Comprehensive Annual Financial Report - 1990-1991COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED
SEPTEMBER 30, 1991
CITY OF CLERMONT, FLORIDA
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1991
Prepared by. -
Finance Department
Joseph E. Van Zile
Finance Director
THIS PAGE INTENTIONALLY LEFT BLANK
ii
CITY OF CLSRMONT, FLORIDA
COMPREHENSIVE ANNOA.L FINANCIAL REPORT
FISCAL YEAR ENDSD SEPTEMBER 30, 1991
TABLE OF CONTENTS
IN RODUCTORY SECTION
Letter of Transmittal . . . . . . . . . . . . . . . . . . . . 1
Organization Chart . . . . . . . . . . . . . . . . . . . 13
Listing of City Officials . . . . . . . . . . . . . . . . . . 14
Certificate of Achievement . . . . . . . . . . . . . . . . . 15
AUDITORS REPORTS
Independent Auditor's Report . . . . . . . . . . . . . . . 17
Report on Internal Control Structure . . . . . . . . . . . 19
Report on Compliance With Laws and Regulations . . . . . . 21
Management Letter . . . . . . . . . . . . . . . . . . . . . 23
GB'NERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types and
Account Groups . . . . . . . . . . . . . . . . . . . . . 26
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - All GQvernmental
Fund Types . . . . . . . . . . . . . . . . . . . . . . . 31
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - Budget and
Actual - General, Special Revenue and Capital Projects
Funds . . . . . . . . • . . . . . . . . . . . . . . . . 0 32
I i i
TABLE OF CONTENTS
FrNANCIAL SECTION (CONTD.)
rej i_L._ VLip L
kO r
Combined Statement of Revenues, Expenses and Changes
In Retained Earnings/Fund Balances - All Proprietary
Fund Types and Similar Trust Funds . . . . . . . . . . 34
Combined Statement of Cash Flows - All Proprietary Fund
Types and Non -Expendable Trust Funds . . . . . . . 36
Notes To Financial Statements . . . . . . . . . . . . . . 39
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS
General Fund:
Comparative Balance Sheet 0 0 . . . . . . . . . . . . . 64
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . 65
Statement of Revenues - Budget and Actual . . . . . . . . 66
Statement of Expenditures - Budget and Actual . . . . . . 68
Special Revenue Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . 72
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances . . . . . . . . . . . . . . . . . . . . . 73
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Infrastructure Fund. 74
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Impact Fee Fund 75
Sales Tax Revenue Bond Sinking Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . 78
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . . . 79
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TABLE OF CONTENTS
coNB wX NG AND INDIVIDUAL FUND AND ACCOMT- GROUP STATEMENTS(CONTD.)
Capital Projects Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . 82
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances . . . . . . . . . . . . . . . . . . . 83
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Palatlakaha Recreation
Area Fund • e s e e e e • e • e e e e e e e . e e e . e 84
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - Building Construction
Fund . . • . . . . . . . . . . . . . . . . . . . . . • 8 5
Enterprise Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . 90
Combining Statement of Revenues, Expenses and Changes
In Retained Earnings . . . . . . . . . . . . . . . . . 93
Combining Statement of Cash Flows . . . . . . . . . . . . 94
Comparative Schedule of Revenues, Expenses and Changes
In Retained Earnings - Required by Bond Ordinance . . . 96
Group Self Insurance Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . . 98
Statement.of Revenues, Expenses and Changes In
Retained Earnings . . . . . . . . . . . . . . . . . . . 99
Statement of Cash Flows . . . . . . . . . . . . . . . . . 100
Trust and Agency Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . 105
Combining Statement of Revenues, Expenses and Changes
In Fund Balances - Trust Funds . . . . . . . . . . . . 106
Statement of Cash Flows - Non -Expendable Trust Fund . . . 108
Statement of Changes In Assets and Liabilities -
Deferred Compensation Agency Fund . . . . . . . . . . . 109
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TABLE OF CONTENTS
F'►W CIAL SECTION (CONTD-)
Account Groups:;;
Schedule of General Fixed Assets By Sources . . . . . . 114
Schedule of General Fixed Assets By Function . . . . . . 115
Schedule of Changes In General Fixed Assets By Function . 116
Schedule of General Long -Term Debt . . . . . . . . . . . 117
Comments On The Statistical Section . . . . . . . . . . .
119
General Governmental Expenditures By Function -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
120
General Revenue By Source - Last Ten Fiscal Years . . . .
122
Property Tax Levies, Tax Collections and Assessed
Valuations - Last Ten Fiscal Years . . . . . . . . . .
124
Property Tax Rates - Direct and A11 Overlapping Governments
-
Last Ten Fiscal Years . . . . . . . x . . . . . . . . .
126
Special Assessment Collections - Last Ten Fiscal
Years . . . . . . . . . . . . . . . . . . . . . . . . .
129
Utility Revenue Bond Coverage - All Utility Revenue Bonds
-
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
130
Demographic Statistics - Last Ten Fiscal Years . . . . .
132
vi
TABLE OF CONTENTS
` O co
Property Value, Construction and Bank Deposits - 134
Last Ten Fiscal Years . . . . . . . • • . • • • • • •
Principal Taxpayers . . . . . . . . . . . . . . . . . . . 136
Pension Expenses By Type - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 137
Pension Revenues By Source - All Pension Plans
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 139
Pension Trend Data Defined Benefit Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 140
Schedule of Insurance Coverages . . . . . . . . . . . . . 142
Miscellaneous Statistics . . . . . . . . . . . . . . . . 144
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 23, 1992 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, 1991, is
hereby submitted. This report was prepared by the City's Finance
Department. Responsibility for both the accuracy of the presented
data and the coripleteness and fairness of the presentation, including
all disclosures, rests with the City. We believe the data, as
presented, is accurate in all naterial 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 C*ity'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 sou .heist of the City
of Leesburg. The City is conveniently
accessible to
Orlando via Florida Highway 50.
The City is essentially residential in character and i,ts 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 mange
County, Seminole County and Volusia County, and to the west by Sumter
County. Tavares, the County Sean, is located approximately 190 miles
southeast of .'allahassee, the State Capitol, and f. ifty 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
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P.O. BOX 120219 0 CLERMONT, FLORIDA 3471 2-021 J • PHONE: 904/394-40B 1
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, sanitation and stormwater 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 BUDGETAR ONTROL
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
2
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 within departments, but changes in
total budget appropriations for a department must have prior approval..
o,f the City Council. Budgetary reports are issued and reviewed
monthly.
EXE TCIAL STKTEMEN'r' FORMAT
The report is arranged in the following sections:
Section I: Introductory Section
This section contains the Letter of
Transmittal and other such material as may
be useful in understanding the reporting
entity.
Section I!: Financial section
This section of the report contains the
Independent Auditor's Reports and Financi.a?
Statements of the Citv. The Financial
Statements present fairly the financial
position and results of operation for the
fiscal year ended SeplCember 30, 1991. The
section is divided into the following parts:
?part 1. Reports issued by the Independent
Auditor based ort their, review of. the City's
Financial Statements and internal control
structure;
Pest 2. General Purpose Financial
Statements, which display financial data for
the City as a whole; and
Part 3. Combining Statements - By fund
terse, which present data for homogeneous
funds.
3
Section III. Statistical Section
This section presents detailed historical
information which will be beneficial to the
reader in understanding the City's growth
and its future potential.
GENERAL FUND
The General Fund encompasses the general governmental functions
of the City and ,all other functions not accounted for in other
separate funds.
Unreserved, undesignated fund balance decreased 8.1% from
$1,135,200 to $1,043,085 and was 49.8% of total General Fund
expenditures. Fund balance is the amount of resources available for
expenditure in future years. Of the fund balance available at
September 30, 1991, $18,800 is budgeted for use in the 1991-92 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:
1990-91
Percent
of
Amount Total
Percent
1989-90 Increase
Percent <Decrease>
of over
Amount Total 1989-90
Taxes
$1,281,612
62.3
1,143,268
58.1
12.1
Licenses and Permits
28,917
1.4
25,688
1.3
12.6
Intergovernmental
486,812
23.7
547,878
27.9
<11.1>
Charges,for Services
19,327
.9
8,585
0.3
125.1
Fines & Forfeitures
69,571
3.4
40,572
2.1
71.5
Miscellaneous Revenues
170,579
8.3
168,410
8.5
1.3
Transfers -In
-0-
32.732
1.8
<100.0>
2 056 818 100.01 $1,967,133 100.21 4.6%
Revenues increased 4.6% from $1,967,133 to $2,056,818. The most
significant changes in revenue sources occurred in the areas of
Intergovernmental Revenues, Taxes and Fines and Forfeitures.
Intergovernmental Revenues decreased 11.1% 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 1991-92 fiscal year. As a
result, the City has had to look at locally controlled revenue sources
to make up the difference. Therefore, Taxes increased 12.1% due to
an increase in the ad valorem millage rate, an increase in the energy
utility tax rate and the addition of a water utility tax. The City
of Clermont millage rate increased from 2.429 to 2.729 per $1,000 of
assessed valuation. As can be noted on Table 4 of the Statistical
Section of this report, this increase is the first since the 1985-86
4
fiscal year. Clermont continues to enjoy the lowest ad valorem tax
rate of any cite in Lake County with comparable services.
The increase of the energy utility tax rate from 8.5% to 10.0%
of all fuel related purchases within the City and the addition of a
5$ u.tility tax on all water sold by the City reflects the City's
position of keeping revenues current with expenditures.
Fines and Forfeitures increased 71.5% primarily due to a
significantincrease ease in the enforcement of traffic violations.
Licenses and Perr.+its and. Charges for Services increased at higher
percentage rates than the overall fund increase. However, the
increases did not reflect a change in the City's _re'venue policy.
Charges for Services revenues increased significantly primarily due
t .,,o the event ticket sales of a recently created advisory group who
prorote the arts in the Clermont area.
The 2.989-90 Transfers -In represented an amount to be used for the
purchase of recreational equipment at the Palatlakaha Recreation Area.
With the Recreation Area nearing completion, a: transfer was not
necessary in the 1990-91 fiscal year.
Expenditures and other financing uses of the current fiscal year
as compared with those of the ,previous year are as follows:
Percent
1990-91
193:q-90
Increase
Percent
Percent <Decrease>
of
of
over
Amount Total
Amount
Total
i 989-y90
General Govednment
393,621
18.3
$ 381; 694
17.,e%
3 <.1%
Public Safetv
830,411
38.5
767,734
35.3
8.2
Physical Environment
99,989
4.6
99,084
4.5
>9
Transportavion
311,383
14'.4
303,211
13.9
2.7
Economic Environment
9,283
.4
9,596
.1
< 3,3>
Human Services
13,665
.7
18,703
1.0
<26.9>
Culture & recreation
435,738
20.2
403,535
18.6
8.0
Transfers - Out
194,,_860
5.0
<6 ! .3>
$21155_,5 2 100.0% Z.4. 8 417 100.0, < 1.0%>
Expenditures and other financing uses decreased 3..0% primarily
due to a aign:ificant decrease in Transfers - Out. The $194,86u
Transfer - Out in 1989-90 represented a transfer to the City's
Sanitation Fund to purchase garbage true -.s. Without considering t:he
Transfer - Out, expenditures increased 5. 6i from $1, 98:3, 55>7 to
$2, 094,100. With the exception of Public Safety and Culture and
Recreation, all. departments' expe..nditures either decreased or
incrLa.sed at rates :Less than the fund increase. Public Safety (Law
Enforcement) and Culture and. Recreation (Parks and Rocreat.: on)
expenditures increased primarily due to additional positions. lurks
5
and Recreation operating costs also increased due to the opening of
the Palatlakaha Recreation Area and the necessary maintenance of the
park.
SPECIAL REVENUE FUNDS
INFRASTRUCTURE FUND
The Infrastructure Fund was established to account for the City"s
share of the Local Government Infrastructure Surtax, which can. -be used
only for fixed capital outlay. The surtax represents a countywide one
cent increase in the sales tax until the end of the fiscal year 2002.,
A comparison of Local Government Infrastructure Surtax Revenue
for the last three fiscal years is presented as follows:
Local Government
Infrastructure Surtax
1990-91
$300,154
1989-90
$370,639
1988-89
$260,092
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 190-91, Infrastructure Surtax Funds were expended
on sidewalk projects throughout the City, as well as property
acquisition.
In addition, funds were also transferred to the Sales Tax Revenue
Bond Sinking Fund to cover the debt service of the 1989 Sales Tax Bond
Issue. The Local Government Infrastructure Surtax has been pledged
as the primary source of revenue to repay the bonds.
IMPACT FEE FUND
The Impact Fee Fund was established in the 1990-91 fiscal year
to account for the Police, Fire and Recreation Impact Fees paid by
developers. Impact fees were adopted by the City in May 1991 to
require new development to pay its proportionate fair share of the
capital costs necessary to accommodate new development impacts on
Police, Fire and Recreation Services.
DEBT SERVICE FUND
The Sales Tax Revenue Bond Sinking Fund is maintained to account
for the accumulation of resources and the payment of debt service on
the 1989 Sales Tax Revenue Bond. The bond was issued to provide funds
for the development of the Palatlakaha Recreation Area and
construction of a new Public Services Complex and Public Safety
Building.
2
CAPITAL PROJECTS FUNDS
PA%ATLAKAHA :RECREATION AREA FUND
This fund was created in the 1987-88 fiscal year to account for
the development of the Palatlakaha Recreation Area. Phase I, which
includes baseball, softball and soccer/football fields was completed
in the 1990-91 fiscal year. Phase II, which includes a bike path,
pavilion, and a boardwalk is scheduled to be completed in the 1991-92
fiscal year. Revenue sources that have been used and will continue
to be used until all phases are complete include the 1989 Sales Tax
Revenue Bond proceeds, Local Government Infrastructure Surtax revenue,
donations, and grants.
BUI3,DING CONSTRUCTION FUND
This fund was established in the 1988-89 fiscal year to account
for the construction of a new Public Services Complex and a Public
Safety Building. The Public Services Complex was completed in January
1992 and the architectural design phase for the Public Safety Building
is estimated to be completed in the 1991-92 fiscal year. Financing
for these projects is obtained from the 1989 Sales Tax Revenue Bond
proceeds and Loral Government Infrastructure Surtax revenues.
ENTERPRISE FUNDS
UTILITY --FUND
The Utility Fund accounts for the provision of eater and sewer
services to the residents of the City.
operating revenues decreased 2.7% from $1,092,768 to $1,062,790
primarily due. to a. decrease in water sales as a result of restrictions
on water usage in the Central Flcrida area. A ccrparison of the
number of gallons of water sold between the 1989-90 and 1990-91 fiscal
years shcws a 5. ^,A ttecrease in water gallons sole. Operating expenses
inn --eased 2.8% from $!;!70,400 to $997,402.
Comparative cda u for the last three years-i s'll-astrated-Ir— the
following table:
1990-93.
1989-90
1988-89
Operating RevenU s $
1,062,790
$ 1,092,768
$ 1,118,064
Operating E:pencas
�- 997,402
9 040
841..76
Operating Income
65.388
�1221728
.216.30
Net Fixed Assets S
8,065,155
$ 8R.163,316
�..
c 7.8S36,031
Dent Servi..ce Coverage
l %
1 6 %
6
SANITATION FUND
The Sanitation Fund accounts for the provision of garbage, trash
removal and composting services to the residents of Clermont.
Operating revenues increased 13.1% from $385;276 to $435,835 due
to a corresponding percentage increase in monthly sanitation rates.
Operating expenses increased 7.6% from $389,777 to $419,410 primarily
due to increased personnel related costs and depreciation recognized
on new garbage trucks purchased in the 1989-90 fiscal year. A segment
of operating expenses that actually decreased was landfill charges.
The fees paid to Lake County for the disposal of garbage in the
County's incinerator plant decreased approximately $10,000 due to the
operation of the citywide garbage recycling and composting programs.
Through these programs, plastic bottles, glass containers, aluminum
cans and compostable plant materials are removed from the waste stream
which consequently results in decreased garbage disposal fees.
Comparative data for the last three fiscal years is illustrated
in the following table:
Operating Revenues
Operating Expenses
Operating Income <Loss>
STORKWATER UTILITY FUND
1990-91 1989-90 1988-89
$ 435,835 $ 385,276 $ 272,889
419,43-0 389,777 268,832
$ 16.425 $ <4,501> $ 4,005�7
The City created a Stormwater Utility Fund in the 1990-91 fiscal
year in order to account for the maintenance and improvement of the
City's stormwater drainage system. The stormwater utility fee is
charged to all property owners/tenants throughout the City and is
based on the impervious area of their property. A portion of the
annual revenue is used for the maintenance of the existing system.
The remaining funds are earmarked for the cost of a stormwater
drainage master plan to be performed in the future.
INTERNAL SERVICE FUND
The City maintains a Group Self -Insurance Fund to account for the
accumulation of resources and the payment of insurance claims
pertaining to the employee health, dental and life insurance
coverages. The modified Self -Insurance Program 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.
8
TRUST AND i:GFNCY FUNDS
Trust and Agency Funds account for assets held by the City as
Trustee for individuals, private organizations and Sather 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
:Honey earned by employees but voluntarily deferred until some future
tire 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 Fronds. .As of September
301, 1991, the general fixed assets of the City totalled $5, 939, 635.
This amount represents the ongina.1 cost of the assets and is,
therefore, considerably less than their rrescnt value. Depreciation
of general fixed assets is not recognized in the City's accounting
system.
;;ASH MANAGEMENT
The City earned $346, 386 or 7. 9% of total revenue from all Funds,
with the exception of the Pension and Deferred Compensation Funds, in
interest revenue during the 1990-91 fiscal year. The : e ghted adarage
rate of return during 1990-91 was approximately 7.32%. The following
table shows the breakdown of interest by source:
State Board cf Administration
Certificates of Deposit
Repurcha:,e Agreements
Percent
Average
of
Rate of
Amount
Total
Return
$242,568
70.0%
"'. 2%
90,379
26.1
8.04%
_13,439
3.9
5.99t
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 �.gency
within the State. Txhe major advantage the pool offers to small cities
such as Clermont, is the higher rate of return from t.:e large amount
9
of funds available to invest. The funds in the pool are very liquid
in that access is available on a daily basis.
The City has $1,900,000 in Certificates of Deposit with local
qualified public depositories with interest rates ranging from 6.60%
to 7.50%. The maturity periods range from six months to one year.
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 and two (2) Water and Sewer
Revenue Refunding Bond Issues and one (1) Sales Tax Revenue Bond Issue
outstanding on September 30, 1991.
The long-term note was obtained in 1980 to finance the
construction of the library building. 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. The Sales Tax Revenue
Bond was issued in 1989 to provide funding for the development of the
Palatlakaha Recreation Area and construction of a new Public Services
Complex and Public Safety Building.
RISK MANAGEMENT
The City maintains liability and Workmen's Compensation Insurance
through programs sponsored and administered by the Florida League of
Cities. The limit of protection for the liability coverage is
$1,500,000 per occurrence. The City is not aware of any pending or
threatened litigation which would not be covered by insurance.
FINANCIAL POSITION AND FUTURE PROSPECTS
The City of Clermont continues to maintain a sound financial
position while providing 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 services. Conservative budgeting practices
along with collective short and long range planning strategies will
ensure a positive future for the City.
The City will be faced with increasing development demands in the
near future. South Lake County is considered the "hot spot" for
development in the County. We are continually meeting with developers
and land owners to discuss potential developments in and around the
City. The majority of the development demand is coming from the
metropolitan Orlando area. The western extension of the East-West
Expressway and its connection to the Florida Turnpike, for which a new
10
interchange is being constructed at the intersection of highway 50 and
Killarney, will provide an excellent transportation system between
Clermont and the metropolitan Orlando area.
We are already seeing increased residential development east of the
City. Lake County has indicated that they are not interested in
providing utility services to the urban areas surrounding the City.
Therefore, the future developments will be looking to Clermont for
water and sewer utilities in order to construct the densities they
would desire in these areas. The City is currently studying a
proposed extension of our water service to an area approximately five
miles south of the present city limits that would serve 1,000 new
water customers. This would be a joint project between Lake County
and the City with funding from the Department of Environmental
Regulation (DER). The DER funded a feasibility study for the project
which has been completed, and the City is currently talking with.the
developers and the County to finalize the plans for the extension.
This is only the first step of the City Council's commitment to
provide services outside of the city limits. In all likelihood, the
City of Clermont, which is the largest City in South Lake County, will
become a regional supplier for water and sewer, with many of the
developments actually being annexed into the city limits in order to
obtain all of the services offered by the City. The City Council has
indicated their commitment to encourage well -planned, quality growth
in the area, with the demands on the city services being funded by the
new growth without significant burden on the existing citizens of the
City of Clermont. This will require continual forecasting and long
range planning for all services provided by the City with
consideration to the financial impact of providing these services.
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, 1990. 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 efficiently organized
11
Comprehensive Annual Financial Report, whose contenCs conform to
program standards. Such reports must satisfy both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year
only. The City of Clermont has received a Certificate of Achievement
for the last three 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.
ACKNONLEDGEMEE S
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,
12
CITY OF CLERMONT ORGANIZATIONAL CHART
CITIZENB
CLERNONT
City CITY
Attorney COUNCIL Committees
City
Manager
mi
L.Lolice.j Fire V Public
Services
Streets
Parks
Animal Control
Sanitation
Water
Sewer
13
Finance
Accounting
Budgeting
Payroll
Utility Billing
Risk Management
Planning
Planning
Zoning
Licensing
Permitting
Code Enforcement
CITY OF CLERMONT, FLORIDA
LISTING OF CITY OFFICIALS
AS OF SEPTEMBER 30, 1991
ELECTED OFFICIALS
Mayor
Mayor/Pro-Tem
Councilmember
Councilmember
Councilmember
APPOINTED OFFICIALS
City Manager
City Attorney
Finance Director
Public Services Director
Chief of Police
Fire Chief
City Engineer
Planning Director
14
Robert A. Pool
Hal Turville
.inn Dupee
Ken Norquist
Lester Cole
Wayne Saunders
Leonard H. Baird, Jr.
Joseph E. Van Zile
Preston Davis
Prentice Tyndal
Carle Bishop
John Springstesd
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, 1990
A Certificate of Achievement for Excellence in Financial
Reporting is Presented by the Government Financial 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.
r
•
' �,,MGE Offjcf
t 0 IW 7O
Win IM!{
ji
9m President
Y
of FEE +o
Executive Director
15
THIS PAGE INTENTIONALLY LEFT BLANK
16
FINANCIAL
SECTION
This Section Contains the Following Subsections:
AUDITORS' REPORTS
GENERAL PURPOSE FINANCIAL STATEMENTS
COMBINING AND INDIVIDUAL FUND AND
ACCOUNT GROUP STATEMENTS
AUDITORS' REPORTS
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.
Mark A_Farner, 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, 1991, as listed in the accompa-
nying table of contents. These general purpose financial statements are the re-
sponsibility of the City's management. Our responsibility is to express an opin-
ion on these general purpose financial statements based on our audit.
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. 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 finan-
cial 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, 1991, and the results of its operations and its cash
flows in its proprietary and nonexpendable trust fund for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The combining, individual fund, and
individual account group financial statements and schedules listed in the
accompanying table of contents are presented for purposes of additional analysis
and are not a required part of the general purpose financial statements of the City
of Clermont, Florida. Such information has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements and, in
our opinion, is fairly presented in all material respects in relation to the
general. purpose financial_ statements taken as a whole.
Clermont, Florida
January 22, 1992
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
752MontroseStreet 627N. Donnelly Street
Post Office Box 1204009 Clermont, FL 34712-0400 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 394-3256 17 Telephone: (904) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
18
GREENLEE
CLERMONT: Herbert John Greenlee, Jr., C.P.A
^ � KURRAS
MOUNT DORA: JerryD. Brown, C.P.A.
Dorothy A. Kunas, C.P.A.
RICE &
John S. Rice, C.P.A.
Patricia A. Sykes, C.P.A
BROWN, PA
C. L. (Chip) Garner, C.P.A.
CERTIFIED PUBLIC
ACCOUNTANTS
John A. Powers, C.P.A.
Mark A. Farner, 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, 1991, and have issued our report thereon
dated January 22, 1992.
We conducted our audit in accordance with generally accepted auditing standards
Government AuditingStandards, issued by the Comptroller General of the United
Staces, and the provisions of Office of Mana)ement and Budget Circular A-7.28,
"AUdits of Slate a.ud Local Governments." Those standards arid 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, 1991, 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 627 N. Donnelly Street
Post Office Box 120400. Clermont FL 34712-0400 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 394-3256 19 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
Data Processing
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 January 27, 1992.
This report is intended for the information
Florida. This restriction is not intended
report, which is a matter of public record.
Clermont, Florida
January 27, 1992
of the management and the State of
to limit the distribution of this
20
p 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.
Mark A. Farner, 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 of and for the year ended September 30, 1991, and have issued our
report thereon dated January 22, 1992.
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 January 27,
1992.
This report is intended for the information of
This restriction is not intended to limit the
a matter of public record.
Clermont, Florida
January 27, 1992
management and the State of Florida.
distribution of this report, which is
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 21 Telephone. (904) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
P&A
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT:
MOUNT DORA:
MANAGEMENT LETTER
The Honorable Mayor and City Council
City of Clermont, Florida
Herbert John Greenlee, Jr., CPA
Jerry D. Brown, C.P.A.
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.
Mark A. Farner, C.P.A.
This report contains our comments as required by Chapter 10.554(1), Rules of the
Auditor General, Local Governmental Entity Audits, for the City of Clermont,
Florida, for the year ended September 30, 1991.
Subparagraph (1) 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 (4) 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 and make none this year.
Subparagraph (3) refers to the City's being in a state of financial emergency
during the fiscal year. The City did not experience any of the conditions
described in Section 218.503(1) of Florida Statutes.
Subparagraph (5) refers to violations of laws, rules and regulations discovered
within the scope of the financial audit. We noted the following violation:
The Water and Sewer Revenue Bond, 1972 series, covenant requires the
City to have an audit within sixty (60) days of its year end. The
audit was started but not completed during this time.
Subparagraph (6) 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 23 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 394 3258 Telephone: (904) 383-6300
Subparagraph (7)(a)(b) and (d) 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, 1991.
All adjustments are reviewed with the City's Finance Director prior to delivery of
this report.
Subparagraph (7)(c) 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, 1991, the
financial report was in agreement in all material respects.
The foregoing conditions were considered in determining the nature, timing, and
extent of the audit tests to be applied in our examination of the City's financial
statements, and this report does not affect our report on these financial
statements dated January 22, 1992.
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
January 27, 1992
24
GENERAL PURPOSE
FINANCIAL STATEMENTS
(Combined Statements -Overview)
These basic financial statements provide a summary overview
of the financial position of all funds and account groups as
well as the operating results of all funds. They also serve as
an introduction to the more detailed statements and schedules
that follow in the next Subsection.
THIS PAGE INTENTIONALLY LEFT BLANK
25
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1991
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
------------------------------------------------
GOVERNMENTAL
FUND TYPES
PROPRIETARY
-----------
SPECIAL
DEBT
CAPITAL
ASSETS
------
GENERAL
-------
REVENUE
-------
SERVICE
-------
PROJECTS
--------
ENTERPRISE
----------
Cash
$ 13,234
$ 3,010
$ 83,969
$ ..
$ 170,582
Investments
1,135,136
...
...
799,822
1,528,914
Receivables:
Interest
8,539
...
...
1,841
6,690
Accounts
15,136
...
...
...
153,058
Assessments
29,469
...
...
...
...
Other
...
...
...
...
1,073
Interfund receivables
...
...
...
14,867
119,722
Due from other governments
18,034
24,000
...
...
24,000
Inventory
4,098
...
...
...
22,211
Restricted Assets:
Cash
...
...
...
...
91,038
Investments
...
...
...
...
1,359,688
Land
..
...
...
...
927,606
Buildings
...
...
...
...
...
Water System
...
...
...
...
3,449,265
Sewer system
...
...
...
...
6,369,826
Improvements other than buildings
...
...
...
...
...
Machinery and equipment
...
...
...
...
608,587
Construction in progress
...
...
...
...
...
Accumulated depreciation
...
...
...
(3,078,404)
Amount to be provided for
retirement of long-term debt
...
-----------
...
---------
...
---------
...
-----------
...
------------
TOTAL ASSETS
$ 1,223,646
-----------
-----------
$ 27,010
---------
---------
$ 83,969
---------
---------
$ 816,530
-----------
-----------
$ 11,753,856
------------
------------
The notes to the financial statements are an integral part of this statement.
01.1
FIDUCIARY
TOTALS
FUND TYPES
FUND TYPES
ACCOUNT
GROUPS
(MEMORANDUM
ONLY)
----------
-----------
TRUST
---------------------------
GENERAL
GENERAL
-----------------------------
INTERNAL
AND
FIXED
LONG-TERM
SERVICE
-------
AGENCY
------
ASSETS
------
DEBT
----
1991
----
1990
----
$ ...
$ 5,223
$ •••
$ •••
$ 276,018
$ 189,194
...
2,121,119
...
...
5,584,991
6,055,943
„
17,070
25,732
10,000
...
...
...
178,194
141,929
...
...
...
...
29,469
...
...
...
...
...
1,073
633
...
23,824
...
...
158,413
139,792
.,.
,..
...
66,034
103,656
...
...
...
...
26,309
29,177
,..
...
...
...
91,038
274,235
..•
...
...
1,359,688
1,230,923
...
...
806p732
•••
10734,338
1,687,170
...
...
1,276,264
...
1,276,264
724,440
...
...
...
...
3,449,265
3,006,803
..,
..,
,..
...
6,369,826
6,345,497
...
...
2,808,533
...
2,808,533
2,509,662
...
...
1,048,106
...
1,656,693
1,558,706
...
...
...
...
..
324,160
...
...
.•.
...
(3,078,404)
(2,798,168)
...
---------
...
-----------
...
-----------
2,022,396
-----------
2,022,396
------------
2,136,812
------------
$ 10,000
---------
---------
$ 2,150,166
-----------
-----------
$ 5,939,635
-----------
-----------
$ 2,022,396
-----------
-----------
$ 24,027,208
------------
------------
$ 23,686,301
------------
------------
Continued
27
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1991
--------------------------------------------------
GOVERNMENTAL
FUND TYPES
PROPRIETARY
------------
SPECIAL
DEBT
CAPITAL
LIABILITIES
-----------
GENERAL
-------
REVENUE
-------
SERVICE
-------
PROJECTS
--------
ENTERPRISE
----------
Accounts payable
$ 42,734
$ ... $
... $
25,579
$ 30,211
Other accrued expenses/deferred revenue
10,753
...
...
40,625
20,291
Contracts payable
...
...
...
6,582
...
Notes payable
...
...
...
Payable From Restricted Assets:
...
Construction contracts
...
...
...
...
Deposits
...
...
...
...
...
42,442
Accrued interest
...
...
...
...
85,268
Revenue bonds
...
...
...
105P000
Interfund payables
13,880
15,047
...
...
14,867
110,979
Deferred compensation payable
...
...
...
...
Revenue bonds payable
...
-----------
...
...
...
...
3,245,000
Total Liabilities
67,367
-----------
------------------
15,047
-----------
...
87,653
------------
3,639,191
EQUITY AND OTHER CREDITS
------------------
-----------
------------
------------------------
Contributed capital
...
...
...
...
2,667,107
Investment in general fixed assets
...
...
...
Retained Earnings:
...
...
Reserved
...
...
...
...
1,218,016
Unreserved
...
...
...
...
4,229,542
Fund Balances:
Reserved for police education
6,554
..
...
...
Reserved for inventory
4,098
...
...
...
...
...
Reserved for recreation
18,607
...
...
...
Reserved for cemetery care
...
,,,
...
...
...
Reserved for debt service
...
...
83,969
...
.
...
Reserved for employees'
retirement systems
...
...
...
...
...
Unreserved, designated for
capital replacement
83,935
...
...
...
...
Unreserved, undesignated
1,043,085
11,963
...
728,877
...
Total Equity
-----------
------------------
-----------
------------
and Other Credits
1,156,279
-----------
11,963
------------------
83,969
-----------
728,877
8,114,665
------------
TOTAL LIABILITIES AND FUND EQUITY
$ 1,223,646
$ 27,010 $
83,969 $
816,530
$ 11,753,856
The notes to the financial statements are an integral part of this statement.
M
FIDUCIARY
TOTALS
FUND TYPES
FUND TYPES
ACCOUNT
GROUPS
(MEMORANDUM
-----------------------------
ONLY)
----------
----------
TRUST
---------------------------
GENERAL
GENERAL
INTERNAL
AND
FIXED
LUNG -TERM
SERVICE
-------
AGENCY
------
ASSETS
------
DEBT
----
1991
----
1990
----
$ 19,267
$ ...
$ ...
$ ...
$ 117,791 $
104,616
393
...
...
...
72,062
24,000
6,562
308,847
62,396
62,396
66,812
..,
.<.
...
...
...
42,056
42,442
39,622
,..
...
...
..,
85,268
87,443
...
105,000
95,000
3,640
..,
...
...
158,413
139,792
...
52,273
..•
...
52,273
44,186
1,960,000
5,205,000
5,420,000
---------
23,300
---------
-----------
52,273
-----------
-----------
.•.
-----------
-----------
2,022,396
-----------
------------ ------------
5,907,227
------------------------
6,372,374
2,667,107
2,648,111
5,939,635
4,980,169
1,218,016
1,283,097
4,216,242
3,968,488
6,554
3,934
4,098
3,637
18,607
18,607
173,970
160,020
83,969
83,317
1,923,923 1,571,901
83,935 93,935
1,783,925 2,498,711
18,119,981 17,313,927
------------------------
$ 24,027,208 $ 23,686,301
------------------------
------------------------
P401
THIS PAGE INTENTIONALLY LEFT BLANK
30
CITY OF
CLERMONT, FLORIDA
COMBINED STATEMENT
OF REVENUES, EXPENDITURES
AND
CHANGES
IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30,
1991
-------------------------------------------------------------------------------
---- --- ----
TOTALS
GOVERNMENTAL FUND TYPES
(MEMORANDUM
ONLY)
---------------------------------------------------
SPECIAL
DEBT
CAPITAL
--------------------------
GENERAL
REVENUE SERVICE
------- -------
PROJECTS
--------
1991
----
1990
Revenues:
-------
Taxes
$ 1,281,612
$ ,,, $
...
$ ...
$ 1,281,612
$ 1,143,268
Licenses and permits
28,917
...
...
...
28,917
25,688
Intergovernmental revenues
486,812
300,154
...
...
786,966
918,517
Charges for services
19,327
...
...
...
19,327
8,585
- Fines and forfeitures
69,571
...
...
••.
69,571
40,572
Miscellaneous revenues
170,579
3,300
5,225
94,008
273,112
314,772
Total Revenues
-----------
2,056,818
-----------
-------------------
303,454
-------------------
5,225
-----------
94,008
-----------
-----------
2,459,505
-----------
-----------
2,451,402
-----------
Expenditures:
Current:
General government,
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Capital outlay
Debt service
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)
393,621
47,168
...
...
440,789
464,318
830,411
...
...
...
830,411
767,734
99,989
...
...
...
99,989
99,084
311,383
19,093
...
...
330,476
442,340
9,283
...
...
.•.
9,283
9,596
13,665
...
...
...
13,665
18,703
435,748
...
...
...
435,748
421,271
...
...
...
758,623
758,623
966,787
...
...
251,573
...
251,573
61,638
-----------
2,094,100
-----------
----------
66,261
----------
---------
251,573
---------
-----------
758,623
-----------
-----------
3,170,557
-----------
-----------
3,271,971
-----------
(37,282)
237,193
(246,348)
(664,615)
(711,052)
(820,569)
...
...
247,000
233,885
480,885
328,879
(61,752)
(247,000)
...
...
...
(182,134)
...
(490,886)
...
(523,738)
2,070,000
-----------
(61,752)
-----------
----------
(247,000)
----------
---------
247,000
---------
-----------
51,751
-----------
-----------
(10,001)
-----------
-----------
1,875,141
-----------
Expenditures and Other Uses (99,034) (9,807) 652 (612,864) (721,053) 1,054,572
Fund Balances - October 1 1,255,313 21,770 83,317 1,341,741 2,702,141 1,646,003
Residual equity transfer in ... ... ... ... ... 1,566
FUND BALANCES - SEPTEMBER 30 $ 1,156,279 $ 11,963 $ 83,969 $ 728,877 $ 1,981,088 $ 2,702,141
The notes to the financial statements are an integral part of this statement.
31
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
GENERAL, SPECIAL REVENUE, AND CAPITAL PROJECT FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1991
------------------------------------------
GENERAL FUND
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
Revenues:
------
------
-------------
Taxes
$ 1,276,550
$ 1,281,612
$ 5,062
Licenses and permits
37,000
28,917
(8,083)
Intergovernmental revenues
477,563
486,812
9,249
Charges for services
19,055
19,327
272
Fines and forfeitures
61,800
69,571
7,771
Miscellaneous revenues
131,651
170,579
38,928
Total Revenues
-----------
2,003,619
-----------
2,056,818
-----------
53,199
Expenditures:
-----------
-----------
-----------
Current:
General government
385,523
393,621
(8,098)
Public safety
822,664
830,411
(7,747)
Physical environment
98,208
99,989
(1,781)
Transportation
312,424
311,383
1,041
Economic environment
11,100
9,283
1,817
Human services
17,315
13,665
3,650
Culture and recreation
443,475
435,748
7,727
Capital outlay
...
...
Debt service
...
Total Expenditures
-----------
2,090,709
-----------
2,094,100
-----------
(3,391)
Excess (Deficiency) of Revenues
-----------
-----------
-----------
Over Expenditures
(87,090)
(37,282)
49,808
Other Financing Sources (Uses):
-----------
-----------
-----------
Operating transfers in
...
...
Operating transfers out
(53,752)
(61,752)
...
(8,000)
Revenue bond proceeds
...
..,
.
Total Other Financing Sources (Uses)
-----------
(53,752)
-----------
(61,752)
-----------
(8,000)
Excess (Deficiency) of Revenues and
-----------
-----------
-----------
Other Sources Over (Under)
Expenditures and Other Uses
(140,842)
(99,034)
41,808
Fund Balances - October 1
1,255,313
1,255,313
...
FUND BALANCES - SEPTEMBER 30
-----------
$ 1,114,471
-----------
$ 1,156,279
-----------
$ 41,808
The notes to the financial statements are an integral part of this statement.
32
SPECIAL
REVENUE
FUND
DEBT SERVICE
FUND
--------------------------
CAPITAL
PROJECTS
FUND
-----------------------------------------
VARIANCE
-----------------------------------
VARIANCE
VARIANCE
FAVORABLE
FAVORABLE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
$ ... $
...
$ ...
$ ...
$ ...
$ ... $
... $
...
$ ...
300,000
300,154
154
...
.•.
•••
" '
300
3,300
3,000
5,000
5,225
225
-------;---
91,913
-------;---
94,008
2,095
-
----------------------
300,300
----------------------
303,454
-----------
3,154
-----------
---------
5,000
---------
---------
5,225
---------
---------
225
--------------------
91,913
-----------
94,008
2,095
------
47,168
47,168
...
...
...
19,093
19,093
...
...
...
...
...
...
.••
�„
852,677
758,623
94,054
.
„ ,
••
...
...
251,800
251,573
227
•••
-----------
---------
---------------
66,261
----------------------
66,261
-----------
...
-----------
---------
251,800
---------
---------
251,573
---------
--------------------
227
--------------------
852,677
-----------
758,523
94,054
234,039
----------- -----------
237,193
3,154
-----------
(246,800)
---------
(246,348)
---------
452
--------------------
(760,764)
-----------
(664,615)
-----96_149
...
252,000
247,000
(5,000)
223,866
233,885
10,019
,,,
(252,000)
(247,000)
5,000
...
...
...
(170,114)
(182,134)
(12,020)
--------- -----------
(252,000)
----------------------
(247,000)
-----------
5,000
-----------
---------
252,000
---------
---------
247,000
---------
--------- -----------
(5,000) ----
---------
-------I---
53_752-----
51 751
-----------
(2,001)
-----
(17,961)
(9,807)
8,154
5,200
652
4,548
(707,012)
(612,864)
94,148
21,770
21,770
...
83,317
83,317
...
-----------
1,341,741
-----------
1,341,741
-----------
----------- -----------
$ 3,809 $
11,963
-----------
$ 8,154
---------
$ 88,517
---------
$ 83,969
---------
$ 4,548 $
634,729 $
728,877
$ 94,148
33
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, 1991
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
PROPRIETARY
ENTERPRISE
Operating Revenues:
Charges for services $ 1,638,810
Investment earnings ...
Contributions ...
Cemetery lot sales
Sale of recycled materials 4,381
Reimbursements ...
Total Operating Revenues 1,643,191
Operating Expenses:
Personal services
509,448
Utilities
141,650
Landfill
109,545
Administrative services
99,543
Repair and maintenance
116,259
Depreciation
280,237
Professional services
79,019
Insurance
56,726
Operating supplies
64,728
Office expense
15,762
Bad debt expense
2,525
Benefit payments
...
Refunds
...
Trustee/administrative fees
...
Medical claims
...
Total Operating Expenses 1,475,442
Operating Income (Loss) 167,749
Nonoperating Revenues (Expenses):
Interest revenue 218,686
Interest expense (241,253)
Grants 41,718
Rent 2,502
Total Nonoperating Revenues (Expenses) 21,653
Income Before Operating Transfers 189,402
Operating Transfers In 10,000
Net Income 199,402
Retained Earnings/Fund Balances - October 1 5,248,156
RETAINED EARNINGS/FUND BALANCES - SEPTEMBER 30 $ 5,447,558
The notes to the financial statements are an integral part of this statement.
34
TOTALS
FUND TYPES
FIDUCIARY
FUND TYPES
(MEMORANDUMS
-----------------------------
ONLY)
----------
INTERNAL
------------------------------
PENSION
NONEXPENDABLE
SERVICE
TRUST
TRUST
1991
1990
$ 209,889
$
$ ...
$ 1,848,699 $
1,611,238
...
331,05,
...
331,685
(38,585)
.,.
127,157
127,157
125,086
,..
...
13,950
13,950
12,300
...
...
4,381
...
34,881
...
...
34,881
----------------------
...
-----------
244,770
-----------
-----------
458,842
-----------
-----------
13,950
-----------
2,360,753
----------------------
1,710,039
.,,
..,
...
509,448
432,896
141,650
143,434
109,545
119,655
.,,
...
...
99,543
89,685
116,259
125,867
280,237
245,344
,,,
.,,
...
79,019
83,851
53,813
...
...
110,539
81,856
64,728
53,598
15,762
12,669
,,,
2,525
2,215
...
62,012
...
62,012
35,889
14,530
...
14,530
20,949
ON
30,278
...
37,656
44,205
201,253
...
...
201,253
-----------
92,945
-----------
262,444
-----------
106,820
-----------
...
-----------
1,844,706
-----------
1,585,058
-----------
(17,674)
-----------
-----------
352,022
-----------
-----------
13,950
-----------
-----------
516,047
----------------------
124,981
945
...
...
219,631
267,095
(241,253)
(247,330)
41,718
2,500
...
...
...
2,502
...
-----------
945
-----------
...
-----------
...
----------------------
22,598
-----------
22,265
-----------
(16,729)
-----------
352,022
-----------
13,950
-----------
538,645
147,246
-----------
-----------
-----------
10,000
----------------------
194,860
(16,729)
352,022
13,950
548,645
342,106
3,429
-----------
1,571,901
-----------
160,020
-----------
6,983,506
----------------------
6,641,400
$ (13,300)
$ 1,923,923
$ 173,970
$ 7,532,151 $
6,983,506
35
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1991
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (MEMORANDUMS ONLY)
---------------------- ------------- -----------------------
INTERNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1991 1990
---------- -------- --------- ---- ----
Cash Flows From Operating Activities:
Cash received from customers
$ 1,600,083
$ 238,804
$ 13,950
$ 1,852,837
$ 1,615,722
Cash payments to suppliers
(692,172)
(61,191)
...
(753,363)
(705,010)
Cash payments for employee services
(506,415)
...
...
(506,415)
(419,849)
Cash payments for medical claims
...
(189,919)
...
(189,919)
-----------
(85,051)
-----------
Net Cash Provided By
-----------
---------
---------
Operating Activities
401,496
(12,306)
13,950
403,140
405,612
Cash Flows From Noncapital
-----------
---------
---------
-----------
-----------
Financing Activities:
Operating transfer in
10,000
...
...
10,000
194,860
Grants
17,718
...
...
----------
17,718
2,500
Net Cash Provided by
-----------
---------
-----------
-----------
Noncapital Activities
27,718
...
...
27,718
-----------
197,360
-----------
Cash Flows From Capital and Related
-----------
---------
---------
Financing Activities:
Acquisition and construction
of capital assets
(307,512)
...
...
(307,512)
(745,388)
Principal paid on revenue bonds
(95,000)
...
...
(95,000)
(80,000)
Interest paid on revenue bonds
(243,429)
...
...
(243,429)
(249,179)
Contributed capital
18,996
...
...
18,996
104,435
Rent
2,502
...
...
2,502
...
Net Cash Provided (Used) By Capital
-----------
---------
---------
-----------
-----------
and Related Financing Activities
(624,443)
...
...
(624,443)
(970,132)
Cash Flows From Investing Activities:
-----------
---------
---------
-----------
-----------
Interest
221,098
945
...
222,043
267,345
Net Increase (Decrease) in Cash
-----------
---------
---------
-----------
-----------
and Cash Equivalents
25,869
(11,361)
13,950
28,458
(99,615)
Cash and Cash Equivalents at
Beginning of Year
3,124,353
11,361
160,020
3,295,734
3,395,349
Cash and Cash Equivalents at
-----------
---------
---------
-----------
-----------
End of Year
$ 3,150,222
$ ...
$ 173,970
$ 3,324,192
$ 3,295,734
The notes to the financial statements are
an integral part of this
statement.
36
Reconciliation of Operating Income
to Net Cash Provided (Used) by
Operating Activities:
Operating Income (Loss)
Adjustments to Reconcile Operating
Income to Net Cash Provided (Used)
by Operating Activities:
Depreciation
Change in Assets and Liabilities:
Decrease (Increase) in receivables
Decrease (Increase) in inventory
Decrease in prepaid expenses
Increase (Decrease) in accrued
expenses
Increase in payables
Total Adjustments
Net Cash Provided (Used) by
Operating Activities:
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (MEMORANDUMS ONLY)
---------------------- ------------- -----------------------
INTERNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1991 1990
------------------ ------------- ---- ----
$ 167,749 $ (17,674) $ 13,950 $ 164,025 $ 130,541
----------- ------------------ ----------- -----------
280,237
... ...
280,237
245,344
(57,444)
(10,000) ...
(67,444)
(13,810)
3,329
...
... ...
... ...
3,329
...
1,364
2,3o6
2,203
.. ...
2,203
4,176
5,422
-----------
15,368 ...
------------------
20,790
----------- -----------
35,891
233,747
-----------
5,368 ...
--------- ---------
239,115
----------------------
275,271
$ 401,496
$ (12,306) $ 13,950
$ 403,140 $
405,312
37
THIS PAGE INTENTIONALLY LEFT BLANK
38
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 govern-
ment 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.
Wt
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Included within the reporting entity:
The City of Clermont Employees' Retirement Systems
The City's general employees, police officers, and volunteer firemen
participate in the City's Employees Retirement Systems. These systems function
for the benefit of the employees and are governed by a seven- member pension
board which is made up of the five members of the City Council and a
representative of the police department and the volunteer fire department
respectively.
The City and retirement system participants are obligated to fund all
retirement system costs based on actuarial valuations. The City is authorized
to establish benefit levels.
Excluded from the reporting entity:
Lake Apopka Natural Gas District
The Lake Apopka Natural Gas District was established on June 20, 1959 by a
special act of the Florida legislature. The City of Clermont is one of three
member municipalities and is entitled to appoint one member to the Board of
Commissioners of the district. The Board of Commissioners is empowered to make
monetary distributions to the member municipalities of net current assets that
have not been reserved or designated for capital expansion. The City of
Clermont has no legal obligation on District debt or deficits nor does it
significantly influence the operation of the District.
Cooper Memorial Library
The Cooper Memorial Library is located within the city limits and provides
service to the residents of the City. The City holds title to the library
building and makes the annual mortgage note payment. The City also makes an
annual contribution to the Library. The Library Board selects and hires
management staff, establishes the budget, and is responsible for the operation
of the Library. The City does not appoint any of the Board members.
South Lake County Hospital Tax District
The South Lake Hospital Tax District operates South Lake Hospital which is
located within the City and provides service to residents of the City. The tax
district has a separate elected board. The City Council has no ability to
exercise influence in daily operations, approve budgets, or provide funding.
40
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
B. Fund Accounting - The accounts of the City are organized on the basis of
funds and account groups,.each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate set
of self -balancing accounts that comprise its assets, liabilities, fund
equity, revenue and expenditures, or expenses, as appropriate. Government
resources are allocated to and accounted for in individual funds based upon
the purposes for which they are to be spent and the means by which spending
activities are controlled. The various funds and account groups of the
City are as follows:
Governmental Funds -
1. General Fund - To account for all financial resources except those
required to be accounted for in another fund.
2. Special Revenue Fund - To account for the proceeds of specific revenue
sources (other than special assessments, expendable trusts or for major
capital projects) that are legally restricted to expenditure for
specified purposes.
3. Debt Service Fund - To account for the accumulation of resources for,
and the payment 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 pension
trust and agency funds. 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.
41
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Account Groups -
General Fixed Asset Account Group - is used to maintain control and
cost information for all fixed assets other than those accounted for in
the Proprietary and Nonexpendable Trust Funds.
General Long -Term Debt Account Group - is used to record the
outstanding long-term obligations not otherwise recorded in
Proprietary, Nonexpendable Trust and Pension Trust Funds.
C. Basis of Accounting - The accounting and financial reporting treatment
applied to a fund is determined by its measurement focus. All governmental
funds 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 state-
ments 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.
42
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
D. Budgets
The City follows these procedures in establishing the budgetary data re-
flected 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: legislative ($644), finance ($7,145),
planning ($235), other general government ($8,098), law enforcement
($7,535), fire control ($212), and public works ($1,781.)
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 in the utility fund is not budgeted while
debt principal payments and capital additions are budgeted as expenses in
all enterprise funds.
The City Manager is authorized to transfer budgeted amounts within
departments within any fund. However, any revisions that alter the total
expenditures of a department 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 impact fee, internal service
and trust and agency funds. Budget amounts for the governmental fund types
are reported in the combined financial statements. A comparison of
budgeted and actual (budgetary basis) expenses in the enterprise funds is
shown in notes to financial statements No. 2.
E. Assets, Liabilities and Fund Equity
1. Cash and Investments - Cash includes amounts in demand deposits as well
as short-term investments with a maturity date within three months of
the date acquired by the government. Investments are stated at cost or
amortized cost, except for investments in the deferred compensation
agency fund which are reported at market value.
43
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
2. Accounts Receivable From Other Governments - Those amounts that
represent a claim against another government, and are measurable, have
been accrued.
3. Receivables - The Water and Sewer System maintains the direct write-off
method of bad debt recognition due to the immateriality of the amounts.
The City has no concentrations of credit risk.
4. Inventories - Inventories are priced at lower of cost or market using
the first -in, first -out method. Inventories are maintained by the
General Fund and the Utility Fund. The City uses the consumption
method in expensing governmental fund inventories.
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 capitaliz-
ed. Improvements are capitalized and depreciated over the remaining
useful lives of the related fixed assets, as applicable.
Public domain ("infrastructure") general fixed assets consisting of
roads, bridges, curbs and gutters, streets and sidewalks, drainage
systems and lighting systems are capitalized by the City along with
other general fixed assets.
Assets in the general fixed assets account group are not depreciated.
Depreciation of buildings, equipment and vehicles in the proprietary
fund types is computed using the straight-line method, over the
following estimated useful lives:
Useful
Proprietary Type Funds Lives (,years)
Buildings 25 - 40
Land Improvements 5 - 40
Equipment - 3 35
44
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Interest is capitalized on proprietary fund assets acquired with tax-
exempt debt. The amount of interest to be capitalized is calculated by
offsetting interest expense incurred from the date of the borrowing
until completion of the project with interest earned on invested
proceeds over the same period.
T 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 - Legally authorized transfers from the fund
receiving revenue to the fund through which the resources are to be
expended, transfers of tax revenues from a special revenue fund to a
debt service fund, transfers from the general fund to a special revenue
or capital projects fund, operating subsidy transfers from the general
or a special revenue fund to an enterprise fund, and transfers from an
enterprise fund other than payments in lieu of taxes to finance general
fund expenditures.
4. Property Tax Recognition - The key dates in the property tax cycle
(latest date where appropriate) are as follows:
Assessment roll validated July 1
Millage resolution approved September 30
Beginning of fiscal year for which
taxes have been levied October 1
Tax bills rendered and due November 1
Property taxes payable:
Maximum discount November 30
Delinquent April 1
Tax certificates sold May 31
45
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Property taxes are collected and remitted by the county tax collector.
The City does not accrue its portion of county held tax sale
certificates because such amounts are neither measurable nor available
at balance sheet date.
The statutory maximum tax rates which may be assessed by the City are
as follows:
Ad valorem millage 10 mills
Utility tax
(Electric, gas, telephone) 10%
(Telecommunications) 7%
G. Total columns on the Combined Statements -Overview - Total columns on the
Combined Statements -Overview are captioned Memorandum Only to indicate that
they are presented only to facilitate financial analysis. Data in these
columns do not present financial position, results of operations, or
changes in cash flows in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation of this data.
2. Stewardship, Compliance, and Accountability:
A. Budget Revisions
The following schedule summarizes budget revisions by Fund:
General Fund
Special Revenue Fund:
Infrastructure
Impact Fee
Debt Service Fund:
Sales Tax Revenue Bond Sinking
Capital Projects Funds:
Palatlakaha Recreation Area
Building Construction
Original Final
Budget Revisions Budget
$ 2,063,525 $ 80,936 $ 2,144,461
345,500 (27,239) 318,261
... 251,800 251,800
60,000 212,001 272,001
1_,215,000 _(464,210) 750,790
$ 3,684,025 $ 53,288 $ 3,737,313
46
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
B. Enterprise Funds Budget Comparisons
Comparison of budgeted and actual (budget basis) expenses at the legal
level of control for the Enterprise Funds is presented as follows:
Actual (GAAP Basis)
Less:
Depreciation
Add:
Capital additions
Principal payments
Actual (Budget Basis)
Budget
Variance -favorable
(unfavorable)
3. Deposits and Investments:
Utilitv Fund Sanitation Stormwater
Water Sewer Fund Fund
$ 519,604 $ 719,052 $ 419,410 $ 58,630
(104,233) (149,454) ... ...
103,891 51,634 23,490
15,000 80,000 ...
534,262 701,232 442,900 58,630
528,750 748,875 475.587 58,145
$ (5,512) $ 47,643 $ 32,687 $ 485
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 depos-
its with qualified public depositories. Therefore, all City deposits are
entirely insured by FDIC or Florida's Multiple Financial Institution Collateral
Pool.
At year end, the carrying amount of the City's deposits was $1,904,461 and the
bank balance was $2,022,064.
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 an 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.
47
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
State statutes and the City's investment policies authorize investment in U.S.
Government Obligations, Federal Farm Credit Banks, Federal National Mortgage
Association Obligations and Repurchase Agreements.
Carrying Market
Value Value
Risk Category 3:
Repurchase Agreements $ 284,000 $ 284,000
(Secured by FNMA REMIC, due 9/25/14 @ 8.45%
held by bank in bank's name)
Investment in state treasurer's invest-
ment pool 3,169,972 3,169,972
Florida Municipal Pension Trust Fund 1,900,099 1,900,099
Deferred Compensation Plan 52,273 52,273
Total $ 5,406,344 $ 5,406,344
4. Changes In General Fixed Assets:
A summary of changes in general fixed assets is as follows:
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Totals
Balance -
09/30/90
$ 759,564
724,440
Additions
$ 47,168 $
551,824
Deletions
Balance
09/30/91
$ 806,732
1,276,264
2,509,662 298,871 ... 2,808,533
986,503 79,537 _ 17,934 1,048,106
$ 4,980,169 $ 977,400 $ 17,934 $ 5,939,635
5. A Summary of Proprietary Fund property, plant and equipment:
Transfers
Transfers
Balance
and
and
Balance
9 30 90
Additions
Deletions
9 30 91
Land $
927,606
$ ...
$ ...
$ 927,606
Water system
3,006,803
442,462
...
3,449,265
Sewer system
6,345,497
24,329
...
6,369,826
Equipment
572,203
36,384
...
608,587
Construction in progress
324,160
324,160
Total
11,176,269
$ 503,175
$ 324,160
11,355,284
Less: Accumulated depreciation
2,798,168
_ 280,237
3,078,404
Net $
8,378,101
$ 8,276,880
48
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, 1991, was $1,444,071.
Covered payroll for each of the defined benefit plans was:
General employees
Police officers
Volunteer firemen
$ 129,278
410,608
11,531
Membership in each of the defined benefit pension plans at September 30, 1991,
was as follows:
General
Police
Volunteer
Employees
Officers
Firefighters
Retirees/beneficiaries
currently receiving benefits
13
2
2
Vested terminated employees
1
0
0
Active employees:
Fully vested
5
2
3
Nonvested
0
15
17
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 Age 55; 10 years Age 55; 10 years
service service service
PARTIAL Age 60; 10 years Age 50; 10 years Age 50; 10 years
service service service
MONTHLY BENEFITS
2% of highest 5 year 2.25% of average $2.00 times years
average salary monthly earnings of creditable
times years of times years of service
creditable creditable
service service
49
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
For all plans the partially vested monthly benefit shall be the fully vested
amount reduced by 5/12th of 1% of said amount for each month that early retire-
ment 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, 1990, 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 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. 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 pror_normal_cost,using_
the valuation actuarial assumptions.
50
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, 1990. Significant actuarial
assumptions used in the valuation include:
(a) An 8 percent compounded annual return on the investment of present
and future assets.
(b) Projected salary increases due to:
Inflation Merit
General employees 2% 2%
Police officers 2% 3%
Firefighters 2% 3%
(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
General Police Volunteer
Employees Officers Firefil,.hters Total
$ 473,894 $ 281,882 $ 8,236 $ 764,012
-0- -0- 2,277 2,277
-0-
14,324
156
14,480
276,368
326,580
3,304
606,252
-0-
59,125
2,571
61 696
750,262
681,911
16,544
1,448,717
S 757,437 . 65 85,104 - 194,749 $ 1,637. 90
Unfunded pension benefit ob-
ligation/(assets in excess of
pension benefit obligation) $ (7,175) $ (3,193) $(178,205) $ (188,573)
51
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Contributions Rer;uired 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, 1991, contributions were made in accordance
with contribution requirements by actuarial valuations of each of the plans as
of October 1, 1990.
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
$ 38,690 $ 30,484 $ 1,111
$ 38,690 $ ... $ ...
31,163 9,594
38,690 31,163 $ 9,594
$ 38,690
$ 129,278
4,217
$ 35,380
aa:sa:aaa
$ 410,608
29.93% 2.34%
1.02%
29.93% 3.36%
110
$ 9,704
83.20%
.95%
84.15%
52
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
xxsxssssaaaaaa-aria:mmmaassmasssamasa:smamssamxssssxmxssxxmsssssxxaxxxxxxxasmsaax
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, 1991, 1990, and 1989. 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:
1991
1990
1989
Police Officers:
1991
1990
1989
Volunteer Firefighters:
100.96
78.49
94.12
100.47
87.04
74.21
Unfunded PBO
as a percentage
of covered
Dayroll
(5.55)
133.11
25.64
(.78)
22.66
56.24
Employer's
contribution
as a percentage
of covered Pavrol
29.93
28.65
5.58
2.34
7.95
7.31
1991 1,177.16 (1,545.44) 83.20
1990 1,039.43 (2,051.91) 178.30
1989 590.69 (2,173.25) 144.46
GENERAL EMPLOYEE DEFINED CONTRIBUTION PENSION PLAN
The defined Contribution Pension Plan for General Employees of the City of
Clermont was established October 1, 1985, as defined in Chapter 16, Article IV,
of the Clermont Code.
This Plan is available to all permanent general employees of the City at
September 30, 1985, who elected participation in this plan and all permanent
general employees hired by the City on or after October 1, 1985.
Employees are fully vested in the Plan after ten years of service. The
following is the partial vesting schedule:
YEARS OF SERVICE
Less than five years
5 years
6 years
7 years
8 years
9 years
10 years
VESTED INTEREST
0%
50%
60%
70%
80%
90%
100%
53
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Membership in the defined contribution pension plan at September 30, 1991, was
as follows:
General Employees
Retirees and beneficiaries
currently receiving benefits 0
Vested terminated employees 2
Active employees:
Fully vested 8
Partially vested 7
Nonvested 24
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 1991 was $772,644; the City's total pay-
roll was $1,444,071.
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 1991 was $54,085, or seven percent
(7%) of covered payroll, less forfeitures of $11,058. Actual contribution was
$43,383.
7. Post -retirement Benefits:
Retired or terminated employees have the option of continuing the same type of
health, dental, or life 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 -al-lincome--
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.
aA
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, stormwater 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 September 30, 1991, there were claims outstanding in the amount of $19,267.
Claims paid during the fiscal year amounted to $201,253. No amount has been
accrued for any unreported claims as information available does not indicate
any probability of such claims.
10. General Long -Term Debt:
The following is a summary of changes in notes payable and bonds outstanding
for the year ended September 30, 1991:
Bonds and note payable
at October 1, 1990
Retirements
Bonds and Note Payable
At September 30, 1991
Note
Bonds Pavable Total
$ 2,070,000 $ 66,812 $2,136,812
(110,000) (4,416) �(114,416)
$ 1,960,000 $ 62,396 $2,022,396
55
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Bonds and notes payable at September 30, 1991, are comprised of the following
individual issues:
Note payable to NCNB National Bank, dated May 23, 1980, due
in 24 annual installments of $4,417 each, starting May 23,
1982, plus interest at 5 1/2% per annum, secured by the
gasoline tax revenues of the City. Balance 9-30-91 $ 62,396
$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 9-30-91 1.960,000
Total General Long Term Debt $ 2,022,396
The annual requirements to amortize all general long-term debt outstanding as
of September 30, 1991, including interest payments of $1,019,343, are as
follows:
YEAR ENDING
NOTE
SEPTEMBER 30
BONDS
PAYABLE
TOTAL
1992
$ 259,954
$ 7,848
$ 267,802
1993
258,024
7,605
265,629
1994
260,344
7,362
267,706
1995
262,220
7,119
269,339
1996
258,376
6,876
265,252
1997 - 2001
1,265,422
30,735
1,296,157
2002 - 2006
389,082
20,772
409-854
$ 2,953,422 $ 88,317 $ 3,041,739
---------------------_--------
11. Enterprise Funds Long -Term Debt:
The following is a summary of changes in bonds outstanding for the year ended
September 30, 1991:
1972 1988
Issue Issue Total
Bonds payable - October 1, 1990 $ 1,265,000 $ 2,180,000 $ 3,445,000
Retirements ��65,000) (30,000) (95,000)
Bonds Payable - September 30, 1991---$--1,200,000 $-2-,150,000 $-3,350,000--
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
The debt is comprised of the following individual issues:
$1,540,000 1972 Water and Sewer revenue refunding bonds due
serially in annual installments of $50,000 to $135,000
starting starting November 1, 1985 through November 1,
2002; interest at 6% due semianually $ 1,200,000
$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 2,150,000
Total Bonds Payable $ 3,350,000
Bonds Payable:
Current portion of bonds payable $ 105,000
Long-term portion of bonds payable _ 3,245,000
Total Bonds Payable $ 3,350,000
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 bonds outstanding as of September 30,
1991, including interest payments of $3,224,340, are as follows:
YEAR ENDING
SEPTEMBER 30
1992
1993
1994
1995
1996
1997 2001
2002 - 2006
2007 - 2011
2012 - 2016
TOTAL
$ 339,689
338,256
336,436
339,084
336,204
1,687,099
1,261,631
971,941
964,000
$ 6,574,340
57
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
12. Interfund Receivables/Payables:
Individual fund interfund receivable and payable balances at September 30,
1991, are as follows:
General Fund
Utility Revenue Fund
Sanitation Fund
Stormwater Fund
Capital Project Funds:
Palatlakaha Recreation Area Fund
Building Construction Fund
General Employees Pension Trust Fund
Police Pension Trust Fund
Fire Pension Trust Fund
Infrastructure Fund
Group Self Insurance Fund
Totals
13. Reserved Fund Balances and Retained Earnings:
Interfund Interfund
Receivables Pam abler
$ ... $ 13,880
107,861 3,514
... 107,043
11,861 422
14,867 ...
... 14,867
23,780 ...
33
11
... 15,047
3.640
$ 158,413 $ 158,413
Fund Balance - Reserves have been established for the following items:
Reserved for Police Education - Funds reserved by
state statute for training of police officers. $ 6,554
Reserved for Inventory '- Funds expended for goods
that will be used in the following year. 4,098
Reserved for Recreation - Funds provided by de-
velopers 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. 173,970
Reserved for Employees' Retirement Systems - Funds
restricted for payment of retirement benefits 1,923,923
Total Reserved Fund Balances $ 2,127,152
58
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS.
___s___________��____________________________a__m____�___a__6_ssa�_-g=-=_s=_
Retained Earnings - Reserves have been established in accordance with both the
covenants of the City's bond indentures for the following items in the Enter-
prise Funds:
Reserved for Sinking Fund - Funds restricted for
the payment of principal and interest.
1972 series $ 29,687
1988 series 1,952
Reserved for Reserve Account - Funds restricted
for future servicing of the revenue bonds (maxi-
mum amount of debt service due in any ensuing
year.) 142,000
Reserved for Improvement, Repair and Replacement -
Funds restricted for meeting of various contingen-
cies as may be specified and defined in the
indenture. 150,000
Reserved for Utility Benefit Fees - Funds
restricted for utility expansion. 894,377
Total Reserved Retained Earnings $ 1,218,016
14. Changes in Contributed Capital:
Balance October 1, 1990 $ 2,648,111
Contributions from developers 18.996
Balance September 30, 1991 $ 2,667,107
15. Segment Information:
The City maintains three Enterprise Funds which provide sanitation, water and
sewer, and stormwater services. Segment information for the year ended
September 30, 1991, is as follows -
UTILITY SANITATION STORMWATER ENTERPRISE
FUND FUND FUND FUNDS
Operating Revenues $
1,062,790 $
Depreciation
253,687
Operating Income
65,388
Operating transfer in
...
Net Income
56,998
Current Capital -Contributions
18,996
Plant, Property and Equipment:
Additions
103,891
Net Working Capital
1,522,747
Total Assets
11,077,844
Bonds and Other Long -Term
Liabilities:
Payable From Operating Revenues
3,245,000
Total Equity
7,560,918
440,216 $ 140,185 $ 1,643,191
26,550 ... 280,237
20,806 81,555 167,749
10,000 ... 10,000
59,690 82,714 199,402
... ... 18,996
51,634 155,525
259,308 82,714 1,864,769
591,583 84,429 11,753,856
... ... 3,245,000
471,033 82,714 8,114,665
59
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
16. Contingencies:
The City is not aware of any pending or threatened litigation which would not
be covered by insurance.
17. Other Matters:
The City of Clermont, together with several other cities in Lake County, has
disagreed with the County over the amounts charged the cities for disposal of
its solid waste at the County's incinerator. In an effort to force the County
to resolve the matter, the City on January 28, 1992, authorized the withholding
of a percentage of the County's solid waste tipping fee representing amounts
the City believes they were overcharged from March 1, 1991 to December 5, 1991.
The City has established a separate fund with an escrow account to accumulate
the amount they feel representative of the overcharges for the above -mentioned
time period.
W
COMBINING AND INDIVIDUAL FUND
ACCOUNT GROUP STATEMENTS
These financial statements provide a more detailed view of the
"General Purpose Financial Statements" presented in the
preceding subsection.
Combining statements are presented when there are more
than one fund of a given fund type. Individual fund and
account group statements are presented when there is only
one fund of a given type and for the account group. They are
also necessary to present budgetary comparisons.
GOVERNMENTAL FUND TYPES
61
THIS PAGE INTENTIONALLY LEFT BLANK
62
GENERAL FUND
The General Fund accounts for all revenues and expenditures of the City
which are not required to be accounted for in other funds. It receives a
greater variety and number of taxes and other general revenues than any
other fund.
63
CITY OF CLERMONT, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1991 AND 1990
ASSETS
1991
1990
Cash
$ 13,234
$ 3,290
Investments
1,135,136
1,231,197
Receivables:
Interest
8,539
13,055
Accounts
15,136
15,457
Assessments
29,469
...
Interfund
...
13,871
Due from other governments
18,034
36,079
Inventory
4,098
-----------
3,637
-----------
TOTAL ASSETS
$ 1,223,646
$ 1,316,586
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 42,734 $ 42,124
Other accrued expenses 10,753 5,668
Interfund payables 13,880 13,481
----------------------
Total Liabilities 67,367 61,273
Fund Balance:
Reserved for police education 6,554 3,934
Reserved for inventory 4,098 3,637
Reserved for recreation 18,607 18,607
Unreserved, designated for capital replacement 83,935 93,935
Unreserved, undesignated 1,043,085 1,135,200
Total Fund Balance 1,156,279 1,255,313
---- ------- -----------
TOTAL LIABILITIES AND FUND BALANCE $ 1,223,646 $ 1,316,586
64
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1990
----------------
VARIANCE
FAVORABLE
1990
BUDGET
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
Revenues:
Taxes
------
$ 1,276,550
$ 1,281,612
$ 5,062
$ 1,143,268
Licenses and permits
37,000
28,917
(8,083)
25,688
Intergovernmental revenues
477,563
486,812
9,249
547,878
Charges for services
19,055
19,327
272
8,585
Fines and forfeitures
61,800
69,571
7,771
40,572
Miscellaneous revenues
131,651
170,579
38,928
168,410
Total Revenues
-----------
2,003,619
-----------
2,056,818
-----------
-----------
53,199
-----------
-----------
1,934,401
-----------
Expenditures:
-----------
General government
385,523
393,621
(8,098)
381,694
Public safety
822,664
830,411
(7,747)
767,734
Physical environment
98,208
99,989
(1,781)
99,084
Transportation
312,424
311,383
1,041
303,211
Economic environment
11,100
9,283
1,817
9,596
Human services
17,315
13,665
3,650
18,703
Culture and recreation
443,475
435,748
7,727
403,535
Total Expenditures
-----------
2,090,709
-----------
2,094,100
-----------
-----------
(3,391)
-----------
-----------
1,983,557
-----------
Excess (Deficiency) of Revenues
-----------
Over Expenditures
(87,090)
(37,282)
49,808
-----------
(49,156)
-----------
Other Financing Sources (Uses):
-----------
-----------
Operating transfers in
...
...
..
32,732
Operating transfers out
(53,752)
-----------
(61,752)
-----------
(8,000)
-----------
(194,860)
-----------
Total Other Financing
Sources (Uses)
(53,752)
(61,752)
-----------
(8,000)
-----------
(162,128)
-----------
Excess (Deficiency) of Revenues
-----------
over Expenditures and Other
Sources (Uses)
(140,842)
(99,034)
41,808
(211,284)
Fund Balance - October 1
Residual equity transfer in
FUND BALANCE - SEPTEMBER 30
1,255,313
-----------
$ 1,114,471
1,255,313
$ 1,156,279
$ 41,808
1,465,031
1,566
$ 1,255,313
65
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1990
Taxes:
Ad valorem
Local option gas 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
BUDGET ACTUAL (UNFAVORABLE)
------ -------------------
$ 392,900 $ 393,354 $ 454
147,000 149,227 2,227
294,500 300,116 5,616
442,150 438,915 (3,235)
--------------------------------
1,276,550 1,281,612
-------------- --------
21,000 20,067
16,000 8,850
----------------------
37,000 28,917
1990
ACTUAL
$ 333,249
151,744
299,891
358,384
5,062 1,143,268
---------------------
(933) 13,956
(7,150) 11,732
---------------------
(8,083) 25,688
30,043
30,024
(19)
32,539
159,470
164,541
5,071
180,999
10,000
11,295
1,295
10,875
6,500
5,530
(970)
5,668
207,000
206,746
(254)
210,087
3,200
4,525
1,325
3,816
14,500
15,288
788
15,354
44,000
44,178
178
43,125
150
•••
24 5
95
37,500
92
2,700
4,440
1,740
3,164
• • •
-----------
• • •
---------------------
• • •
-----------
4,659
477,563
-----------
486,812
---------------------
9,249
-----------
_547,878
Continued
66
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1990
VARIANCE
FAVORABLE 1990
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
Charges for Services:
Program activity fees $ 19,055 $ 19,327 $ 272 $ 8,585
--------------------------------------------
Fines and forfeitures
Court fines 60,000
66,083
6,083
37,204
Police education 1,300
2,768
1,468
1,988
False alarms 500
----------------------
720
-----------
220
-----------
1,380
Total 61,800
----------------------
69,571
-----------
7,771
-----------
40,572
Miscellaneous:
Impact fees
...
29,468
29,468
...
Interest
104,000
106,647
2,647
135,353
Rentals
12,512
8,876
(3,636)
11,357
Memorial sales
1,000
728
(272)
546
Surplus equipment sales
1,500
4,060
2,560
296
Contributions
5,265
7,622
2,357
13,083
Other miscellaneous
7,374
-----------
13,178
----------------------
5,804
7,775
-----------
Total
131,651
-----------
170,579
----------------------
38,928
168,410
-----------
TOTAL REVENUES
$ 2,003,619
$ 2,056,818 $
53,199
$ 1,934,401
67
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE
--------------------------------------------------------------------------------------
YEAR ENDED
SEPTEMBER 30, 1990
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1990
----
General Government Services:
------
------
-------------
---------------------------
City Council:
Personal services $
6,593
$ 6,593
$ ••• $
6,518
Operating expenses
2,300
2,944
(644)
4,473
-----------
Total Legislative
8,893
-----------
9,537
-----------
----------------------
(644)
----------------------
10,991
-----------
City Manager:
Personal services
76,744
76,477
267
66,606
Operating expenses
7,800
8,061
(261)
7,698
Capital outlay
2,273
1,995
278
. 185
-----------
Total Executive
86,817
-----------
86,533
----------------------
284
74,489
-----------
Finance and Administrative:
-----------
----------------------
Personal services
94,480
96,193
(1,713)
85,373
Operating expenses
55,000
59,748
(4,748)
56,089
Capital outlay
2,157
2,841
(684)
17,172
Debt service
...
...
...
-----------
2,800
-----------
Total Finance and
-----------
-----------
Administrative
151,637
158,782
(7,145)
-----------
161,434
-----------
Legal Counsel:
-----------
-----------
Operating expenses
11,200
10,815
385
-----------
9,233
-----------
Total Legal Counsel
-----------
11,200
-----------
10,815
-----------
-----------
385
----------------------
9,233
Planning and Zoning:
Personal services
74,517
65,639
8,878
59,480
Operating expenses
34,500
43,977
(9,477)
41,936
Capital outlay
1,166
802
364
929
-----------
Total Planning and Zoning
-----------
110,183
-----------
110,418
-----------
----------------------
(235)
----------------------
102,345
Other General Government:
Operating expenses 16,793 17,536 (743) 23,202
--------------------------------------------
-Total- General
Government Services 385,523 393,621 (8,098) 381,694
--------------------------------------------
Continued
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1990
Public Safety:
-------------
Law Enforcement:
Personal services
Operating expenses
Capital outlay
Total Law
Enforcement
Fire Control:
Personal services
Operating expenses
Capital outlay
Debt service
Total Fire Control
BUDGET
$ 638,350
91,749
53,755
783,854
13,700
23,080
2,030
e .
38,810
Total Public Safety 822,664
Physical Environment:
Public Works:
Personal services 72,503
Operating expenses 25,705
Capital outlay ...
Total Physical Environment 98,208
Transportation:
--------------
Road and Streets:
Personal servcies
Operating expense
Capital outlay
Total Transportation
VARIANCE
FAVORABLE
ACTUAL (UNFAVORABLE) 1990
------------------- ----
$ 633,249
$ 5,101 $
582,480
106,428
(14,679)
93,759
51,712
-----------
2,043
----------------------
41,525
791,389
-----------
(7,535)
----------------------
717,764
14,262
(562)
10,722
22,765
315
19,535
1,995
35
...
...
...
19,713
- - - --- - - - - -
39,022
-----------
-- - -- - - - - - - - --
(212)
----------------------
- - -- - -- -
49,970
830,411
-----------
(7,747)
----------------------
767,734
68,098
4,405
62,273
29,587
(3,882)
33,138
2,304
(2,304)
3,673
----------------------
99,989
-----------
(1,781)
99,084
$ 114,550 $ 116,331 $ (1,781) $ 163,261
155,222 152,401 2,821 139,950
42,652 42,651 1 ...
--------------------------------------------
312,424 311,383 -1,041 303,211
--------------------------------------------
Continued
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1990
Economic Environment:
--------------------
Economic Development:
Operating expenses
Total Economic
Development
Human Services:
--------------
Animal Control:
Personal services
Operating expenses
Total Human Services
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
11,100
11,100
13,000
4,315
17,315
56,500
8,100
64,600
220,285
104,725
53,865
378,875
443,475
$ 2,090,709
VARIANCE
FAVORABLE
ACTUAL (UNFAVORABLE)
9,283
9,283
10,092
3,573
13,665
55,724
8,091
63,815
1,817
1,817
2,908
742
3,650
776
9
785
1990
9,596
9,596
12,057
6,646
18,703
61,259
8,334
69,593
198,453
21,832
186,333
125,263
(20,538)
78,122
48,217
-----------
5,648
----------------------
69,487
371,933
-----------
6,942
----------------------
333,942
435,748
7,727
403,535
$ 2,094,100 $ (3,391) $ 1083,557
70
SPECIAL REVENUE FUNDS
The Special Revenue Funds are used to account for the proceeds of
specific revenue sources (other than special assessments, expendable trust,
or major capital projects) that are legally restricted to expenditure for
specified purposes. Certain administrative expenses are paid by the
General Fund.
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.
IMPACT FEE FUND
To account for the Recreation, Police and Fire Impact Fees collected from
new developments constructed in the City.
71
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
INFRA -
IMPACT
TOTALS
STRUCTURE
FEE
-----------------------
ASSETS FUND
FUND
1991
1990
Cash $ ...
$ 3,010
$ 3,010 $
67,691
Due from other government 24,000
...
24,000
26,000
TOTAL ASSETS $ 24,000
$ 3,010
$ 27,010 $
93,691
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable
$ ...
$ ...
$ ...
$ 125
Contracts payable
...
...
...
57,530
Interfund payables
15,047
---------
...
---------
15,047
---------
14,266
---------
Total Liabilities
15,047
...
15,047
71,921
Fund Balance
8,953
---------
3,010
---------
11,963
---------
21,770
---------
TOTAL LIABILITIES AND FUND BALANCE
$ 24,000
$ 3,010
$ 27,010
$ 93,691
72
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND, -BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1990
INFRA - IMPACT TOTALS
STRUCTURE FEE -----------------------
FUND FUND 1991 1990
---- ---- ---- ----
Revenues:
Intergovernmental
$ 300,154
$ ...
$ 300,154
$ 370,639
Interest
290
25
315
9,610
Impact fees
...
---------
2,985
---------
2,985
---------
...
---------
Total Revenues
300,444
3,010
303,454
380,249
Expenditures:
Current:
General government
47,168
...
47,168
83,124
Transportation
19,093
.o.
19,093
139,129
Culture and recreation
...
---------
,..
---------
...
---------
17,736
---------
Total Expenditures
66,261
---------
...
---------
66,261
---------
239,989
---------
Excess of Revenues Over
Expenditures
234,183
3,010
237,193
140,260
Operating Transfers (Out)
(247,000)
---------
...
---------
(247,000)
---------
(296,147)
---------
Excess of Revenues Over
(Under) Expenditures and
Operating Transfers
(12,817)
3,010
(9,807)
(155,887)
Fund Balance - October 1
21,770
...
21,770
177,657
FUND BALANCE - SEPTEMBER 30
$ 8,953
$ 3,010
$ 11,963
$ 21,770
73
CITY OF CLERMONT, FLORIDA
INFRASTRUCTURE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
..CHANGES IN FUND BALANCE BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1990
-------------------------
VARIANCE
FAVORABLE 1990
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
Revenues:
Intergovernmental $ 300,000 $ 300,154 $ 154 $ 370,639
Interest 300 290 (10) 9,610
------------------------------------
Total Revenues 300,300 300,444 144 380,249
------------------------------------
Expenditures:
Current:
General government 47,168 47,168 ®.. 83,124
Transportation 19,093 19,093 ••. 139,129
Culture and recreation ... ... ... 17,736
Total Expenditures 66,261 66,261 ... 239,989
Excess of Revenues Over
Expenditures 234,039 234,183 144 140,260
Operating Transfers (Out) (252,000) (247,000) 5,000 (296,147)
------ --------- --------- ---------
Excess of Revenues Over
(Under) Expenditures and
Operating Transfers (17,961) (12,817) 5,144 (155,887)
Fund Balance - October 1 21,770 21,770 ... 177,657
------------------------------------
FUND BALANCE - SEPTEMBER 30 $ 3,809 $ 8,953 $ 5,144 $ 21,770
74
CITY OF CLERMONT, FLORIDA
IMPACT FEE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1990
VARIANCE
FAVORABLE 1990
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
Revenues:
Interest $ ... $ 25 $ 25 $ ...
Impact fees ... 2,985 2,985 ...
--------- --------- --------- ---------
Total Revenues ... 3,010 3,010 ...
--------- --------- --------- ---------
Expenditures: ... ... ... ...
--------- --------- --------- ---------
Excess of Revenues
Over Expenditures ... 3,010 3,010 ...
Fund Balance - October 1 ... ... ... ...
--------- --------- --------- ---------
FUND BALANCE - SEPTEMBER 30 $ ... $ 3,010 $ 3,010 $ ...
0
75
THIS PAGE INTENTIONALLY LEFT BLANK
76
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.
77
Cash
TOTAL ASSETS
CITY OF CLERMONT, FLORIDA
SALES TAX REVENUE BOND SINKING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1991 AND 1990
ASSETS
FUND BALANCE
------------
Reserved for debt service
TOTAL FUND BALANCE
TOTALS
----------------------------
1991 1990
$ 83,969
$ 83,969
$ 83,969
$ 83,969
$ 83,317
$ 83.317
$ 83,317
$ 83,317
78
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, 1991
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1990
Revenues:
Interest
Expenditures:
Debt Service:
Fees
Interest
Principal
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources:
Operating transfers in
Excess of Revenues and
Other Financing Sources
Over Expenditures and
Other Financing Uses
Fund Balance - Beginning of Year
FUND BALANCE - END OF YEAR
1991
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE) 1990
------ ------------------- ----
$ 5,000 $ 5,225 $ 225 $ 2,639
------------------------------------
1,800
140,000
110,000
251,800
1,621
139,952
110,000
251,573
(246,800) (246,348)
179
48
227
81,638
81,638
452 (78,999)
252,000 247,000 (5,000) 162,316
------------------------------------
5,200 652 4,548 83,317
83,317 83,317 ... ...
------------------------------------
$ 88,517 $ 83,969 $ 4,548 $ 83,317
79
THIS PAGE INTENTIONALLY LEFT BLANK
80
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).
PALATLAKAHA RECREATION AREA FUND
To account for the acquisition of land and development of the Palatlakaha
Recreation Area Park. 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 of the Public Services Complex, and Public
Safety Building. Financing will be obtained from the 1989 Sales Tax
Revenue Bond proceeds and the Local Government Infrastructure Surtax.
81
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
PALATLAKAHA TOTALS
RECREATION BUILDING --------------------------
AREA CONSTRUCTION 1991 1990
---------------- ---- ----
ASSETS
Cash $ ... $ ... $ ... $ 15,707
Investments ... 799,822 799,822 1,501,205
Interest receivable ... 1,841 1,841 3,577
Interfund receivables 14,867 ... 14,867 14,266
TOTAL ASSETS $ 14,867 $ 801,663 $ 816,530 $ 1,534,755
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable
$ 14,867 $ 10,712
$ 25,579
$ 14,266
Contracts payable
... 6,582
6,582
164,877
Retainage payable
... 40,625
40,625
...
Interfund payables
... 14,867
----------------------
14,867
-----------
13,871
-----------
Total Liabilities
14,867 72,786
87,653
193,014
Fund Balance
... 728,877
------------------- ---
728,877
-----------
1,341,741
-----------
TOTAL LIABILITIES AND
FUND BALANCE $ 14,867 $ 801,663 $ 816,530 $ 1,534,755
[-IN
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1990
Revenues:
Miscellaneous:
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
Operating transfer (out)
Revenue bond proceeds
Total Other Financing
Sources (Uses)
PALATLAKAHA TOTALS
RECREATION BUILDING --------------------------
AREA CONSTRUCTION 1991 1990
---------------- ---- ----
$ 367 $
... $
367
$ 4,594
3,247
----------------------
90,394
-----------
93,641
129,519
-----------
3,614
----------------------
90,394
-----------
94,008
134,113
-----------
Goo
.0.
...
15,321
...
12,134
12,134
23,374
...
464,468
464,468
57,203
282,021
----------------------
...
-----------
282,021
870,889
-----------
282,021
----------------------
476,602
-----------
758,623
966,787
-----------
(278,407)
(386,208)
(664,615)
(832,674)
233,885
...
233,885
133,831
...
(182,134)
(182,134)
(32,731)
...
-- ------- -- -----
..m
-- ---- --
...
----- -- --
2,070,000
-----------
233,885
---------------
(182,134)
------- -----------
51,751
2,171,100
-----------
Excess of Revenues and
Other Financing Sources
Over (Under) Expenditures
and Other Financing Uses (44,522) (568,342) (612,864) 1,338,426
Fund Balance - October 1 44,522 1.297,219 1,341,741 3,315
--------------------------------------------
$ ••• $ 728,877 $ 728,877 $ 1,341,741
FUND BALANCE - SEPTEMBER 30
83
CITY OF CLERMONT, FLORIDA
PALATLAKAHA RECREATION AREA FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS,FOR THE YEAR ENDED SEPTEMBER 30, 1990
1991
---=------------------------------------
VARIANCE
FAVORABLE 1990
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
Revenues:
Contributions $
367
$ 367 $
...
$ 4,594
Interest
-----------
3,246
3,247
----------------------
1
37,731
-----------
Total Revenues
-----------
3,613
3,614
----------------------
1
42,325
-----------
Expenditures:
Capital outlay
-----------
272,001
282,021
----------------------
(10,020)
870,889
-----------
Excess of Revenues Over
(Under) Expenditures
(268,388)
(278,407)
00,019)
(828,564)
Other Financing Sources (Uses):
Operating transfers in
223,866
233,885
10,019
95,202
Operating transfers out
...
...
...
(32,731)
Revenue bond proceeds
-----------
...
...
...
807,300
Total Other Financing
----------------------
-----------
Sources (Uses)
-----------
223,866
233,885
----------------------
10,019
869,771
-----------
Excess of Revenues and Other
Financing Sources Over
Expenditures and Other
Financing (Uses)
(44,522)
(44,522)
...
41,207
Fund Balance - October 1
-----------
44,522
44,522
----------------------
...
3,315
-----------
FUND BALANCE - SEPTEMBER 30 $
...
$ .,. $
...
$ 44,522
84
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, 1991
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1990
----------------------------------------
1991
VARIANCE
FAVORABLE
1990
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
Revenues:
Interest $
-----------
88,300
$ 90,394
-----------
$ 2,094 $
------ ----- -----------
91,788
Expenditures:
Capital outlay
-----------
580,676
476,602
-------- ---
104,074
----------- -----------
95,898
Excess of Revenues
Over (Under)
Expenditures
(492,376)
(386,208)
106,168
(4,110)
Other Financing Sources (Uses):
Operating transfers in
..,
...
...
38,629
Operating transfers out
(170,114)
(182,134)
(12,020)
...
Revenue bond proceeds
ss•
...
...
1,262,700
-----------
Total Other Financing
-----------
----------------------
Sources (Uses)
-----------
(170,114)
(182,134)
-----------
(12,020)
----------------------
1,301,329
Excess of Revenues and Other
Financing Sources Over
(Under)Expenditures and
Other Financing Uses (662,490)
Fund Balance - October 1 1 297 219
FUND BALANCE - SEPTEMBER 30
, ,
$ 634,729
(568,342)
1,297,219
$ 728,877
94,148 1,297,219
85
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86
PROPRIETARY FUND TYPES
87
THIS PAGE INTENTIONALLY LEFT BLANK
88
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.
STORMWATER UTILITY FUND
To account for the construction and maintenance of stormwater drainage
systems within the City. All activities necessary to the provision of this
service is accounted for in this fund.
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
TOTALS
UTILITY
SANITATION
STORMWATER
---------- --------------
ASSETS
FUND
FUND
FUND
1991
1990
Current Assets:
----
----
----
----
Cash
$ 28,046
$ 69,968
$ 72,568
$ 170,582 $
4,824
Investments
1,372,660
156,254
...
1,528,914
1,614,367
Receivables:
Interest
6,690
...
6,690
91100
Accounts
153,058
153,058
126,472
Other
495
578
...
1,073
633
Interfund
107,861
...
11,861
119,722
89,303
Inventory
22,211
...
...
22,211
25,540
Due from other governments
24,000
------------
...
-----------
...
-----------
24,000
------------ ------------
...
Total Current Assets
1,561,963
------------
379,858
84,429
2,026,250
1,870,239
Restricted Assets:
-----------
-----------
------------------------
Cash
91,038
...
91,038
274,235
Investments
1,359,688
------------
...
-----------
...
-----------
1,359,688
------------------------
1,230,928
Total Restricted Assets
1,450,726
------------
...
-----------
...
-----------
1,450,726
------------------------
1,505,163
Property, Plant and Equipment:
Land
Water system
927,606
3,449,265
...
927,606
927,606
Sewer system
6,369,826
...
...
3,449,265
6,369,826
3,006,803
6,345,497
Machinery and equipment
228,368
380,219
...
608,587
572,203
Construction in progress
...
------------
...
-----------
...
-----------
...
------------
324,160
------------
10,975,065
380,219
...
11,355,284
11,176,269
Less accumulated depreciation
2,909,910
------------
168,494
-----------
...
-----------
3,078,404
------------
2,798,168
------------
Net Property, Plant
and Equipment
8,065,155
------------
211,725
-----------
...
-----------
8,276,880
------------
8,378,101
------------
TOTAL ASSETS
$ 11,077,844
$ 591,583
$ 84,429
$ 11,753.856
$ 11,753.503
___=_____=__
==__=__==_-
90
UTILITY
LIABILITIES AND FUND EQUITY
FUND
---------------------------
Liabilities:
----
Current Liabilities (payable
from current assets):
Accounts payable
$ 22,453
Other accrued expenses
13,249
Contracts payable
Interfund payables
3,514
Total Current Liabilities
------------
(payable from current
assets)
39,216
Current Liabilities (payable from
------------
restricted assets):
Construction contracts
...
Deposits
42,442
Revenue bond interest
85,268
Revenue bonds
105,000
Total Current Liabilities
-------------
(payable from restricted
assets)
232,710
Long-Term Liabilities:
------------
Revenue bonds (net of
current portion)
3,245,000
Total Liabilities
------------
3,516,926
Fund Equity:
------------
Contributed capital
2,565,385
Retained Earnings:
------------
Reserved
1,218,016
Unreserved
3,777,517
Total Retained Earnings
------------
4,995,533
Total Fund Equity
------------
7,560,918
TOTAL LIABILITIES AND
---------- -
FUND EQUITY
$ 11,077.844
==____==__=_
TOTALS
SANITATION
STORMWATER
----------------------------
FUND
----
FUND
----
1991
----
1990
----
$ 7,703
$ 55
$ 30,211 $
40,169
5,804
1,238
20,291
18,332
...
...
86,440
107,043
-----------
422
-----------
110,979
------------------------
98,174
120,550
-----------
1,715
-----------
161,481
------------------------
243,115
...
...
42,056
...
...
42,442
39,622
...
...
85,268
87,443
...
-----------
...
-----------
105,000
------------ ------------
95,000
...
-----------
...
-----------
232,710
------------------------
264,121
...
...
3,245,000
3,350,000
120,550
1,715
3,639,191
3,857,236
101,722
-----------
...
-----------
2,667,107
------------------------
2,648,111
...
1,218,016
1,283,097
369,311
82,714
4,229,542
3,965,059
-----------
369,3i1
-----------
82,714
------------------------
5,447.558
5,248,t56
-----------
471,033
-----------
82,714
------------------------
8,114,665
7,896,267
$ 591,583 $ 84,429 $ 11,753,856 $ 11,753,503
------------------------------------ZZZZ=z==ZZZZ
91
THIS PAGE INTENTIONALLY LEFT BLANK
92
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED
EARNINGS
FOR THE YEAR ENDED
SEPTEMBER 30,
1991
WITH
COMPARATIVE TOTALS
FOR SEPTEMBER
30, 1990
TOTALS
UTILITY
SANITATION
STORMWATER -------------------------
FUND
FUND
FUND
1991
1990
Operating Revenues
-
----
----
----
----
Charges for services
$ 1,062,790 $
435,835 $
140,185 $
1,638,810
$ 1,475,544
Sale of recycled materials
...
----------------------
4,381
-----------
...
-----------
4,381
...
-----------
Total Operating Revenues
1,062,790
440,216
140,185
1,643,191
1,475,544
Operating Expenses:
----------------------
-----------
-----------
-----------
Personal services
259,423
213,765
36,260
509,448
432,896
Utilities
141,650
.
...
141,650
143,434
Landfill
..
109,545
...
109,545
119,655
Administrative services
73,000
21,143
5,400
99,543
89,685
Repair and maintenance
105,765
7,355
3,139
116,259
125,867
Depreciation
253,687
26,550
280,237
245,344
Professional services
69,118
3,300
6,601
79,019
83,851
Insurance
44,274
9,686
2,766
56,726
50,603
Operating supplies
36,425
23,916
4,387
64,728
53,598
Office expense
12,664
3,098
..
�77
15,762
12,669
Bad debt expense
1,396
1,052
2,525
2,215
Total Operating Expenses
----------------------
997,402
-----------
419,410
-----------
58,630
1,475,442
-----------
1,359,817
Operating Income (Loss)
----------------------
65,388
-----------
20,806
-----------
81,555
167,749
-----------
115,727
Nonoperating Revenues (Expenses):
----------------------
-----------
-----------
-----------
Interest revenue
206,361
11,166
1,159
218,686
266,180
Interest expense
(241,253)
...
(241,253)
(247,330)
Grants
24,000
17,718
...
41,718
2,500
Rent
2,502
...
..>
2,502
...
Total Nonoperating
----------------------
-----------
-----------
-----------
Revenues (Expenses)
(8,390)
28,884
1,159
21,653
21,350
Income Before Operating
----------------------
-----------
-----------
-----------
Transfers
56,998
49,690
82,714
189,402
137,077
Operating transfer in
...
10,000
...
10,000
194,860
Net Income
----------------------
56,998
-----------
59,690
-----------
82,714
199,402
-----------
331,937
Retained Earnings - October 1
4,938,535
----------------------
3090621
-----------
...
-----------
5,248,156
4,9160219
-----------
RETAINED EARNINGS - SEPTEMBER 30
$ 4,995,533 $
369,311 $
82,714 $
5,447,558
$ 5,248,156
=========_=
_=_________
-===-==-===
--==_____-_
93
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
------------------------------- ---- --"-- ----" ----- ---------------
TOTALS
UTILITY SANITATION STORMWATER -------------------------
FUND FUND FUND 1991 1990
Cash Flows From Operating Activities:
Cash received from customers
Cash payments to suppliers
Cash payments for
employee services
Net Cash Provided By
Operating Activities
Cash Flows From NonCapital
Financing Activities:
Operating transfer in
Grants
Net Cash Provided By Non -
Capital Financing Activities
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction of
capital assets
Principal paid on revenue bonds
Interest paid on revenue bonds
Contributed capital
Rent proceeds
Net'Cash (Used) By
Capital.and Related
Financing Activities
Cash Flows From Investing Activities:
Interest
Net Increase (Decrease) in Cash
and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year
$ 1,047,053 $ 424,783 $ 128,247
(498,507) (171,427) (22,238)
(256,351) (215,464) (34,600)
---------------------------------
292,195 37,892 71,409
---------------------------------
$ 1,600,083 $ 1,467,728
(692,172) (664,813)
(506,415) -(419,849)
----------------------
401,496 383,066
----------------------
...
10,000
...
10,000
194,860
...
--------------------
17,718
-----------
...
17►718
----------------------
2,500
...
-------------------
27,718
-----------
...
27,718
----------------------
197,360
(284,022)
(23.490)
...
(307,512)
(745,388)
(95,000)
...
...
(95,000)
(80,000)
(243,429)
...
...
(243,429)
(249,179)
18,996
...
...
18,996
104,435
2,502
-------------------
...
-----------
...
2,502
----------------------
...
(600,953)
----------------------
(23,490)
-----------
...
(624,443)
----------------------
(970,132)
208,774
----------------------
11,165
-----------
1.159
221.098
----------------------
266,430
(99,984)
53,285
72,568
25,869
(123,276)
2,951,416
----------------------
172,937
-----------
...
3,124,353
----------------------
3►247,629
$ 2,851,432 $
226,222 $
72.568
$ 3,150,222 $
3,124,353
=-_-____=_= ===--_==__-
=-__-_-___-
___________ _________=_
94
Reconciliation of Operating
Income To Net Cash Provided
By Operating Activities:
Operating income
Adjustments to Reconcile Operating
Income to Net Cash Provided by
Operating Activities:
Depreciation
Change in Assets and Liabilities:
(Increase) in receivables
Decrease in inventory
Decrease in prepaid expenses
Increase (Decrease) in accrued
expenses
Increase (Decrease) in payables
Total Adjustments
Net Cash Provided by
Operating Activities
TOTALS
UTILITY SANITATION STORMWATER -------------------------
FUND FUND FUND 1991 1990
$ 65,388 $ 20,806 $ 81,555 $ 167,749 $ 115,727
-------------------------------------------------------
253,687
26,550
...
280,237
245,344
(18,558)
(27,025)
(11.861)
(57,444)
(13,810)
3,329
...
...
3.329
1,364
...
...
...
...
2,306
3,072
(2,107)
1,238
2,203
4,176
(14,723)
----------------------
19,668
-----------
477
-----------
5,422
-----------
27,959
226,807
----------------------
17,086
-----------
(10,146)
-----------
233,747
-----------
267,339
$ 292,195 $
37,892 $
71,409 $
401,496 $
383,066
95
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, 1991 AND 1990
Operating Revenues:
Charges for services
Operating Expenses:
Personal services
Utilities
Administrative services
Repair and maintenance
Depreciation
Professional services
Insurance
Supplies
Other expenses
Total Operating Expenses
Operating Income
Nonoperating Revenues (Expenses):
Interest
Interest expense and amortization
Grants
Rent
Total Nonoperating Revenues (Expenses)
Net Income
Retained Earnings - October 1
RETAINED EARNINGS - SEPTEMBER 30
Customers Connected To The Water System
at September 30
1991
1990
$ 1,062,790
-----------
$ 1,092,768
-----------
259,423
240,163
141,650
143,434
73,000
69,549
105,765
115,851
253,687
238,643
69,118
80,851
44,274
41,303
36,425
28,729
14,060
-----------
11,517
-----------
997,402
-----------
970,040
-----------
65,388
122,728
206,361 251,141
(241,253) (247,330)
24,000
2,502
----------------------
(8,390) 3,811
56,998 126,539
4,938,535 4,811,996
----------------------
$ 4,995,533 $ 4,938,535
2,541 2,528
96
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.
GROUP 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.
97
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1991 AND 1990
TOTALS
------------------------
ASSETS 1991 1990
Cash $ ... $ 11,361
Accounts receivable 10,000
000
--------- ---------
Total Assets $ 10,000 $ 11,361
LIABILITIES AND FUND EQUITY
---------------------------
Liabilities:
Accounts payable $ 19,267 $ 7,932
Due to other funds 3,640
00.
Deferred revenue 393
0.0
--------- ---------
Total Liabilities 23,300 7,932
------------------
Retained Earnings:
Unreserved (13,300) 3,429
------------------
TOTAL LIABILITIES AND FUND EQUITY $ 10,000 $ 11,361
98
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED SEPTEMBER 30, 1991 AND 1990
TOTALS
------------------------
1991 1990
Operating Revenues:
Charges for services $ 209,889 $ 135,694
Insurance stop -loss payments 34,881 ...
--------- ---------
Total Operating Revenues 244,770 135,694
------------------
Operating Expenses:
Life insurance premiums 15,007 7,452
Re -insurance premiums 38,806 23,801
Administrative fees 7,378 8,982
Medical claims 201,253 92,945
------------------
Total Operating Expenses 262,444 133,180
------------------
Operating Income (Loss) (17,674) 2,514
Nonoperating Revenues:
Interest revenue 945 915
------------------
Net Income (16,729) 3,429
Retained Earnings - October 1 3,429 ...
--------- ---------
RETAINED EARNINGS - SEPTEMBER 30 $ (13,300) $ 3,429
99
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED SEPTEMBER 30, 1991 AND 1990
TOTALS
------------------------
1991 1990
Cash Flows From Operating Activities:
Cash received from customers $ 238,804 $ 135,694
Cash payments to suppliers (61,191) (40,197)
Cash payments for medical claims (189,919) (85,051)
Net Cash Provided (Used) By
Operating Activities (12,306) 10,446
------------------
Cash Flows From
Investing Activities:
Interest 945 915
------------------
Net Increase (Decrease) in cash (11,361) 11,361
Cash at Beginning of Year 11,361 0.0
Cash at End of Year $ ... $ 11,361
Reconciliation of Operating
Income to Net Cash Provided (Used)
By Operating Activities:
Operating income $ (17,674) $ 2,514
---------
Adjustments to Reconcile Operating ---------
Income to Net Cash Provided (Used)
By Operating Activities:
Increase in receivables (10,000) ...
Increase in payables 15,368 7,932
------------------
Net Cash Provided (Used)
By Operating Activities $ (12,306) $ 10,446
100
FIDUCIARY FUND TYPES
101
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102
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.
103
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104
CITY OF CLERMONT, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
--------- zz=zszzzz=zsect=ez=css=zzzzzzz zzzz
zzssssszs:s_z:zzzzszszz.zz:zzszzszs.zszssszzzszzzs.--- '-_---
ASSETS
Cash
Investments
Receivables:
Interfund
Due from other governments
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
-----------------------------
Liabilities:
Deferred compensation payable
Fund Balances:
Reserved for
cemetery care
Reserved for employees'
retirement systems
NUNEXPENDABLE AGENCY
PENSION TRUST FUNDS TRUST FUND FUND TOTALS
----------
EMPLOYEES'
GENERAL DEFERRED
EMPLUYEES POLICE FIRE CEMETERY COMPENSATION 1991 1990
----------- ------ ------------
_ ; ... ; ... ; 5,223 ; .•• ; 5,223 E 3,004
1,020,290 685,071 194.738 168,747 52,273 2,121,119 1,709,174
23,780 33 11 ... ... 23,824 22,352
... ��. ... ... 41,577
- -- --- --------- --------- --------- --
1,044,070 ; 685,104 $ 194,749 ; 173,970 ; 52,273 ; 2,150,166 $ 1,776,107
--------- azsszzzz= zzzzzzzzzzz
aazz.zszzss _zszssszs ssssszz-s ..__._... ••-••-•---'
--------------------------- 5--------
.... 173,970
;- 52_273
1,044,070 685,104 194,749
-------------------------------------- ----- --
52,273 ; 44,186
----------- -----------
173,970 160,020
1,923,923 1,571,901
----------- -----------
Total Fund Balance 1,044,070 685,104 194,749 173,970 ... 2,097,893 1.731,921
----------------------------- --------- --------- -----
TOTAL LIABILITIES AND
; 1,044,OT0 ; 685,t04 ; 194,749 ; 173.970 ; 52,273 i 2,150,166 i 1,77 ,t07
FUND BALANCES ------ zz=ee=e==e=
azzsszzzzsa zzzzzzzzz azzzzzzzz -::zs=zs. -•--
105
CITY OF CLERMONT, FLORIDA
TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1990
GENERAL
EMPLOYEES'
Operating Revenues:
Investment earnings $ 182,090
----------
Contributions:
State
Employees
Employer 82,073
82 , 07 3
Cemetery lot sales
----------
Total Operating Revenues 264,163
Operating Expenses:
Recurring benefit payments 45,240
Nonrecurring benefit payments 13,796
Trustee fees and expenses 16,532
Total Operating Expenses 75,568
Net Income 188,595
Fund
Balances
- October 1
855,475
FUND
BALANCES
- SEPTEMBER 30
$1,044,070
106
NONEXPENDABLE
PENSION TRUST FUNDS TRUST FUND TOTALS
-------------------------- ------------ --------------------------
TOTAL
POLICE FIRE PENSION FUNDS CEMETERY 1991 1990
------ ------------------------- ---- ----
$ 116,670
-----------
$ 32,925
-----------
$ 331,685
-----------
$ ...
-----------
$ 331,685
-----------
$ (38,585)
-----------
31,163
9,594
40,757
...
40,757
41,577
4,217
110
4,327
...
4,327
3,763
...
-----------
...
82,073
...
82,073
79,746
35,380
-----------
-----------
9,704
-----------
-----------
127,157
-----------
-----------
...
-----------
-----------
127,157
-----------
-----------
125,086
-----------
••.
-----------
...
-----------
...
-----------
13,950
-----------
13,950
-----------
12,300
-----------
152,050
-----------
42,629
-----------
458,842
-----------
13,950
-----------
472,792
-----------
98,801
-----------
15,958
814
62,012
...
62,012
35,889
734
...
14,530
...
14,530
20,949
9,414
-----------
4,332
-----------
30,278
-----------
...
-----------
30,278
-----------
35,223
-----------
26,106
-----------
5,146
-----------
106,820
-----------
...
-----------
106,820
-----------
92,061
-----------
125,944
37,483
352,022
13,950
365,972
6,740
559,160
-----------
157,266
-----------
1,571,901
-----------
160,020
-----------
1,731,921
-----------
1,725,181
-----------
$ 685,104
$ 194,749
$ 1,923,923
$ 173,970.
$ 2,097,893
$ 1,731,921
107
CITY OF CLERMONT, FLORIDA
NONEXPENDABLE TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1990-__-_-_--_--
Cash Flows from Operating Activities:
Cash received from lot sales
Net Cash Provided by Operating Activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Cash Provided by Operating Activities
TOTALS
--------------------------
1991 1990
$ 13,950 $ 12,300
------------------
13,950 12,300
------------------
13,950 12,300
160,020 147,720
------------------
$ 173,970 $ 160,020
$ 13,950 $ 12,300
108
CITY OF CLERMONT, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATEMENT OF CHANCES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 1991
Investments $ 52,273
Deferred Compensation Payable
Beginning Balance $ 44,186
Add: Employee Contributions $ 4,203
Income on Investments 7,534
Less: Administrative Fees (50)
Withdrawals (3,600)
8,087
Total Deferred Compensation Payable
Ending Balance $ 52,273
109
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110
ACCOUNT GROUPS
ill
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112
ACCOUNT GROUPS
GENERAL FD ED 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.
113
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS BY SOURCES
SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
General Fixed Assets:
Land
Buildings
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
------------------------------
1991 1990
$ 806,732
1,276,264
2,808,533
1,048,106
$ 5,939,635
$ 1,570,930
211,707
2,903,072
1,217,504
36,422
$ 5,939,635
$ 759,564
724,440
2,509,662
986,503
$ 4,980,169
$ 812,306
211,707
2,768,490
1,151,244
36,422
$ 4,980,169
114
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIXED
ASSETS
BY
FUNCTION
AS OF SEPTEMBER 30,
1991
IMPROVEMENTS
OTHER THAN
FUNCTION
------------------------
TOTAL
-----------
LAND
----------
BUILDINGS
----------
BUILDINGS
------------------------
EQUIPMENT
General government
$ 221,554
$ ...
$ 20,320
$ ... $
201,234
Public safety
716,493
81,424
118,030
...
517,039
Physical environment
901,921
47,168
541,305
71,705
241,743
Transportation
1,292,338
...
...
1,270,321
22,017
Culture/recreation
2,326,144
450,032
511,339
1,320,134
44,639
Older assets not
maintained by function 481,185
-----------
228,108
---------
85,270
-----------
146,373
----------------------
21,434
TOTAL GENERAL
FIXED ASSETS $ 5,939,635 $ 806,732 $ 1,276,264 $ 2,808,533 $ 1,048,106
-----------------------------------------------------
-----------------------------------------------------
115
CITY OF CLERMONT, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS -
BY FUNCTION
YEAR ENDED SEPTEMBER 30, 1991
GENERAL
FIXED
ASSETS
FUNCTION
-------------------------------
9/30/90
-----------
General government
$ 215,917
Public safety
668,586
Physical environment
389,679
Transportation
1,230,594
Culture/recreation
1,994,208
Older assets not
maintained by function
481,185
GENERAL
FIXED
ASSETS
ADDITIONS
-----------
DEDUCTIONS
----------
9/30/91
-----------
$ 5,637
$ ...
$ 221,554
65,841
17,934
716,493
512,242
...
901,921
61,744
...
1,292.338
331,936
...
2,326,144
•..
...
481,185
TOTAL GENERAL
FIXED ASSETS $ 4,980,169 $ 977,400 $ 17,934 $ 5,939,635
116
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL LONG-TERM DEBT
SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1990
TOTALS
------------------------------
1991 1990
Amount To Be Provided For The Payment
of General Long -Term Debt
-------------------------
Amount to be
Provided
$
-----------
2,022,396
$
-----------
2,136,812
Total
to be Provided
$
2,022,396
$
2,136,812
General Long -Term Debt Payable
------------------------------
Revenue bonds payable $ 1,960,000 $ 2,070,000
Note payable - Library 62,396 66,812
----------------------
Total General Long -Term Debt Payable $ 2,022,396 $ 2,136,812
117
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118
STATISTICAL SECTION
Statistical tables differ from financial statements because they cover
more than one fiscal year and may present nonaccounting data.
These tables reflect social and economic data, financial trends, and
the fiscal capacity of the City.
CITY OF CLERMONT, FLORIDA
COMMENTS ON THE STATISTICAL SECTION
SEPTEMBER 30, 1991
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.
119
CITY OF CLERMONT, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
FISCAL
GENERAL
PUBLIC
PHYSICAL
YEAR
GOVERNMENT
SAFETY
ENVIRONME
1981-82
336,836
313,143
105,009
1982-83
260,694
392,050
74,611
1983-84
279,766
383,408
88,225
1984-85
292,866
473,732
67,810
1985-86
290,427
468,671
78,904
1986-87
330,335
521,365
68,484
1987-88
340,666
588,430
170,197
1988-89
392,504
691,581
95,476
1989-90
464,818
767,734
99,084
1990-91
440,789
830,411
99,989
(1) Includes General and Special Revenue Funds
120
TABLE 1
ECONOMIC
HUMAN
CULTURE AND
TRANSPORTATION
ENVIRONMENT
SERVICES
RECREATION
TOTAL
$ 158,080
-0-
7,764
101,454
1,022,286
343,390
-0-
8,961
191,583
1,271,,289
286,392
-0-
9,248
186,874
1,233,913
272,092
-0-
9,795
155,425
1,271,720
298,605
-0-
11,212
196,486
1,344,305
383,373
2,275
11,329
397,817
1,714,978
461,718
1,175
13,027
283,504
1,858,717
282,696
1,780
12,864
303,943
1,780,844
442,340
9,596
18,703
421,271
2,223,546
330,476
9,283
13,665
435,748
2,160,361
121
CITY OF CLERMONT, FLORIDA
GENERAL REVENUE BY SOURCE (1)
LAST TEN FISCAL YEARS
LICENSES
FISCAL
AND
INTER -
YEAR
TAXES
PERMITS
GOVERNMENTAL
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
1990-91
1,281,612
28,917
786,966
(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.
122
TABLE 2
(2)
CHARGES
FINES
INTEREST
FOR
AND
ON
SERVICES
FORFEITURES
INVESTMENTS
MISCELLANEOUS
lum
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
19,327
69,571
106,962
66,917
2,360,272
123
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
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
1990-91
1990
164,683,728
148,215,355
2.729
(1) Final Gross taxable assessed valuation per Lake County
Property Appraisers' form DR-422
(2) The Florida Department of Revenue has certified the Lake
County Tax Rolls as being at least 90% of the estimated
actual value of property within the County. Therefore, the
estimated actual values shown are calculations based on the
90% certification.
(3) Outstanding delinquent taxes are not available from the Lake
County Tax Collections' office
(4) Tax rate per $1,000 of taxable valuation
124
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
$ 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%
404,480
392,259
97.0%
1,095
393,354
97.2%
125
CITY OF CLERMONT, FLORIDA
PROPERTY TAX RATES - DIRECT AND ALL OVERLAPPING GOVERNMENTS (1)
LAST TEN FISCAL YEARS (2)
LAKE
COUNTY
OKLAWAHA
FISCAL
TAX
LAKE
SCHOOL
WATER
YEAR
YEAR
CITY
COUNTY
DISTRICT
DISTRICT
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
1990-91
1990
2.729
4.938
8.880
.751
(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
126
TABLE 4
SOUTH LAKE
SOUTH LAKE
ST. JOHNS RIVER
HOSPITAL
AMBULANCE
WATER MGMNT
DISTRICT
DISTRICT
DISTRICT
TOTAL
.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
1.000
1.000
.358
19.656
127
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128
CITY OF CLERMONT, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS TABLE 5
LAST TEN FISCAL YEARS
FISCAL
YEAR
COLLECTIONS
BALANCE
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
1990-91
-0-
495
129
CITY OF CLERMONT, FLORIDA
UTILITY REVENUE BOND COVERAGE - ALL UTILITY REVENUE BONDS
LAST TEN FISCAL YEARS
(3)
OPERATION &
FISCAL
YEAR
GROSS
REVENUES
MAINTENANCE
COSTS
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
11092,768
731,397
1990-91
11062,790
743,715
(1) Excludes interest expense and depreciation
(2) Maximum debt service in any subsequent year is $340,259
(3) Excludes interest revenue
130
TABLE 6
(2)
DEBT
NET
SERVICE
REVENUE
REQUIREMENTS
COVERAGE
$ 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%
319,075
335,579
.95%
131
CITY OF CLERMONT, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(2)
PER
FISCAL
(1) (5)
CAPITA
MEDIAN
YEAR
POPULATION
INCOME
AGE
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
1990-91
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.
132
EDUCATION
LEVEL IN
YEARS OF
FINAL
SCHOOLING
(3)
SCHOOL
ENROLLMENT
TABLE 7
(4)
UNEMPLOYMENT
RATE
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%
N/A
1,975
8.7%
133
CITY OF CLERMONT, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
LAST TEN FISCAL YEARS
(2)
(2)
COMMERCIAL
RESIDENTIAL
CONSTRUCTION
CONSTRUCTION
FISCAL
#OF
#OF
YEAR
UNITS
VALUE
UNITS
VALUE
1981-82
7
638,000
50
1,514,799
1982-83
4
2,071,040
32
1,424,778
1983-84
10
1,425,910
37
2,432,103
1984-85
10
3,234,000
69
3,102,300
1985-86
4
559,360
30
2,197,400
1986-87
6
1,874,085
75
4,188,500
1987-88
4
270,000
45
2,438,200
1988-89
1
100,000
55
3,323,000
1989-90
7
367,000
48
3,036,250
1990-91
1
480,000
12
1,214,600
(1) Information available on Countywide basis only.
Data was obtained from the Florida Bankers Association
(2) City of Clermont zoning clearances
(3) Taxable assessed valuation per Lake County Property
Appraisers' form DR-422
(4) Non -Taxable assessed valuation per Florida Department
of Revenue
134
BANK
DEPOSITS
ASSESSED
(3) PROPERTY
TAXABLE
TABLE 8
TAXABLE
VALUE (4)
NONTAXABLE
$ 561,184,000
$ 73,346,714
$ 34,380,225
633,279,000
77,444,991
36371,903
728,844,000
85,629,953
40:683,419
813,539,000
87,665,327
42,233,196
891,753,000
99,418,831
42,431,755
1,006,641,000
109,948,395
42,053,436
1,084,036,000
116,135,440
43,489,330
1,322,027,000
122,653,430
44,615,271
1,523,941,000
141,793,127
47,279,344
1,624,935,000
148,215,355
47,907,074
135
CITY OF CLERMONT, FLORIDA
TABLE 9
PRINCIPAL TAXPAYERS
I�DO*Dzov�i�a+
ASSESSED OF TOTAL
VALUATION ASSESSED
TAXPAYER AS OF 1 / 1 / 91 VALUATION
John Hurtak $ 4,293,066 2.90%
South Lake Plaza/K-Mart
525 N.E. 58th Street
Miami, Fla. 33137
Chester C. Fosgate Co. 3,673,461 2.48%
P.O. Box 1598
Winter Park, Fla. 32789
Lake Highlands Retirement 2,620,508 1.77%
and Nursing Center, Inc.
151 E. Minnehaha Avenue
Clermont, Fla. 34711
Patrick G. Kelley, Trustee 2,280,026 1.54%
c/o Marvin F. Poer
2301 Lucien Way, Suite 330
Maitland, Fla. 32751
Eastern Shores Mobile Homes 1,453,538 .98%
10 Camino Real Drive
Edgewater, Fla. 32032
Florida Citrus Tower 1,294,540 .87%
6175 N.W. 153rd Street
Miami Lakes, Fla. 33014
Oceanfront Properties 1,271,644 .86%
5502 Park Avenue W.
(Emerald Lakes Shopping Center)
New York, New Jersey 07093
Richard Reynolds 1,210,983 .82%
Winn -Dixie Shopping Center
13148 Palmer Road
Clermont, Fla. 34711
L & F Groves 11171,466 .79%
c/o A. E. Langley
6088 Masters Blvd.
Orlando, Fla. 32819
Oakridge Apartments 1,151,882 .78%
P.O. Box 1811
Lake Mary, Fla. 32746
TOTAL $_ 20,421,114 13.79%
Source: 1991 City of Clermont Tax Roll, prepared by the Lake
County Property Appraiser's Office.
136
CITY OF CLERMONT, FLORIDA
TABLE 10
PENSION EXPENSES BY TYPE - ALL PENSION PLANS
LAST TEN FISCAL YEARS
FISCAL BENEFIT ADMINISTRATION
YEAR PAYMENTS REFUNDS FEES TOTAL
General Employee Plan
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
1990-91
45,240
13,796
16,532
75,568
Police Officers Plan
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
1990-91
15,958
734
9,414
26,106
Volunteer Firemen Plan
1981-82
-0-
-0-
925
925
1982-83
-0-
-0-
638
638
1983-84
-0-
-0-
850
850
1984-85
-0-
-0-
850
850
1985-86
-0-
-0-
1,816
1,816
1986-87
-0-
-0-
862
862
1987-88
3,500
-0-
11719
5,219
1988-89
-0-
-0-
968
968
1989-90
-0-
6,213
6,148
12,361
1990-91
814
-0-
4,332
5,146
137
THIS PAGE INTENTIONALLY LEFT BLANK
138
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
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
1990-91
-0-
82,073
-0-
182,090
264,163
Police Officers Plan
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
1990-91
4,217
-0-
31,163
116,670
152,050
volunteer Firemen Plan
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
1990-91
110
-0-
9,594
32,925
42,629
139
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
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%
1990-91
757,437
750,262
100.96%
Police Officers Plan
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%
1990-91
685,104
681,911
100.47%
Volunteer Firemen Plan
1981-82
N/A
N/A
N/A
1982-83
N/A
N/A
N/A
1983-84
N/A
N/A
N/A
1984-85
N/A
N/A
N/A
1985-86
N/A
N/A
N/A
1986-87
125,134
33,116
377.87%
1987-88
128,643
27,194
473.06%
1988-89
160,632
27,194
590.69%
1989-90
157,266
15,130
1039.43%
1990-91
194,749
16,544
1177.16%
SOURCE: Annual Pension Evaluations
140
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
70,289
14,899
169,117
8.81%
41.56%
124,166
11,760
179,264
6.56%
69.26%
40,430
81805
157,669
5.58%
25.64%
178,734
38,481
134,279
28.65%
133.11%
( 7,175)
38,690
129,278
29.93%
( 5.55)%
$ 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%
( 3,193)
31,163
410,608
7.59%
( .78)%
$ 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
61100
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)%
(178,205)
9,594
11,531
83.20%
(1545.44)%
141
CITY OF CLERMONT, FLORIDA
SCHEDULE OF INSURANCE COVERAGES
SEPTEMBER 30, 1991
POLICY EXPIRATION
TYPE OF COVERAGE & INSURER NUMBER DATE
LIABILITY
Florida Municipal FML 304 09/30/91
Liability Self
Insurer's.Program
WORKERS COMPENSATION
Florida Municipal Self
Insurers Fund FM 389 09/30/91
FIRE AND EXTENDED COVERAGE
Florida Municipal Property FMP 49 10/01/91
Self -Insurers Program
142
TABLE 13
DETAILS LIMITS
General Liability $100,000/Person
Bodily Injury Liability $200,000/Occurrence
Auto Liability
Law Enforcement Liability
Specific Excess Liability $1,500,000/Occurrence
Public Officials Errors
and Omissions Liability $1,500,000/Occurrence
Finance Director -Bond $100,000
Public Employees
Blanket Bond $5,000
Accidental Death-Police/Fire $50,000
Statutory
Workers Compensation $100,000/500,000
Blanket Building per Schedule
and Property $7,844,645
143
CITY OF CLERMONT, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1991
ABLE 14
Date of Incorporation 1916
Present Charter Adopted
1962
Form of Government
Council -Manager
Number of Councilmen
Five (5)
TERM OF OFFICE:
Mayor/Councilmen
Two years (2)
City Manager
Appointed
AREA OF CITY:
Municipal Boundaries
4 square miles
Miles of Streets
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
104
Number of Students
1,975
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
31,614
TOTAL CITY EMPLOYEES:
Full -Time
73
Part -Time
3
144