaled
$1,210,000; the payment schedule follows:
Due Date Principal Interest Total
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 $1,210,000 $487,873 $1,697,873
65
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Changes in Assets and Liabilities -
Age ncy Fund
For Fiscal Year Ended September 31, 1989
Deferred Balance
Compensation October 1,
Fund 1988
Additions Deductions
Balance
September 30,
1989
Assets
Investments $76,330
$13,832
$90,162
Liabilities
Deferred
compensation
payable $76,330
r~
$13,832
$90,162
66
VILLAGE OF TEQUESTA, FLORIDiA
Schedule of General Fixed Assets By Source
September 30, 1989
General fixed assets
Land $ 49,728
Building and improvements 294,333
Equipment 486, 149
Improvements other than buildings 133,265
Total general fixed assets $963,475
Investment in general fixed assets
General Fund revenue $963,475
Total investment in general fixed assets $963,475
67
VILLAGE OF TEQUESTA, FLORIDA
Schedule of General Fixed Assets By Function
September 30, 1989
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
$ 304,769 $35,000 $207,393 $ 62,376
217,506 14,180 203,326
186,829 7,713 179,116
6,020 6,020
133,707 14,728 83,668 35,311
848,831 49,728
114,644
$ 963,475 $49,728
312,954 486,149
114,644
$427,598
$486,149
68
VILLAGE OF TBQ(ESTA, FIARI[A
Schedule of Crianges in General Fixed Assets
By Function
September 30, 1989
General General
Fixed Assets Inter- Fixed Assets
October 1, Departmental September 30,
Function 1988 Additions Deletions Transfers 1989
General government- $ 316,010 $ 6,459 $ 17,700 $ $304,769
P~lic safety 258,546 44,473 85,513 217,506
Transportation 79,469 11,271 96,089 186,829
Human services 4,810 1,210 6,020
Culture recreation 123,329 6,733 3,645 133,707
782,164 68,936 103,213 100,944 848,831
Prior to allocation
by fun coon 233,397 17,809 (100,944) 114,644
$1,015,561 $ 68,936 $121,022 $ $963,475
69
GENERAL LONG-TERM DEBT
VILLAGE OF TEQUESTA, FLORIAA
Amortization Schedule
Improvement Revenue Bonds - Series 1979
September 30, 1989
The debt was incurred on April 1, 1980,
$910,000 improvement revenue bonds. The
paving and drainage improvements. On
outstanding bonds totaled $710,000:
Coupon
October 1, Rate Principal
through the issuance of
proceeds were used for
September 30, 1989, the
Total
Interest Payments
1990 8.30$ $ 30,000 $ 59,580 $ 89,580
1991 8.30$ 30,000 57,090 87,090
1992 8.40$ 35,000 54,600 89,600
1993 8.40$ 35,000 51,660 86,660
1994 8.40$ 40,000 48,720 88,720
1995 8.40$ 40,000 45,360 85,360
1996 8.40$ 45,000 42,_000 87,000
1997 8.40$ 45,000 38,220 83,220
1998 8.40$ 50,000 34,440 84,440
1999 8.40$ 55,000 30,240 85,240
2000 8.40$ 55,000 25,620 80,620
2001 8.40 60,000 21,000 81,000
2002 8.40$ 65,000 15,960 80,960
2003 8.40$ 70,000 10,500 80,500
2004 8.40$ 55,000 4,620 59,620
Totals $710,000 $539,610 $1,249,610
70
ALL FUNDS
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Investments - All Funds
September 30, 1989
Enterprise Fund
Bond Amortization
Account
Enterprise Fund
United States Treasu~ Obli ations
Unamortized nterest Maturity
Par-Value Cost Discount Rate Date
~_
$455,000 $426,989 $25,181 7.625 2/15/07
Meter deposits account
Retained earnings account
Reserve account
Capital improvement account
General Fund
Capital Projects Fund
Debt Service Fund
State Board of Administration
Interest
Amounts Rate
$ 252,081 Various
1,284,663 Various
274,271 Various
281,323 Various
555,972 Various
202,175 Various
Certificates of Deposit
Interest Maturity
Amounts Rate Date
$100,000 11.00$ 4/01/90
71
VILLAGE OF TEQUESTA, FLORIDA
Schedule of Insurance
September 30, 1989
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 BA0014609-03 $1,000,000
Public Employees Blanket Bond 30157954 $100,000
Public Official Bond 30158137 $100,000
Workmen's Compensation WC0099946-00 $500,000
Multi-peril Policy SCAMP623045 $1,000,000
Public Official's Liability PO831403 $1,000,000
Police Professional Liability 88-010-87 $1,100,000
Umbrella Liability XC41942 $1,000,000
Unlawful and Intentional Death
Policy (Police Department
Personnel, death resulting
from an intentional and
illegal act) DGA-725328 $50,000
72
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VILLAGE OF TEQUESTA, FLORIDA
General Revenues by Source (Unaudited) (1)
Last Ten Fiscal Years
Fi scal Year Ended
September 30
Taxes (3)
Licenses
and
Permits
1980 $ 736,789 60,366
1981 893,403 75,221
1982 991,734 74,325
1983 1,014,020 95,964
1984 1,129,107 113,982
1985 1,777,305 102,894
1986 1,729,412 104,014
1987 1,881,171 123,303
1988 2,143,933 170,834
1989 2,199,925 219,862
(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.
73
Charges
for Fines and
Intergovernmental Services Forfeits Miscellaneous(2) Total
$237,467 $ 7,874 $11,891 $ 45,767 $1,100,154
249,224 8,178 18,573 124,152 1,368,751
200,916 8,200 23,574 98,081 1,396,830
283,130 9,463 32,455 99,601 1,534,633
335,899 8,807 48,783 107,163 1,743,741
348,936 9,023 43,330 144,301 2,425,789
385,952 11,869 42,929 151,640 2,425,816
421,385 8,880 51,126 123,140 2,609,005
568,091 19,562 53,034 166,547 3,122,001
701,112 32,941 51,555 338,392 3,543,787
74
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
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
1989 603,396 1,387,841 900,405
(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.
75
Culture
Physical Human and Debt
Environment Services Recreation Service Total
$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 91,299 1,662,742
206,776 10,907 121,847 89,603 2,109,153
240,507 5,768 120,204 87,896 2,262,547
278,752 2,907 111,146 91,215 2,520,768
308,215 502 111,466 89,350 2,916,900
337,268 1,067 103,019 86,905 3,419,901
76
VILLAGE OF TEQUESTA, FLORIDA
Property Tax Levies and Collections (Unaudited) {1)
Last Ten Fiscal Years
Percent of
Fiscal Year Total Current Tax Percent Outstanding Delinquent
Ended Tax Levy Collections of Levy Delinquent Taxes to
September 30 (1) (1) Collected Taxes Tax Levy
1980 $ 410,854 $ 407,931 99.3 $ 2,923 .7
1981 534,655 531,676 99.4 2,979 .6
1982 569,277 558,068 98.0 11,209 2.0
1983 550,573 540,876 98.2 9,697 1.8
1984 641,179 636,533 99.3 4,646 .7
1985 1,038,027 1,037,003 99.9 1,024 .1
1986 1,129,458 1,128,128 99.9 1,330 .1
1987 1,255,399 1,252,073 99.7 3,326 .3
1988 1,501,241 1,496,727 99.7 4,514 .3
1989 1,527,891 1,522,364 99.6 5,527 .4
(1) Includes discounts taken by property taxpayers.
Source: Palm Beach County Tax Collector's office.
77
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VILLAGE OF TEQUESTA, FLORIDA
Taxable Value and Just Value of
Taxable Property (Unaudited)
Last Ten Fiscal Years
Fiscal Year
Ended
September 30
1980
1 981
1982
1983
1984
1985
1986
1987
1988
1989
Real Pro ert
Taxa e
Value Just Value
$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
290,375,566
$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
366,488,883
Source: Palm Beach County Property Appraiser's office.
78
Personal Property
Taxab e Just
Value Value
$ 8,036,976
8,576,046
9,434,287
10,410,095
11,333,640
10,902,190
10,812,334
11,547,658
12,052,258
14,685,689
$11,774,601
12,847,602
9,856,038
10,943,311
11,916,171
11,562,981
11,562,008
12,241,396
12,977,252
15,755,728
Total
Taxa a Just
Value Value
$116,792,652
154,638,497
210,204,447
209,804,188
218,153,678
229,903,728
244,470,485
269,314,508
274,426,183
305,061,255
$130,509,005
225,511,078
247,774,531
254,693,308
274,164,029
287,464,396
308,932,060
336,718,284
342,502,112
382,244,611
Ratio
Taxab a Value
To Just Value
89$
69$
85~
82$
80$
80$
79$
80$
80$
80$
79
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
1980 4.0540 6.3170 7.0200 .3620
1981 5.0430 7.3227 8.6300 .4008
1982 2.9839 4.9361 6.9192 .3707
1983 2.6762 4.1823 6.1331 .3261
1984 3.1506 4.2489 6.9329 .3526
1985 4.9200 4.1836 7.1720 .3525
1986 5.0867 4.5271 7.2280 .3428
1987 5.3126 4.6190 7.5950 .3951
1988 5.7510 4.7862 8.1580 .9075
1989 5.7510 5.0562 8.4620 .9137
(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.
80
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
.4420 .1850 1.7049 20.0849
.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) 18.5462
.4970 .1979 (2) .0670 .0923 20.4569
.5470 .1920 (2) .0395 .1537 21.1151
81
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
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
1989 4,479 305,061,255
* Source: Palm Beach County Planning Board, University of Florida
Estimates and Federal Census, and Village Building
Department
82
Debt Ratio of Net
Gross Service Net Bonded Debt Net Bonded
Bonded Monies Bonded to Assessed Debt
Debt Available Debt Value Per Capita
$895,000 $147,650 $747,350 .64 5202.81
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
710,000 121,839 588,161 .19 131.32
83
VILLAGE OF TEQUESTA, FLORIDA
Legal Debt Margin (Unaudited)
September 30, 1989
The Village of Tequesta, Florida has no legal debt margin.
84
VILLAGE OF TEQUESTA, FLORIDA
Computation of Direct and Overlapping Debt (Unaudited)
September 30, 1989
Percentage Amount
Applicable Applicable
Net Debt To To
Taxing Authority Outstanding Tequesta Tequesta .
Village of Tequesta $ 588, 161 1 00.00$ $ 588, 161
Palm Beach County 175,855,000 .78$ 1,371,669
Palm Beach County
School Board 303,245,000 .78$ 2,365,311
Total $4,325,141
Source: Above Government Entities
85
VILLAGE OF TEQUESTA, FLORIDA
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Expenditures (Unaudited)
Last Ten Fiscal Years
Ratio
of Debt
Total Service to
Fiscal Year Total General Total
Ended Debt Expenditures General
September 30 Principal Interest Service (1) Expenditures
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
1989 25,000 61,905 86,905 3,419,901 2.5
(1) Includes General, Special Revenue, Debt Service and Capital Projects
Funds .
86
VILLAGE OF TEQUESTA, FLORIDA
Revenue Bond Coverage
Water Bonds (Unaudited)
Last Ten Fiscal Years
Fi scal Year Net Revenue
Ended Gross Operating Available for
September 30 Revenues Expenses Debt Service
1980 $1,088,504 $ 659,326 $ 429,178
1981 1,207,659 752,255 455,404
1982 1,249,423 745,584 503,839
1983 1,245,749 804,402 441,347
1984 1,349,576 982,883 366,693
1985 1,566,884 1,239,255 327,629
1986 1,620,609 1,310,250 310,359
1987 1,760,534 1,434,538 325,996
1988 1,834,930 1,437,407 397,523
1989 2,142,260 1,555,291 586,969
(1) Represents net debt service costs per a securities contract
requiring the Village to purchase an aggregate of $980,000 par
amount of U.S. Treasury Bonds due February 15, 2007, bearing
interest at 7-5/8$, at an aggregate purchase price of $928,324.
The purchase price of the Treasury Bonds is added to the gross
debt service and the income from the Treasury Bonds is
subtracted from gross debt service to compute Bond Service
Requirements.
87
Debt Service Requirements Debt
Amortization Service
Principal Interest Account (1) Total Coverage
$ -0- $275,948 $ -0- $275,948 1.55
-0- 274,759 -0- 274,759 2.65
-0- 275,090 -0- 275,090 1.83
-0- 275,252 -0- 275,252 1.60
-0- 276,344 -0- 276,344 1.33
25,000 223,139 34,035 242,274 1.35
65,000 134,421 58,857 258,278 1.20
70,000 132,919 54,427 257,346 1.27
75,000 112,036 73,210 260,246 1.53
80,000 106,705 66,911 253,616 2.31
88
VILLAGE OF TEQUESTA, FLORIDA
Property Value, Construction and Bank Deposits (Unaudited)
Last Seven Fiscal Years
Commercial Residential
Construction (1) Construction(1) Property Value(3)
u er Nu er
Fiscal of of Bank Real Personal
Year Units Value Units Value Deposits (2) Property Property
1983 2 $ 687,754 39 $5,535,834 $270,278,000 $243,749,997 $10,943,311
1984 3 329,567 50 4,366,966 232,803,399 206,820,038 11,333,640
1985 9 4,692,681 33 2,106,652 224,302,732 219,001,538 10,902,190
1986 2 828,435 5 484,135 272,519,953 233,658,151 10,812,334
1987 1 116,250 27 2,717,154 269,494,041 257,766,850 11,547,658
1988 6 6,803,410 24 3,358,458 294,073,604 329,524,860 12,052,258
1989 6 1,615,526 18 2,694,552 289,305,649 366,488,883 15,755,728
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.
89
VILLAGE OF TEQUESTA, FLORIDA
Principal Taxpayers (Unaudited)
September 30, 1989
Percentage
1988 of
Assessed Assessed
Taxpayers Type of Business Valuation Valuation
County Line Plaza
(Tequesta Associates -
Limited Partnership) Shopping Center $12,486,526 3.51$
Dorner Properties
(Bank of Palm Beach Undeveloped
& Trust Company Real Estate 12,142,726 3.318
Lighthouse Plaza
(Lighthouse Plaza
Associates, Ltd.) Shopping Center 8,340,868 2.28$
Tequesta Shoppes, Ltd.
(R. Haisfield
Enterprises) Shopping Center 6,295,810 1.72$
Barnett Bank (First
National Bank of
Jupiter/Tequesta) Banking 3,314,308 .908
Tequesta Plaza
(Fehlhaber Corporation) Shopping Center 3,036,500 .838
Tequesta Fashion Mall
{Edwin J. Nelson) Shopping Center 3,026,321 .828
Tequesta Country Club Golf/Social Club 2,018,672 .558
Richard Haisfield Residential
Developer (Sub-division) 2,007,450 .548
Teque sta Corporate
Center (Tequesta Corp. Professional
Center Partners) Office Building 2,568,374 .438
TOTAL $55,237,555
Source: Palm Beach County Property Appraiser's Office
90
VILLAGE OF TEQUESTA, FLORIDA
Miscellaneous Statistics (Unaudited)
September 30, 1989
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 44 lane miles
Fire •Protection: Provided by - Palm Beach County
Fire Insurance Rating - 6
Police Protection: Number of stations - 1
Number of certified officers - 16
Number of dispatchers - 4
Municipal Water Department: Number of customers - 4,244
Average daily consumption -
2.633 million gallons
Miles of water mains - 43 miles
Sanitary Sewage: Service provided by Loxahatchee River
Environmental Control District (ENCON)
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: 794
Recreation and Culture: Number of parks - 4, approximately 52 acres
Number of libraries - 1, branch of Palm
Beach County system
Number of volumes - 15,000-20,000
Municipal Employees: Full-time - 49
91
VILLAGE OF TEQUESTA, FLORIDiA
Demographic Statistics (Unaudited)
Last Ten Fiscal Years
(And as Available)
Education
Level in
Years of
Fiscal Population Per Capita Median Formal Unemployment
Year (1) Income (2) Age (2) Schooling (2) Rate (3)
1 $3,685 $ 49.7 13.7 7.2
1981 3,750 19,072 8.4
1982 3,828 10.9
1983 3,810 20,169 12.1
1984 3,870 9.1
1985 3,928 8.8
1986 4,077 5.9
1987 4,141 7.7
1988 4,448 7.2
1989 4,479 8.4
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.
92
NOWLEN, HOLT & MINER, P.A.
CElITi1ED PUBLIC ACCOIM7AKTs
t ~ s Fr=T>i STREET
suITE too
POST OFFICE BOx 3a ~
WEST PALM BEACH, FLOtODA 33x02.9909
TELEPMOI~ (~07) •s9-3060
FAX 107) 035.0625
EVERETT 6 NOWLEN. CPA II p30-~ yeai • E WEEKS. CPA ROlEIIT W NELMRE9CN. C-A ~
EDWARD T NOL1. CPA KATNIfEN A. MINER, CPA TEIrt1' L MORTON. JI„ OA ALAN WTR{IfE Of
WILLIAM B MMER, CDA KY NATCI~R 6EAUMONT, CPA N RONALD 6EMIET'f. C-A CER11tED PI~C A~TANTS
R09ERT YV MENDRIx JR CPA MARiYN R06ERT5. CPA RlJTN ANN A$MMEAD. CPA FLORA ~E Oi
JANET R BARK EVICH CDA R ORE00RY SMITH CPA J MCMAEL STEVENS. CPA CERTFEO PII~JC ACCOUNTANTS
MA~RA AMORETTI[',OS$. CPA ACCOUNTS F~ A8000IATED MC
BEiIF 61/IQ ORiCE
9J3 S.E. ~IIO STREET
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL P~os7o~+cESOxs36
STRUCTURE RELATED MATTERS NOTED IN A FINANCIAI?E~°~•nO"DA33'70~~
T~-IDNE Isor) oae-se,z
STATEMENT AUDIT CONDUCTED IN ACCORDANCE WITH cA><I~o7la~~se
GOVERNMENT AUDITING STANDARDS
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 September 30, 1989
and have issued our report thereon dated December 15, 1989.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditin Standards, issued by the Comp-
troller General o t e Unite States. T ose standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material
misstatement.
In planning and performing our audit of the general purpose financial
statements of the Village of Tequesta for the year ended September
30, 1989, we considered its internal control structure in order to
determine our auditing procedures ,for the purpose of expressing our
opinion on the general purpose financial statements and not to
provide assurance on the internal control structure.
The management of the Village of Tequesta is responsible for estab-
lishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. The objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transac-
tions are executed in accordance with management's authorization and
recorded properly to permit the preparation of general purpose finan-
cial statements in accordance with generally acr~epted accounting
principles. Because of inherent limitations in any internal control
93
structure, errors or irregularities may nevertheless occur and not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the effectiveness
of the design and operation of policies and procedures may deterio-
rate.
For the purpose of this report, we have classified the significant
internal control structure policies and procedures in the following
categories:
Cash and cash equivalents
Investments
Receivables
Inventory
Property and equipment
Payables and accrued liabilities
Debt
Fund balance
Cash receipts/revenues
Cash disbursements/purchases
Payroll
For all of the control categories listed above, we obtained an
understanding of the design of relevant policies and procedures and
whether they have been placed in operation, and we assessed control
risk.
Under standards established by the American Institute of Certified
Public Accountants, reportable conditions involve matters coming to
our attention relating to significant deficiencies in the design or
operation of the internal control structure that, in our judgment,
could adversely affect the entity's ability to record, process,
summarize, and report financial data consistent with the assertions
of management in the general purpose financial statements.
A material weakness is a reportable condition in which the design or
operation of one or more of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course
of performing their assigned functions.
Our consideration of the internal control structure would not
necessarily disclose all matters in t he internal control structure
that might be reportable conditions and accordingly, would not
necessarily disclose all reportable conditions that are also
considered to be material weaknesses as defined above.
We noted, however, certain matters involving the internal control
structure and its operation that we consider to be reportable
conditions, and which we believe to be material weaknesses:
94
Segregation of Duties
There is inadequate separation of duties in all the control
cycles.
Our recommendations regarding the above condition, as well as other
matters involving the internal control structure and its operations
we noted, have been reported to the management of the Village of
Tequesta and are contained in Appendix A.
This report is intended for the information of management and Village
Council. This restriction is not intended to limit the distribution
of this report, which is a matter of public record.
December 15, 1989
95
NOWLEN, HOLT do MINER. P.A.
CERTIFS=D Pusuc AOCOIJ1r1TA1~Rs
21 s F{FTH STREET
4~xrE goo
POST OFFICE sOX 347
YVEST PALM 4EACMI, FLORIDA 33402•o98i
TELEPHONE 1407) 460-3080
FAX 1407) 438.0825
EVERETT B HOWLEN. CPA 1 ~ 930-19x11 S E WEEKS. CPA ROBERT W. IIElAl1EICH, CPA 1~
EDWARD T MOLT. CPA KAT}NFEl1 A. MIPER, CPA TERR1~ 1. MORTON..NI.. OA AMERICAII M41IRiTE OF
WLUAAI B MNER, CPA KW MATCHER 4EAUMONT. CPA N RONAID 4ENNE1'T. CPA CEiITFEO PIAL~ 11A~l1fTANTB
ROBERT W MENDRIX. JR .CPA MAR~rM R04ERTS. CPA RUTH ANN ABFMiEAD, CPA F1.ORDA NeTIME OF
JANET R BARICEVICM CPA R OREdORY SMfTH. CPA J MICHAEL STEVEN. CPA CERTFEp P1AC ACCOUNTANTS
MAYRA AMORETTF008S. CPA ACCOlN/T!q F/\i! ASSOCIATED NC
4BIE O~ADE OFFICE
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH "'~~bid~
PosT oFFCE 4ox ~s
LAWS AND REGULATIONS BASED ON AN AUDIT OF EELtt1IEI10E.Fil01~A30g0~0378
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WIZ'~~'O~,N.~'_
GOVERNMENT AUDITING STANDARDS ISSUED BY THE GAO
The Honorable Mayor and Village Council
Village of Tequesta, Florida
We have audited the general purpose financial statements of the
Village of Tequesta, Florida as of and for the year ended September
30, 1989, and have issued our report thereon dated December 15,
1989.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditin Standards, issued by the Comp-
troller General o t e Unite States. T ose standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material
misstatement.
Compliance with laws, regulations, contracts, and grants applicable
to the Village of Tequesta, Florida is the responsibility of the
Village's management. As part of obtaining reasonable assurance
about whether the general purpose financial statements are free of
material misstatement, we performed tests of the Village of
Teque sta's compliance with certain provisions of laws, regulations,
contracts, and grants. However, it should be noted that our
objective was not to provide an opinion on overall compliance with
such provisions.
The results of our tests indicate that, with respect to the items
tested, the Village of Tequesta complied, in all material respects,
with the provisions referred to in the preceding paragraph. With
respect to items not tested, nothing came to our attention that
caused us to believe that the Village of Tequesta had not complied,
in all material respects, with those provisions.
96
We noted certain immaterial instances of noncompliance that wee have
reported to the management of the Village of Tequesta and are con-
tained in Appendix A.
This report is intended for the information of management and Village
Council. This restriction is not intended to limit the distribution
of this report, which is a matter of public record.
December 15, 1989
97
VILLAGE OF TEQUESTA, FLORIDA
STATUTORY REPORT
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.
98
APPENDIX A: STATEMENT OF COMMENTS AND RECOMMENDATIONS
PRIOR YEAR COMMENTS WHICH CONTINUE TO APPLY
Segregation 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 con-
trol cycles are being carried out in compliance with prescribed
standards.
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.
CURRENT YEAR COMMENTS
Accounts Receivable
There is an improper cutoff of accounts receivable collections
in the water department.
We recommend that all cash received be recorded as of the date
received.
Authorized Signors
We noted that bank records were not updated to remove former
commissioners as authorized signors on bank accounts.
We recommend new signature cards be filed with the bank each
time there is a change in officers or commissioners.
99
CURRENT YEAR COMMENTS (Continued)
Procedural Manual
The financial administration procedure guide has not been
updated since June, 1984.
We recommend that the guide be reviewed and updated so that
procedures are adequately documented and available as a point
of reference for employees.
100