Comprehensive Annual Financial Report - 1987-1988a
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED
SEPTEMBER 30, 1988
CITY OF CLERMONT, FLORIDA
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1988
Prepared by:
Finance Department
Joseph E. Van Zile
Finance Director
THIS PAGE INTENTIONALLY LEFT BLANK
ii
CITY OF CLERMONTof�
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1988
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal . . . . . . . . . . . . . . . . . . . . 1
Organization Chart . . . . . . . . . . . . . . . . . . . . . 13
Listing of City Officials . . . . . . . . . . . . . . . . . . 14
FINANCIAL SECTION
AUDITORS REPORTS
Independent Auditor's Report . . . . . . . . . . . . . . . 15
,Report an--Intexnal--AcC.QUn-ting and Administrative Controls . 17
Report on Compliance . . . . . . . . . . . . . . . . . . . 21
Management Letter . . . . . . . . . . . . . . . . . . . . . 23
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types and
Account Groups . . . . . . . . . . . . . . . . . . . . . 26
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - All Governmental
Fund Types . . . . . . . . . . . . . . . . . . . . . . . 30
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - Budget and
Actual - General, Special Revenue and Capital Projects
Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 31
iii
TABLE OF CONTENTS
FINANCIAL SECTION (CONTD.)
GENERAL PURPOSE FINANCIAL STATEMENTS (CONTD.)
Combined Statement of Revenues, Expenses and Changes
In Retained Earnings/Fund Balances - All Proprietary
Fund Types and Similar Trust Funds . . . . . . . . . . . 32
Combined Statement of Changes In Financial Position -
All Proprietary Fund Types and Similar Trust Funds. . . . 34
Notes To Financial Statements . . . . . . . . . . . . . . . 37
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS
General Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . .
. 60
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . .
. 61
Statement of Revenues - Budget and Actual . . . . . . .
. 62
Statement of Expenditures - Budget and Actual . . . . .
. 64
Special Revenue Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . .
. 68
Combining Statement of Revenues, Expenditures
and Changes In Fund Balances . . . . . . . . . . . .
. 69
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual -
Federal Revenue Sharing Fund . . . . . . . . . . . .
. 70
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual -
Infrastructure Fund . . . . . . . . . . . . . . . . .
. 71
iv
TABLE OF CONTENTS
FINANCIAL SECTION (CONTD.
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS(CONTD.)
Capital Projects Fund:
Comparative Balance Sheet . . .
74
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . .
75
Enterprise Funds:
Combining Balance Sheet .
80
Combining Statement of Revenues, Expenses and Changes
In Retained Earnings . . . . . . . . . . . . o
82
Combining Statement of Changes In Financial Position
83
Internal Service Fund:
Comparative Balance Sheet - Gas and Oil Revolving Fund
86
Comparative Statement of Revenues, Expenses and Changes
In Retained Earnings - Gas and Oil Revolving Fund . . .
87
Comparative Statement of Changes In Financial Position -
Gas and Oil Revolving Fund . .. . . . . . . . . .
88
Trust and Agency Funds:
Combining Balance Sheet - Trust and Agency Funds
93
Combining Statement of Revenues, Expenses and Changes
In Fund Balances - Trust Funds . . . . . . . . . .
94
Combining Statement of Changes in Financial Position -
Trust Funds . . . . . . . . . . . . . . .
96
Statement of Changes In Assets and Liabilities -
Deferred Compensation Agency Fund . . . . .
97
VA
TABLE OF CONTENTS
FINANCIAL SECTION (CONTD.
Account Groups:
Statement of General Fixed Assets By Source . . . . . . . 102
Statement of General Long -Term Debt . . . . . . . . . . . 103
Schedules:
Comparative Schedule of Revenues, Expenses and
Changes In Retained Earnings - Utility Fund . . . . . . 105
Independent Auditor's Report on Schedule of
Federal Financial Assistance . . . . . . . . . . . . 107
Schedule of Federal Financial Assistance . . . . . . . . 109
STATISTICAL SECTION
Comments On The Statistical Section .
. . . . . . . . .
. 111
General Governmental Expenditures By
Function -
Last Ten Fiscal Years . . . . . . .
. . . . . . . . .
. 112
General Revenue By Source - Last Ten
Fiscal Years . . .
. 114
Property Tax Levies, Tax Collections
and Assessed
Valuations - Last Ten Fiscal Years
. . . . . . . . .
. 116
Property Tax Rates - All Overlapping
Governments -
Last Ten Fiscal Years . . . . . . .
. . . . . . . . .
. 118
Special Assessment Collections - Last
Ten Fiscal
Years . . . . . . . . . . . . . . .
. . . . . . . . .
. 121
Revenue Bond Coverage - All Revenue Bonds
- Last
Ten Fiscal Years . . . . . . . . .
. . . . . . . . .
. 122
Demographic Statistics . . . . . . .
. . . . . . . . .
. 124
vi
TABLE OF CONTENTS
STATISTICAL SECTION (CONTD.)
Property Value, Construction and Bank Deposits -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 126
Principal Taxpayers . . . . . . . . . . . . . . . . . . 128
Miscellaneous Statistics . . . . . . . . . . . . . . . 129
Schedule of Insurance Coverage . . . . . . . . 130
11�/� "�ff -40-1ZA
vii
THIS PAGE INTENTIONALLY LEFT BLANK
viii
INTRODUCTORY SECTION
CITY OF CLERMONT
P.O. BOX 219 • CLERMONT, FLORIDA 32711 • PHONE 904/394-4081
March 9, 1989
Honorable Mayor and Council Members
City of Clermont
Clermont, Florida
The Comprehensive Annual Financial Report of the City of Clermont,
Florida, for the fiscal year ended September 30, 1988, is hereby
submitted. This report was prepared by the City Is Finance Department.
Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all
disclosures, rests with the City. We believe the data, as presented,
is accurate in all material aspects; that it is presented in a manner
designed to fairly present the financial position and results of
operations of the City as measured by the financial activity of its
various funds, and that it includes the disclosures necessary to enable
the reader to gain the maximum understanding of the City's financial
activities.
THE REPORTING ENTITY AND ITS SERVICES
The City of Clermont, which occupies four square miles, was
incorporated in 1916. The City is located in the southeast section of
Lake County in Central Florida, and is approximately 25 miles west of
Orlando, Florida.
The City has a Council -Manager form of government, with a Mayor
and four other Council Members who are elected at large for two year
staggered terms. Elections are held on the first Tuesday after the
first Monday in November of each year. The City employs a full-time
manager who is the Chief Executive and Administrative Officer of the
City.
The City provides a full range of municipal services as directed
by its charter. These include Police and Fire Protection, Street and
Sidewalk Maintenance, Planning and Development, Code Enforcement,
Recreational Facilities and Programs, Cemetery and General
Administrative functions. Clermont also operates and maintains water,
wastewater treatment and sanitation utilities. In addition, the City
is the largest financial supporter of a private library that serves
city residents, as well as residents of the surrounding area.
-1-
The funds and entities related to the City of Clermont included
in our Comprehensive Annual Financial Report are controlled by or
dependent on the City. Determination of "controlled or dependent on"
is based on criteria outlined in the "National Council on Government
and Accounting (NCGA) Statements". The basic criterion for inclusion
is the exercise of oversight responsibility by the City Council. Based
upon this criterion, the various funds and account groups shown in the
Table of Contents are included in this report. The report, together
with the accounting and budgeting systems, have been designed to
conform to the standards set forth by the National Council on
Governmental Accounting, American Institute of Certified Public
Accountants and the Financial Accounting Standards Board,. as affirmed
by the Governmental Accounting Standards Board (GASB) in GASB Statement
No. 1, "Authoritative Status of NCGA Pronouncements and AICPA Industry
Audit Guide".
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's accounting records for General, Special Revenue,
Capital Projects and certain Trust and Agency Funds are maintained on
a modified accrual basis with revenues being recognized when they
become measurable and available, while expenditures are recorded at the
time liabilities are incurred. Accounting records for the Enterprise,
Internal Service and certain Trust and Agency Funds are maintained on
a full accrual basis.
In developing and modifying the City's accounting system,
consideration is given to the adequacy of internal accounting controls.
Internal accounting controls are designed to provide reasonable, but
not absolute assurance regarding:
1. The safeguarding of assets against loss from unauthorized use
or disposition; and
2. The reliability of financial records for preparing financial
statements and maintaining accountability for assets.
The concept of reasonable assurance recognizes that:
1. The cost of a control should not exceed the benefits likely
to be derived; and '
2. The evaluation of costs and benefits requires estimates and
judgments by management.
All internal control evaluations occur within the above framework.
We believe that the City's internal accounting controls adequately
safeguard assets and provide reasonable assurance of proper recording
of financial transactions.
-2-
Budgetary integration is established in the accounting records for
control purposes at the object level. The City Manager is authorized
to approve transfers between departments, but changes in total budget
appropriations for a fund must have prior approval of the City Council.
Budgetary reports are issued and reviewed monthly.
FINANCIAL STATEMENT FORMAT
The report is arranged in the following sections:
Section I: Introductory Section
Contains the Letter of Transmittal and other
such material as may be useful in
understanding the reporting entity.
Section II: Financial Section
This section of the report contains combined,
combining and individual fund and account
groups financial statements which present
fairly the financial position and results of
operations for the fiscal year. These
statements and schedules are divided into
three parts:
Part 1. General Purpose Financial Statments,
which display financial data for the City as
a whole;
Part 2. Combining Statements - By Fund Type,
which present data for homogeneous funds; and
Part 3. Supporting Schedules, which present
supplementary data not necessary for fair
presentation.
Section III. Statistical Section
This section presents
information which will
reader in understanding
its future potential.
GENERAL FUND
detailed historical
be beneficial to the
the City's growth and
The General Fund encompasses the general governmental functions
of the City and all other functions not accounted for in other separate
funds.
Unreserved, undesignated fund balance increased .46% from
$1,113,652 to $1,118,802 and was 64.5% of total General Fund
expenditures. Fund balance is the amount of resources available for
expenditure in future years. Of the fund balance available at
September 30, 1988, $30,967 is budgeted for use in the 1988-89 fiscal
year budget.
-3-
Revenues and other f inancing sources of the current f iscal year
as compared with those of the previous year are presented as
follows:
1987-88
Percent
of
Amount Total
1986-87
Percent
of
Amount Total
Percent
Increase
<Decrease>
over
1AAA-A7
Taxes
913,493
51.3
873,029
53.8
4.6
Licenses & Permits
30,000
1.8
21,154
1.4
41.8
Intergovernmental
559,954
31.5
492,939
30.4
13.6
Charges for Services
85,964
4.9
81,634
5.1
5.3
Fines & Forfeitures
30,199
1.8
30,288
2.0
< .1>
Miscellaneous Revenues
153,111
8.6
117,585
7.2
30.2
Transfers - In
10,132
.1
8,432
.1
20.1
$1,782,853
100.0
$1,625,061
100.0
9.7
Revenues and other financing sources increased 9.7% from
$1,625,061 to $1,782,853. The increase was primarily due to increases
in Licenses and Permits and Miscellaneous Revenues. Licenses and
Permits increased 41.8% due to the approval of a major subdivision (140
units) site plan. Miscellaneous Revenues increased due to the
placement of $1,000,000 in high yielding Certificates of Deposit
generating a 33% increase in interest revenue.
Of
the total Taxes Revenue
for 1987-88,
$274, 138 or 30% was earned
from ad
valorem
property taxes.
The City's
1987-88 millage rate is in
effect
for the
19 88-89 fiscal
year and has
been maintained since the
1985-86
fiscal
year. Clermont
enjoys the
lowest ad valorem tax rate
of any
similar
size city in Lake County with comparable services.
The trend as shown in the following graph shows the average tax
rate of other cities in Lake County increasing since 1983, while
Clermont's tax rate has decreased and is now stabilized.
..
,.
4.
3.
2.
MILLAGE RATE 3.
3.
2.
2.
2.
2.
YEAR
E1Y OF
LIA ONT
- CyODUHTTV
8IHERGGIi1of
ES
-4-
All other revenue sources increased at a moderate rate and there
was no significant change in the percentage of total revenue by source.
Expenditures and other financing uses of the current fiscal year
as compared with those of the previous year are as follows:
1987-88
Percent
of
Amount Total
MMMIA
Percent
of
Amount Total
Percent
Increase
<Decrease>
over
19 86-87
General Government
339,916
18.7
329,535
19.7
3.2
Public Safety
574,872
31.6
486,449
29.0
18.2
Physical Environment
76,565
4.2
79,353
4.7
< 3.5>
Transportation
461,718
25.4
383,373
22.9
20.4
Economic Environment
1,175
.1
2,275
.1
<48.3>
Culture & Recreation
283,504
15.6
395,510
23.6
<28.3>
Transfers - Out
80,241
4.4
-0-
100.0
1,817,991
100.0
1,676,495
100.0
8.4�
Expenditures and Other Financing Uses increased 8.4% from
$1, 676, 495 to $1, 817, 991. The increase was primarily due to funds
transferred to the Capital Projects Fund for the development of the
Twelfth Street Recreational Park.
SPECIAL REVENUE FUNDS
Special Revenue Funds account for revenue from specific revenue
sources which are legally restricted for specified purposes.
Federal Revenue Sharing Funds were obligated to fund specific
items designated in the City's Annual Budget. The program has been
discontinued and expenditures are the result of completing remaining
projects and using interest earnings which were received on
investments.
The Infrastructure Fund was established to account for the City's
share of the Local Government Infrastructure Surtax. The surtax which
represents a one cent increase in the sales tax was levied by the Lake
County Board of Commissioners and approved by voters in a referendum
in November 1987. The surtax proceeds are distributed to the City from
the State based on an Interlocal Agreement between the cities and Lake
County. Chapter 212.055, Florida Statutes requires the surtax
proceeds, which are of fective for f if teen years from the date of levy,
to be expended only on infrastructure.
Infrastructure is defined as any fixed capital expenditure
associated with the construction, reconstruction or improvement of
public facilities which have a life expectancy of five or more years
and any land acquisition, land improvement, and design and engineering
costs related thereto.
-5-
A comparison of revenue for the last three fiscal years is
presented as follows:
Federal Revenue Sharing
Infrastructure Fund
493
208,814
209,307
CAPITAL PROJECTS FUND
59'I ZIMM
3,406
-0-
3,406
1985-86
58,690
-0-
58, 690
The City established a Capital Projects Fund to account for the
acquisition and development of recreational property 'purchased on
Twelfth Street. Revenue sources that are planned to be used include
General Fund transfers, Local Government Infrastructure Surtax
proceeds, donations and grants. Expenditures incurred in the 1987-88
fiscal year were for the acquisition of property. Development is
estimated to cover three years beginning with the 1988-89 fiscal year.
UTILITY FUND
The Utility Fund accounts for the provision of water and sewer
services to the residents of the City.
Operating revenues increased 7.4% from $983,628 to $1,056,616 due
to increased customer growth.
Operating expenses increased 14.4% from $684,601 to $783,384
primarily due to increases in utilities, repair and maintenance,
engineering fees and insurance costs. These cost increases are
associated with the completion of an expansion to the existing sewage
treatment plant, which doubles the wastewater treatment capacity.
The sewage treatment plant expansion project was part of a larger
project which included the construction of an additional sprayf ield and
renovation of an existing lift station. The project, which was
completed during the 1987-88 fiscal year, totalled $2, 058, 668. Funding
for the project was obtained primarily from a U.S. Environmental
Protection Agency Grant and a Revenue Bond Issue.
The City refunded three Water and Sewer Revenue Bond Issues during
the 1987-88 fiscal year for an accounting gain of $775,086 (see note-
10). The refunding was performed due to the U.S. Farmers Home
Administration offering of considerable discounts of outstanding
principal balances to encourage early extinguishment. The total
principal discounted amounted to $797,898 or 28.6% of the then
outstanding principal balance of $2,789,900. The payoff funds were
borrowed from the City of Gulf Breeze, Florida, Local Government Loan-
Program. The City was able to realize the following additional
benefits from the refunding:
- Elimination of possible graduation of bonds
- Elimination of Bond Reserve Fund requirements
- Removal of General Fund Revenue Pledges
- Consolidation of three debt issues
- Reduction of debt service period by seven years
Comparative data for the last three years is illustrated in the
following table:
19 87-8 8
19 86-87
19 85-86
Operating Revenues
1,056,616
983,628
862,865
Operating Expenses
783,384
684,601
661,478
Operating Income
273,232
299,027
201,387
Net Fixed Assets
71678,475
7,502,967
6,326,721
Debt Service Coverage
1.45
1.86
1.35
SANITATION
The Sanitation Fund accounts for the provision of garbage and
trash removal service to the residents of Clermont.
Operating revenues increased 3.2% from $262,724 in 1986-87 to
$271,202 in 1987-88. Operating expenses increased 8.0% over the same
period, primarily due to a 24.6% increase in landfill costs.
Comparative data for the last three fiscal years is illustrated
in the following table:
Operating Revenues
Operating Expenses
Operating Income
271,202
257,316
13,886
INTERNAL SERVICE FUND
MMUMI-IFA
262,724
238,272
24,452
19 85-86
258,220
233,828
24, 392
The Gas and Oil Revolving Fund accounts for the cost of petroleum
products used by various departments of the City. The cost is based
on current market value and is charged to the using funds.
-7-
TRUST AND AGENCY FUNDS
Trust and Agency Funds account for assets held by the City as
Trustee for individuals, private organizations and other governmental
units and/or funds.
The General Employees', Police officers' and Volunteer
Firefighters' Pension Trust Funds account for the accumulation of
resources to be used for the retirement annuities of all city
employees.
The Cemetery Perpetual Care Trust Fund accounts for monies
received from people buying lots in the city cemetery. The principal
must be kept intact, but the interest may be transferred to the General
Fund to defray the cost of cemetery operation and maintenance.
The Employees' Deferred Compensation Agency Fund accounts for
money earned by employees but voluntarily deferred until some future
time period.
GENERAL FIXED ASSETS
The general fixed assets of the City of Clermont are those fixed
assets used in the performance of general governmental functions and
exclude the fixed assets of the Proprietary Funds. As of September 30,
1988, the general fixed assets of the City totalled $3,476,206. This
amount represents the original cost of the assets and is, therefore,
considerably less than their present value. Depreciation of general
fixed assets is not recognized in the City's accounting system.
CASH MANAGEMENT
The City earned $299,289 or 8.1% of total revenue from all funds,
with the exception of the Pension and Deferred Compensation Funds, in
interest revenue during the 1987-88 fiscal year. The weighted average
rate of return during 1987-88 was approximately 7.47%. The following
table shows the breakdown of interest by source:
State Board of Administration
Certificates of Deposit
Repurchase Agreements
Money Market
Percent
Average
of
Rate of
Amount
Total
Return
189,548
63.3
7.34
55,774
18.6
8.50
28,952
9.8
6.21
25, 015
8. 3
5.50
299,289 100.0
OM
The City maintains the majority of its funds with the Florida
State Board of Administration Investment Pool. The pool is managed by
the State of Florida and is available to any governmental agency within
the State. The major advantage the pool offers to small cities such
as Clermont, is the higher rate of return from the large amount of
funds available to invest. The funds in the pool are very liquid in
that access is available on a daily basis.
The City placed $1, 000, 000 in Certificates of Deposit with a local
qualified public depository in February 1988. The interest rates are
8.25% and 8.75%, with maturity periods of two and three years
respectively.
The City has a Banking Service Agreement with a local qualified
public depository that provides that all funds in excess of a
compensating balance will earn interest through overnight repurchase
agreements. The agreement provides that a specific rate of return
based on the bank's federal funds rate and amount of excess funds will
be earned and credited to the City's account on a daily basis.
DEBT ADMINISTRATION
The City had three Long Term Notes and two Revenue Refunding Bond
Issues outstanding on September 30, 1988. The notes totalling $132, 476
were obtained to finance the construction of the library building and
to purchase a fire truck and computer system. The Revenue Refunding
Bond Issues totalling $3,585,000 are secured by the gross revenues of
the water and sewer system.
RISK MANAGEMENT
The City maintains liability and Workmen's Compensation Insurance
through programs sponsored and administered by the Florida League of
Cities. The limit of protection for the liability coverage is
$1,500,000 per occurrence. The City is not aware of any pending or
threatened litigation which would not be covered by insurance.
FINANCIAL POSITION AND FUTURE PROSPECTS
The City of Clermont continues to maintain a sound financial
position while providing and expanding services to the residents of the
City. The standards for services and the associated costs to the
residents compare favorably to other governmental units in our area.
Conservative budgeting practices along with both short and long range
planning strategies should ensure a positive future for Clermont.
In the coming year we will expand our service area with .regard to
wastewater treatment with the construction of a flow equalization tank
and transmission lines from the undeveloped area on the east side of
town to our treatment facility. Also in the City's future is the
development of the Twelfth Street Recretional Park on approximately
twenty acr-es. The park is being designed to provide something for the
entire family, including ball fields, tennis courts, and picnic and
nature study areas. The first phase of the park should be under
construction by mid -year.
In an effort to reduce the ever increasing problem of solid waste
management, the City will undertake a citywide recycling program, which
will be the first step in a comprehensive plan to reduce the waste
stream created by our residents.
Due to limited revenue sources, we must continuously monitor our
financial position and any legislation affecting the City's financial
stability. The trend to shift financial burdens from the federal
government to local governments will have a serious effect on all
municipalities. Fortunately, the City of Clermont has adequate
reserves, a relatively low ad valorem tax rate and a potential for
unprecedented growth, which if managed properly will continue to
provide an excellent and affordable standard of living for the
residents of Clermont.
CERTIFICATE OF ACHIEVEMENT
The Government Finance Officers Association of the United States
and Canada (GFOA) presents a Certificate of Achievement for Excellence
in Financial Reporting to governmental units whose comprehensive annual
financial reports (CAFRs) are judged to substantially conform to
program standards. In order to be awarded this certificate, a
governmental unit must publish an easily readable and efficiently
organized CAFR, whose contents satisfy both generally accepted
accounting principles and applicable legal requirements.
we believe our -current report conforms to the Certificate of
Achievement Program requirements, and we are submitting it to the
Government Finance Officers Association to determine its eligibility
for a certificate.
INDEPENDENT AUDIT
Florida Statutes and the City Charter require an annual financial
audit of the financial statements of the City of Clermont by an
independent certified public accountant selected by the City Council.
This requirement has been satisfied and the Auditors' unqualified
opinion has been included in this report.
-10-
ACKNOWLEDGEMENTS
The preparation of this report on a timely basis could not have
been accomplished without the efficient and dedicated services of the
staffs of the City Manager's office, Planning Department and Finance
Department. A special note of appreciation is due to Jeanny Fisk,
Senior Accounting Clerk, whose hard work and patience is largely
responsible for the preparation of this report. I would also like to
thank the Mayor and members of the City Council for their interest and
support in planning and conducting the financial operations of the City
in a responsible and progressive manner.
Respectfully submitted,
Way�e Saunders
Cit anager
Jo p E. n Zile
Finance Director
-11-
THIS PAGE INTENTIONALLY LEFT BLANK
-12-
E4
I
u
a
ac
z
0
N
E+
•i
N
N
O
E+
z
W�
a
u
k.
O
E+
N
u
w
�a
0
e+
H
OC
>•
E•
N
u
a
z u
w z
lV M
N V
F
u E
U
to
W
W
E•
E4
N
O
u
a�
U
N
C
U
ro
C
c
ro
CI
C
ri
CI
O
14
o
ro
o
0
3
u
u
ii
W ro
m
c
14
c
►+ •.4
o
ar
v
to
ro c
a
c>
m
N
a a
W
u
N
a
0
a
ON
c
.14
tr
.,
d
00
c
.c
w a1
c
>\
.a
c
C
u
y
.4
z U
H
A
0
>.
N U
41
41
7
ro
k. 4
a
m
m
a
-13-
CITY OF CLERMONT, FLORIDA
LISTING OF CITY OFFICIALS
AS OF SEPTEMBER 30, 1988
ELECTED OFFICIALS
Mayor Robert A. Pool
Mayor/Pro-Tem Hal Turville
Councilmember Ann Dupee
Councilmember Richard L. Huff
Councilmember Lester Cole
APPOINTED OFFICIALS
City Manager
City Attorney
Finance Director
Public Works Director/Fire Chief
Chief of Police
Utility Director
City Engineer
Planning Director
Wayne Saunders
Leonard H. Baird, Jr.
Joseph E. Van Zile
Robert E. Smythe
Prentice Tyndal
Preston Davis
John Springstead
James J. McAllister
-14-
FINANCI►4L
SECTION
This -Section Contains the Following Subsections:
AUDITORS' REPORTS
GENERAL PURPOSE FINANCIAL STATEMENTS
COMBINING AND INDIVIDUAL FUND AND
ACCOUNT GROUP STATEMENTS
SCHEDULES
AUDITORS' REPORTS
INDEPENDENT AUDITOR'S REPORT
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
The Honorable Mayor and City Council
City of Clermont, Florida
We have audited the general purpose financial statements of the City of
Clermont, Florida, as of and for the year ended September 309. 1988, as listed
in the accompanying table of contents. These general purpose financial
statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. 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 respects, the financial position of the City of
Clermont, Florida, at September 30, 1988, and the results of its operations and
the changes in financial position of its proprietary and similar trust fund
types for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on,the general purpose
financial statements taken as a whole. The combining, individual fund, and
individual account group financial statements and schedules listed in the
accompanying table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose financial
statements of the City of Clermont, 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 presented in all
material respects in relation to the general purpose financial statements taken
as a whole.
Clermont, FloridaGLhx`L� Q���, / • /�•
November 229 1988
-15-
THIS PAGE INTENTIONALLY LEFT BLANK
-16-
REPORT ON INTERNAL ACCOUNTING
AND ADMINISTRATIVE CONTROLS
The Honorable Mayor and City Council
City of Clermont, Florida
M
0
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
We have audited the general purpose financial statements of the City of
Clermont, Florida, for the year ended September 30, 1988, and have issued our
report thereon dated November 22, 1988. As part of our audit we made a study
and evaluation of the system of internal accounting control and the applicable
internal control systems used in administering Federal financial assistance
programs of the City of Clermont, Florida, to the extent we considered
necessary to evaluate the systems as required by generally accepted auditing
standards; the standards for financial and compliance audits contained in the
Standards for Audit of Governmental Organizations, Programs, Activities and
Functions, issued by the U.S. General Accounting Office; the Single Audit Act
of 1984; and the provisions of OMB Circular A-1289 Audits of State and Local
Governments.
The management of the City of Clermont, Florida, is responsible for
establishing and maintaining internal control systems, including those used in
administering Federal financial assistance programs. In fulfilling that
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of control procedures. The objectives
of internal control systems are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from unauthorized
use or disposition, and with respect to Federal financial assistance programs,
that resource use is consistent with laws, regulations, and policies;
resources are safeguarded against waste, loss, and misuse; transactions are
executed in accordance with management's authorization; and reliable data are
obtained and maintained to permit the preparation of financial statements in
accordance with generally accepted accounting principles and the preparation of
Federal reports in accordance with Federal requirements. Because of inherent
limitations in any system of internal accounting and administrative controls,
errors or irregularities may nevertheless occur and not be detected. Also,
projection of any evaluation of the systems to future periods is subject to
the risk that procedures may become inadequate because of changes in
conditions or that the degree of compliance with the procedures may
deteriorate.
-17-
The significant internal accounting and administrative control categories, and
the extent of our study and evaluation of these categories, are as follows.
Control categories for which our study was extended beyond the preliminary
review phase:
Cash and investments
Receivables
Inventory
Property, equipment and capital outlay
Payables and accrued liabilities
Debt and debt service
Fund balance and retained earnings
Construction Grants for Wastewater Treatment System
.and Water System
Control categories for which our study was limited to a preliminary
review:
Political activity
Davis - Bacon Act
Civil Rights
Federal financial reports
With respect to internal control systems for which our study was extended
beyond the preliminary review phase, our study and evaluation included
considering the types of errors and irregularities that could occur,
determining the internal control procedures that should prevent or detect such
errors and irregularities, determining whether necessary procedures are
prescribed and are being followed satisfactorily, and evaluating any
weaknesses. Such study and evaluation included the significant internal
accounting and administrative controls used in administering major Federal
financial assistance programs. During the year ended September 30, 1988, the
City of Clermont, Florida, expended 100% of its Federal financial assistance
under this major Federal financial assistance program.
With respect to the internal control systems for which our study and evaluation
was limited to a preliminary review, we merely obtained an understanding of the
control environment, the accounting system, and control procedures.
Accordingly, our audit would not necessarily disclose all material weaknesses
in these systems.
Our study and evaluations described in the two preceding paragraphs were more
limited than would be necessary to express an opinion on the system of internal
accounting control for the City of Clermont, Florida. Accordingly, we do not
express an opinion on the system of internal accounting control taken as a
whole or on the internal control systems used in administering the major
Federal financial assistance program of the City of Clermont, Florida, or on
any of the control categories identified above.
However, our study and evaluation and our audit disclosed no condition that we
believe to be a material weakness.
-18-
This report is intended solely for the use of management, all applicable
Federal agencies, and those other governments from which Federal financial
assistance was received and should not be used for any other purpose. This
restriction is not intended to limit the distribution of this report, which,
upon acceptance by the City of Clermont, Florida, is a matter of public record.
Clermont, Florida
February 1, 1989
-19-
THIS PAGE INTENTIONALLY LEFT BLANK
-20-
REPORT ON COMPLIANCE
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
The Honorable Mayor and City Council
City of Clermont, Florida
We have audited the general purpose financial statements of the City of
Clermont, Florida, for the year ended September 30, 1988, and have issued our
report thereon dated November 229 1988. Our audit was made in accordance with
generally accepted auditing standards; the standards for financial and
compliance audits contained in the Standards for Audit of Governmental
Organizations, Programs Activities and Functions, issued by the U.S. General
Accounting Office; the Single Audit Act of 1984; and the provisions of OMB
Circular A-1289 Audits of State and Local Governments, and, accordingly,
included such tests of the accounting records and such other auditing
procedures as.we considered necessary in the circumstances.
The management of the City of Clermont, Florida, is responsible for the City's
compliance with laws and regulations. In connection with the audit referred
to above, we selected and tested transactions and records that included, but
were not limited to, transactions and records relating to the major Federal
financial assistance program. The purpose of our testing of transactions and
records was to obtain reasonable assurance that the City of Clermont, Florida,
had, in all material respects, administered its major Federal financial
assistance program in compliance with those laws and regulations for which we
believe noncompliance could have a material effect on the allowability of
program expenditures or on the City's general purpose financial statements.
Such laws and regulations include those pertaining to Federal financial reports
and claims for advances and reimbursements.
In our opinion, for the year ended September 309 1988, the City of Clermont,
Florida, administered its major Federal financial assistance program in
compliance, in all material respects, with those laws and regulations for which
we believe noncompliance could have a material effect on the allowability of
program expenditures.
-21-
Further, the results of our testing of transactions and records referred to in
the second paragraph of this report indicate that for the transactions and
records tested the City of Clermont, Florida, complied with those laws and
regulations for which noncompliance could have a material effect on the
allowability of program expenditures or on the City's general purpose financial
statements. With respect to the transactions and records that were not tested
by us, nothing came to our attention to indicate that the City of Clermont,
Florida, had not complied with laws and regulations.
Clermont, Florida
February 1, 1989
-22-
MANAGEMENT LETTER
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
The Honorable Mayor and City Council
City of Clermont, Florida
This report contains our comments as required by Chapter 10.554, Rules of the
Auditor General, Local Governmental Entity Audits, for the City of Clermont,
Florida, for the year ended September 30, 1988.
Subparagraph (1) of Chapter 10.554 refers to whether irregularities reported in
the preceding annual financial audit have been corrected. There were no
irregularities reported in the preceding annual financial audit.
Subparagraphs (2) and (3) of Chapter 10.554 refer to whether recommendations
made in the preceding annual audit have been followed and recommendations to
improve the City's present financial management, accounting procedures, and
internal control. The recommendations made in the preceding annual audit which
have not been implemented are included with this year's recommendations.
Subparagraph (4) of Chapter 10.554 refers to violations of laws, rules and
regulations discovered within the scope of the financial audit. We noted the
following violations:
1. The Water and Sewer Revenue Bond, 1972 series, covenant requires the
operation and maintenance fund to have a stated balance and outlines
the method of obtaining the balance. At September 30, 1988, this
account did not have the required balance. The City is required to
have an audit within sixty (60) days of its year end. The audit was
started but not completed during this time.
Subparagraph (5) of Chapter 10.554 refers to illegal or improper expenditures
discovered within the scope of the financial audit. We did not discover any
illegal or improper expenditures.
-23-
Subparagraph (6) (a)(b) and (d) of Chapter 10.554 requires disclosure of
improper or inadequate accounting procedures, failures to properly record
financial transactions, and other inaccuracies, irregularities, shortages, and
defalcations discovered. Our examination did not discover any of the above
items which would require disclosure, even though adjustments were made to the
City's accounts for the year ended September 30, 1988. All adjustments are
reviewed with the City's Finance Director prior to delivery of this report.
Subparagraph (6)(c) of Chapter 10.554 refers to the agreement of the financial
report filed with the Department of Banking and Finance pursuant to Section
218.32, Florida Statutes with the annual financial audit report: For the year
ended September 30, 1988, the financial report was in agreement in all material
respects.
The foregoing conditions were considered in determining the nature, timing, and
extent of the audit tests to be applied in our examination of the City's
financial statements, and this report does not affect our report on these
financial statements dated November 22, 1988.
This report is intended solely for the use of management and the State of
Florida and should not be used for any other purpose. This restriction is not
intended to limit the distribution of this report which, upon acceptance by the
City of Clermont and the State of Florida, is a matter of public record.
Clermont, Florida
February 1, 1989
-24-
GENERAL PURPOSE
FINANCIAL STATEMENTS
(Combined Statements -Overview)
These basic financial statements provide a summary overview of
the financial position of all funds and account groups as well as the
operating results of all funds. They also serve as an introduction to
the more detailed statements and schedules that follow in the next
Subsection.
THIS PAGE INTENTIONALLY LEFT BLANK
-25-
CITY OF CLERMONT
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 309 1988
---------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
ASSETS
Cash
Investments
Receivables:
Interest
Accounts
Other
Due from other funds
Due from other governments
Inventory
Prepaid items
Restricted Assets:
Cash
Investments
Land
Buildings
Water System
Sewer system
Improvements other than buildings
Machinery and equipment
Construction in progress
Accumulated depreciation
Amount to be provided for
retirement of long-term debt
TOTAL ASSETS
GOVERNMENTAL FUND TYPES PROPRIETARY
----------------------------------- ------------
SPECIAL
CAPITAL
GENERAL
REVENUE
PROJECTS
ENTERPRISE
$ 43,116
$ 20,508
$ ...
$ 192,968
192339804
209924
...
19485,498
13,506
...
...
.e•
59468
...
...
111,896
...
...
...
13083
1489650
...
...
889610
26,506
479737
145065
130,617
...
...
...
249198
49091
...
...
2,534
...
...
..•
2239293
.00
...
000
891,881
• • •
. • .
...
926,378
. ..
..•
.. .
..•
...
...
. . .
298019074
• • •
• • •
...
519359628
...
...
• .'.
...
. . .
...
...
330,293
. • •
0.0
0.0
379766
•••
...
-----------
•••
.. •
---------
.. .
---------
(2,3379211)
.. .
------------
$ 194759141 $ 89,169 $ 145,365 $ 109859,406
The notes to the financial statements are an integral part of this statement.
-2Ci--
FUND TYPES
INTERNAL
SERVICE
$ •.•
2,317
FIDUCIARY
FUND TYPES
TRUST
AND
AGENCY
$ 10,194
19478,537
15,167
ACCOUNT GROUPS
------------------------
GENERAL GENERAL
FIXED LONG-TERM
ASSETS DEBT
...
...
5849729
...
...
11041,623
...
...
1,0359398
...
...
8149456
$ 2,317
$ 115039898
.. .
$ 39476,206
132,476
$ 1329476
TOTALS
(MEMORANDUM ONLY)
---------------- ------
$ 2669786
492189763
13,506
1329531
13,983
2379260
350,225
26,515
6,625
2239293
891,881
1,511,107
1,041,623
29801,074
51935,628
1,035,398
1,144, 749
37,766
(2,337,211)
132,476
------------
$ 17,683,978
1987
$ 300,276
31535,774
119, 296
1,377
89,740
427,955
23,941
58,349
126,711
1,134,078
1,174,371
1,026,116
2,790,618
4,108,263
732,613
1,055,065
1,591,369
(2,154,221)
169,494
$ 16,311,185
Continued
-27-
CITY OF CLERMONT
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1988
LIABILITIES
Accounts payable
Other accrued expenses
Contracts payable
Notes payable
Payable From Restricted Assets:
Construction contracts
Deposits
Matured revenue bond interest
Accrued interest
Revenue bonds
Bond anticipation note
Due to other funds
Deferred compensation payable
Revenue bonds payable
Other liabilities
Total Liabilities
FUND EQUITY
GOVERNMENTAL FUND TYPES
SPECIAL
CAPITAL
GENERAL
REVENUE
PROJECTS
$ 319338
$ 119625
$ ...
39839
...
•..
829000
329755
...
Contributed capital
Investment in general fixed assets
Retained Earnings:
Reserved
Unreserved
Fund Balances:
Reserved for police education
Reserved for prepaid insurance
Reserved for recreation
Reserved for cemetery care
Reserved for employees'
retirement systems
Designated for capital
replacement 227,376
Unreserved, undesignated 1,118,802
1,357,964
Total Fund Equity
1179177
44,380
145,365
PROPRIETARY
------------
ENTERPRISE
$ 14,687
15,447
5,628
34,328
76,751
60,000
91 ,144
3,525,000
------------
3,822,985
------------
...
2,422,505
ee.
944,095
.•.
3,6699821
1,755 ... ... e . .
49091 ... ... ...
59940
e..
...
•••
...
.. .
...
.. .
449789
...
...
44,789
...
7,036,421
TOTAL LIABILITIES AND FUND EQUITY $ 1,475,141 $ 89,169 $ 145,365 $ 10,859,406
-----------------------------------------
-----------------------------------------
The notes to the financial statements are an integral part of this statement.
-28- --
------------------------
FIDUCIARY TOTALS
FUND TYPES FUND TYPES ACCOUNT GROUPS (MEMORANDUM -ONLY)
--------- ---------- ------------------------ ---------------------------
TRUST GENERAL GENERAL
INTERNAL AND FIXED LONG-TERM
SERVICE
AGENCY
ASSETS
DEBT
--------
$ ...
$
------
...
$
------
...
$
----
...
...
...
...
...
...
...
...
...
...
...
...
132,476
751
751
1,566
..
1,566
$ 2,317
70,650
70,650
-----------
.••
39476,206
139,170
19294,078
1,433,248
$ 19503,898
3,476,206
$ 3,4769206
132,476
.. .
$ 132,476
1988
$ 57,650
19,286
114,755
132,476
5,628
34,328
76,751
.. s
60,000
237,260
70,650
31525,000
4,333,784
2,424,071
3,476,206
944,095
3,669,821
1,755
4,091
5,940
1399170
1,294,078
227,376
1,163,591
13,350,194
------------
$ 17,683,978
•m1
$ 37,756
39,150
.. .
169,494
137,546
27, 818
45,275
19,097
79,000
885,900
89,740
3,265,000
5,872
4,801,648
2,314,230
2,798,717
487,764
3,127,045
832
85,814
130,920
1,226,905
192,804
1,1449506
------------
11,509,537
$ 16,311,185
-29-
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANCES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
---FOR -THE YEAR ENDED SEPTEMBER 30, 1988
Revenues#
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
Total Revenues
Exppnditureso
Currents
General government
Public safety
Physical environment
Transportation
Economic environment
Culture and recreation
Capital outlay
Total Expenditures
Excess of Revenues Over (Under)
Expenditures
Other Financing Sources (Uses)#
Operating transfers In
Operating transfer out
Financing through lease/purchase
agreement
Total Other Financing Sources (Uses)
Excess of Revenues and Other
Financing Sources Over (Under)
Expenditures and Other Uses
Fund Balances - October 1
FUND BALANCES - SEPTF21DER 30
GOVERNMENTAL FUND TYPES
----------------------------------------
SPECIAL CAPITAL
GENERAL REVENUE PROJECTS
$ 913,493
30,000
559,954
85,964
30,199
153,111
1,772,721
339,916
574,872
76,565
461,718
19175
2839504
1,737,750
207,205
2,102
209,307
750
13,558
106,659
-120, 967
34,971 88,340
10,132
(80,241) (74,405)
---------------------
----(70,109) (74,405)
(35,138) 139935
19393,102 30,854
---------------------
$ 1,357,964 E 44,789
$ ...
145,365
145,365
300,011
300,011
(154,646)
154,646
-154,646
The notes to the financial statements are an integral part of this statement.
TOTALS
(MEMORANDUM ONLY)
---------------------------
1988
= 913,493
30,000
912,524
85,9611
30,199
155,213
2,127,393
340,666
588,430
183,224
461,718
1,175
2839504
300,011
2,158,728
. (31,335)
164,778
(154,646)
10,132
(21,203)
1,423,956
$ 1,1102,753
1987
$ 8'13,029
21,15)1
493,684
81,634
30,288
120,2116
1,620,035
330,335
521,365
79,813
303,373
2,275
397,817
1,714,978
(94,9113)
8,432
30,068
38,500
(56,443)
1,480,399
$ 1,423,956
-30-
I
wl
p,
O I
9
25
I
II W d f � • � : � • f • I � {i
� 4
• • 111 • • 1 • • • • • • r- 1 1° • "0 • 11
• "0 • • I • • • • • • I . • • • I ° 11
• M • • • M f • • O f C �° �° f • 11
In M
6 1 1 a LO to In
M rnIn In v r• I 11
. • f CCon i • . . . . . . O I O � � '0 • • � • i • 11
f en1 i N
�y
40
ra
r-1 • N t�
N f N N 1 ? 1 C II
d► {{
•.� O 0 1 O l� (LO9 ton,• : ! f � • V : f LonI m In CS,
4b I • CV • • rnM l� Ifl �° • • • • • I4 01 aMO . ? • 4 °� t� II
Ka • N O r N I a0 �' �' O
f( 1 I 1 1 to I'{
I
8 I�i I°i . `kph 1 m . 8 6 IIn
E.I . . C • • O ! I- In N • • • • • `�j • _4 • f .? f O� 0 CO II
Wft
�' �° O M it
I� M eC�n C- I C• f N M I{
II
M aDM °� N /T IllNOOIll�OO • 1 Ill t- Nam' e M M 11
iO3 coS'0ft ttnaft — f f �N�DU,CN+lC3 1 rn "'m . f • f i
O C- 00 °+ - In In C- � �O N N N �O � � C C- N In � ! Ul Ifl it
' M �' v Ul •' N •' i N N N 11
y I 1 t» II
M O --r -? Un •- r' 1 �O N Itl.0 Ill • O I N ° °� ��p N 1
°, O �l,p c N C-'O w o • • C- M • p M O 1 �D 11
I �' O °, °� N f °N 00 Il'1 r l[l • ! 1 � .- N • .- r 1 ;;
p w .- M I� �' O O C 1 Ul M 11
I Cprl t°Il` 0�0 C+'1 (fl 1 M U -r co f t- f M CO v v rn ! M 11 •ri
1.
w p
40 if a
O O �° N t7% 1 IllC\I t. Ul 00C\J O O O Ul 1 �° O to • till .-. N
C\j
110
} + �ci1 at Ucti i1 Ni ao ..I .. i cp
00m rn sl m o f
m I 11
v v w 11
41
..
UP
,� ffi o 04-
° 4-4 Kati w
F4 CH
I j
to I Of
� 9 w p° IQ w O
N 341
a
-31-
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES,.EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCES
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1988
PROPRIETARY
ENTERPRISE
Operating Revenues:
----------
Charges for services
$ 1,327,818
Investment earnings
...
Contributions
Cemetery lot sales
.e.
Total Operating Revenues
1,327,818
Operating Expenses:
-----------
Personal services
375,026
Utilities
135,515
Landfill
35,467
Administrative services
80,961
Repair and maintenance
64,622
Depreciation
182,989
Professional services
36,902
Insurance
42,498
Operating supplies
71,481
Office expense
12,692
Bad debt expense
29547
Benefit payments
...
Refunds
Trustee fees
e o •
Total Operating Expenses
1,040,700
Operating Income
287,118
Nonoperating Revenues (Expenses):
-----------
Interest revenue
170,031
Interest expense and amortization
(233,128)
Total Nonoperating Revenues (Expenses)
-----------
(63,097)
Income Before Operating Transfers
224,021
Operating Transfers Out
...
Income Before Extraordinary Gain
-
224,021
Extraordinary gain on refunding
775,086
Net Income
-
999,107
Retained Earnings/Fund Balances - October 1
3,614,809
RETAINED EARNINGS/FUND BALANCES - SEPTEMBER 30
$ 4,613,916
Continued
The notes to the financial statements are an integral part of this statement.
-32-
FUND TYPES FIDUCIARY FUND TYPES
---------- ------------------------------
INTERNAL PENSION NONEXPENDABLE
SERVICE TRUST TRUST
TOTALS
(MEMORANDUMS ONLY)
-----------------------------
1987
$ 40,766
$ ...
$ ...
$ 1,368,584
$ 11281,813
...
4,718
10,132
149850
188,860
...
106,863
...
106,863
77,331
�.�
...
8,250
8,250
6,300
-----------
-----------
40,766
-----------
-----------
111,581
-----------
-----------
18,382
-----------
-----------
1,498,547
-----------
1,554,304
-----------
...
...
375,026
351,759
...
...
...
135,515
117,844
...
...
...
...
35,467
28,458
...
...
...
80,961
77,105
...
..,
...
649622
44,975
.,.
...
...
182,989
179,232
...
...
36,902
23,499
...
...
...
...
42,498
61,255
40,766
...
...
112,247
57,382
�.,
...
12,692
10,937
�.�
..,
...
...
2,547
5,888
...
21,340
...
21,340
15,772
...
683
...
683
...
...
22,385
...
22,385
5,722
-----------
-----------
40,766
-----------
44,408
-----------
...
-----------
1,125,874
979,828
-----------
-----------
...
-----------
-------�---
67,173
-----------
-----------
18,382
-----------
-----------
372,673
-----------
574,476
-----------
...
...
...
170,031
155,678
...
...
...
(233,128)
(182,675)
-----------
...
-----------
...
-----------
...
-----------
(63,097)
-----------
(26,997)
-----------
...
-----------
67,173
-----------
18,382
-----------
309,576
-----------
547,479
...
...
(10,132)
(10,132)
(8,432)
-----------
...
-----------
67,173
-----------
8,250
----------
2 99,444
539,047
...
...
...
7759086
000
-----------
...
-----------
67,173
-----------
8,250
-----------
1,074,530
-----------
539,047
...
-----------
1,226,905
-----------
130,920
-----------
4,972,634
-----------
4,433,587
-----------
$ ...
$ 1,294,078
$ 139,170
$ 6,047,164
$ 4,972,634
-33-
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 309 1988
PROPRIETARY
ENTERPRISE
Sources of Working Capital: ----------
Operations:
Net income (loss) before extraordinary gain $ 224,021
Items Not Requiring Working Capital:
Depreciation 1829989
Working Capital Provided By Operations before Extraordinary Gain 4079010
Extraordinary gain on refunding 775,086
Total Working Capital Provided By Operations 1,182,096
Increase in contributed capital 109,841
Decrease in restricted assets 145,615
Increase in current liabilities payable from restricted assets ...
Increase in long-term debt 2609000
Total Sources of Working Capital 19697,552
Uses of Working Capital:
Decrease in long-term debt ...
Acquisition of fixed assets 351,441
Decrease in current liabilities payable
from restricted assets 190179929
Total Uses of Working Capital 1,369,370
NET INCREASE (DECREASE) IN WORKING CAPITAL $ 328,182
Elements of Net Increase (Decrease) in Working Capital:
Cash $ (56,124)
Investments 644,201
Receivables 189011
Prepaid expenses (22,289)
Due from other funds 59399
Due from other governments (2509765)
Inventory 29559
Accounts payable (51629)
Accrued expenses 2,047
Due_to other funds__ (99228)
NET INCREASE (DECREASE) IN WORKING CAPITAL $ 3289182
Continued
The notes to the financial statements are an integral part of this statement.
-34-
-TOTALS
FUND TYPES FIDUCIARY FUND TYPES (MEMORANDUMS ONLY)
---------- ------------------------------ -----------------------------
INTERNAL PENSION NONEXPENDABLE
SERVICE TRUST TRUST 1988 1987
$ ... $ 67,173 $ 8,250 $ 299,444 $ 5399047
-----------
.. .
67,173
. . .
67,173
67,173
$ 67,173
83,433
(22,053)
5,793
------
$ 67,173
.. .
8,250
. • .
8,250
8,250
$ 8,250
$ 8,601
(351)
$ 8,250
182,989
482,433
7759086
112579519
1099841
1459615
260,000
1,772,975
351 ,441
19017,929
19369,370
$ 4039605
$ (47,523)
727,283
18,011
(44,342)
5,399
(250,765)
2,574
(5,629)
2,047
(3,450)
-----
$ 403,605
179,232
718,279
718,279
167,018
675,282
110,919
11671,498
50,249
1,352,806
1,403,055
$ 268,443
$ 238,843
476,722
15,234
50,359
25,590
(496,548)
311
(8,827)
(2,451)
(30,790)
$ 268,443
-35-
THIS PAGE INTENTIONALLY LEFT BLANK
-36-
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
1. Summary of Significant Accounting Policies:
The City of Clermont, Florida was incorporated December, 1916, under the laws
of the State of Florida and operates under the Council-manager form of
government under its charter adopted pursuant to H.B. 2223 ch 67 - 12179
Special Acts 19679 of the State of Florida.
The financial statements of the City of Clermont, Florida have been prepared
in conformity with generally accepted accounting principles as applicable to
governments. The following is a summary of the City's more significant
accounting policies:
A. Reporting Entity - The financial statements of the City include all funds
and account groups that are controlled by or dependent on the City. The
City did not have any oversight responsibilities with respect to a
component unit, a separate governmental unit, agency or nonprofit
corporation, which would require the inclusion of the component unit's
financial statements with the City's financial statements. The basic
criterion for including a component unit within the City's reporting entity
is the exercise of oversignt responsibility. The specific criteria used by
the City to establish oversight responsibility are:
MANIFESTATIONS OF OVERSIGHT RESPONSIBILITY
1. Selection of governing authority
2. Designation of management
3. Ability to significantly influence operations
ACCOUNTABILITY FOR FISCAL MATTERS
1. Budgetary authority
2. Responsibility for debt
3. Fiscal management
Factors other than oversight which may significantly influence the entity
relationship are:
1. Scope of public service
2. Special financing relationships
Based upon the application of these criteria, the following is a brief
review of each potential component unit addressed in defining the City's
reporting entity.
-37-
Included within the reporting entity:
The City of Clermont Employees' Retirement System
The City's general employees, police officers, and volunteer firemen
participate in the City's Employees Retirement Systems. These systems
function for the benefit of the employees and are governed by a seven -
member pension board which is made up of the five members of the City
Council and a representative of the police department and the volunteer
fire department respectively.
The City and retirement system participants are obligated to fund all
retirement system costs based on actuarial valuations. The City is
authorized to establish benefit levels.
Excluded from the reporting entity:
Lake Apopka Natural Gas District
The Lake Apopka Natural Gas District was established on June 20, 1959 by
a special act of the Florida legislature. The City of Clermont is one of
three member municipalities and is entitled to appoint one member to the
Board of Commissioners of the district. The Board of Commissioners is
empowered to make monetary distributions to the member municipalities of
net current assets that have not been reserved or designated for capital
expansion. The City of Clermont has no legal obligation on District debt
or deficits nor does it significantly influence the operation of the
District.
Cooper Memorial Library
The Cooper Memorial Library is located within the city limits and
provides service to the residents of the City. The City holds title to
the library building and makes the annual mortgage note payment. The
City also makes an annual contribution to the Library. The Library Board
selects and hires management staff, establishes the budget, and is
responsible for the operation of the Library. The City does not appoint
any of the Board members.
South Lake County Hospital Tax District
The South Lake Hospital Tax District operates South Lake Hospital which
is located within the City and provides service to residents of the City.
The tax district has a separate elected board. The City Council has no
ability to exercise influence in daily operations, approve budgets, or
provide funding.
B. Fund Accounting - The accounts of the City are organized on the basis of
funds and account groups, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate set
of self -balancing accounts that comprise its assets, liabilities, fund
equity, revenue and expenditures, or —expenses, as appropriate. Government
resources are allocated to and accounted for in individual funds based upon
the purposes for which they are to be spent and the means by which spending
activities are controlled. The various funds and account groups of the
City are as follows:
1b] M.
Governmental Funds -
1. General Fund - To account for all financial resources except those
required to be accounted for in another fund.
2. Special Revenue Funds - To account for the proceeds of specific revenue
sources (other than special assessments, expendable trusts or for major
capital projects) that are legally restricted to expenditure for
specified purposes.
3. Capital Projects Fund - To account for financial resources to be used
for the acquisition or construction of major capital facilities
(other than those financed by proprietary funds and trust funds).
Proprietary Funds -
1. Enterprise Funds - To account for operations (a) 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; or (b) where the governing body had decided that periodic
determination of revenues earned, expenses incurred, and/or net income
is appropriate for capital maintenance, public policy, management
control, accountability or other purposes.
2. Internal Service Funds - To account for the financing of goods or
services provided by one department or agency to other departments or
agencies of the City, or to other governments, on a cost -reimbursement
basis.
Fiduciary Funds -
Trust and Agency Funds - To account for assets held by the City in a
trustee capacity or as an agent for individuals, private organizations,
other governmental units, and/or other funds. These include expendable
trust, nonexpendable trust, pension trust and agency funds.
Nonexpendable trust and pension trust funds are accounted for in
essentially the same manner as Proprietary Funds, since capital
maintenance is critical. Expendable trust funds are accounted for in
essentially the same manner as Governmental Funds. Agency Funds are
purely custodial (assets equal liabilities) and thus, do not involve
measurement of results of operations.
Account Groups -
General Fixed Asset Account Group - is used to maintain control and
cost information for all fixed assets other than those accounted for
in the Proprietary and Nonexpendable Trust Funds.
General Long -Term Debt Account Group - is used to record the
outstanding long-term obligations not otherwise recorded in
Proprietary, Nonexpendable Trust and Pension Trust Funds.
C. Basis of Accounting - The accounting and financial reporting treatment
applied to a fund is determined by its measurement focus. All governmental
funds and expendable trust funds are accounted for using a current
financial resources measurement focus. With this measurement focus, only
current assets and current liabilities generally are included on the
balance sheet. Operating statements of these funds present increases
(i.e., revenues and other financing sources) and decreases (i.e.,
expenditures and other financing uses) in net current assets.
-39-
All proprietary funds, nonexpendable trust funds and pension trust funds
are accounted for on a flow of economic resources measurement focus. With
this measurement focus, all assets and all liabilities associated with the
operation of these funds are included on the balance sheet. Fund equity
(i.e., net total assets) is segregated into contributed capital and
retained earnings components. Proprietary fund -type operating statements
present increases (e.g., revenues) and decreases (e.g., expenses) in net
total assets.
The modified accrual basis of accounting is used by all governmental fund
types, expendable trust funds and agency funds. Under the modified accrual
basis of accounting, revenues are recognized when susceptible to accrual
(i.e., when they become both measurable and available). "Measurable" means
the amount of the transaction can be determined and "available" means
collectible within the current period or soon enough thereafter to be used
to pay liabilities of the current period. The government considers
property taxes as available if they are collected within 60 days after year
end. A one-year availability period is used for revenue recognition for
all other governmental fund revenues. Expenditures are recorded when the
related fund liability is incurred. Principal and interest on general
long-term debt are recorded as fund liabilities when due or when amounts
have been accumulated in the debt service fund for payments to be made
early in the following year.
All major revenues, except property taxes and licenses, are considered
measurable and available and, as such, susceptible to accrual.
The accrual basis of accounting is utilized by proprietary fund types,
pension trust funds and nonexpendable trust funds. Under this method,
revenues are recorded when earned and expenses are recorded at the time
liabilities are incurred.
Encumbrance accounting is not used by the City.
D. Budgets
The City follows these procedures in establishing the budgetary data reflected
in the financial statements:
1. Prior to August 31, the City Manager submits to the City Council the
proposed operating budget for the fiscal year commencing the following
October 1. The operating budget includes proposed expenditures and the
means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to October 1, the budget is legally enacted through passage of an
ordinance.
The legal level of budgetary control is the department level. Administrative
control is maintained at the sub -object level through integration with the
accounting records. Appropriations lapse at the end of each fiscal year.
The budget is prepared on a basis consistent with generally accepted accounting
principles (GAAP) for the governmental fund types and the non -expendable trust
fund. The enterprise funds budgets are prepared on a non-gaap basis due to the
fact that depreciation is not budgeted.
-40-
The City Manager is authorized to transfer budgeted amounts within departments
within any fund. However, any revisions that alter the total expenditures of
any department or fund must be approved by the City Council. Budget amounts
are reported as originally adopted or revised and the following schedule
summarizes those revisions:
General Fund
Special Revenue Funds:
Federal Revenue Sharing
Infrastructure
Capital Projects Fund
Original Final
Budget Revisions Budget
$ 1,7089781 $ 2149499 $ 19923,280
31,348 ... 31,348
... 1859625 185,625
... 300,011 300,011
$ 197409129 $ 7009135 $ 2,440,264
Budgets are adopted for all funds except the internal service and trust and
agency funds. Budget amounts for the governmental fund types are reported in
the combined financial statements.
Comparison of budgeted and actual (budget basis) expenditures at the legal
level of control for the enterprise funds is presented as follows:
Fund/Department
Utility Fund:
Water Department
Sewer Department
Total
Actual
Budget (Budget Basis)
$ 379,208 $ 335,345
626,645 505,234
$ 110059853 $ 840,579
----------------------
Sanitation Fund $ 276,666 $ 250,260
----------------------
E. Assets, Liabilities and Fund Equity
Variance
Favorable
( Unfavorable
$ 43,863
121,411
$ 165,274
$ 26,406
1. Cash and Investments - Cash includes amounts in demand deposits as well
as short-term investments with a maturity date within three months of
the date acquired by the government. Investments are stated at cost or
amortized cost, except for investments in the deferred compensation
agency fund which are reported at market value.
2. Accounts Receivable From Other Governments - Those amounts that
represent a claim against another government, and are measurable, have
been accrued.
3. Receivables - The Water and Sewer System maintains the direct write-off
method of bad debt recognition due to the immateriality of the amounts.
4. Inventories - Inventories are priced at lower of cost or market using
the first -in, first -out method. Inventories are maintained by the
Internal Service Fund and the Utility Fund.
-41-
5. Prepaid Items - Payments made to vendors for service that will
benefit periods beyond September 30, 1988 are recorded as prepaid
items.
6. Restricted Assets - The restricted assets shown on the Enterprise
Fund balance sheet represent those assets of the Enterprise Fund
which are earmarked for specific purposes and cannot be used for
paying general obligations of the Fund. The corresponding liability
designated as payable from restricted assets represents the current
maturities for which the restricted assets are accumulated.
7. Fixed Assets - General fixed assets are not capitalized in the funds
used to acquire or construct them. Instead, capital acquisition and
construction are reflected as expenditures in governmental funds, and
the related assets are reported in the general fixed assets account
group. All purchased fixed assets are valued at cost where historical
records are available and at an estimated historical cost where no
historical records exist. Donated fixed assets are valued at their
estimated fair market value on the date received.
The costs of normal maintenance and repairs that do not add to the
value of the asset or materially extend asset lives are not
capitalized. Improvements are capitalized and depreciated over the
remaining useful lives of the related fixed assets, as applicable.
Public domain ("infrastructure") general fixed assets consisting of
roads, bridges, curbs and gutters, streets and sidewalks, drainage
systems and lighting systems are capitalized by the City along with
other general fixed assets.
Assets in the general fixed assets account group are not depreciated.
Depreciation of buildings, equipment and vehicles in the proprietary
fund types is computed using the straight-line method, over the
following estimated useful lives:
Useful
Proprietary Type Funds Lives (years)_
Buildings 25-40
Land Improvements 5-40
Equipment 3-35
Interest is capitalized on proprietary fund assets acquired with tax-
exempt debt. The amount of interest to be capitalized is calculated by
offsetting interest expense incurred from the date of the borrowing
until completion of the project with interest earned on invested
proceeds over the same period.
8. Compensated Absences - No accrual is made for accrued vacation leave in
the governmental funds because of immateriality. Accumulated vacation
leave of employees in the proprietary funds is recorded as an expense
and liability of those funds as the benefits accrue to employees. No
accrual is made for sick leave benefits which accumulate but do not
vest until retirement.
-42-
9. Long -Term Obligations - Long-term debt is recognized as a liability of
a governmental fund when due. For other long-term obligations, only
that portion expected to be financed from expendable available
financial resources is reported as a fund liability of a governmental
fund. The remaining portion of such obligations is reported in the
general long-term debt account group. Long-term liabilities expected
to be financed from proprietary fund operations are accounted for in
those funds.
10. Fund Equity - Contributed capital is recorded in proprietary funds
that have received capital grants or contributions from developers,
customers or other funds. Reserves represent those portions of fund
equity not appropriable for expenditure or legally segregated for a
specific future use. Designated fund balances represent tentative
plans for future use of financial resources.
F. Revenues, Expenditures and Expenses
1. Interest income resulting from pooling of cash in master bank accounts
is allocated to the funds in their proportionate share.
2. Unbilled revenue, which results from cyclical billing practices, is
recorded in the following fiscal year.
3. Interfund Transactions - Transactions to shift revenues or
contributions from the fund budgeted to receive them to the fund
budgeted to expend them are recorded as operating transfers in and out.
4. Property Tax Recognition - The key dates in the property tax cycle
(latest date where appropriate) are as follows:
Assessment roll validated
July 1
Millage resolution approved
September 30
Beginning of fiscal year for which
taxes have been levied
October 1
Tax bills rendered and due
November 1
Property taxes payable:
Maximum discount
November 30
Delinquent
April 1
Tax certificates sold
May 31
Property taxes are collected and remitted by the county tax collector. The
City does not accrue its portion of county held tax sale certificates
because such amounts are neither measurable nor available at balance sheet
date.
The statutory maximum tax rates which may be assessed by the City are as
follows:
Ad valorem millage 10 mills
Utility tax
(Electric, gas, telephone) 10%
(Telecommunications) 7%
G. Total columns on the Combined Statements -Overview - Total columns on the
Combined Statements -Overview are captioned Memorandum 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
-43-
Eligibility for Participation
General employees - all permanent general employees actively employed by the
City on September 30, 1985, who elected to participate.
Police officers -
all
actively
employed
sworn police officers.
Volunteer firemen
- all
actively
employed
volunteer firemen.
VESTING General Employees
FULL Age 65; 10 years
service
PARTIAL Age 60; 10 years
service
MONTHLY BENEFITS
2% of average
monthly earnings
times years of
creditable
service
Police Officers
Age 60; 10 years
service
Age 55; 10 years
service
2.25% of average
monthly earnings
times years of
creditable
service
Volunteer Firemen
Age 55; 10 years
service
Age 50; 10 years
service
$2.00 times years
of creditable
service
For all plans the partially vested monthly benefit shall be the fully vested
amount reduced by 5/12th of 1% of said amount for each month that early
retirement precedes the normal retirement date.
Each defined benefit plan provides disability benefits. Benefit provision and
all other requirements are established by Florida Statute and City Ordinance.
If an employee terminates his or her employment with the Police or Volunteer
Fire Departments, the employee is entitled to a refund of his or her
contribution.
Police officers and volunteer firemen contribute 1% of their annual salary to
their respective plans. The General Employee plan is non-contributory. The
City is required to contribute the remaining amount necessary to fund the Plans
according to the actuarial valuations.
Funding Status and Progress
The Florida Municipal Retirement System, in which the City of Clermont
participates, provided an actuarial valuation dated July 17, 1988, for the plan
year beginning October 1, 1987, for each of the City's three defined benefit
plans.
The actuarial cost method used for the actuarial valuations of the General
Employees' and the Police Officers' plans was the Aggregate Actuarial Cost
Method. Under this method the unfunded liability of the plan in the aggregate
is funded through a series of annual payments, determined as a level percentage
of each year's compensation to retirement age. The actuarial value of the
assets is the accrued liability.
The aggregate cost method without supplemental liability is based on the
concept that the remaining unfunded projected cost of the plan is to be
amortized over the remaining service lifetime of the active participants in
annual amounts that represent a level percentage of compensation. This cost
-46-
method yields a dollar amount which must be accrued or amortized in respect of
each active participant. It is the weighted average cost per participant and
does not represent the actual annual cost for any particular individual.
For the Volunteer Firemen's plan the actuarial valuation provided by Florida
Municipal Retirement Trust was completed using the frozen initial liability
with entry age normal cost method. Under this method the present value of
future benefits less the actuarial value of plan assets less the unfunded
liability yields the present value of future normal cost. When this present
value of future normal cost is multiplied by the entry age normal cost, and
divided by the entry age present value of future normal cost, the result is the
normal cost of the plan.
Initially the unfunded liability was equal to the accrued liability under the
entry age normal cost method.' This unfunded liability is increased or
decreased when the plan is amended or the actuarial assumptions are changed.
Each year, the unfunded liability is credited with interest and reduced by
amortization payments. Gains and losses are spread over the future working
lifetimes of the participants.
Actuarial accrued liability is the present value of benefits less the entry age
future normal cost and equals the unfunded liability and the actuarial value of
the plan benefits.
The amount shown below as the "accumulated pension obligation" is a
standardized measure of the present value of pension benefits, vested and
nonvested, attributed by the pension benefit formula to employee service
rendered before October 1, 1987, and based on employee service prior to that
date.
The accumulated pension obligation was computed as part of the actuarial
valuation performed for the plan year beginning October 1, 1987. Significant
actuarial assumptions used in the valuation include: (a) a rate of return on
the investment of present and future assets of 8 percent a year compounded
annually; (b) annual salary increases of 4% for general employees, 6% for
police officers, and 0% for volunteer firemen.
Accumulated Pension Obligation:
General Police Volunteer
Employees Officers Firemen
Present Value of Vested Accrued
Benefits
Retired participants currently
$ 112,285
$ •••
$ •••
receiving benefits
Terminated vested participants
with future benefits
72,949
•••
•••
Active participants
215,259_
307,739_
_4,961
Total Present Value of Vested
Accrued Benefits
400,493
3079739
41961
Total Present Value of Nonvested
Accrued Benefits
7,483
337
6,_353
Total Present Value of Accrued
Benefits
$ 407,976
$ 308,076
$ 11,314
-47-
Actuarial Valuation of Assets
(Market Value)
Excess of Total Present Value of
Accrued Benefit Above the
Actuarial Value of Assets
Percent Funded
General Police Volunteer
Employees Officers Firemen
$ 5879865
$ .. .
Contributions Required And Contributions Made
$ 3929505
$ 000
144.09% 127.41%
$ 1179884
$ .. .
1041.92%
The City of Clermont's funding policy is to provide for periodic employer
contributions at actuarially determined rates, that, expressed as a percentage
of annual covered payroll, are designed to accumulate sufficient assets to pay
benefits when due. The required contributions for the general employees' and
police officers' plans were determined using the aggregate actuarial cost
method. Contributions to the volunteer firemen's plan are determined using the
entry age normal cost method.
On October 1, 1987, neither the general employees' nor the police officer's
plan had any unfunded accrued liability. The unfunded accrued liability of the
volunteer firemen's plan at October 1, 1987, was $102, 107. According to the
actuarial valuation the unfunded accrued liability of this plan at September.
309 1988, will have a zero balance.
During the year ended September 30, 1988, contributions were made in accordance
with contribution requirements by actuarial valuations of each of the plans as
of October 1, 1987. There were no changes in actuarial assumptions during the
valuation year ended September 30, 1987.
Actuarially Determined Employer
Contribution Requirement:
General
Police
Volunteer
Employees
Officers
Firemen
Normal Cost
As a Dollar Amount
$ 10,436
$ 199780
$
29580
As a Percent of Payroll
5.6%
10.10%
55.28%
Contributions Made:
Employer
City
$ 11,768
$ 25,573
$
..•
State
...
26,429
8,137
Subtotal
11,768
529002
8,137
Employee
...
2714
62
Total
$ 11,768
---------
---------
$ 54,716
---------
---------
$
---------
---------
89199
Covered Payroll
$ 179,264
$ 283,789
$
69174
Contributions as a %
of Covered Payroll:
Employer
6.56%
18.32%
131.79%
Employee
...
.96%
1.00%
Total
6.56%
19.28%
132.79%
-48-
Trend Information
For the valuation year ended September 30, 1987, available assets were
sufficient in the General Employees', the Police Officers' and the Volunteer
Firemen's Defined Benefit Plans respectively to fund 100% of the accumulated
pension obligation. No one of the plans had any unfunded pension obligation at
October 19 1987. In addition, for the year ended September 30, 1988, the
City's contribution to the plans, as a percentage of covered payroll were 6.56%
for the General Employees' Plan, 18.32% for the Police Officers' Plan, and
131.79% for the Volunteer Firemen's Plan. Additional trend information will be
provided in future years as additional information becomes available.
GENERAL EMPLOYEE DEFINED CONTRIBUTION PENSION PLAN
The defined Contribution Pension Plan for General Employees of the City of
Clermont was established October 1, 1985, as defined in Chapter 16, Article IV,
of the Clermont Code.
This Plan is available to all permanent general employees of the City at
September 30, 1985, who elected participation in this plan and all permanent
general employees hired by the City on or after October 19 1985.
Employees are fully vested in the Plan after ten years of service. The
following is the partial vesting schedule:
YEARS OF SERVICE
Less than five years
5
years
6
years
7
years
8
years
9
years
10
years
VESTED INTEREST
0%
50%
60%
70%
80%
90%
100%
Membership in the defined contribution pension plan at September 30, 1988, was
as follows:
General Employees
Retirees and beneficiaries
currently receiving benefits 0
Vested terminated employees 3
Active employees:
Fully vested 4
Partially vested 7
Nonvested 10
In a defined contribution plan, benefits depend solely on amounts contributed
to the plan plus investments earnings. Contributions for, and interest
forfeited by, employees who terminate employment before five years of service
are used to reduce the City's current period contributions.
-49-
Covered payroll for this Plan for FY 1988 was $475,799; the City's total
payroll was $944,996.
The City contributes annually to the pension account of each active participant
an amount equal to seven percent (7%) of the employee's annual compensation.
No contribution is required of employees.
The required contribution by the City for FY 1988 was $33,304, or seven percent
(7%) of covered payroll, $475,769. Actual contribution was $32,180, or 6.75%
of covered payroll. Actual contribution was less than required due to
overpayments in FY 1987.
7. Compensated Absences:
Accumulated unpaid vacation benefits of $9,156 are accrued in the proprietary
f unds .
Post -Employment Health Care Benefits -
option of continued participation in
expense.
8. Deferred Compensation:
Retired or terminated employees have the
insurance programs at the employees' own
The City offers its employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available to all
government employees, permits them to defer a portion of their salary until
future years. Participation in the plan is optional. 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 government subject only to the claims of the government's general
creditors. Participants' rights under the plan are equal to those of general
creditor of the government in an amount equal to the fair market value of the
deferred account for each participant.
It is the opinion of the government's legal counsel that the government 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 government believes
that it is unlikely that it will use the assets to satisfy the claims of
general creditors in the future.
The Deferred Compensation Fund is classified as an agency fund. The assets are
stated at the Market value which is represented by the contract value provided
by the city's third party administrator.
-50-
9. Construction In Progress:
The following is a list of construction projects not completed at September 30,
1988:
T1RRrPTPTTnM
Interceptor line study
Total Construction
in Progress
10. Changes In Long -Term Debt:
TOTAL COSTS
ESTIMATED INCURRED
COSTS TO DATE
34,000 37 766
$ 37,766
FINANCING SOURCES
City funds
The following is a summary of changes in notes payable and bond transactions of
the City for the year ended September 30, 1988:
GLTD
Notes
Bonds
Payable
Total
Bonds and notes payable
at October 1, 1987
$ 3,344,000
$ 169,494
$ 3,5131494
Bonds and notes retired
(2,844,900)
(379018)
(2,8 81,918)
New issues
3,085,900
...,
�3,085,900
Bonds and Notes Payable
At September 30, 1988
$ 39585,000 $ 132,476 $ 397179476
Bonds and notes payable at September 309 1988, are comprised of the following
individual issues:
General Long -Term Debt:
Note payable to NCNB National Bank, dated May 23, 1980, due
in 24 annual installments of $4,417 each, starting May 239
1982, plus interest at 5 1/2% per annum, secured by the
gasoline tax revenues of the City. Balance 9-30-88 $ 75,645
Note payable to Figgie International, dated June 7, 1985, due
in 60 monthly installments of $2,190 each, which includes
interest of 6.5% per annum computed under the rules of '78.
The note is secured by a fire truck. Payments began July
79 1985. Balance 9-30-88
Note payable to NCR, dated October 1, 1986, due in 12
quarterly installments of $2,800, which includes interest
of 7% per annum. The note is secured by computer
equipment. Payments began January, 1988. Balance 9-30-88
Total Notes Payable
43,537
13L294
$ 132,476
-51-
Enterprise Funds:
Bonds:
$195409000 1972 Water and Sewer revenue refunding bonds due
serially in annual installments of $50,000 to $1359000
starting November 1, 1985 through November 1, 2002;
interest at 6% due semiannually $ 193859000
$29200,000 1988 refunding bond issue due serially in annual
installments of $20,000 to $185,000 starting December 1,
1989 through December 10 2015;interest coupon rate ranges
from 5.25% to 8$ and is paid semiannually 2,_200,000
Total Bonds Payable $ 315859000
Bonds Payable:
Current portion of bonds payable $ 609000
Long-term portion of bonds payable 3,525,000
Total Bonds Payable $ 3,5859000
The gross revenues of the water and sewer system are pledged for retirement of
the Water and Sewer Revenue Bonds, and for certain other reserves and accounts
in the system.
The annual requirements to amortize all debts outstanding as of September 30,
1988, including interest payments of $3,987,195, are as follows:
ANNUAL REQUIREMENTS TO AMORTIZE LONG-TERM DEBT
SEPTEMBER 30, 1988
YEAR
ENDING
NOTES
SEPTEMBER 30
BONDS
PAYABLE
TOTAL
1989
$ 2959762
$ 469060
$ 3419822
1990
3259679
30,847
3569526
1991
3359579
8,091
3439670
1992
339,689
79848
3479537
1993
3389256
71605
3459861
1994
- 1998
196839379
34080
197179759
1999
- 2003
196879894
289305
197169199
2004
- 2008
982,321
109176
992,497
2009--
2013
9649000
...
9649000
2014
- 2018
578,800
...
578 800
$ 79531,359
------------
------------
1739312
------------
------------
$ 7; 704, 67-1
------------
------------
-52-
REFUNDING/ EXTRAORDINARY GAIN
During fiscal year 1988, the City of Clermont refunded water and sewer revenue
bond series 1975, 1980, and 1984. The City borrowed $29200,000 through the
Gulf Breeze, Florida, Local Government Loan Program Floating Rate Demand
Revenue Bonds, Series 1985 B.
The City refunded $2,789,900 of outstanding debt plus accrued interest with the
proceeds from a $2,2009000 issue. This early extinguishment of debt resulted
in an extraordinary gain of $775,086.
Farmer's Home Administration offered discounts ranging from 12 - 33% for early
extinguishment of these bonds. The City will realize a reduction in total debt
service payments over the next thirty six years of $753,709. An economic
gain (the difference between the present value of the debt service payments of
the refunded and refunding bonds) of $83,000 was achieved.
11. Interfund Receivables/Payables:
Individual fund interfund receivable and payable balances at September 30,
1988, are as follows:
Interfund Interfund
Receivables Pay les_
General Fund $ 148,650 $ ...
Utility Revenue Fund 88,610 2,064
Gas and Oil Revolving Fund 751
Sanitation Fund ..• 89,080
Capital Projects Fund ..• 14�5._365
Totals $ 237,260 $ 237,260
------------------
------------------
12. Reserved Fund Balances and Retained Earnings:
Fund Balance - Reserves have been established for the following items:
Reserved for Police Education - Funds reserved by
state statute for training of police officers. $ 1,755
Reserved for Prepaid Insurance - Funds expended for
following year insurance coverage. 4,091
Reserved for Recreation - Funds restricted by
City ordinance for the acquisition of parks and
recreation areas. 5,940
Reserved for Cemetery Care - Funds reserved by
City ordinance for future care of the cemetery. 1399170
Reserved for Employees' Retirement Systems - Funds
restrictedfor paymentof retirement benefits. 1,294,078
Total Reserved Fund Balances $ 1,445,034
-53-
Retained Earnings - Reserves have been established in accordance with both the
covenants of the City's bond indentures for the following items in the
Enterprise Funds:
Reserved for Sinking Fund - Funds restricted for
the payment of current principal and interest.
1972 series $ 29189
1988 series 45,591
Reserved for Reserve Account - Funds restricted
for future servicing of the revenue bonds
(maximum amount of debt service due in any
ensuing year.) 146,709
Reserved for Improvement, Repair and Replacement
- Funds restricted for meeting of various
contingencies as may be specified and defined in
the indenture. 2399289
Reserved for Utility Benefit Fees - Funds
restricted for utility expansion. 510,317
Total Reserved Retained Earnings $ 9449095
13. Changes in Contributed Capital:
Balance October 1, 1987 $ 293129664
Additions from grants and _ 109,841
contributions from developers
Balance September 30, 1988 $ 294229505
14. Segment Information:
The City maintains two Enterprise Funds which provide sanitation, water and
sewer services. Segment information for the year ended September 30, 1988, is
asf o 11 ows :
Operating Revenues
Depreciation
Operating Income
Net Income
Current Capital - Contributions
Plant, Property and Equipment:
Additions
NET WORKING CAPITAL
Total Assets
BONDS AND OTHER LONG-TERM LIABILITIES
Payable From Operating Revenues
TOTAL EQUITY
UTILITY SANITATION ENTERPRISE
FUND FUND FUNDS
$ 1,056,616 $ 271,202 $ 11327,818
175,933
79056
182,989
273,232
13,886
2879118
976,213
229894
999,107
109,841
...
109,841
351,441
...
351,441
11756,312
172,714
1,929,026
10,574,704
284,702
10,859,406
39525,000
...
3,525,000
698489254
188,167
7,036,421
-54-
15. Contingencies:
The City is not aware of any pending or threatened litigation which would not
be covered by insurance.
The City has received federal grants for specific purposes which are subject to
review and audit by the grantor agencies. Such audits could lead to a request
for reimbursements to grantor agencies for expenditures disallowed under the
terms of the grant. Based upon prior experience, management believes such
disallowances, if any, would be immaterial.
—55—
THIS PAGE INTENTIONALLY LEFT BLANK
-56-
COMBINING AND INDIVIDUAL FUND
AND
ACCOUNT GROUP STATEMENTS
These financial statements provide a more detailed view of the
"General Purpose Financial Statements" presented in the pre-
ceding subsection.
Combining statements are presented when there are more than
one fund of a given fund type. Individual fund and account group
statements are presented when there is only one fund of a given
type and for the account group. They are also necessary to
present budgetary comparisons.
GOVERNMENTAL FUND TYPES
-57-
THIS PAGE INTENTIONALLY LEFT BLANK
ME
GENERAL FUND
The General Fund accounts for all revenues and expenditures
of the City which are not required to be accounted for in
other funds. It receives a greater variety and number of
taxes and other general revenues than any other fund.
-59-
CITY OF CLERMONT, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 309 1988 AND 1987
ASSETS 1988 1987
Cash $ 43,116 $ 299339
Investments 19233,804 19352,950
Receivables:
Accounts 5,468 5,179
Interest 139506 ...
Due from other funds 1489650 6,529
Due from other governments 26,506 16,979
Prepaid items 41091 33,526
----------------------
TOTAL ASSETS $ 1,475,141 $ 1,444,502
----------------------
----------------------
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 31,338 $ 22,577
Other accrued expenses 3,839 21,656
Due to other funds ... 1,295
Contracts payable 82,000 5,872
----------------------
Total Liabilities 1179177 51,400
Fund Balance:
Reserved for police education 1,755 832
Reserved for prepaid insurance 4,091 ...
Reserved for recreation 5,940 85,814
Designated for capital replacement 227,376 192,804
Unreserved, undesignated 19118,802 1,113,652
----------------------
Total Fund Balance 1,357,964 1,393,102
----------------------
TOTAL LIABILITIES AND FUND BALANCE $ 1,475,141 $ 1,444,502
----------------------
----------------------
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 309 1987
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
Total Revenues
Expenditures:
General government
Public safety
Physical environment
Transportation
Economic environment
Culture and recreation
Contingency
Total Expenditures
Excess (deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Financing through lease/
purchase agreement
Total Other Financing
Sources (Uses)
Excess (Deficiency) of Revenues
and Other Sources over (under)
Expenditures and Other Uses
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
VARIANCE
FAVORABLE
1987
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
$ 875,650
$ 9139493
$ 379843
$ 8739029
219500
309000
89500
219154
510,256
5599954
499698
4929939
847461
859964
19503
819634
359200
309199
(59001)
309288
979912
1539111
559199
1179585
-----------
196249979
-----------
-----------
19772,721
-----------
-----------
1479742
-----------
-----------
196169629
-----------
354,625
3399916
14,709
3299535
6019617
5749872
269745
4869449
89,185
76,565
12,620
79,353
474,228
4619718
12,510
3839373
32500
19175
2,325
2,275
2899530
2839504
6,026
3959510
159000
.•.
15,000
.•.
-----------
198279685
-----------
-----------
197379750
-----------
-----------
899935
-----------
-----------
196769495
-----------
(2029706)
-----------
349971
-----------
2379677
-----------
(59,866)
-----------
81000
10,132
29132
8,432
(95,595)
(80,241)
159354
..•
•..
-- --- ------
•••
- -- -- - - - - --
...
----- --- -- -
30,068.
- - - - - --- - --
(87,595)
-----------
(70,109)
-----------
179486
-----------
38,500
-----------
(290,301)
(35,138)
255,163
(21,366)
1,393,102 1,393,102 ... 1,4149468
--------------------------------------------
$ 1,102,801 $ 1,357,964 $ 255,163 $ 19393,102
-61
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Taxes:
Ad valorem
Local option gas tax
Local alternative fuel tax
Franchise fees
Utility taxes
Total
Licenses and Permits:
Professional and occupational
Other permits
Total
Intergovernmental revenues:
Two -cent cigarette tax
State revenue sharing
Mobile home licenses
Alcoholic beverage licenses
Half -cent sales tax
Motor fuel tax rebate
Municipality share of county
occupational licenses
Municipality share of one -cent
voted gas tax
Contribution from Natural
Gas District
Special fuel tax
Grants
Total
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE)
$ 270,000 $ 274,138 $ 4,138
116,000 147088 31088
... 192 192
254,575 257,976 3,401
235,075 233,999 (1,076)
875,650 913,493
----------------------
17,000 18,129
4,500 11,871
------------------
21,500 30,000
----------------------
1987
ACTUAL
$ 258,853
132,470
245,482
236,224
37,843 873,029
---------------------
19129 16,303
79371 4,851
---------------------
8,500 21,154
---------------------
31,800
32,816
1,016
33,929
171,266
184,776
13,510
181,249
8,300
8,706
406
8,559
7,850
6,509
(19341)
6,390
192,800
2029446
9,646
168,143
17000
2,641
1,641
2,527
21,200
13,837
(7,363)
14,106
409000
42,899
29899
419779
36,000
50,000
149000
36,257
40
52
12
...
...
-----------
15,272
-----------
15,272
---------------------
...
510,256 559,954
----------------------
49,698 492,939
---------------------
Continued
-62-
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 309 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Charges for Services:
Program activity fees
Administrative services
Total
Fines and forfeitures
Court fines
Police education
Total
Miscellaneous:
Interest
Rentals
Memorial sales
Surplus equipment sales
Contributions
Other miscellaneous
Total
TOTAL REVENUES
BUDGET
$ 3,500
80,961
84,461
35,200
-----------
35,200
70,000
12,112
500
2,000
8,000
5,300
97,912
$ 1,624,979
VARIANCE
FAVORABLE
ACTUAL (UNFAVORABLE)
$ 5,003
80,961
85,964
29,276
923
30,199
1179426
12,720
1,260
1,113
1,718
18,874
153,111
$ 1,772,721
(51924)
923
(5,001)
47,426
608
760
(887)
(6,282)
13,574
55,199
$ 1479742
1987
ACTUAL
$ 4,529
77,105
81,634
29,456
832
30,288
87,912
11,246
186
3,905
250
14,086
117,585
$ 1,616,629
-63-
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 309 1987
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1987
General Government Services:
------
------
-------------
----
---------------------------
Legislative:
City Council:
Personal services
$ 99300
$ 9,300
$ ... $
4,800
Operating expenses
49280
3033
847
2,684
Total Legislative
-----------
139580
-----------
129733
----------------------
847
7084
Executive:
-----------
-----------
----------------------
City Manager's Office:
Personal services
699731
709631
(900)
649639
Operating expenses
71255
79399
(144)
59118
Total Executive
-----------
769986
-----------
78,030
----------------------
(19044)
69,757
Finance and Administrative:
-----------
-----------
----------------------
Finance Director's Office:
Personal services
1129184
1129270
(86)
1009489
Operating expenses
429701
399513
39188
409598
Capital outlay
900
732
168
349821
Debt service
11,199
119198
1
89399
Total Finance and
-----------
-----------
----------------------
Administrative
166,984
1639713
39271
184,307
Legal Counsel:
-----------
-----------
----------------------
City Attorney:
Operating expenses
11,500
99737
19763
99910
Total Legal Counsel
-----------
119500
-----------
99737
----------------------
1,763
9,910
Planning and Zoning:
-----------
-----------
----------------------
Personal services
56,295
469744
9,551
33,063
Operating expenses
29,280
28,959
321
25,014
Total Planning and Zoning
------ ---
85,575
-----------
-----------
75,703
-----------
----------------------
9,872
----------------------
58077
Total General
Government Services
354,625
-----------
339,916
-----------
149709
----------------------
329,535
Continued
-64-
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1987
Public Safety:
-------------
Law Enforcement:
Personal services
Operating expenses
Capital outlay
Total Law
Enforcement
Fire Control:
Personal services
Operating expenses
Debt service
Total Fire Control
Total Public Safety
Physical Environment:
--------------------
Public Works:
Personal services
Operating expenses
Total Public Works
Animal Control:
Personal services
Operating expenses
Total Animal Control
Total Physical
Environment
BUDGET
$ 449,031
76,806
24,947
5509784
6,965
17,583
26,285
50,833
601,617
55,828
19,961
75,789
10,729
2,667
13, 396
89,185
VARIANCE
FAVORABLE
ACTUAL (UNFAVORABLE)
$ 4379599
65,779
21,948
5259326
6,580
16,681
26,285
49,546
574,872
47,722
15,816
63,538
10,018
3,009
13,027
76,565
$ 11,432
11,027
2,999
25,458
385
902
• e •
1,287
26,745
8,106
4,145
12,251
711
(342)
369
12,620
1987
$ 357031
71,863
12,469
441,663
6,648
11,853
26,285
44,786
486,449
51,588
16,436
68,024
9,445
1,884
11,329
79,353
Continued
-65-
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 309 1987
Transportation:
--------------
Road and Streets:
Personal servcies
Operating expense
Capital outlay
Total Transportation
Economic Environment:
--------------------
Economic Development:
Operating expenses
Total Economic
Development
Culture and Recreation:
----------------------
Library:
Operating expenses
Debt service
Total Library
Parks and Recreation:
Personal services
Operating expenses
Capital outlay
Total Parks and
Recreation
Total Culture and
Recreation
Contingency:
TOTAL EXPENDITURES
BUDGET ACTUAL
$ 142,991 $ 1409989
1189538 989327
2129699 2229402
----------------------
4749228 4619718
----------------------
3,500 1,175
3,500 19175
----------------------
439403
439803
8,820
89831
----------------------
52,223
----------------------
52,634
128,589 123,948
639138 662724
45,580 40,198
237,307 230,870
------------------
289,530 283,504
------------------
VARIANCE
FAVORABLE
(UNFAVORABLE)
-------------
$ 2,002
20,211
(9,703)
12,510
2,325
2,325
4, 641
(3,586)
5,382
6,437
6,026
159000 ... 15,000
----------------------
$ 19827,685 $ 1,737,750 $ 89,935
---------------------------------
1987
$ 129,755
91,798
161,820
383, 373
2,275
2,275
42,311
9,063
51,374
96,708
50,903
196,525
344,136
395,510
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the proceeds of
specific revenue sources (other than special assessments,
expendable trust, or major capital projects) that are legally
restricted to expenditure for specified purposes. Certain
administrative expenses are paid by the General Fund.
FEDERAL REVENUE SHARING FUND
To account for the receipt and disbursement of Federal
Revenue Sharing Entitlement Funds. A separate accounting
is required by Federal Law.
INFRASTRUCTURE FUND
To account for the proceeds of the Local Government
Infrastructure Surtax to be received by the City until the
end of Fiscal Year 2002. The proceeds and interest accrued
thereto, by law are only to be used to finance, plan and
construct infrastructure.
-67-
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 309 1988 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987
FEDERAL
REVENUE
INFRA-
TOTALS
SHARING
STRUCTURE
-----------------------
ASSETS
------
FUND
----
FUND
----
1988
----
1987
----
Cash
$
...
$ 20,508
$
209508
$
20,252
Investments
...
209924
209924
16,723
Due from other government
---------
...
479737
---------
---------
479737
---------
...
TOTAL ASSETS
$
---------
---------
...
$ 899169
---------
---------
$
---------
---------
899169
$
---------
---------
36,975
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable
$
...
$ 11,625
$
119625
$
6,121
Contracts payable
---------
...
329755
---------
---------
329755
---------
•••
Total Liabilities
---------
...
44,380
---------
---------
449380
---------
6,121
Fund Balance
---------
..•
449789
---------
---------
449789
---------
309854
TOTAL LIABILITIES AND FUND BALANCE
$
---------
---------
...
$ 899169
---------
---------
$
---------
---------
89,169
$
---------
36075
ZME
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 309 1987
Revenues:
Intergovernmental
Interest
Total Revenues
Expenditures:
General government capital
outlay
Public safety capital outlay
Public works capital outlay
Culture/recreation capital outlay
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Before Operating Transfers
Operating Transfers In (Out)
Excess of Revenues Over
(Under) Expenditures
After Operating Transfers
Fund Balance - October 1
FEDERAL
REVENUE INFRA -
SHARING STRUCTURE
FUND FUND
$ ... $ 207,205
493 1,609
------------------
493 208,814
750 ...
13,558 .••
17,039 89,620
. . . . . .
31,347 899620
(309854) 119,194
... (749405)
(30,854)
30,854
44,789
FUND BALANCE - SEPTEMBER 30 $ ••• $ 44,789
TOTALS
1988 1987
$ 207,205 $ 745
29102 29661
------------------
209,307 3,406
------------------
750
13,558
1069659
e . .
120,967
88,340
(74,405)
13,935
30,854
$ 44,789
800
34,916
460
2,307
38,483
(35,077)
s.e
(35,077)
65,931
$ 30,854
CITY OF CLERMONT, FLORIDA
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 309 1988
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 309 1987
Revenues:
Federal revenue
Interest
Total Revenues
Expenditures:
General government capital
outlay
Public safety capital outlay
Public works capital outlay
Culture/recreation capital
outlay
Total Expenditures
Excess of Revenues Over
Expenditures
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
VARIANCE
FAVORABLE 1987
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ ... $ ... $ ... $ 745
... 493 493 21661
--------------------------------------------
... 493 493 3,406
--------------------------------------------
750 750 ... 800
13,558 13,558 ... 349916
17,040 179039 1 460
... . • . ... 2,307
31,348 319347 1 38,483
---------------------------------------
(319348) (30,854) (494) (35,077)
30,854 30,854 ... 659931
--------------------------------------------
$ (494) $ •.• $ (494) $ 30,854
-70-
CITY OF CLERMONT, FLORIDA
INFRASTRUCTURE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
VARIANCE
FAVORABLE 1987
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
Revenues:
Intergovernmental $ 1909000 $ 207,205 $ 179205 $ •••
Interest ... 19609 19609 •..
----------- ----------- ----------- -----------
Total Revenues 190,000 2089814 189814 ...
--------------------------------------------
Expenditures:
Public works capital outlay 1119220 89,620 21,600 .••
----------- ----------- ----------- -----------
Total Expenditures 1119220 89,620 21,600 ...
----------- ----------- ----------- -----------
Excess of.Revenues Over
Expenditures Before
Operating Transfers 78,780 1199194 409414 •••
Operating Transfer (Out) (749405) (749405) ••• •••
----------- ----------- ----------- -----------
Excess of Revenues Over
Expenditures After
Operating Transfers 49375 449789 40,414 •••
Fund Balance - October 1 ... ••• ••• •••
----------- ----------- ----------- -----------
FUND BALANCE - SEPTEMBER 30 $ 49375 $ 449789 $ 40,414 $ •••
-71-
THIS PAGE INTENTIONALLY LEFT BLANK
-72-
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 financed by
Proprietary Funds and Trust Funds).
12TH STREET PARR DEVELOPMENT FUND
To account for the acquisition of land and development of
the 12th Street Park property. Financing will be obtained
from a combination of General Fund monies, Local Government
Infrastructure Surtax, donations and grants.
-73-
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECTS FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 309 1988 AND 1987
1988 1987
ASSETS
Due from other government $ 145,365 $ •••
----------- -----------
TOTAL ASSETS $ 145,365 $
----------- -----------
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Due to other fund $ 1459365 $ •••
----------- -----------
Total Liabilities 1459365 ••.
Fund Balance .•• •••
TOTAL LIABILITIES AND FUND BALANCE $ 145,365 $ •••
----------------------
----------------------
-74-
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 309 1987
1988
----------------------------------------
VARIANCE
FAVORABLE 1987
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
Revenues:
Intergovernmental revenue $ 1459365 $ 1457365 $ ••• $ •••
----------- ----------- ----------- -----------
Total Revenues 145,365 1459365 ••• •••
--------------------------------------------
Expenditures:
Capital outlay 300,011 3009011 ... ...
----------- ----------- ----------- -----------
Total Expenditures 300,011 3009011 ... ...
----------- ----------- ----------- -----------
Excess of Revenues Over
(Under) Expenditures (154,646) (154,646) ... ...
Other Financing Sources (Uses):
Operating Transfers Ins 154,646 154,646 ... ...
----------- ----------- ----------- -----------
Excess of Revenues Over
(Under) Expenditures
and Other Financing
Sources (Uses) ... ... ... ..•
Fund Balance - October 1 ... ••• ••• •••
FUND BALANCE - SEPTEMBER 30 $ ... $ ••• $ ••• $ •••
- 7 5-.
THIS PAGE INTENTIONALLY LEFT BLANK
-76-
PROPRIETARY FUND TYPES
THIS PAGE INTENTIONALLY LEFT BLANK
-78-
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations (a) 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 charge; or (b) where the governing body has decided that
periodic determination of revenues earned, expenses incurred,
and/or net income is appropriate for capital maintenance,
public policy, management control, accountability, or other
purposes.
UTILITY REVENUE FUND
To account for the provision of water and sewer services to
the residents of the City. All activities necessary to the
provision of these services are accounted for in this fund,
including, but not limited to administration, plant and line
maintenance.
SANITATION FUND
To account for the provision of garbage and trash removal
services to the residents of the City. All activities
necessary to the provision of these services are accounted
for in this fund.
-79-
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR SEPTE14BER 30, 1987
TOTALS
UTILITY
SANITATION
----------------------------
ASSETS
FUND
FUND
1988
1987
------
Current Assets:
----
----
----
----
Cash
$ 73,140
$ 1199828
$ 192,968 $
249,093
Investments
1,448 043
379055
1,485,498
841,295.
Receivables:
Accounts
...
111,896
111,896
106,491
Other
13,983
...
139983
1,377
Due from other funds
88,610
...
88,610
83,211
Due from other governments
130,617
•.•
1309617
381,382
Inventory
24,198
...
24,198
21,639
Prepaid expenses
27064
------------
470
-----------
2,534
------------------------
24,823
Total Current Assets
1,781,055
------------
269,249
-----------
2,050,304
------------------------
1,709,311
Restricted Assets:
Cash
223,293
•••
2239293
1269711
Investments
------------
891,881
-----------
...
891,881
------------
1,1349078
------------
Total Restricted Assets
------------
191159174
-----------
...
1,115,174
------------
19260,789
------------
Property, Plant and Equipment:
Land
926,378
...
926,378
896,253
Water system
2,8019074
..•
2,801,074
29790,618
Sewer system
59935,628
...
5,935,628
49108,263
Machinery and equipment
186,652
143,641
330,293
293,195
Construction in progress
------------
37,766
-----------
...
37,766
---=--------
1,591,369
------------
9,887,498
143,641
10,0319139
9,679,698
Less accumulated depreciation
------------
29209,023
-----------
1289188
2,337,211
------------
291549221
------------
Net Property, Plant
and Equipment
------------
796789475
-----------
15,453
79693,928
------------
79525,477
------------
TOTAL ASSETS $
10,5749704 $
2849702
$ 10,859,406
$ 10,495,577
-so-
Continued
UTILITY
LIABILITIES AND FUND EQUITY FUND
Liabilities:
Current Liabilities (payable
from current assets):
Accounts payable $ 122516
Other accrued expenses 10,163
Due to other funds 21064
------------
Total Current Liabilities
(payable from current
assets) 24,743
------------
Current Liabilities (payable from
restricted assets):
Construction contracts 59628
Deposits 34,328
Matured revenue bond interest 76,751
Accrued interest ..•
Revenue bonds 60,000
Bond anticipation note ...
Total Current Liabilities
(payable from restricted
assets) 176,707
------------
TOTALS
SANITATION ----------------------------
FUND 1988 1987
$ 29171 $
14,687 $
99058
51284
159447
179494
89,080
--------:--------------
919144
------------
819916
96,535
----=------------------
121,278
------------
108,468
...
5,628
137,546
...
34,328
27,818
...
76,751
45,275
...
...
19,097
...
60,000
79,000
...
-----------------------
...
------------
885,900
-----------
176,707 1,194,636
------------------------
Long-Term Liabilities:
Revenue bonds (net of
current portion) 3,525000 .•• 3,525,000 3,265,000
-----------------------------------------------
Total Liabilities 3,726050 96,535 3,822,985 4,568,104
-----------------------------------------------
Fund Equity:
Contributed capital 2,320,783 101,722 2,422,505 2,312,664
-----------------------------------------------
Retained Earnings:
Reserved
944,095
•••
944,095
487,764
Unreserved
39583,376
86,445
39669,821
3027,045
Total Retained Earnings
------------
4,527,471
-----------
869445
------------
4,6139916
------------
3,614,809
Total Fund Equity
------------
6,848,254
-----------
188,167
------------
7,036,421
------------
5,927,473
------------
TOTAL LIABILITIES AND
------------
-----------
------------
FUND EQUITY
$ 10,574,704
$ 284,702
$ 10,859,406
$ 10,495,577
MR. M
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 309 1988
WITH COMPARATIVE TOTALS FOR SEPTEMBER 309 1987
Operating Revenues
Charges for services
Operating Expenses:
Personal services
Utilities
Landfill
Administrative services
Repair and maintenance
Depreciation
Professional services
Insurance
Operating supplies
Office expense
Bad debt expense
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Interest expense and
amortization
Total Nonoperating
Revenues (Expenses)
Income Before Extra-
ordinary Gain
Extraordinary gain on
refunding
Net Income
Retained Earnings_- October_1
RETAINED EARNINGS - SEPTEMBER 30
UTILITY SANITATION
FUND FUND
TOTALS
--------------------------
1988 1987
$ 19056,616 $ 271,202 $ 1,3279818 $ 19246,352
--------------------------------------------
2129984
1359515
62,784
56,880
175,933
34,202
34,663
58,375
10,363
1,685
7839384
273,232
161,023
(2339128)
(729105)
2019127
775,086
9769213
_3,551,258_
$ 4,5279471
162,042
s . •
35,467
18,177
7,742
7,056
2,700
7,835
13,106
2,329
862
257,316
13,886
9,008
9,008
22,894
22,894
63,551
$ 86,445
375,026
351,759
1359515
1179844
359467
28058
80,961
779105
649622
44,975
182,989
1799232
369902
23,499
42,498
259794
71,481
579382
12,692
102937
2,547
5,888
19040,700 922,873
287,118 323,479
170,031 155,678
(233,128) (182,675)
(63,097) (26,997)
224,021
775,086
999,107
3_, 614, 809
$ 49613,916
296,482
.. .
296,482
3,318,327
$ 3,614,809
-8 2-
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR SEPTEMBER 309 1987
Sources of Working Capital:
Operations:
Net income (loss) before
extraordinary gain $
Items Not Requiring
Working Capital:
TOTALS
UTILITY SANITATION --------------------------
FUND FUND 1988 1987
2019127 $ 22,894 $ 224,021 $ 296,482
Depreciation 175,933
Working Capital Provided-----------
7,056 1829989 179,232
---------------------------------
By Operations Before
Extraordinary gain
377,060
29,950
4079010
475,714
Extraordinary gain on refunding
775,086
•••
775,086
...
Total Working Capital
-----------
-----------
-----------
-----------
Provided By Operations
1,152,146
29,950
1,182,096
475,714
Increase in contributed capital
109,841
.••
109,841
1679018
Decrease in restricted assets
1459615
•••
1459615
675,282
Increase in current liabilities
pay-
able from restricted assets
...
...
...
110,919
Increase in long-term debt
260,000
...
2609000
...
Total Sources of Working
-----------
-----------
-----------
-----------
Capital
1,6679602
29,950
1,697,552
1,428,933
Uses of Working Capital:
-----------
-----------
-----------
-----------
Decrease in long-term debt
...
...
...
509249
Acquisition of fixed assets
351,441
...
3519441
1,352,806
Decrease in current liabilities
pay-
able from restricted assets
1017,929
•••
1,017,929
•••
TotalUses of Working
-----------
-----------
-----------
-----------
Capital
1,369,370
-----------
...
1,369,370
-----------
1,403,055
-----------
NET INCREASE (DECREASE)
-----------
IN WORKING CAPITAL
$
298,232 $
29,950
$ 328,182
$ 25,878
Elements of Net Increase (Decrease) In
Working Capital:
Cash
$
(93,673) $
37,549
$ (56,124)
$ 237,251
Investments
641,643
2,558
644,201
255,492
Receivables
129606
59405
18,011
15,234
Prepaid expenses
(13,382)
(8,907)
(22,289)
24,823
Due from other funds
5,399
•••
5,399
25,590
Due from other.governments
(250,765)
...
(250,765)
(496,548)
Inventory
2,559
...
2,559
(392)
Accounts payable
(5,042)
(587)
(5,629)
(8,827)
Other accrued expenses
951
1,096
2,047
(2,451)
Due to other funds
(2,064)
(7,164)
(9,228)
-----------
(249294)
-----------
NET INCREASE (DECREASE)
-----------
-----------
IN WORKING CAPITAL
$
298,232 $
29,950
$ 328,182
$ 25,878
-83-
THIS PAGE INTENTIONALLY LEFT BLANK
INTERNAL SERVICE FUND
The Internal Service Fund is used to account for the financing
of goods or services provided by one department to other
departments on a cost reimbursement basis.
GAS AND OIL REVOLVING FUND
To account for the cost of petroleum products for the
various departments of the City. Costs are billed at actual
usage times the current market price.
M:1•'fl
CITY OF CLERMONT, FLORIDA
GAS AND OIL REVOLVING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 309 1988 AND 1987
1988 1987
ASSETS
Inventory $ 29317 $ 2,302
----------------------
Total Assets $ 2,317 $ 29302
----------------------
----------------------
LIABILITIES AND FUND EQUITY
---------------------------
Liabilities:
Due to other funds $ 751 $ 736
Total Liabilities 751 736
----------------------
Fund Equity:
Contributed capital 1,566 1,566
----------------------
Total Fund Equity 19566 19566
----------------------
TOTAL LIABILITIES AND FUND EQUITY $ 2,317 $ 2,302
----------------------
----------------------
:r.jm
CITY OF CLERMONT, FLORIDA
GAS AND OIL REVOLVING FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED SEPTEMBER 30, 1988 AND 1987
Operating Revenues:
Charges for services $ 40,766
Operating Expenses:
Gas and oil 40,766
Total Operating Expenses 409766
Net Income •••
Retained Earnings - October 1 •••
RETAINED EARNINGS - SEPTEMBER 30 $ •••
1987
$ 359461
-87-
CITY OF CLERMONT, FLORIDA
GAS AND OIL REVOLVING FUND
COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS ENDED SEPTEMBER 30, 1988 AND 1987
Sources of Working Capital:
Operations
Uses of Working Capital
NET INCREASE (DECREASE) IN WORKING CAPITAL
Elements of Increase (Decrease) in Working Capital:
Inventory
Due to other funds
NET INCREASE (DECREASE) IN WORKING CAPITAL
1988 1987
.. .
. . .
$ 703
(703)
FIDUCIARY FUND TYPES
THIS.PAGE INTENTIONALLY LEFT BLANK
.m
TRUST AND AGENCY FUNDS
Trust Funds are used to account for assets held by the City
in a trustee capacity. Agency Funds are used to account for
assests held by the City as an agent for individuals, private
organizations, other governments and/or other funds.
NON -EXPENDABLE TRUST FUND
CEMETERY PERPETUAL CARE FUND
To account for monies provided by people buying lots in
the City cemetery. The principal must be kept separate
and apart from all other funds, but the interest may be
transferred to the General Fund to defray the cost of
cemetery operation and maintenance.
PENSION TRUST FUNDS
GENERAL EMPLOYEES PENSION TRUST FUND
To account for the accumulation of resources to be used
for the retirement annuities of all full-time permanent
employees, except police officers and volunteer
firefighters. The City maintains Defined Benefit and
Defined Contribution Plans for its general employees.
Annual contributions made to the Def fined Benef it Plan are
in accordance with an actuarial study, whereas, a fixed
percentage of employees salaries is used in determining
the annual contribution to the Def fined Contribution Plan.
POLICE OFFICERS PENSION TRUST FUND
To account for the accumulation of resources to be used
for the retirement annuities of all police officers. The
State contributes money based upon the number of police
officers and the City contributes an amount determined by
an actuarial study.
VOLUNTEER FIREFIGHTERS PENSION TRUST FUND
To account for the accumulation of resources to be used
for the retirement annuities of all volunteer
firefighters. The State contributes money based upon the
number of firefighters and the City contributes an amount
determined by an actuarial study.
-91-
TRUST AND AGENCY FUNDS (CONTD.
AGENCY FUND
DEFERRED COMPENSATION FUND
To account for assets held for employees in accordance
with the provisions of Internal Revenue Code Section 457.
-92-
CITY OF CLER11ONT, FLORIDA
TRUST AND AGENCY FUNDS
CO11BINING BALANCE SHEET
SEPTFNBER 30, 1988
WITH COMPARATIVE
TOTALS FOR SFPTF31BER 30, 1987
i!
NONEXPENDABLE
AGENCY
FENSION
TRUST FUNDS TRUST FUND
FUND
TOTALS
----------------------------------
----------
------------
"iPLOYEES'
----------------------"
GENERAL
DEFFRRFD
ASSETS
------
F21PLOYEES
---------
POLICE FIRE CEMETERY
------ ------------
COMPENSATION
------------
198E
----
1987
----
sh
$ ... $
... $ ... $ 10,194
$ ...
$ 10,1911 $
i,'
vestments
699,586
450,690 128,635 128,976
70,650
1,478,537
1,324,E
ceivnbles,
Accrued contribution
8,473
6,686 8 ...
...
15,167
37
)TAL ASSETS
$ 708,o59 $
457,376 $ 128,643 $ 139,170
$ 70,650
$ 1,503098 $
1,363,1
LIABILITIES AND FUND BALANCES
-----------------------------
l.
Liabilitiest
Due to other funds
$ ... $
••• $ ... $ .••
$ ...
$ ... $
5,1
Deferred compensation payable
...
------------------
... ... ...
------------------
70,650
---------
70,650
----------- ---------
Total Liabilities
...
... ... ...
70,650
70,650
5,1
'und Balances t
Reserved for
cemetery care
...
... .... 139,170
...
139,170
130,5
Reserved for employees'
retirement systems
708,059
------------------
457,376 128,643 •••
------------------
...
---------
1,294,078
--------------------
1,226,5
Total Fund Balance 708,059 457,376 128,643 139,170 ... 1,433,24E 19357,8
---------------:-------------------------------------------------
=OTAL LIABILITIES AND
FUND BALANCES $ 708,059 $ 457,376 $ 128,643 $ 139,170 $ 70,650 $ 1,503,898 $ 1,363,6
-- - -- - - -- -- -- - ----- - -- --- -- -- - -
-93-
CITY OF CLERMONT, FLORIDA
TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
GENERA
EMPLOYEL
Operating Revenues:
Investment earnings $ 19887
Contributions by State RP aeI
Contributions by employee ...
Contributions by City 439948
Cemetery lot sales ...
Total Operating Revenues 45,835
Operating Expenses:
Benefit payments 17,840
Refunds .. .
Trustee fees and expenses 129552
Total Operating Expenses 30,392
Net Income Before Operating Transfers 15,443
Operating Transfers (Out) ...
Net Income 159443
Fund Balances - October 1 6929616
FUND BALANCES - SEPTEMBER 30 $ 7089059
Continued
-94-
NONEXPENDABLE
PENSION
-----------------------------
TRUST FUNDS
TRUST FUND
------------
TOTALS
-----------------------------
POLICE
FIRE
CEMETERY
1988
1987
$ 2,302
$ 529
$ 10,132
$ 149850 $
1889860
26,429
89137
•••
30566
29,594
29714
62
...
2,776
2,610
259573
00•
•••
699521
459127
...
-----------
...
-----------
8,250
-----------
89250
----------------------
69300
57,018
-----------
8,728
-----------
18,382
-----------
1299963
----------------------
2729491
39500
...
219340
159772
V.
3
...
...
683
...
89114
-----------
1,719
-----------
•••
-----------
22,385
----------------------
5,722
89797
-----------
52219
-----------
...
-----------
44,408
----------------------
219494
48,221
39509
189382
85,555
250,997
...
-----------
...
-----------
(10,132)
-----------
(10,132)
----------------------
(8,432)
489221
3,509
8,250
75023
242,565
409,155
-----------
125,134
-----------
130,920
-----------
19357,825
----------------------
1,115,260
$ 457,376
$ 1289643
$ 139,170
$ 1,433,248 $
1,357,825
-95-
CITY OF CLERMONT, FLORIDA
TRUST FUNDS
COMBINING STATEMENT OF CHANCES IN FINANCIAL POSITION
FOR THE YEAR ENDED SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1987
NONEXPENDABLE
PENSION
TRUST FUNDS
TRUST FUND TOTALS
-------------------------------------
GENERAL
---------- -----------------------
EMPLOYEES'
----------
POLICE FIRE
------ ----
CEMETERY 1988 1987
-------- ---- ----
Sources of Working
Capitals
Operatione,
Net income
$ 15►443 $
48,221 $ 3,509
$ 8,250 $ 759423 $ 242,565
Uses of Working Capitals
Purchase of
investments
...
-------------------
... ...
---------
... ... ...
------------------ ---------
NET INCREASE (DECREASE)
IN WORKING CAPITAL
$ 15,443 $
48,221 $ 3,509
$ 8,250 $ 75,423 $ 2112,565
Elements of Net Increnne
(Decrease) In Working
Capital,
Cash
$ ...
$ ...
$ ...
$ 8,601
$ 8,601
$ 19592
Investments
14,497
58,185
10,751
(351)
83,082
221,230
Accrued interest
receivable
Accrued contribution
946
(15,757)
(7,242)
...
(22,053)
25,536
Due to other funds
...
---------
5,793
----------
...
---------
...
---------
5,793
---------
(5,793)
---------
NET INCREASE (DECREASE)
IN WORKING CAPITAL
$ 15,443
$ 48,221
$ 3,509
$ 8,250
$ 759423
$ 21129565
CITY OF CLERMONT, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 309 1988
Investments
Deferred Compensation Payable
Beginning Balance
Add: Employee Contributions
Income on Investments
Less: Administrative Fees
Total Deferred Compensation Payable
Ending Balance
$ 70,650
$ 56,829
$ 8,644
5,213
(36) 13,821
------------------
$ 70,650
-97-
THIS PAGE INTENTIONALLY LEFT BLANK
��
ACCOUNT GROUPS
THIS PAGE INTENTIONALLY LEFT BLANK
-100-
ACCOUNT GROUPS
GENERAL FIRED ASSETS ACCOUNT GROUP
This is a self. -balancing group of accounts used to record
the fixed assets of the City which are not used in
Proprietary Fund operations or accounted for in Trust Funds.
GENERAL LONG-TERM DEBT ACCOUNT GROUP
This is a self -balancing group of accounts used to record
the principal portion of the Citys' General Long -Term Debt
which are not related to the Proprietary Fund operations or
accounted for in Trust Funds.
-101-
CITY OF CLERMONT, FLORIDA
STATEMENT OF GENERAL FIXED ASSETS BY SOURCES
SEPTEMBER 30, 1988
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987
General Fixed Assets:
Land
Building
Improvements other than buildings
Equipment and vehicles
Total General Fixed Assets
Investments in General Fixed Assets From:
Federal, state and local grants
General Fund revenues
Special Revenue Fund revenues
Gifts and other
Total Investment in General Fixed Assets
TOTALS
------------------------------
1988 1987
$ 5849729 $ 2789118
1041,623 190269116
19035,398 7329613
814,456 7619870
$ 3,476,206 $ 2,7989717
----------------------
----------------------
$ 165,707
$ 5,707
2,5969895
2,274,178
677,182
482,410
36,422
-----------
36,422
-----------
$ 39476,206
-----------
-----------
$ 2,798,717
-----------
-----------
-102-
CITY OF CLERMONT, FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
SEPTEMBER 309 1988
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1987
TOTALS
------------------------------
1988 1987
Amount To Be Provided For The Payment
of General Long -Term Debt
-------------------------
Amount to be
Provided
$
-----------
132,476
$
-----------
169,494
Total
to be Provided
$
1329476
$
1699494
General Long -Term Debt Payable
------------------------------
Note payable - Computer $ 139294 $ 23,127
Note payable - Library 75,645 80,061
Capital lease payable 43,537 66,306
----------------------
Total General Long -Term Debt Payable $ 132,476 $ 169,494
-103-
THIS PAGE INTENTIONALLY LEFT BLANK
-104-
SCHEDULES
Financial schedules are presented to provide greater detailed
information than reported in the preceding financial statements.
This information in many cases has been spread throughout the
report and is brought together here for greater clarity. Financial
schedules are not necessary for fair presentation in conformity
with Generally Accepted Accounting Principles.
CITY OF CLERMONT, FLORIDA
UTILITY FUND
COMPARATIVE SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
REQUIRED BY BOND ORDINANCE
FOR THE YEARS ENDED SEPTEMBER 30, 1988 AND 1987
1987
Operating Revenues:
Charges for services
$ 1,056,616
$ 983,628
-----------
Operating Expenses:
-----------
Personal services
2129984
200,517
Utilities
135,515
1179844
Administrative services
62,784
59,794
Repair and maintenance
56,880
35,885
Depreciation
1759933
172,176
Professional services
349202
21,079
Insurance
34,663
18,918
Supplies
58,375
459467
Other expenses
129048
-----------
129921
-----------
Total Operating Expenses
783,384
-----------
684,601
-----------
Operating Income
2739232
-----------
299,027
-----------
Nonoperating Revenues (Expenses):
Interest
161,023
1509442
Interest expense and amortization
(233028)
-----------
(182,675)
-----------
Total Nonoperating Revenues (Expenses)
(72,105)
-----------
(329233)
-----------
Income Before Extraordinary Item
201,127
266,794
Extraordinary item - gain on refunding
7759086
-----------
...
-----------
Net Income
976,213
266,794
Retained Earnings - October 1
39551,258
-----------
31284,464
-----------
RETAINED EARNINGS - SEPTEMBER 30
$ 49527,471
-----------
-----------
$ 39551,258
-----------
-----------
Customers Connected To The Water System
at September 30
29600
2,517
-105-
THIS PAGE INTENTIONALLY LEFT BLANK
-106-
INDEPENDENT AUDITOR'S REPORT ON SCHEDULE OF FEDERAL
FINANCIAL ASSISTANCE
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
The Honorable Mayor
City of Clermont, Florida
We have audited the general purpose financial statements of the City of
Clermont, Florida, for the year ended September 30, 1988, and have issued our
report thereon dated November 22, 1988. Our audit of such general purpose
financial statements was made in accordance with generally accepted auditing
standards and the standards for financial and compliance audits contained in
the Standards for Audit of Governmental Organizations, Programs, Activities
and Functions issued by the U. S. General Accounting Office, and accordingly,
included such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The accompanying schedule of Federal
financial assistance is presented for purposes of additional analysis and is
not a required part of the general purpose financial statements. The
information in that schedule 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 aspects in relation to the general
purpose financial statements taken as a whole.
Clermont, Florida
November 22, 1988
-107-
THIS PAGE INTENTIONALLY LEFT BLANK
FEDERAL GRANTOR/
PROGRAM TITLE
-------------
Environmental Protection Agency
-------------------------------
Construction Grant for
Wastewater Treatment
Facilities
State Assistance
----------------
Florida Department of
Natural Resources
---------------------
Land and Water Conservation
Fund Program
Development of 12th Street Park
TOTAL
J, ?, "f"O"
0 9 ,6
CITY OF CLERMONT, FLORIDA
SCHEDULE OF FEDRRAL FINANCIAL ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1988
FEDERAL PROGRAM OR PROGRAM
CFDA PROGRAM AWARD ASSISTANCE DISBURSFMFNTS/
NUMBER I.D. NUMBER AMOUNT RECEIVED FXPENDITURFS
66.418 C 120503-03-8 $ 1,087034 $ 275,080 $ 105,595
15.916 12-00289 145,365 145,365
---------------------------------
$ 1,232,699 $ 275,080 $ 250,960
-109-
THIS PAGE INTENTIONALLY LEFT BLANK
-110-
STATISTICAL SECTION
Statistical tables .differ from financial statements because they
cover more than one fiscal year and may present nonaccounting
data. These tables reflect social and economic data, financial
trends, and the fiscal capacity of the City.
CITY OF CLERMONT, FLORIDA
COMMENTS ON THE STATISTICAL SECTION
SEPTEMBER 30, 1988
The following Statistical Tables recommended by the National
Council on Governmental Accounting are not included for the
reasons stated below:
- Tables which concern General Obligation Debt are
omitted because neither the City or other overlapping
governments have incurred any tax -supported debt.
- The Legal Debt Margin Computation Table is not
presented because their is no law or ordiance
which sets the maximum amount of debt the City is
legally permitted to issue.
-111-
CITY OF CLERMONT, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
GENERAL
PUBLIC
PHYSICAL
GOVERNMENT
SAFETY
ENVIRONMENT
1978-79
243,642
233,328
61,005
1979-80
391,555
246,322
64,222
1980-81
306,581
293,131
81,280
1981-82
336,836
313,143
112,773
1982-83
260,694
392,050
83,572
1983-84
279,766
383,408
97,473
1984-85
292,866
473,732
77,605
1985-86
290,427
468,671
90,116
1986-87
330,335
521,365
79,813
1987-88
340,666
588,430
183.,224
(1) Includes General and Special Revenue Funds
-112-
TABLE 1
✓'B
TECONOMIC
CULTURE AND
TRANSPORTATION
ENVIRONMENT
RECREATION
TOTAL
96,332
-0-
81,587
715,894
172,357
-0-
95,254
969,710
130,465
-0-
110,304
921,761
158,080
-0-
101,454
1,022,286
343,390
-0-
191,583
1,271,289
286,392
-0-
186,874
1,233,913
272,092
-0-
155,425
1,271,720
298,605
-0-
196,486
1,344,305
383,373
2,275
397,817
1,714,978
461,718
1,175
283,504
1,858,717
-113-
CITY OF:CLERMONT, FLORIDA
GENERAL REVENUE BY SOURCE (1)
LAST TEN FISCAL YEARS
LICENSES
AND
INTER -
TAXES
PERMITS
GOVERNMENTAL
1978-79
408,759
30,652
314,937
1979-80
426,504
30,583
347,891
1980-81
539,842
50,923
359,382
1981-82
724,860
42,218
386,144
1982-83
597,800
36,952
440,349
1983-84
597,779
45,022
529,181
1984-85
684,898
26,452
581,406
1985-86
740,694
20,768
573,334
1986-87
873,029
21,154
493,684
1987-88
913,493
30,000
767,159
(1) Includes General and Special Revenue Funds
-114-
TABLE 2
CHARGES
FINES
INTEREST
FOR
AND
ON
SERVICES
FORFEITURES
INVESTMENTS
MISCELLANEOUS
TOTAL
48,377
7,834
43,562
17,236
871,357
57,081
10,793
61,181
145,140
1,079,173
57,490
9,645
120,469
19,567
1,157,318
56,748
15,860
140,099
79,487
1,445,416
57,830
30,105
112,081
51,393
1,326,510
57,126
40,030
128,838
38,744
1,436,720
56,683
32,418
117,036
44,354
1,543,247
56,572
31,266
85,436
49,901
1,557,971
81,634
30,288
90,575
29,671
1,620,035
85,964
30,199
119,041
36,172
1,982,028
-115-
CITY OF CLERMONT, FLORIDA
PROPERTY TAX LEVIES, TAX COLLECTIONS AND ASSESSED VALUATIONS
LAST TEN FISCAL YEARS
(1) (2)
(y%
TOTAL
F,,X� Ty
ASSESSED
TAX
TAX
CURRENT TAX
VALUATION
RATE
LEVY
COLLECTIONS
1978-79
50,771,787
4.500
228,474
206,385
1979-80
52,171,600
4.500
234,770
215,705
1980-81
66,088,580
3.680
243,736
226,326
1981-82
73,346,714
3.456
253,487
243,723
1982-83
77,444,991
2.793
216,304
211,482
1983-84
85,629,953
2.595
222,209
213,009
1984-85
87,665,327
2.626
230,208
223,870
1985-86
99,418,831
2.429
241,489
233,841
1986-87
109, 948, 395
2.429
267,064
258,641
1987-88
116,135,440
2.429
282,092
274,014
(1) Final Gross taxable assessed valuation per Lake County Property
Appraisers' form DR-422
(2) Estimated actual value is not available from the Lake County
Property Appraisers' office
(3) Outstanding delinquent taxes are not available from the Lake
County Tax Collections' office
-116-
RATIO OF
CURRENT TAX
COLLECTIONS
TO TOTAL
TAX LEVY
(3)
DELINQUENT
TAX
COLLECTIONS
TOTAL
TAX
COLLECTIONS
TABLE 3
RATIO OF
TOTAL TAX
COLLECTIONS TO
TOTAL TAX LEVY
90.3
207
206,592
91.9
91.9
157
215,862
93.0
92.9
289
226,615
96.2
96.1
409
243,843
97.8
97.8
41
211,523
97.0
95.9
152
213,161
97.6
97.2
795
224,665
96.9
96.8
200
234,041
96.9
96.8
212
258,853
97.2
97.1
124
274,138
97.2
-117-
CITY OF -CLERMONT, FLORIDA
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
LAKE
COUNTY
OKLAWAHA
LAKE
SCHOOL
WATER
FISCAL YEAR
CITY
COUNTY
DISTRICT
DISTRICT
1978-79
4.500
3.400
7.916
.080
1979-80
4.500
3.400
6.750
.080
1980-81
3.680
3.580
6.005
.398
1981-82
3.456
3.318
6.060
.090
1982-83
2.793
2.732
5.478
.040
1983-84
2.595
3.273
7.073
.350
1984-85
2.626
3.272
5.606
.281
1985-86
2.429
3.492
6.415
.262
1986-87
2.429
3.400
6.608
.300
1987-88
2.429
3.400
7.477
.350
SOURCE: City of Clermont Tax Rolls
-118-
TABLE 4
SOUTH LAKE
SOUTH LAKE
ST. JOHNS RIVER
HOSPITAL
AMBULANCE
WATER MGMNT
DISTRICT
DISTRICT
DISTRICT
TOTAL
1.000
1.000
.231
18.127
1.000
1.000
.251
16.981
.451
.877
.297
15.288
.430
.820
.297
14.471
.370
.710
.290
12.413
.500
1.000
.281
15.072
1.000
1.000
.281
14.066
1.000
1.000
.358
14.956
.942
.942
.491
15.112
1.000
1.000
.517
16.173
-119-
THIS PAGE INTENTIONALLY LEFT BLANK
-120-
CITY OF CLERMONT, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS
LAST TEN FISCAL YEARS
FISCAL YEAR
COLLECTIONS
BALANCE
1978-79
41,206
86,798
1979-80
25,897
60,901
1980-81
23,628
37,273
1981-82
20,449
16,824
1982-83
12,370
4,454
1983-84
1,458
2,996
1984-85
805
2,191
1985-86
1,696
495
1986-87
-0-
495
1987-88
-0-
495
TABLE 5
-121-
CITY OF CLERMONT, FLORIDA
REVENUE BOND COVERAGE - ALL REVENUE BONDS
LAST TEN FISCAL YEARS
(1)
(3 ) OPERATION &
GROSS MAINTENANCE
FISCAL YEAR REVENUES COSTS
1978-79
394,855
283,240
1979-80
449,912
313,097
19 80-81
648,664
34 8, 471
1981-82
650,741
463,973
19 82-83
7 66, 042
417,257
1983-84
800,364
443,020
1984-85
854,646
479,728
1985-86
862,865
491,152
1986-87
983,628
512,425
1987-88
1,056,616
607,451
(1) Excludes interest expense and depreciation
(2) Maximum debt service in any subsequent year is $340,259
(3) Excludes interest revenue
-122-
TABLE 6
rZ
DEBT
NET SERVICE
REVENUE REQUIREMENTS COVERAGE
111,615
274,468
.41
136,815
270,125
.51
300,193
283,013
1.06
186,768
250,075
.75
348,785
241,687
1.44
357,344
332,235
1.08
374,918
423,537
.89
371,713
274,573
1.35
471,203
253,675
1.86
449,165
310,128
1.45
-123-
CITY OF CLERMONT, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(2)
PER
(1) CA PITA15 MEDIAN
POPULATION INCOME AGE
1978-79
5,605
7,917
N/A
1979-80
5,461
8,945
N/A
1980-81
5,485
9,816
N/A
1981-82
5,476
10,184
N/A
1982-83
5,598
10,894
N/A
1983-84
5,745
11,820
N/A
1984-85
5,928
N/A
N/A
1985-86
6,114
N/A
N/A
1986-87
6,379
N/A
N/A
1987-88
6,623
N/A
N/A
DATA SOURCES:
(1) College of Business Administration, University of Florida -
Bureau of Economic and Business Research
(2) Information available on Countywide basis only. Data was
obtained from the Florida Statistical Abstract - Table 5.10
(3) Figures represent Grades K-12 in Public Schools.
Source - Department of Education
(4) Information available on Countywide basis only. Data was
obtained from the Florida Department of Labor, Bureau of
Labor Market Information.
-124-
EDUCATION
LEVEL IN
YEARS OF
FINAL
SCHOOLING
(3 )
SCHOOL
ENROLLMENT
TABLE 7
(4)
UNEMPLOYMENT
RATE
N/A
1,515
7.0
N/A
1,521
5.6
N/A
1,460
9.4
N/A
1,395
12.7
N/A
1,462
15.9
N/A
1,538
13.1
N/A
1,582
12.0
N/A
1,635
8.8
N/A
1,647
7.4
N/A
1,670
6.1
-125-
CITY OF CLERMONT, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(2)
(2)
COMMERCIAL
RESIDENTIAL
CONSTRUCTION
CONSTRUCTION
#OF
#OF
FISCAL YEAR
UNITS
VALUE
UNITS
VALUE
1978-79
10
1,690,500
28
1,094,654
1979-80
5
283,500
39
1,478,330
1980-81
9
949,914
44
1,816,852
1981-82
7
638,000
50
1,514,799
1982-83
4
2,071,040
32
1,424,778
1983-84
10
1,425,910
37
2,432,103
1984-85
10
3,234,000
69
3,102,300
1985-86
4
559,360
30
2,197,400
1986-87
6
1,874,085
75
4,188,500
1987-88
4
270,000
45
2,438,200
(1) Information available on Countywide basis only.
Data was obtained from the Florida Bankers Association
(2) City of Clermont zoning clearances
(3) Taxable assessed valuation per Lake County Property
Appraisers' form DR-422
(4) Non -Taxable assessed valuation per Florida Department
of Revenue
-126-
(1)
BANK
DEPOSITS
384,369
446,844
508,536
561,184
633,279
728,844
813,539
891,753
1,006,641
1,084,036
ASSESSED
(3 ) PROPERTY
TAXABLE
50,771,787
52,171,600
66, 088, 580
73,346,714
77,444,991
85,629,953
87,665,327
99,418, 831
109, 948, 395
116,135,440
TABLE 8
TAXABLE
VALUE (4 )
NON-TAXABLE
15,219,933
16,240,230
25,290,598
34,380,225
36, 371, 903
40, 683,419
42, 233, 196
42,431,755
42,053,436
43,489,330
-127-
CITY OF CLERMONT, FLORIDA
PRINCIPAL TAXPAYERS
John Hurtak
South Lake Plaza/K-Mart
525 N.E. 58th. Street
Miami, Fla. 33137
Lake Highlands Retirement
and Nursing Center, Inc.
151 E. Minnehaha Avenue
Clermont, Fla. 32711
Florida Citrus Tower
6175 N.W. 153rd. Street
Miami Lakes, Fla. 33014
Eastern Shores Mobile
10 Camino Real Drive
Edgewater, Fla. 32032
Richard Reynolds
Winn -Dixie Shopping Center
Rt.#3, Box 522
Clermont, Fla. 32711
Oakric�e Apartments
P.O. Box 1811
Lake Mary, Fla. 32746
Savannahs Inc.
1344 W. Colonial Drive
Orlando, Fla. 32804
Lakeview Villas
c/o Marvin Poer
1850 Lee Road #325
Winter Park, Fla. 32787
Meritor Savings & Loan
203 Ave. A. Northwest
Winter Haven, Fla. 33880
Sun Bank Nat'l
Lake County
P.O. Box 8
Leesburg; Fla. 32748-
TOTAL
ASSESSED
VALUATION
AS OF 1/l/88
4,152,014
2,524,950
1,182,599
1,137,157
1,134,976
1,042,592
847,121
824,172
604,972
525,893
$13,9760,446
Source: 1988 City of Clermont Tax Roll, prepared by the
Lake County Property Appraisers Office.
-128-
TABLE 9
PERCENTAGE
OF TOTAL
ASSESSED
3.36
2.03
.96
.92
.91
.84
.69
.67
.49
.43
11.32
CITY OF CLERMONT, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1988
TABLE 10
Date of Incorporation 1916
Present Charter Adopted 1962
Form of Government Council -Manager
Number of Councilmen Five (5)
TERM OF OFFICE:
Mayor/Councilmen Two years (2)
City Manager Appointed
AREA OF CITY:
Municipal Boundaries 4 square miles
Miles of Streets 42
Number of Street Lights 699
FIRE PROTECTION:
Number of Stations 1
Number of Volunteer Firemen 25
Number of Fire Hydrants 227
POLICE PROTECTION:
Number of Stations 1
Number of Police Officers 14
EDUCATION:
Number of Schools:
Elementary
1
Middle
1
High School
1
Number of Teachers
105
Number of Students
1,670
MUNICIPAL WATER DEPARTMENT:
Number of Consumers 2,600
Average Daily Consumption 1,291,000 gallons
Miles of Water Mains 45 miles
WASTEWATER AND SANITARY SEWERS:
Sanitary Sewers 55 miles
Storm Sewers 10 miles
RECREATIONAL AND CULTURAL:
Number of Parks 17 with 45 acres
Number of Libraries 1
Number of Volumes 29,400
TOTAL CITY EMPLOYEES: s�
Full -Time 61
Part -Time 8
-129-
TYPE OF COVERAGE & INSURER
LIABILITY
Fireman' s Fund American
Florida Muni ci paL
Liability Self
Insurer's Program
International Surplus
Lines
Firemen's Fund American
Western Surety Co.
WORKERS COMPENSATION
Florida Municipal Self
Insurers Fund
FIRE AND EXTENDED COVERAGE
Insurance Company of
North America
CITY OF CLERMONT, FLORIDA
SCHEDULE OF INSURANCE IN -FORCE
SEPTEMBER 30, 1988
POLICY EXPIRATION
NUMBER DATE DETAILS
4179521 10/01/88
FML 304 09/30/88
524-098429-2 10/01/88
SOR418-85-27 10/07/88
181 3538 5 10/01/88
Finance Di rector —Bond
General Liability
Bodily Injury
Auto Liability
Lew Enforcement
Liability
Public Officials and
Employees Liability
Finance Director —Bond
Public Employees
Blanket Bond
TABLE 11
LIMITS
500,000
100,000/1,500,000
Property Damage
200,000/1,500,000
1,000,000
100,000
5,000
Statutory
FM 389 08/30/88 Workers Compensation 100,000/500,000
01-38-36-49-8 10/01/88 Blanket Building per Schedule
and Property 3,874,684
ACCIDENTAL DEATH —DISMEMBERMENT
National Union Fire
Insurance Company 10009555930-34
10/01/88
National Union Fire
Insurance Company 10009555931-34
10/01/88
EMPLOYEE HEALTH AND LIFE
Metropolitan Ins. Co. 5277000
03/30/89
Metropolitan Ins. Co. 5277000
03/30/89
Acci dental Death—Fi re
50,000
Accidental Death —Police 20,000
Group Health
Group Life
per Schedule
15,000/50,000
-130-