Comprehensive Annual Financial Report - 1991-1992j/ti eArf
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED
SEPTEMBER 30, 1992
-, CITY OF CLERMONT, FLORIDA
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINA NCIA L
REPORT SEPTEMBER 30, 1992
Prepared by. -
Finance Department
Joseph E. Van Zile
Finance Director
THIS PAGE INTENTIONALLY LEFT BLANK
ii
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1992
TABLE OF CONTENTS
INTROpric.- i?y SECTION
Letter of Transmittal . . . . . . . . . . . . . . . . . • . . 1
Organization Chart . . . . . . . . . . . 15
Listing of City Officials . . . . . . . . . . . . . . . . . 16
Certificate of Achievement . . . . . . . . . . . . . . . . . 17
FIN CI SECT ON
INDEPENDENT AUDITOR'S REPORT
Independent Auditor's Report . . . . . . . . . . . . . . . 19
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types and
Account Groups . . • . . . • . . • . . • . . . . . •
. . 22
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - All Governmental
Fund Types . . . . .
. . . . . . . . .
27
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - Budget and
Actual - General, Special Revenue, Debt Service and
Capital Projects Funds .
. . . . . . . . . . . . . . .
. 28
Combined Statement of Revenues, Expenses and Changes
In Retained Earnings/Fund Balances - All Proprietary
Fund Types and Similar Trust Funds . . . . . . . . . .
. 30
Combined Statement of Cash Flows - All Proprietary Fund
Types and Non -Expendable Trust Funds . . . . . . . . .
• 32
Notes To Financial Statements . . . . . . • . . . . . .
. 35
iii
TABLE OF CONTENTS
FINANCIAL SECTION (CONTD.)
COMBINI G AND INDXVXDDAL FUND AND ACCOUNT GROUP STATEMENTS
General Fund:
Comparative Balance Sheet . . . . . . . . . . . . .
60
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . . .
61
Schedule of Revenues - Budget and Actual . . . . . . . .
62
Schedule of Expenditures - Budget and Actual . . .
64
Special Revenue.Funds:
Combining Balance Sheet
o 0 0 . . . .
68
Combining Statement of Revenues, Expenditures and Changes In
Fund Balances .
. . . . . . . . . . . . . . . .
69
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Infrastructure Fund,
70
Sales Tax Revenue Bond Sinking Fund:
Comparative Balance Sheet
. . . . . . .
72
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . .
73
Capital Projects Funds:
Combining Balance Sheet
. . . . . . . . . . . . . . .
76
Combining Statement of Revenues.. Expenditures and Changes
In Fund Balances
. . . . . . . . . . . . . o
77
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual - Palatlakaha Recreation
Area Fund .
. . . . . . . . . . . . . . . . . .
78
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual — Building Construction
Fund .
. 0 . . . . . . . . . . . .
79
iv
TABLE OF CONTENTS
FINANCIAL SECTION (CONTD.)
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP_ STATEMENTSJCONTD.p_
Enterprise Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . 84
Combining Statement of Revenues, Expenses and Changes
In Retained Earnings . . . . . . . . . . . . . . . . . 87
Combining Statement of Cash Flows . . . . . . . . . . . . 88
Comparative Schedule of Revenues, Expenses and Changes
In Retained Earnings - Required by Bond Ordinance . . . 90
Group Self Insurance Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . . 92
Comparative Statement of Revenues, Expenses and Changes In
Retained Earnings . . . . . . . . . . . . . . . . . . . 93
Comparative Statement of Cash Flows . . . . . . . . . . . 94
Trust and Agency Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . 99
Combining Statement of Revenues, Expenses and Changes
In Fund Balances - Trust Funds . . . . . . . . . . . . 100
Statement of Cash Flows - Non -Expendable Trust Fund . . . 102
Statement of Changes In Assets and Liabilities -
Deferred Compensation Agency Fund . . . . . . . . . . . 103
Account Groups:
Schedule of General Fixed Assets By Sources . . . . . . . 108
Schedule of General Fixed Assets By Function . . . . . . 109
Schedule of Changes In General Fixed Assets By Function . 110
Schedule of General Long -Term Debt . . . . . . . . . . . 111
u
TABLE OF CONTENTS
STATISTICAL SECTION
Comments On The Statistical Section . . . . . . . . . . .
113
General Governmental Expenditures By Function -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
114
General Revenue By Source - Last Ten Fiscal Years . . . .
116
Property Tax Levies, Tax Collections and Assessed
Valuations - Last Ten Fiscal Years . . . . . . . . . .
118
Property Tax Rates - Direct and All Overlapping Governments -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
120
Special Assessment Collections - Last Ten Fiscal
Years . . . . . . . . . . . . . . . . . . . . . . . . .
123
Utility Revenue Bond Coverage - All Utility Revenue Bonds
-
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
124
Demographic Statistics - Last Ten Fiscal Years . . . . .
126
Property Value, Construction and Bank Deposits -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
128
Principal Taxpayers . . . . . . . . . . . . . . . . . . .
130
Pension Expenses By Type - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
131
Pension Revenues By Source - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
133
Pension Trend Data - Defined Benefit Pension Plans. -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
134
Schedule of Insurance Coverages . . . . . . . . . . . . .
136
Miscellaneous Statistics . . . . . . . . . . . . . . . .
138
vi
TABLE OF CONTENTS
OTHER REPORTS
Independent Auditor's Report on Supplementary Information
-
Schedule of Federal Financial Assistance . . . . . . . .
139
Schedule of Federal Financial Assistance . . . . . . . . .
141
Independent Auditor's Report On Internal Control Structure
Related Matters Noted In A Financial Statement Audit Conducted
In Accordance with Government Auditing Standards . . . .
143
Independent Auditor's Report On Compliance with Laws and
Regulations . . . . . . . . . . . . . . . . . . . . . .
145
Independent Auditor's Report On The Internal Control
Structure Used In Administering Federal Financial
Assistance Programs . . . . . . . . . . . . . . . . .
147
Independent Auditor's Report On Compliance With The
General Requirements Applicable To Federal Financial
Assistance Programs . . . . . . . . . . . . . . . . . .
151
Independent Auditor's Report On Compliance With Specific
Requirements Applicable To Nonmajor Federal Financial
Assistance Program Transactions . . . . . . . . . . . .
153
Management Letter . . . . . . . . . . . . . . . . . . . .
155
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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, 1993
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, 1992, is hereby submitted. This report was prepared
by the City's Finance 13epartn:ent. Responsibility for both the accuracy of the
presented d ►ta and the completeness and fairness of the presentation, including all
disclosures, rests with the City. We believe the data, as presented, is accurate in all
material aspects; that it is presented in a manner designed to fairly present the
financial position and results of operations of the City as measured by the financial
activity of its various funds, and that it includes the disclosures necessary toenable the
reader to gain the maximum understanding of the City's financial activities.
THE REPORTING ENTITY AND ITS SERVICES
The City 'of Clermont, which occupies five square miles, was incorporated in 1916.
The City is located in south Lake County, approximately thirty miles west of the City
of Orlando and thirty miles southeast of the City of Leesburg. The City is
conveniently accessiblw to Orlando via Florida Highway 50.
The City is essentially residential in character and its economy is primarily centered in
retail trade as well as lodging, food and beverage establishments which are tourism
oriented.
Lake County, located in Central Florida, is bounded to the north by Marion County,
to the south by :°olk County, to the east by Orange County, Seminole County and
Voiusia County; and to the west by Sumter County. Tavares, the County Seat, is
located approximately 190 miles southeast of Tallahassee, the State Capitol, and fifty
miles northeast of Orlando.
P.O. BOX 120219 • CLERMONT, FLORIDA 3471 2-021 J 0 PHONE: 904/394-40B1
The City has a Council -Manager form of government, with a Mayor and four other
Council Members who are elected at large for two year staggered terms. Elections
are held on the first Tuesday after the first Monday in November of each year. The
City employs a full-time Manager who is the chief executive and administrative officer
of the City..
The City provides a full range of municipal services as directed by its charter. These
include Police and Fire Protection, Street and Sidewalk Maintenance, Planning and
Development, Code Enforcement, Recreational Facilities and ]Programs, Cemetery and
General Administrative functions. Clermont also operates and maintains water,
wastewater treatment, 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 BUDGETARY CONTROL
The City's accounting records for General, Special Revenue, Capital Projects and
certain Trust and Agency Funds are maintained on a modified accrual basis with
revenues being recognized when they become measurable and available, while
expenditures are recorded at the time liabilities are incurred. Accounting records for
the Enterprise, Internal Service and certain Trust and Agency Funds are maintained on
a full accrual basis.
In developing and modifying the City's accounting system, consideration is given to
the adequacy of internal accounting controls. Internal accounting controls are
designed to provide reasonable, but not absolute assurance regarding:
1. The safeguarding of assets against loss from unauthorized use or disposition;
and
2. The reliability of financial records for preparing financial statements and
maintaining accountability for assets.
Page 2
The concept of reasonably assurance recognizes that:
1. The cost of a control should not exceed the benefits likely to be derived; and
2. The evaluation of costs and benefits requires estimates and judgments by
management.
All internal control evaluations occur within the above framework. We believe that
the City's internal accounting controls adequately safeguard assets and pr..-)vide
reasonable assurance of proper recording of financial transactions.
Budgetary integra+.ion is established in the accounting records for control purposes at
the object level. The City Manager is authorized to approve +. ansfers within depart-
ments, but changes in total budget appropriations for a department must have prior
approval of the City Council. Budgetary reports are issued and reviewed monthly.
FINANCIAL STATFTMENT FORr*fAT
The report is arranged in the following sections:
Secti.an I: introductory Section
This section contains the Utter of Transmittal and other such
material as may be useful in u.nderstandi;ig the repoiti g entity.
Section IT: Financial Section
This section of the report contains the Independent Auditor's
report and financial statements of the City. The financial
statements include the General Purpose Financial Statements,
which displays financial data for the City as a whole and
Co.nbining Statements by Fund Type, s0 i.ch presents data for
homogeneous funds.
Section TII. Staiisti al Section
This section presents detailed historic:-1 infor -ration which will be
beneficial to the reader An understanding the Citty's groxyth and its
future potential.
Section IV. Other Reports
T1iiF� section contains other independent Auditor's reports.
iitge 3
GENERAL FUND
The General Fund encompasses the general governmental functions of the City and all
other ,functions not accounted for in other separate funds.
Unreserved,undesignated fund balance decreased .30% ,from $1,043,085 to
$1,039,977 and was 49.3 % 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, 1992, $38,690 is budgeted for use in the 1992-93 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:
Taxes
$1,349,613
61.3 %
$15281,612
62.3 %
5.3 %
Licenses and Permits
419127
1.9
28,917
1.4
.1
Intergovernmental
501,507
22.8
4869812
23.7
3.0
Charges for Services
329676
1.5
19,327
.9
69.1
Fines & Forfeitures
90,039
4.1
69,571
3.4
29.4
Miscellaneous Revenues
123,103
5.6
170,579
8.3
(27.8)
Transfers -In
62.263
2.8
_0_
100.0
2 200 2� 100.Q% 12,Q56,818 1 O o
Revenues increased 7.0% from $2,056,818 to $2,200,328. The most significant
change in revenue sources occurred in the areas of charges for services, fines and
forfeitures, miscellaneous revenues, and transfers -in. Charges for services increased
69.1 % primarily due to a similar increase in administrative service fees. These fees
are charged to the City's enterprise funds to cover administrative costs incurred by the
General Fund. A comprehensive review of these costs provided a basis for increased
fees.
Fines and forfeitures increased 29.4% primarily due to a significant increase in the
enforcement of traffic violations. Miscellaneous revenues decreased 27.8 % primarily
due to a decrease in impact fees and interest earnings. Nearly $30,000 was collected
in impact fees from a private developer during the 1990-91 fiscal year pertaining to a
joint public/private road project. Interest earnings also decreased 21.1 % due to the
Page 4
Fines and forfeitures increased 29.4 % primarily due to a significant increase in the
enforcement of traffic violations. Miscellaneous revenues decreased 27.8 % primarily
due to a decrease in impact fees and interest earnings. Nearly $30,000 was collected
in impact fees from a private developer during the 1990-91 fiscal year pertaining to a
joint public/private road project. Interest earnings also decreased 21.1 % due to the
general decrease in interest rates. Transfers -in included a new permanent revenue
source in the approximate amount of $44,000 per year. Beginning in the 1991-92
fiscal year, the City will transfer 10 % of water sales revenue from the Utility Fund to
the General Fund. The transfer represents an additional source of revenue to the
General Fund that is deemed to be a fair revenue since it is paid by all City residents.
The transfer was included in a water rate increase that will be discussed in the Utility
Fund section of this narrative.
Taxes increased 5.3 % primarily due to a 12.5 % increase in assessed valuation of
property within the City limits. No increases in the City's ad valorem or utility tax
rates were passed during the 1991-92 fiscal year. As noted on Table 4 of the
statistical section of this report, Clermont continues to enjoy a stable ad valorem tax
rate, with only one increase in the last seven years. In addition, Clermont continues
to provide the lowest ad valorem tax rate of any city in Lake County with comparable
services.
Expenditures and other financing uses of the current fiscal year as compared with
those of the previous year are as follows:
19510-91 % :Inc,
Flo of (Dec.
Araaunf :......:'otal aver
I9190-91
General Government
$362,650
16.5 %
$393,621
18.3 %
2.6 %
Public Safety
931,441
42.4
830,411
38.5
12.2
Physical Environment
101,512
4.5
99,989
4.6
1.5
Transportation
249,736
11.4
311,383
14.4
(19.8)
Economic Development
11,817
.6
9,283
.4
27.3
Human Services
13,650
.8
13,665
.7
(.1)
Culture & Recreation
438,956
20.0
435,748
20.2
.7
Transfers -Out
84,526
M
61,752
2,9
12,194,288 100.00 2 155 852 1
Page 5
Expenditures and other financing uses increased 1.8 % Without considering transfers -
out, expenditures increased .7%. The only significant changes in expenditures
occurred in the transportation and public safety functions. The primary reason for the
transportation decrease was the existence of a' one-time joint public/private road
project in the 1990-91 fiscal year. Public Safety expenditures increased 12,2%
primarily due to the recognition of an additional required police pension contribution
of $64;183.
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 county -wide 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:
1 1- 2 1990-91 1989-90
Local Government Infrastructure Surtax $326,504 $300,154 $370,639
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..
Infrastructure Surtax Funds were primarily expended on replacing the lighting systems
at various City recreational parks. 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 FUN
The Impact Fee Fund was established to account for the Police, Fire and Recreation
Impact Fees paid by developers. The 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. No impact fees were expended during the 1991-92 fiscal year.
A comparison of the impact fees collected -the last two fiscal -years is as follows:
Page 6
19 1- 2 1 - 1
Police $3,000 $222
Fire 2,748 270
Recreation 10,743 2.493
16 491 L,2,985
BLOCK GRANT FUND
The City received a $575,000 Community Development Block Grant from the U.S.
Department of Housing and Urban Development during the 1991-92 fiscal year. The
grant is administered through the Florida Department of Community Affairs. The
grant provides fiends for low income residents to bring their homes up to minimum
property standards. During the 1991-92 fiscal year, the City received $220,003, while
expending $35,230.
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.
CAPITAL PROJECTS FUNDS
PALATLAKAHA RECREATION AREA F ND
This fund was created to account for the development of the Palatlakaha Recreation
Area. With the completion of Phase II in the 1991-92 fiscal year, the recreation area
is fully developed. The $1,800,000 recreation area was funded primarily from the
1989 Sales Tax Revenue Bond proceeds, Florida Department of Natural Resources
grants, and Local Government Infrastructure Surtax revenue.
BUILDING CONSTRUCTION FUND
This fund was established to account for the construction of a new Public Services
Complex and a Public Safety Building. The Public Services Complex was completed
in the 1991-92 fiscal year at a total cost of $645,000. The Public Safety Building is
currently under construction and is estimated to be completed in July 1993. Funding
for these projects is obtained from the 1989 Sales Tax Revenue Bond proceeds.
Page 7
UTILITY FUND
The Utility Fund accounts for the provision of water and sewer services to the
residents of the City.
Operating revenues incr€:ased 7.3 % from. $1,062,790 to $1,140,249 primarily due to a
corresponding increase in water and sewer rates. The water and sewer rate
adjustments were the first since 1982 and 1986, respectively. The adjustments were
necessary partly due to reduced consumption and the practice of transferring a portion
of water sales to the General Fund. Operating expenses remained relatively
unchanged.
Comparative data for the last three years is illustrated in the following table:
1. 91-22
9990-9]
1989-90
Operating Revenues
$15140,249
$1,062,790
$1,092,768
Operating'Expenses
927.01
997,402
._70,040
Operating Income
142.654
_ 65.388
122,728
Net Fixed Assets
$7,876,609$
0651155
$ 16 ,3�16
Debt Service Coverage
1.22%
%
1.10
ANITATIQN FUND
The Sanitation Fund accounts for the provision of garbage, trash removal, recycling,
and composting services to the residents of Clermont.
Operating revenues increased 5.8% from $435.,835 to $461,060 due to a
corresponding increase in monthly sanitation rates. The rate adjustment was necessary
due to a 56% increase in garbage disposal fees charged by Lake County. The
disposal fee increase was partly offset by the continued operation of the City's garbage
recycling and composting programs. Through these program, plastic bottles, glass
containers, —aluminum -cans and- compostable- plant- materials- are `removed- from- the
waste stream which consequently results in decreased garbage disposal fees.
Page 8
The City disagrees with Lake County over the amount charged for disposal of its solid
waste at the County's incinerator. As a result, during the 1991-92 fiscal year the City
began withholding an amount which it believes is being overcharged. The amount
withheld as of September 30, 1992 is $34,943. The City has established a separate
escrow account to accumulate this amount.
Comparative data for the last three fiscal years is illustrated in the following table:
1991-92
199 - 1
1 9-
Operating Revenues $461,060
$435,835
$385,276
Operating Expenses 412,477
419,410
9 777
Operating Income (Loss) 148,583
16,425
4 501
STORMWATER UTILITY FUND
The City created a Stormwater Utility Fund 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.
Comparative data for the last two fiscal years is illustrated in the following table:
1991-92 1990-91
Operating Revenues $141,650 $140,185
Operating Expenses 73,732 58,630
Operating Income (Loss) . 67 918 $81,555
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.
Page 9
TRUST AND AGENCY FUNDS
Trust and Agency Funds account for assets held by the City as Trustee for individuals,
private organizations and other governmental units and/or funds.
The General Employees', Police Officers' and Volunteer Firefighters' Pension Trust
Funds account for the accumulation of resources to be used for the retirement
annuities of all city employees.
The Cemetery Perpetual Care Trust Fund accounts for monies received from people
buy-ing lots in the city cemetery. The principal must be kept intact, but the interest
may be transferred to the General Fund to defray the cost of cemetery operation and
maintenance.
The Employees' Deferred Compensation Agency Fund accounts for money earned by
employees but voluntarily deferred until some future time period.
GENERAL FIXED ASSETS
The general fixed assets of the City of Clermont are those fixed assets used in the
performance of general governmental functions and exclude the fixed assets of the
Proprietary. Funds. As of September 30, 1992, the general fixed assets of the City
totalled $6,561,712. This amount represents the original cost of the assets and is,
therefore, considerably less than their present value. Depreciation of general fixed
assets is not recognized in the City's accounting system.
CASH MANAGEVMNT
The City earned $279,962 or 5.8 % of toW revenue from all funds, with the exception
of the Pension and Deferred Compensation Funds, in interest avenue during the
1991-92 fiscal year. The weighted average rate of return during t991-92 was approx-
imately 5.54%. The following table shows the breakdown of interest by source:
Perccrt
Avg.
of
Rate of
Amount
i2i
Return
State Board of Administration
$156,859
56.0%
4.75%
Certificates of Deposit
94,237
33.7%
'7.02%
Mutual Fund
17,383
6.2 %
5.95 %
Repurchase Agreements
3.48 %
27 62 1®
Page 10
The City maintains the majority of its funds with the Florida State Board of
Administration investment Pool. The pool is managed by the State of Florida and is
available to any governmental agency within the State. The major advantage the pool
offers to small cities such as Clermont, is the higher rate of return from the large
amount of funds available to invest. The funds in the pool are very liquid in that
access is available on a daily basis.
During the fiscal year, the City placed approximately $1,000,000 in a mutual fund
secured by U.S. Government Securities. The funds placed were long-term reserves
not expected to be utilized for the next five to seven years.
The City had placed $1,900,000 in Certificates of Deposit with local qualified public
depositories during the 1991-92 fiscal year. As of September 30, 1992 all Certificates
of Deposit had matured and funds were deposited with the State Board of
Administration or the U.S. Government Securities Mutual Fund.
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,
1992.
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.
Page 11
FINANCIAL POST I ION AND FUTURE PROSPECTS
Through the conservative leadership of the City Council, the City of Clermont
continues to maintain a sound financial position while providing excellent levels of
service for all residents. A recent survey of Centrai Florida cities indicates that, the
City of Clermont's service fees are very favorable when compared to other
governmental units providing, similar services and our ad valorem rate is one of the
lowest in Lake County and in Central Florida. These factors along with Clermont's
natural beauty makes Clermont an attractive place to live and work..
The recession continued into 1992 which was evidenced by decreased building activity
and postponement of some proposed projects. As Florida emerges from the recession,
City, County, and regional planners predict unprecedented growth in South Lake
County and in the City. Clermont will receive increased demands for service outside
of the City limits as Lake Caunty :permits new development in the outlying areas and
could become a regional supplier of water, sewer, and. other services.
Although the City is in excellent financial condition, we roust continue to monitor our
revenue sources and maintain a conservative attitude with regards to budgeting in
order to be in a position to provide necessary, services to the City and the region. The
City has adequate reserves which will provide stability in the future for firnding of
growth related service requirements. Through sound management practices and
adequate short and long range planning, we will be able to continue to provide an
excellent standard- of living at an affordable cost for the residents of Clermont.
CERTIFICATE OF ACME'dEMEENT
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, 1991. 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 Comprehensive Annual Financial Report,
whose contents conform to program standards. Such reports must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of
Clermont has received a Certificate of Achievement for the last four 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..
Page 12
INDEPENDENT AUDIT
Florida Statutes and the City Charter require an annual financial audit of the financial
statements of the City of Clermont by an independent certified public accountant
selected by the City Council. This requirement has been satisfied and the Auditor's
unqualified opinion has been included in this report.
ACKNOWLEDGEMENTS
The preparation of this report on a timely basis could not have been accomplished
without the efficient and dedicated services of the staffs of the City Manager's office,
Planning Department and Finance Department. I would also like to thank the Mayor
and members of the City Council for their interest and support in planning and
conducting the financial operations of the City in a responsible and progressive
manner.
Respectfully submitted,
�G-
.. ne Saunders
City Manager
Jo h E. Van e
inance Director
Page 13
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14
City of Clermont
Organizational Chart
Citizens
15
CITY OF CLERMONT, FLORIDA
LISTING OF CITY OFFICIALS
AS OF SEPTEMBER 30, 1992
ELECTED OFFICIALS
Mayor Robert A. Pool
Mayor/Pro-Tem Hal Turville
Councilmember Edward Ivey
Councilmember Ken Norquist
Councilmember Lester Cole
APPOINTED OFFICIALS
City Manager
City Attorney
Finance Director
Public Services Director
Chief of Police
Fire Chief
City Engineer
Planning Director
16
Wayne Saunders
Leonard H. Baird, Jr.
Joseph E. Van Zile
Preston Davis
Prentice Tyndal
Carle Bishop
John Springstead
Lanny Harker
Certificate of
Achievement'
for Excellence
in Financial
Reporting
Presented to
City of Clermont,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1991
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
�GG it.�
Y
i MlllD pit
u
�► art; President
nr,••
cuts Director
17
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18
FINANCIAL
SECTION
This Section Contains the Following Subsections:
INDEPENDENT AUDITOR'S REPORT
GENERAL PURPOSE FINANCIAL STATEMENTS
COMBINING AND INDIVIDUAL FUND AND
ACCOUNT GROUP STATEMENTS
INDEPENDENT AUDITOR'S REPORT
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. Fanner, 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, 1992, 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, 1992, 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
December 6, 1992
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
19
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 Telephone: (904) 383-6300
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20
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
21
ASSETS AND OTHER DEBITS
--------------- b
Cash and cash equivalents
Investments
Receivables:
Interest
Accounts
Assessments
Other
Interfund receivables
Due from other governments
Inventory
Restricted Assets:
Cash and cash equivalents
Land
Buildings
Water System
Sewer system
Improvements other than buildings
Machinery and equipment
Accumulated depreciation
Other Debits:
Amount available for principal
in debt service fund
Amount to be provided for retirement
of general long-term debt
TOTAL ASSETS
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1992
GOVERNMENTAL FUND TYPES PROPRIETARY
SPECIAL
DEBT
CAPITAL
GENERAL
-------
REVENUE
-------
SERVICE
-------
PROJECTS
--------
ENTERPRISE
----------
S 685,505
$ 239,025 $
83,447
$ 483,057
$ 1,521,106
512,655
...
...
504,729
12,774
...
...
153,700
...
...
1,248
1,681
...
...
...
133,738
39,197
46,256
10,020
10,546
...
...
20,318
...
1,440,034
•••
.••
927,606
•••
...
...
3,449,265
•••
...
6,369,826
•••
...
...
707,197
•••
••.
...
(3,378,146)
----------------------------- -----------------------
$ 1,262,358 $ 285,281 $ 83,447 $ 483,057 $ 11,860,641
The notes to the financial statements are an integral part of this statement.
22
FIDUCIARY
FUND TYPES FUND TYPES
---------- -----------
TRUST
INTERNAL AND
SERVICE AGENCY
ACCOUNT GROUPS
-----------------------
GENERAL GENERAL
FIXED LONG-TERM
ASSETS DEBT
$ 132 $ 8,645 $ $
... 2,364,726
3,049 ... ...
65,565 ...
... 806,732 ...
1,613,306 ...
3,038,571 ...
1,103,103 ...
------------ --------
$ 3,181 $ 2,438,936
... 41,666
... 1,856,313
----------- -----------
$ 6,561,712 $ 1,897,979
23
TOTALS
(MEMORANDUM ONLY)
-----------------------------
1992 1991
$ 3,020,917 $ 1,839,890
3,382,110 4,021,119
...
17,070
169,523
178,194
...
29,469
1,248
1,073
200,984
158,413
95,473
66,034
30,864
26,309
1,440,034
1,450,726
1,734,338
1,734,338
1,613,306
1,276,264
3,449,265
3,449,265
6,369,826
6,369,826
3,038,571
2,808,533
1,810,300
1,656,693
(3,378,146)
(3,078,404)
41,666 40,000
1,856,313 1,982,396
------------------------
S 24,876,592 $ 24,027,208
Continued
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1992
GOVERNMENTAL FUND TYPES PROPRIETARY
--------------------------------------------------------------
SPECIAL DEBT CAPITAL
LIABILITIES, EQUITY, AND OTHER CREDITS GENERAL REVENUE SERVICE PROJECTS ENTERPRISE
-------------------------------------------------------------------
Liabilities:
Accounts payable
$ 15,643
$ 24,144
$
$ 303
$ 18,965
Other accrued expenses/deferred revenue
19,489
...
...
...
30,748
Contracts payable
12,991
41,526
..
Mortgage payable
..
Payable From Restricted Assets:
Deposits
...
...
...
...
51,307
Accrued interest
...
82,842
Revenue bonds
...
...
...
...
110,000
Interfund payables
64,907
23,408
...
...
103,898
Deferred compensation payable
...
,.
Revenue bonds payable
...
-----------
...
---------
...
...
3.135,000
Total Liabilities
100,039
-----------
60,543
---------
---------
...
---------
-----------
41,829
-----------
------------
3,532,760
------------
Equity and Other Credits:
Contributed capital
2,722,284
Investment in general fixed assets
...
Retained Earnings:
Reserved
...
...
...
...
1,285,747
Unreserved
...
...
...
...
4,319,850
Fund Balances:
Reserved for police education
9,253
...
Reserved for inventory
10,547
...
...
Reserved for recreation
18,607
...
Reserved for cemetery care
...
..
Reserved for debt service
...
...
83,447
Reserved for employees,
retirement systems
,,.
Unreserved, designated for
capital replacement
83,935
...
...
..
Unreserved, undesignated
1,039,977
-----------
224,738
---------
...
441,228
...
Total Equity
---------
-----------
------------
and Other Credits
1,162,319
-----------
224,738
---------
83,447
---------
441,228
-----------
8,327,881
------------
TOTAL LIABILITIES, EQUITY,
AND OTHER CREDITS $ 1,262,358 $ 285,281 $ 83,447 $ 483,057 $ 11,860.641
The notes to the financial statements are an integral part of this statement.
24
FIDUCIARY
FUND TYPES FUND TYPES
---------- ----------
ACCOUNT GROUPS
---------------------------
TRUST
GENERAL GENERAL
INTERNAL AND
FIXED LONG-TERM
SERVICE AGENCY
------- ------
ASSETS DEBT
------ ----
TOTALS
(MEMORANDUM ONLY)
-----------------------------
1992 1991
$ 9,779 $ $ $ $ 68,834 $ 117,791
„ 50,237 72,062
... ... ... 54,517 6,582
57,979 57,979 62,396
51,307 42,442
82,842 85,268
110,000 105,000
8,587 184 200,984 158,413
... 59,243 ... ... 59,243 52,273
... ... ... 1,840,000 4,975,000 5,205,000
18,366 59,427 ... 1,897,979 5,710,943 5,907,227
---------------------------- ----------- ------------ ------------
(15,185) ...
185,670
... 2,193,839
--------------------
(15,185) 2,379,509
$ 3,181 $ 2,438,936
$ 6,561,712 $ 1,897,979
2,722,284 2,667,107
6,561,712 5,939,635
1,285,747
1,218,016
4,304,665
4,215,242
9,253
6,554
10,547
4,098
18,607
18,607
185,670
173,970
83,447
83,969
2,193,839
1,923,923
83,935
83,935
1,705,943
1,783,925
19,165,649 18,119,981
$ 24,876,592 $ 24,027,208
25
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M.
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1992
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
Total Revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Capital outlay
Debt service:
Principal
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfer out
Total Other Financing Sources (Uses)
Excess of Revenues and Other
Financing Sources Over (Under)
Expenditures and Other Uses
Fund Balances - October 1
FUND BALANCES - SEPTEMBER 30
TOTALS
GOVERNMENTAL FUND TYPES (MEMORANDUM ONLY)
--------------------------------------------------- --------------------------
SPECIAL DEBT CAPITAL
GENERAL REVENUE SERVICE PROJECTS 1992 1991
----------------------------- ---- ----
$ 1,349,613
$ 326,504
$ ...
$ ...
$ 1,676,117
$ 1,281,612
41,127
...
...
...
41,127
28,917
501,507
220,003
...
112,500
834,010
786,966
32,676
...
...
...
32,676
19,327
90,039
...
...
...
90,039
69,571
123,103
-----------
16,827
----------
3,548
---------
36,725
-----------
180,203
-----------
273,112
-----------
2,138,065
-----------
563,334
----------
3,548
---------
149,225
-----------
2,854,172
-----------
2,459,505
-----------
362,650
35,230
397,880
440,789
931,441
...
931,441
830,411
101,512
...
...
101,512
99,989
249,736
...
249,736
330,476
11,817
...
11,817
9,283
13,650
...
13,650
13,665
438,956
64,808
...
...
503,764
435,748
503,145
503,145
758,623
120,000
...
120,000
110,000
134,591
...
-----------
134,591
-----------
141,573
-----------
-----------
2,109,762
-----------
----------
100,038
----------
---------
254,591
---------
503,145
-----------
2,967,536
-----------
3,170,557
-----------
28,303
463,296
(251,043)
(353,920)
(113,364)
(711,052)
62,263
...
250,521
122,026
434,810
480,885
(84,526)
-----------
(250,521)
----------
...
---------
(55,755)
-----------
(390,802)
-----------
(490,886)
-----------
(22,263)
-----------
(250,521)
----------
250,521
---------
66,271
-----------
44,008
-----------
(10,001)
-----------
6,040
212,775
(522)
(287,649)
(69,356)
(721,053)
1,156,279
-----------
11,963
----------
83,969
---------
728,877
-----------
1,981,088
-----------
2,702,141
-----------
$ 1,162,319
$ 224,738
$ 83,447
$ 441,228
$ 1,911,732
$ 1,981,088
The notes to the financial statements are an integral part of this statement.
27
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
GENERAL, SPECIAL REVENUE, DEBT SERVICE, AND CAPITAL PROJECT FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1992
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
Total Revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Capital outlay
Debt service
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues
and Other Sources Over
Expenditures and Other Uses
Fund Balances - October 1
FUND BALANCES - SEPTEMBER 30
GENERAL FUND
------------------------------------------
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE)
------ -------------------
S 1,316,178
$ 1,349,613 $
33,435
27,900
41,127
13,227
496,400
501,507
5,107
164,900
178,076
13,176
56,000
90,039
34,039
130,344
-----------
123,103
----------------------
(7,241)
2,191,722
-----------
2,283,465
----------------------
91,743
541,603
505,142
36,461
862,500
931,441
(68,941)
110,175
104,420 r
5,755
292,203
249,736
42,467
10,615
11,817
(1,202)
13,737
13,650
87
467,205
438,956
28,249
-----------
2,298,038
-----------
----------------------
2,255,162
----------------------
42,876
(106,316)
-----------
28,303
----------------------
134,619
63,804
62,263
(1,541)
(84,663)
-----------
(84,526)
-----------
137
(20,859)
-----------
-----------
(22,263)
----------- -----------
(1,404)
(127,175)
6,040
133,215
1,156,277
-----------
1,156,279
-----------
$ 1,029,102
-----------
$ 1,162,319 $
133,215
The notes to the financial statements are an integral part of this statement.
28
SPECIAL REVENUE FUND
DEBT SERVICE FUND
----------------------------------- ----------------------------------------
CAPITAL PROJECTS FUND
-----------------------------------------
VARIANCE
VARIANCE
VARIANCE
FAVORABLE
FAVORABLE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
$ 306,000
$ 326,504
$ 20,504
$
S
$ $
$
$
...
112,500
112,500
22,000
-----------
44
-----------
(21,956)
-----------
5,000
---------
3,548
---------
(1,452)
--------- -----------
44,500
36,725
-----------
(7,775)
-----------
328,000
-----------
326,548
-----------
(1,452)
-----------
5,000
---------
3,548
---------
(1,452)
--------- -----------
157,000
149,225
-----------
(7,775)
-----------
82,000
64,808
17,192
...
...
...
...
...
...
...
...
...
...
734,863
503,145
231,718
...
-----------
...
-----------
255,022
---------
254,591
---------
431
--------------------
...
...
-----------
...
-----------
-----------
82,000
-----------
64,808
-----------
17,192
-----------
255,022
---------
254,591
---------
431
--------- -----------
734,863
503,145
-----------
231,718
-----------
246,000
-----------
261,740
-----------
15,740
-----------
(250,022)
---------
(251,043)
---------
(1,021)
--------------------
(577,863)
(353,920)
-----------
223,943
-----------
250,022
250,521
499
122,163
122,026
(137)
(250,022)
-----------
(250,521)
-----------
(499)
-----------
...
---------
...
---------
...
--------------------
(57,604)
(55,755)
-----------
1,849
-----------
(250,022)
-----------
(250,521)
-----------
(499)
-----------
250,022
---------
250,521
---------
499
--------------------
64,559
66,271
-----------
1,712
-----------
(4,022)
11,219
15,241
...
(522)
(522)
(513,304)
(287,649)
225,655
8,953
8,953
...
83,969
83,969
...
728,877
728,877
...
-----------
$ 4,931
-----------
$ 20,172
-----------
$ 15,241
---------
$ 83,969
---------
$ 83,447
--------- -----------
$ (522) $
215,573
-----------
$ 441,228
-----------
$ 225,655
29
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, 1992
PROPRIETARY
ENTERPRISE
Operating Revenues:
----------
Charges for services
$ 1,742,959
Investment earnings
Contributions
" '
Cemetery lot sales
" '
Sale of recycled materials
7,850
Reimbursements
Rent
" '
Total Operating Revenues
1-----809
Operating Expenses:
-----------
Personal services
508,500
Utilities
139,495
Landfill
106,987
Administrative services
145,400
Repair and maintenance
87,053
Depreciation
299,741
Professional services
52,440
Insurance
62,383
Operating supplies
60,168
Office expense
18,536
Bad debt expense
3,101
Benefit payments
Refunds
Trustee/administrative fees
" '
Medical claims
Total Operating Expenses
1,483,804
Operating Income (Loss)
267,005
Nonoperating Revenues (Expenses):
-----------
Interest revenue
156,185
Interest expense
(231,163)
Grants
10,020
Total Nonoperating Revenues (Expenses)
(64,958)
Income Before Operating Transfers
202,047
Operating Transfer In
Operating Transfer (out)
(44,068)
Net Income
158,039
Retained Earnings/Fund Balances - October 1
5,447,558
RETAINED EARNINGS/FUND BALANCES - SEPTEMBER 30
$ 5,605,597
The notes to the financial statements are an integral part of this statement.
30
TOTALS
FUND TYPES FIDUCIARY FUND TYPES (MEMORANDUMS ONLY)
---------- ------------------------------ -----------------------------
INTERNAL PENSION NONEXPENDABLE
SERVICE TRUST TRUST 1992 1991
------- ----- ----- ---- ----
$ 206,285
$
$
$ 1,949,244
$ 1,848,699
...
203,538
...
203,538
331,685
...
140,972
140,972
127,157
...
...
11,700
11,700
13,950
..
...
...
7,850
4,381
10,479
...
...
10,479
34,881
...
...
2,502
-----------
216,764
-----------
-----------
344,510
-----------
-----------
11,700
-----------
-----------
2,323,783
-----------
-----------
2,363,255
-----------
...
...
508,500
509,448
...
139,495
141,650
...
...
106,987
109,545
...
...
145,400
99,543
...
...
87,053
116,259
...
299,741
280,237
...
52,440
79,019
54,613
...
116,996
110,539
...
60,168
64,728
...
...
...
18,536
15,762
...
3,101
2,525
80,139
...
80,139
62,012
29,874
...
29,874
14,530
11,023
28,746
...
39,769
37,656
153,206
...
...
153,206
201,253
-----------
218,842
-----------
138,759
-----------
...
-----------
1,841,405
-----------
1,844,706
-----------
(2,078)
-----------
-----------
205,751
-----------
-----------
11,700
-----------
-----------
482,378
-----------
-----------
518,549
-----------
193
...
156,378
219,631
...
...
(231,163)
(241,253)
...
...
10,020
41,718
-----------
193
-----------
...
-----------
...
-----------
(64,765)
-----------
20,096
-----------
(1,885)
-----------
205,751
-----------
11,700
------------
417,613
-----------
538,645
...
...
...
10,000
...
-----------
...
-----------
...
-----------
(44,008)
-----------
...
-----------
(1,885)
(13,300)
$ (15,185)
205,751
1,923,923
$ 2,129,674
11,700
173,970
$ 185,670
31
373,605
7,532,151
$ 7,905,756
548,645
6,983,506
$ 7,532,151
CITY OF CLERMONT. FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1992
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (MEMORANDUMS ONLY)
---------------------- ------------- -----------------------
INTERNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1992 1991
------------------ ------------- ---- ----
Cash Flows From Operating Activities:
Cash received from customers
Cash payments to suppliers
Cash payments for employee services
Cash payments for medical claims
Net Cash Provided By
Operating Activities
Cash Flows From Noncapital
Financing Activities:
Operating transfer out
Operating transfer in
Grants
Net Cash Provided (Used) by
Noncapital 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
Net Cash Provided (Used) By Capital
and Related Financing Activities
Cash Flows From Investing Activities:
Interest
Investment purchases
Net Cash Provided (Used) By
Investing Activities
Net Increase (Decrease) in Cash
and Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year
$ 1,768,636 $ 228,269 $ 11,700
(685,969) (65,636) ...
(503,866) ... ...
,.. (162,694)
-----------------------------
578,801 (61) 11,700
-------------------- ---------
$ 2,008,605 $ 1,855,339
(751,605) (753,363)
(503,866) (506,415)
(162,694) (189.919)
590,440 405,642
------- -----------
(44,008) (44,008) ...
... 10,000
••• ... 17,718
(44,008) ... ... (44,008) 27,718
------- ----------------------------------------
(98,610)
...
...
(98,610)
(307,512)
(105,000)
...
(105,000)
(95,000)
(233,589)
...
(233,589)
(243,429)
55,178
--------------------
...
---------
55,178
----------------------
18,996
(382,021)
----------- ---------
...
...
---------
(382,021)
----------- -----------
(626,945)
162,875
193
...
163,068
222,043
(504,729)
----------- ---------
...
...
---------
(504,729)
----------------------
...
(341,854)
--------------------
193
...
---------
(341,661)
----------------------
222,043
(189,082)
132
11,700
(177,250)
28,458
3,150,222
--------------------
...
173,970
---------
3,324,192
----------- -----------
3,295,734
$ 2,961,140 $
132
$ 185,670
$ 3,146,942 $
3,324,192
The notes to the financial statements are an integral part of this statement.
32
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 in inventory
Increase in accrued expenses
Increase (Decrease) in payables
Total Adjustments
Net Cash Provided (Used) by
Operating Activities:
FIDUCIARY TOTALS
PROPRIETARY FUND TYPES FUND TYPE (MEMORANDUMS ONLY)
---------------------- ------------- -----------------------
INTERNAL NONEXPENDASLE
ENTERPRISE SERVICE TRUST 1992 1991
------------------ ------------- ---- ----
$ 267,006 $ (2,078) $ 11,700 $ 276,628 $ 166,527
-------------------- -------------------------------
299,741
...
299,741
280,237
9,166
6,951 ...
16,117
(67,444)
1,893
...
1,893
3,329
4,634
...
4,634
2,203
(3,639)
--------------------
(4,934) ...
---------
(8,573)
----------------------
20,790
311,795
----------- ---------
2,017 ...
---------
313,812
----------------------
239,115
$ 578,801 $
(61) $ 11,700
$ 590,440 $
405,642
33
THIS PAGE INTENTIONALLY LEFT BLANK
34
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.
35
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.
1F
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.
37
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.
18
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: executive ($13), legal ($590), other
general government ($361), law enforcement ($66,534), fire control
($2,407), and economic development ($1,202.) The large excess in law
enforcement is due to a subsequent event requiring additional City contri-
butions to the pension fund.
Budgets are prepared on a basis consistent with generally accepted
accounting principles (GAAP) for the infrastructure fund and the non -
expendable trust fund. The general fund's non-GAAP basis budget includes
reimbursements from other funds as revenues rather than as reductions of
expenditures. 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 not adopted for the impact fee, block grant, internal service
and trust and agency funds. Budget amounts for the general, infra-
structure, debt service and capital project funds 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, Cash Equivalents, and Investments - For purposes of cash flows
cash includes amounts in demand deposits as well as short-term
39
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
investments with a maturity date within three months of the date
acquired by the government. Investments are stated at cost or amortized
cost, except for investments in the deferred compensation agency fund
which are reported at market value.
2. Accounts Receivable From Other Governments - Those amounts that
represent a claim against another government, and are measurable, have
been accrued.
3. Receivables - The Water and Sewer System maintains the direct write-off
method of bad debt recognition due to the immateriality of the amounts.
The City has no concentrations of credit risk.
4. Inventories - Inventories are priced at cost 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 ears
Buildings 25 - 40
Land Improvements 5 - 40
Equipment 3 - 35
40
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Interest is capitalized on proprietary fund assets acquired with tax-
exempt debt. The amount of interest to be capitalized is calculated by
offsetting interest expense incurred from the date of the borrowing
until completion of the project with interest earned on invested
proceeds over the same period.
7. Compensated Absences - No accrual is made for accrued vacation leave in
the governmental funds because of immateriality. Accumulated vacation
leave of employees in the proprietary funds is recorded as an expense
and liability of those funds as the benefits accrue to employees. No
accrual is made for sick leave benefits which accumulate but do not
vest until retirement. Accumulated unpaid vacation benefits of $15,775
are accrued in the proprietary funds.
8. Long -Term Obligations - Long-term debt is recognized as a liability of
a governmental fund when due. For other long-term obligations, only
that portion expected to be financed from expendable available
financial resources is reported as a fund liability of a governmental
fund. The remaining portion of such obligations is reported in the
general long-term debt account group. Long-term liabilities expected
to be financed from proprietary fund operations are accounted for in
those funds.
9. Fund Equity - Contributed capital is recorded in proprietary funds
that have received capital grants or contributions from developers,
customers or other funds. Reserves represent those portions of fund
equity not appropriable for expenditure or legally segregated for a
specific future use. Designated fund balances represent tentative
plans for future use of financial resources.
F. Revenues, Expenditures and Expenses
1. Interest income resulting from pooling of cash in master bank accounts
is allocated to the funds in their proportionate share.
2. Unbilled revenue, which results from cyclical billing practices, is
recorded in the following fiscal year.
3. Interfund Transactions - 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/lien date January 1
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
41
2
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.
Stewardship, Compliance, and Accountability:
A. Budget Revisions
The following schedule summarizes budget revisions by Fund:
Original
Final
Budget
Revisions
Budget
General Fund
$ 2,269,594
$ 28,444
$ 2,298,038
Capital Projects Funds:
Palatlakaha Recreation Area
150,000
84,863
234,863
Enterprise Funds:
Utility Fund
1.186.334
8.387
1,194 721
$ 3,605,928
$ 121,694
$ 3,727,622
B. General Fund Budget/GAAP Reconciliation:
Excess of revenues and other sources over
expenditures and other
uses (budgetary
basis)
$ 70,223
Adjustments:
To reduce revenues for
administrative
service fees
(145,400)
To reduce expenditures
for adminis-
trative service fees
145.400
Excess of revenues and other sources over
expenditures and other
uses (GAAP basis)
$ 70,223
42
----
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
C. 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:
Uti_lith_Fund Sanitation Stormwater
Water Sewer Fund Fund
$ 417,156 $ 580,439 $ 412,477 $ 73,732
(117,283) (154,343) ... ...
25,738 57,342 15,530 ...
17,500 87,500 ... ...
343,111 570,938 428,007 73,732
435,859 758,862 _ 497:822 75,649
$ 92,748 $ 187,924 $ 69,815 $ 1,917
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 $356,213 and the
bank balance was $411,708.
During the fiscal year, the City owned certificates of deposit which had
matured by the balance sheet date.
INVESTMENTS
The City's investments are categorized below to give an indication of the level
of risk assumed by the entity at year-end. Category 1 includes investments
that are insured or registered, or securities held by the City or its agent in
the City's name. Category 2 includes uninsured and unregistered investments
held by the counterparty's agent in the City's name. Category 3 includes
uninsured and unregistered investments held by a counterparty but not in the
City's name.
43
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 $ 204,000 $ 204,270
(Secured by USTN due 5/15/95 @ 5.875%
held by bank in bank's name)
Investment in U.S. Government Fund mutual fund 1,017,384 1,003,773
Investment in state treasurer's investment pool 4,076,833 4,076,833
Florida Municipal Pension Trust Fund 2,128,472 2,128,472
Deferred Compensation Plan 59,243 59,243
Total $ 7,485,932
$ 7,472,591
4. Changes In General Fixed Assets:
A summary of changes in general fixed assets is as follows:
Balance -
Balance -
09_ j30/91
Additions Deletions
92L30/92
Land
$ 806,732
$ ... $ ...
$ 806,732
Buildings
1,276,264
337,042 ...
1,613,306
Improvements other than
buildings
2,808,533
230,038 ...
3,038,571
Machinery and equipment
1,048,106
54,997 �
1,103,103
Totals
$ 5,939,635
$ 622,077 $ ..
$ 6,561,712
5, A Summary of Proprietary Fund property, plant and equipment:
Transfers Transfers
Balance
and and
Balance
9/30/91
Additions Deletions
9
Land
$ 927,606
$ ... $ ...
$ 927,606
Water system
3,449,265
...
3,449,265
Sewer system
6,369,826
...
6,369,826
Equipment
_ 608,587
98 AlO _
707,197
Total
11,355,284
Less: Accumulated depreciation_ 3 078,404
Net $ 8,276,880
$ 98,610 $ ... 11,453,894
299,741 _ 3,378 146
$ 8,075,478
14
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
------------------- ---------- ------------------ --------mm—aaamffi—=a---------a�a--�
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, 1992, was $1,521,807.
Covered payroll for each of the defined benefit plans was:
General employees
Police officers
Volunteer firemen
$ 108,230
439,908
18,076
Membership in each of the defined benefit pension plans at September 30, 1992,
was as follows:
General Police Volunteer
Employees Officers Firefighters
Retirees/beneficiaries
currently receiving benefits
13
2
2
Vested terminated employees
1
0
3
Active employees:
Fully vested
5
0
0
Nonvested
0
17
24
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
45
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 Pro ress
The Florida Municipal Pension Trust Fund, in which the City of Clermont
participates, provided an actuarial valuation for plan years beginning October
1, 1991, 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 -prior- normal cost, using -
the valuation actuarial assumptions.
/1 h
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, 1991. 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
Unfunded pension benefit ob-
ligation/(assets in excess of
pension benefit obligation)
General Police Volunteer
Employees Officers Firefighters Total
$ 458,246 $ 324,511 $ 9,007 $ 791,764
-0- -0- -0- -0-
-0-
14,304
370
14,674
276,661
317,398
11,687
605,746
-0-
69.205
3,818
73,023
734,907
725,418
24,882
1,485,207
$747,713 $_ 778,984 $ 221.249 $ 1,747,946
$ (12,806) $ (53,566) $(196,367) $ (262,739)
47
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Contributions Required And Contributions Made
The City of Clermont's funding policy is to provide for periodic employer
contributions at actuarially determined amounts that are designed to accumulate
sufficient assets to pay benefits when due. The required contributions for the
general employees' plan were determined using the individual spread gain
method. Contributions to the plan were determined using the individual level
dollar cost method. Unfunded actuarial accrued liabilities would be amortized
as a level percent of payroll over a thirty year period. The actuarial
assumptions used to compute contribution requirements were the same as those
used to compute the pension benefit obligation standardized measure.
During the year ended September 30, 1992, contributions were made in accordance
with contribution requirements by actuarial valuations of each of the plans as
of October 1, 1991. Due to events occurring subsequent to year end, the City
accrued an additional contribution to the Police Officers' Pension Fund.
Actuarially Determined Employer
Contribution Requirement: General Police Volunteer
Employees Officers Firefi hters
Normal Cost
As a Dollar Amount
$
11,556
$
72,415
$
(526)
Contributions Made:
Employer
City
$
11,556
$
97,311
$
State
35,449
10 ,574
Subtotal
11,556
132,760
$
10,574
Employee
___4,448
183
Total
$
11,556
$
137,208
$
10,757
Covered Payroll
$
108,230
$
439,908
$
18,076
Contributions as a %
of Covered Payroll:
Employer 10.68% 30.18% 58.50%
Employee 1.01%
Total 10.68% 31.19% 59.51%
f. 0
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Trend Information
Trend information gives an indication of the progress made in accumulating
sufficient assets to pay benefits when due. Information is presented below for
the three years ending September 30, 1992, 1991, and 1990. 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.
General Employees:
1992
1991
1990
Police Officers:
1992
1991
1990
Unfunded PBO
Employer's
Percentage of
as a percentage
contribution
PBO funded by
of covered
as a percentage
available assets
payroll
of covered payroll
101.74
(11.83)
10.68
100.96
(5.55)
29.93
78.49
133.11
28.65
107.38
(12.18)
30.18
100.47
(.78)
2.34
87.04
22.66
7.95
Volunteer Firefighters:
1992 889.19 (1,086.34) 58.50
1991 1,177.16 (1,545.44) 83.20
1990 1,039.43 (2,051.91) 178.30
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%
49
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Membership in the defined contribution pension plan at September 30, 1992, was
as follows:
General Employees
Retirees and beneficiaries
currently receiving benefits 0
Vested terminated employees 2
Active employees:
Fully vested 7
Partially vested 5
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 1992 was $801,373; the City's total pay-
roll was $1,521,807.
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 1992 was $56,096, or seven percent
(7%) of covered payroll, less forfeitures of $11,686. Actual contribution was
$44,497.
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 --r-ights---purchased- with --those-- amounts, -- and --all- income
attributable to those amounts, property or rights are (until paid or made
available to the employee or other beneficiary) solely the property and rights
of the government subject only to the claims of the government's general
creditors. Participants' rights under the plan are equal to those of general
creditor of the government in an amount equal to the fair market value of the
deferred account for each participant.
50
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 the first $25,000 per year
in medical and/or dental claims for each covered employee; 50% of claims
25,000-30,000; 25% of amounts 30,001-35,000. 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, 1992, there were claims outstanding in the amount of $9,779.
Claims paid during the fiscal year amounted to $153,206. 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, 1992:
Note
Bonds
Payable
Total
Bonds and note
payable
at October 1,
1991
$ 1,960,000
$ 62,396
$2,022,396
Retirements
(120,000)
(4,417)
(124,417)
Bonds and Note
Payable
At September
30, 1992
$ 1,840,000
$ 57,979
$1,897,979
51
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Bonds and notes payable at September 30, 1992, 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 9-30-92
$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 9-30-92
Total General Long Term Debt
$ 57,979
1,840,000
$ 1,897,979
The annual requirements to amortize all general long-term debt outstanding as
of September 30, 1992, including interest payments of $831,608, are as follows:
YEAR ENDING
NOTE
SEPTEMBER 30
BONDS
PAYABLE
TOTAL
1993
$ 250,343
$ 7,605
$ 257,948
1994
252,218
7,362
259,580
1995
253,375
7,119
260,494
1996
248,733
6,876
255,609
1997
248,683
6,633
255,316
1998 - 2002
1,256,601
29,520
1,286,121
2003 - 2007
139,165
15_,354
154.519
$ 2,649,118 $ 80,469 $ 2,729,587
11. Enterprise Funds Long -Term Debt:
The following is a summary of changes in bonds outstanding for the year ended
September 30, 1992:
Bonds payable - October 1, 1991
Retirements
Bonds Payable - September 30, 1992
1972 1988
Issue Issue Total
$ 1,200,000 $ 2,150,000 $ 3,350,000
70 000) (35,000) (105,000)
$ 1,130,000 $ 2,115,000 $ 3,245,000
r,1)
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 November 1,
1985 through November
1, 2002;
interest at 6% due semiannually
$ 1,130,000
— 7 s, vl, l
►� j�
$2,200,000 1988 refunding
bond issue due serially
in annual
1t&1('V'
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
2,115,000
Total Bonds Payable
$ 3,245,000
Bonds Payable:
Current portion of bonds payable $ 110,000
Long-term portion of bonds payable 3 135,000
Total Bonds Payable $ 3,245,000
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,
1992, including interest payments of $2,989,651, are as follows:
YEAR ENDING
SEPTEMBER 30
1993
1994
1995
1996
1997
1998 - 2002
2003 - 2007
2008 - 2012
2013 - 2016
TOTAL
$ 338,256
336,436
339,084
336,204
337,794
1,689,564
1,119,313
967,200
770,800
$ 6,234,651
53
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
12. Interfund Receivables/Payables:
Individual fund interfund receivable and payable balances at September 30,
1992, are as follows:
General Fund
Utility Revenue Fund
Sanitation Fund
Stormwater 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
Payables
$ 1,681
$ 64,907
121,904
259
...
103,610
11,834
29
1,119
163
64,411
21
35
...
...
23,408
8.587
$ 200,984 $ 200,984
Fund Balance - Reserves have been established for the following items:
Reserved for Police Education - Funds reserved by
state statute for training of police officers.
Reserved for Inventory - Funds expended for goods
that will be used in the following year.
Reserved for Recreation - Funds provided by de-
velopers in accordance with a City ordinance for
the acquisition and development of parks and
recreation areas.
Reserved for Cemetery Care - Funds reserved by
City ordinance for future care of the cemetery.
Reserved for Employees' Retirement Systems - Funds
restricted for payment of retirement benefits.
Total Reserved Fund Balances
$ 9,253
10,547
18,607
185,670
2.129.674
$ 2,353,751
r �,
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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 $
1988 series
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, 993,747
Total Reserved Retained Earnings $ 1,285,747
14. Changes in Contributed Capital:
Balance October 1, 1991 $ 2,667,107
Contributions from developers 55,177
Balance September 30, 1992 $ 2,722,284
15. Segment Information:
The City maintains three Enterprise Funds which provide sanitation, water and
sewer, and stormwater services. Segment information for the year ended Septem-
ber 30, 1992, is as follows:
UTILITY SANITATION STORMWATER ENTERPRISE
FUND FUND FUND FUNDS
Operating Revenues $
1,140,865 $
468,294 $
141,650
$ 1,750,809
Depreciation
271,626
28,115
299,741
Operating Income
143,270
55,817
67,918
267,005
Operating Grants
...
10,020
...
10,020
Operating transfer out
(44,008)
...
...
(44,008)
Net Income
10,510
75,920
71,609
158,039
Current Capital - Contributions
55,177
...
55,177
Plant, Property and Equipment:
Additions
83,080
15,530
98,610
Net Working Capital
1,689,111
347,814
154,323
2,191,248
Total Assets
11,033,113
671,717
155,811
11,860,641
Bonds and Other Long -Term
Liabilities:
Payable From Operating Revenues
3,135,000
...
...
3,135,000
Total Equity
7,626,605
546,953
154,323
8,327,881
55
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. Subsequent Events:
Subsequent to year end, the City was notified that a calculation error had
been made in determining the level of funding of the Police Pension Fund. The
City expects to pay $64,183 additional contribution for the 1992 year. This
amount has been recognized as an expense and an interfund payable in the
General Fund and as a contribution and interfund receivable in the Police
Pension Fund.
18. Other Matters:
The City of Clermont, together with several other cities in Lake County, has
disagreed with Lake 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 beginning March 1, 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. The City has not expensed these overcharges as it does not anticipate
paying them.
9h
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.
GO VERNIVIEN TA FUND T YPES
57
THIS PAGE INTENTIONALLY LEFT BLANK
58
GENERAL FUND
The General Fund accounts for all revenues and expenditures of the City
which are not required to be accounted for in other funds. It receives a
greater variety and number of taxes and other general revenues than any
other fund.
59
CITY OF CLERMONT, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1992 AND 1991
ASSETS
1992
1991
Cash and cash equivalents
$ 685,505
$ 148,370
Investments
512,655
1,000,000
Receivables:
Interest
8,539
Accounts
12,774
15,136
Assessments
29,469
Interfund
1,681
Due from other governments
39,197
18,034
Inventory
10,546
-----------
4,098
-----------
TOTAL ASSETS
$ 1,262,358
$ 1,223,646
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable
$ 15,643
$ 42,734
Other accrued expenses
19,489
10,753
Interfund payables
64,907
-----------
13,880
-----------
Total Liabilities
100,039
67,367
Fund Balance:
-----------
-----------
Reserved for police education
9,253
6,554
Reserved for inventory
10,547
4,098
Reserved for recreation
18,607
18,607
Unreserved, designated for capital replacement
83,935
83,935
Unreserved, undesignated
1,039,977
-----------
1,043,085
-----------
Total Fund Balance
1,162,319
-----------
1,156,279
-----------
TOTAL LIABILITIES AND FUND BALANCE
$ 1,262,358
$ 1,223,646
60
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1991
VARIANCE
FAVORABLE
1991
BUDGET
ACTUAL
(UNFAVORABLE)
-------------
ACTUAL
------
Revenues:
------
------
Taxes
$ 1,316,178
$ 1,349,613
$ 33,435
$ 1,281,612
Licenses and permits
27,900
41,127
13,227
28,917
Intergovernmental revenues
496,400
501,507
5,107
486,812
Charges for services
164,900
178,076
13,176
118,870
Fines and forfeitures
56,000
90,039
34,039
69,571
Miscellaneous revenues
130,344
123,103
(7,241)
170,579
Total Revenues
-----------
2,191,722
-----------
-----------
2,283,465
-----------
-----------
91,743
-----------
-----------
2,156,361
-----------
Expenditures:
General government
541,603
505,142
36,461
492,142
Public safety
862,500
931,441
(68,941)
830,411
Physical environment
110,175
104,420
5,755
101,011
Transportation
292,203
249,736
42,467
311,383
Economic environment
10,615
11,817
(1,202)
9,283
Human services
13,737
13,650
87
13,665
Culture and recreation
467,205
438,956
28,249
435,748
Total Expenditures
-----------
2,298,038
----------------------
2,255,162
-----------
42,876
-----------
2,193,643
-----------
Excess (Deficiency) of Revenues
-----------
-----------
Over Expenditures
(106,316)
28,303
134,619
(37,282)
-----------
Other Financing Sources (Uses):
-----------
----------------------
Operating transfers in
63,804
62,263
(1,541)
...
Operating transfers out
(84,663)
(84,526)
137
(61,752)
-----------
Total Other Financing
-----------
----------------------
Sources (Uses)
(20,859)
(22,263)
(1,404)
(61,752)
Excess (Deficiency) of Revenues
-----------
----------------------
-----------
over Expenditures and Other
Sources (Uses)
(127,175)
6,040
133,215
(99,034)
Fund Balance - October 1
1,156,279
-----------
1,156,279
----------------------
...
1,255,313
-----------
FUND BALANCE - SEPTEMBER 30
$ 1,029,104
$ 1,162,319 $
133,215
$ 1,156,279
61
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1991
VARIANCE
FAVORABLE
1991
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
Taxes:
Ad valorem
$ 450,678
$ 441,449
$ (9,229)
$ 393,354
Local option gas tax
150,000
143,205
(6,795)
149,227
Franchise fees
289,300
305,342
16,042
300,116
Utility taxes
426,200
-----------
459,617
-----------
33,417
----------
438,915
-----------
Total
1,316,178
-----------
1,349,613
-----------
33,435
----------
1,281,612
-----------
Licenses and Permits:
Professional and occupational
15,900
19,112
3,212
20,067
Other permits
12,000
-----------
22,015
-----------
10,015
----------
8,850
-----------
Total
27,900
-----------
41,127
-----------
13,227
----------
28,917
-----------
Intergovernmental revenues:
Two -cent cigarette tax
28,700
29,525
825
30,024
State revenue sharing
159,500
163,215
3,715
164,541
Mobile home licenses
11,000
11,514
514
11,295
Alcoholic beverage licenses
5,600
4,910
(690)
5,530
Half -cent sales tax
205,000
213,901
8,901
206,746
Motor fuel tax rebate
4,000
4,988
988
4,525
Municipality share of county
occupational licenses
15,300
14,049
(1,251)
15,288
Municipality share of one -cent
voted gas tax
39,900
42,746
2,846
44,178
Special fuel tax
150
43
(107)
245
School crossing guard
4,500
3,364
(1,136)
4,440
Grants
-----------
22,750
13,252
-----------
(9,498)
---------- -----------
...
Total 496,400 501,507 5,107 486,812
-------------------------------------------
Continued
62
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1991
VARIANCE
FAVORABLE
1991
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
Charges for Services:
Program activity fees
$ 19,500
$ 32,676
$ 13,176 $
19,327
Administrative service fee
145,400
-----------
145,400
-----------
...
----------------------
99,543
Total
164,900
-----------
178,076
-----------
13,176
----------------------
118,870
Fines and forfeitures
Court fines
53,000
82,618
29,618
66,083
Police education
2,500
3,164
664
2,768
False alarms
500
1,530
1,030
720
Confiscations
...
----------- -----------
2,727
-----------
2,727
-----------
...
Total
56,000
----------------------
90,039
-----------
34,039
-----------
69,571
Miscellaneous:
Impact fees
...
...
29,468
Interest
96,000
84,079
(11,921)
106,647
Rentals
10,112
9,766
(346)
8,876
Memorial sales
1,000
1,364
364
728
Surplus equipment sales
1,500
(1,500)
4,060
Contributions
11,500
17,320
5,820
7,622
Other miscellaneous
10,232
-----------
10,574
----------------------
342
13,178
-----------
Total
130,344
-----------
123,103
----------------------
(7,241)
170,579
-----------
TOTAL REVENUES
$ 2,191,722
$ 2,283,465 $
91,743
$ 2,156,361
63
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1991
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE) 1991
------ ------------------- ----
General Government Services:
---------------------------
City Council:
Personal services
$ 20,640 $
20,646
Operating expenses
4,144
3,601
Total Legislative
----------------------
24,784
24,247
City Manager:
----------------------
Personal services
97,635
97,628
Operating expenses
8,142
8,162
Capital outlay
...
...
Total Executive
----------- -----------
105,777
105,790
Finance and Administrative:
----------------------
Personal services
167,850
157,458
Operating expenses
62,990
57,623
Capital outlay
...
1,740
Total Finance and
----------------------
Administrative
230,840
216,821
Legal Counsel:
----------------------
Operating expenses
11,200
----------------------
11,790
Planning and Zoning:
Personal services 101,300
Operating expenses 44,902
Capital outlay 3,500
Total Planning and Zoning 149,702
Other General Government:
Operating expenses
Total General
Government Services
19,300
541,603
98,126
25,250
3,457
126,833
19,661
505,142
$ (6) $
10,800
543
-----------
2,944
-----------
537
13,744
7
93,083
(20)
8,061
...
-----------
1,995
-----------
(13)
----------------------
103,139
10,392
158,093
5,367
59,748
(1,740)
2,841
14,019 220,682
-----------------
(590) 10,815
-----------------
3,174 81,447
19,652 43,977
43 802
----------------------
22,869 126,226
(361) 17,536
---------------------
36,461 492,142
Continued
64
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1991
VARIANCE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
1991
----
Public Safety:
-------------
Law Enforcement:
Personal services
$ 693,577
$ 765,039
$ (71,462) $
633,249
Operating expenses
103,002
98,546
4,456
106,428
Capital outlay
14,680
-----------
14,208
-----------
472
51,712
Total Law
----------------------
Enforcement
811,259
-----------
877,793
-----------
(66,534)
791,389
Fire Control:
----------------------
Personal services
24,206
26,256
(2,050)
14,262
Operating expenses
27,035
27,392
(357)
22,765
Capital outlay
...
-----------
...
-----------
-----------
1,995
Total Fire Control
51,241
-----------
53,648
-----------
-----------
(2,407)
----------------------
39,022
Total Public Safety
862,500
931,441
(68,941)
830,411
Physical Environment:
Public Works:
Personal services 59,100 54,508 4,592 69,120
Operating expenses 29,287 35,479 (6,192) 29,587
Capital outlay 21,788 14,433 7,355 2,304
Total Physical Environment 110,175 104,420 5,755 101,011
--------------------------------------------
Transportation:
Road and Streets:
Personal servcies 120,300 113,448 6,852 116,331
Operating expense 161,903 136,288 25,615 152,401
Capital outlay 10,000 ... 10,000 42,651
Total Transportation 292,203 249,736 42,467 311,383
--------------------------------------------
Continued
65
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1991
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1991
Economic Environment:
--------------------
Economic Development:
Operating expenses
$ 10,615
-----------
$ 11,817
-----------
$ (1,202) $
----------------------
9,283
Human Services:
--------------
Animal Control:
Personal services
9,475
9,394
81
10,092
Operating expenses
4,262
4,256
6
3,573
Total Human Services
13,737
-----------
13,650
-----------
87
----------------------
13,665
Culture and Recreation:
----------------------
Library:
Operating expenses 59,380 57,536 1,844 55,724
Debt service 7,850 7,856 (6) 8,091
Total Library 67,230 65,392 1,838 63,815
--------------------------------------------
Parks and Recreation:
Personal services
230,000
210,120
19,880
198,453
Operating expenses
132,151
139,506
(7,355)
125,263
Capital outlay
37,824
-----------
23,938
13,886
48,217
Total Parks and
----------- -----------
-----------
Recreation
399,975
373,564
26,411
371,933
Total Culture and
-
Recreation
467,205
-----------
438,956
----------------------
28,249
435,748
-----------
TOTAL EXPENDITURES
$ 2,298,038
$ 2,255,162 $
42,876
$ 2,193,643
66
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.
BLOCK GRANT FUND
To account for the Community Development Block Grant from the U.S.
Department of Housing and Urban Development.
,M
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
ASSETS
Cash and cash equivalents
Due from other government
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
INFRA - IMPACT BLOCK TOTALS
STRUCTURE FEE GRANT ---------------------
FUND FUND FUND 1992 1991
$ 1,479 $ 19,793 $ 217,753 $ 239,025 $ 3,010
46,256 ... ... 46,256 24,000
----------------------------=----------------
$ 47.,735 $ 19,793 $ 217,753 $ 285,281 $ 27,010
Accounts payable $ 1,557 $ ... $ 22,587 $ 24,144 $
Contracts payable 2,598 ... 10,393 12,991
Interfund payables 23,408 ... ... 23,408 15,047
---------------------------------------------
Total Liabilities 27,563 ... 32,980 60,543 15,047
---------------------------------------------
Fund Balance 20,172 19,793 184,773 224,738 11,963
---------------------------------------------
TOTAL LIABILITIES AND FUND BALANCE $ 47,735 $ 19,793 $ 217,753 $ 285,281 $ 27,010
Cf:'
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1991
INFRA - IMPACT BLOCK TOTALS
STRUCTURE FEE GRANT ---------------------
FUND FUND FUND 1992 1991
Revenues:
Taxes $ 326,504 $ ... $ ... $ 326,504 $ 300,154
Intergovernmental ... ... 220,003 220,003
Miscellaneous:
Interest 44 292 ... 336 315
Impact fees ... 16,491 ... 16,491 2,985
Total Revenues 326,548 16,783 220,003 563,334 303,454
--------------------------- ------ ---------
Expenditures:
Current:
General government ... ... 35,230 35,230 47,168
Transportation .. ... ... 19,093
Culture and recreation 64,808 ... ... 64,808
---------------------------------------------
Total Expenditures 64,808 ... 35,230 100,038 66,261
---------------------------------------------
Excess of Revenues Over
Expenditures 261,740 16,783 184,773 463,296 237,193
Operating Transfers (Out) (250,521) ... ... (250,521) (247,000)
---------------------------------------------
Excess of Revenues Over
(Under) Expenditures and
Operating Transfers 11,219 16,783 184,773 212,775 (9,807)
Fund Balance - October 1 8,953 3,010 ... 11,963 21,770
---------------------------------------------
FUND BALANCE - SEPTEMBER 30 $ 20,172 $ 19,793 $ 184,773 $ 224,738 $ 11,963
69
CITY OF CLERMONT, FLORIDA
INFRASTRUCTURE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1991
Revenues:
Taxes
Miscellaneous:
Contributions
Interest
Total Revenues
Expenditures:
Current:
General government
Transportation
Culture and recreation
Total Expenditures
Excess of Revenues Over
Expenditures
Operating Transfers (Out)
Excess of Revenues Over
(Under) Expenditures and
Operating Transfers
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
VARIANCE
FAVORABLE 1991
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 306,000 $ 326,504 $ 20,504 $ 300,154
20,000 ... (20,000)
2,000 44 (1,956) 290
------------------------------------
328,000 326,548 (1,452) 300,444
------------------------------------
••• ••• ... 47,168
19,093
82,000 64,808 17,192 ...
------------------------------------
82,000
---------
64,808
------------------
17,192
66,261
---------
246,000
261,740
15,740
234,183
(250,022)
---------
(250,521)
------------------
(499)
(247,000)
---------
(4,022)
11,219
15,241
(12,817)
8,953
---------
8,953
------------------
...
21,770
---------
$ 4,931 $ 20,172 $ 15,241 $ 8,953
70
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.
71
CITY OF CLERMONT, FLORIDA
SALES TAX REVENUE BOND SINKING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1992 AND 1991
TOTALS
-----------
19921991
ASSETS
Cash and cash equivalents
$
-----------
83,447
$
-----------
83,969
TOTAL ASSETS
$
83,447
$
83,969
FUND BALANCE
------------
Reserved for debt service
$
-----------
83,447
$
-----------
83,969
TOTAL FUND BALANCE
$
83,447
$
83,969
72
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, 1992
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1991
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
1992
------------------------------------
VARIANCE
FAVORABLE 1991
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 5,000 $ 3,548 $ (1,452) $ 5,225
------------------------------------
2,000
1,569
431
1,621
133,022
133,022
139,952
120,000
---------
120,000
---------
...
---------
110,000
---------
255,022
---------
254,591
---------
431
---------
251,573
---------
(250,022)
(251,043)
(1,021)
(246,348)
250,022
---------
250,521
---------
499
---------
247,000
---------
...
(522)
(522)
652
83,969
---------
83,969
---------
...
---------
83,317
---------
$ 83,969
$ 83,447
$ (522)
$ 83,969
73
THIS PAGE INTENTIONALLY LEFT BLANK
74
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for financial resources to be
used for the acquisition or construction of major capital facilities (other than
those financed by Proprietary Funds and Trust Funds).
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.
75
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
ASSETS
Cash and cash equivalents
Investments
Interest receivable
Interfund receivables
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities-
Accounts payable
Contracts payable
Retainage payable
Interfund payables
Total Liabilities
Fund Balance
TOTAL LIABILITIES AND
FUND BALANCE
PALATLAKAHA TOTALS
RECREATION BUILDING --------------------------
AREA CONSTRUCTION 1992 1991
$ ... $ 483,057 $ 483,057 $ 399,822
••• ... ... 400,000
••• ••. ... 1,841
••• ••. ... 14,867
--------------------------------------------
$ ... $ 483,057 $ 483,057 $ 816,530
$ 303
41,526
41,829
441,228
$ ... $ 483,057
----------------------
$ 303
41,526
41,829
441,228
$ 483,057
$ 25,579
6,582
40,625
14,867
87,653
728,877
$ 816,530
76
CITY OF CLERMONT, FLORIDA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1991
Revenues:
Intergovernmental
Miscellaneous
Total Revenues
Expenditures:
Capital outlay:
Public safety
Public works
Culture/recreation
Total Expenditures
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfer (out)
Total Other Financing
Sources (Uses)
PALATLAKAHA TOTALS
RECREATION BUILDING --------------------------
AREA CONSTRUCTION 1992 1991
$ 112,500 $ ... $ 112,500
199 36,526 36,725
112,699 36,526 149,225
Excess of Revenues and
Other Financing Sources
Over (Under) Expenditures
and Other Financing Uses
Fund Balance - October 1 ..•
$ ...
234,725
234,725
(122,026)
87,910
180,510
268,420
(231,894)
87,910
180,510
234,725
503,145
(353,920)
122,026 ... 122,026
... (55,755) (55,755)
122,026 (55,755) 66,271
FUND BALANCE - SEPTEMBER 30
(287,649)
728,877
$ 441,228
(287,649)
728,877
$ 441,228
$
94,008
94,008
12,134
464,468
282,021
758,623
(664,615)
233,885
(182,134)
51,751
(612,864)
1,341,741
$ 728,877
77
CITY OF CLERMONT, FLORIDA
PALATI.AKAHA RECREATION AREA FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1991
Revenues:
Intergovernmental
Miscellaneous:
Contributions
Interest
Total Revenues
Expenditures:
Capital outlay
Excess of Revenues Over
(Under) Expenditures
Other Financing Sources (Uses):
Operating transfers in
1992
----------------------------------------
VARIANCE
FAVORABLE 1991
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 112,500 $ 112,500 $ ... $
... 199 199 367
... ... ... 3,247
--------------------------------------------
112,500 112,699 199 3,614
--------------------------------------------
234,863 234,725 138 282,021
(122,363) (122,026) 337 (278,407)
122,163 122,026 (137) 233,885
--------------------------------------------
Excess of Revenues and Other
Financing Sources Over
Expenditures and Other
Financing (Uses) (200) ... 200 (44,522)
Fund Balance - October 1 ... ... 44,522
--------------------------------------------
FUND BALANCE - SEPTEMBER 30 $ (200) $ ... $ 200 $ ...
78
CITY OF CLERMONT, FLORIDA
BUILDING CONSTRUCTION FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1991
Revenues:
Miscellaneous:
Interest
Expenditures:
Capital outlay
Excess of Revenues
Over (Under)
Expenditures
Other Financing Sources (Uses):
Operating transfers out
1992
----------------------------------------
VARIANCE
FAVORABLE 1991
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 44,500 $ 36,526 $ (7,974) $ 90,394
----------- - ----------------------------
500,000 268,420 231,580 476,602
--------------------------------------------
(455,500) (231,894) 223,606 (386,208)
(57,604) (55,755) 1,849 (182,134)
--------------------------------------------
Excess of Revenues and Other
Financing Sources Over
(Under)Expenditures and
Other Financing Uses (513,104)
Fund Balance - October 1 728,877
FUND BALANCE - SEPTEMBER 30
$ 215,773
(287,649) 225,455
728,877 ...
$ 441,228 $ 225,455
(568,342)
1,297,219
$ 728,877
79
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PROPRIETARY FUND TYPES
8l
THIS PAGE INTENTIONALLY LEFT BLANK
DP-4
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.
83
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
ASSETS
Current Assets:
Cash and cash equivalents
Investments
Receivables:
Interest
Accounts
Other
Interfund
Due from other governments
Inventory
Total Current Assets
Restricted Assets:
Cash and cash equivalents
Property, Plant and Equipment:
Land
Water system
Sewer system
Machinery and equipment
Less accumulated depreciation
Net Property, Plant
and Equipment
TOTAL ASSETS
TOTALS
UTILITY SANITATION STORMWATER ----------------------------
FUND FUND FUND 1992 1991
$ 1,069,024 $ 308,105 $ 143,977 $ 1,521,106 $ 1,199,496
504,729 ... 504,729 500,000
••• ••• ... 6,690
... 153,700 153,700 153,058
495 753 ... 1,248 1,073
121,904 ... 11,834 133,738 119,722
10,020 ... 10,020 24,000
20,318 ... ... 20,318 22,211
1,716,470 472,578 155,811 2,344,859 2,026,250
--------- ---------------------------------- ------------
1,440,034 ... ... 1,440,034 1,450,726
-------------------- -----------------------------------
927,606 ...
3,449,265 ...
6,369,826 ...
311,448 395,749
------------ -----------
11,058,145 395,749
3,181,536 196,610
-----------------------
927,606
927,606
... 3,449,265
3.449,265
... 6,369,826
6,369,826
707,197
608,587
... 11,453,894 11,355,284
3,378,146 3,078,404
---------------------------
7,876,609 199,139 ... 8,075,748 8,276,880
---------------------------------------------- ------------
$ 11,033,113 $ 671,717 $ 155,811 $ 11,860,641 $ 11,753,856
84
TOTALS
UTILITY
SANITATION
STORMWATER
----------------------------
LIABILITIES AND FUND EQUITY
---------------------------
FUND
----
FUND
----
FUND
----
1992
----
1991
Liabilities:
----
Current Liabilities (payable
from current assets):
Accounts payable $
7,776
$ 11,185
$ 4
$ 18,965 $
30,211
Other accrued expenses
19,324
9,969
1,455
30,748
20,291
Interfund payables
------------
259
103,610
-----------
29
-----------
103,898
------------ ------------
110,979
Total Current Liabilities
(payable from current
assets)
------------
27,359
124,764
-----------
1,488
-----------
153,611
------------ ------------
161,481
Current Liabilities (payable from
restricted assets):
Deposits
51,307
...
51.307
42,442
Revenue bond interest
82,842
...
82,842
85,268
Revenue bonds
------------
110,000
-----------
-----------
110,000
------------ ------------
105,000
Total Current Liabilities
(payable from restricted
assets)
------------
244,149
...
-----------
...
-----------
244,149
------------ ------------
232,710
Long-Term Liabilities:
Revenue bonds (net of
current portion)
------------
3,135,000
...
-----------
...
-----------
3,135,000
------------------------
3,245,000
Total Liabilities
------------
3,406,508
124,764
-----------
1,488
-----------
3,532,760
------------ ------------
3,639,191
Fund Equity:
Contributed capital
------------
2,620,562
101,722
-----------
...
-----------
2,722,284
------------ ------------
2,667,107
Retained Earnings:
Reserved
1,285,747
...
...
1,285,747
1,218,016
Unreserved
------------
3,720,296
445,231
-----------
154,323
-----------
4,319,850
------------ ------------
4,229,542
Total Retained Earnings
------------
5,006,043
445,231
-----------
154,323
-----------
5,605,597
------------ ------------
5,447,558
Total Fund Equity
------------
7,626,605
546,953
-----------
154,323
-----------
8,327,881
------------ ------------
8,114,665
TOTAL LIABILITIES AND
FUND EQUITY $
11,033,113
$ 671,717
$ 155,811
$ 11,860,641 $
11,753,856
85
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86
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
Operating Revenues
Charges for services
Miscellaneous
TOTALS
UTILITY SANITATION STORMWATER -------------------------
FUND FUND FUND 1992 1991
---- ---- ---- ---- ----
$ 1,140,249 $ 461,050 $ 141,650 $ 1,742,959 $ 1,638,810
616 7,234 ... 7,850 6,883
--------------------------------- ----------- -----------
Total Operating Revenues
1,140,865
----------- -----------
468,294
-----------
141,650
1,750,809
-----------
1,645,693
-----------
Operating Expenses:
Personal services
273,849
200,318
34,333
508,500
509,448
Utilities
139,495
...
...
139,495
141,650
Landfill
...
106,987
...
106,987
109,545
Administrative services
95,200
21,800
28,400
145,400
99,543
Repair and maintenance
75,487
7,877
3,689
87,053
116,259
Depreciation
271,626
28,115
...
299,741
280,237
Professional services
49,140
3,300
...
52,440
79,019
Insurance
48,690
10,650
3,043
62,383
56,726
Operating supplies
27,613
28,492
4,063
60,168
64,728
Office expense
15,062
3,474
...
18,536
15,762
Bad debt expense
1,433
----------------------
1,464
-----------
204
3,101
-----------
2,525
-----------
Total Operating Expenses
997,595
----------- -----------
412,477
-----------
73,732
1,483,804
-----------
1,475,442
-----------
Operating Income (Loss)
143,270
----------- -----------
55,817
-----------
67,918
267,005
-----------
170,251
-----------
Nonoperating Revenues (Expenses):
Interest revenue
142,411
10,083
3,691
156,185
218,686
Interest expense
(231,163)
...
...
(231,163)
(241,253)
Grants
...
----------------------
10,020
-----------
...
10,020
-----------
41,718
-----------
Total Nonoperating
Revenues (Expenses)
(88,752)
----------------------
20,103
-----------
3,691
(64,958)
-----------
19,151
-----------
Income Before Operating
Transfers
54,518
75,920
71,609
202,047
189,402
Operating transfers in (out)
(44,008)
----------------------
...
-----------
...
(44,008)
-----------
10,000
-----------
Net Income
10,510
75,920
71,609
158,039
199,402
Retained Earnings - October 1
4,995,533
----------- -----------
369,311
-----------
82,714
5,447,558
-----------
5,248,156
-----------
RETAINED EARNINGS - SEPTEMBER 30
$ 5,006,043 $
445,231 $
154,323
$ 5,605,597
$ 5,447,558
87
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
TOTALS
UTILITY SANITATION STORMWATER -------------------------
FUND FUND FUND 1992 1991
Cash Flows From Operating Activities:
Cash received from customers
$ 1,159,686 $
467,477 $
141,473 $
1,768,636 $
1,602,585
Cash payments to suppliers
(468,159)
(178,171)
(39,639)
(685,969)
(692,172)
Cash payments for
employee services
(267,774)
----------------------
(201,976)
-----------
(34,116)
(503,866)
(506,415)
Net Cash Provided By
-----------
-----------
Operating Activities
423,753
----------------------
87,330
-----------
67,718
578,801
403,998
Cash Flows From NonCapital
-----------
-----------
Financing Activities:
Operating transfer in
...
...
...
10,000
Grants
...
17,718
Operating transfer out
(44,008)
----------- -----------
(44,008)
...
Net Cash Provided By Non -
-----------
-----------
-----------
Capital Financing Activities
(44,008)
----------- -----------
-----------
...
(44,008)
27,718
Cash Flows From Capital and Related
-----------
-----------
Financing Activities:
Acquisition and construction of
capital assets
(83,080)
(15,530)
(98,610)
(307,512)
Principal paid on revenue bonds
(105,000)
...
(105,000)
(95,000)
Interest paid on revenue bonds
(233,589)
...
...
(233,589)
(243,429)
Contributed capital
55,178
----------- -----------
...
-----------
55,178
18,996
Net Cash (Used) By
-----------
-----------
Capital and Related
Financing Activities
(366,491)
----------- -----------
(15,530)
-----------
...
(382,021)
(626,945)
Cash Flows From Investing Activities:
-----------
-----------
Interest
149,101
10,083
3,691
162,875
221,098
Investment purchases
(504,729)
----------- -----------
...
...
(504,729)
...
Net Cash Provided (Used) By
-----------
-----------
-----------
Investing Activities
(355,628)
----------------------
10,083
-----------
3,691
(341,854)
221,098
Net Increase (Decrease) in Cash
-----------
-----------
and Cash Equivalents
(342,374)
81,883
71,409
(189,082)
25,869
Cash and Cash Equivalents at
Beginning of Year
2,851,432
----------------------
226,222
-----------
72,568
3,150,222
3,124,353
Cash and Cash Equivalents at
-----------
-----------
End of Year
$ 2,509,058 $
308,105 $
143,977 $
2,961,140 $
3,150,222
88
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:
TOTALS
UTILITY SANITATION STORMWATER -------------------------
FUND FUND FUND 1992 1991
---- ---- ---- ---- ----
$ 143,270 $ 55,818 $ 67,918 $ 267,006 $ 170,251
----------- --------------------------------------------
271,626 28,115 ... 299,741 280,237
Decrease (Increase) in receivables
9,956
(817)
27
9,166
(57,444)
Decrease in inventory
1,893
...
...
1,893
3,329
Increase (Decrease) in accrued
expenses
6,075
(1,658)
217
4,634
2,203
Increase (Decrease) in payables
(9,067)
----------------------
5,872
-----------
(444)
-----------
(3,639)
-----------
5,422
Total Adjustments
280,483
----------------------
31,512
-----------
(200)
-----------
311,795
-----------
233,747
Net Cash Provided by
Operating Activities
$ 423,753 $
87,330 $
67,718 $
578,801 $
403,998
89
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, 1992 AND 1991
1992
1991
Operating Revenues:
Charges for services
$ 1,140,249
$ 1,062,790
Miscellaneous
616
2,502
Total Operating Revenues
1,140,865
1,065,292
Operating Expenses:
Personal services
273,849
259,423
Utilities
139,495
141,650
Administrative services
95,200
73,000
Repair and maintenance
75,487
105,765
Depreciation
271,626
253,687
Professional services
49,140
69,118
Insurance
48,690
44,274
Supplies
27,613
36,425
Office expense
15,062
12,664
Bad debt expense
1,433
1,396
Total Operating Expenses
997,595
-----------
997,402
-----------
Operating Income
143,270
67,890
Nonoperating Revenues (Expenses):
-----------
-----------
Interest
142,411
206,361
Interest expense and amortization
(231,163)
(241,253)
Grants
•••
-----------
24,000
-----------
Total Nonoperating Revenues (Expenses)
(88,752)
-----------
(10,892)
-----------
Income Before Operating Transfers
54,518
56,998
Operating transfer out
(44,008)
•••
Net Income
10,510
56,998
Retained Earnings - October 1
4,995,533
-----------
4,938,535
-----------
RETAINED EARNINGS - SEPTEMBER 30
$ 5,006,043
sxffix=x¢sffix@
$ 4,995,533
ex__x=xffixxx
Customers Connected To The Water System
at September 30
2,590
as@i:
2,541
iaass
90
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.
91
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1992 AND 1991
s=�a�s��ss:��a�sma:s::sga�smasasesas:gams:�:�aa:masmaeas:mmaax:a:saxsxs=smssxmasmsxs
TOTALS
------------------------
ASSETS 1992 1991
Cash and cash equivalents $ 132 $
Accounts receivable 3,049 10,000
------------------
Total Assets $ 3,181 $ 10,000
LIABILITIES AND FUND EQUITY
---------------------------
Liabilities:
Accounts payable $ 9,779 $ 19,267
Interfund payables 8,587 3,640
Deferred revenue ... 393
------------------
Total Liabilities 18,366 23,300
------------------
Retained Earnings:
Unreserved (15,185) (13,300)
------------------
TOTAL LIABILITIES AND FUND EQUITY $ 3,181 $ 10,000
92
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED SEPTEMBER 30, 1992 AND 1991
________----
TOTALS
------------------------
1992 1991
Operating Revenues:
Charges for services
$ 206,285
$ 209,889
Insurance stop -loss payments
10,479
---------
34,881
---------
Total Operating Revenues
216,764
---------
244,770
---------
Operating Expenses:
Life insurance premiums
11,242
15,007
Re -insurance premiums
43,371
38,806
Administrative fees
11,023
7,378
Medical claims
153,206
---------
201,253
---------
Total Operating Expenses
218,842
---------
262,444
---------
Operating Income (Loss)
(2,078)
(17,674)
Nonoperating Revenues:
Interest revenue
193
---------
945
---------
Net Income
(1,885)
(16,729)
Retained Earnings - October l
(13,300)
---------
3,429
---------
RETAINED EARNINGS - SEPTEMBER 30
$ (15,185)
---------
---------
$ (13,300)
---------
--------
93
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED SEPTEMBER 30, 1992 AND 1991
----x--s�----a=a=cxx--------==xeaxxa==xxxaa===xxaaaa==xxa=a=xxa=xx=a=-------
TOTALS
------------------------
1992 1991
Cash Flows From Operating Activities:
Cash received from customers $ 228,269 $ 238,804
Cash payments to suppliers (65,636) (61,191)
Cash payments for medical claims (162,694) (189,919)
------------------
Net Cash Provided (Used) By
Operating Activities (61) (12,306)
------------------
Cash Flows From
Investing Activities:
Interest 193 945
------------------
Net Increase (Decrease) in cash 132 (11,361)
Cash at Beginning of Year ... 11,361
------------------
Cash at End of Year $ 132 $ ...
Reconciliation of Operating
Income to Net Cash Provided (Used)
By Operating Activities:
Operating income
Adjustments to Reconcile Operating
Income to Net Cash Provided (Used)
By Operating Activities:
Decrease (Increase) in receivables
Increase (Decrease) in payables
Net Cash Provided (Used)
By Operating Activities
$ (2,078) $ (17,674)
------------------
6,951 (10,000)
(4,934) 15,368
------------------
$ (61) $ (12,306)
94
F/D UC/A R Y FUND T YPES
95
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M.
TRUST AND AGENCY FUNDS
Trust Funds are used to account for assets held by the City in a trustee
capacity. Agency Funds are used to account for 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.
97
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98
CITY OF CLERMONT, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
NONEXPENDABLE
AGENCY
PENSION TRUST FUNDS
------------------------------------
TRUST FUND
----------
FUND
--------
TOTALS
--------------------------
EMPLOYEES'
GENERAL
DEFERRED
ASSETS
------
EMPLOYEES
-----------
POLICE FIRE
------ ----
CEMETERY
--------
COMPENSATION
------------
1992
----
1991
----
Cash
$ ...
$ ... $ ...
$ 8,645
$ ...
$ 8,645
$ 5,223
Investments
1,128,485
778,756 221,217
177,025
59,243
2,364,726
2,121,119
Receivables:
Interfund
1,119
-----------
64,411 35
------------------
...
---------
...
---------
65,565
-----------
23,824
-----------
TOTAL ASSETS
$ 1,129,604
$ 843,167 $ 221,252
$ 185,670
$ 59,243
$ 2,438,936
$ 2,150,166
LIABILITIES AND FUND BALANCES
-----------------------------
Liabilities:
Interfund payables
Deferred compensation payable
Total Liabilities
Fund Balances:
Reserved for
cemetery care
Reserved for employees'
retirement systems
Total Fund Balance
TOTAL LIABILITIES AND
FUND BALANCES
$ 163 $ 21 $ ... $ ... $ $ 184 $
... ... ... 59,243 59,243 52,273
----------------------------- ------------------ ----------------------
163 21 ... ... 59,243 59,427 52,273
----------- ------------------ ----------------------------------------
185,670 ..„ 185,670 173,970
1,129,441 843,146 221,252 ... 2,193,839 1,923,923
----------- --------- ------------------ -------------------------------
1,129,441 843,146 221,252 185,670 ... 2,379,509 2,097,893
----------- --------- -------------------------------------------------
$ 1,129,604 $ 843,167 $ 221,252 $ 185,670 $ 59,243 $ 2,438,936 $ 2,150,166
99
CITY OF CLERMONT, FLORIDA
TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1991
GENERAL
EMPLOYEES'
------------
Operating Revenues:
Investment earnings
$ 108,657
Contributions:
-----------
State
Employees
Employer
57,172
Total Contributions
57,172
Cemetery lot sales
-----------
Total Operating Revenues
165,829
Operating Expenses:
Recurring benefit payments
49,802
Nonrecurring benefit payments
15,282
Trustee fees and expenses
15,374
Total Operating Expenses
80,458
Net Income
85,371
Fund Balances - October 1 1,044,070
FUND BALANCES - SEPTEMBER 30 $ 1,129,441
100
NONEXPENDABLE
PENSION TRUST FUNDS TRUST FUND TOTALS
-------------------------- ------------ --------------------------
TOTAL
POLICE FIRE PENSION FUNDS CEMETERY 1992 1991
------ ------------------------- ---- ----
$ 73,943 $
----------------------
20,938
$ 203,538
-----------
$ ...
-----------
$ 203,538
-----------
$ 331,685
-----------
35,449
10,574
46,023
...
46,023
40,757
4,448
183
4,631
...
4,631
4,327
97,311
----------------------
...
154,483
-----------
...
-----------
154,483
-----------
82,073
-----------
137,208
10,757
205,137
...
-----------
205,137
-----------
127,157
-----------
----------------------
...
----------------------
...
-----------
...
-----------
11,700
-----------
11,700
-----------
13,950
-----------
211,151
----------------------
31,695
408,675
-----------
11,700
-----------
420,375
-----------
472,792
-----------
29,547
790
80,139
...
80,139
62,012
14,592
...
29,874
...
29,874
14,530
8,970
----------------------
4,402
28,746
-----------
...
-----------
28,746
-----------
30,278
-----------
53,109
----------------------
5,192
138,759
-----------
...
-----------
138,759
-----------
106,820
-----------
158,042
26,503
269,916
11,700
281,616
365,972
685,104
----------------------
194,749
1,923,923
-----------
173,970
-----------
2,097,893
-----------
1,731,921
-----------
$ 843,146 $
221,252
$ 2,193,839
$ 185,670
$ 2,379,509
$ 2,097,893
101
CITY OF CLERMONT, FLORIDA
NONEXPENDABLE TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1991
aassavaaaaaaaaaasaaaaaaaaaaaaaaaaaaaaaaasaxamsxaxs:as:aaaxxassaaaaaaxxamaxasxaxasaaa
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
--------------------------
1992 1991
$ 11,700 $ 13,950
------------------
11,700 13,950
------------------
11,700 13,950
173,970 160,020
------------------
$ 185,670 $ 173,970
$ 11,700 $ 13,950
x=ssxasx==xx=sx=sx
102
CITY OF CLERMONT, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 1992
----__--_—_____________________ ____ ___________________
Investments $ 59,243
Deferred Compensation Payable
Beginning Balance $ 52,273
Add: Employee Contributions $ 7,068
Income on Investments 4,797
Less: Administrative Fees (95)
Withdrawals (4,800)
6,970
Total Deferred Compensation Payable
Ending Balance $ 59,243
103
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104
ACCOUNT GROUPS
105
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106
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
This is a self -balancing account group used to record the fixed assets of the City
which are not used in Proprietary Fund operations or accounted for in Trust Funds.
GENERAL LONG-TERM DEBT ACCOUNT GROUP
This is a self -balancing account group used to record the principal portion of the
Citys' General Long -Term Debt which are not related to the Proprietary Fund
operations or accounted for in Trust Funds.
107
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIRED ASSETS BY SOURCES
SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
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
------------------------------
1992 1991
$ 806,732
$ 806,732
1,613,306
1,276,264
3,038,571
2,808,533
1,103,103
-----------
1,048,106
-----------
$ 6,561,712
$ 5,939,635
$ 1,857,604
$ 1,570,930
324,207
211,707
3,027,118
2,903,072
1,278,662
1,217,504
74,121
-----------
36,422
-----------
$ 6,561,712 $ 5,939,635
108
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION
AS OF SEPTEMBER 30, 1992
IMPROVEMENTS
OTHER THAN
FUNCTION
-----------------------------------
TOTAL
LAND
----------
BUILDINGS
----------
BUILDINGS
------------------------
EQUIPMENT
General government $
226,751
$ ...
$ 20,320
$ ... $
206,431
Public safety
818,610
81,424
205,940
...
531,246
Physical environment
1,100,015
47,168
721,814
74,483
256,550
Transportation
1,292,338
...
...
1,270,321
22,017
Culture/recreation
2,642,813
450,032
579,962
1,547,394
65,425
Older assets not
maintained by function
-----------
481,185
228,108
---------
85,270
-----------
146,373
----------------------
21,434
TOTAL GENERAL
FIXED ASSETS $ 6,561,712 $ 806,732 $ 1,613,306 $ 3,038,571 $ 1,103,103
109
CITY OF CLERMONT, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION
YEAR ENDED SEPTEMBER 30, 1992
GENERAL
GENERAL
FIXED
FIXED
ASSETS
ASSETS
FUNCTION
-------------------------------
9/30/91
-----------
ADDITIONS
-----------
DEDUCTIONS 9/30/92
---------------------
General government
$ 221,554
$ 5,197
$ ... $ 226,751
Public safety
716,493
102,117
... 818,610
Physical environment
901,921
198,094
... 1,100,015
Transportation
1,292,338
...
... 1,292,338
Culture/recreation
2,326,144
316,669
... 2,642,813
Older assets not
maintained by function
481,185
-----------
...
-----------
... 481,185
--------------------
TOTAL GENERAL
FIXED ASSETS
$ 5,939,635
$ 622,077
$ ... $ 6,561,712
110
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL LONG-TERM DEBT
SEPTEMBER 30, 1992
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1991
TOTALS
------------------------------
1992 1991
Amount To Be Provided For The Payment
of General Long -Term Debt
-------------------------
Amount available in debt service fund $ 41,666
Amount to be Provided 1,856,313
Total to be Provided $ 1,897,979
General Long -Term Debt Payable
------------------------------
Revenue bonds payable $ 1,840,000
Note payable - Library 57,979
Total General Long -Term Debt Payable $ 1,897,979
ill
$ 40,000
1,982,396
$ 2,022,396
$ 1,960,000
62,396
$ 2,022,396
THIS PAGE INTENTIONALLY LEFT BLANK
112
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, 1992
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 an 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.
113
CITY OF CLERMONT, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
FISCAL
GENERAL
YEAR
GOVERNMENT
1982-83
$ 260,694
1983-84
279,766
1984-85
292,866
1985-86
290,427
1986-87
330,335
1987-88
340,666
1988-89
392,504
1989-90
464,818
1990-91
440,789
1991-92
397,880
PUBLIC
PHYSICAL
SAFETY
ENVIRONMENT
$ 392,050
$ 74,611
383,408
88,225
473,732
67,810
468,671
78,904
521,365
68,484
588,430
170,197
691,581
95,476
767,734
99,084
830,411
99,989
931,441
101,512
(1) Includes General and Special Revenue Funds
114
TABLE 1
ECONOMIC
HUMAN
CULTURE AND
TRANSPORTATION
ENVIRONMENT
SERVICES
RECREATION
TOTAL
$ 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
249,736
11,817
13,650
503,764
2,209,800
115
CITY OF CLERMONT, FLORIDA
GENERAL REVENUE BY SOURCE (1)
LAST TEN FISCAL YEARS
LICENSES
FISCAL
AND
INTER -
YEAR
TAXES
PERMITS
GOVERNMENTAL
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
1991-92
1,676,117
41,127
721,510
(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, expenditure
reimbursements are accounted for as reduction of expenditures.
116
TABLE 2
(2)
CHARGES
FINES
INTEREST
FOR
AND
ON
SERVICES
FORFEITURES
INVESTMENTS
MISCELLANEOUS
TOTAL
$ 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
217,036
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
32,676
90,039
84,415
55,515
2,701,399
117
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
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
1991-92
1991
185,301,076
166,770,968
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 Collection's office
(4) Tax rate per $1,000 of taxable valuation
118
TAX CURRENT TAX
LEVY COLLECTIONS
RATIO OF
CURRENT TAX
COLLECTIONS
TO TOTAL
TAX LEVY
(3)
DELINQUENT
TAX
COLLECTIONS
TOTAL
TAX
COLLECTIONS
TABLE 3
RATIO OF
TOTAL TAX
COLLECTIONS
TO TOTAL
TAX LEVY
$ 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%
455,118
439,404
96.5%
2,045
441,449
97.0%
119
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
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
8.749
.771
1991-92
1991
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
120
TABLE 4
SOUTH LAKE
SOUTH LAKE
ST. JOHNS RIVER
HOSPITAL
AMBULANCE
WATER MGMNT
DISTRICT
DISTRICT
DISTRICT
TOTAL
.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
19.545
1.000
1.000
.358
19.656
121
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122
CITY OF CLERMONT, FLORIDA
SPECIAL ASSESSMENT COLLECTIONS
LAST TEN FISCAL YEARS
FISCAL
YEAR
COLLECTIONS
1982-83
$ 12,370
1983-84
1,458
1984-85
805
1985-86
1,696
1986-87
-0-
1987-88
-0-
1988-89
-0-
1989-90
-0-
1990-91
-0-
1991-92
-0-
123
TABLE 5
BALANCE
4, 4.54
2,996
2,191
495
495
495
495
495
495
495
CITY OF CLERMONT, FLORIDA
UTILITY REVENUE BOND COVERAGE - ALL UTILITY REVENUE BONDS
LAST TEN FISCAL YEARS
(1)
(3)
OPERATION &
FISCAL
GROSS
MAINTENANCE
YEAR
REVENUES
COSTS
1982-83
$ 766,042
$ 417,257
1983-84
800,364
443,020
1984-85
854,646
479,728
1985-86
862,865
491,152
1986-87
983,628
512,425
1987-88
1,056,616
607,451
1988-89
1,118, 064
627,603
1989-90
1,092,768
731,397
1990-91
1,062,790
743,715
1991-92
1,140,249
725,969
(1) Excludes interest expense and depreciation
(2) Maximum debt service in any subsequent year is $3 259
(3) Excludes interest revenue
124
TABLE 6
(2)
DEBT
NET SERVICE
REVENUE REQUIREMENTS COVERAGE
$ 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%
414,280
339,689
1.22%
125
CITY OF CLERMONT, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
(2)
PER
FISCAL
(1)
CAPITA
MEDIAN
YEAR
POPULATION
INCOME
AGE
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
1991-92
6,930
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
126
EDUCATION
LEVEL IN
YEARS OF
FINAL
SCHOOLING
(3)
SCHOOL
ENROLLMENT
TABLE 7
(4)
UNEMPLOYMENT
RATE
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%
N/A
2,169
7.4%
127
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
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
1991-92
6
1,902,000
28
2,177,500
(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
128
BANK
DEPOSITS
ASSESSED TAXABLE
(3) PROPERTY VALUE (4)
TAXABLE
TABLE 8
NONTAXABLE
$ 633, 279, 000
$ 77, 444, 991
$ 36, 371, 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
1, 628, 750, 000
166, 770, 968
49, 624, 516
129
CITY OF CLERMONT, FLORIDA
PRINCIPAL TAXPAYERS
TAXPAYER
Chester C. Fosgate Co.
P.O. Box 1598
Winter Park, Fla. 32789
John Hurtak
South Lake Plaza/K-Mart
525 N.E. 58th Street
Miami, Fla. 33137
Lake Highlands Retirement
and Nursing Center, Inc.
151 E. Minnehaha Avenue
Clermont, Fla. 34711
Patrick G. Kelley, Trustee
c/o Marvin F. Poer
2301 Lucien Way, Suite 330
Maitland, Fla. 32751
Eastern Shores Mobile Homes
10 Camino Real Drive
Edgewater, Fla. 32032
Oceanfront Properties
5502 Park Avenue W.
(Emerald Lakes Shopping Center)
New York, New York 07093
Florida Citrus Tower
6175 N.W. 153rd Street
Miami, Fla. 33014
Richard Reynolds
Winn -Dixie Shopping Center
13148 Palmer Road
Clermont, Fla. 34711
L & F Groves
c/o A. E. Langley
6088 Masters Blvd.
Orlando, Fla. 32819
Oakridge Apartments
P.O. Box 1811
Lake Mary, Fla. 32749
TOTAL
ASSESSED
VALUATION
AS OF 111192,
$ 5,112,697
4,250, 636
2,620,340
2,222,803
1,449,760
1,269,807
1,268,781
1,193, 780
1,170,155
941,019
$ 21,, 499, 778
TABLE 9
PERCENTAGE
OF TOTAL
ASSESSED
VALUATION
Source: 1992 City of Clermont Tax Roll, prepared by the Lake
County Property Appraiser's Office.
130
3.07%
2.55%
1.57%
1.33%
.87%
.76%
.76%
. 72 %
.70%
.56%
122..89%
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
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
1991-92
49,802
15,282
15,374
80,458
Police Officers Plan
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
1991-92
29,547
14,592
8,970
53,109
Volunteer Firemen Plan
1982-83
-0-
-0-
638
638
1983-84
-0-
-0-
850
850
1984-85
-0-
-0-
850
850
1985-86
-0-
-0-
1,816
1,816
1986-87
-0-
-0-
862
862
1987-88
3,500
-0-
1,719
5,219
1988-89
-0-
-0-
968
968
1989-90
-0-
6,213
6,148
12,361
1990-91
814
-0-
4,332
5,146
1991-92
790
-0-
4,402
5,192
131
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132
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
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
1.987-88
-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
1991-92
-0-
57,172
-0-
108,657
165,829
Police Officers Plan
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
1991-92
4,448
97,311
35,449
73,943
211,151
Volunteer Firemen Plan
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
1991-92
183
-0-
10,574
20,938
31,695
133
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
1982-83 $
NIA
$ N/A
N/A
A
NIA /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%
1991-92
747,713
734,907
101.74%
Police Officers Plan
1982-83 $
N/A
$ N/A
N/A
1983-84
N/A
N/A
N/A
1984-85
NIA
NIA
/
1985-86
N/A
N/A
N/A
1986-87
414,948
726,356
57.13%
1987-88
457,376
761,746
60.01%
1988-89
565,254
761,746
74.21%
1989-90
559,160
642,442
87.04%
1990-91
685,104
681,911
100.47%
1991-92
778,984
725,418
107.38%
Volunteer Firemen
Plan
1982-83 $
N/A
$ N/A
N/A
1983-84
NIA
NIA
NIA
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
1990-91
157,266
194,749
15,130
1039.43%
1991-92
221,249
16,544
24,882
1177.16%
889.19%
SOURCE: Annual Pension Evaluations
134
UNFUNDED
PENSION
BENEFIT
OBLIGATION
(UPBO)
EMPLOYER/
STATE
CONTRIBUTION
EMPLOYER/STATE
CONTRIBUTION
ANNUAL AS A % OF
COVERED COVERED
PAYROLL 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
70,289
14,899
169,117
8.81%
41.56%
124,166
11,760
179,264
6.56%
69.26%
40,430
8,805
157,669
5.58%
25.64%
178,734
38,481
134,279
28.65%
133.11%
( 7,175)
38,690
129,278
29.93%
( 5.55) %
(12,806)
11,556
108,230
10.68%
(11.83)%
$
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)%
(53,566)
132,760
439,908
30.18%
( 12.18)%
$
N/A
$ N/A
$ N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
(
92,018)
7,159
6,100
117.36%
(1508 .49) %
(
101, 449)
8,137
6,174
131. 79%
(1643 .16) %
(
133,438)
8,870
6,140
144.46%
(2173.25)%
(
142,136)
12,351
6,927
178 .30%
(2051.91) %
(
178, 205)
9,594
11,531
83 .20%
(1545.44) %
(
196, 367)
10,574
18,076
58 .50%
(1086.34) %
135
CITY OF CLERMONT, FLORIDA
SCHEDULE OF INSURANCE COVERAGES
SEPTEMBER 30, 1992
POLICY EXPIRATION
TYPE OF COVERAGE & INSURER NUMBER DATE
LIABILITY
Florida Municipal FML 304 09130192
Liability Self
Insurer's Program
WORKERS COMPENSATION
Florida Municipal Self
Insurers Fund FM 389 09130192
FIRE AND EXTENDED COVERAGE
Florida Municipal Property FMP 49 10101192
Self -Insurers Program
136
TABLE 13
DETAILS LIMITS
General Liability $100,000/Person
Bodily Injury Liability $200,000/0ccurrence
Auto Liability
Law Enforcement Liability
Specific Excess Liability $1,500,000/0ccurrence
Public Officials Errors
and Omissions Liability $1,500,000/0ccurrence
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 $8,989,264
137
CITY OF CLERMONT, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1992
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
5
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
95
Number of Students
2,169
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
138
OTHER REPORTS
GREENLEE
CLERMONT: Herbert John Greenlee, Jr., C.P.A
JerryD. Brown, C.P.A.
KURRAS
MOUNT DORA: Dorothy A. Kurras, C.P.A.
}
RI CE &
John S. Rice, C.P.A.
Patricia A. Sykes, C.P.A
' BROWN, PA
C. L. (Chip) Garner, C.P.A.
CERTIFIED PUBLIC
John A. Powers, C.P.A.
ACCOUNTANTS
Mark A. Farner, C.P.A.
REPORT ON SUPPLEMENTARY INFORMATION - SCHEDULE
OF FEDERAL FINANCIAL ASSISTANCE
IndeL ndent Auditor's Report
Honorable Mayor and City Council
City of Clermont
Clermont, Florida
We have audited the general purpose financial statements of the City of Clermont,
Florida for the year ended September 30, 1992, and have issued our report thereon
dated December 6, 1992. These general purpose financial statements are the
responsibility of the City of Clermont, Florida's, management. Our responsibility
is to express an opinion on these general purpose financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards;
Government Auditing Standards, issued by the Comptroller General of the United
States; and the provisions of Office of Management and Budget Circular A-128,
"Audits of State and Local Governments." Those standards and OMB Circular A-128
require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
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 manage-
ment, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements of the City of Clermont, Florida, taken as a whole. The
accompanying Schedule of Federal Financial Assistance is presented for purposes of
additional analysis and is not a required part of the general purpose financial
statements. The information in that schedule has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements and, in
our opinion, is fairly presented in all material respects in relation to the
general purpose financial statements taken as a whole.
9C.
Mount Dora, Florida
January 5, 1993
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTA1_P 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 Telephone: (904) 383-6300
THIS PAGE INTENTIONALLY LEF17 BLANK
140
CITY OF CLERMONT, FLORIDA
SCHEDULE OF FEDERAL FINANCIAL ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1992
FEDERAL RECEIPTS OR
FEDERAL GRANTOR/PASS-THROUGH CFDA PROGRAM PROGRAM OR REVENUE DISBURSEMENTS/
GRANTOR/PROGRAM TITLE NUMBER I.D. NUMBER AWARD AMOUNT RECOGNIZED EXPENDITURES
---------------------------- ----------------- ------------ -----------------------
U. S. Department of Housing
and Urban Development
---------------------------
Passed Through Florida Department
of Community Affairs:
Community Development Block Grant 14,219 91DB-99-06-45-02-H09 $ 575,000 $ 220,003
$ 35,230
141
THIS PAGE INTENTIONALLY LEFT BLANK
142
GREENLEE CLERMONT: Herbert John Greenlee, Jr., C.P.A
KURRAS MOUNTDORA: JerryD. Brown, C.P.A.
QQ�S Dorothy A. Kurras, 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 John A. Powers, C.P.A.
ACCOUNTANTS 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, 1992, and have issued our report thereon
dated December 6, 1992.
We conducted our audit in accordance with generally accepted auditing standards
Government Auditing Standards, issued by the Comptroller General of the United
States, and the provisions of Office of Management and Budget Circular A-128,
"Audits of State and Local Governments." Those standards and OMB Circular A-128
require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
In planning and performing our audit of the general purpose financial statements of
the City of Clermont, Florida, for the year ended September 30, 1992, 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 ACCOUNTAt� 43 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 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 5, 1993.
This report is intended for the information of the management and the State of
Florida. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
��0, �- DuktJ •�•
J �
Clermont, Florida
January 5, 1993
144
_Z. } GREENLEE CLERMONT: Herbert John Greenlee, Jr., C.P.A
.I .' KURRAS JerryD. Brown, C.P.A.
MOUNT DORA: Dorothy A. Kurras, C.P.A.
RICE
Q, John S. Rice, C.P.A.
(� I < Patricia A. Sykes, C.P.A
BROWN, PA C. L. (Chip) Garner, C.P.A.
CERTIFIED PUBLIC John A. Powers, C.P.A.
ACCOUNTANTS Mark A. Fanner, 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, 1992, and have issued our
report thereon dated December 6, 1992.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditin 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 5,
1993.
This report is intended for the information of management and the State of Florida.
This restriction is not intended to limit the distribution of this report, which is
a matter of public record.
Clermont, Florida
January 5, 1993 �
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNJ ILS & 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 Telephone: (904) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
prXI-1
GREENLEE CLERMONT: Herbert John Greenlee, Jr., C.P.A
KURRAS MOUNT DORA: JerryD. Brown, C.P.A.
Dorothy A. Kurras, C.P.A.
RICE & John S. Rice, C.P.A.
Patricia A. Sykes, C.P.A
i BROWN, PA C. L. (Chip) Garner, C.P.A.
CERTIFIED PUBLIC John A. Powers, C.P.A.
ACCOUNTANTS Mark A. Farner, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON THE INTERNAL
CONTROL STRUCTURE USED IN ADMINISTERING
FEDERAL FINANCIAL ASSISTANCE PROGRAMS
Honorable Mayor and City Council
City of Clermont
Clermont, Florida
We have audited the general purpose financial statements of the City of Clermont,
Florida, for the year ended September 30, 1992, and have issued our report thereon
dated December 6, 1992.
We conducted our audit in accordance with generally accepted auditing standards;
Government Auditing, Standards, issued by the Comptroller General of the United
States; and Office of Management and Budget (OMB) Circular A-128, Audits of State
and Local Governments. Those standards and OMB Circular A-128 require that we plan
and perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement.
In planning and performing our audit for the year ended September 30, 1992, we
considered the City's internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinion on the City's general purpose
financial statements and. not to provide assurance on the internal control
structure. This report addresses our consideration of internal control structure
policies and procedures relevant to compliance with requirements applicable to
federal financial assistance programs. We have addressed policies and procedures
relevant to our audit of the general purpose financial statements in a separate
report dated January 5, 1993.
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 ob-
jectives 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, that transactions are executed in accordance
with management's authorization and recorded properly to permit the preparation of
general purpose financial statements in accordance with generally accepted
accounting principles, and that federal financial assistance programs are managed
in compliance with applicable laws and regulations. Because of inherent
limitations in any internal control structure, errors, irregularities, or instances
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
752 Montrose Street 147 627 N. Donnelly Street
Post Office Box 120400. Clermont FL 34712-0400 Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 3943256 Telephone: (904) 383-6300
of noncompliance 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.
For the purpose of this report, we have classified the significant internal control
structure policies and procedures used in administering federal financial
assistance programs in the following categories:
General Re uirements
Political activity
Davis -Bacon Act
Civil rights
Cash management
Financial reports
Allowable costs/cost principles
Drug -Free Workplace Act
Administrative requirements
Financial Statement Cautions
Cash
Revenues and receivables
Property, equipment
Expenditures and payables
Fund balance
Specific Requirements
Types of services allowed
Reporting
Special requirements - environmental review
For all of the internal control structure categories listed above, we obtained an
understanding of the design of relevant policies, and procedures and determined
whether they have been placed in operation, and we assessed control risk.
During the year ended September 30, 1992, the City of Clermont, Florida, had no
major federal financial assistance programs and expended 100 percent of its total
federal financial assistance under the following nonmajor federal financial
assistance program: subrecipient of Community Development Block Grant.
We performed tests of controls, as required by OMB Circular A-128, to evaluate the
effectiveness of the design and operation of internal control structure policies
and procedures that we have considered relevant to preventing or detecting material
noncompliance with specific requirements, general requirements, and requirements
governing claims for advances and reimbursements and amounts claimed or used for
matching that are applicable to the City's nonmajor program. Our procedures were
less in scope than would be necessary to render an opinion on these internal
control structure policies and procedures. Accordingly, we do not express such an
opinion.
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 one or more of the specific internal control structure elements does
not reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. We noted no matters
involving the internal control structure and its operation that we consider to be
material weaknesses as defined above.
148
This report is intended for the information of management and the State of
Florida's Department of Community Affairs. This restriction is not intended to
limit the distribution of this report, which is a matter of public record.,
Mount Dora, Florida
January 5, 1993
149
THIS PAGE INTENTIONALLY LEFT BLANK
150
GREENLEE
B 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.
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH THE GENERAL REQUIREMENTS APPLICABLE TO
FEDERAI. FINANCIAL ASSISTANCE PROGRAMS
Honorable Mayor and City Council
City of Clermont
Clermont, Florida
We have audited the financial statements of the City of Clermont, Florida, as of
and for the year ended September 30, 1992, and have issued our report thereon dated
December 6, 1992.
We have applied procedures to test the City of Clermont, Florida's, compliance with
the following requirements applicable to its federal financial assistance program,
which is identified in the schedule of 'federal financial assistance, for the year
ended September 30, 1992.
General Requirements
* Political activity
* Davis -Bacon Act
• Civil rights
• Cash management
* Financial reports
* Allowable costs/cost principles
• Drug -Free Workplace Act
* Administrative requirements
Our procedures were limited to the applicable procedures described in the Office of
Management and Budget's "Compliance Supplement for Single Audits of State and Local
Governments." Our procedures were substantially less in scope than an audit, the
objective of which is the expression of an opinion on the City of Clermont,
Florida's, compliance with the requirements listed in the preceding paragraph.
Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no
material instances of noncompliance with the requirements listed in the second
paragraph of this report. With respect to items not tested, nothing came to our
attention that caused us to believe that the City of Clermont, Florida, had not
complied, in all material respects, with those requirements. Also, the results of
our procedures did not disclose any immaterial instances of noncompliance with
those requirements.
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANT k 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 Telephone: (904) 383-6300
This report is intended for the information of management, and the State of
Florida's Department of Community Affairs. However, this report is a matter of
public record and its distribution is not limited.
Mount Dora, Florida
January 5, 1993
152
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.
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH SPECIFIC REQUIREMENTS APPLICABLE TO NONMAJOR
FEDERAL FINANCIAL ASSISTANCE PROGRAM TRANSACTIONS
Honorable Mayor and City Council
Clermont, Florida
We have audited the financial statements of the City of Clermont, Florida, as of
and for the year ended September 30, 1992, and have issued our report thereon dated
December 6, 1992.
In connection with our audit of the 1992 general purpose financial statements of
the City of Clermont, Florida, and with our consideration of the City of Clermont,
Florida's, internal control structure used to administer federal financial assist-
ance programs, as .required by Office of Management and Budget Circular A-128,
"Audits of State and Local Governments," we selected certain transactions
applicable to certain nonmajor federal financial assistance programs for the year
ended September 30, 1992.
As required by OMB Circular A-128, we have performed auditing procedures to test
compliance with the requirements governing types of services allowed or unallowed
and eligibility* that are applicable to those transactions. Our procedures were
substantially less in scope than an audit, the objective of which is the expression
of an opinion on the City of Clermont, Florida's, compliance with these require-
ments. Accordingly, we do not express such an opinion.
With respect to the items tested, the results of those procedures disclosed no
material instances of noncompliance with the requirements listed in the preceding
paragraph. With respect to items not tested, nothing came to our attention that
caused us to believe that the City of Clermont, Florida, had not complied, in all
material respects, with those requirements. Also, the results of our procedures
disclosed no immaterial instances of noncompliance with those requirements.
This report is intended for the information of management, and the State of
Florida's Department of Community Affairs. However, this report is a matter of
public record and its distribution is not limited.
4 &,,
e /
Mount Dora, Florida
January 5, 1993
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
153
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 Telephone: (904) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
154
r
9 GREENLEE
KURRAS
ir RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A
JerryD. 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.
MANAGEMENT LETTER
The Honorable Mayor and City Council
City of Clermont, Florida
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, 1992.
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.
Subparagraph (2) refers to whether recommendations made in the preceding annual
audit have been followed. We made no recommendations in the prior 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 (4) refers to recommendations to improve the City's accounting
procedures and internal controls. We offer no recommendations in this area.
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.
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, 1992.
All adjustments are reviewed with the City's Finance Director prior to delivery of
this report.
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
155
627 IV. Donnelly Street
Post Office Box 8. Mount Dora, FL 32757
Telephone: (904) 383-6300
752 Montrose Street
Post Office Box 120400. Clermont FL 34712-0400
Telephone: (904) 394 3256
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, 1992, the
financial report was in agreement in all respects.
The foregoing conditions were considered in determining the nature, timing, and
extent of the audit tests to be applied in our examination of the City's financial
statements, and this report does not affect our report on these financial
statements dated December 6, 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 5, 1993
156