Comprehensive Annual Financial Report - 1988-1989.�
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
I FISCAL YEAR ENDED
SEPTEMBER 30, 1989
q 11 CITY OF CLERMONT, FLORIDA
�l
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SEPTEMEER 30, 1989
Prepared by:
Finance Department
Joseph E. Van Zile
Finance Director
THIS PAGE INTENTIONALLY LEFT BLANK
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CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1989
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal . . . . . . . . . . . . . . . . . . . . 1
Organization Chart . . . . . . . . . . . . . . . . . . . . . 13
Listing of City Officials . . . . . . . . . . . . . . . . . . 14
Certificate of Achievement . . . . . . . . . . . . . . . . . 15
FINANCIAL SECTION
AUDITORS REPORTS
Independent Auditor's Report . . . . . . . . . . . . . . . 17
Report on Internal Control Structure . . . . . . . . . . . 19
Report on Compliance Based on An Audit of General Purpose
Financial Statements . . . . . . . . . . . . . . . . . . 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
Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 32
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TABLE OF CONTENTS
FINANCIALSECTION( 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 . . . . . . . . . . . 34
Combined Statement of Cash Flows - All Proprietary Fund
Types and Non -Expendable Trust Funds . . . . . . . . . . 36
Notes To Financial Statements . . . . . . . . . 39
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS
General Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . .
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . . .
Statement of Revenues - Budget and Actual . . . . . . . .
Statement of Expenditures - Budget and Actual . . . . . .
Special Revenue Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . .
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . .
Capital Projects Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . .
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances . . . . . . . . . . . . . . . . . . .
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Twelfth Street Park Fund
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Building Construction Fund
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64
65
66
68
72
73
76
77
78
79
TABLE OF CONTENTS
FINANCIAL SECTION CONTD.
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS(CONTD.)_
Enterprise Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . 84
Combining Statement of Revenues, Expenses and Changes
In Retained Earnings . . . . . . . . . . . . . . . . . 87
Combining Statement of Cash Flows . . . . . . . . . . . . 88
Internal Service Fund:
Comparative Balance Sheet - Gas and Oil Revolving Fund 92
Comparative Statement of Revenues, Expenses and Changes
In Retained Earnings - Gas and Oil Revolving Fund . . . 93
Comparative Statement of Cash Flows -
Gas and Oil Revolving Fund . . . . . . . . . . . . . . 94
Trust and Agency Funds:
Combining Balance Sheet - Trust and Agency Funds . . . . 99
Combining Statement of Revenues, Expenses and Changes
In Fund Balances - Trust Funds . . . . . . . . . . . . 100
Statement of Cash Flows - Non -Expendable Trust Fund . . . 102
Statement of Changes In Assets and Liabilities -
Deferred Compensation Agency Fund . . . . . . . . . . . 103
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TABLE OF CONTENTS
FINANCIAL_ SECTION (CONTD.)
Account Groups:
Statement of General Fixed Assets By Sources . . . . . .
Schedule of General Fixed Assets By Function . . . . . .
Schedule of Changes In General Fixed Assets - By Function
Statement of General Long -Term Debt . . . . . . . . . . .
Schedules:
Comparative Schedule of Revenues, Expenses and
Changes In Retained Earnings - Utility Fund . . . . . .
STATISTICAL SECTION
Comments On The Statistical Section . . . . . . . . . . .
General Governmental Expenditures By Function -
Last Ten Fiscal Years . . . . . . . . . . . . . . .
General Revenue By Source - Last Ten Fiscal Years . . . .
Property Tax Levies, Tax Collections and Assessed
Valuations - Last Ten Fiscal Years . . . . . . . . . .
Property Tax Rates - All Overlapping Governments -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
Special Assessment Collections - Last Ten Fiscal
Years . . . . . . . . . . . . . . . . . . . . . . . . .
Revenue Bond Coverage - All Revenue Bonds - Last
Ten Fiscal Years . . . . . . . . . . . . . . . . . . .
Demographic Statistics - Last Ten Fiscal Years . . . . .
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108
109
110
111
113
115
116
118
120
122
125
126
128
TABLE OF CONTENTS
STATISTICAL SECTION (CONTD.)
Property Value, Construction and Bank Deposits -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 130
Principal Taxpayers . . . . . . . . . . . . . . . . . . . 133
Pension Expenditures By Type - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 134
Pension Revenues By Source - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 135
Pension Trend Data - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 136
Schedule of Insurance Coverages . . . . . . . . . . . . . 138
Miscellaneous Statistics . . . . . . . . . . . . . . . . 140
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INTRODUCTORY SECTION
This section contains the letter of transmittal,
organizational chart, and listing of city officials.
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CITY OF CLERMONT
P.O. BOX 219 • CLERMONT, FLORIDA 32711 • PHONE 904/394-4081
March 21, 1990
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, 1989, 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 south Lake County,
approximately thirty miles west of the City of Orlando and thirty miles
southeast of the City of Leesburg. The City is conveniently accessible
to Orlando via Florida Highway 50.
The City is essentially residential in character and its economy
is primarily centered in retail trade as well as lodging, food and
beverage establishments which are tourism oriented.
Lake County, located in Central Florida, is bounded to the north
by Marion County, to the south by Polk County, to the east by Orange
County, Seminole County and Volusia County, and to the west by Sumter
County. Tavares, the County Seat, is located approximately 190 miles
southeast of Tallahassee, the State Capitol, and fifty miles northeast
of Orlando.
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
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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.
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.
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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.
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 Statements,
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.
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Section III. Statistical Section
This section presents detailed historical
information which will be beneficial to the
reader in understanding the City's growth and
its future potential.
GENERAL FUND
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 4.63% from
$1,118,802 to $1,170,589 and was 66.9% 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, 1989, $58,892 is budgeted for use in the 1989-90 fiscal
year budget.
Revenues and other financing sources of the current fiscal year
as compared with those of the previous year are presented as
follows:
Percent
..
Percent
of
Amount Total
1987-88 Increase
Percent <Decrease>
of over
Amount Total 1987-88
Taxes
954,977
51.4
913,493
51.3
4.6
Licenses & Permits
18,931
1.2
30,000
1.8
<36.9>
Intergovernmental
587,673
31.6
559,954
31.5
5.0
Charges for Services
91,679
5.1
85,964
4.9
6.6
Fines & Forfeitures
34,252
2.0
30,199
1.8
13.4
Miscellaneous Revenues 156,031
8.6
153,111
8.6
1.9
Transfers - In
13,344
.1
10,132
.1
31.7
$1,856,887
100.0
$1,782,853
100.0
4.2
Revenues and other financing sources increased 4.2% from
$1,762,853 to $1,856,887. Most revenue sources increased at or near
the percentage increase for the fund with the exception of Licenses and
Permits, Fines and Forfeitures, and Transfers - In. In addition, there
was no significant change in the percentage of total revenue by source.
Licenses and Permits revenue for 1988-89 decreased 36.9% primarily due
to a major subdivision site plan fee received in 1987-88. There was
not a similar size subdivision site plan fee received in 1988-89.
Fines and Forfeitures revenues increased 13.4% due to an increase in
receipt of traffic related fines and law enforcement education funds
from Lake County. Transfers - In, which represents the transfer of
interest earnings from the Cemetery Fund to cover the maintenance of
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the city cemetery, increased 31.7% primarily due to a 20% increase in
interest rate on invested funds.
Of the total Taxes Revenue for 1988-89, $292,370 or 30.6% was
earned from ad valorem property taxes. The City's 1988-89 millage rate
is in effect for the 1989-90 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.
MILEAGE RATES
COMPARISON
MILLAGE
RATES
6
5
4
3
2
1
0
�. ............. #.............
�
1980 1981 1982 1983 1984 1985 1%6 1987 1988 1989
YEAR
Expenditures and other financing uses of the current fiscal year
as compared with those of the previous year are as follows:
... ..
Percent
of
Amount Total
Amount
Percent
1987-88 Increase
Percent <Decrease>
of over
Total 1987-88
General Government
392,504
22.4
339,916
18.7
15.5
Public Safety
691,581
39.5
574,872
31.6
20.3
Physical Environment
77,316
4.4
76,565
4.2
.1
Transportation
282,696
16.2
461,718
25.4
<38.8>
Economic Environment
1,780
.1
1,175
.1
51.5
Culture & Recreation
303,943
17.4
283,504
15.6
7.2
Transfers - Out
-0-
80,241
4.4
<100.0>
$1,749,820
100.0
$1,817,991
100.0
<3.7>
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Expenditures and Other Financing Uses decreased 3.7% from
$1,817,991 to $1,749,820. The decrease is primarily due to increases
in the General Government and Public Safety categories and decreases
in Transportation and Transfers - Out. The General Government function
increased 15.5% due to additional capital outlay needs, as well as
reclassification of certain administrative expenditures. The Public
Safety expenditures increased 20.3% due to pay grade adjustments for
Police Officers and Dispatchers, as well as increased capital outlay
needs for the Police Department. The decreases in the Transportation
(38.8%) and Transfers - Out (100%) categories are primarily the result
of a transfer of responsibility for these costs from the General Fund
to the Infrastructure Fund. Transfers - Out in the 1987-88 fiscal year
were for the development of the Palatlakaha Recreation Area (Twelfth
Street Recreation Park). In the 1988-89 fiscal year, the park
development costs and a substantial portion of qualified Transportation
expenditures were funded out of the Infrastructure Fund.
SPECIAL REVENUE FUND
The Infrastructure Fund was established to account for the City's
share of the Local Government Infrastructure Surtax, which can be used
only for fixed capital outlay. The surtax represents a countywide one
cent increase in the sales tax until the end of the fiscal year 2002.
A comparison of Local Government Infrastructure Surtax Revenue for
the last three fiscal years is presented as follows:
Local Government
Infrastructure Surtax 260,092 207,205 -0-
In fiscal year 1988-89, Infrastructure Surtax Funds were expended
on City Transportation Infrastructure Improvement Projects and
transferred to the Capital Projects Funds to provide funding for the
development of the Palatlakaha Recreation Area and construction of a
new Public Works Complex.
On November 1, 1989, the City issued $2,070,000 of Florida Sales
Tax Revenue Bonds to finance infrastructure improvements. The Local
Government Infrastructure Surtax has been pledged as the primary source
of revenue to repay the bonds. The bond issue was initiated to
provide available revenue for the development of the Palatlakaha
Recreation Area and construction/renovation of a new Public Works
Complex, City Hall and Public Safety Building.
CAPITAL PROJECTS FUNDS
TWELFTH STREET PARK DEVELOPMENT FUND
This fund was created in the 1987-88 fiscal year to account for
the development of a recreation park on Twelfth Street, which has since
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been named the Palatlakaha Recreation Area. A three year development
program was begun in the 1988-89 fiscal year. Revenue sources that are
planned to be used include the Florida Sales Tax Revenue Bond proceeds,
Local Government Infrastructure Surtax revenue, donations and grants.
BUILDING CONSTRUCTION FUND
This fund was established in the 1988-89 fiscal year to account
for the construction/renovation of a new Public Works Complex, City
Hall and Public Safety Building. These projects are estimated to be
completed by the end of fiscal year 1990-91. Financing will be
obtained from the Florida Sales Tax Revenue Bond proceeds and Local
Government Infrastructure Surtax revenues.
UTILITY FUND
The Utility Fund accounts for the provision of water and sewer
services to the residents of the City.
Operating revenues increased 5.8% from $1,056,616 to $1,118,064
due to increased customer growth.
Operating expenses increased 7.5% from $783,384 to $841,763
primarily due to an increase in repair and maintenance of sewer lift
stations. The lift stations had to receive extensive repairs due to
the age of the equipment.
Comparative data for the last three years is illustrated in the
following table:
Operating Revenues
Operating Expenses
Operating Income
Net Fixed Assets
Debt Service Coverage
1988-89
1,118,064
841,763
276,301
7,838,031
1.62
SANITATION FUND
1987-88 1986-87
1,056,616 983,628
783,384 684,601
273,232 299,027
7,678,475 7,502,967
1.45 1.86
The Sanitation Fund accounts for the provision of garbage and
trash removal service to the residents of Clermont.
Operating revenues increased .1% from $271,202 in 1987-88 to
$272,889 in 1988-89. Operating expenses increased 4.5% over the same
period, primarily due to a 36.4% increase in landfill costs.
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Comparative data for the last three fiscal years is illustrated
in the following table:
Operating Revenues
Operating Expenses
Operating Income
272,889
268,832
4,057
271,202
257,316
13,886
262,724
238,272
24,452
Landfill costs charged to the City by Lake County to dispose of
solid waste have increased over 50% the last two fiscal years. As a
result of the previous increases and the expected future increases, the
City was forced to raise the monthly rate charged to city residents by
38.9% effective October 1, 1989. The increase is expected to generate
enough funds for the 1989-90 fiscal year in order for the Sanitation
Fund to break even. During the 1989-90 fiscal year, the City will
review the Sanitation Fund operations to determine whether it will
continue to provide the solid waste collection service or to privatize.
INTERNAL SERVICE FUND
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.
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,
1989, the general fixed assets of the City totalled $3, 744, 4 83 . This
amount represents the original cost of the assets and is, therefore,
1.9
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 $402, 392 or 10.3% of total revenue from all funds,
with the exception of the Pension and Deferred Compensation Funds, in
interest revenue during the 1988-89 fiscal year. The weighted average
rate of return during 1988-89 was approximately 8.75%. The following
table shows the breakdown of interest by source:
Percent
Average
of
Rate of
Amount
Total
Return
State Board of Administration $261,394
65.0
8.88
Certificates of Deposit 94,824
23.6
8.55
Repurchase Agreements 46,174
11.4
8.33
$402,392
100.0
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 has $1,500,000 in Certificates of Deposit with a local
qualified public depository with interest rates ranging from 8.25% to
9.10%. The maturity periods are from two to three years.
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, 1989. The notes totalling $93,215
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 $3,525,000 are secured by the gross revenues of
the water and sewer system.
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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.
on January 1, 1990, the City adopted a modified self-insurance
program for group health, dental and life insurance for city employees.
The City is responsible for health and dental claims up to $25,000 per
employee and $192,500 for the entire group. Reinsurance provides
coverage in excess of the city's limits up to $1,000,000 per employee.
Life insurance coverage is in the face amount of one and one-half the
employee's salary.
FINANCIAL POSITION AND FUTURE PROSPECTS
The City of Clermont continues to maintain a sound financial
position while providing and maintaining services to the residents of
the City. The levels of service and the associated costs to the
residents compare favorably to other governmental units in our area.
Conservative budgeting practices along with comprehensive short and
long range planning strategies should ensure a positive future for
Clermont.
With Clermont's location being less than thirty miles from
downtown Orlando, the potential for growth is unprecedented. The
availability and cost of vacant property in and around Clermont is very
favorable for all types of development. The City is currently
reviewing a request to expand the city limits by approximately 1,400
acres with a Planned Unit Development consisting of a 3,600 home golf
course community. While increasing the city's land area by
approximately 30%, the potential population increase is 100% by the
build out of the project. Other large tracts that could be serviced
and/or annexed into the city limits are also under consideration. This
increased tax base would be beneficial to the City.
Any overall expansion would be positive as long as the City
continues to maintain its posture that development pays for itself,
either through the provision of services or impact fees. Along this
area, we are analyzing the availability of other types of impact fees
that the City could assess to ensure that services are provided as they
are needed on an equitable basis. The Utility Impact Fee, which has
been in place for several years, has worked to the City's benefit, and
other types of fees such as Public Safety and Recreation are likely to
occur.
Solid waste management is a growing concern nationwide, and the
City is making every effort to address the problem with innovative
methods of controlling waste management. In the past year we have
implemented a yard waste composting program which is estimated to
reduce our waste stream by 20 to 25%, which has a direct effect on the
F_90]
cost of disposal. We also have plans to implement a citywide, curbside
recycling program this year which also will help in the reduction of
disposal costs.
Several major capital projects are either underway or planned for
the near future. A city park located on approximately twenty-eight
acres is under construction at this time. An expanded Public Safety
Complex is in the planning stages, as well as a new Public Works
Facility and City Hall. As noted earlier in this report, these
projects will be funded from a combination of Sales Tax Revenue Bond
proceeds, Local Government Infrastructure Surtax revenue and donations
and grants.
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) awarded a Certificate of Achievement for Excellence
in Financial Reporting to the City of Clermont, Florida, for its
Comprehensive Annual Financial Report for the fiscal year ended
September 30, 1988.
In order to be awarded a Certificate of Achievement, a government
unit must publish an easily readable and efficiently organized
Comprehensive Annual Financial Report, whose contents conform to
program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year
only. We believe our current report continues to conform to the
Certificate of Achievement Program requirements, and we are submitting
it to GFOA.
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.
11
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 Pat Sykes of the
City's Independent Audit Firm of Greenlee, Kurras, Rice and Brown for
her assistance in 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,
�-qa-ynf Isaunders
CityQManager
h E. Van Zile
finance Director
12
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-13-
CITY OF CLERMONT, FLORIDA
LISTING OF CITY OFFICIALS
AS OF SEPTEMBER 30, 1989
ELECTED OFFICIALS
Mayor Robert A. Pool
Mayor/Pro-Tem Hal Turville
Councilmember Ann Dupee
Councilmember Ken Norquist
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
14
Wayne Saunders
Leonard H. Baird, Jr.
Joseph E. Van Zile
Robert E. Smythe
Prentice Tyndal
Preston Davis
John Springstead
James J. McAllister
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Clermont,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1988
A Certificate of Achievement for Excellence In Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFR's) achieve the highest
standards In government accounting
and financial reporting.
President
Y�� L5�:::7
Executive Director
15
THIS PAGE INTENTIONALLY LEFT BLANK
101
FINANCIAL
SECTION
This Section Contains the Following Subsections:
AUDITORS' REPORTS
GENERAL PURPOSE FINANCIAL STATEMENTS
COMBINING AND INDIVIDUAL FUND AND
ACCOUNT GROUP STATEMENTS
SCHEDULES
r�
r�
AUDITORS' REPORTS
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and City Council
City of Clermont, Florida
kk
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
We have audited the
general purpose financial
statements of the City of
Clermont, Florida, as
of and for the year
ended September 30, 1989, 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, 1989, and the results of its operations and
its cash flows in its proprietary and nonexpendable trust fund 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, Florida
January 8, 1990
I �
17
THIS PAGE INTENTIONALLY LEFT BLANK
REPORT ON INTERNAL CONTROL STRUCTURE
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, 1989, and have issued our
report thereon dated January 8, 1990.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the general purpose
financial statements are free of material misstatement.
In planning and performing our audit of the general purpose financial
statements of the City of Clermont, Florida, for the year ended September 30,
1989, we considered its internal control structure in order to determine our
auditing procedures for the purpose of expressing our opinion on the general
purpose financial statements and not to provide assurance on the internal
control structure.
The management of the City of Clermont, Florida, is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. The objectives.of an internal control structure are
to provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition; and that
transactions are executed in accordance with management's authorization and
recorded properly to permit the preparation of general purpose financial
statements in accordance with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may nevertheless occur and not be detected. Also, projection
of any evaluation of the structure to future periods is subject to the risk
that procedures may become inadequate because of changes in conditions or that
the effectiveness of the design and operation of policies and procedures may
deteriorate.
19
For the purpose of this report, we have classified the significant internal
control structure policies and procedures in the following categories:
Cash and investments
Receivables
Inventory
Property, equipment, capital outlay
Payables and accrued liabilities
Debt and debt service
Our study included all of the control categories listed above. The purpose of
our study and evaluation was to determine the nature, timing, and extent of
the auditing procedures necessary for expressing an opinion on the entity's
financial statements.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
reportable conditions and, accordingly, would not necessarily disclose all
reportable conditions.
This report is intended solely for the use of the City Council, management,
and the Auditor General of 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 Council is a matter of
public record.
Mount Dora, Florida /
February 12, 1990
20
REPORT ON COMPLIANCE BASED ON AN AUDIT
OF GENERAL PURPOSE FINANCIAL STATEMENTS GREEN LEE
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 and for the year ended September 30, 1989, and have
issued our report thereon dated January 8, 1990.
We conducted our audit in accordance with generally accepted auditing
standards and Government_ Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the general purpose
financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the
City of Clermont, Florida, is the responsibility of the City's management. As
part of obtaining reasonable assurance about whether the general purpose
financial statements are free of material misstatement, we performed tests of
the City's compliance with certain provisions of laws, regulations, contracts,
and grants. However, our objective was not to provide an opinion on overall
compliance with such provisions.
The results of our tests indicate that,
with respect to the items tested,
the
City of Clermont, Florida,
complied,
in all material respects, with
the
provisions referred to in the
preceding
paragraph. With respect to items
not
tested, nothing came to our
attention
that caused us to believe that
the
City had not complied, in all
material respects, with those provisions.
This report is intended for the information of management and the State of
Florida. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
Mount Dora, Florida
February 12, 1990
21
THIS PAGE INTENTIONALLY LEFT BLANK
22
MANAGEMENT LETTER
The Honorable Mayor and City Council
City of Clermont, Florida
This report contains our comments as required by Chapter
Auditor General, Local Governmental Entity Audits, for
Florida, for the year ended September 30, 1989.
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
10.554, Rules of the
the City of Clermont,
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. We made no recommendations in the prior year.
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:
The Water and Sewer Revenue Bond, 1972 series, covenant requires the
City 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. 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, 1989, 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 January 8, 1990.
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 i >
February 12, 1990
24
r-,
GENERAL PURPOSE
FINANCIAL STATEMENTS
�1
(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.
1,
.-,
17
.-,
THIS PAGE INTENTIONALLY LEFT BLANK
25
CITY OF CLERMONT
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1989
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
GOVERN14ENTAL FUND
-----------------------------------
TYPES
PROPRIETARY
------------
SPECIAL
CAPITAL
GENERAL
REVENUE
PROJECTS
ENTERPRISE
$ 102,140
$ 4,502
$ ...
$ 210,890
1,307,703
205,071
...
1,723,652
13,507
...
...
9,350
10,073
...
...
113,441
...
...
...
3,831
1,554
...
71,514
85,326
43,304
43,679
49,315
...
...
...
26,904
4,615
...
...
2,306
•••
•••
•••
112,184
...
...
...
1,200,903
•••
•••
•••
927,606
•••
•••
•••
2,822,978
•••
•••
•..
6,149,370
•••
•••
•••
339,164
•••
•••
•..
160,134
.•.
•••
(2,552,824)
$ 1,482,896 $ 253,252 $ 120,829 $ 11,335,215
The notes to the financial statements are an integral part of this statement.
26
FUND TYPES
INTERNAL
SERVICE
FIDUCIARY
FUND TYPES
TRUST
AND
AGENCY
$ 20,059
1,742,143
ACCOUNT
GROUPS
------------------------
GENERAL
GENERAL
FIXED
LONG-TERM
ASSETS
DEBT
... 3 ... ...
2,390 ... ... ...
... ... 678,139 ...
... ... 678,103 ...
••• ••• 1,524,357 ...
... ... 863,884 ...
••• ••• ... 93,215
----------------------------------------
$ 2,390 $ 1,762,205 $ 3,744,483 $ 93,215
TOTALS
(MEMORANDUM ONLY)
---------------------------
.;.
$ 337,591
4,978,569
22,857
123,514
3,831
158,397
136,298
29,294
6,921
112,184
1,200,903
1,605,745
678,103
2,822,978
6,149,370
1,524,357
1,203,048
160,134
(2,552,824)
93,215
$ 18,794,485
•.:
$ 266,786
4,218,763
13,506
132,531
13,983
237,260
350,225
26,515
6,625
223,293
891,881
1,511,107
599,827
2,801,074
5,935,628
1,477,194
1,144,749
37,766
(2,337,211)
132,476
------------
$ 17,683,978
27
Corrt inued
CITY OF CLERMONT
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1989
LIABILITIES
Accounts payable
Other accrued expenses
Contracts payable
Notes payable
Payable From Restricted Assets:
Construction contracts
Deposits
Accrued interest
Revenue bonds
Due to other funds
Deferred compensation payable
Revenue bonds payable
Other liabilities
Total Liabilities
GOVERNMENTAL FUND TYPES
SPECIAL CAPITAL
GENERAL REVENUE PROJECTS
$ 14,062 $ 4,081 $ 14,714
3,800 ... ...
••• ... 20,800
••• 82,000
FUND EQUITY
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
Unreserved, designated for
capital replacement 268,795
Unreserved, undesignated 1,170,589
1,465,031
Total Fund Equity
3
17,865
71,514
75,595
117,514
PROPRIETARY
------------
ENTERPRISE
$ 26,212
14,156
76,640
20,228
37,742
89,292
80,000
86,050
3,445,000
3,875,320
2,543,676
••• ••• ••• 1,106,052
••• ... ••• 3,810,167
2,425 ... ... ...
4,615 ... ... ...
1.8,607 ... ..• ...
177,657
177,657
3,315
3,315
TOTAL LIABILITIES AND FUND EQUITY $ 1,482,896 $ 253,252 $ 120,829
------------
7,459,895
------------
$ 11,335,215
The notes to the financial statements are an integral part of this statement.
FIDUCIARY TOTALS
FUND TYPES FUND TYPES ACCOUNT GROUPS (MEMORANDUM ONLY)
--------- ---------- ------------------------ ---------------------------
TRUST GENERAL GENERAL
INTERNAL AND FIXED LONG-TERM
SERVICE AGENCY ASSETS DEBT
-------- ------ ------ ----
$ ... $ ... $ ... $ ...
... ... ... 93,215
824
824
1,566
1,566
$ 2,390
.•6
37,018
37,024
••• 3,744,483
147,720
1,577,461
1,725,181
$ 1,762,205
3,744,483
$ 3,744,483
93,215
$ 93,215
iL•Z�3'�
$ 59,069
17,956
97,440
175,215
20,228
37,742
89,292
80,000
158,397
37,018
3,445,000
4,217,357
------------
2,545,242
3,744,483
1,106,052
3,810,167
2,425
4,615
18,607
147,720
1,577,461
268,795
1,351,561
14,577,128
$ 18,794,485
• -1
$ 57,650
19,286
114,755
132,476
5,623
34,328
76,751
60,000
237,260
70,650
3,525,000
4,333,784
------------
2,424,071
3,476,206
944,095
3,669,821
1,755
4,091
5,940
139,170
1,294,078
227,376
1,163,591
13,350,194
$ 17,683,978
99
CITY OF CLERMONT.
FLORIDA
COMBINED
STATEMENT OF REVENUES,
EXPENDITURES
AND
CHANGES IN FUND
BALANCES
ALL GOVERNMENTAL FUND
TYPES
FOR
THE YEAR ENDED SEPTEMBER
30, 1989
------------__---___-_-"--------"-_�-=------------'--------------------Opp°CO==-----------------__----
TOTALS
GOVERNMENTAL
FUND TYPES
(MEMORANDUM
ONLY)
----------------------------------------
SPECIAL
CAPITAL
---------------------------
GENERAL
REVENUE
PROJECTS
1989
1988
Revenues:
-------
-------
--------
----
----
Taxes
$ 954,977
$ ..• $
...
$ 954,977 $
913,493
Licenses and permits
18,931
...
18,931
30,000
Intergovernmental revenues
587,673
260,092
46,000
893,765
912.524
Charges for services
91,679
...
...
91,679
85,964
Fines and forfeitures
34,252
...
34,252
30,199
Miscellaneous revenues
156,031
13.347
3,315
172,693
155,213
Total Revenues
-----------
1,843,543
---------- ----------
273,439
49,315
----------- -----------
2,166,297
-----------
2,127,393
Expenditures:
-----------
---------- ----------
-----------
Current:
General government
392,504
...
...
392,504
340,666
Public safety
691,581
...
...
691,581
588,430
Physical environment
77,316
...
7T,316
183,224
Transportation
282,696
31,024
...
313,720
461,718
Economic environment
1,780
...
...
1,780
1,175
Culture and recreation
303,943
..•
...
303,943
283,504
Capital outlay
...
...
155,547
155,547
300,011
Total.Expenditures
-----------
1,749,820
---------- ----------
31,024
155,547
----------- -----------
1,936,391
----------- -----------
2,158,T28
Excess of Revenues Over (Under)
-----------
---------- ----------
Expenditures
93,723
242,415
(106,232)
229,906
(31,335)
Other Financing Sources (Uses):
Operating transfers in
13,344
109,547
122,891
164,778
Operating transfer out
...
(109,547)
...
(109,547)
(154,646)
Financing through lease/purchase
agreement
...
...
...
...
...
-----------
Total Other Financing Sources (Uses) 13,344
---------- ----------
(109,547)
109,547
----------- -----------
13,344
-----------
10032
Exoeaa of Rovnnups and Other
-----------
---------- ----------
-----------
Financing Sources Over (Under)
Expenditures and Other Uses
107,067
132,868
3,315
243,250
(21,203)
Fund Balances - October 1
1,357,964
-----------
44,789
---------- ----------
...
1,402,753
----------- -----------
1,423,956
FUND BALANCES - SEPTEMBER 30
$ 1,465,031
$ 177,657 $
3,315
$ 1,646,003 $
1,402,753
The notes to the financial statements are an integral part of this statement.
30
THIS PAGE INTENTIONALLY LEFT BLANK
31
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL, SPECIAL REVENUE, AND CAPITAL PROJECT FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1989
-----------------------------------------
GENERAL FUND
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
Revenues:
------
------
-------------
Taxes
$ 954,900
$ 954,977
$ 77
Licenses and permits
22,500
18,931
(3,569)
Intergovernmental revenues
579,467
587,673
8,206
Charges for services
90,810
91,679
869
Fines and forfeitures
30,800
34,252
3,452
Miscellaneous revenues
131,412
156,031
24,619
Total Revenues
-----------
1,809,889
-----------
1,843,543
-----------
33,654
Expenditures:
-----------
-----------
-----------
Current:
General government
401,148
392,504
8,644
Public safety
711,202
691,581
19,621
Physical environment
98,719
77,316
21,403
Transportation
315,606
282,696
32,910
Economic environment
3,500
1,780
1,720
Culture and recreation
322,688
303,943
18,745
Contingency
...
...
Capital outlay
...
...
,..
Total Expenditures
-----------
1,852,863
-----------
1,749,820
-----------
103,043
Excess of Revenues Over (Under)
-----------
-----------
-----------
Expenditures
(42,974)
93,723
136,697
Other Financing Sources (Uses):
Operating transfers in
10,000
13,344
3,344
Operating transfers out
(20,000)
...
20,000
Financing through lease/purchase
...
...
Total Other Financing Sources (Uses)
-----------
(10,000)
-----------
13,344
-----------
23,344
Excess of Revenues and Other
-----------
-----------
-----------
Sources Over (Under) Expenditures
and Other Uses
(52,974)
107,067
160,041
Fund Balances - October 1
-----------
1,357,964
1,357,964
-----------
...
-----------
FUND BALANCES - SEPTEMBER 30 $ 1,304,990 $ 1,465,031 $ 160,041
The notes to the financial statements are an integral part of this statement.
32
SPECIAL
------------------------------------------
REVENUE FUND
CAPITAL PROJECTS
FUND
VARIANCE
---------------------------------------
VARIANCE
FAVORABLE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
$ ... $
...
$ ...
$ ...
$ ...
$ ...
285,000
260,092
(24,908)
46,000
46,000
...
500
----------------------
13,347
12,847
•••
3,315
3,315
285,500
----------------------
273,439
-----------
(12,061)
-----------
----------
46,000
----------
----------
49,315
----------
----------
3,315
----------
•••
•••
...
30,023
29,615
408
114,800
31,024
83,716
...
...
...
...
...
...
123,510
125,932
(2,422)
----------------------
114,800
----------------------
31,024
-----------
83,776
-----------
----------
153,533
----------
----------
155,547
----------
----------
(2,014)
----------
170,700
242,415
71,715
(107,533)
(106,232)
1,301
107.533
109,547
2,014
(107,533)
(109,547)
(2,014)
...
...
...
----------------------
(107,533)
----------------------
(109,547)
-----------
(2,014)
-----------
----------
107,533
----------
----------
109,547
----------
----------
21014
----------
63,167
132,868
69,701
...
3,315
3,315
44,789
----------------------
44,789
...
-----------
...
----------
...
----------
...
----------
$ 107,956 $
177,657
$ 69,701
$ .•.
$ 3,315
$ 3,315
33
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1989
=ax==z=xcaaaszs=zaaasazaasaxazseavazaaas=aaszzz==axs==azzsaaxazaa=samaa aaaz=aaaszzaaasaaaaxsazaas=aa=
Cash Flows From Operating Activities:
Cash received from customers
Cash payments to suppliers
Cash payments for employee services
Cash payments for cemetery maintenance
Net Cash Provided By
Operating Activities
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction
of capital assets
Principal paid on revenue bonds
Interest paid on revenue bonds
Capital contributed by developers
Proceeds from gain on refunding
Grant proceeds
Refunding bond proceeds
Refunded debt
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (DUZIORANDUMS ONLY)
---------------------- ----------- -----------------------
INTERNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1989 1988
------------------------------- ----
$ 1,399,580 $ 51,570 $ 8,550 $ 1,459,700 $ 1,360,588
(503,180) (51,570) ... (554,750) (496,028)
(380,273) ... .. (380,273) (377,073)
••• ••• (13,344) (13,344) (10,132)
---------------------------------------------------
516,127 ... (4,794) 511,333 477,355
---------------------------------------------------
(279,062) ...
... (279,062)
(483,359)
(60,000) ...
... (60,000)
...
(230,087) ...
... (230,087)
(269,239)
121,171 ...
... 121,171
109,841
... ...
... ...
775,036
130,617 ...
... 130,617
250,765
••• ...
... ...
2,200,000
... ...
-----------------------------
... ...
-----------
(2,789,900)
-----------
Net Cash Provided By Capital and
Related Financing Activities (317,361) ... ... (317,361) (206,806)
---------------------------------------------------
Cash Flows From Investing Activities:
Interest
Net Increase in Cash and Cash
Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year
255,223
--------------------
... 13,344
---------
268,567
-----------
180,163
-----------
453,989
... 8,550
462,539
450,712
2,793,640
--------------------
... 139,170
---------
2,932,810
-----------
2,482,098
-----------
$ 3,247,629 $ ... $ 147,720 $ 3,395,349 $ 2,932,810
-------- -----------
The notes to the financial statements are an integral part of this statement.
36
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (I+11 -IORANDW4S ONLY)
---------------------------------- ------------------------
INTEftNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1989 1988
-------------------------------- ---- ----
Reconciliation of Operating Income
to Net Cash Provided by
Operating Activities:
Operating Income $ 280,358 $ ... $ 21,894 $ 302,252 $ 305,500
---------------------------------------------------
Adjustments to Reconcile Operating
Income to Net Cash Provided by
Operating Activities:
Depreciation
221,216 ...
...
221,216
182,989
Change in Assets and Liabilities:
Decrease (Increase) in receivables
11,891 ...
...
11,891
(23,410)
Increase in inventory
(2,706) ...
...
(2,706)
(2,559)
Decrease in prepaid expenses
228 ...
...
228
22,289
Decrease in accrued expenses
(1,291) ...
...
(1,291)
(2,047)
Increase (Decrease) in payables
6,431 ...
..
6,431
14,857
Investment earnings
... ...
(13,344)
(13,344)
(10,132)
Operating transfer
... ...
--------------------
(13,344)
---------
(13,344)
-----------
(10,132)
-----------
Total Adjustments
235,769 ...
--------------------
(26,688)
---------
209,081
-----------
171,855
-----------
Net Cash Provided by
Operating Activities:
$ 516,127 $ .•.
$ (4,794)
$ 511,333
$ 477,355
37
THIS PAGE INTENTIONALLY LEFT BLANK
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 - 1217,
Special Acts 1967, 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.
W
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Included within the reporting entity:
The City of Clermont Employees' Retirement Systems
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.
40
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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:
Governmental Funds -
1. General Fund - To account for all financial resources except those
required to be accounted for in another fund.
2. Special Revenue Fund - 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 Funds - 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 Fund - 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.
41
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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.
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.
42
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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.
In the general fund, the following departments had an excess of expenditures
over appropriations: city manager ($533), other general government ($3,830),
and animal control ($1,429). The twelfth street park fund, a capital projects
fund, had an excess of expenditures over appropriations of $2,422.
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
depreciation and compensated absences not being budgeted.
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. A schedule summarizing budget
revisions by fund is presented in notes to the financial statements No. 2.
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. A comparison of budgeted and actual
(budgetary basis) expenses in the enterprise funds is shown in notes to
financial statements No. 2.
E. Assets, Liabilities and Fund Equity
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.
43
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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.
5. Prepaid Items - Payments made to vendors for service that will benefit
periods beyond year end 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
44
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
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. Accumulated unpaid vacation benefits of $11,962
are accrued in the proprietary funds.
9. Long -Term Obligations - Long-term debt is recognized as a liability of
a governmental fund when due. For other long -terra 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
45
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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
changes in cash flows in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation of this data.
2. Stewardship, Compliance, and Accountability:
A. Budget Revisions
The following schedule summarizes budget revisions by Fund:
General Fund
Special Revenue Fund:
Infrastructure
Capital Projects Funds:
Twelfth Street Park
Building Construction
Original Final
Budget Revisions Budget
$ 1,840,608 $ 32,255 $ 1,872,863
81,142 141,191 222,333
... 123,510 123,510
... 30,023 30,023
$ 1,921,750 $ 326,979 $ 2,248,729
46
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
B. Enterprise Funds Budget Comparisons
Comparison of budgeted and actual (budget basis) expenses at the legal
level of control for the Enterprise Funds is presented as follows:
Utility
Fund
Sanitation
Water
Sewer
Fund
Actual (GAAP Basis)
$ 417,150
$ 667,241
$ 268,832
Less:
Depreciation
(84,035)
(130,125)
(7,056)
Compensated absences
(3,841)
(4,956)
(3,165)
Actual (Budget Basis)
329,274
532,160
258,611
Budget
343,469
609,867
264,809
Variance - favorable(unfavorable)
$ 14,195
-----------
-----------
$ 77,707
---------
---------
$ 6,198
-----------
-----------
3. Deposits and Investments:
DEPOSITS
The Florida Security for Depositors Act identifies those financial institutions
that have deposited the required collateral in the name of the treasurer of the
State of Florida as qualified public depositories. The City only places
deposits with qualified public depositories. Therefore, all City deposits are
entirely insured.
At year end, the carrying amount of the City's deposits was $1,487,175 and the
bank balance was $1,536,559.
TNVRgTMPUTq
The City's investments are categorized below to give an indication of the level
of risk assumed by the entity at year-end. Category 1 includes investments
that are insured or registered or for which the securities are held by the City
or its agent in the City's name. Category 2 includes uninsured and unregis-
tered investments for which the securities are held by the broker's or
dealer's trust department or agent in the City's name. Category 3 includes
uninsured and unregistered investments for which the securities are held by the
broker or dealer, or by its trust department or agent but not in the City's
name.
47
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
State statutes and the City's investment policies authorize investment in U.S.
Government Obligations, Federal Farm Credit Banks, Federal National Mortgage
Association Obligations and Repurchase Agreements.
Carrying Market
Value Value
Repurchase Agreements $ 462,000 $ 462,637
(Secured by Federal National Mortgage
Association Ser 199, due 5/10/99
9.95% held by bank in City's name,
risk category 1)
Investment in state treasurer's invest-
ment pool 3,064,990 3,064,990
Florida Municipal Pension Trust Fund 1,577,464 1,577,464
Deferred Compensation Plan 37,018 37,018
Total $ 5,141,472 $ 5,142,109
4. Changes In General Fixed Assets:
A summary of changes in general fixed assets is as follows:
Balance -
09/30/88
Land $ 584,729
Buildings Cull noo
J7't,Guu
Improvements other than
buildings 1,477,194
Machinery and equipment 819,995
Totals $ 3,476,206
Balance -
Additions
Deletions
09/30/89
$ 93,410
$ ...
$ 678,139
On Olt-
u�,vi7
...v78,iu3
77,479
30,316
1,524,357
69,573
25,684
863,884
$ 324,277 $ 56,000 $ 3,744,483
5. A Summary of Proprietary Fund property, plant and equipment:
Balance
9/30/88
Land $ 926,378
Water system 2,801,074
Sewer system 5,935,628
Equipment 330,293
Construction in progress 37,766
Total 10,031,139
Less: Accumulated depreciation 2,337,211
Net $ 7,693,928
Balance
Additions Deletions 9/30/89
$ 1,228 $ ... $ 927,606
21,904 ... 2,822,978
213,742 ... 6,149,370
14,474 5,603 339,164
124,072 1,704 160,134
$ 375,420 $ 7,307 10,399,252
221,2165,603 2,552,824
$ 7,846,428
U-
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
6. Pension Funds:
The City has three separate single employer defined benefit plans for general
employees, sworn police officers, and volunteer firemen respectively, as well
as a defined contribution plan for general employees. The investment and
administrative agent for these plans is the Florida Municipal Pension Trust
Fund, an agent multiple -employer Public Employee Retirement System.
DEFINED BENEFIT PENSION PLANS
Total City payroll for the year ended September 30, 1989, was $1,210,979.
Covered payroll for each of the defined benefit plans was:
General employees
Police officers
Volunteer firemen
$ 157,669
349,356
6,140
Membership in each of the defined benefit pension plans at September 30, 1989,
was as follows:
General
Police
Volunteer
Employees
Officers
Firemen
Retirees/beneficiaries
currently receiving benefits
10
1
0
Vested terminated employees
2
0
1
Active employees:
Fully vested
0
0
0
Partially vested
3
1
0
Nonvested
5
8
20
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
49
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
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 Pension Trust Fund, in which the City of Clermont
participates, provided an actuarial valuation dated July 17, 1988, for plan
years beginning October 1, 1987, for each of the City's three defined benefit
plans. Valuation updates were completed as of October 1, 1988.
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
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 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.
50
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
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 "pension benefit obligation" is a standardized
disclosure measure of the present value of pension benefits adjusted for the
effects of projected salary increases and step -rate benefits, estimated to be
payable in the future as a result of employee service to date. The measure is
intended to help users assess the funding status of the plans on a going -
concern basis, assess progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among employers. The measure is the
actuarial present value of credited projected benefits and is independent of
the funding method used to determine contributions to the plans.
The pension benefit 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 5% for volunteer firemen.
Pension Benefit Obligation:
General Police Volunteer
Employees Officers Firemen Total
Retired participants currently
receiving benefits $ 189,541 $ 143,117 $ ••. $ 332,658
Terminated vested participants
with future benefits 15,877 ... 305 16,182
Active participants
482,128
618,629
26,889
1,127,646
Total pension benefit obligation
687,546
761,746
27,194
1,476,486
Net assets available for benefits
647,116
565,254
160,632
1,373,002
Unfunded pension benefit
obligation
$ 40,430
---------
---------
$ 196,492
---------
---------
$ 0 33,438) $
--------------------
--------------------
103,484
51
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Contributions Reauired And Contributions Made
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.
During the year ended September 30, 1989, contributions were made in accordance
with contribution requirements by actuarial valuations of each of the plans as
of October 1, 1987.
Actuarially Determined Employer
Contribution Requirement:
General
Police
Volunteer
Employees
Officers
Firemen
Normal Cost
As a Dollar Amount
$ 10,436
$ 19,780
$ 2,580
As a Percent of Payroll
5.6%
10.10%
55.28%
Actuarially Determined Employer
Contribution Requirement:
General
Police
Volunteer
Employees
Officers
Firemen
Contributions Made:
Employer
City
$ 8,805
$ ...
$ ..
State
25,539
8,870
Subtotal
8,865
25,539
8,870
Employee
...
3,447
58
Total
$ 8,805
---------
---------
$ 28,986
---------
---------
$ 8,928
---------
---------
Covered Payroll
$ 157,669
$ 349,356
$ 6,140
Contributions as a %
of Covered Payroll:
Employer
5.58%
7.31%
144.46%
Employee
._99%
.94%
Total
_ _ _
�5.58%
8.30%
145.40%
f
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Trend Information
Trend information gives an indication of the progress made in accumulating
sufficient assets to pay benefits when due. Information is presented below for
the three years ending September 30, 1989, 1988, and 1987. Ten-year historical
trend information is presented in the Statistical Section of this report. All
Employer contributions were made in accordance with actuarially determined
requirements.
Percentage of
PBO funded by
available assets
General Employees:
1989 94.12
1988 81.94
1987 89.16
Police Officers:
1989 74.21
1988 60.04
1987 57.13
Volunteer Firemen:
Unfunded PBO Employer's
as a percentage contribution
of covered as a percentage
payroll of covered payroll
25.64 5.58
69.26 6.56
41.56 8.81
56.24 7.31
107.25 18.32
122.12 9.04
1989 590.69 0.00 144.46
1988 473.06 0.00 131.79
1987 377.87 0.00 117.36
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 1, 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%
53
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
Membership in the defined contribution pension plan at September 30, 1989, was
as follows:
General Employees
Retirees and beneficiaries
currently receiving benefits 1
Vested terminated employees 2
Active employees:
Fully vested 5
Partially vested 7
Nonvested 26
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.
Covered payroll for this Plan for FY 1989 was $524,855; the City's total
payroll was $1,210,979.
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 1989 was $36,739, or seven percent
(7%) of covered payroll. Actual contribution was $36,739.
7. Post -retirement Benefits:
Retired or terminated employees have the option of continuing the same type of
health and/or dental insurance coverages available to them while they were
employed with the City, in accordance with the provisions of the Consolidated
Omnibus Budget Reconciliation Act. The cost of the premiums are paid totally
by the former employees. There is no direct cost to the City for these
benefits.
8. Deferred Compensation:
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.
54
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
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.
9. Construction In Progress:
The following is a list of construction projects not completed at September 30,
1989:
TOTAL
COSTS
ESTIMATED
INCURRED
DESCRIPTION
COSTS
TO DATE
FINANCING SOURCES
Interceptor line study
$ 34,000
$ 83,261
City funds
Lift station no. 2
120,000
233
City funds
Montrose street water system
230,000
76,640
City funds
Total Construction
in Progress
10. Changes In Long -Term Debt:
$ 384,000 $ 160,134
----------------------
----------------------
The following is a summary of changes in notes payable and bond transactions of
the City for the year ended September 30, 1989:
GLTD
Notes
Bonds Payable Total
Bonds and notes payable
at October 1, 1988 $ 3,585,000 $ 132,476 $ 3,717,476
Bonds and notes retired (60,000) (39,261) (99,261)
Bonds and Notes Payable
At September 30, 1989
Bonds and notes payable at September 30,
individual issues:
$ 3,525,000 $ 93,215 $ 3,618,215
---------------------------------
---------------------------------
1989, are comprised of the following
55
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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 23,
1982, plus interest at 5 1/2% per annum, secured by the
gasoline tax revenues of the City. Balance 9-30-89 $ 71,227
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
7, 1985. Balance 9-30-89 19,234
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 9-30-89 2,754
Total Notes Payable $ 93,215
Enterprise Funds:
Bonds:
$1,540,000 1972 Water and Sewer revenue refunding bonds due
serially in annual installments of $50,000 to $135,000
starting November 1, 1985 through November 1, 2002;
interest at 6% due semiannually $ 1,325,000
$2,200,000 1988 refunding
installments of $20,000
1989 through December 1,
from 5.25% to 8% and is
Total Bonds Payable
Bonds Payable:
bond issue due serially in annual
to $185,000 starting December 1,
2015;interest coupon rate ranges
paid semiannually 2,200,000
Current portion of bonds payable
Long-term portion of bonds payable
Total Bonds Payable
$ 3,525,000
$ 80,000
3,445,000
$ 3,525,000
56
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
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,
1989, including interest payments of $3,744,635, are as follows:
ANNUAL REQUIREMENTS TO AMORTIZE LONG-TERM DEBT
SEPTEMBER 30, 1989
YEAR
ENDING
NOTES
SEPTEMBER 30
BONDS
PAYABLE
TOTAL
1990
$ 325,679
$ 30,847
$ 356,526
1991
335,579
8,091
343,670
1992
339,689
7,848
347,537
1993
338,256
7,605
345,861
1994
336,436
7,362
343,798
1995
- 1999
1,686,163
33,165
1,719,328
2000
- 2004
1,546,302
27,090
1,573,392
2005
- 2009
976,694
5,244
981,938
2010
- 2014
966,800
...
966,800
2015
- 2016
384,000
384,000
$ 7,235,598
------------
------------
$ 127,252
------------
------------
$ 7,362,850
------------
------------
11. Interfund Receivables/Payables:
Individual fund interfund receivable and payable balances at September 30,
1989, are as follows:
General Fund
Utility Revenue Fund
Gas and Oil Revolving Fund
Sanitation Fund
Capital Projects:
Twelfth Street Park Fund
Building Construction Fund
Police Pension Trust Fund
Fire Pension Trust Fund
Infrastructure Fund
Totals
Interfund Interfund
Receivables Payables
$ 1,554
85,326
$ 3
234
824
85,816
47,812 ...
23,702
... �6
3 ...
71,514
$ 158,397 $ 158,397
------------------
------------------
57
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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. $ 2,425
Reserved for Prepaid Insurance - Funds expended for
following year insurance coverage. 4,615
Reserved for Recreation - Funds restricted by
City ordinance for the acquisition of parks and
recreation areas. 18,607
Reserved for Cemetery Care - Funds reserved by
City ordinance for future care of the cemetery. 147,720
Reserved for Employees' Retirement Systems - Funds
restricted for payment of retirement benefits. 1,577,461
Total Reserved Fund Balances $ 1,750,828
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 principal and interest.
1972 series
1988 series
Reserved for Reserve Account - Funds restricted
for future servicing of the revenue bonds
(maximum amount of debt service due in any
ensuing year.)
Reserved for Improvement, Repair and Replacement
- Funds restricted for meeting of various
contingencies as may be specified and defined in
the indenture.
Reserved for Utility Benefit Fees - Funds
restricted for utility expansion.
Total Reserved Retained Earnings
$ 65,070
43,808
146,709
174,172
676,293
$ 1,106,052
58
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
13. Changes in Contributed Capital:
Balance October 1, 1988 $ 2,422,505
Contributions from developers 121,171
Balance September 30, 1989 $ 2,543,676
14. Segment Information:
The City maintains two Enterprise Funds which provide sanitation, water and
sewer services. Segment information for the year ended September 30, 1989, is
as follows:
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
15. Contingencies:
UTILITY SANITATION ENTERPRISE
FUND FUND FUNDS
$ 1,118,064 $ 272,889 $ 1,390,953
214,160
7,056
221,216
276,301
4,057
280,358
320,181
17,778
337,959
112,327
...
112,327
373,716
...
373,716
1,775,094
197,548
1,972,642
11,037,519
297,696
11,335,215
3,445,000
3,445,000
7,253,950
205,945
7,459,895
The City is not aware of any pending or threatened litigation which would not
be covered by insurance.
16. Subsequent Events:
On November 1, 1989, the City issued $2,070,000 of Florida Sales Tax Revenue
Bonds, Series 1989, dated November 1, 1989, to finance infrastructure
improvements. The issue's effective interest rate was 6.86%. The bonds mature
June 1991 through June 2003.
On January 1, 1990, the City adopted a modified self-insurance program for
group health, dental and life insurance for city employees. The City is
responsible for health and dental claims up to $25,000 per employee and
$192,500 for the entire group. Reinsurance provides coverage in excess of the
Cities' limits up to $1,000,000. Life insurance coverage is in the face amount
of one and one half times the employees' annual salary.
59
THIS PAGE INTENTIONALLY LEFT BLANK
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
61
THIS PAGE INTENTIONALLY LEFT BLANK
M
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.
63
CITY OF CLERMONT, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1989 AND 1988
s sxsxaxasaaassxssxsxsassxaxsssaxaxxx=xs=axaaasaaaasaasaxssxsaaasxxxxxaaasaaxsxsasssxsx
ASSETS
------
1989
----
1988
----
Cash
$ 102,140
$ 43,116
Investments
1,3074703
1,233,804
Receivables:
Interest
13,507
15,506
Accounts
10,073
5,468
Due from other funds
1,554
148,650
Due from other governments
43,304
26,506
Prepaid items
4,615
-----------
4,091
-----------
TOTAL ASSETS
$ 1,482,896
aaxxxaaaxaa
$ 1,475,141
xxxaaxxsvax
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 14,062 $ 31,338
Other accrued expenses 3,800 3,839
Due to other funds 3 ...
Contracts payable ... 82,000
----------------------
Total Liabilities 17,865 117,177
Fund Balance:
Reserved for police education 2,425 1,755
Reserved for prepaid insurance 4,615 4,091
Reserved for recreation 18,607 5,940
Unreserved, designated for capital replacement 268,795 227,376
Unreserved, undesignated 1,170,589 1,118,802
----------------------
Total Fund Balance 1,465,031 1,357,964
TOTAL LIABILITIES AND FUND BALANCE $ 1,482,896 $ 1,475,141
asxaaasasaa aaxxasasaxs
64
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
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
Total Expenditures
Excess (deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
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
1988
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
$ 954,900
$ 954,977
$ 77
$ 913,493
22,500
18,931
(3,569)
30,000
579,467
587,673
8,206
559,954
90,810
91,679
869
85,964
30,800
34,252
3,452
30,199
131,412
156,031
24,619
153,111
-----------
1,809,889
-----------
-----------
1,843,543
-----------
-----------
33,654
-----------
-----------
1,772,721
-----------
401,148
392,504
8,644
339,916
711,202
691,581
19,621
574,872
98,719
77,316
21,403
76,565
315,606
282,696
32,910
461,718
3,500
1,780
1,720
1,175
322,688
303,943
18,745
283,504
-----------
1,852,863
-----------
-----------
1,749,820
-----------
-----------
103,043
-----------
-----------
1,737,750
-----------
(42,974)
-----------
93,723
-----------
136,697
-----------
34,971
-----------
10,000 13,344 3,344
(20,000) ... 20,000
---------------------------------
(10,000) 13,344 23,344
---------------------------------
(52,974) 107,067 160,041
10,132
(80,241)
(70,109)
(35,138)
1,357,964 1,357,964 ... 1,393,102
--------------------------------------------
$ 1,304,990 $ 1,465,031 $ 160,041 $ 1,357,964
--------------------------------------------
--------------------------------------------
65
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988
VARIANCE
FAVORABLE
1988
BUDGET
ACTUAL
(UNFAVORABLE)
ACTUAL
Taxes:
Ad valorem
$ 285,000
$ 292,370
$ 7,370 $
274,138
Local option gas tax
165,300
161,886
(3,414)
147,188
Local alternative fuel tax
..
407
407
192
Franchise fees
263,400
263,294
(106)
257,976
Utility taxes
241,200
-----------
237,020
-----------
(4,180)
---------------------
233,999
Total
954,900
-----------
954,977
-----------
77
---------------------
913,493
Licenses and Permits:
Professional and occupational
17,000
14,316
(2,684)
18,129
Other permits
5,500
-----------
4,615
-----------
(885)
---------------------
11,871
Total
22,500
-----------
18,931
-----------
(3,569)
---------------------
30,000
Intergovernmental revenues:
Two -cent cigarette tax
33,100
32,757
(343)
32,816
State revenue sharing
179,025
186,049
7,024
184,776
Mobile home licenses
9,000
9,677
677
8,706
Alcoholic beverage licenses
5,000
6,009
1,009
6,509
Half -cent sales tax
215,115
210,054
(5,061)
202,446
Motor fuel tax rebate
2,400
2,913
513
2,641
Municipality share of county
occupational licenses
14,500
13,322
(1,178)
13,837
Municipality share of one -cent
voted gas tax
46,700
47,708
1,008
42,899
Contribution from Natural
Gas District
50,000
50,000
...
50,000
Special fuel tax
...
130
130
52
School crossing guard
1,200
2,248
1,048
...
Grants
-----------
23,427
26,806
-----------
3,379
---------------------
15,272
Total
-----------
579,467
587,673
-----------
8,206
---------------------
559,954
Continued
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
VARIANCE
FAVORABLE
1988
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
Charges for Services:
Program activity fees
$ 5,800
$ 6,669
$ 869 $
5,003
Administrative services
85,010
-----------
85,010
-----------
...
----------------------
80,961
Total
90,810
-----------
91,679
-----------
869
----------------------
85,964
Fines and forfeitures
Court fines
30,000
32,869
2,869
29,276
Police education
800
-----------
1,383
-----------
583
----------------------
923
Total
30,800
-----------
34,252
-----------
3,452
----------------------
30,199
Miscellaneous:
Interest
101,200
111,126
9,926
117,426
Rentals
12,112
12,561
449
12,720
Memorial sales
...
2,100
2,100
1,260
Surplus equipment sales
4,500
4,552
52
1,113
Contributions
8,000
4,540
(3,460)
1,718
Other miscellaneous
5,600
21,152
15,552
18,874
-----------
----------------------
-----------
Total
131,412
-----------
156,031
----------------------
24,619
153,111
-----------
TOTAL REVENUES
$ 1,809,889
-----------
-----------
$ 1,843,543 $
----------------------
----------------------
33,654
$ 1,772,721
-----------
-----------
N
67
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1988
General Government Services:
---------------------------
------
------
-------------
----
City Council:
Personal services $
10,800
$ 10,800
$ ... $
9,300
Operating expenses
-------�---
4,300
3,091
1,209
3,433
Total Legislative
-----------
15,100
-----------
13,891
------------------
1,209
12,733
City Manager:
-----------
----------- -----------
Personal services
77,332
78,119
(787)
70,631
Operating expenses
7,927
7,519
408
7,399
Capital outlay
3,200
3,354
(154)
...
-----------
Total Executive
-----------
88,459
-----------
88,992
----------- -----------
(533)
78,030
Finance and Administrative:
-----------
----------------------
Personal services
125,542
120,800
4,742
112,270
Operating expenses
44,786
41,610
3,176
39,513
Capital outlay
150
144
6
732
Debt service
-----------
11,199
11,198
1
11,198
Total Finance and
-----------
----------------------
Administrative
-----------
181,677
173,752
7,925
163,713
Legal Counsel:
-----------
----------------------
Operating expenses
-----------
11,500
11,080
420
9,737
Total Legal Counsel
-----------
11,500
-----------
11,080
----------------------
420
9,737
Planning and Zoning:
-----------
----------------------
Personal services
55,510
51,111
4,399
46,744
Operating expenses
31,752
32,469
(717)
28,959
Capital outlay
4,650
4,879
(229)
...
-----------
Total Planning and Zoning
-----------
91,912
-------�---
88,459
-----------
------------------�--
3,453
----------------------
75,703
Other General Government:
Operating expenses 12,500 16,330 (3,830) ...
----------- ----------- ----------- -----------
Total General -
Government Services 401,148 392,504 8,644 339,916
--------------------------------------------
Continued
.:
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
VARIANCE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
1983
----
Public Safety:
-------------
Law Enforcement:
Personal services
$ 523,784
$ 509,286
$ 14,498 $
437,599
Operating expenses
73,584
74,595
(1,011)
65,779
Capital outlay
58,330
55,371
-----------
2,959
----------------------
21,948
Total Law
-----------
Enforcement
655,698
639,252
16,446
525,326
Fire Control:
-----------
-----------
----------------------
Personal services
9,068
8,995
73
6,580
Operating expenses
19,651
16,575
3,076
16,681
Capital outlay
500
474
26
Debt service
26,285
26,285
...
26,285
Total Fire Control
-----------
55,504
-----------
-----------
52,329
-----------
----------------------
3,175
----------------------
49,546
Total Public Safety
711,202
691,581
19,621
574,872
Physical Environment:
-----------
-----------
----------------------
--------------------
Public Works:
Personal services
59,302
44,673
14,629
47,722
Operating expenses
21,132
14,955
6,177
15,816
Capital outlay
6,850
4,824
2,026
...
Total Public Works
-----------
87,284
-----------
-----------
64,452
-----------
----------- -----------
22,832
----------------------
63,538
Animal Control:
Personal services
8,305
9,914
(1,609)
10,018
Operating expenses
3,130
2,950
180
3,009
Total Animal Control
-----------
11,435
-----------
-----------
12,864
-----------
----------------------
(1,429)
----------------------
13,027
Total Physical
-Environment
98,719 77,316
----------------------
21,403 76,565
----------------------
•M
Continued
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1988
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1988
Transportation:
------
------
-------------
----
--------------
Road and Streets:
Personal serviies
$ 143,486
$ 139,905
$ 3,581 $
140,989
Operating expense
120,480
99,623
20,857
98,327
Capital outlay
51,640
-----------
43,168
8,472
222,402
Total Transportation
315,606
-----------
-----------
282,696
----------------------
32,910
461,718
Economic Environment:
-----------
----------------------
--------------------
Economic Development:
Operating expenses
3,500
-----------
1,780
1,720
1,175
Total Economic
-----------
----------------------
Development
3,500
1,780
1,720
1,175
Culture and Recreation:
----------------------
-----------
-----------
----------------------
Library:
Operating expenses
50,505
50,228
277
43,803
Debt service
8,600
-----------
8,574
26
8,831
Total Library
59,105
-----------
-----------
58,802
-----------
----------------------
303
----------------------
52,634
Parks and Recreation:
Personal services
159,863
155,468
4,395
123,948
Operating expenses
68,580
64,181
4,399
66,724
Capital outlay
35,140
-----------
25,492
9,648
40,198
Total Parks and
----------------------
-----------
Recreation
263,583
-----------
245,141
18,442
230,870
Total Culture and
----------------------
-----------
Recreation
322,688
-----------
303,943
----------------------
18,745
283,504
-----------
TOTAL EXPENDITURES
$ 1,$52,863
$ 1,749,820 $
103,043
$ 1,737,750
70
SPECIAL REVENUE FUND
The Special Revenue Fund is 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.
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.
71
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE INFRASTRUCTURE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1989 AND 1988
TOTALS
-----------------------
ASSETS 1989 1988
Cash $ 4,502 $ 20,508
Investments 205,071 20,924
Due from other government 43,679 47,737
------------------
TOTAL ASSETS $ 253,252 $ 89,169
------------------
------------------
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 4,081 $ 11,625
Contracts payable ... 32,755
Due to other funds 71,514 ...
--------- ---------
Total Liabilities 75,595 44,380
------------------
Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
177,657
$ 253,252
44,789
$ 89,169
WA
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE INFRASTRUCTURE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1988
Revenues:
Intergovernmental
Interest
Total Revenues
Expenditures:
Transportation capital outlay
Total Expenditures
Excess of Revenues Over
Expenditures Before
Operating Transfers
Operating Transfer (Out)
Excess of Revenues Over
Expenditures After
Operating Transfers
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
VARIANCE
FAVORABLE
1988
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
$ 285,000
$ 260,092
$ (24,908) $
207,205
500
-----------
13,347
-----------
12,847
----------------------
1,609
285,500
-----------
273,439
-----------
(12,061)
----------------------
208,814
114,800
-----------
31,024
-----------
83,776
----------------------
89,620
114,800
-----------
31,024
-----------
83,776
----------------------
89,620
170,700
242,415
71,715
119,194
(107,533)
-----------
(109,547)
----------------------
(2,014)
-----------
(74,405)
63,167 132,868 69,701 44,789
44,789 44,789 ... ...
--------------------------------------------
$ 107,956 $ 177,657
----------------------
----------------------
$ 69,701 $ 44,789
----------------------
----------------------
73
THIS PAGE INTENTIONALLY LEFT BLANK
74
CAPITAL PROJECTS FUNDS
Capital Projects Funds are 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).
TWELFTH STREET PARR DEVELOPMENT FUND
To account for the acquisition of land and development of
the Twelfth Street Park property. Financing will be
obtained from a combination of Florida Sales Tax Revenue
Bonds proceeds, Local Government Infrastructure Surtax,
donations and grants.
BUILDING CONSTRUCTION FUND
To account for the construction/renovation of the new Public
Works Complex, City Hall and Public Safety Building.
Financing will be obtained from the Florida Sales Tax
Revenue Bond proceeds and the Local Government
Infrastructure Surtax.
75
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1989 WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
ASSETS
Due from other funds
Due from other government
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable
Contracts payable
Note payable
Due to other funds
Total Liabilities
Fund Balance
TOTAL LIABILITIES AND
FUND BALANCE
TWELFTH
STREET BUILDING
PARK CONSTRUCTION
---- ------------
TOTALS
----------------------
1989 1988
$ 47,812 $ 23,702 $ 71,514 $ ...
49,315 ... 49,315 145,365
--------------------------------------------
$ 97,127 $ 23,702 $ 120,829 $ 145,365
--------------------------------------------
--------------------------------------------
$ 1i,812 $ 2,902 $ 14,714 $ ...
... 20,800 20,800 ...
82,000 ... 82,000 ..
... ... ... 145,365
----------- ----------------------------
93,812 23,702 117,514 145,365
3,315 ... 3,315 ...
--------------------------------------------
$ 97,127 $ 23,702 $ 120,829 $ 145,365
--------------------------------------------
--------------------------------------------
76
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1988
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
TWELFTH TOTALS
STREET BUILDING --------------------------
PARK CONSTRUCTION 1989 1988
---------------- ---- ----
Revenues:
Intergovernmental $ 46,000 �$ ... $ 46,000 $ 145,365
Contribution 3,315 ... 3,315 ...
----------- ----------- ----------- -----------
Total Revenues 49,315 ... 49,315 145,365
--------------------------------------------
Expenditures:
Public works capital outlay ... 29,615 29,615 ...
Culture/recreation capital
outlay 125,932 ... 125,932 300,011
--------------------------------------------
Total Expenditures 125,932 29,615 155,547 300,011
--------------------------------------------
Excess of Revenues Over
(Under) Expenditures
Before Operating
Transfers (76,617) (29,615) (106,232) (154,646)
Operating Transfers In 79,932 29,615 109,547 154,646
--------------------------------------------
Excess of Revenues
Over (Under)
Expenditures After
Operating Transfers 3,315 ... 3,315 ...
Fund Balance - October 1 ... ... ... ...
----------- ----------- ----------- -----------
FUND BALANCE - SEPTEMBER 30 $ 3,315 $ ... $ 3,315 $ ...
--------------------------------------------
--------------------------------------------
77
CITY OF CLERMONT, FLORIDA
TWELFTH STREET PARK FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1988
Revenues:
Intergovernmental revenue
Contribution
Total Revenues
Expenditures:
Capital outlay
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses):
Operating Transfers In
Excess of Revenues Over
(Under) Expenditures
and Other Financing
Sources (Uses)
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
1989
----------------------------------------
VARIANCE
FAVORABLE
1988
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
$ 46,000
$ 46,000
$ ... $
145,365
...
-----------
3,315
-----------
3,315
----------------------
...
46,000
-----------
49,315
-----------
3,315
----------------------
145,365
123,510
-----------
125,932
-----------
(2,422)
----------------------
300,011
123,510
-----------
125,932
-----------
(2,422)
----------------------
300,011
(77,510)
(76,617)
893
(154,646)
77,510
-----------
79,932
-----------
2,422
----------------------
154,646
... 3,315 3,315 ...
$ ... $ 3,315 $ 3,315 $ ...
--------------------------------------------
--------------------------------------------
78
CITY OF CLERMONT, FLORIDA
BUILDING CONSTRUCTION FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE— BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1988
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Revenues:
Expenditures:
Capital outlay
Total Expenditures
Excess of Revenues
Over (Under)
Expenditures
Other Financing Sources (Uses):
Operating Transfers In
Excess of Revenues Over
(Under) Expenditures
and Other Financing
Sources (Uses)
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
1989
----------------------------------------
VARIANCE
FAVORABLE 1988
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ ... $ ... $ ... $ ...
--------------------------------------------
30,023 29,615 408 ...
--------------------------------------------
30,023 29,615 408 ...
--------------------------------------------
(30,023) (29,615)
30,023 29,615
---------------------- ---
(408) ...
(408) ...
---------------
... ... ... ...
--------------------------------------------
$ ... $ ... $ ... $ ...
--------------------------------------------
--------------------------------------------
Wall
THIS PAGE INTENTIONALLY LEFT BLANK
PROPRIETARY FUND TYPES
THIS PAGE INTENTIONALLY LEFT BLANK
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 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.
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
TOTALS
UTILITY
SANITATION
----------------------------
ASSETS
FUND
FUND
1989
1988
Current Assets:
---
----
----
----
Cash $
148,401
$ 62,489
$ 210,890 $
192,968
Investments
1,610,711
112,941
1,723,652
1,485,498
Receivables:
Accounts
...
113,441
113,441
111,896
Other
3,831
...
3,831
13,983
Interest
9,350
...
9,350
...
Due from other funds
85,326
...
85,326
88,610
Due from other governments
...
...
...
130,617
Inventory
26,904
26,904
24,198
Prepaid expenses
------------
1,878
428
-----------
2,306
------------------------
2,534
Total Current Assets
------------
1,886,401
289,299
2,175,700
2,050,304
Restricted Assets:
-----------
------------------------
Cash
112,184
...
112,184
223,293
Investments
------------
1,200,903
...
-----------
1,200,903
------------------------
891,881
Total Restricted Assets
------------
1,313,087
...
-----------
1,313,087
------------------------
1,115,174
Property, Plant and Equipment:
Land
927,606
...
927,606
926,378
Water system
2,822,978
...
2,822,978
2,801,074
Sewer system
6,149,370
...
6,149,370
5,935,628
Machinery and equipment
195,523
143,641
339,164
330,293
Construction in progress
------------
160,134
...
-----------
160,134
------------
37,766
------------
10,255,611
143,641
10,399,252
10,031,139
Less accumulated depreciation
------------
2,417,580
135,244
-----------
2,552,824
------------
2,337,211
------------
Net Property, Plant
and Equipment
------------
7,838,031
8,397
-----------
7,846,428
------------
7,693,928
------------
TOTAL ASSETS $
11,037,519
$ 297,696
$ 11,335,215
$ 10,859,406
UTILITY
LIABILITIES AND FUND EQUITY
FUND
----- ----------------------
Liabilities:
----
Current Liabilities (payable
from current assets):
Accounts payable $
24,441
Other accrued expenses
9,992
Contracts payable
76,640
Due to other funds
234
------------
Total Current Liabilities
(payable from current
assets)
111,307
------------
Current Liabilities (payable from
restricted assets):
Construction contracts
20,228
Deposits
37,742
Matured revenue bond interest
89,292
Revenue bonds
80,000
------------
Total Current Liabilities
(payable from restricted
assets) 227,262
------------
TOTALS
SANITATION ----------------------------
FUND 1989 1988
$ 1,771 $ 26,212 $ 14,687
4,164 14,156 15,447
76,640 ...
85,816 86,050 91,144
91,751 203,058 121,278
... 20,228
5,628
... 37,742
34,328
... 89,292
76,751
... 80,000
-----------------------------------
60,000
... 227,262
-----------------------------------
176,707
Long-Term Liabilities:
Revenue bonds (net of
current portion) 3,445,000 ... 3,445,000 3,525,000
-----------------------------------------------
Total Liabilities 3,783,569 91,751 3,875,320 3,822,985
-----------------------------------------------
Fund Equity:
Contributed capital 2,441,954 101,722
-----------------------
Retained Earnings:
Reserved 1,106,052 ...
Unreserved 3,705,944 104,223
-----------------------
Total Retained Earnings 4,811,996 104,223
Total Fund Equity 7,253,950 205,945
TOTAL LIABILITIES AND
FUND EQUITY $ 11,037,519 $ 297,696
2,543,676
------------
1,106,052
3,810,167
------------
4,916,219
------------
7,459,895
------------
$ 11,335,215
2,422,505
------------
944,095
3,669,821
------------
4,613,916
------------
7,036,421
------------
$ 10,859,406
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
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
Total Nonoperating
Revenues (Expenses)
Income Before Extra-
ordinary Gain
Extraordinary gain on
refunding
Net Income
Retained Earnings - October 1
RETAINED EARNINGS - SEPTEMBER 30
TOTALS
UTILITY SANITATION -------------------------
FUND FUND 1989 1988
---- ---- ---- ----
$ 1,118,064 $ 272,889 $ 1,390,953 $ 1,327,818
--------------------------------------------
220,164
158,818
378,982
375,026
139,355
139,355
135,515
...
48,382
48,382
35,467
65,924
19,086
85,010
80,961
78,857
6,654
85,511
64,622
214,160
7,056
221,216
182,989
39,765
2,700
42,465
36,902
34,894
7,457
42,351
42,498
41,520
15,757
57,277
71,481
6,084
2,393
8,477
12,692
1,040
529
1,569
2,547
----------------------
841,763
268,832
----------------------
1,110,595
1,040,700
----------------------
276,301
----------------------
4,057
----------------------
280,358
-----------
287,118
-----------
250,852
13,721
264,573
170,031
(242,628)
----------------------
...
(242,628)
-----------
(233,128)
-----------
8,224
----------------------
13,721
21,945
----------------------
(63,097)
284,525
17,778
302,303
224,021
... ... ... 775,086
284,525
17,778
302,303
999,107
4,527,471
----------------------
86,445
4,613,916
-----------
3,614,809
-----------
$ 4,811,996 $
104,223
$ 4,916,219
$ 4,613,916
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
TOTALS
UTILITY SANITATION -------------------------
FUND FUND 1989 1988
---- ---- ---- ----
Cash Flows From Operating Activities:
Cash received from customers $ 1,131,500 $ 268,080 $ 1,399,580 $ 1,311,572
Cash payments to suppliers (399,864) (103,316) (503,180) (455,262)
Cash payments for
employee services (220,335) (159,938) (380,273) (377,073)
--------------------------------------------
Net Cash Provided By
Operating Activities 511,301 4,826 516,127 479,237
--------------------------------------------
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction of
capital assets
(279,062)
... (279,062)
(483,359)
Principal paid on revenue bonds
(60,000)
... (60,000)
..
Interest paid on revenue bonds
(230,087)
... (230,087)
(269,239)
Capital contributed by developers
121,171
... 121,171
109,841
Proceeds from gain on refunding
...
... ...
775,086
Grant proceeds
130,617
... 130,617
250,765
Refunding bond proceeds
...
... ...
2,200,000
Refunded debt
-----------
...
-----------
... ...
-----------
(2,789,900)
-----------
Net Cash Provided By
Capital and Related
Financing Activities (317,361) ... (317,361) (206,806)
--------------------------------------------
Cash Flows From Investing Activities:
Interest 241,502 13,721 255,223 170,031
--------------------------------------------
Net Increase in Cash and
Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year
435,442 18,547 453,989 442,462
2,636,757 156,883 2,793,640 2,351,178
--------------------------------------------
$ 3,072,199 $ 175,430 $ 3,247,629 $ 2,793,640
--------------------------------------------
--------------------------------------------
AN
Reconciliation of Operating
Income To Net Cash Provided
By Operating Activities:
Operating income
Adjustments to Reconcile Operating
Income to Net Cash Provided by
Operating Activities:
Depreciation
Change in Assets and Liabilities:
Decrease (Increase) in receivables
Increase in inventory
Decrease in prepaid expenses
Decrease in accrued expenses
Increase (Decrease) in payables
Total Adjustments
Net Cash Provided by
Operating Activities
TOTALS
UTILITY SANITATION -------------------------
FUND FUND 1989 1988
---- ---- ---- ----
$ 276,301 $ 4,057 $ 280,358 $ 287,118
--------------------------------------------
214,160
7,056
221,216
182,989
13,436
(1,545)
11,891
(23,410)
(2,706)
...
(2,706)
(2,559)
186
42
228
22,289
(171)
(1,120)
(1,291)
(2,047)
10,095
----------------------
(3,664)
-----------
6,431
-----------
14,857
235,000
----------------------
769
-----------
235,769
-----------
192,119
$ 511,301 $ 4,826 $ 516,127 $ 479,237
--------------------------------------------
--------------------------------------------
THIS PAGE INTENTIONALLY LEFT BLANK
all
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.
91
CITY OF CLERMONT, FLORIDA
GAS AND OIL REVOLVING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1989 AND 1988
1989 1988
ASSETS
Inventory $ 2,390 $ 2,317
----------------------
Total Assets $ 2,390 $ 2,317
----------------------
----------------------
LIABILITIES AND FUND EQUITY
---------------------------
Liabilities:
Due to other funds $ 824 $ 751
----------------------
Total Liabilities 824 751
----------------------
Fund Equity:
Contributed capital 1,566 1,566
----------------------
Total Fund Equity 1,566 1,566
----------------------
TOTAL LIABILITIES AND FUND EQUITY $ 2,390 $ 2,317
----------------------
----------------------
WA
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, 1989 AND 1988
1989 1988
Operating Revenues:
Charges for services $ 51,570 $ 40,766
----------------------
Operating Expenses:
Gas and oil 51,570 40,766
----------------------
Total Operating Expenses 51,570 40,766
----------------------
Net Income ... •.•
Retained Earnings - October 1 .•• •••
----------- -----------
RETAINED EARNINGS - SEPTEMBER 30 $ ... $ •••
----------------------
----------------------
93
CITY OF CLERMONT, FLORIDA
GAS AND OIL REVOLVING FUND
COMPARATIVE STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED SEPTEMBER 30, 1989 AND 1988
1989
1988
Cash Flows from
Operating Activities:
Cash received
from sales of gas and oil
$ 51,570
$ 40,766
Cash payments
to suppliers
(51,570)
-----------
(40,766)
-----------
Net Cash
Provided by Operating Activities
...
...
Cash at Beginning of Year ... ...
----------- -----------
Cash at End of Year $ ... $ .
----------------------
----------------------
94
FIDUCIARY FUND TYPES
95
THIS PAGE INTENTIONALLY LEFT BLANK
W.
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
assets 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 Defined Benefit Plan are
in accordance with an actuarial study, whereas, a fixed
percentage of employees salaries is used in determining
the annual contribution to the Defined 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
for the retirement annuities of all
firefighters. The State contribute
number of firefighters and the City
determined by an actuarial study.
resources to be used
volunteer
s money based upon the
contributes an amount
97
TRUST AND AGENCY F_UNDB (CONTD. )_
AGENCY FUND
DEFERRED COMPENSATION FUND
To account for assets held for employees in accordance
with the provisions of Internal Revenue Code Section 457
CITY OF CLERMONT, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTE;I3ER 30, 1989
WITH COMPARATIVE TOTALS FOR SEPTE14BSR 30, 1988
NONEXPENDABLE
AGENCY
PENSION TRUST FUNDS
TRUST FUND
FUND
TOTALS
---------
---- ------------------------------
-------- --
--------
EMPLOYEES'
GENERAL
DEFERRED
ASSETS
------
EMPLOYEES
---------
POLICE
' ----
FIRE
----
CEMETERY
--------
COMPENSATION
------------
1989
----
1988
----
Cash
$ ...
$ ...
$
..
$ 20,059
$ ...
$ 20,059
$ 10,194
Investments
851,578
565,254
160,632
127,661
37,018
1,742,143
1,478,537
Receivables:
3
.•.
3
15,167
Due from other funds
...
---------
...
---------
---------
...
---------
--------
-------'---
-----------
TOTAL ASSETS
$ 851,578
$ 565.254
$
160,635
$ 147,720
$ 37,018
$ 1,762,205
$ 1,503,898
LIABILITIES AND FUND BALANCES
-----------------------------
Liabilities:
6
$
$
$
$ 6
$
Due to other funds
Deferred compensation payable
$ •••
...
$
..
_-__--'-_
----'-'--
•••
..
• "
---------
•'
37,018
---------
37,018
-----------
70.650
-----------
Total Liabilities
...
---------
6
---------
---------
...
...
---------
37,018
---------
37,024
-----------
70,650
-----------
Fund Balances:
Reserved for
147,720
...
147,720
139,170
cemetery care
...
...
....
Reserved for employees'
retirement systems
851,578
---------
565,248
---------
---------
160,635
...
---------
...
---------
1,577,461
-----------
1,294,078
-----------
Total Fund Balance
851,578
565,248
---------
---------
160,635
147,720
---------
...
---------
1,725,181
-----------
1,433,248
-----------
TOTAL LIABILITIES AND
FUND BALANCES
---------
$ 851,578
ZZZZZ=ZZZ
$ 565,254
--------_
$
160,635
ZZZZ==
$ 147,720
Z=ZZZZZZZ
$ 37,018
Zz==Z=ZZ2
$ 1,762,205
3---zz..ZZZ
$ 1,503,898
:ZZZZZ.ZZZZ
iS •
CITY OF CLERMONT, FLORIDA
TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1988
--------------
Operating Revenues:
Investment earnings
Contributions by State
Contributions by employee
Contributions by City
Cemetery lot sales
Total Operating Revenues
Operating Expenses:
Benefit payments
Refunds
Trustee fees and expenses
Total Operating Expenses
Net Income Before Operating Transfers
Operating Transfers (Out)
Net Income
Fund Balances - October 1
FUND BALANCES - SEPTEMBER 30
GENERAL
EMPLOYEES'
$ 131,931
45,544
177,475
26,586
7,370
33,956
143,519
143,519
708,059
$ 851,578
--------------------------------------------------------------------------------------
NONEXPENDABLE
PENSION
-----------------------------
TRUST FUNDS
TRUST FUND
------------
TOTALS
-----------------------------
POLICE
------
FIRE
----
CEMETERY
--------
1989
----
1988
----
$ 85,719
$ 24,032
$ 13,344
$ 255,026 $
14,850
25,539
8,870
...
34,409
34,566
3,447
58
...
3,505
2,776
...
...
...
45,544
69,521
...
-----------
...
-----------
8,550
-----------
8,550
----------------------
8,250
114,705
-----------
32,960
-----------
21,894
-----------
347,034
----------------------
129,963
3,671
...
...
30,257
21,340
..
...
...
683
3,162
-----------
968
-----------
...
-----------
11,500
----------------------
22,385
6,833
-----------
968
-----------
...
-----------
41,757
----------------------
44,408
107,872
31,992
21,894
305,277
85,555
...
-----------
...
-----------
(13,344)
-----------
(13,344)
----------------------
(10,132)
107,872
31,992
8,550
291,933
75,423
457,376
-----------
128,643
-----------
139,170
-----------
1,433,248
----------------------
1,357,825
$ 565,248
-----------
-----------
$ 160,635
-----------
-----------
$ 147,720
-----------
-----------
$ 1,725,181 $
----------------------
----------------------
1,433,248
101
CITY OF CLERMONT, FLORIDA
NONEXPENDABLE TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1988
Cash Flows from Operating Activities:
Cash received from lot sales
Cash transferred for cemetery maintenance
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Interest on investments
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating income
Adjustments of Reconciled Operating Income to
Net Cash Provided by Operating Activities:
Investment earnings
Operating transfer
Total Adjustments
Net Cash Provided by Operating Activities
TOTALS
--------------------------
1989 1988
$ 8,550 $ 8,250
(13,344) (10,132)
------------------
(4,794) (1,882)
------------------
13,344 10,132
------------------
8,550 8,250
139,170 130,920
------------------
$ 147,720 $ 139,170
$ 21,894 $ 18,382
------------------
(13,344) (10,132)
(13,344) (10,132)
(26,688) (20,264)
------------------
$ (4,794) $ (1,882)
------------------
------------------
102
CITY OF CLERMONT, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 1989
Investments
Deferred Compensation Payable
Beginning Balance
Add: Employee Contributions $ 7,408
Income on Investments 4,882
Less: Administrative Fees (26)
Participant withdrawal (45,896)
Total Deferred Compensation Payable
Ending Balance
$ 37,018
$ 70,650
(33,632)
$ 37,018
103
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104
ACCOUNT GROUPS
105
THIS PAGE INTENTIONALLY LEFT BLANK
106
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
This is a self -balancing account group 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 account group 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.
107
CITY OF CLERMONT, FLORIDA
STATEMENT OF GENERAL FIXED ASSETS BY SOURCES
SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
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
------------------------------
1989 1988
$ 678,139 $ 584,729
678,103 594,288
1,524,357 1,477,194
863,884 819,995
----------------------
$ 3,744,483 $ 3,476,206
----------------------
----------------------
$ 211,707
$ 165,707
2,678,601
2,596,895
817,753
677,182
36,422
-----------
36,422
-----------
$ 3,744,483
-----------
-----------
$ 3,476,206
-----------
-----------
m
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL
FIXED
ASSETS
BY
FUNCTION
YEAR ENDED
SEPTEMBER 30,
1989
IMPROVEMENTS
OTHER THAN
FUNCTION
------------------------
TOTAL
-----------
LAND
----------
BUILDINGS
----------
BUILDINGS
------------
EQUIPMENT
----------
General government
$ 197,632
$ ...
$ 20,320
$ ...
$ 177,312
Public safety
536,733
...
96,992
...
439,741
Physical environment
289,437
...
39,404
71,603
178,430
Transportation
1,091,465
...
...
1,069,448
22,017
Culture/recreation
1,148,032
450,032
436,117
236,933
24,950
Older assets not
maintained by function 481,184
-----------
228,107
---------
85,270
---------
146,373
-----------
21,434
---------
TOTAL GENERAL
FIXED ASSETS $ 3,744,483 $ 678,139 $ 678,103 $ 1,524,357 $ 863,884
-------------------------------------------------
-------------------------------------------------
109
CITY OF CLERMONT, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -
BY FUNCTION
YEAR ENDED SEPTEMBER 30, 1989
GENERAL
FIXED
ASSETS
FUNCTION
---------------------------------
9/30/88
-----------
General government
$ 192,082
Public safety
501,704
Physical environment
223,974
Transportation
1,076,982
Culture/recreation
996,608
Older assets not
maintained by function
484,856
TOTAL GENERAL
FIXED ASSETS $ 3,476,206
GENERAL
FIXED
ASSETS
ADDITIONS
---------
DEDUCTIONS
----------
9/30/89
-----------
$ 8,377
$ 2,827
$ 197,632
55,845
20,816
536,733
65,463
...
289,437
43,168
28,685
1,091,465
151,424
...
1,148,032
•••
3,672
481,184
$ 324,277
$ 56,000
$ 3,744,483
11n
CITY OF CLERMONT, FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
SEPTEMBER 30, 1989
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1988
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
TOTALS
------------------------------
1989 1988
Amount To Be Provided For The Payment
of General Long -Term Debt
-------------------------
Amount to be
Provided
$
-----------
93,215
$
-----------
132,476
Total
to be Provided
$
-----------
-----------
93,215
$
-----------
-----------
132,476
General Long -Term Debt Payable
------------------------------
Note payable - Computer $ 2,754 $ 13,294
Note payable - Library 71,227 75,645
Capital lease payable 19,234 43,537
----------------------
Total General Long -Term Debt Payable $ 93,215 $ 132,476
----------------------
----------------------
THIS PAGE INTENTIONALLY LEFT BLANK
112
r"
r,
r9
P"
r"
SCHEDULE
F,
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.
L
"-1
-,
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, 1989 AND 1988
1989
1988
Operating Revenues:
Charges for services
$ 1,118,064
-----------
$ 1,05-0,616
-----------
Operating Expenses:
Personal services
220,164
212,984
Utilities
139,355
135,515
Administrative services
65,924
62,784
Repair and maintenance
78,857
56,880
Depreciation
214,160
175,933
Professional services
39,765
34,202
Insurance
34,894
34,663
Supplies
41,520
58,375
Other expenses
7,124
12,048
Total Operating Expenses
841,763
-----------
783,384
-----------
Operating Income
276,301
-----------
273,232
-----------
Nonoperating Revenues (Expenses):
Interest
286,508
161,023
Interest expense and amortization
(242,628)
(233,128)
Total Nonoperating Revenues (Expenses)
43,880
-----------
(72,105)
-----------
Income Before Extraordinary Item
320,181
201,127
Extraordinary item - gain on refunding
...
-----------
775,086
-----------
Net Income
320,181
976,213
Retained Earnings - October 1
4,527,471
-----------
3,551,258
-----------
RETAINED EARNINGS - SEPTEMBER 30
$ 4,847,652
-----------
-----------
$ 4,527,471
-----------
-----------
Customers Connected To The Water System
at September 30
2,692
2,429
113
THIS PAGE INTENTIONALLY LEFT BLANK
114
Nn�
rn
STATISTICAL SECTION
r7
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.
r,
r1
r,
'-1
^1
1
�-r
�i
CITY OF CLERMONT, FLORIDA
COMMENTS ON THE STATISTICAL SECTION
SEPTEMBER 30, 1989
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 there is no law or ordinance
which sets the maximum amount of debt the City is
legally permitted to issue.
115
CITY OF CLERMONT, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
FISCAL
GENERAL
PUBLIC
PHYSICAL
YEAR
GOVERNMENT
SAFETY
ENVIRONMENT
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
46.8,671
90,116
1986-87
330,335
521,365
79,813
1987-88
340,666
588,430
183,224
1988-89
392,504
691,581
108,340
(1) Includes General and Special Revenue Funds
116
3 TABLE 1
ECONOMIC
CULTURE AND
TRANSPORTATION
ENVIRONMENT
RECREATION
TOTAL
$ 172,357
$ -0-
$ 95,254
$ 969,710
130465
-0-
110,304
921,761
158:080
-0-
101,454
1,022,286
3430,390
-0-
191,583
1,271,289
286,392
-0-
186,874
1,233,913
272092
-0-
155,425
1,271,720
298:605
-0-
196,486
1,344,305
383,373
2,275
397,817
1,714,978
461718
1,175
283,504
1,858,717
282:696
1,780
303,943
1,780,844
117
CITY OF CLERMONT, FLORIDA
GENERAL REVENUE BY SOURCE (1)
LAST TEN FISCAL YEARS
LICENSES
FISCAL
AND
INTER -
YEAR
TAXES
PERMITS
GOVERNMENTAL
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
1988-89
954,977
18,931
847,765
(1) Includes General and Special Revenue Funds
118
TABLE 2
CHARGES
FINES
INTEREST
FOR
AND
ON
SERVICES
FORFEITURES
INVESTMENTS
MISCELLANEOUS
Tam
$ 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
91,679
34,252
124,473
44,905
2,116,982
119
CITY OF CLERMONT, FLORIDA
PROPERTY TAX LEVIES, TAX COLLECTIONS AND ASSESSED VALUATIONS
LAST TEN FISCAL YEARS
(2)
ESTIMATED
(1)
(4)
FISCAL
TAX
ACTUAL
ASSESSED
TAX
YEAR
YEAR
VALUE
VALUATION
RATE
1979-80
1979
$57,968,444 $
52,171,600
4.500
1980-81
1980
73,431,756
66,088,580
3.680
1981-82
1981
81,496,349
73,346,714
3.456
1982-83
1982
86,049,990
77,444,991
2.793
1983-84
1983
95,144,392
85,629,953
2.595
1984-85
1984
97,405,919
87,665,327
2.626
1985-86
1985
110,465,368
99,418,831
2.429
1986-87
1986
122,164,883
109,948,395
2.429
1987-88
1987
129,039,378
116,135,440
2.429
1988-89
1988
136,281,589
122,653,430
2.429
(1) Final Gross taxable assessed valuation per Lake County
Property Appraisers' form DR-422
(2) The Florida Department of Revenue has certified the Lake
County Tax Rolls as being at least 90% of the estimated
actual value of property within the County. Therefore, the
estimated actual values shown are calculations based on the
90% certification.
(3) Outstanding delinquent taxes are not available from the Lake
County Tax Collections' office
(4) Tax rate per $1,000 of taxable valuation
120
TAX CURRENT TAX
LEVY COLLECTIONS
RATIO OF
CURRENT TAX
COLLECTIONS
TO TOTAL
TAX LEVY
(3)
DELINQUENT
TAX
COLLECTIONS
TABLE 3
TOTAL
TAX
COLLECTIONS
RATIO OF
TOTAL TAX
COLLECTIONS
TO TOTAL
TAX LEVY
$234,770
$ 215,705
91.9%
$ 157
$ 215,862
93.0%
243,736
226,326
92.9%
289
226,615
96.2%
253,487
243,723
96.1%
409
243,843
97.8%
216$04
211,482
97.8%
41
211,523
97.0%
222,209
213,009
95.9%
152
213,161
97.6%
230,208
223,870
97.2%
795
224,665
96.9%
241,489
233,841
96.8%
200
234,041
96.9%
267,064
258,641
96.8%
212
258,853
97.2%
282,092
274,014
97.1%
124
274,138
97.2%
297,925
291,555
97.9%
458
292,013
98.0%
121
CITY OF CLERMONT, FLORIDA
PROPERTY TAX RATES - ALL OVERLAPPING GOVERNMENTS (1)
LAST TEN FISCAL YEARS (2)
LAKE
COUNTY
OKLAWAHA
FISCAL
TAX
LAKE
SCHOOL
WATER
YEAR
YEA
CITY
COUNTY
DISTRICT
DISTRICT
1979-80
1979
4.500
3.400
6.750
.080
1980-81
1980
3.680
3.580
6.005
.398
1981-82
1981
3.456
3.318
6.060
.090
1982-83
1982
2.793
2.732
5.478
.040
1983-84
1983
2.595
3.273
7.073
.350
1984-85
1984
2.626
3.272
5.606
.281
1985-86
1985
2.429
3.492
6.415
.262
1986-87
1986
2.429
3.400
6.608
.300
1987-88
1987
2.429
3.400
7.477
.350
1988-89
1988
2.429
4.938
8.451
.621
(1) Information was obtained from the City of Clermont Tax Rolls,
as prepared by the Lake County Property Appraisers' office
(2) Tax rate per $1,000 of taxable valuation
122
TABLE 4
SOUTH LAKE
SOUTH LAKE
ST. JOHNS RIVER
HOSPITAL
AMBULANCE
WATER MGMNT
DISTRICT
DISTRICT
DISTRICT
TOTAL
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
1.000
1.000
.346
18.785
123
THIS PAGE INTENTIONALLY LEFT BLANK
124
CITY OF CLERMONT, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS TABLE 5
LAST TEN FISCAL YEARS
FISCAL
YEAR COLLECTIONS BALANCE
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
1988-89
-0-
495
125
CITY OF CLERMONT, FLORIDA
REVENUE BOND COVERAGE - ALL REVENUE BONDS
LAST TEN FISCAL YEARS
FISCAL
(3)
GROSS
OPERATION &
MAINTENANCE
YEAR
REVENUES
COSTS
1979-80
$ 449,912
$ 313,097
1980-81
648,664
348,471
1981-82
650,741
463,973
1982-83
766,042
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
1988-89
1,118,064
627,603
(1) Excludes interest expense and depreciation
(2) Maximum debt service in any subsequent year is $340,259
(3) Excludes interest revenue
126
TABLE 6
(2)
DEBT
NET SERVICE
REVENUE REQUIREMENTS COVERAGE
$ 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%
490,461
302,628
1.62%
127
CITY OF CLERMONT, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(2)
FISCAL (1) PER
CAPITA MEDIAN
YEAR POPULATION INCOME AGE
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
1988-89
6,642
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.
128
EDUCATION
LEVEL IN
YEARS OF
FINAL
SCHOOLING
(3)
SCHOOL
ENROLLMENT
TABLE 7
(4)
UNEMPLOYMENT
RATE
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
6.196
N/A
11788
7.7%
129
CITY OF CLERMONT, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(2)
(2)
COMMERCIAL
RESIDENTIAL
CONSTRUCTION
CONSTRUCTION
FISCAL
#OF
#OF
YEAR
UNITS
VALUE
UNITS
VALUE
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
1988-89
1
100,000
55
3,323,000
(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
130
TABLE 8
ASSESSED
TAXABLE
BANK
(3) PROPERTY
VALUE (4)
DEPOSITS
TAXABLE
NONTAXABLE
$ 446,844
$ 52,171,600
$ 16,240,230
508,536
66,088,580
25,290,598
561,184
73,346,714
34,380,225
633,279
77,444,991
36,371,903
728,844
85,629,953
40,683,419
813,539
87,665,327
42,233,196
891,753
99,418,831
42,431,755
1,006,641
109,948,395
42,053,436
1,084,036
116,135,440
43,489,330
1,322,027
122,653,430
44,615,271
131
THIS PAGE INTENTIONALLY LEFT BLANK
132
ClT Y Ur' CLERMUNT, FLORIDA
TABLE 9
PRINCIPAL TAXPAYERS
ASSESSED OF TOTAL
VALUATION ASSESSED
TAXPAYER AS OF 1 f 1/ 8 9 VALUATION
John Hurtak $ 4,378,841 3.57%
South Lake Plaza/K-Mart
525 N.E. 58th Street
Miami, Fla. 33137
Lake Highlands Retirement 2,525,952 2.06%
and Nursing Center, Inc.
151 E. Minnehaha Avenue
Clermont, Fla. 34711
Florida Citrus Tower
1,325,952
1.08%
6175 N.W. 153rd Street
Miami Lakes, Fla. 33014
Kevin Roberts
11193,882
.97%
Thomas Smith
(Emerald Lakes Shopping Center)
817 U.S. Hwy. 98 Bypass So.
Dade City, Fla. 33525
Richard Reynolds
1,171,469
.96%
Winn -Dixie Shopping Center
Rt.13, Box 120522
Clermont, Fla. 34712
Eastern Shores Mobile Homes
1,137,157
.93%
10 Camino Real Drive
Edgewater, Fla. 32032
Oakridge Apartments
1,093,620
.89%
P.O. Box 1811
Lake Mary, Fla. 32746
Lakeview Villas
825,270
.67%
c/o Marvin Poer
1850 Lee Road 1325
Winter Park, Fla. 32787
Epic Associates 750,352 .62%
(Lake Dot Villas)
5201 Leesburg, Pike
Falls Church, Va.
Bob Wade Ford, Inc. 684,743 .56%
P.O. Box 120928
Clermont, Fla. 34712
TOTAL $ 15,087,238 12.31%
Source: 1989 City of Clermont Tax Roll, prepared by the Lake
County Property Appraiser's Office.
133
CITY OF CLERMONT, FLORIDA
PENSION EXPENDITURES BY TYPE - ALL PENSION PLANS TABLE 10
LAST TEN FISCAL YEARS
FISCAL
BENEFIT
ADMINISTRATION
YEAR
PAYMENTS
REFUNDS
FEES
TOTAL
General
Employee Plan
1979-80
$ 4,979
$ -0-
$ 811
$ 5,790
1980-81
7,552
-0-
914
8,466
1981-82
8,109
-0-
2,045
10,154
1982-83
8,009
-0-
2,189
10,198
1983-84
35,755
-0-
2,592
,
38,347
1984-85
11,565
-0-
2241
13806
1985-86
12,529
-0-
4,170
16,699
1986-87
15,667
-0-
3,423
19090
1987-88
17,840
-0-
12,552
30,392
1988-89
26,586
-0-
7,370
33,956
Police Officers Plan
1979-80
-0-
-0-
440
440
1980-81
-0-
-0-
495
495
1981-82
-0-
-0-
1,191
1,191
1982-83
-0-
-0-
1,198
1,198
1983-84
-0-
-0-
1,451
1,451
1984-85
-0-
-0-
1,305
1,305
1985-86
-0-
-0-
2,564
2,564
1986-87
105
-0-
1,437
1,542
1987-88
-0-
683
8,114
81797
1988-89
3,671
-0-
3,162
6,833
Volunteer Firemen Plan
1979-80
-0-
-0-
150
150
1980-81
-0-
-0-
213
213
1981-82
-0-
-0-
925
925
1982-83
-0-
-0-
638
638
1983-84
-0-
-0-
850
850
1984-85
-0-
-0-
850
850
1985-86
-0-
-0-
1,816
1,816
1986-87
-0-
-0-
862
862
1987-88
3,500
-0-
11719
5,219
1988-89
-0-
-0-
968
968
134
CITY OF CLERMONT, FLORIDA
PENSION REVENUES BY SOURCE - ALL PENSION PLANS
LAST TEN FISCAL YEARS
TABLE 11
FISCAL
EMPLOYEE
EMPLOYER
STATE
INVESTMENT
YEAR
CONTRIBUTION
CONTRIBUTION
CONTRIBUTION
EARNINGS
TOTAL
General
Employee Plan
1979-80
$ -0-
$ 25,140
$ -0-
$ 13,428
$ 38,568
1980-81
1981-82
-0-
-0-
25,273
-0-
14,499
39,772
1982-83
-0-
26,775
40,591
-0-
-0-
20,726
47,501
1983-84
-0-
40,994
-0-
24,991
29,809
65,582
70,803
1984-85
-0-
28,801
-0-
35,602
64,403
1985-86
-0-
41,988
-0-
140,928
182,916
1986-87
1987-88
-0-
-0-
44,367
-0-
102,014
146,381
1988-89
-0-
43,948
45,544
-0-
-0-
1,887
131,931
45,835
177,475
Police Officers Plan
1979-80
1980-81
-0-
-0-
-0-
5,312
7,928
7,056
14,984
1981-82
-0-
6,331
9,634
8,279
9,178
15,305
24,124
29,915
1982-83
1983-84
-0-
-0-
11,418
9,547
17,010
37,975
1984-85
-0-
11,672
7,665
12,660
15,606
23,823
48,155
1985-86
-0-
7,738
17,904
26,695
28,773
49,966
54,415
1986-87
1987-88
2,550
2,714
760
25,573
22,348
59,920
85,578
1988-89
3,447
-0-
26,429
25,539
2,302
85,719
57,018
114,705
Volunteer
Firemen Plan
1979-80
1980-81
-0-
-0-
-0-
8,901
21580
11,481
1981-82
-0-
-0-
925
3,369
3,550
3,207
6,576
1982-83
-0-
425
3,580
6,895
7,159
11,370
11,164
1983-84
1984-85
-0-
-0-
-0-
3,898
8,490
12,388
1985-86
-0-
-0-
-0-
5,118
5,432
81945
14,063
1986-87
60
-0-
7,246
8,949
18,494
14,381
25,800
1987-88
1988-89
62
58
-0-
8,137
529
8,728
-0-
8,870
24,032
32,960
135
CITY OF CLERMONT, FLORIDA
PENSION TREND DATA - ALL PENSION PLANS
LAST TEN FISCAL YEARS
NET ASSETS PENSION
AVAILABLE BENEFIT NET ASSETS
FISCAL FOR OBLIGATION AS A %
YEAR BENEFITS (PBO) OF PBO
General Employees Plan
1979-80
$ N/A
$ N/A
N/A
1980-81
N/A
N/A
N/A
1981-82
N/A
N/A
N/A
1982-83
N/A
N/A
N/A
1983-84
N/A
N/A
N/A
1984-85
N/A
N/A
N/A
1985-86
N/A
N/A
N/A
1986-87
578,304
648,593
89.16%
1987-88
563,380
687,546
81.94%
1988-89
647,116
687,546
94.12%
Police Officers Plan
1979-80
N/A
N/A
N/A
1980-81
N/A
N/A
N/A
1981-82
N/A
N/A
N/A
1982-83
N/A
N/A
N/A
1983-84
N/A
N/A
N/A
1984-85
N/A
N/A
N/A
1985-86
N/A
N/A
N/A
1986-87
414,948
726,356
57.13%
1987-88
457,376
761,746
60.04%
1988-89
565,254
761,746
74.21%
Volunteer Firemen Plan
1979-80
N/A
N/A
N/A
1980-81
N/A
N/A
N/A
1981-82
N/A
N/A
N/A
1982-83
N/A
N/A
N/A
1983-84
N/A
N/A
N/A
1984-85
N/A
N/A
N/A
1985-86
N/A
N/A
N/A
1986-87
125,134
33,116
377.87%
1987-88
128,643
27,194
473.06%
1988-89
160,632
27,194
590.69%
SOURCE: Annual Pension Evaluations
136
TABLE 12
UNFUNDED
PENSION
UPBO
BENEFIT ANNUAL
AS A
OF ANNUAL
OBLIGATION COVERED
COVERED
UPBO PAYROLL
PAYROLL
$ N/A
N/A
$ N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N
70,289
124,166
169,117
179,264
41.56%
40,430
157,669
69.26%
25.64%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
NA
N/A
311,408
304,370
255,000
283,789
122.12%
196,492
349,356
107.25%
56.24%
N/A
N/A
N/A
N/A
N/A
N/A
N�AA
NA
N/A
NSA
N/A
N/A
N�AA
N/A
N/A
N/A
(92,018)
6,100
N/A
(101,449)
6,174
-0
-0
(133,438)
6,140
-0-
137
CITY OF CLERMONT, FLORIDA
SCHEDULE OF INSURANCE COVERAGES
SEPTEMBER 30, 1989
TYPE OF COVERAGE & INSURER POLICY EXPIRATIONNUMBER DATE
LIABILITY
Florida Municipal FML 304 09/30/89
Liability Self
Insurer's Program
International Surplus 524-108476-8 10/01/89
Lines
Firemen's Fund American 21RN4600898 10/01/89
Western Surety Co. 18135385 10/01/89
WORKERS COMPENSATION
Florida Municipal Self
Insurers Fund FM 389 09/30/89
FIRE AND EXTENDED COVERAGE
Florida Municipal Property FMP 49 10/01/89
Self -Insurers Program
ACCIDENTAL DEATH -DISMEMBERMENT
National Union Fire
Insurance Company 10009555930-34 10/01/89
National Union Fire
Insurance Company 10009555931-34 10/01/89
EMPLOYEE HEALTH AND LIFE
Metropolitan Ins. Co. 5277000 12/31/89
Metropolitan Ins. Co. 5277000 12/31/89
138
TABLE 13
DETAILS LIMITS
General Liability
Bodily Injury
Auto Liability $100,000/1,500,000
Law Enformcement Property Damage
Liability $200,000/1,500,000
Public Officials and
Employees Liability $1,000,000
Finance Director -Bond $100,000
Public Employees
Blanket Bond $5,000
Statutory
Workers Compensation $100,000/500,000
Blanket Building per Schedule
and Property $4,077,137
Accidental Death -Fire $50,000
Accidental Death -Police $20,000
Group Health per Schedule
Group Life $15,000/50,000
139
CITY OF CLERMONT, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1989
TABLE 14
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
16
EDUCATION:
Number of Schools:
Elementary
1
Middle
1
High School
1
Number of Teachers
105
Number of Students
1,788
MUNICIPAL WATER DEPARTMENT:
Number of Consumers 2,692
Average Daily Consumption 1,383,600 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:
Full -Time 63
Part -Time 6
140