Comprehensive Annual Financial Report - 1989-1990COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED
SEPTEMBER 3091990
CITY OF CLERMONT, FLORIDA
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1990
Prepared by. -
Finance Department
Joseph E. Van Zile
Finance Director
THIS PAGE INTENTIONALLY LEFT BLANK
ii
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1990
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal . . . . . . . . . . . . . . . . . . . . 1
Organization Chart . . . . . . . . . . . . . . . . . . . . . 12
Listing of City Officials . . . . . . . . . . . . . . . . . . 13
Certificate of Achievement . . . . . . . . . . . . . . . . . 14
FINANCIAL SECTION
AUDITORS REPORTS
Independent Auditor's Report . . . . . . . . . . . . . . . 15
Report on Internal Control Structure . . . . . . . . . . . 17
Report on Compliance With Laws and Regulations . . . . . . 19
Management Letter . . . . . . . . . . . . . . . . . . . . . 21
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types and
Account Groups . . . . . . . . . . . . . . . . . . . . . 24
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances- All Governmental
Fund Types . . . . . . . . . . . . . . . . . . . . . . . 29
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - Budget and
Actual - General, Special Revenue and Capital Projects
Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 30
iii
TABLE OF CONTENTS
FINANCIAL SECTION CONTD.
GENERAL PURPOSE FINANCIAL STATEMENTS (CONTD.i
Combined Statement of Revenues, Expenses and Changes
In Retained Earnings/Fund Balances - All Proprietary
Fund Types and Similar Trust Funds . . . . . . . . . . .
Combined Statement of Cash Flows - All Proprietary Fund
Types and Non -Expendable Trust Funds . . . . . . . . .
Wj
34
Notes To Financial Statements . . . . . . . . . . . . . . 37
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 . . . . o . . .
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 . . . . . . . . . .
Debt Service Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . .
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . . .
iv
62
63
64
66
70
71
74
75
TABLE OF CONTENTS
FINANCIAL SECTION (TD.]
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS( QW
TD.�
Capital Projects Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . .
78
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances . . . . . . . . . . . . . . . . . .
79
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - Twelfth Street Park Fund
80
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Building Construction Fund
81
Enterprise Funds:
Combining Balance Sheet . . . . . . . . . . . . .
86
Combining Statement of Revenues, Expenses and Changes
In Retained Earnings . . . . . . . . . . . . . . . .
89
Combining Statement of Cash Flows . . . . . . . . . .' . .
90
Comparative Schedule of Revenues, Expenses and Changes
In Retained Earnings - Required by Bond Ordinance . . .
92
Internal Service Fund:
Combining Balance Sheet . . . . . . . . . . . . . . . . .
94
Combining Statement of Revenues, Expenses and Changes
In Retained Earnings . . . . . . . . . . . . . . . . .
95
Combining Statement of Cash Flows . . . . . . . . . . . .
96
Trust and Agency Funds:
Combining Balance Sheet - Trust and Agency Funds . . . .
103
Combining Statement of Revenues, Expenses and Changes
In Fund Balances - Trust Funds . . . . . . . . . . . .
104
Statement of Cash Flows - Non -Expendable Trust Fund . . .
106
Statement of Changes In Assets and Liabilities -
Deferred Compensation Agency Fund . . . . . . . . . . .
107
VA
TABLE OF CONTENTS
FINANCIAL SECTION CONTD.j
Account Groups:
Statement of General Fixed Assets By Sources . . . . . . 112
Schedule of General Fixed Assets By Function . . . . . . 113
Schedule of Changes In General Fixed Assets By Function . 114
Statement of General Long -Term Debt . . . . . . . . . . . 115
STATISTICAL SECTION
Comments On The Statistical Section . . . . . . . . . . .
117
General Governmental Expenditures By Function -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
118
General Revenue By Source - Last Ten Fiscal Years . . . .
120
Property Tax Levies, Tax Collections and Assessed
Valuations - Last Ten Fiscal Years . . . . . . . . . .
122
Property Tax Rates - All Overlapping Governments -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
124
Special Assessment Collections - Last Ten Fiscal
Years . . . . . . . . . . . . . . . . . . . . . . . . .
127
Revenue Bond Coverage - All Revenue Bonds - Last
Ten Fiscal Years . . . . . . . . . . . . . . . . . . .
128
Demographic Statistics - Last Ten Fiscal Years . . . . .
130
vi
TABLE OF CONTENTS
STATISTICAL SECTION CONTD.
Property Value, Construction and Bank Deposits -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 132
Principal Taxpayers . . . . . . . . . . . . . . . . . . . 134
Pension Expenses By Type - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 135
Pension Revenues By Source - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 137
Pension Trend Data - Defined Benefit Pension Plans -
Last Ten . Fiscal Years . . . . . . . . . . . . . . . . . 138
Schedule of Insurance Coverages . . . . . . . . . . . . 140
Miscellaneous Statistics . . . . . . . . . . . . . . . 142
vii
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viii
INTRODUCTORY SECTION
This section contains the letter of transmittal,
organizational chart, and listing of city officials.
CITY OF CLERMONT
March 21, 1991 Office of the Finance Director
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, 1990, is
hereby submitted. This report was prepared by the City 's 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
P.O. BOX 120219 • CLERMONT, FLORIDA 3471 2-021 B • PHONE: 904/394-40B1
staggered terms. Elections are held on the first Tuesday after the
first Monday in November of each year. The City employs a full-time
manager who is the Chief Executive and Administrative Officer of the
City.
The City provides a full range of municipal services as directed
by its charter. These include Police and Fire Protection, Street and
Sidewalk Maintenance, Planning and Development, Code Enforcement,
Recreational Facilities and Programs, Cemetery and General
Administrative functions. Clermont also operates and maintains water,
wastewater treatment and sanitation utilities. In addition, the City
is the largest financial supporter of a private library that serves
city residents, as well as residents of the surrounding area.
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 Governmental Accounting Standards
Board (GASB) 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 Governmental Accounting
Standards Board (GASB).
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's accounting records for General, Special Revenue,
Capital Projects and certain Trust and Agency Funds are maintained
on a modified accrual basis with revenues being recognized when they
become measurable and available, while expenditures are recorded at
the time liabilities are incurred. Accounting records for the
Enterprise, Internal Service and certain Trust and Agency Funds are
maintained on a full accrual basis.
In developing and modifying the City's accounting system,
consideration is given to the adequacy of internal accounting
controls. Internal accounting controls are designed to provide
reasonable, but not absolute assurance regarding:
1. The safeguarding of assets against loss from unauthorized
use or disposition; and
2. The reliability of financial records for preparing financial
statements and maintaining accountability for assets.
The concept of reasonable assurance recognizes that:
1. The cost of a control should not. exceed the benefits likely
to be derived; and
2. The evaluation of costs and benefits requires estimates and
judgments by management.
All internal control evaluations occur within the above
framework. We believe that the City's internal accounting controls
adequately safeguard assets and provide reasonable assurance of proper
recording of financial transactions.
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:
Section II:
Section III.
Introductory Section
This section contains
Transmittal and other such
be useful in understanding
entity.
Financial Section
the Letter of
material as may
the reporting
This section of the report contains the
Independent Auditor's Reports and Financial
Statements of the City. The Financial
Statements present fairly the financial
position and results of operation for the
fiscal year ended September 30, 1990. The
section is divided into the following parts:
Part 1. Reports issued by the Independent
Auditor based on their review of the City's
Financial Statements and internal control
structure;
Part 2. General Purpose Financial
Statements, which display financial data for
the City as a whole; and
Part 3. Combining Statements - By fund type,
which present data for homogeneous funds.
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.
3
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 decreased 3.0% from
$1,170,589 to $1,135,200 and was 57.2% of total General Fund
expenditures. Fund balance is the amount of resourcesavailable for
expenditure in future years. Of the fund balance available at
September 30, 1990, $ 8,806 is budgeted for use in the 1990-91 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:
1989-90
Percent
of
Amount Total
Percent
1988-89 Increase
Percent <Decrease>
of over
Amount Total 1988-89
Taxes
$1,143,268
58.1% $
954,977
53.9%
19,79.
Licenses and Permits
25,688
1.3
18,931
1.1
35.7
Intergovernmental
547,878
27.9
587,673
33.2
<6.8>
Charges for Services
8,585
0.1
6,669
0.1
28.7
Fines & Forfeitures
40,572
2.1
34,252
2.0 '
18.5
Miscellaneous Revenues
168,410
8.7
169,375
9.7
<0.1>
Transfers -In
_ 32.732
1.8
-0-
_
100.0
$1,967,133 10� 0.0$ 1 771 877 100.0% 11.0%
Revenues increased 11.0% from $1,771,877 to $1,967,133. While
some revenues such as Licenses and Permits, Charges for Services and
Fines and Forfeitures increased a higher percentage rate than the
overall fund increase, the dollar increases were not significant and
did not reflect a change in the City's revenue policy. Transfers -
In represented an amount transferred from the Twelfth Street Park Fund
for the purchase of equipment to be used at the Palatlakaha Recreation
Area.
The most significant changes in revenue sources occurred in the
areas of Intergovernmental Revenues and Taxes. Intergovernmental
Revenues decreased 6.8% primarily due to reductions in state and
locally shared revenues and grants. Unfortunately, the trend in these
revenue areas has been of decreasing revenues and this trend appears
to be continuing in the 1990-91 fiscal year. As a result, the City
has had to look at locally controlled revenue sources to make up the
difference. Therefore, taxes increased 19.7% due to an increase in
the Utility Tax Rate on energy related utilities and a broadening of
the base for which the Telecommunications Tax is applied. However,
as noted in Table 4 of the statistical section of this report, the ad
valorem tax rate (2.429) did not change in the 1989-90 fiscal year for
the fourth consecutive year. Clermont continues to enjoy the lowest
ad valorem tax rate of any similar size city in Lake County with
4
comparable services.
Expenditures and other financing uses of the current fiscal year
as compared with those of the previous year are as follows:
Percent
1989-90
1988-89
Increase
Percent
Percent <Decrease>
of
of
over
Amount Total
Amount
Total
1988-89
General Government
$ 381,694 17.6%
$ 307,494
18.5%
24.1%
Public Safety
767,734 35.3
691,581
41.5
11.0
Physical Environment
117,787 5.5
77,316
4.6
52.3
Transportation
303,211 13.9
282,696
17.0
7.3
Economic Environment
9,596 .1
1,780
.1
439.1
Culture & Recreation
403,535 18.6
303,943
18.3
32.8
Transfers - Out
194,860,T9.0
-0-
100.0
2 178 417 100.0% $1,664,810 100
Expenditures and other financing uses increased 30.9% from
$1,664,810 to $2,178,417. The increase is primarily attributed to
transfers to other funds and personnel costs. Transfers -out .increased
due to a $194,860 transfer to the sanitation fund for the purchase
of two replacement garbage trucks. Personnel costs increased in all
departments either due to new positions, part-time positions upgraded
to full-time or group medical insurance cost increases. New positions
established were in the areas of Parks and Street Maintenance, Police
Dispatching, and Code Enforcement. Group Medical costs increased
approximately 65% over the previous fiscal year.
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:
1989-90 1988-89 1987-88
Local Government
Infrastructure Surtax $370,639 $260,092 $207,205
Included in the 1989-90 revenue amount was an adjustment of
$50,857 for prior year collections due to an incorrect formula used
by the State of Florida in calculating distributions.
In fiscal year 1989-90, Infrastructure Surtax Funds were expended
on City Transportation Infrastructure Improvement Projects, Recreation
Facility Reconstruction 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.
In addition, funds were also transferred to the Sales Tax Revenue
Bond Sinking Fund to cover the debt service of a Sales Tax Bond Issue
in November 1989. 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 and/or
renovation of a new Public Works Complex, City Hall and Public Safety
Building.
CAPITAL PROJECTS FUNDS
TWELFTH STREET PARR 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 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 1989 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 1991-92. Financing will be
obtained from the 1989 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 decreased 2.3% from $1,118,064 to $1,092,768
primarily due to a decrease in water sales as a result of restrictions
on water usage in the Central Florida area. A comparison of the
number of gallons of water sold between the 1988-89 and 1989-90 fiscal
years shows an 11.2% decrease in water gallons sold.
Operating expenses increased 15.2% from $841,763 to $970,400.
The increase was primarily due to increased Repair and Maintenance
costs and Professional Services. Repair and Maintenance costs
increased due to significant repair work performed on older water
pumps and sewer lift stations. Professional Services increased due
to additional engineering services and a consultant's study to update
the City's impact fee rates.
6
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
1989-90
$ 1,092,768
970,040
122,728
1988-89
$ 1,118,064
841,763
276,301
$ 8.163,316_ $ 7,838,031
1.10% 1.62%
SANITATION FUND
1987-88
$ 1,056,616
783,_384
273,232
$ 7,678,475
1.45%
The Sanitation Fund accounts for the provision of garbage, trash
removal and composting services to the residents of Clermont.
Operating revenues increased 41.2% from $272,889 to $385,276 due
to a corresponding percentage increase in monthly sanitation rates.
The sanitation rates were increased due to a major increase in garbage
disposal fees ($71,273 or 147%) charged by Lake County. As a result
of the large disposal fees increase, the Sanitation Fund expenses
increased 45% from $268,832 to $389,777.
Comparative data for the last three fiscal years is illustrated
in the following table:
1989-90
1988-89
1987-88
Operating Revenues
$ 385,276
$ 272,889
$ 271,202
Operating Expenses
389,777
268,832
257,.316
Operating Income <Loss>
$ <4 501>
$ 4,057
$ 13,886
In an effort to manage the spiraling costs of garbage disposal,
the City has instituted a citywide garbage recycling and composting
program. Through this program plastic bottles, aluminum cans and
compostable,plant materials are removed from the waste stream which
consequently results in decreased garbage disposal fees.
In another effort to control the increasing costs of providing
sanitation services to the residents of Clermont, the City decided to
continue to provide collection services, rather than contract the
services to the private sector. Several private contractor's
proposals were received, but none were able to offer significant
savings to our residents. As a result, the City purchased two new
garbage packer trucks at a total cost of $194,860.
INTERNAL SERVICE FUND
The City has maintained a Gas and Oil Revolving Fund to account
for the cost of petroleum products used by the various departments of
the City. however, during the 1989-90 fiscal year, the Gas and Oil
7
Revolving Fund was closed out due to immateriality. The fund residual.
equity was transferred to the General Fund and the petroleum products
used by the City in the future will be accounted for, within the
General Fund.
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, 1990, the general fixed assets of the City totalled $4,980,169.
This amount represents the original cost of the assets and is,
therefore, .considerably less than their present value. Depreciation
of general fixed assets is not recognized in the City's accounting
system.
CASH MANAGEMENT
The City earned $544,217 or 13.4% of total revenue from all
funds, with . the exception of the Pension and Deferred Compensation
Funds, in interest revenue during the 1989--90 fiscal year. The
weighted average rate of return during 1989-90 was approximately
8.31%. The following table shows the breakdown of interest by source:
State Board of Administration
Certificates of Deposit
Repurchase Agreements
Percent
Average
of
Rate of
Amount
Total
Return
$325,712
59.8%
8.25%
197,520
36.3
8.48%
20.985
3.9
7.88%
$544,217 10� 0.0_
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 ar�ency
within the State. The major advantage the pool of fers to small cities
0
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 $2,450,000 in Certificates of Deposit with local
qualified public depositories with interest rates ranging from 8.00%
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 one (1) long-term note, one (1) Sales Tax Revenue
Bond and two (2) Water and Sewer Revenue Refunding Bond Issues
outstanding on September 30, 1990.
The long-term note was obtained in 1980 to finance the
construction of the library building. The Sales Tax Revenue Bond was
issued in November of 1989 to provide funds for the development of the
Palatlakaha Recreation Area and construction/renovation of a new
Public Works Complex, City Hall and Public Safety Building. The
City's share of the One Cent Infrastructure Sales Tax has been pledged
to pay the debt service. During the 1989-90 fiscal year, the City
created a new fund entitled the "Sales Tax Revenue Bond Sinking Fund"
to account for the accumulation of resources for and the payment of
the 1989 bond principal and interest. The Water and Sewer Revenue
Refunding Bonds were issued in 1972 and 1988 and are secured by the
gross revenues of the water and sewer system.
RISK MANAGEMENT
The City maintains liability and Workmen's Compensation Insurance
through programs sponsored and administered by the Florida League of
Cities. The limit of protection for the liability coverage is
$1,500,000 per occurrence. The City'is not aware of any pending or
threatened litigation which would not be covered by insurance.
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 times the employee's salary.
During the 1989-90 fiscal year, the City created a new fund
entitled "Self -Insurance Fund" to account for the accumulation of
resources for and the payment of self -insured claims. For the nine
months period ended September 30, 1990, revenues exceeded expenses by
$3,429.
0
FINANCIAL POSITION AND FUTURE PROSPECTS
The City of Clermont continues to maintain a sound -financial
position while providing excellent levels of service in all areas to
the residents of the City. The costs associated with the levels of
service. provided are favorable when compared to other governmental
units providing similar cervices.. Conservative budgeting practices
along with collective short and long.range planning strategies will
ensure a positive future for the City.
The South Lake County area, of which Clermont is the largest
city, is recognized as having,the potential for one of the highest
growth rates in the area due to its close proximity to -Orange County
and the City of=Orlando. During the past year the City.has annexed
approximately 1,400 acres, which demonstrates the progressive attitude
of the City. Council toward growth. More. importantly, the .City,has
developed a Comprehensive Plan that will promote orderly growth, with
the major part of the financial responsibility for that growth: lying
with the developers and not with the existing citizens._ A new impact
fee structure has been studied to ensure that the growth within the
City.will pay its own way and not be a hardship on the existing
taxpayers.
The major capital needs are being met and funded in a
conservative manner. Included in the near future will be the
expansion of the Public Safety Complex and a new Public Works
Facility. Funding is already in place for these projects and no
additional revenue enhancements will be required to cover the costs
of these projects.
Although the City of Clermont is in excellent financial
condition, we must continue to monitor our revenue sources, as well
as all legislation affecting those revenue and potential future
revenue sources. In addition, the City must have a conservative
attitude toward budgeting and continue to find innovative methods of
providing necessary services that are affordable. The City. has
adequate reserves and a relatively low ad valorem tax rate. This
coupled with the potential for unprecedented growth and sound
management practices will continue to provide excellent and affordable
standards 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, 1989. The Certificate of Achievement is the highest
form of recognition for excellence in' state and local government
financial reporting.
In order to be awarded a Certificate of Achievement, a government
unit must publish an easily readable and e-fficiently organized
Comprehensive Annual Financial Report, whose contents conform to
program standards. Such reports must satisfy both generally accepted
10
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year
only. The City of Clermont has received a Certificate of Achievement
for the last two consecutive fiscal years. 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 Auditor's unqualified
opinion has been included in this report.
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. 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,
WaAl
Saunders
Cianager
-,fi6 V-dn �, i le
Finance Director
11
CITY OF CLERMONT ORGANIZATIONAL CHART
ECITIZENS�]
CLERMONT
City CITY
Attorney COUNCIL Committees
City
Manager
Policc
e Fire Publi
Services
Streets
Parks
Animal Control
Sanitation
Water
Sewer
Finance
Accounting
Budgeting
Payroll
Utility Billing
Risk Management
Planning
Planning
Zoning
Licensing
Permitting
Code Enf orcemen
12
Mayor
Mayor/Pro-Tem
Councilmember
Councilmember
Councilmember
CITY OF CLERMONT, FLORIDA
LISTING OF CITY OFFICIALS
AS OF SEPTEMBER 30, 1990
ELECTED OFFICIALS
APPOINTED OFFICIALS
City Manager
City Attorney
Finance Director
Public Services Director
Chief of Police
Fire Chief
City Engineer
Planning Director
13
Robert A. Pool
Hal Turville
Ann Dupee
Ken Norquist
Lester Cole
Wayne Saunders
Leonard H. Baird, Jr.
Joseph E. Van Zile
Preston Davis
Prentice Tyndal
Carle Bishop
John Springstead
Lanny Harker
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, 1989
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.
AGE Off��f ,/JG
0/ IN[
RDSIIIlES
President
CANIIO� o
= �GIMOMIgN � SEAL �e-d�
QllC�4� 11CAI awe+/
(/JJ/ Executive Director
14
FINANCIAL
SECTION
This Section Contains the Following Subsections:
AUDITORS' REPORTS
GENERAL PURPOSE FINANCIAL STATEMENTS
COMBINING AND INDIVIDUAL FUND AND
ACCOUNT GROUP STATEMENTS
AUDITORS' REPORTS
1 GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A
Jerry D. Brown, C.P.A.
MOUNT DORA:
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and City Council
City of Clermont, Florida
Dorothy A. Kurras, C.P.A.
John S. Rice, C.P.A.
Patricia A. Sykes, C.P.A
C. L. (Chip) Garner, C.P.A.
John A. Powers, C.P.A.
We have audited the general purpose financial statements of the City of Clermont,
Florida, as of and for the year ended September 30, 1990, 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
and generally accepted governmental 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, 1990, 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.
PId
Clermont, Florida
December 5, 1990
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
752 Montrose Street 15 627N. Donnelly Street
Post Office Box 120400. Clermont, FL 34712-0400 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 394 3256 Telephone: (904) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
16
r
1 GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A
Jerry D. Brown, C.P.A.
MOUNT DORA: Dorothy A. Kurras, C.P.A.
John S. Rice, C.P.A.
Patricia A. Sykes, C.P.A
C. L. (Chip) Garner, C.P.A.
John A. Powers, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE RELATED MATTERS NOTED IN A FINANCIAL
STATEMENT AUDIT CONDUCTED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
To 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, 1990, and have issued our report
thereon dated December 5, 1990.
We conducted our audit in accordance with generally accepted auditing standards
Government Auditing Standards, issued by the Comptroller General of the United
States, and the provisions of Office of Management and Budget Circular A-128,
"Audits of State and Local Governments." Those standards and OMB Circular A-128
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, 1990, 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 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.
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
752 Montrose Street 627N. Donnelly Street
Post Office Box 120400. Clermont, FL 34712-0400 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 394 3256 17 Telephone: (904) 383-6300
For the purpose of this report, we have classified the significant internal
control structure policies and procedures in the following categories:
Cash and investments
Revenues and receivables
Inventory
Property, equipment
Expenditures and payables
Debt and debt service
For all of the control categories listed above, we obtained an understanding of
the design of relevant policies and procedures and whether they have been placed
in operation, and we assessed control risk.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a reportable condition in which the
design or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the general purpose financial
statements being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. We noted
no matters involving the internal control structure and its operation that we
consider to be material weaknesses as defined above.
However, we noted certain matters involving the internal control structure and
its operation that we have reported to the management of the City of Clermont,
Florida, in a separate letter dated February 5, 1991.
This report is intended for the information of the 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.
Clermont, Florida
February 5, 1991
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A
Jerry D. Brown, C.P.A.
MOUNTDORA: Dorothy A. Kurras, C.P.A.
John S. Rice, C.P.A.
Patricia A. Sykes, C.P.A
C. L. (Chip) Garner, C.P.A.
John A. Powers, C.P.A.
REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS
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, 1990, and have issued our
report thereon dated December 5, 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.
We noted certain immaterial instances of noncompliance that we have reported to
the management of the City of Clermont, Florida, in a separate letter dated
February 5, 1991.
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.
Clermont, Florida G%tt4,(-"C,��
February 5, 1991 Y
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
752 Montrose Street 627N. Donnelly Street
Post Office Box 120400. Clermont, FL 34712-0400 19 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 394 3256 Telephone: (904) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
20
1 GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A
Jerry D. Brown, C.P.A.
MOUNT DORA:
MANAGEMENT LETTER
The Honorable Mayor and City Council
City of Clermont, Florida
Dorothy A. Kurras, C.P.A.
John S. Rice, C.P.A.
Patricia A. Sykes, C.P.A
C. L. (Chip) Garner, C.P.A.
John A. Powers, C.P.A.
This report contains our comments as required by Chapter 10.554, Rules of the
Auditor General, Local Governmental Entity Audits, for the City of Clermont,
Florida, for the year ended September 30, 1990.
Subparagraph (1) of Chapter 10.5511 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.
The Sales Tax Revenue Bond, 1989 series, requires use of a debt
service fund for the accumulation of resources to service debt
payments. This fund was not established and funded during the year
ended September 30, 1990.
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.
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
752 Montrose Street 627N. Donnelly Street
Post Office Box 120400. Clermont FL 34712-0400 21 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 394-0256 Telephone: (904) 383-6300
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, 1990. 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, 1990, 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 December 5, 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
February 5, 1991
22
r-
GENERAL PURPOSE
FINANCIAL STATEMENTS
(Combined Statements -Overview)
These basic financial statements provide a summary overview of
the financial position of all funds and account groups as well as the
operating results of all funds. They also serve as an introduction to
the more detailed statements and schedules that follow in the next
Subsection.
r,
r-,
THIS PAGE INTENTIONALLY LEFT BLANK
23
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1990
------------------------------------------------
GOVERNMENTAL
FUND TYPES
PROPRIETARY
-----------
SPECIAL
DEBT
CAPITAL
ASSETS
------
GENERAL
-------
REVENUE
-------
SERVICE
-------
PROJECTS
--------
ENTERPRISE
----------
Cash
$ . 3,290
$ 67,691
$ 83,317
$ 15,707
$ 4,824
Investments
1,231,197
...
...
1,501,205
1,614,367
Receivables:
Interest
13,055
...
...
3,577
91100
Accounts
15,457
...
...
126,472
Other
...
633
Due from other funds
13,871
...
...
...
14,266
89,303
Due from other governments
36,079
26,000
...
...
Inventory
3,637
...
...
...
25,540
Prepaid items
...
...
Restricted Assets:
.,.
Cash
...
...
274,235
Investments
...
...
...
...
...
...
1,230,928
Land
...
...
...
...
927,606
Buildings
Water System
...
..
...
...
3,006,803
Sewer system
...
...
...
...
6,345,497
Improvements other than buildings
...
,,,
...
...
...
Machinery and equipment
...
...
,,,
...
572,203
Construction in progress
...
...
...
...
324,160
Accumulated depreciation
...
...
...
(2,798,168)
Amount to be provided for
retirement of long-term debt
...
...
...
...
...
TOTAL ASSETS 4
$ 1,316,586
$ 93,691
$ 83,317
$ 1,534,755
$ 11,753►503
The notes to the financial statements are an integral part of this statement.
24
FIDUCIARY
TOTALS
FUND TYPES
FUND TYPES
ACCOUNT
GROUPS
(MEMORANDUM
ONLY)
----------
-----------
TRUST
---------------------------
GENERAL
GENERAL
-----------------------------
INTERNAL
AND
FIXED
LONG-TERM
SERVICE
-------
AGENCY
------
ASSETS
------
DEBT'
----
1990
----
1989
----
$ 11,361
$ 3,004
$ ...
$ ...
$ 189,194
$ 337,591
...
1,709,174
...
...
6,055,943
4,978,569
...
...
...
...
25,732
22,857
...
...
...
...
141,929
123,514
...
...
...
...
633
3,831
...
22,352
...
...
139,792
158,397
...
41,577
...
...
103,656
136,298
...
...
...
...
29,177
29,294
...
...
...
...
...
6,921
...
...
...
...
274,235
112,184
...
...
...
1,230,928
1,200,903
...
...
759,564
...
1,687,170
1,605,745
...
...
724,440
...
724,440
678,103
...
...
...
...
3,006,803
2,822,978
...
...
...
6,345,497
6,149,370
...
...
2,509,662
...
2,509,662
1,524,357
...
...
986,503
...
1,558,706
1,203,048
...
...
...
...
324,160
160,134
...
...
...
...
(2,798,168)
(2,552,824)
...
---------
...
-----------
...
-----------
2,136,812
-----------
2,136,812
------------
93,215
------------
$ 11,361
---------
$' 1,776,107
-----------
$ 4,980,169
-----------
$ 2,136,812
-----------
$ 23,686,301
------------
$ 18,794,485
------------
Continued
25
CITY OF CLERMONT, FLORIDA
COMBINED
BALANCE SHEET
ALL
FUND TYPES
AND ACCOUNT GROUPS
SEPTEMBER 30, 1990
--------------------------------------------------
GOVERNMENTAL
FUND TYPES
PROPRIETARY
------------
SPECIAL
DEBT
CAPITAL
LIABILITIES
GENERAL
REVENUE
SERVICE
PROJECTS
ENTERPRISE
Accounts payable $
42,124
$ 125 $
.,.
$ 14,266 $
40,169
Other accrued expenses
5,668
...
18,332
Contracts payable
...
57,530
...
164,877
86,440
Notes payable
..
Payable From Restricted Assets:
���
���
" '
Construction contracts
...
Deposits
...
...
...
...
...
42,056
Accrued interest
...
...
...
...
...
39,622
87,443
Revenue bonds
Due to other funds
13,481
14,266
..
13,871
95,000
98,774
Deferred compensation payable
...
Revenue bonds payable
-----,273
...
...
---71,921
...
...
...
...
3,350,000
Total Liabilities
-----------
61
------...
----193,014---
3,857,236
EQUITY AND OTHER CREDITS
------------------
----------- ------------
------------------------
Contributed capital,
...
...
...
2,648,111
Investment in general fixed assets
...
...
Retained Earnings:
...
...
" '
Reserved
...
Unreserved
...
...
...
...
1,283,097
Fund Balances:
...
...
...
3,965,059
Reserved for police education
3,934
...
...
Reserved for prepaid insurance
...
...
...
Reserved for inventory
3,637
.6.
Reserved for recreation
18,607
...
...
Reserved for cemetery care
...
...
...
.�.
Reserved for debt service
...
...
...
83,317
...
...
Reserved for employees'
...
retirement systems
...
...
Unreserved, designated for
..
capital replacement
93,935
...
...
Unreserved, undesignated
-----------
1,135,200
21,770
...
1,341,741
„
...
Total Equity
------------------
-----------
------------
and Other Credits
-----------
1,255,313
21,770
------------------
83,317
-----------
1,341,741
------------
7,896,267
TOTAL LIABILITIES AND FUND EQUITY $
1,316,586
$ 93,691 $
83,317 $
1,534,755 $
11,753,503
The notes to the financial statements
are an integral part of this statement.
26
FIDUCIARY
-- -- - - --------------
TOTALS
FUND TYPES
FUND TYPES
ACCOUNT
GROUPS
(MEMORANDUM
ONLY)
----------
----------
TRUST
---------------------------
GENERAL
GENERAL
-----------------------------
INTERNAL
AND
FIXED
LONG-TERM
SERVICE
-------
AGENCY
------
ASSETS
------
DEBT
----
1990
----
1989
----
$ 7,932
$ ...
$ ...
$ ...
$ 104,616 $
59,069
...
...
...
...
24,000
17,956
...
...
308,847
97,440
...
...
...
66,812
66,812
175,215
...
...
...
...
42,056
20,228
•••
•••
.••
•••
39,622
37,742
...
...
...
...
87,443
89,292
•••
...
...
...
95,000
80,000
•••
...
...
139,792
158,397
...
44,186
...
...
44,186
37,018
...
...
...
2,070,000
5,420,000
3,445,000
---------
7,932
---------
-----------
44,186
-----------
-----------
...
-----------
-----------
2,136,812
-----------
------------------------
6,372,374
------------------------
4,217,357
...
...
...
2,648,111
2,545,242
•••
...
4,980,169
...
4,980,169
3,744,483
...
...
...
...
1,283,097
1,106,052
3,429
...
...
...
3,968,488
3,810,167
.•.
•••
...
...
3,934
2,425
...
...
...
3.637
...
..
...
...
18,607
18,607
...
160,090
...
...
160,020
147,720
...
...
...
...
83,317
...
...
1,571,901
...
...
1,571,901
1,577,461
•••
•••
.••
...
93,935
268,795
...
---------
...
-----------
...
-----------
...
-----------
2,498,711
------------------------
1,351,561
3,429
---------
1,731,921
-----------
4,980,169
-----------
...
-----------
17,313,927
------------------------
14,577,128
$ 11,361
$ 1,776,107
$ 4,980,169
$ 2,136,812
$ 23,686,301 $
18,794,485
27
THIS PAGE INTENTIONALLY LEFT BLANK
CITY OF
CLERMONT, FLORIDA
COMBINED STATEMENT
OF REVENUES, EXPENDITURES
AND
CHANGES
IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1990
TOTALS
GOVERNMENTAL FUND TYPES
(MEMORANDUM
ONLY)
---------------------------------
7-----------------
SPECIAL DEBT
CAPITAL
--------------------------
GENERAL
REVENUE SERVICE
PROJECTS,
1990
1989
Revenues:
-------
------- -------
--------
----
----
Taxes
$ 1,143,268
$ ... $ ...
$ ...
$ 1,143,268
$ 954,977
Licenses and permits
25,688
...
25,688
18,931
Intergovernmental revenues
547,878
370,639 ...
...
918,517
893,765
Charges for services
8.585
... ...
...
8,585
6,669
Fines and forfeitures
40.572
40,572
34,252
Miscellaneous revenues
168,410
9,610 2,639
134,113
314,772
186,037
Total Revenues
-----------
1,934,401
-----------
---------- ---------
380,249 1 2,639
---------- ---------
-----------
134,113
-----------
-----------
2,451,402
-----------
-----------
2,094,631
-----------
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Culture and recreation
Capital outlay
Debt service interest
Total Expenditures
Excess of Revenues Over (Under)
Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfer out
Revenue bond proceeds
Total Other Financing Sources (Uses)
Excess of Revenues and Other
Financing Sources Over (under)
381,694
83,124
...
...
464,818
307,494
767,734
...
...
...
767,734
691,581
117,787
...
...
117,787
77,316
303,211
139,129
...
...
442,340
313,720
9,596
...
...
...
9,596
1,780
403,535
17,736
...
421,271
303,943
...
....
966,787
966,787
155,547
...
...
81,638
...
81,638
...
-----------
1,983,557
-----------
----------
. 239,989
----------
---------
81,638
---------
-----------
966,T87
-----------
-----------
3,271,971
-----------
-----------
1,851,381
-----------
(49,156)
140,260
(78,999)
(832,674)
(820,569)
243,250
32,732
162,316
133,831
328,879
109,547
(194,860)
(296,147)
...
(32,731)
(523,738)
(109,547)
...
...
...
2.070,000
2,070,000
...
-----------
(162,128)
-----------
----------
(296,147)
----------
---------
1b2,316
---------
-----------
2,171,100
-----------
-----------
1,875,t4t
-----------
-----------
...
-----------
Expenditures and Other Uses (211,284) (155,887) 83,317
Fund Balances - October 1 1,465,031 177,657 ...
Residual equity transfer in 1,566 ... ...
FUND BALANCES - SEPTEMBER 30 $ 1,255,313 $ 21.770 $ 83,317
The notes to the financial statements are an integral part of this statement.
1,338,426 1,054,572 243,250
3,315 1,646,003 1,402,753
... 1,566 ...
----------- ----------- -----------
$ 1,341,741 $ 2,702,141 $ 1,646,003
29
a
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,
1990
------------------------------------------
GENERAL FUND
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
Revenues:
------
------
-------------
Taxes
$ 1,097,530
$ 1,143,268
$ 45,738
Licenses and permits
24,500
25,688
1,188
Intergovernmental revenues
551,923
547,878
(4,045)
Charges for services
7,750
8,585
835
Fines and forfeitures
29,000
40,572
11,572
Miscellaneous revenues
144,124
168,410
24,286
Total Revenues
-----------
1,854,827
-----------
1,934,401
-----------
79,574
Expenditures:
-----------
-----------
-----------
Current:
General government
385,819
381,694
4,125
Public safety
757,695
767,734
(10,039)
Physical environment
124,006
117,787
6,219
Transportation
324,708
303,211
21,497
Economic environment
11,090
9,596
1,494
Culture and recreation
419,932
403,535
16,397
Contingency
,,,
,,,
Capital outlay
,,,
,,,
Debt service
Total Expenditures
--------
;023;250
2,023,250
--------
1,983,557
;983:557
-----------
39,693
Excess (Deficiency) of Revenues
-----------
-----------
-----------
Over Expenditures
(168,423)
(49,156)
119,267
Other Financing Sources (Uses):
-----------
-----------
-----------
Operating transfers in
32,732
32,732
Operating transfers out
(214,860)
(194,860)
20,000
Revenue bond proceeds
Total Other Financing Sources (Uses)
-----------
(214,860)
-----------
(162,128)
-----------
52,732
Excess (Deficiency) of Revenues and
-----------
-----------
-----------
Other Sources Over (Under)
Expenditures and Other Uses
(383,283)
(211,284)
171,999
Fund Balances - October 1
1,465,031
1,465,031
Residual equity transfer in
...
1,566
1,566
FUND BALANCES - SEPTEMBER 30
-----------
$ 1,081,748
-----------
$ 1,255,313
-----------
$ 173,565
The notes to the financial statements are an
integral part
of this statement.
30
SPECIAL
REVENUE
FUND
DEBT
SERVICE
FUND
CAPITAL PROJECTS
----------------------------------------
FUND
-----------------------------------------
VARIANCE
-----------------------------------
VARIANCE
VARIANCE
FAVORABLE
FAVORABLE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
$
...
$ ...
$ ... $
...
$ ...
$ ...
$ ...
o
356,900
370,639
13,739
..•
•••
57,330
9,610
(47,720)
...
2,639
2,639
115,498
134,113
-----------
18,615
-----------
----------------------
414,230
----------------------
380,249
-----------
(33,981)
-----------
------------------
...
------------------
2,639
---------
2,639
---------
-----------
115,493
-----------
134,113
-----------
18,615
-----------
81,425
83,124
(1,699)
...
...
...
...
...
...
3,124
..•
3,124
..•
...
...
...
...
184,415
139,129
45,286
...
...
...
...
...
...
17,786
17,736
.50
...
...
...
...
...
,,
,,,
,,,
,•,
�..
2,127,486
966,787
1,160,099
83,300
81,638
1,662
...
...
...
-----------
----------------------
286,750
----------------------
239,989
-----------
46,761
-----------
------------------
83,300
------------------
81,638
---------
1,662
---------
-----------
2,12L 486
-----------
-----------
966,787
-----------
1,160,69)
-----------
127,480
----------- -----------
140,260
12,780
-----------
(83,300)
------------------
(78,999)
4,301
---------
(2,011,988)
-----------
(832,674)
-----------
1,179,314
-----------
,,,
...
83,300
162,316
79,016
125,500
133,831
8,331
(208,800)
(296,147)
(87,347)
...
...
...
(32,731)
(32,731)
21070,000
2,070,000
...
----------------------
(208,800)
----------- -----------
(296,147)
-----------
(87,347)
-----------
------------------
83,300
------------------
162,316
---------
79,016
---------
-----------
2,195,500
-----------
-----------
2,171,100
-----------
-----------
(24,400)
-----------
(81,320)
(155,887)
(74,567)
...
83,317
83,317
183,512
1,338,426
1,154,914
177,657
177,657
...
...
...
...
3,315
3,315
...
$ 96,337 $
21,770
$ (74,567)
$ ••• $
83,317
$ 83.317
$ 186,827
$ 1,341,741
$ 1,154,914
31
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCES
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1990
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
PROPRIETARY
ENTERPRISE
Operating Revenues:
Charges for services $ 1,478,044
Investment earnings ...
Contributions .
Cemetery lot sales ...
Total Operating Revenues 1,478,044
Operating Expenses:
Personal services
432,896
Utilities
143,434
Landfill
119,655
Administrative services
89,685
Repair and maintenance
125,867
Depreciation
245,344
Professional services
83,851
Insurance
50,603
Operating supplies
53,598
Office expense
12,669
Bad debt expense
2,215
Benefit payments
...
Refunds
...
Trustee/administrative fees
...
Medical claims
...
Total Operating Expenses
1,359,817
Operating Income (Loss)
118,227
Nonoperating Revenues (Expenses):
-----------
Interest revenue
266,180
Interest expense
(247,330)
Total Nonoperating Revenues (Expenses)
18,850
Income Before Operating Transfers
137,077
Operating Transfers In
194,860
Net Income
331,937
Retained Earnings/Fund Balances - October 1
4,916,219
RETAINED EARNINGS/FUND BALANCES - SEPTEMBER 30
$ 5,248,156
The notes to the financial statements are an integral
part of this statement.
32
-------------------------------------
TOTALS
FUND TYPES FIDUCIARY FUND TYPES (MEMORANDUMS ONLY)
---
-------- -----------------------------
----------
INTERNAL
-------------------
PENSION
NONEXPENDABLE
SERVICE
TRUST
'PRUST
1990
1989
$ 135,694
$ ...
$ ...
$ 1,613,738
$ 1,442,523
...
(38,585)
...
(38,585)
241,682
125,086
...
125,086
83,458
12,300
12,300
8,550
-----------
135,694
-----------
-----------
86,501
-----------
-----------
12,300
-----------
-----------
1,712,539
-----------
-----------
1,776,213
-----------
,,,
...
...
432,896
378,982
,,,
,..
143,434
139,355
...
...
...
119,655
48,382
...
...
...
89,685
85,010
,,,
,,,
,,,
125,867
85,511
,,,
245,344
221,216
...
...
...
83,851
42,465
31,253
...
...
81,856
42,351
,,,
...
53,598
108,847
.,.
12,669
8,477
...
..
...
2,215
1,569
...
35,889
...
35,889
30,257
...
20,949
...
20,949
...
8,982
35,223
...
44,205
11,500
92,945
...
...
92,945
-----------
.
-----------
-----------
133,180
-----------
92,061
-----------
...
1,585,058
-----------
1,203,922
-----------
-----------
2,514
-----------
(5,560)
-----------
12,300
127,481
-----------
572,291
-----------
-----------
915
-----------
...
-----------
...
267,095
264,573
...
...
(247,330)
(242,628)
-----------
915
-----------
...
-----------
...
-----------
19,765
-----------
21,945
-----------
3,429
-----------
(5,560)
-----------
12,300
-----------
147,246
-----------
594,236
...
...
...
194,860
...
-----------
3,429
-----------
(5,560)
-----------
12,300
-----------
342,106
-----------
594,236
.,.
1,577,461
147,720
6,641,400
6,047,164
-----------
-----------
$ 3,429
-----------
$ 1,571,901
-----------
$ 160,020
-----------
$ 6,983,506
$ 6,641,400
11
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND NONEXPENDADLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30 1990
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (MEMORANDUMS ONLY)
----------------------- ----------- ------------------------
INTERNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1990 1989
---------- --------- ------------- ---- ----
Cash Flows From Operating Activities:
Cash received from customers $
1,470,228 $
135,694 $
12,300
$ 1,618,222 $
1,459,700
Cash payments to suppliers
(664,813)
(40,197)
...
(705,010)
(554,750)
Cash payments for employee services
(419,849)
...
...
(419,849)
(380,273)
Cash payments for medical claims
...
---------
(85,051)
---------
...
(85,051)
----------- -----------
...
-----------
Net Cash Provided By
Operating Activities
-----------
385,566
---------
10,446
---------
12,300
408,312
----------------------
524,677
Cash Flows From Noncapital
Financing Activities:
Operating transfer. in
194,860
...
...
194,860
...
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction
of capital assets
(745,388)
...
•.•
(745,388)
(279,062)
Principal paid on revenue bonds
(80,000)
...
...
(80,000)
(60,000)
Interest paid on revenue bonds
(249,179)
...
...
(249,179)
(230,087)
Contributed capital
104,435
...
...
104,435
121,171
Grant proceeds
...
---------
...
---------
...
...
----------- -----------
130,617
-----------
-Net Cash Used By Capital and
Related Financing Activities
-----------
(970,132)
---------
...
---------
...
(970,132)
----------- -----------
(317,361)
Cash Flows From Investing Activities:
Interest 266,430 915 ... 267,345 255,223
----------------------------- --------- -----------
:Jet Increase (Decrease) in Cash
and Cash Equivalents (123,276) 11,361 12,300 (99,615) 462,539
Cash and Cash Equivalents at
Beginning of Year 3,247,629 147,720 3,395,349 2,932,810
---------------------------------------------------
Cash and Cash Equivalents at
End of Year $ 3,124,353 $ 11,361 $ 160,020 $ 3,295,734 $ 3,395,349
The notes to the financial statements are an integral part of this statement.
34
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (MEMORANDUMS ONLY)
----------------------- ----------- ------------------------
INTERNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1990 1989
------------------- ------------- ---- ----
Reconciliation of Operating Income
to Net Cash Provided by
Operating Activities:
Operating Income $ 118,227 $ 2,514 $ 12,300 $ 133,041 $ 288,908
-------------------- --------- ----------- -----------
Adjustments to Reconcile Operating
Income to Net Cash Provided by
Operating activities:
Depreciation 245,344 ... ... 245,344 221,216
Change in Assets and Liabilities:
Decrease (Increase) in receivables
(13,810)
... ...
(13,810)
11,891
Decrease (Increase) in inventory
1,364
... .••
1,364
(2,706)
Decrease in prepaid expenses
2,306
... ...
2,306
228
Increase (Decrease) in accrued
4,176
... ...
4,176
(1,291)
expenses
Increase in payables
-----------
27,959
---------
7,932 ...
--------------------
35,891
-----------
6,431
Total Adjustments
-----------
267,339
---------
7,932 ...
--------- -----------
275,271
-----------
235,769
Net Cash Provided by
Operating Activities: $
385,566 $
10,446 $ 12,300 $
408,312 $
524,677
35
THIS PAGE INTENTIONALLY LEFT BLANK
We
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 oversight responsibility. The specific criteria used by
the City to establish oversight responsibility are:
MANIFESTATIONS OF OVERSIGHT RESPONSIBILITY
1. Selection of governing authority
2. Designation of management
3. Ability to significantly influence operations
ACCOUNTABILITY FOR FISCAL MATTERS
1. Budgetary authority
2. Responsibility for debt
3. Fiscal management
Factors other than oversight which may significantly influence the entity
relationship are:
1. Scope of public service
2. Special financing relationships
Based upon the application of these criteria, the following is a brief
review of each potential component unit addressed in defining the City's
reporting entity.
37
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 Hatural 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.
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. Debt Service Fund - To account for the accumulation of resources for,
and thepayment of, general long term debt principal,
interest and related cost.
4. 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
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.
Agency Funds are purely custodial (assets equal liabilities) and thus,
do not involve measurement of results of operations.
39
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 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.
40
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 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: finance ($4,796), other general government ($3,652), law
enforcement ($12,204) and library ($743)•
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 as
depreciation and compensated absences are not budgeted while debt principal
payments and capital additions are budgeted as expenses.
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.
41
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. 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.
6. 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
42
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.
7. 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 $15,775
are accrued in the proprietary funds.
8. Long -Term Obligations - Long-term debt is recognized as a liability of
a governmental fund when due. For other long-term obligations, only
that portion expected to be financed from expendable available
financial resources is reported as a fund liability of a governmental
fund. The remaining portion of such obligations is reported in the
general long-term debt account group. Long-term liabilities expected
to be financed from proprietary fund operations are accounted for in
those funds.
9. 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
43
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
Debt Service Fund:
Sales Tax Revenue Bond Sinking
Capital Projects Funds:
Twelfth Street Park
Building Construction
Original Final
Budget Revisions Budget
$ 1,990,954 $ 247,156 $ 2,238,110
130,900 364,650 495,550
... 83,300 83,300
775,000 139,491 914,491
1,105,000 107,995 1,212,995
$ 4,001,854 $ 942,592 $ 4,944,446
44
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) $ 474,941 $ 742,424 $ 389,777
Less:
Depreciation (91,335) (147,308) (6,701)
Compensated absences ( 238) _ (... ) (3,575)
Add:
Capital additions 413,451 107,963 ...
Principal payments ... 60,000 ...
Actual (Budget Basis) 796,825 763,079 379,501
Budget 1,001,894 1,753,271 403,754
Variance - favorable(unfavorable) $ 205,069 $ 990,192 $ 24,253
C. Residual Equity Transfer
During 1990, the City closed the Gas and Oil Revolving Fund, an internal
service fund. This resulted in a residual equity transfer of inventory in
the amount of $1,566 to the General Fund.
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 $2,510,158 and the
bank balance was $2,591,798.
INVESTMENTS
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 a broker/dealer or
agent in the City's name. Category 3 includes uninsured and unregistered
investments for which the securities are held by a broker/dealer or agent but
not in the City's name.
45
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 $ 257,000 $ 257,000
(Secured by USTN, due 8/15/91 @ 8.75%
held by bank in bank's name,
risk category 3)
Investment in state treasurer's invest-
ment pool 3,430,354 3,430,354
Florida Municipal Pension Trust Fund 1,507,972 1,507,972
Deferred Compensation Plan 44,186 44,186
Total $ 5,239,512 $ 5,239,512
----------------------
----------------------
4. Changes In General Fixed Assets:
A summary of changes in general fixed assets is as follows:
Balance -
Balance -
09/30/89
Additions Deletions
09/30/90
Land
$ 678,139
$ 81,425 $ ...
$ 759,564
Buildings
678,103
46,337 ...
724,440
Improvements other than
buildings
1,524,357
985,305 ...
2,509,662
Machinery and equipment
863,884
122,619
986,503
Totals
$ 3,744,483
-----------
$1,235,686 $ ...
---------------------
$ 4,980,169
-----------
5. A Summary of Proprietary Fund property, plant and equipment:
Balance
9/30/89
Land $ 927,606
Water system 2,822,978
Sewer system 6,149,370
Equipment 339,164
Construction in progress 160,134
Total 10,399,252
Less: Accumulated depreciation 2,552,824
Net $ 7,846,428
Balance
Additions Deletions 9/30/90
$ ... $ ... $ 927,606
183,825 ... 3,006,803
196,127 ... 6,345,497
233,039 572,203
324,160 160,134 324,160
$ 937,151 $ 160,134 11,176,269
----_-----------------
---------------------
245,344 ... 2,798,168
$ 8,378,101
46
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 firefighters 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, 1990, was $1,337,563.
Covered payroll for each of the defined benefit plans was:
General employees
Police officers
Volunteer firemen
$ 134,279
367,590
6,927
Membership in each of the defined benefit pension plans at September 30, 1990,
was as follows:
General Police Volunteer
Employees Officers Firefighters
Retirees/beneficiaries
currently receiving benefits
11
1
1
Vested terminated employees
1
0
0
Active employees:
Fully vested
7
3
4
Nonvested
0
14
15
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 firefighters - all actively employed volunteer firemen.
VESTING General Employees Police Officers Volunteer Firefighters
FULL Age 65; 10 years
service
PARTIAL Age 60; 10 years
service
MONTHLY BENEFITS
2% of average
monthly earnings
times years of
creditable
service
Age 60; 10 years
service
Age 55; 10 years
service
2.25% of average
monthly earnings
times years of
creditable
service
Age 55; 10 years
service
Age 50; 10 years
service
$2.00 times years
of creditable
service
47
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 firefighters 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 for plan years beginning October
1, 1989, for each of the City's three defined benefit plans.
The actuarial cost method used for the actuarial valuations of the General
Employees' Plan was the individual spread gain method. Under this method, the
actuarial present value of each increment of an individual's projected benefits
is allocated on a level basis over the future earnings or servioe of the
individual between the age at which such increment is first recognized and the
exit age(s). The portion of this actuarial present value allocated to a
valuation year is called the normal cost. The actuarial value of assets is
deemed to be assigned to individuals on a reasonable and consistent basis; for
example, each individual's share may be the accumulation of his (her) prior
normal costs and any prior actuarial gains (Losses) allocated to the
individual. Actuarial gains (losses) are allocated to individuals in
proportion to the assigned actuarial value of assets, or on any other
reasonable and consistent basis. The actuarial accrued liability for an
individual equals the assigned portion of the actuarial value of assets.
The Police Officers' and Firefighters' plans use the individual level dollar
cost method. Under this method, the actuarial present value of each increment
of an individual's projected benefits is allocated on a level basis over the
future earnings or service of the individual between the age at which such
increment is first recognized and the exit age(s). The portion of this
actuarial present value allocated to a valuation year is called the normal
cost. Each individual's portion of the actuarial accrued liability should be
determined on a consistent basis, usually as the retrospective accumulation of
the individual's prior actuarial accrued liability and prior normal cost, using
the valuation actuarial assumptions.
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-------------
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 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, 1989• 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) projected salary increases of 4% for general employees, 6% for
police officers, and 5% for volunteer firefighters; and (c) no increase in
benefits after retirement.
Pension Benefit Obligation:
Retirees and beneficiaries
currently receiving benefits
Terminated employees not yet
receiving benefits
Current employees:
Accumulated employee contri-
butions
Employer financed -vested
Employer financed-nonvested
Total pension
benefit obligation
Net assets available for bene-
fits at cost which approxi-
mates market
Unfunded pension benefit ob-
ligation/(assets in excess of
pension benefit obligation)
General Police Volunteer
Employees Officers Firefighters Total
$ 387,119 $ 161,582 $ 4,850 $ 553,551
19,037 -0- -0- 19,037
-0-
10,614
202
10,816
424,616
363,446
7,230
795,292
-0-
106,800
2,848
109,648
830,772
642,442
15,130
1,488,344
$ 652,038 $ 559,160 $ 157,266 $ 1,368,464
$ 178,734 $ 83,282 $0 42,136) $ 119,880
49
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Contributions Required And Contributions Made
The City of Clermont's funding policy is to provide for periodic employer
contributions at actuarially determined amounts that are designed to accumulate
sufficient assets to pay benefits when due. The required contributions for the
general employees' plan were determined using the individual spread gain
method. Contributions to the plan were determined using the individual level
dollar cost method. Unfunded actuarial accrued liabilities would be amortized
as a level percent of payroll over a thirty year period. The actuarial
assumptions used to compute contribution requirements were the same as those
used to compute the pension benefit obligation standardized measure.
During the year ended September 30, 1990, contributions were made in accordance
with contribution requirements by actuarial valuations of each of the plans as
of October 1, 1989.
Actuarially Determined Employer
Contribution Requirement:
Normal Cost
As a Dollar Amount
Contributions Made:
Employer
City
State
Subtotal
Employee
Total
Covered Payroll
Contributions as a %
of Covered Payroll:
Employer
Employee
Total
General Police Volunteer
Employees Officers Firefighters
$ 38,481 $ 35,098 $ 1,592
$ 38,481 $ ... $ ...
29,226 12,351
38,481 29,226 $ 12,351
3,695 68
$ 38,481 $ 32,921 $ 12,419
$ 134,279 $ 367,590 $ 6,927
28.65% 7.95% 178.30%
1.00% .98%
28.65% 8.95% 179.28%
50
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, 1990, 1989, and 1988. 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:
1990 78.49
1989 94.12
1988 81.94
Police Officers:
1990 87.04
1989 74.21
1988 60.04
Volunteer Firefighters:
Unfunded PBO Employer's
as a percentage contribution
of covered as a percentage
payroll of covered payroll
133.11 28.65
25.64 5.58
69.26 6.56
22.66 7.95
56.24 7.31
107.25 18.32
1990 1,039.43 <2,051.91> 178.30
1989 590.69 <2,173.25> 144.46
1988 473.06 <1,643.16> 131.79
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%
671i1
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Membership in the defined contribution pension plan at September 30, 1990, was
as follows:
General Employees
Retirees and beneficiaries
currently receiving benefits 0
Vested terminated employees 2
Active employees:
Fully vested 8
Partially vested 10
Nonvested 19
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 1990 was $567,424; the City's total
payroll was $1,337,563.
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 1990 was $30,908, or seven percent
(7%) of covered payroll, less forfeitures of $8,812. Actual contribution was
$41,265.
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.
52
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. Risk Management
During fiscal year 1990, the City established an internal service fund to
account for its uninsured risk of loss for employee health, accident, and life
coverage.
Under this program, the fund provides coverage for up to a maximum of $25,000
per year in medical and/or dental claims for each covered employee. The City
purchases commercial insurance for claims in excess of coverage provided by the
fund with a total aggregate stop -loss of $1,000,000.
Life insurance with a face value of one and a half times salary for each
participating employee is covered with commercial insurance.
The general, sanitation, and utility funds participate in the program and make
payments to the internal service fund based on historical costs of prior year
commercial insurance premiums.
At October 1, 1989 there were no outstanding claims as this is the fund's first
year of existence. At September 30, 1990, there were claims outstanding in the
amount of $7,932. Claims paid during the fiscal year amounted to $92,945.
10. Construction In Progress:
The following is a list of construction projects not completed at September 30,
1990:
TOTAL COSTS
ESTIMATED INCURRED
DESCRIPTION COSTS TO DATE FINANCING SOURCES
tMontrose street water system
(Phase II) $ 395,815 $ 324,160 City funds
53
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
11. Changes In Long -Term Debt:
The following is a summary of changes in notes payable and bond transactions of
the City for the year ended September 30, 1990:
Bonds and notes payable
at October 1, 1989
Bonds and notes retired
Bond proceeds
Bonds and Notes Payable
At September 30, 1990
Bonds and notes payable at September 30,
individual issues:
General Long -Term Debt:
GLTD
Notes
Bonds Payable Total
$ 3,525,000 $ 93,215 $3,618,215
(80,000) (26,403) (106,403)
2,070,000 2,070,000
$ 5,515,000 $ 66,812 $5,581,812
-------------------------------
-------------------------------
1990, are comprised of the following
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 5 112% per annum, secured by the
gasoline tax revenues of the City. Balance 9-30-90 $ 66,812
$2,070,000 Sales Tax Revenue Bond, Series 1989 due serially
in annual installments of $110,000 to $225,000 starting
June 1, 1991 through June 1, 2003; interest rates vary from
6.3% to 7.05%
Balance 9-30-90 2,070,000
Total General Long Term Debt $ 2,136,812
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 $ 1,265,000
$2,200,000 1988 refunding bond issue due serially in annual
installments of $20,000 to $185,000 starting December 1,
1989 through December 1, 2015;interest coupon rate ranges
from 5.25% to 8% and is paid semiannually 2,180,000
Total Bonds Payable $ 3,445,000
54
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Bonds Payable:
Current portion of bonds payable
Long-term portion of bonds payable
$ 95,000
3,350,000
Total Bonds Payable $ 3,445,000
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,
1990, including interest payments of $4,569,576, are as follows:
ANNUAL REQUIREMENTS TO AMORTIZE LONG-TERM DEBT
SEPTEMBER 30, 1990
YEAR ENDING
SEPTEMBER 30
BONDS
1991
$ 527,221
1992
599,643
1993
596,280
1994
596,780
1995
601,304
1996
- 2000
2,96o,082
2001
- 2005
2,042,704
2006
- 2010
973,369
2011
- 2015
965,200
2016
192,400
$ 10,054,983
12. Interfund Receivables/Payables:
NOTES
PAYABLE
TOTAL
$ 8,091
$ 535,312
7,848
607,491
7,605
603,885
7,362
604,142
7,119
608,423
31,950
2,992,032
26,430
2,069,134
...
973,369
...
965,200
192,400
$ 96,405
$ 10,151,388
Individual fund interfund receivable and payable balances at September 30,
1990, are as follows:
General Fund
Utility Revenue Fund
Sanitation Fund
Capital Projects:
Twelfth Street Park Fund
Building Construction Fund
General Employees Pension Trust Fund
Police Pension Trust Fund
Fire Pension Trust Fund
Infrastructure Fund
Interfund Interfund
Receivables Payables
$ 13,871 $ 13,481
89,303 3,270
... 94,904
11,513 13,871
2,753 •••
22,196 ...
150
6
14,266
Totals
55
$ 139,792 $ 139,792
------------------
------------------
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
13. 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. $ 3,934
Reserved for Inventory - Funds expended for goods
that will be used in the following year. 3,637
Reserved for Recreation - Funds provided by
developers in accordance with a City ordinance
for the acquisition and development of parks and
recreation areas. 18,607
Reserved for Cemetery Care - Funds reserved by
City ordinance for future care of the cemetery. 160,020
Reserved for Employees' Retirement Systems - Funds
restricted for payment of retirement benefits. 1,571,901
Total Reserved Fund Balances $ 1,758,099
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
$ 125,943
21,475
146,709
174,677
814,293
$ 1,283,097
56
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
14. Changes in Contributed Capital:
Balance October 1, 1989 $ 2,543,676
Contributions from developers 74,996
Contributions from EPA 29,439
Balance September 30, 1990 $ 2,648,111
15. Segment Information:
The City maintains two Enterprise Funds which provide sanitation, water and
sewer services. Segment information for the year ended September 30, 1990, is
as follows:
Operating Revenues
Depreciation
Operating Income (loss)
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
16. Contingencies:
UTILITY
SANITATION
ENTERPRISE
FUND
FUND
FUNDS
$ 1,092,768
$ 385,276
$ 1,478,044
238,643
6,701
245,344
122,728
(4,051)
118,227
126,539
205,398
331,937
104,435
...
104,435
563,928
213,089
777,017
1,430,566
196,558
1,627,124
11,239,171
514,332
11,753,503
3,350,000
...
3,350,000
7,484,923
411,343
7,896,267
The City is not aware of any pending or threatened litigation which would not
be covered by insurance.
57
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99
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.
ri
W
GOVERNMENTAL FUND TYPES
59
THIS PAGE INTENTIONALLY LEFT BLANK
0]
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.
61
CITY OF CLERMONT, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1990 AND 1989
ASSETS
Cash
Investments
Receivables:
Interest
Accounts
Due from other funds
Due from other governments
Inventory
Prepaid items
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable
Other accrued expenses
Due to other funds
Total Liabilities
Fund Balance:
Reserved for police education
Reserved for prepaid insurance
Reserved for inventory
Reserved for recreation
Unreserved,, designated for capital replacement
Unreserved, undesignated
Total Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
1990
1989
$ 3,290
$ 102,140
1,231,197
1,307,703
13,055
13,507
15,457
10,073
13,871
1,554
36,079
43,304
3,637
..
...
4,615
$ 1,316,586 $ 1,482,896
----------------------
----------------------
$ 42,124
$ 14,062
5,668
3,800
13,481
-----------
3
-----------
' 61,273
-----------
17,865
-----------
3,934
2,425
..
4,615
3,637
...
18,607
18,607
93,935
268,795
1,135,200
-----------
1,170,589
-----------
1,255,313 1,465,031
----------------------
$ 1,316,586 $ 1,482,896
62
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1989
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
Residual equity transfer in
FUND BALANCE - SEPTEMBER 30
BUDGET
$ 1,097,530
24,500
551,923
7,750
29,000
144,124
1,854,827
385,819
757,695
124,006
324,708
11,090
419,932
2,023,250
(168,423)
(214,860)
(214,860)
(383,283)
1,465,031
$ 1,081,748
ACTUAL
$ 1,143,268
25,688
547,878
8,585
40,572
168,410
1,934,401
381,694
767,734
117,787
303,211
9,596
403,535
1,983,557
(49,156)
32,732
(194,860)
(162,128)
(211,284)
1,465,031
1,566
$ 1,255,313
VARIANCE
FAVORABLE
(UNFAVORABLE)
-------------
$ 45,738
1,188
(4,045)
835
1 1 ,572
24,286
79,574
4,125
(10,039)
6,219
21,497
1,494
16,397
39,693
119,267
32,732
20,000
1989
ACTUAL
$ 954,977
18,931
587,673
6,669
34,252
169,375
1,771,877
307,494
691,581
77,316
282,696
1,780
303,943
1,664,810
107,067
52,732 •••
----------------------
171,999
1,566
$ 173,565
107,067
1,357,964
$ 1,465,031
63
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Taxes:
Ad valorem
Local option gas tax
Local alternative fuel tax
Franchise fees
Utility taxes
Total
Licenses and Permits:
Professional and occupational
Other permits
Total
Intergovernmental revenues:
Two -cent cigarette tax
State revenue sharing
Mobile home licenses
Alcoholic beverage licenses
Half -cent sales tax
Motor fuel tax rebate
Municipality share of county
occupational licenses
Municipality share of one -cent
voted gas tax
Contribution from Natural
Gas District
Special fuel tax
School crossing guard
Grants
Total
VARIANCE
FAVORABLE
1989
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
$ 326,000
$ 333,249
$ 7,249 $
292,370
171,700
151,744
(19,956)
161,886
..
...
...
407
259,100
299,891
40,791
263,294
340,730
-----------
358,384
-----------
17,654
---------------------
237,020
1,097,530
-----------
1,143,268
-----------
45,738
---------------------
954,977
19,000 13,956
5,500 11,732
----------------------
24,500 25,688
----------------------
(5,044) 14,316
6,232 4,615
---------------------
1,188 18,931
---------------------
34,921
32,539
(2,382)
32,757
179,806
180,999
1,193
186,049
9,000
10,875
1,875
9,677
7,000
5,668
(1,332)
6,009
222,346
210,087
(12,259)
210,054
2,500
3,816
1,316
2,913
14,500
15,354
854
13,322
49,700
43,125
(6,575)
47,708
30,000
37,500
7,500
50,000
.150
92
(58)
130
2,000
3,164
1,164
2,248
...
-----------
4,659
-----------
4,659
---------------------
26,806
551,923
-----------
547,878
-----------
(4,045)
---------------------
587,673
64
Continued
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1989
VARIANCE
FAVORABLE 1989
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
Charges for Services:
Program activity fees
$ 7,750
$ 8,585 $
835
Fines and forfeitures
Court fines
28,000
37,204
9,204
Police education
1,000
1,988
988
False alarms
...
1,380
1,380
Total
29,000
40,572
11,572
Miscellaneous:
Interest
109,000
135,353
26,353
Rentals
14,624
11,357
(3,267)
Memorial sales
1,000
546
(454)
Surplus equipment sales
1,500
296
(1,204)
Contributions
13,000
13,083
83
Other miscellaneous
5,000
-----------
7,775
----------------------
2,775
Total
144,124
168,410
24,286
TOTAL REVENUES
$ 1,854,827
$ 1,934,401 $
79,574
$ 6,669
32,869
1,383
34,252
124,470
12,561
2,100
4,552
4,540
21,152
169,375
$ 1,771,877
65
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE ACTUAL
AMOUNTS FOR THE
YEAR ENDED
SEPTEMBER 30, 1989
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1989
General Government Services:
---------------------------
------
------
-------------
----
City Council:
Personal services
$ 6,518 $
6,518
$ ... $
7,400
Operating expenses
4,800
-----------
4,473
327
3,091
Total Legislative
-----------
11,318
10,991
----------------------
327
10,491
City Manager:
-----------
----------------------
Personal services
67,851
66,606
1,245
58,567
Operating expenses
8,188
7,698
490
7,519
Capital outlay
185
-----------
185
...
3,354
Total Executive
-----------
76,224
-----------
74,489
------------------
1,735
----
69,440
Finance and Administrative:
-----------
----------------------
Personal services
83,953
85,373
(1,420)
75,745
Operating expenses
52,335
56,089
(3,754)
33,109
Capital outlay
17,550
17,172
378
144
Debt service
2,800
-----------
2,800
...
11,198
Total Finance and
-----------
----------------------
Administrative
156,638
-----------
161,434
(4,796)
120,196
Legal Counsel:
-----------
----------------------
Operating expenses
11,500
9,233
2,267
11,080
Total Legal Counsel
11,500
-----------
9 33
2,267
11,080,2
Planning and Zoning:
-----------
----------- -----------
Personal services
68,926
59,480
9,446
42,609
Operating expenses
40,803
41,936
(1,133)
32,469
Capital outlay
860
-----------
929
(69)
4,879
Total Planning and Zoning
-----------
110,589
----------------------
102,345
----------------------
8,244
----------------------
79,957
Other General Government:
Operating expenses 19,550 23,202 (3,652) 16,330
--------------------------------------------
Total General --
Government Services 385,819 381,694 4,125 307,494
--------------------------------------------
Continued
66
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1989
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1989
Public Safety:
-------------
Law Enforcement:
Personal services
$ 580,130
$ 582,480
$ (2,350) $
509,286
Operating expenses
81,865
93,759
(11,894)
74,595
Capital outlay
43,715
-----------
41,525
-----------
2,190
----------------------
55,371
Total Law
Enforcement
705,710
717,764
-----------
(12,054)
----------------------
639,252
Fire Control:
-----------
Personal services
10,508
10,722
(214)
8,995
Operating expenses
21,764
19,535
2,229
16,575
Capital outlay
...
...
...
474
Debt service
19,713
19,713
...
-----------
26,285
Total Fire Control
-----------
51,985
-----------
-----------
49,970.
-----------
-----------
2,015
----------------------
52,329
Total Public Safety
757,695
767,734
-----------
(10,039)
----------------------
691,581
Physical Environment:
-----------
--------------------
Public Works:
Personal services
62,111
62,273
(162)
44,673
Operating expenses
37,645
33,138
4,507
14,955
Capital outlay
5,000
3,673
1,327
----------------------
4,824
Total Public Works
-----------
104,756
-----------
-----------
99,084
-----------
5,672
----------------------
64,452
Animal Control:
Personal services
12,831
12,057
774
9,914
Operating expenses
6,419
6,646
(227)
----------------------
2,950
Total Animal Control
-----------
19,250
-----------
-----------
18,703
-----------
547
----------------------
12,864
Total Physical
Environment
124,006
-----------
117,787
-----------
6,219
----------------------
77,316
Continued
0
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Transportation:
--------------
Road and Streets:
Personal servcies
Operating expense
Capital outlay
Total Transportation
Economic Environment:
--------------------
Economic Development:
Operating expenses
Total Economic
Development
Culture and Recreation:
----------------------
Library:
Operating expenses
Debt service
Total Library
Parks and Recreation:
Personal services
Operating expenses
Capital outlay
Total Parks and
Recreation
Total Culture and
Recreation
TOTAL EXPENDITURES
BUDGET
$ 177,939
146,769
324,708
VARIANCE
FAVORABLE
ACTUAL (UNFAVORABLE)
$ 163,261
139,950
303,211
$ 14,678
6,819
21,497
19 89
$ 139,905
99,623
43,168
282,696
11,090
----------------------
9,596
-----------
1,494
-----------
1,780
11,090
----------------------
9,596
-----------
1,494
-----------
1,780
60,450
61,259
(809)
50,228
8,400
8,334
66
8,574
68,850
-----------
69,593
----------------------
(743)
58,802
-----------
198,399
186,333
12,066
155,468
75,966
78,122
(2,156)
64,181
76;717
-----------
69,487
----------------------
7,230
25,492
-----------
351,082
-----------
333,942
----------------------
17,140
245,141
-----------
419,932
-----------
403,535
----------------------
16,397
303,943
-----------
$ 2,023,250
$ 1,983,557 $
39,693
$ 1,664,810
.:
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.
N
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE INFRASTRUCTURE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1990 AND 1989
TOTALS
--------------------
ASSETS 1990 1989
Cash $ 67,691 $ 4,502
Investments ... 205,071
Due from other government 26,000 43,679
TOTAL ASSETS $ 93,691 $ 253,252
------------------
------------------
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 125 $ 4,081
Contracts payable 57,530 ...
Due to other funds 14,266 71,514
Total Liabilities 71,921 75,595
------------------
Fund Balance 21,770 177,657
------------------
TOTAL LIABILITIES AND FUND BALANCE $ 93,691 $ 253,252
70
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, 1990
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Revenues:
Intergovernmental
Interest
Contributions
Total Revenues
Expenditures:
Current:
General government
Physical environment
Transportation
Culture and recreation
Total Expenditures
Excess of Revenues Over
Expenditures
Operating Transfers (Out)
VARIANCE
FAVORABLE 1989
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
$ 356,900 $ 370,639 $ 13,739 $ 260,092
15,000 9,610 (5,390) 13,347
42,330 ... (42,330) ...
--------------------------------------------
414,230 380,249 (33,981) 273,439
--------------------------------------------
81,425
83,124
(1,699)
...
3,124
...
3,124
...
184,415
139,129
45,286
31,024
17,786
----------------------
17,736
-----------
50
-----------
...
286,750
----------------------
239,989
-----------
46,761
-----------
31,024
127,480
140,260
12,780
242,415
(208,800)
----------------------
(296,147)
-----------
(87,347)
(109,547)
-----------
Excess of Revenues Over
(Under) Expenditures and
Operating Transfers
Fund Balance - October 1
FUND BALA14CE - SEPTEMBER 30
(81,320) (155,887) (74,567) 132,868
177,657 177,657 ... 44,789
--------------------------------------------
$ 96,337 $ 21,770 $ (74,567) $ 177,657
71
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72
DEBT SERVICE FUND
The Debt Service Fund is used to account for the accumulation of resources
for, and the payment of, General Long -Term Debt principal and interest.
SALES TAX REVENUE BOND SINKING FUND
To account for the accumulation of funds and payment of Debt Service
pertaining to the 1989 Sales Tax Revenue Bond. The City's share of the
Local Government Infrastructure Surtax has been pledged to pay the 1989
Sales Tax Bond Debt Service. A portion of the surtax revenue is
transferred to the Sales Tax Bond Fund monthly.
73
Cash
TOTAL ASSETS
CITY OF CLERMONT, FLORIDA
SALES TAX REVENUE BOND SINKING FUND
BALANCE SHEET
SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
ASSETS
FUND BALANCE
------------
Reserved for debt service
TOTAL FUND BALANCE
TOTALS
----------------------------
1990 1989
$ 83,317 $ ...
----------------------
$ 83,317 $ ...
----------- -----------
$ 83,317 $ ...
83,317 $ ...
----------------------
----------------------
74
CITY OF CLERMONT, FLORIDA
SALES TAX REVENUE BOND SINKING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - FOR THE YEAR ENDED SEPTEMBER-30, 1990
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Revenues:
Interest
Expenditures:
Debt Service:
Interest
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses):
Operating transfers in
Excess of Revenues and
Other Financing Sources
Over (Under) Expenditures
and Other Financing Uses
Fund Balance - Beginning of Year
FUND BALANCE - END OF YEAR
.•E
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE) 1989
------ -------------------
$ ... $ 2,639 $ 2,639 $ ...
------------------------------------
83,300 81,638 1,662 ...
------------------------------------
(83,300) (78,999) 4,301 ...
83,300 162,316 79,016 ...
------------------------------------
... 83,317 83,317 ...
------------------------------------
$ ... $ 83,317 $ (83,317) $ ••.
------------------------------------
------------------------------------
75
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76
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 PARK 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 1989 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 1989
Sales Tax Revenue Bond proceeds and the Local Government Infrastructure Surtax.
77
CITY OF CLERMONT, FLORIDA
CAPITAL, PROJECTS FUND::.
COMBINING BALANCE SHEET
SEPTEMBER 30, 1990 WITH COMPARATIVE TOTALS FOR SEPTEMBEH 30, 1989
TWELFTH
TOTALS
STREET
BUILDING
--------------------------
PARK
CONSTRUCTION
1990 1989
----
ASSETS
----
------------
----
Cash
$ 8,562
$ 7,145
$ 15,707 $ ...
Investments
206,884
1,294,321
1,501,205 ...
Interest
receivable
858
2,719
3,577 ...
Due from
other funds
11,513
2,753
14,266 71,514
Due from
other government
...
...
... 49,315
TOTAL ASSETS $ 227,817 $ 1,306,938 $ 1,534,755 $ 120,829
---------------------------------------------
--------------------------------------------
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 11,513 $ 2,753 $ 14,266 $ 14,714
Contracts payable 157,911 6,966 164,877 20,800
Note payable ... ... 82,000
Due to other funds 13,871 ... 13,871 ...
Total Liabilities 183,295 9,719 193,014 117,514
Fund Balance 44,522 1,297,219 1,341,741 3,315
--------------------------------------------
TOTAL LIABILITIES AND
FUND BALANCE $ 227,817 $ 1,306,938 $ 1,534,755 $ 120,829
--------------------------------------------
60
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Revenues:
Intergovernmental
Contribution
Interest
Total Revenues
Expenditures:
Capital outlay:
General government
Public safety
Public works
Culture/recreation
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses):
Operating transfers in -
infrastructure fund
Operating transfer out -
general fund
Revenue bond proceeds
Total Other Financing
Sources (Uses)
Excess of Revenues and
Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
TWELFTH
STREET
PARK
$ ...
4,594
37,731
42,325
870,889
870,889
(828,564)
95,202
(32,731)
807,300
869,771
41,207
3,315
$ 44,522
TOTALS
BUILDING --------------------------
CONSTRUCTION 1990 1989
------------ ---- ----
91 ,788
91,788
15,321
23,374
57,203
95,898
(4,110)
4,594
129,519
134,113
15,321
23,374
57,203
870,889
966,787
(832,674)
$ 46,000
3,315
49,315
29,615
125,932
155,547
(106,232)
38,629 133,831 109,547
... (32,731) ...
1,262,700 2,070,000 ...
---------------------------------
1,301,329 2,171,100 109,547
---------------------------------
1,297,219
$ 1,297,219
1,338,426
3,315
$ 1,341,741
3,315
$ 3,315
79
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, 1990
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Revenues:
Intergovernmental revenue
Contribution
Interest
Total Revenues
Expenditures:
Capital outlay
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses):
.Operating transfers in
Operating transfers out
Revenue bond proceeds
Total Other Financing
Sources (Uses)
1990
----------------------------------------
VARIANCE
FAVORABLE
1989
BUDGET
ACTUAL
(UNFAVORABLE)
ACTUAL
$ ...
$ ...
$ ... $
46,000
5,698
4,594
(1,104)
3,315
34,800
-----------
37,731
-----------
2,931
----------------------
40,498
-----------
42,325
-----------
1,827
----------------------
49,315
914,491
-----------
870,889
------------
43,602
----------------------
125,932
914,491
-----------
870,889
-----------
43,602
----------------------
125,932
(873,993)
(828,564)
45,429
(76,617)
81,000
95,202
14,202
79,932
...
(32,731)
(32,731)
...
807,300
-----------
807,300
-----------
...
----------------------
...
888,300
-----------
869,771
-----------
(18,529)
----------------------
79,932
Excess of Revenues and Other
Financing Sources Over
Expenditures and Other
Financing Uses 14,307 41,207 26,900 3,315
Fund Balance - October 1 3,315 3,315 •.•
----------- ----------- ----------- -----------
FUND BALANCE - SEPTEMBER 30 $ 17,622 $ 44,522 $ 26,900 $ 3,315
--------------------------------------------
--------------------------------------------
0
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, 1990
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Revenues:
Interest
Expenditures:
Capital outlay
Total Expenditures
Excess of Revenues
Over (Under)
Expenditures
Other Financing Sources (Uses):
Operating transfers in
Revenue bond proceeds
Total Other Financing
Sources
1990
----------------------------------------
VARIANCE
FAVORABLE 1989
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 75,000 $ 91,788 $ 16,788 $ ...
--------------------------------------------
1,212,995
----------------------
95,898
1,117,097
----------------------
29,615
1,212,995
----------------------
95,898
1,117,097
----------------------
29,615
(1,137,995) (4,110) 1,133,885 (29,615)
44,500 38,629 (5,871) ...
1,262,700 1,262,700 ... ...
--------------------------------------------
1,307,200 1,301,329 (5,871) ...
---------------------- - ------ -----------
Excess of Revenues and Other
Financing Sources Over
Expenditures and Other
Financing Uses
Fund Balance - October 1 ... ... ... •••
--------------------------------------------
$ 169,205 $ 1,297,219 $ 1,128,014 $ ...
FUND BALANCE - SEPTEMBER 30
169,205 1,297,219 1,128,014 ...
THIS PAGE INTENTIONALLY LEFT BLANK
:a
PROPRIETARY FUND TYPES
83
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, 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
ASSETS
Current Assets:
Cash
Investments
Receivables:
Interest
Accounts
Other
Due from other funds
Inventory
Prepaid expenses
Total Current Assets
Restricted Assets:
Cash
Investments
TOTALS
UTILITY SANITATION ----------------------------
FUND FUND 1990 1989
$ 927
1,445,327
9,100
495
89,303
25,540
------------
1,570,692
------------
274,235
1,230,928
------------
$ 3,897
169,040
126,472
138
299,547
Total Restricted Assets 1,505,163 ...
------------ -----------
Property, Plant and Equipment:
Land 927,606
Water system 3,006,803
Sewer system 6,345,497
Machinery and equipment 215,473
Construction in progress 324,160
10,819,539
Less accumulated depreciation 2,656,223
------------
Net Property, Plant
and Equipment
8,163,316
------------
356,730
356,730
141,945
214,785
TOTAL ASSETS $ 11,239,171 $ 514,332
$ 4,824
1,614,367
9,100
126,472
633
89,303
25,540
1,8'(0,239
------------
274,235
1,230,928
------------
1,505,163
------------
927,606
3,006,803
6,345,497
572,203
324,160
11,176,269
2,798,168
------------
8,378,101
------------
$ 11,753,503
$ 210,890
1,723,652
9,350
113,441
3,831
85,326
26,904
2,306
------------
2,1'(5,'(U0
------------
112,184
1,200,903
------------
1,313,087
------------
927,606
2,822,978
6,149,370
339,164
160,134
------------
10,399,252
2,552,824
------------
7,846,428
------------
$ 11,335,215
:.
UTILITY
LIABILITIES AND FUND EQUITY FUND
Liabilities:
Current Liabilities (payable
from current assets):
Accounts payable $ 39,995
Other accrued expenses 10,421
Contracts payable 86,440
Due to other funds 3,270
------------
Total Current Liabilities
(payable from current
assets)
140,126
------------
Current Liabilities (payable from
restricted assets):
Construction contracts
42,056
Deposits
39,622
Revenue bond interest
87,443
Revenue bonds
95,000
------------
Total Current Liabilities
(payable from restricted
assets)
------------
264,121
Long-Term Liabilities:
Revenue bonds (net of
current portion)
3,350,000
------------
Total Liabilities
------------
3,754,247
Fund Equity:
TOTALS
SANITATION ----------------------------
FUND 1990 1989
$ 174 $ 40,169 $ 26,212
7,911 18,332 14,156
... 86,440 76,640
94,904 98,174 86,050
-----------------------------------
102,989 243,115 203,053
-----------------------------------
102,989
Contributed capital 2,546,389 101,722
Retained Earnings:
Reserved 1,283,097 ••
Unreserved 3,655,438 309,621
Total Retained Earnings 4,938,535 309,621
Total Fund Equity 7,484,924 411,343
TOTAL LIABILITIES AND
FUND EQUITY $ 11,239,171 $ 514,332
42,056
39,622
87,443
95,000
------------
264,121
------------
3,350,000
------------
3,857,236
------------
2,648,111
------------
1,283,097
3,965,059
------------
5,248,156
------------
7,896,267
------------
$ 11,753,503
20,228
37,742
89,292
80,000
------------
227,262
------------
3,445,000
------------
3,875,320
------------
2,5113,676
------------
1,106,052
3,810,167
------------
4,916,219
------------
7,459,895
------------
$ 11 ,335,215
87
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, 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
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 Operating
Transfers
Operating transfer in
Net Income
Retained Earnings - October 1
RETAINED EARNINGS - SEPTEMBER 30
TOTALS
UTILITY SANITATION -------------------------
FUND FUND 1990 1989
$ 1,092,768 $ 385,276 $ 1,478,044 $ 1,390,953
--------------------------------------------
240,163
192,733
432,896
378,982
143,434
...
143,434
139,355
...
119,655
119,655
48,382
69,549
20,136
89,685
85,010
115,851
10,016
125,867
85,511
238,643
6,701
245,344
221,216
80,851
3,000
83,851
42,465
41,303
9,300
50,603
42,351
28,729
24,869
53,598
57,277
10,012
2,657
12,669
8,477
1,505
710
2,215
1,569
----------------------
970,040
339,777
-----------
1,359,817
-----------
1,110,595
----------------------
122,728
----------------------
(4,501)
-----------
118,227
-----------
-----------
280,358
-----------
251,141
15,039
266,180
264,573
(247,330)
----------------------
...
(247,330)
-----------
(242,628)
-----------
3,811
----------------------
15,039
18,850
-----------
21,945
-----------
126,539
10,538
137,077
302,303
...
194,860
194,860
...
----------------------
126,539
205,398
-----------
331,937
-----------
302,303
4,811,996
----------------------
104,223
4,916,219
-----------
4,613,916
-----------
$ 4,938,535 $ 309,621 $ 5,248,156 $ 4,916,219
womplu"
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
TOTALS
UTILITY SANITATION -------------------------
FUND FUND 1990 1989
---- ---- ---- ----
Cash Flows From Operating Activities
Cash received from customers $ 1,094,006 $ 376,222 $ 1,470,228 $ 1,39900
Cash payments to suppliers (472,674) (192,139) (664,813) (503,180)
Cash payments for
employee services (236,463) (183,386) (419,849) (380,273)
--------------------------------------------
Net Cash Provided By
Operating Activities
Cash Flows From NonCapital
Financing Activities:
Operating transfer in
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction of
capital assets
Principal paid on revenue bonds
Interest paid on revenue bonds
Contributed capital
Grant proceeds
Net Cash (Used) By
Capital and Related
Financing Activities
384,869 697 385,566 516,127
--------------------------------------------
194,860 194,860 ...
--------------------------------------------
(532,299) (213,089) (745,388) (279,062)
(80,000) ... (80,000) (60,000)
(249,179) ... (249,179) (230,087)
104,435 ... 104,435 121,171
... ... ... 130,617
--------------------------------------------
(757,043) (213,089) (970,132) (317,361)
--------------------------------------------
Cash Flows From Investing Activities:
Interest 251,391 15,039 266,430 255,223
--------------------------------------------
Net Increase (Decrease) in Cash
and Cash Equivalents (120,783) (2,493) (123,276) 453,989
Cash and Cash Equivalents at
Beginning of Year 3,072,199 175,430 3,247,629 2,793,640
--------------------------------------------
Cash and Cash Equivalents at
End of Year $ 2,951,416 $ 172,937 $ 3,124,353 $ 3,247,629
.o
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
Decrease
Decrease
Decrease
Increase
expens
Increase
4ssets and Liabilities:
(Increase) in receivables
(Increase) in inventory
in prepaid expenses
(Decrease) in accrued
es
in payables
Total Adjustments
Net Cash Provided by
Operating Activities
TOTALS
UTILITY SANITATION -------------------------
FUND FUND 1990 1989
$ 122,728 $ (4,501) $ 118,227 $ 280,358
----------- --- ----------------------------
238,643
(641)
1,364
1,878
6,701
(13,169)
428
245,344
(13,810)
1,364
2,306
221 ,216
11,891
(2,706)
228
429 3,747 4,176 (1,291)
20,468 7,491 27,959 6,431
--------------------------------------------
262,141 5,198 267,339 235,769
--------------------------------------------
$ 384,869 $ 697 $ 385,566 $ 516,127
M
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, 1990 AND 1989
1990
1989
Operating Revenues:
Charges for services
$ 1,092,768
$ 1,118,064
Operating Expenses:
-----------
-----------
Personal services
240,163
220#164
Utilities
143,434
139,355
Administrative services
69,549
65,924
Repair and maintenance
115,851
78,857
Depreciation
238,643
214,160
Professional services
80,851
39,765
Insurance
41,303
34,894
Supplies
28,729
41,520
Other expenses
11,517
-----------
7,124
-----------
Total Operating Expenses
970,040
-----------
841,763
-----------
Operating Income
122,728
276,301
Nonoperating Revenues (Expenses):
-----------
-----------
Interest
251,141
250,852
Interest expense and amortization
(247,330)
-----------
(242,628)
-----------
Total Nonoperating Revenues (Expenses)
3,811
-----------
8,224
-----------
Net Income
126,539
284,525
Retained Earnings - October 1
4,811,996
-----------
4,527,471
-----------
RETAINED EARNINGS - SEPTEMBER 30
$ 4,938,535
-----------
-----------
$ 4,811,996
-----------
-----------
Customers Connected To The Water System
at September 30 2,528 2,497
92
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.
SELF-INSURANCE FUND
To account for the City's retention of risk financing arising from employee
medical and dental expense claims. Costs are billed based on historical
costs to the various departments.
93
CITY OF CLERMONT, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
ASSETS
Cash
Inventory
Total Assets
LIABILITIES AND FUND EQUITY
---------------------------
Liabilities:
Accounts payable
Due to other funds
Total Liabilities
Fund Equity:
Contributed capital
Retained Earnings:
Unreserved
Total Fund Equity
TOTAL LIABILITIES AND FUND EQUITY
SELF TOTALS
INSURANCE GAS AND -------------------
FUND OIL OIL FUND 1990 1989
$ 11,361 $ ... $ 11,361 $ ...
... ... ... 2,390
------------------------------------
$ 11,361 $ ... $ 11,361 $ 2,390
$ 7,932 $ ... $ 7,932 $ ...
... ... ... 824
------------------------------------
7,932 ... 7,932 824
-------------------------------------
... ... ... 1,566
3,429 ... 3,429 ...
------------------------------------
3,429 ... 3,429 1,566
--------- ---- ----------------------
$ 11,361 $ ... $ 11,361 $ 2,390
94
CITY OF
CLERMONT, FLORIDA
INTERNAL
SERVICE FUNDS
COMBINING STATEMENT
OF REVENUES, EXPENSES
AND
CHANGES
IN RETAINED EARNINGS
FOR THE YEAR
ENDED SEPTEMBER 30,
1990
WITH COMPARATIVE
TOTALS FOR SEPTEMBER
30,
1989
SELF
TOTALS
INSURANCE GAS
AND
----------------------
FUND OIL FUND
------------
1990
----
1989
----
Operating Revenues:
Charges for services
$ 135,694 $
------------------
...
$ 135,694 $
------------------
51,570
Operating Expenses:
Insurance
31,253
...
31,253
•.•
Operating supplies
..
...
51,570
Administrative fees
8,982
...
8,982
...
Medical claims
92,945
--------- ---------
...
92,945
--------- ---------
...
Total Operating Expenses
133,180
------------------
...
133,180
------------------
51,570
Operating Income
2,514
...
2,514
...
Nonoperating Revenues:
Interest revenue
915
--------- ---------
...
915
--------- ---------
...
Net Income
3,429
...
3,429
•..
Retained Earnings - October 1
...
--------- ---------
...
...
--------- ---------
...
RETAINED EARNINGS - SEPTEMBER 30
$ 3,429 $
------------------
------------------
•••
$ 3,429 $
------------------
------------------
...
95
CITY OF CLERMONT, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
SELF
TOTALS
INSURANCE GAS AND
----------------------
FUND OIL FUND
1990 1989
Cash Flows From
Operating Activities
Cash received
from customers
$ 135,694 $ ...
$ 135,694 $ 51,570
Cash payments
to suppliers
(40,197) ...
(40,197) (51,570)
Cash payments
for medical claims
(85,051) ...
--------- ---------
(85,051) ...
--------- ---------
Net Cash Provided by Operating
Activities
Cash Flows From
Investing Activities:
Interest
Net Increase in cash
Cash at Beginning of Year
Cash at End of Year
10,4116 ... 10,446 ...
------------------------------------
915 ... 915 ...
------------------------------------
11,361 ... 11,361 ...
------------------------------------
$ 11,361 $ ... $ 11,361 $ ...
Reconciliation of Operating
Income to Net Cash Provided
By Operating Activitie:
Operating income
Adjustments to Reconcile Operating
Income to Net Cash Provided by
Operating Activities:
Increase in payables
Net Cash Provided by
Operating Activities
SELF TOTALS
INSURANCE GAS AND ----------------------
FUND OIL FUND 1990 1989
$ 2,514 $ ... $ 2,514 $ ...
------------------------------------
7,932 ... 7,932 ...
------------------------------------
$ 10,446 $ ... $ 10,446 $ ...
97
THIS PAGE INTENTIONALLY LEFT BLANK
FIDUCIARY FUND TYPES
THIS PAGE INTENTIONALLY LEFT BLANK
100
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 resources to be used for the retirement
annuities of all volunteer firefighters. The State contributes money based
upon the number of firefighters and the City contributes an amount determined
by an actuarial study.
AGENCY FUND
DEFERRED COMPENSATION FUND
To account for assets held for employees in accordance with the provisions of
Internal Revenue Code Section 457.
E"I
THIS PAGE INTENTIONALLY LEFT BLANK
102
CITY OF CLERMONT, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30. 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
NONEXPENDABLE
AGENCY
PENSION TRUST FUNDS
TRUST FUND
FUND
TOTALS
--------------------------
----------------------------------
----------
------------
EMPLOYEES'
GENERAL
EMPLOYEES
POLICE
FIRE
CEMETERY
DEFERRED
COMPENSATION
1990
1989
ASSETS
$ ...
$ ...
$
...
$ 3,004
$ ...
$ 3,004
$
20,059
Cash
833,279
529,784
144,909
157,016
44,186
1,709,174
1,742,143
Investments
Receivables:
Due from other funds
22,196
150
6
22,352
3
...
Due from other governments
---------
29,226
---------
---------
12.351
...
---------
...
---------
-41,577
---- -----
-----------
TOTAL ASSETS
$-855,475
$-559,160
$
157,266
$ 160,020
$-44_186
$-1,776,107
$-1,762,205
LIABILITIES AND FUND BALANCES
-----------------------------
Liabilitiea:
$
$
$
$
$
b
Du•: to other f,ands
$ •.•
.$ ...
••.
•..
44,1U6
44,1188 6
37 OI-
Deferred aornp,tnsation payible
---------
...
---------
---------
...
._.
---------
---------
-----------
-----------
44.186
44,186
37,024
Total Liabilities
...
---------
...
---------
---------
...
...
---------
---------
-----------
-----------
Fund Balances:
Reserved for
....
160,020
...
160,020
147,720
cemetery care
...
Reserved for employees'
855,475
559,160
157,266
...
•••
1,571,901
1,577.461
retirement systems
---------
---------
---------
---------
---------
-----------
-----------
Total Fund Balance
855,475
---------
559,160
---------
---------
157,266
160,020
---------
...
---------
1,731,921
-----------
-----------
1,725,181
TOTAL LIABILITIES AND
$-855,475
$-559,160
$-157,266
$-160,020
$ 44,186
$-1.776-107
$
1.762,205
FUND BALANCES
103
CITY OF CLERMONT, FLORIDA
TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1989
Operating Revenues
Investment earnings
Contributions:
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
Fund Balances - October 1
FUND BALANCES - SEPTEMBER 30
GENERAL
EMPLOYEES'
$ (22,128)
79,746
79,746
57,618
22,649
14,056
17,016
53,721
3,897
851,578
$ 855,475
104
PENSION TRUST FUNDS
--------------------------
TOTAL
POLICE
FIRE
PENSION FUNDS
$ (13,030) $
----------------------
(3,427)
$ (38,585)
-----------
29,226
12,351
41,577
3,695
68
3,763
...
...
79,746
----------------------
32,921
----------------------
12,419
-----------
125,086
--- -------
----------- -----------
19,891
8,992
-----------
86,501
13,240
680
12,059
25,979
(6,088)
565,248
$ 559,160
NONEXPENDABLE
TRUST FUND TOTALS
------------ --------------------------
CEMETERY 1990 1989
$ ... $ (38,585) $
---------------------------------
241,682
,,, 41,577
34,409
... 3,763
3,505
... 79,746
45,544
---------------------------------
• „ 125,o86
83,458
---------------------------------
12,300 12,300
---------------------------------
8,550
12,300 98,801
---------------------------------
333,690
...
35,889
... 35,889
6,213
20,949
... 20,949
6,148
-----------
35,223
------------------
••• 35,223
----
12,361
-----------
92,061
----------------------
... 92,061
-----------
(3,369)
(5,560)
12,300 6,740
160,635
$ 157,266
1,577,461
$ 1,571,901
147,720
$ 160,020
1,725,181
$ 1,731,921
30,257
11,500
41,757
291,933
1,433,248
$ 1,725,181
105
CITY OF CLERMONT, FLORIDA
NONEXPENDABLE TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1989
TOTALS
--------------------------
1990 1989
Cash Flows from Operating Activities:
Cash received from lot sales $ 12,300 $ 8,550
------------------
Net Cash Provided by Operating Activities 12,300 8,550
Net Increase in Cash and Cash Equivalents 12,300 8,550
Cash and Cash Equivalents at
Beginning of Year 147,720 139,170
------------------
Cash and Cash Equivalents at
End of Year $ 160,020 $ 147,720
------------------
------------------
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Cash Provided by Operating Activities $ 12,300 $ 3,550
------------------
------------------
106
CITY OF CLERMONT, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 1990
Investments
Deferred Compensation Payable
Beginning Balance
Add: Employee Contributions
Income on Investments
Less: Administrative Fees
Total Deferred Compensation Payable
Ending Balance
$ 7,128
io
(42)
$ 44,186
$ 37,018
7,168
$ 44,186
107
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,
ACCOUNT GROUPS
109
THIS PAGE INTENTIONALLY LEFT BLANK
110
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.
111
CITY OF CLERMONT, FLORIDA
STATEMENT OF GENERAL FIXED ASSETS BY SOURCES
SEPTEMBER 30, 1990 '
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
General Fixed Assets:
Land
Building
Improvements other than buildings
Equipment and vehicles
Total General Fixed Assets
Investments in General Fixed Assets From:
Capital Projects Funds:
Revenue bonds
Federal, state and local grants
General Fund revenues
Special Revenue Fund revenues
Gifts and other
Total Investment in General Fixed Assets
TOTALS
------------------------------
1990 1989
$ 759,564
$ 678,139
724,440
678,103
2,509,662
1,524,357
986,503
-----------
863,884
-----------
$ 4,980,169
-----------
-----------
$ 3,744,483
-----------
-----------
$ 812,306
$ ...
211,707
211,707
2,763,490
2,678,601
1,151,244
817,753
36,422
-----------
36,422
-----------
$ 4,980,169
-----------
-----------
$ 3,744,483
-----------
-----------
112
CITY OF CLER'MONT, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION
YEAR ENDED SEPTEMBER 30, 1990
IMPROVEMENTS
OTHER THAN
FUNCTION
-----------------------------------
TOTAL
LAND
----------
BUILDINGS
----------
BUILDINGS
------------
EQUIPMENT
----------
General government $
215,917
$ ...
$ 20,320
$ ...
$ 195,597
Public safety
668,587
81,425
105,896
...
481,266
Physical environment
389,679
...
76,837
71,603
241,239
Transportation
1,230,594
...
..
1,208,577
22,017
Culture/recreation
1,994,208
450,032
436,117
1,083,109
24,950
Older assets not
maintained by function
-----------
481,184
228,107
---------
85,270
---------
146,373
-----------
21,434
---------
TOTAL GENERAL
FIXED ASSETS $ 4,980,169 $ 759,564 $ 724,440 $ 2,509,662 $ 986,503
113
CITY OF CLERMONT, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -
.BY FUNCTION
YEAR ENDED SEPTEMBER 30, 1990
GENERAL
FIXED
ASSETS
FUNCTION
-------------------------------
9/30/89
-----------
General government
$ 197,632
Public .safety
536,733
Physical environment
289,437
Transportation
1,091,465
Culture/recreation
1,148,032
Older assets not
maintained by function
481,184
TOTAL GENERAL
FIXED ASSETS $ 3,744,483
GENERAL
FIXED
ASSETS
ADDITIONS
-----------
DEDUCTIONS 9/30/90
---------------------
$ 18,285
$ ... $ 215,917
131,854
... 668,587
100,242
... 389,679
139,129
1,230,594
846,176
... 1,994,208
...
... 481,184
$ 1,235,686
$ ... $ 4,980,169
114
CITY OF CLERMONT, FLORIDA
STATEMENT OF GENERAL LONG-TERM DEBT
SEPTEMBER 30, 1990
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1989
Amount To Be Provided For The Payment
of General Long -Term Debt
-------------------------
Amount to be Provided
Total to be Provided
General Long -Term Debt Payable
------------------------------
Revenue bonds payable
Note payable - Computer
Note payable - Library
Capital lease payable
Total General Long -Term Debt Payable
TOTALS
------------------------------
1990 1989
$ 2,136,812 $ 93,215
----------------------
$ 2,136,812 $ 93,215
----------------------
----------------------
$ 2,070,000 $ ...
... 2,754
66,812 71,227
... 19,234
----------------------
$ 2,136,812 $ 93,215
115
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116
STATISTICAL SECTION
Statistical tables differ from financial statements because they
cover more than one fiscal year and may present nonaccounting
data. These tables reflect social and economic data, financial
trends, and the fiscal capacity of the City.
.-1
�y
CITY OF CLERMONT, FLORIDA
COMMENTS ON THE STATISTICAL SECTION
SEPTEMBER 30, 1990
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.
117
CITY OF CLERMONT, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
FISCAL
YEAR
GENERAL
PUBLIC
PHYSICAL
GOVERNMENT
SAFETY
ENVIRONMENT
1980-81
1981-82
306,581
293,131
81,280
1982-83
336,836
260,694
313,143
392,050
112,773
1983-84
279,766
383,408
83,572
97,473
1984-85
1985-86
292,866
290,427
473,732
77,605
1986-87
330,335
468,671
521,365
90,116
79,813
1987-88
1988-89
340,666
588,430
183,224
1989-90
392,504
464,818
691,581
767,734
108,340
117,787
(1) Includes General and Special Revenue Funds
118
TABLE 1
ECONOMIC
CULTURE AND
TRANSPORTATION
ENVIRONMENT
RECREATION
TOTAL
$ 130,465
$ -0-
$ 110,304
$ 921,761
158,080
-0-
101,454
1,022,286
343,390
-0-
191,583
1,271,289
286,392
-0-
186,874
1,233,913
272,092
-0-
155,425
1,271,720
298,605
-0-
196,486
1,344,305
383,373
2,275
397,817
1,714,978
461,718
1,175
283,504
1,858,717
282,696
1,780 -
303,943
1,780,844
442,340
9,596
421,271
2,223,546
119
CITY OF CLERMONT, FLORIDA
GENERAL REVENUE BY SOURCE (1)
LAST TEN FISCAL YEARS
LICENSES
FISCAL
AND
INTER -
YEAR
TAXES
PERMITS
GOVERNMENTAL
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
1989-90
1,143,268
25,688
918,517
(1) Includes General and Special Revenue Funds
(2) For Fiscal Years including 1988-89 and prior, the City
accounted for expenditure reimbursements from other funds
as revenues. Effective the 1989-90 Fiscal Year, these
expenditure reimbursements are accounted for as reduction
of expenditures.
120
(2)
CHARGES
FOR
SERVICES
FINES INTEREST
AND ON
FORFEITURES INVESTMENTS MISCELLANEOUS
TABLE 2
$ 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
8,585
40,572
144,963
33,057
2,314,650
121
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
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
1989-90
1989
157,547,919
141,793,127
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. Theref,-)re, the
estimated actual values shown are calculations based on the
90% certification.
(3) Outstanding delinquent taxes are not available from t-he Lake
County Tax Collections' office
(4) Tax rate per $1,000 of taxable valuation
122
TABLE 3
RATIO OF
RATIO OF
CURRENT TAX
(3)
TOTAL TAX
COLLECTIONS
DELINQUENT
TOTAL
COLLECTIONS
TAX
CURRENT TAX
TO TOTAL
TAX
TAX
TO TOTAL
LEVY
COLLECTIONS
TAX LEVY
COLLECTIONS
COLLECTIONS
TAX LEVY
$243,736
$ 226,326
92.9%
$ 289
$ 226,615
96.2%
253,487
243,723
96.1%
409
243,843
97.8%
216,304
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%
344,416
333,058
96.7%
191
333,249
96.8%
123
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
YEAR
CITY
COUNTY
DISTRICT
DISTRICT
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
3.800
7.742
.838
1989-90
1989
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
124
TABLE 4
SOUTH LAKE
SOUTH LAKE
ST. JOHNS RIVER
HOSPITAL
AMBULANCE
WATER MGMNT
DISTRICT
DISTRICT
DISTRICT
TOTAL
.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
.281
17.090
1.000
1.000
.346
18.785
125
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126
CITY OF CLERMONT, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS TABLE 5
LAST TEN FISCAL YEARS
FISCAL
YEAR
COLLECTIONS
BALANCE
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
1989-90
-0-
495
127
CITY OF CLERMONT, FLORIDA
REVENUE BOND COVERAGE - ALL REVENUE BONDS
LAST TEN FISCAL YEARS
FISCAL
(3)
GROSS
OPERATION &
YEAR
REVENUES
MAINTENANCE
COSTS
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
1989-90
1,092,768
731,397
(1) Excludes interest expense and depreciation
(2) Maximum debt service in any subsequent year is $340,259
(3) Excludes interest revenue
128
TABLE 6
(2)
DEBT
NET SERVICE
REVENUE REQUIREMENTS COVERAGE
$ 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%
361,371
327,330
1.10%
129
CITY OF CLERMONT, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL .YEARS
(2)
PER
FISCAL (1) (5) CAPITA MEDIAN
YEAR POPULATION INCOME AGE
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
1989-90
6,910
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.
(5) The 1989-90 Fiscal Year Population figure is from the 1990
Census Population Count - Bureau of Census, U.S. Department
of -Commerce.
130
EDUCATION
LEVEL IN
YEARS OF
FINAL
SCHOOLING
(3)
SCHOOL
ENROLLMENT
TABLE 7
(4)
UNEMPLOYMENT
RATE
N/A
1,460
9.4%
N/A
1,395
12.7%
N/A
1,462
15.9%
N/A
1,538
13.1%
N/A
1,582
12.0%
N/A
1,635
8.8%
N/A
1,647
7.4%
N/A
1,670
6.1%
N/A
1,788
7.7%
N/A
1,897
6.2%
131
__ 1 1 %a1' \.y1L' �V1VIV l , i' UUtX1UH
PRINCIPAL TAXPAYERS TABLE 9
PERCENTAGE
ASSESSED
OF TOTAL
TAXPAYER
VALUATION
ASSESSED
AS OF 1/ 1/90
VALUATION
John Hurtak
South Lake Plaza/K-Mart
$ 4,155,351
2.93%
525 N.E. 58th Street
Miami, Fla. 33137
Lake Highlands Retirement
and Nursing Center, Inc.
2,525,676
1,78%
151 E. Minnehaha Avenue
Clermont, Fla. 34711
Florida Citrus Tower
6175 N.W. 153rd Street
1,300,422
.92%
Miami Lakes, Fla. 33014
Kevin Roberts
Thomas Smith
1,228,173
,87%
(Emerald Lakes Shopping Center)
817 U.S. Hwy. 98 Bypass So.
Dade City, Fla. 33525
Eastern,Shores Mobile Homes
10 Camino Real Drive
1,404,455
.99%
Edgewater, Fla. 32032
Richard Reynolds
Winn -Dixie Shopping Center
1,171,469
,83%
Rt.#3, Box 120522
Clermont, Fla. 34712
Oakridge Apartments
P.O. Box 1811
1,105,912
.78%
Lake Mary, Fla. 32746
Lakeview Villas
c/o Marvin Poer
825,138
,58%
1850 Lee Road #325
Winter Park, Fla. 32787
Epic Associates
(Lake Dot Villas)
584,614
.41%
5201 Leesburg, Pike
Falls Church, Va.
Bob Wade Ford, Inc.
P.O. Box 120928
678,106
.48%
Clermont, Fla. 34712
TOTAL $ 14,979,316 10.57%
Source: 1990 City of Clermont Tax Roll, prepared by the Lake
County Property Appraiser's Office.
134
CITY OF CLERMONT, FLORIDA
PENSION EXPENSES BY TYPE - ALL PENSION PLANS
LAST TEN FISCAL YEARS
TABLE 10
FISCAL
BENEFIT
ADMINISTRATION
YEAR
PAYMENTS
REFUNDS
FEES
TOTAL
General
Employee Plan
1980-81
$ 1,552
$ -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-
2,241
13,806
1985-86
12,529
-0-
4,170
16,699
1986-87
15,667
-0-
3,423
19,090
1987-88
17,840
-0-
12,552
30,392
1988-89
26,586
-0-
7,370
33,956
1989-90
22,649
14,056
17,016
53,721
Police Officers Plan
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
8,797
1988-89
3,671
-0-
3,162
6,833
1989-90
13,240
680
12,059
25,979
Volunteer
Firomen Plan
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-
1,719
5,219
1988-89
-0-
-0-
968
968
1989-90
-0-
6,213
6,148
12,361
135
THIS PAGE INTENTIONALLY LEFT BLANK
136
CITY OF CLERMONT, FLORIDA
TABLE 11
PENSION REVENUES BY SOURCE - ALL PENSION PLANS
LAST TEN FISCAL YEARS
INVESTMENT
FISCAL EMPLOYEE EMPLOYER STATE EARNINGS
YEAR CONTRIBUTION CONTRIBUTION CONTRIBUTION _ (LOSS) TOTAL
General Employee Plan
1980-81
$ -0-
$ 25,273
$ -0-
$ 14,499
$ 39,772
1981-82
-0-
26,775
-0-
20,726
47,501
1982-83
-0-
40,591
-0-
24,991
65,582
1983-84
-0-
40,994
-0-
29,809
70,803
1984-85
-0-
28,801
-0-
35,602
64,403
1985-86
-0-
41,988
-0-
140,928
182,916
1986-87
-0-
44,367
-0-
102,014
146,381
1987-88
-0-
43,948
-0-
1,887
45,835
1988-89
-0-
45,544
-0-
131,931
177,475
1989-90
-0-
79,746
-0-
(22,128)
57,618
Police Officers Plan
1980-81
-0-
5,312
9,634
9,178
24,124
1981-82
-0-
6,331
8,279
15,305
29,915
1982-83
-0-
11,418
9,547
17,.010
37,975
1983-84
-0-
11,672
12,660
23,823
48,155
1984-85
-0-
7,665
15,606
26,695
49,966
1985-86
-0-
7,738
17,904
28,773
54,415
1986-87
2,550
760
22,348
59,920
85,578
1987-88
2,714
25,573
26,429
2,302
57,018
1988-89
3,447
-0-
25,539
85,719
114,705
1989-90
3,695
-0-
29,226
(13,030)
19,891
Volunteer Firgmen Plan
1980-81
-0-
-0-
3,369
3,207
6,576
1981-82
-0-
925
3,550
6,895
11,370
1982-83
-0-
425
3,580
7,159
11,164
1983-84
-0-
-0-
3,898
8,490
12,388
1984-85
-0-
-0-
5,118
8,945
14,063
1985-86
-0-
-0-
5,432
8,949
14,381
1986-87
60
-0-
7,246
18,494
25,800
1987-88
62
-0-
8,137
529
8,728
1988-89
58
-0-
8,870
24,032
32,960
1989-90
68
-0-
12,351
(3,427)
8,992
137
CITY OF CLERMONT, FLORIDA
PENSION TREND DATA - DEFINED BENEFIT 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
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%
1989-90
652,038
830,772
78.49%
Police Officers
Plan
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%
1989-90
559,160
642,442
87.04%
Volunteer
Firemen Plan
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
NSA
1986-87
125,134
33,116
377.87%
1987-88
1988-89
128,643
160,632
27,194
473.06%
1989-90
157,266
27,194
15,130
590.69%
1039.43%
SOURCE: Annual Pension
Evaluations
138
UNFUNDED
PENSION
BENEFIT
OBLIGATION
{UPBO)_
EMPLOYER/ ANNUAL
STATE COVERED
CONTRIBUTION PAYROLL
EMPLOYER
CONTRIBUTION
AS A % OF
COVERED
PAYROLL
TABLE 12
UPBO
AS A %
OF ANNUAL
COVERED
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/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
70,289
14,899
169,117
8.81%
41.56%
124,166
11,760
179,264
6.56%
69.26%
40,430
8,805
157,669
5.58%
25.64%
178,734
38,481
134,279
28.65%
133.11%
$ 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/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
311,408
23,052
255,000
9.04%
122.12%
304,370
51,990
283,789
18.32%
107.25%
196,492
25,539
349,356
7.31%
56.24%
83,282
29,226
367,590
7.95%
22.66%
$ 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/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
(92,018)
7,159
6,100
117.36%
1508.49%
(101,449)
8,137
6,174
131.79%
1643.16%
(133,438)
8,870
6,140
144.46%
2173.25%
(142,136)
12,351
6,927
178.30%
2051.91%
139
CITY OF CLERMONT, FLORIDA
SCHEDULE OF INSURANCE COVERAGES
SEPTEMBER 30, 1990
POLICY EXPIRATION
TYPE OF COVERAGE & INSURER NUMBER DATE
LIABILITY
Florida Municipal FML 304 09/30/90
Liability Self
Insurer's Program
International Surplus
524-108476-8
10/01/90
Lines
Firemen's Fund American
21RN4600898
10/01/90
Western Surety Co.
18135385
10/01/90
WORKERS COMPENSATION
Florida Municipal Self
Insurers Fund
FM 389
09/30/90
FIRE AND EXTENDED COVERAGE
Florida Municipal Property FMP 49
10/01/90
Self -Insurers Program
ACCIDENTAL DEATH -DISMEMBERMENT
National Union Fire
Insurance Company
10009555930-34
10/01/90
National Union Fire
Insurance Company
10009555931-34
10/01/90
140
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 $7,610,578
Accidental Death -Fire $50,000
Accidental Death -Police $20,000
141
CITY OF CLERMONT, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1990
Date of Incorporation 1916 TABLEI4
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
46
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
17
EDUCATION:
Number of Schools:
Elementary
1
Middle
1
High School
1
Number of Teachers
128
Number of Students
1,897
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 CULTURE
Number of Parks
22
with 88 acres
Number of Libraries
1
Number of Volumes
30,562
TOTAL CITY EMPLOYEES:
Full -Time
68
Part -Time
3
142