Comprehensive Annual Financial Report - 1995-1996Comprehen
sive
Annual Financial Report
Fiscal Year Ended
September 30, 1996
�y
City of Clermont, Florida
The cover photo shows the Clermont
Lake Minneola, Clermont, Florida.
Waterfront Park on
The Waterfront Park offers Central Florida's largest fresh
water beach at the south end of beautiful Lake Minneola
on the Clermont Chain of Lakes, which has been
designated as an Outstanding Florida Water. The Park
also offers a multi -use trail with decorative lighting, a
pavilion, playground, fishing pier, basketball and
volleyball courts, modern restrooms and picnic areas.
Phase I of the Waterfront Park will be completed in 1997
at an approximate cost of $832,000. The project was
funded from Citv reserves and a grant from the Florida
Department of Natural Resources.
Cover Photo by Jim Johnson (Die Village Goldsmith)
CITY OF CLERMONT
,, FLORIDA
COMPREHENSI VE A NNUA L FINA NCIA L
REPORT SEPTEMBER 30, 1996
Prepared by:
Finance Department
Joseph E. Van Zile
Finance Director
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ii
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1996
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal . . . . . . . . . . . . . . . . . . . . 1
Organization Chart . . . . . . . . . . . . . . . . . . . . . 13
Listing of City Officials . . . . . . . . . . . . . . . . . . 15
Certificate of Achievement . . . . . . . . . . . . . . . . . 17
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT
Independent Auditor's Report . . . . . . . . . . . . . . . 19
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types and
AccountGroups . . . . . . . . . . . . . . . . . . . . . 22
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - All Governmental
FundTypes . . . . . . . . . . . . . . . . . . . . . . .
27
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - Budget and
Actual - General, Special Revenue and Debt Service 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 Nonexpendable Trust Funds . . . . . . . . . . .
32
Notes To Financial Statements . . . . . . . . . . . . . .
35
iii
TABLE OF CONTENTS
FINANCIAL SECTION CONTD.
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS
General Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . 62
Statement of Revenues, Expenditures and Changes In
Fund Balance - Budget and Actual . . . . . . . . . . . 63
Schedule
of
Revenues - Budget and
Actual . . . . .
. . . 64
Schedule
of
Expenditures - Budget
and Actual . . .
. . . 66
Special Revenue Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . 70
Combining Statement of Revenues, Expenditures and Changes
In Fund Balances . . . . . . . . . . . . . . . . . . . 71
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - Infrastructure Fund. 72
Sales Tax Revenue Bond Sinking Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . . 74
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual . . . . . . . . . . . 75
Enterprise Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . . 80
Combining Statement of Revenues, Expenses and Changes
In Retained Earnings . . . . . . . . . . . . . . . . . 83
Combining Statement of Cash Flows . . . . . . . . . . . . 84
iv
TABLE OF CONTENTS
FINANCIAL SECTION CONTD.
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS CONTD.}_
Group Self Insurance Fund:
Comparative Balance Sheet . . . . . . . . . . . . . . . .
88
Comparative Statement of Revenues, Expenses and Changes In
Retained Earnings . . . . . . . . . . . . . . . . . . .
89
Comparative Statement of Cash Flows . . . . . . . . . . .
90
Trust and Agency Funds:
Combining Balance Sheet . . . . . . . . . . . . . . . . .
95
Combining Statement of Revenues, Expenses and Changes
In Fund Balances - Trust Funds . . . . . . . . . . . .
96
Statement of Cash Flows - Nonexpendable Trust Fund . . .
98
Statement of Changes In Assets and Liabilities -
Deferred Compensation Agency Fund . . . . . . . . . . .
99
Account Groups:
Schedule of General Fixed Assets By Sources . . . . . . .
104
Schedule of General Fixed Assets By Function . . . . . .
105
Schedule of Changes In General Fixed Assets By Function .
106
Schedule of General Long -Term Debt . . . . . . . . . . .
107
v
TABLE OF CONTENTS
STATISTICAL SECTION
Comments On The Statistical Section . . . . . . . . . . . 109
General Governmental Expenditures By Function -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 110
General Revenue By Source - Last Ten Fiscal Years . . . . 112
Property Tax Levies, Tax Collections and Assessed
Valuations - Last Ten Fiscal Years . . . . . . . . . . 114
Property Tax Rates - Direct and All Overlapping Governments -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 116
Water and Sewer Customer Data . . . . . . . . . . . . . . 119
Utility Revenue Bond Coverage - All Utility Revenue Bonds -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 120
Demographic Statistics - Last Ten Fiscal Years . . . . . 123
Property Value, Construction and Bank Deposits -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 124
Principal Taxpayers . . . . . . . . . . . . . . . . . . . 126
Largest Employers . . . . . . . . . . . . . . . . . . . . 127
Pension Expenses By Type - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 128
Pension Revenues By Source - All Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 129
Pension Trend Data - Defined Benefit Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . 130
Schedule of Insurance Coverages . . . . . . . . . . . . . 132
Miscellaneous Statistical Data . . . . . . . . . . . . . 134
vi
TABLE OF CONTENTS
OTHER REPORTS
Independent Auditor's Report of Schedule of Federal
Financial Assistance . . . . . . . . . . . . . . . . . 135
Schedule of Federal Awards . . . . . . . . . . . . . . . 137
Independent Auditor's Report On Internal Control
Structure Based on an Audit of General Purpose
Financial Statements Performed In Accordance
with Government Auditing Standards . . . . . . . . . . 139
Independent Auditor's Report On Compliance Based on an
Audit of General Purpose Financial Statements Performed
In Accordance with Government Auditing Standards . . . 141
Independent Auditor's Report On Internal Control Structure
Used in Administering Federal Financial Assistance
Programs. . . . . . . . . . . . . . . . . . . . . . 143
Independent Auditor's Report On Compliance with the General
Requirements Applicable to Federal Financial Assistance
Programs. . . . . . . . . . . . . . . . . . . . . . 147
Independent Auditor's Report On Compliance with Specific
Requirements Applicable to Major Federal Financial
Assistance Programs . . . . . . . . . . . . . . . . . 149
Management Letter . . . . . . . . . . . . . . . . . . . 151
vii
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viii
INTRODUCTORY SECTION
This section contains the letter of transmittal,
organizational chart, and listing of city officials.
CITY OF CLERMONT
Office of the City Manager
March 17, 1997
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, 1996, is hereby submitted. This report was prepared
by the City's Finance Department. Responsibility for both the accuracy of the
presented data and the completeness and fairness of the presentation, including all
disclosures, rests with the City. We believe the data, as presented, is accurate in all
material aspects; that it is presented in a manner designed to fairly present the
financial position and results of operations of the City as measured by the financial
activity of its various funds, and that it includes the disclosures necessary to enable the
reader to gain the maximum understanding of the City's financial activities.
THE REPORTING ENTITY AND ITS SERVICES
The City of Clermont, which occupies 10.75 square miles, was incorporated in 1916.
The City is located in south Lake County, approximately twenty-two miles west of the
City of Orlando and twenty-two miles southeast of the City of Leesburg. The City is
conveniently accessible to Orlando via Florida Highway 50.
The City is essentially residential in character and its economy is primarily centered in
retail trade as well as lodging; food and beverage establishments which are tourism
oriented.
Lake County, located in Central Florida, is bounded to the north by Marion County,
to the south by Polk County, to the east by Orange County, Seminole County and
Volusia County, and to the west by Sumter County. Tavares, the County Seat, is
located approximately 190 miles southeast of Tallahassee, the State Capitol, and 50
miles northeast of Orlando.
P.O. BOX 120219 ■ CLERMONT, FLORIDA 34712-0219 PHONE: 352/394-4081
FAX: 352/394-1452
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 those for which the City Council has financial
accountability. According to criteria outlined in Governmental Accounting Standards
Board (GASB) statements, financial accountability is present if the City Council
appoints a voting majority of a component unit's governing body and has the ability to
impose its will on that organization or if there is a potential for the organization to
provide specific financial benefits to or impose specific financial burdens on the City.
Based on these criteria, the various funds and account groups shown in the table of
contents are properly included in this report.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's accounting records for General, Special Revenue 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 reasonable assurance recognizes that:
1. The cost of a control should not exceed the benefits likely to be derived; and
2. The evaluation of costs and benefits requires estimates and judgments by
management.
All internal control evaluations occur within the above framework. The City's
internal accounting controls adequately safeguard assets and provide reasonable
assurance of proper recording of financial transactions.
Budgetary integration is established in the accounting records for control purposes at
the object level. The City Manager is authorized to approve transfers within 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 STATEMENT FORMAT
The report is arranged in the following sections:
Section I: Introductory Section
This section contains the Letter of Transmittal and other such
material as may be useful in understanding the reporting entity.
Section II: 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
Combining Statements by Fund Type, which presents data for
homogeneous funds.
Section III. Statistical Section
This section presents detailed historical information which will be
beneficial to the reader in understanding the City's growth and its
future potential.
Section IV. Other Reports
This section contains other Independent Auditor's reports.
Page 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 5.5% from $1,358,682 to
$1,284,237 and was 40.2% 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, 1996, $12,041 is budgeted for use in the 1996-97 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:
9949'
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Axt bunt Tatal:XX
Taxes
$1,946,855
62.1 %
$1,739,033
53.1
12.0%
Licenses and Permits
84,260
2.7
67,549
2.1
24.7
Intergovernmental
564,290
18.0
576,484
17.6
(2.1)
Charges for Services
32,537
1.0
57,241
1.7
(43.2)
Fines & Forfeitures
151,879
4.8
152,020
4.6
(.1)
Miscellaneous Revenues
237,500
7.6
569,732
17.4
(58.3)
Transfers -In
117,339
3_8
115,106
3.5
1.9
3 134 660 100.0 % 3.277.165 100.0 % 4.4 %)
General Fund Revenues decreased 4.4 % from $3,277,165 to $3,134,660 primarily due
to the reporting of construction project reimbursements ($397,147) in the Miscella-
neous Revenues for the 1994-95 fiscal year. Excluding these reimbursements,
revenues increased 8.8 % . Other significant changes occurred in the Taxes, Licenses/
Permits and Charges for Services categories.
Taxes and Licenses/Permits showed a combined increase of 36.7 % over the previous
year. With the exception of occupational licenses, the increases were not the result of
rate adjustments. The City's Ad Valorem, Franchise Fee, and Utility Tax rates were
maintained at the 1994-95 rates. The revenue increases were the result of growth as
is documented in Table 8 of the statistical section of this report in respect to the
issuance of construction permits. Also, as is noted in Table 4 of the statistical section,
the City has only adjusted the Ad Valorem tax rate twice in the last ten years.
Page 4
Clermont continues to enjoy the lowest Ad Valorem tax rate of any City in Lake
County with comparable services.
Charges for services decreased 43.2 % due to the reduction of Boat Ramp/Beach
Parking fees collected from the Jaycee Beach area. The beach area was closed during
part of the fiscal year due to the construction of the Clermont Waterfront Park.
Expenditures and other financing uses of the current fiscal year as compared with
those of the previous year are as follows:
» 199.4- 5 . .
'Q
um►ttrit Tau
General Government
$561, 876
17.6 %
492,751
16.2
14.0 %
Public Safety
1,257,255
39.4
1,063,691
35.0
18.2
Physical Environment
112,794
3.5
134,633
4.4
(16.2)
Transportation
329,140
10.3
379,382
12.5
(13.2)
Economic Development
11,158
.3
10,895
.4
2.4
Human Services
20,191
.6
17,141
.6
17.8
Culture & Recreation
903.101
28.3
937,427
30.9
(3.7)
$1195.515 100.0% LS3 035.920 100.0% 5.3%
General Fund expenditures increased 5.3 % from $3,035,920 to $3,195,515. The most
significant aspect of General Fund expenditures during the 1995-96 fiscal year was the
construction of the Clermont Waterfront Park at Jaycee Beach on Lake Mineola.
Phase I of the Park which will be completed in the 1996-97 fiscal year includes the
construction of a pavilion, a restroom building, a multi -use trail with decorative
lighting, a fishing pier, picnic areas, a playground area, a refurbished beach area,
basketball and volleyball courts, and a parking area. Of the total costs incurred in the
1995-96 fiscal year ($687,497), the General Fund provided funding in the amount of
$299,857. Remaining funding was provided from other City funds' reserves.
SPECIAL REVENUE FUNDS
INFRASTRUCTURE FUND
The Infrastructure Fund accounts for the City's share of the Local Government
Infrastructure Surtax. The surtax, which represents a County -wide one -cent increase
in the State Sales Tax until the end of fiscal year 2002, may only be expended on
items pertaining to the construction of fixed capital outlay.
Page 5
Infrastructure Surtax Funds were used in the 1995-96 fiscal year to pay the annual
debt service on the 1989 Sales Tax Bond Issue ($245,387), to provide partial funding
for the construction of the Waterfront Park ($242,104) and to provide funding for the
engineering fees pertaining to the East Avenue/Osceola Street construction projects
($119,475).
IMPACT FEE FUND
The Impact Fee Fund accounts for the Police, Fire and Recreation Impact Fees paid
by developers. The fees were adopted by the City to require new developments to
pay its proportionate share of the capital costs necessary to accommodate new
development impacts on Police, Fire, and Recreational services.
Impact Fees were used in the 1995-96 fiscal year to provide partial funding for the
construction of the Waterfront Park ($23,700), the purchase of Police vehicles
($7,600), and the purchase of a mini -pumper Fire truck ($5,600).
BLOCK GRANT FUND
The City received a $600,000 Community Development Block Grant from the U.S.
Department of Housing and Urban Development during the 1995-96 fiscal year. The
grant is administered through the Florida Department of Community Affairs. The
grant provides funds for low income residents to bring their homes up to minimum
property standards. During the 1995-96 fiscal year, the City expended $77,943.
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 funding for the development of the
Palatlakaha Recreation Area and construction of the Public Services Complex and
Public Safety Building.
ENTERPRISE FUNDS
WATER FUND
The Water Fund accounts for the provision of potable water service to City and non -
City residents. As noted in the 1994-95 Comprehensive Annual Financial Report, the
City is in the process of making major upgrades to the City's water system, primarily
due to accommodating expected growth east of the City. Total water system
improvements to be completed over a three-year period are projected to be
$5,024,956.
Page 6
During the 1995-96 fiscal year, Water System improvements totalled $799,000 on
such items as a water tank, force mains, and a water well. Funding for these projects
was provided from an $7,990,000 Bond Anticipation Note (BAN) issued in March,
1996.
Comparative operating data for the last three fiscal years is as follows:
1995-96
1994-95
1993-94
System Revenues
$956,184
$702,155
$534,229
Operating Expenses
447,599
410,288
472,933
Net Income
J5Q8,585
1291.867
S61.296
Debt Service Coverage
1.21 %
1.90 %
1.23 %
(Combined Water/Sewer)
Water system revenues increased 36.2 % from 1994-95 to 1995-96 due to the
expansion of the East water system customer base. The east water system customer
base has increased from 541 customers in September 1995 to 784 as of September,
1996.
SEWER FUND
The Sewer Fund accounts for the provision of sewer services to City and non -City
residents. As noted in the 1994-95 Comprehensive Annual Financial Report, the City
is in the process of making major upgrades to the City's sewer system, primarily due
to accommodating expected growth east of the City. Total sewer system improve-
ments to be completed over a three-year period are projected to be $3,608,231.
During the 1995-96 fiscal year, sewer system improvements totalled $1,625,122
primarily due to the construction of a 750,000 gallon per day wastewater treatment
plant and corresponding lift stations and force mains. Funding for these
improvements was provided from an $7,990,000 Bond Anticipation Note (BAN)
issued in March, 1996. Comparative data for the last three fiscal years is as follows:
1995-96
1994-95
1993-94
System Revenues
$1,041,489
$867,025
$781,042
Operating Expenses
591110
537,946
483,705
Net Income
1450,.279
J129,079
29$ 7,337
Debt Service Coverage
1.21 %
1.90 %
1.23 %
(Combined Water/Sewer)
Page 7
Sewer system revenues increased 20.1 % from 1994-95 to 1995-96 primarily due to
interest revenue earned on the unspent -proceeds from the 1996 Bond Anticipation
Note.
SANITATION FUND
The Sanitation Fund accounts for the provision of garbage and trash collection,
recycling, and composting services to City residents.
Comparative data for the last three fiscal years is as follows:
1995-96
1994-95
1993-94
System Revenues $600,874
$597,146
$587,054
Operating Expenses 603,322
592,029
562,805
Net Income (Loss) 2 448
5,117
$24,249
System revenues and operating expenses increased .6 % and 1.9 % in 1995-96,
respectively. The increases were not attributable to any change in service levels or
rates.
STORMWATER UTILITY FUND
The Stormwater Utility Fund accounts 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.
Stormwater fees were used in the 1995-96 fiscal year to pay for the annual operating
expenses associated with the maintenance of the City's existing stormwater drainage
system as well as the construction of a new stormwater drainage system at the
Waterfront Park ($73,948).
Comparative operating data for the last three fiscal years is as follows:
1995-96 1994-95 1993-94
System Revenues $155, 855 $154, 852 $150, 896
Operating Expenses 94,514 10� 100,711
Net Income $ 61.341 L47 521 50,185
Page 8
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 $30,000 per employee. 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.
TRUST AND AGENCY FUNDS
Trust and Agency Funds account for assets held by the City as Trustee for individuals,
private organizations and other governmental units and/or funds.
The General Employees', Police Officers' and Volunteer Firefighters' Pension Trust
Funds account for the accumulation of resources to be used for the retirement
annuities of all city employees.
The Cemetery Perpetual Care Trust Fund accounts for monies received from people
buying lots in the City cemetery. The principal must be kept intact, but the interest
may be transferred to the General Fund to defray the cost of cemetery operation and
maintenance.
The Employees' Deferred Compensation Agency Fund accounts for money earned by
employees but voluntarily deferred until some future time period.
GENERAL FIXED ASSETS
The general fixed assets of the City of Clermont are those fixed assets used in the
performance of general governmental functions and exclude the fixed assets of the
Proprietary Funds. As of September 30, 1996, the general fixed assets of the City
totalled $9,474,509: This amount represents the original cost of the assets and is,
therefore, considerably less than their present value. Depreciation of general fixed
assets is not recognized in the City's accounting system.
CASH MANAGEMENT
The Cash Management program involves a theory of minunizmg credit and market
risks, maintaining reasonable liquidity to meet maturing obligations, and maximizing
return through the use of various investment sources.
Page 9
The City maintains the majority of its funds with the Florida State Board of
Administration Investment Pool. The pool is managed by the State of Florida and is
available to any governmental agency within the State. The major advantage the pool
offers to small cities such as Clermont, is the higher rate of return from the large
amount of funds available to invest. The funds in the pool are very liquid in that
access is available on a daily basis.
The City has 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 has the following long-term debt issues outstanding on September 30, 1996:
► A long-term note which was obtained in 1980 to finance the construction of the
Library Building.
► A Sales Tax Revenue Bond which was issued in 1989 to provide funding for the
development of the Palatlakaha Recreation Area and construction of the Public
Services Complex and Police Department Building.
► A Water and Sewer Revenue Refunding Bond Issue which was issued in 1993 to
refinance two previously issued Water and Sewer Revenue Bonds.
► A Water and Sewer Revenue Bond Anticipation Note was issued in 1996 to
refinance a 1995 line of credit financing as well as to provide additional funding
for major East Water and Sewer System improvements.
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 10
FINANCIAL POSITION AND FUTURE PROSPECTS
The City continues to maintain a sound financial position as a result of adequate
planning and conservative budget practices. Adequate reserves have been maintained
to provide stability, however, the unprecedented growth that the City is experiencing
places additional pressures on the City's budgets and reserves. Innovative financing
and budgeting practices must continue in order to maintain the current levels of
services.
The additional tax base and other revenues generated from the new construction will
provide additional funding, however, the demand for services precedes the income by
as much as 18 months. It is important to find ways to provide the necessary services
during these interim periods.
We anticipate continued growth in both commercial and residential construction and
with continued conservative budgetary practices, the City should be able to maintain a
sound financial position with Ad Valorem rates and other fees for services that will be
attractive when compared to other quality communities.
The availability of land for development and the City's positive approach in providing
services will continue to make Clermont an attractive area.
CERTIFICATE OF ACHIEVEMENT
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting
to the City of Clermont, Florida, for its Comprehensive Annual Financial Report for
the fiscal year ended September 30, 1995. 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 eight 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 11
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,
a- 24�
Zn�eSaunders
City Manager
r
oseph E. V Zile
Finance Director
Page 12
City of Clermont
Organizational Chart
Citizens
Attorney Clermont
City Council
L
y
Manager
- - -_ Committees
Streets
Accounting
Parks
Budgeting
Animal Control
Payroll
Sanitation
Utility Billing
Water
Risk Management
Sewer
Planning
Zoning
licensing
Permitting
Code Enforcement
13
THIS PAGE INTENTIONALLY LEFT BLANK
14
CITY OF CLERMONT, FLORIDA
LISTING OF CITY OFFICIALS
AS OF SEPTEMBER 30, 1996
ELECTED OFFICIALS
Mayor Robert A. Pool
Mayor/Pro-Tem Ken Norquist
Councilmember Lester Cole
Councilmember Ann Dupee
Councilmember John N. Sargent
APPOINTED OFFICIALS
City Manager
City Attorney
Finance Director
Public Services Director
Chief of Police
Fire Chief
City Engineer
Planning Director
Wayne Saunders
Leonard H . Baird, Jr.
Joseph E. Van Zile
Preston Davis
Randy Story
Carle Bishop
John Springstead
Lanny Harker
IS
THIS PAGE INTENTIONALLY LEFT BLANK
16
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, 1995
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.
elf
F OFf� 1
_ SSTA
AND w
MW N
TM s Preside
>� sEAL �Sti
oKKkcs 1p��
l
Executive 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
John S. Rice, C.P.A.
Patricia A. Sykes -Amos, C.P.A.
C. L. (Chip) Garner, C.P.A.
Dorothy A. Kurras, C.P.A.
John A. Powers, C.P.A.
Mark A. Farner, C.P.A.
We have audited the general purpose financial statements of the City of Clermont,
Florida, as of and for the year ended September 30, 1996, 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, 1996, 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. /f
Clermont, Florida
January 28, 1997
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627 N. Donnelly Street
Post Office Box 120400 • Clermont, FL 34712-0400 Post Office Box 8 • Mount Dora, FL 32757
Telephone: (352) 394-3256 19 Telephone: (352) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
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.
y�ti,.r I_ �.► 'sir a 5'f�-1 •� �- +1 .G��r� �T •.;r�r.-• 1ti,,4 - ■,*_, � _ .,,�4 �4� � -
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THIS PAGE INTENTIONALLY LEFT BLANK
21
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1996
GOVERNMENTAL FUND TYPES PROPRIETARY
------------------------------------ -----------
ASSETS AND OTHER DEBITS GENERAL
Assets:
Cash and cash equivalents
$ 75,068
Investments
1,261,956
Receivables:
Accounts
44,346
Other
•••
Interfund receivables
••.
Due from other governments
167,456
Prepaid items
6,831
Inventory
13,757
Restricted Assets:
Cash and cash equivalents
Investments
Mortgages receivable
Deferred charges
Interfund advances
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
SPECIAL DEBT
REVENUE SERVICE ENTERPRISE
$ 108,473 $ ... $ 34,128
99,598 83,273 1,864,135
,,. 228,906
18,109
,.. 9,055
29,856 ... 3,360
... ... 10,733
... ... 26,105
.._ ... ... 444,526
... ... 4,263,404
... 241,942 ... ...
... 336,141
... ... ... 1,494,254
... ... ... 7,263,320
... 9,965,882
... ... ... 103,918
... ... ... 1,120,093
... ... ... (4,767,230)
$ 1,569,414 $ 479,869 $ 83,273 $ 22,418,839
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
TOTALS
(MEMORANDUM ONLY)
-----------------------------
1996
1995
$ ... $ 3,287 $ ... $
...
$ 220,956
$ 29,557
33,123 3,742,234 ...
..
7,084,319
6,576,129
... ... ...
...
273,252
258,702
... ...
...
18,109
26,350
...
... 99 ...
...
9,154
90,030
... ... ...
...
200,672
221,457
...
...
17,564
18,123
...
...
39,862
29,218
... ... ...
...
444,526
445,791
4,263,404
1,273,684
...
...
241,942
270,464
...
336,141
221,532
9,054
_..
,,, ... 952,731
...
2,446,985
2,350,810
... ... 2,814,432
...
2,814,432
2,814,432
... ...
...
7,263,320
6,220,290
...
...
...
9,965,882
8,122,414
... ... 4,130,806
...
4,234,724
3,387,725
,,, ... 1,576,540
...
2,696,633
2,415,155
... ...
...
(4,767,230)
(4,352,625)
--------------------
$ 33,123 $ 3,745,620
... 53,333
... 1,271,979
----------------------
$ 9,474,509 $ 1,325,312
53,333 50,000
1,271,979 1,429,729
------------------------
$ 39,129,959 $ 31,908,021
Continued
23
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1996
GOVERNMENTAL FUND TYPES PROPRIETARY
------------------------------------ ------------
SPECIAL DEBT
LIABILITIES, EQUITY, AND OTHER CREDITS GENERAL REVENUE SERVICE ENTERPRISE
---------------------------------------------------------------------
Liabilities:
Accounts payable $
213,868
$ 54,266
$ ...
$ 125,188
Payroll related accruals
26,776
...
...
36,229
Payable From Restricted Assets:
Contracts payable
...
...
...
960,365
Deposits
...
...
...
78,329
Accrued interest
...
...
...
196,415
Revenue bonds
...
...
160,000
Interfund payables
99
...
...
9,055
Deferred compensation payable
...
...
Deferred revenue
...
241,942
...
...
Interfund advances
...
...
...
.
Line of credit
...
...
...
Revenue bonds payable
...
...
...
11,049,267
Mortgage payable
-----------
...
...
---------
...
392,647
Total Liabilities
-----------
240,743
296,208
---------
---------
...
---------
------------
13,007,495
------------
Equity and Other Credits:
Contributed capital
...
...
...
3,750,306
Investment in general fixed assets
...
...
..
...
Retained Earnings:
Reserved
...
...
...
2,601,439
Unreserved
...
...
...
3,059,599
Fund Balances:
Reserved for parking lots
4,638
...
...
...
Reserved for police education
26,039
...
...
...
Reserved for inventory
13,757
...
...
...
Reserved for cemetery care
...
...
...
...
Reserved for debt service principal
...
...
53,333
...
Reserved for debt service interest
...
...
29,940
...
Reserved for employees'
retirement systems
...
...
Unreserved, undesignated
1,284,237
183,661
...
.,.
-----------
Total Equity
Equity
---------
---------
---------
and Other Credits
-----------
1,328,671
183,661
---------
83,273
---------
9,411,344
------------
TOTAL LIABILITIES, EQUITY,
AND OTHER CREDITS
$ 1,569,414 $ 479,869 $ 83,273 $ 22,418,839
The notes to the financial statements are an integral part of this statement.
24
FIDUCIARY TOTALS
FUND TYPES FUND TYPES ACCOUNT GROUPS (MEMORANDUM ONLY)
---------- ---------- --------------------------- -----------------------------
TRUST GENERAL GENERAL
INTERNAL AND FIXED LONG-TERM
SERVICE AGENCY ASSETS DEBT 1996 1995
------- ------ ------ ---- ---- ----
$ 11,909
$ ...
$
$ ...
$ 405,231
$ 222,059
...
...
...
...
63,005
59,507
...
...
...
960,365
307,455
.,
...
...
..
78,329
73,562
...
...
...
...
196,415
84,983
...
...
...
...
160,000
155,000
...
...
...
...
9,154
90,030
...
139,165
...
...
139,165
112,553
...
...
...
...
241,942
270,464
...
...
...
...
...
9,054
...
...
...
..
3,000,000
...
1,285,000
12,334,267
4,631,525
,..
...
...
40,312
432,959
551,209
---------
11,909
---------
-----------
139,165
-----------
-----------
...
-----------
-----------
1,325,312
-----------
------------
15,020,832
------------
------------
9,567,401
------------
...
..
...
...
3,750,306
3,318,090
...
...
9,474,509
...
9,474,509
8,413,588
.,.
...
...
2,601,439
1,098,475
21,214
...
...
...
3,080,813
4,575,647
...
...
...
...
4,638
...
...
...
...
26,039
20,189
...
...
...
13,757
10,655
...
245,982
...
...
245,982
228,268
...
...
...
...
53,333
50,000
...
...
...
...
29,940
33,316
...
3,360,473
...
...
3,360,473
2,970,765
...
---------
...
-----------
...
-----------
...
-----------
1,467,898
------------
1,621,627
------------
21,214
---------
3,606,455
-----------
9,474,509
-----------
...
-----------
24,109,127
------------
22,340,620
------------
$ 33,123
$ 3,745,620
$ 9,474,509
$ 1,325,312
$ 39,129,959
$ 31,908,021
25
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26
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1996
-��-�
TOTALS
GOVERNMENTAL FUND
TYPES
(MEMORANDUM ONLY)
--------------------------
-------------------------------------
SPECIAL
DEBT
GENERAL
-------
REVENUE
-------
SERVICE
-------
1996
----
1995
----
Revenues:
Taxes
$ 1,946,855
$ 431,107
$
$ 2,377,962
$ 2,142,822
Licenses and permits
84,260
...
84,260
67,549
Intergovernmental revenues
564,290
101,609
...
665,899
576,484
Charges for services
32,537
...
32,537
57,241
Fines and forfeitures
151,879
...
151,879
152,020
Miscellaneous revenues
237,500
109,809
----------
4,884
---------
352,193
-----------
601,092
-----------
Total Revenues
-----------
3,017,321
-----------
642,525
-----------
4,884
---------
3,664,730
-----------
3,597,208
-----------
Expenditures:
Current:
General government
561,876
...
.561,876
492,751
Public safety
1,257,255
...
...
1,257,255
1,063,691
Physical environment
112,794
...
...
112,794
134,633
Transportation
329,140
119,475
...
448,615
413,565
Economic environment
11,158
77,943
...
89,101
10,895
Human services
20,191
...
20,191
17,141
Culture and recreation
903,101
242,104
...
1,145,205
934,829
Debt service:
Principal
...
...
150,000
150,000
145,000
Interest and fiscal charges
...
-----------
...
----------
100,314
---------
100,314
-----------
109,970
-----------
Total Expenditures
3,195,515
-----------
439,522
----------
250,314
---------
3,885,351
-----------
3,322,475
-----------
Excess (Deficiency) of Revenues
Over Expenditures
(178,194)
203,003
(245,430)
(220,621)
274,733
Other Financing Sources (Uses):
Operating transfers in
117,339
...
245,387
362,726
363,572
Operating transfers out
...
-----------
(282,287)
----------
...
---------
(282,287)
-----------
(302,554)
-----------
Total Other Financing
Sources (Uses)
117,339
-----------
(282,287)
----------
245,387
---------
80,439
-----------
61,018
-----------
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and Other
Financing Uses
(60,855)
(79,284)
(43)
(140,182)
335,751
Fund Balances - October 1
1,389,526
-----------
262,945
----------
83,316
---------
1,735,787
-----------
1,400,036
-----------
FUND BALANCES - SEPTEMBER 30
$ 1,328,671
$ 183,661
$ 83,273
$ 1,595,605
$ 1,735,787
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 AND DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1996
GENERAL FUND
----------------------------------------
VARIANCE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
------------
Revenues:
Taxes
$ 1,743,300
$ 1,946,855
$ 203,555
Licenses and permits
50,500
84,260
33,760
Intergovernmental revenues
631,200
564,290
(66,910)
Charges for services
228,036
203,893
(24,143)
Fines and forfeitures
115,000
151,879
36,879
Miscellaneous revenues
123,627
237,500
113,873
Total Revenues
-----------
2,891,663
-----------
3,188,677
-----------
297,014
Expenditures:
-----------
-----------
-----------
Current:
General government
695,218
729,805
(34,587)
Public safety
1,303,685
1,257,255
46,430
Physical environment
124,094
116,221
7,873
Transportation
336,462
329,140
7,322
Economic environment
11,715
11,158
557
Human services
17,914
20,191
(2,277)
Culture and recreation
974,748
903,101
71,647
Debt service
...
...
...
Total Expenditures
-----------
3,463,836
-----------
3,366,871
-----------
-----------
96,965
-----------
Excess (Deficiency) of Revenues
-----------
Over Expenditures
(572,173)
(178,194)
-----------
393,979
-----------
Other Financing Sources (Uses):
-----------
Operating transfers in
107,140
117,339
10,199
Operating transfers out
...
...
...
Total Other Financing Sources (Uses)
-----------
107,140
-----------
117,339
-----------
-----------
10,199
-----------
Excess (Deficiency) of Revenues and
-----------
Other Financing Sources Over
Expenditures and Other Uses
(465,033)
(60,855)
404,178
Fund Balances - October 1
1,389,526 1,389,526 ...
----------- ----------- -----------
FUND BALANCES - SEPTEMBER 30 $ 924,493 $ 1,328,671 $ 404,178
The notes to the financial statements are an integral part of this statement.
28
SPECIAL REVENUE FUND
DEBT
SERVICE FUND
-----------------------------------------
VARIANCE
----------------------------------------
VARIANCE
FAVORABLE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
$ 396,000
$ 431,107
$ 35,107
$ ...
$ ••.
$ •••
7,000
7,201
201
3,000
-----------
4,884
-----------
1,884
-----------
-----------
403,000
-----------
-----------
438,308
-----------
-----------
35,308
-----------
3,000
-----------
4,884
-----------
1,884
-----------
190,000
119,475
70,525
...
...
...
1759000
242,104
(67,104)
...
..
...
,,,
• „
...
250,732
250,314
418
-----------
-----------
365,000
-----------
-----------
361,579
-----------
-----------
3,421
-----------
-----------
250,732
-----------
-----------
250,314
-----------
418
-----------
38,000
-----------
76,729
-----------
38,729
-----------
(247,732)
-----------
(245,430)
-----------
2,302
-----------
...
...
...
247,732
245,387
(2,345)
(247,732)
(245,387)
2,345
...
...
-----------
...
-----------
-----------
(247,732)
-----------
-----------
(245,387)
-----------
-----------
2,345
-----------
-----------
247,732
-----------
245,387
-----------
(2,345)
-----------
(209,732)
(168,658)
41,074
...
(43)
(43)
225,776
-----------
225,776
-----------
...
-----------
83,316
-----------
83,316
-----------
...
-----------
$ 16,044
$ 57,118
$ 41,074
$ 83,316
$ 83,273
$ (43)
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, 1996
PROPRIETARY
ENTERPRISE
Operating Revenues:
Charges for services $ 2,391,392
Investment earnings (losses) •••
Contributions •••
Cemetery lot sales
Sale of recycled materials 8,002
Reimbursements 42,441
Total Operating Revenues 2,441,835
Operating Expenses:
Personal services
681,848
Utilities
188,368
Dumping fees
238,837
Administrative services
171,356
Repair and maintenance
123,851
Depreciation
452,708
Professional services
119,680
Insurance
34,940
Operating supplies
81,404
Office expense
30,093
Bad debt
5,519
Benefit payments
.••
Trustee/administrative fees
•••
Medical claims
•••
Total Operating -Expenses 2,128,604
Operating Income (Loss) 313,231
Nonoperating Revenues (Expenses):
Interest revenue 303,736
Interest expense (594,558)
Grants 28,404
Total Nonoperating Revenues (Expenses) (262,418)
Income (Loss) Before Operating Transfers 50,813
Operating Transfer (out) (80,439)
Net Income (Loss) (29,626)
Retained Earnings/Fund Balances - October 1 5,690,664
RETAINED EARNINGS/FUND BALANCES - SEPTEMBER 30 $ 5,661,038
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
1996
1995
$ 287,115
$
$ ...
$ 2,678,507 $
2,414,709
...
394,435
...
394,435
527,048
...
179,035
179,035
180,525
18,600
14,987
...
...
8,002
9,358
8,914
...
...
51,355
----------------------
17,313
-----------
296,029
-----------
-----------
573,470
-----------
-----------
18,600
-----------
3,329,934
----------------------
3,163,940
,,
...
...
681,848
635,746
...
...
.,
188,368
176,539
...
...
...
238,837
230,379
...
...
,..
171,356
161,722
...
...
...
123,851
147,967
...
452,708
340,820
,,,
...
119,680
92,627
42,794
...
77,734
100,864
...
...
886
82,290
89,532
...
...
,,.
30,093
16,979
5,519
6,768
140,444
...
140,944
124,519
15,510
42,818
...
58,328
54,168
200,735
...
...
200,735
-----------
210,198
-----------
-----------
259,039
-------:---
183,762
-----------
886
2,572,291
-----------
2,388,828
-----------
-----------
36,990
-----------
-----------
389,708
-----------
-----------
17,714
-----------
757,643
-----------
775,112
-----------
766
...
...
304,502
168,518
...
...
.,.
(594,558)
(220,885)
28,404
332,122
-----------
766
-----------
...
-----------
...
-----------
(261,652)
-----------
279,755
-----------
37,756
-----------
389,708
-----------
17,714
-----------
495,991
-----------
1,054,867
-----------
-----------
-----------
(80,439)
-----------
(61,018)
-----------
37,756
(16,542)
$ 21,214
389,708
2,970,765
$ 3,360,473
17,714
228,268
$ 245,982
415,552
8,873,155
$ 9,288,707
993,849
7,879,306
$ 8,873,155
31
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1996
FIDUCIARY
TOTALS
PROPRIETARY FUND -TYPES FUND TYPE
-------------
(MEMORANDUMS ONLY)
-----------------------
----------------------
INTERNAL NONEXPENDABLE
ENTERPRISE SERVICE TRUST
-------------------------------
1996
----
1995
----
Cash Flows From
Operating Activities:
Cash
received
from customers
$ 2,417,973 $ 296,029 $ 18,600
$ 2,732,602
$ 2,437,018
Cash
payments
to suppliers
(998,179) (58,304) (886)
(1,057,369)
(1,002,308)
Cash
payments
for employee services
(708,029) ... ...
(708,029)
(632,640)
Cash
payments
for medical claims
... (239,455) ...
----------- --------- ---------
(239,455)
-----------
(176,756)
-----------
Net Cash Provided (Used) By
Operating Activities
Cash Flows From Noncapital
Financing Activities:
Operating transfer out
Advance from other fund
Advance to other fund
Grants
Net Cash Provided (Used) by
Noncapital Activities
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction
of capital assets
Principal paid
Interest paid
Contributed capital
Debt proceeds
Issue costs
Net Cash Provided (Used) By Capital
and Related Financing Activities
Cash Flows From Investing Activities:
Interest
Investment purchases
711,765 (1,730) 17,714
-------------------- ------
(80,439)
9,100 9,520
(4,200) ...
111,846 ...
----------- ---------
36,307 9,520
--------------------
(2,441,422)
(3,268,833)
(432,311)
432,215
7,990,000
(142,681)
2,136,968 ...
--------------------
303,736 766
(3,169,010) (17,179)
--------------------
727,749 625,314
------------------
... (80,439) (61,018)
... 18,620 ...
... (4,200) (27,980)
... 111,846 255,320
... 45,827 166,322
-------------------------
... (2,441,422) (3,955,911)
... (3,268,833) (150,000)
(432,311) (161,509)
... 432,215 297,934
... 7,990,000 3,000,000
... (142,681) ...
... 2,136,968 (969,486)
-------------- -----------
... 304,502 168,518
(20,971) (3,207,160) (2,689,490)
-----------------------------
Net Cash Used By Investing Activities
(2,865,274)
----------- ---------
(16,413) (20,971)
---------
(2,902,658)
-----------
(2,520,972)
-----------
Net Increase (Decrease) in Cash
and Cash Equivalents
19,766
(8,623) (3,257)
7,886
(2,698,822)
Cash and Cash Equivalents at
Beginning of Year
458,888
--------------------
8,623 6,544
---------
474,055
-----------
3,172,877
-----------
Cash and Cash Equivalents at
. End of Year
$ 478,654 $
$ 3,287
$ 481,941
$ 474,055
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 (Increase) in prepaids
Increase in inventory
Increase (Decrease) 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 NONEXPENDABLE
ENTERPRISE SERVICE TRUST 1996 1995
------------------ ------------- ---- ----
$ 313,231 $ 36,990 $ 17,714 $ 367,935 $ 232,370
---------------------------------------------------
452,708 ...
452,708
340,820
(20,906) ...
(20,906)
11,994
289 ...
289
(7,689)
(7,542)
(7,542)
(2,523)
(26,352) ...
(26,352)
20,001
337 (38,720) ...
-------------------- ---------
(38,383)
----------------------
30,341
398,534 (38,720) ...
----------- ------------------
359,814
----------- -----------
392,944
$ 711,765 $ (1,730) $ 17,714
$ 727,749 $
625,314
33
THIS PAGE INTENTIONALLY LEFT BLANK
34
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
TABLES OF CONTENTS
1.
Summary of Significant Accounting Policies
36
A. Reporting Entity
B. Fund Accounting
C. Basis of Accounting
D. Budgets
E. Assets, Liabilities and Fund Equity
F. Revenues, Expenditures and Expenses
G. Total Columns
2.
Stewardship, Compliance and Accountability
42
A. Budget Revisions
B. General Fund Budget/GAAP Reconciliation
C. Special Revenue Funds Budget/GAAP Reconciliation
D. Enterprise Fund Budget Comparisons
3.
Deposits and Investments
43
4.
Community Development Block Grant Fund Mortgages Receivable
44
5.
Changes in General Fixed Assets
44
6.
Changes in Proprietary Fund Fixed Assets
45
7.
Pension Funds
45
8.
Post -Retirement Benefits
51
9.
Deferred Compensation
51
10.
Risk Management
52
11.
General Long -Term Debt
52
12.
Advance Refunding
53
13.
Enterprise Fund Long -Term Debt
54
14.
Interfund Receivables/Payables
55
15.
Reserved Fund Balances and Retained Earnings
55
16.
Changes in Contributed Capital
56
17.
Segment Information
56
18.
Contingencies
57
35
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 - These financial statements include all the City's
funds and account groups. There are no component units, separate
governmental units, agencies or nonprofit corporations which require
inclusion in the City's 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 Funds - To account for the proceeds of specific
revenue sources (other than special assessments, expendable trusts or
for major capital projects) that are legally restricted to expenditure
for specified purposes.
3. Debt Service Fund - To account for the accumulation of resources for,
and the payment of, general long term debt principal, interest and
related cost.
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.
36
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Z. 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.
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 City has chosen not to use FASB pronouncements issued
after November 30, 1989, for its proprietary activities.
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
37
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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 fundliabilities when due or when amounts have been
accumulated in the debt service fund for payments to be made early in the
following year.
All major revenues, except property taxes and licenses, are considered
measurable and available and, as such, susceptible to accrual.
The accrual basis of accounting is utilized by proprietary fund types,
pension trust funds and nonexpendable trust funds. Under this method,
revenues are recorded when earned and expenses are recorded at the time
liabilities are incurred.
Encumbrance accounting is not used by the City.
D. Budgets
The City follows these procedures in establishing the budgetary data re-
flected in the financial statements:
1. Prior to August 31, the City Manager submits to the City Council the
proposed operating budget for the fiscal year commencing the following
October 1. The operating budget includes proposed expenditures and the
means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to October 1, the budget is legally enacted through passage of an
ordinance.
The legal level of budgetary control is the department level.
Administrative control is maintained at the object level through
integration with the accounting records. Appropriations lapse at the end
of each fiscal year.
In the general fund, the following departments had an excess of
expenditures over appropriations: legislative ($5,767), city manager
($512), finance ($13,509), legal ($3,675), planning and zoning ($1,098),
other general government ($10,026), human services ($2,277), and library
($8,945).
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.
38
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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, internal service and trust and
agency funds. Budget amounts for the general, infrastructure, and debt
service 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
investments with a maturity date within three months of the date
acquired by the government. Governmental fund investments are generally
stated at cost or amortized cost. Proprietary fund investments are
stated at lower of cost or market. Pension fund and deferred
compensation agency fund 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 - All the Utility Funds maintain 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.
39
7.
8.
9.
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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 fXearsl
Buildings 25 - 40
Land Improvements 5 - 40
Equipment 3 - 35
Interest is capitalized on proprietary fund assets acquired with tax-
exempt debt. The amount of interest to be capitalized is calculated by
offsetting interest expense incurred from the date of the borrowing
until completion of the project with interest earned on invested
proceeds over the same period.
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.
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.
Risk Management - The City is exposed to various risks of loss related
to torts, theft of, damage to and destruction of assets; errors and
omissions; natural disasters; and job -related illnesses or injuries to
employees. Significant losses are covered through participation in a
local government non -assessable self insurance pool. For these insured
programs, there have been no significant reductions in insurance
coverage. Settlement amounts have not exceeded insurance coverage for
the current year or the three prior years.
The City provides coverage for the first $30,000 per year in medical,
dental, or prescription claims for each covered employee. The City
purchases commercial insurance for claims in excess of coverage
provided by the City with a total aggregate stop -loss of $1,000,000.
40
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
10. Fund Equity - Contributed capital is recorded in proprietary funds
that have received capital grants or contributions from developers,
customers or other funds. Reserves represent those portions of fund
equity not appropriable for expenditure or legally segregated for a
specific future use. Designated fund balances represent tentative
plans for future use of financial resources.
F. Revenues, Expenditures and Expenses
1. Interest income resulting from pooling of cash in master bank accounts
is allocated to the funds in their proportionate share.
2. Unbilled revenue, which results from cyclical billing practices, is
recorded in the following fiscal year.
3. Interfund Transactions - 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
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%
41
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
G. Total Columns on the Combined Statements -Overview - Total columns on the
Combined Statements -Overview are captioned Memorandum Only to indicate that
they are presented only to facilitate financial analysis. Data in these
columns do not present financial position, results of operations, or
changes in cash flows in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation of this data.
2. Stewardship, Compliance and Accountability:
A. Budget Revisions
The following schedule summarizes budget revisions by Fund:
Original
Final
Budget
Revisions
Budp-et
General Fund
$ 3,153,624
$ 310,212
$ 3,463,836
Enterprise Funds:
Water Fund
852,936
28,490
881,426
Sewer Fund
9,989,156
175,868
10,165,024
Sanitation Fund
633,639
18,400
652,039
Stormwater Fund
84,483
73,968
158,451
B. General Fund Budget/GAAP Reconciliation:
Excess of revenues and other
sources over
expenditures and other uses
(budgetary
basis)
$ 14,724
Adjustments:
To reduce revenues for administrative
service fees
(171,356)
To reduce expenditures for
adminis-
trative service fees
171,356
Excess of revenues and other
sources over
expenditures and other uses
(GAAP basis)
$ 14,724
C. Special Revenue Funds Budget/GAAP Reconciliation:
Deficiency of revenues and other financing sources
over expenditures and other financing uses
(budgetary basis) $ (168,658)
Adjustments:
To record excess of revenues and other financing
sources over expenditures and other financing
uses for unbudgeted Impact Fee and Block Grant
Funds 89,374
Deficiency of revenues and other financing sources
over expenditures and other financing uses
(GAAP basis) $ (79,284)
42
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
D. 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 Operating Expenses
(GAAP Basis)
Less:
Depreciation
Add:
Capital additions
Principal payments
Actual (Budget Basis)
Budget
Variance -favorable
(unfavorable)
3. Deposits and Investments:
Water Sewer Sanitation Stormwater
Fund Fund Fund Fund
$ 641,208 $ 789,560 $ 603,322 $ 94,514
(193,609)
(198,350)
Budgeted
(8,148)
664,534
1,617,289
82,631
76,968
2,854,139
414,694
...
...
3,966,272
2,623,193
685,953
163,334
881,426
10,165,024
652.039
158.451
$(3,084,846) $ 7,541,831 $ (33,914) $ ( 4,883)
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.
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.
Risk Category 3:
Repurchase Agreement
(Securities held by bank in bank's name)
Investment in state treasurer's investment pool
Florida Municipal Pension Trust Fund
Deferred Compensation Plan
Total
Carrying
Market
Value
Value
$ 354,000
$ 354,189
7,848,184
7,848,184
3,360,374
3,360,374
139,165
_ 139,165
$ 11,701,723
$ 11,701,912
4. Community Development Block Grant Fund Mortgages Receivable:
During the 1992/93 year, the City rehabilitated twenty-six houses using
Community Development Block Grant funds. A mortgage for the amount of
rehabilitation costs was recorded for each house. Twenty percent of the
mortgage is forgiven each year the homeowner continues to live in the home and
properly maintains it. In each of the next three years the amount of mortgage
receivable will be reduced along with a corresponding amount of deferred
revenue. During the year ended September 30, 1996, $90,155 of the original
mortgage amount was forgiven.
5. Changes In General Fixed Assets:
A summary of changes in general fixed assets is as follows:
Balance -
Balance -
09 30 95
Additions Deletions
09 30 96
Land
$ 866,909
$ 85,822 $ ...
$ 952,731
Buildings
2,814,432
... ...
2,814,432
Improvements other than
buildings
3,357,775
773,031 ...
4,130,806
Machinery and equipment
1,374,472
202,068
1,576,540
Totals
$ 8,413,588
$1,060,921 $ ...
$ 9,474,509
44
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
6. Changes in Proprietary Fund Fixed Assets*
Land
Water system
Sewer system
Improvements other
than building
Equipment
Total Assets
Less: Accumulated
depreciation
Net
7. Pension Funds:
9/30/95
9/30/95
Balance
Additions
Deletions
Balance
$ 1,483,901
$ 10,353
$ ...
$ 1,494,254
6,220,290
1,043,030
...
7,263,320
8,122,414
1,843,468
..
9,965,882
29,950
73,968
..
103,918
1,040 683
117,513
(38.103)
1,120,093
$ 16,897,238
$ 3,088,332
$ (38,103)
$ 19,947,467
_ 4,352,625
452,708
_ (38,103)
4,767,230
,
$ 12,544,613
$ 2,635,624
$ ...
$ 15,180,237
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, 1996, was $1,945,975.
Covered payroll for each of the defined benefit plans was:
General employees $ 26,772
Police officers 521,150
Volunteer firemen 30,928
Membership in each of the defined benefit pension plans at September 30, 1996,
was as follows:
Retirees/beneficiaries
currently receiving benefits
Vested terminated employees
Active employees:
Fully vested
Nonvested
General Police Volunteer
Employees Officers Firefighters
17 2 2
0 0 0
1 2 3
0 16 21
45
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Eligibility for Particiipation
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
vesting as
of 10/1/90,
age 60
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
$5.00 per month
average salary
monthly earnings
times years of
times years of
times years of
creditable
creditable
creditable
service
service
service
For all plans the partially vested monthly benefit shall be the fully vested
amount reduced by 5/12th of 1% of said amount for each month that early retire-
ment precedes the normal retirement date.
Each defined benefit plan provides disability benefits. Benefit provision and
all other requirements are established by Florida Statute and City Ordinance.
If an employee terminates his or her employment with the Police or Volunteer
Fire Departments, the employee is entitled to a refund of his or her
contribution.
Police officers and volunteer firefighters contribute 1% of their annual salary
to their respective plans. The General Employee plan is non-contributory. The
City is required to contribute the remaining amount necessary to fund the Plans
according to the actuarial valuations.
Funding Status and Progress
The Florida Municipal Pension Trust Fund, in which the City of Clermont
participates, provided an actuarial valuation for plan years beginning October
1, 1995, 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
CITI
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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.
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, 1995. Significant actuarial
assumptions used in the valuation include:
(a) An 7.5 percent compounded annual return on the investment of
present and future assets.
(b) Projected salary increases due to:
Inflation Merit
General employees 3% 3.0%
Police officers 2% 3.5%
Firefighters 2% 3.5%
47
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
(c) No increase in benefits after retirement.
Pension Benefit Obligation:
General Police Volunteer
Employees Officers Firefighters Total
Retirees and beneficiaries
currently receiving benefits
and terminated employees not
yet receiving benefits $ 782,479 $ 332,315 $ 16,111 $ 1,130,905
Current employees:
Accumulated employee contri-
butions
Employer financed -vested
Employer financed-nonvested
Total pension
benefit obligation
Net assets available for
benefits at market
Unfunded pension benefit ob-
ligation/(assets in excess of
pension benefit obligation)
-0- 26,053 1,126 27,179
90,033 587,993 15,035 693,061
-0- 161,125 10,244 171,369
872,512 1,107,486 42,516 2,022,514
$ 818,857 $1,408,309 380,450 $2,607,616
$ 53,655 $ (300,823) $(337,934) $ (585,102)
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, 1996, contributions were made in accordance
with contribution requirements by actuarial valuations of each of the plans as
of October 1, 1995.
48
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Actuarially Determined
Contribution Requirement:
General
Police
Volunteer
Employees
Officers
Firefighters
Normal Cost
As a Dollar Amount
$ 20,738
$
73,945
$
7,774
As a % of Covered Payroll
79.1
14.4
28.4
Contributions Made:
Employer
City
$ 20,738
$
24,104
$
...
State
_
50,932
_
18,080
Subtotal
20,738
75,036
$
18,080
Employee
5,302
309
Total
$ 20,738
$
80,338
$
18,389
Covered Payroll
$ 26,772
$
521,150
$
30,928
Contributions as a %
of Covered Payroll:
Employer 77.46% 14.40% 58.46%
Employee 1.00% 1.00%
Total 77.46% 15.40% 59.46%
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, 1995, 1994, and 1993. Ten-year historical
trend information is presented in the Statistical Section of this report. All
Employer contributions were made in accordance with actuarially determined
requirements.
Percentage of
PBO funded by
available assets
Unfunded PBO
as a percentage
of covered
avroll
General Employees:
1996 93.85 200.41
1995 102.96 (64.02)
1994 85.20 185.25
Employer's
contribution
as a percentage
of covered pavroll
77.46
48.90
21.20
49
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Percentage of
PBO funded by
available assets
Police Officers:
1996
1995
1994
Volunteer Firefighters:
127.16
125.22
100.13
Unfunded PBO
as a percentage
of covered
,Dayroll
(57.72)
(50.01)
(.28)
Employer's
contribution
as a percentage
of covered payroll
14.40
15.01
14.83
1996 894.84 (1,092.65) 58.46
1995 2,030.04 (1,083.54) 51.66
1994 1,652.11 (853.95) 58.38
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%
Membership in the defined contribution pension plan at September 30, 1996, was
as follows:
General Employees
Retirees and beneficiaries
currently receiving benefits 0
Vested terminated employees 1
Active employees:
Fully vested 13
Partially vested 10
Nonvested 20
50
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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 1996 was $1,200,171; the City's total pay-
roll was $1,945,975.
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 1996 was $84,012, or seven percent
(7%) of covered payroll, less forfeitures of $22,646. Actual contribution was
$60,899.
8. Post -retirement Benefits:
Retired employees have the option of continuing the same type of health and
dental insurance coverages available to them while they were employed with the
City. The cost of the premiums is paid totally by the retirees.
9. Deferred Compensation:
The City offers its employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available to all
government employees, permits them to defer a portion of their salary until
future years. Participation in the plan is optional. The deferred
compensation is not available to employees until termination, retirement, death
or unforeseeable emergency. All amounts of compensation deferred under the
plan, all property and rights purchased with those amounts, and all income
attributable to those amounts, property or rights are (until paid or made
available to the employee or other beneficiary) solely the property and rights
of the government subject only to the claims of the government's general
creditors. Participants' rights under the plan are equal to those of general
creditor of the government in an amount equal to the fair market value of the
deferred account for each participant.
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.
51
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
10. Risk Management
During fiscal year 1990, the City established an internal service fund to
account for its uninsured risk of loss for employee medical and dental
coverage. Under this program, the fund provides coverage for the first $30,000
per year in medical, dental, or prescription claims for each covered employee.
The City purchases commercial insurance for claims in excess of coverage
provided by the fund with a total aggregate stop -loss of $1,000,000.
There has been no reduction in insurance coverage from that carried in the
prior year. Claims paid have not exceeded insurance coverage in any of the
past three fiscal years.
The general, water, sewer, sanitation and stormwater funds participate in the
program and make payments to the internal service fund based on the number of
employees budgeted in each fund.
Claims liabilities, beginning of year
Incurred claims
Payments on claims
Claims liabilities, end of year
1996
$ 50,629
200,735
(239,455)
$ 11,909
1995
$ 17,187
210,198
(176,756)
$ 50,629
Unpaid claims are based on reported claims up to sixty days after year end and
personal knowledge of any employees' major health crisis.
11. General Long -Term Debt:
The following is a summary of changes in notes payable and bonds outstanding
for the year ended September 30, 1996:
Note
Bonds Payable Total
Bonds and note payable
at October 1, 1995 $ 1,435,000 $ 44,729 $1,479,729
Retirements (150,000) (4,417) 1 4,417)
Bonds and Note Payable
At September 30, 1996 $ 1,285,000 $ 40,312 $1,325,312
Bonds and notes payable at September 30, 1996, 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. $ 40,312
52
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
$2,070,000 Sales Tax Revenue Bond, Series 1989 due serially
in annual installments of $110,000 to $225,000 starting
June 1,1991 through June 1, 2003; interest rates vary from
6.3% to 7.05% .$ 1,285,000
Total General Long Term Debt
$ 1,325,312
The annual requirements to amortize all general long-term debt outstanding as
of September 30, 1996, including interest payments of $370,644, are as follows:
YEAR ENDING
NOTE
SEPTEMBER 30
BONDS
PAYABLE
TOTAL
1997
$ 248,683
$ 6,633
$ 255,316
1998
252,883
6,390
259,273
1999
250,983
6,147
257,130
2000
253,310
5,904
259,214
2001
249,510
5,661
255,171
2002 - 2003
389.080
20,772
409.852
$ 1,644,449 $ 51,507 $ 1,695,956
12. Advance Refunding:
On July 1, 1993, the City received a $3,905,000 loan from the City of Arcadia
Dedicated Pool Local Government Revenue Bonds, Series 1993, with an interest
rate of 5.48 percent to advance refund $1,055,000 of outstanding 1972 Series
bonds with an interest rate of 6 percent and $2,080,000 of 1988 refunding bonds
with interest rates ranging from 5.25 to 8 percent. The net proceeds of
$3,480,987 (after payment of $424,013 in underwriting fees, insurance, issuance
costs, and reserve allocation) were disbursed through an escrow deposit
agreement and invested in defeasance obligations which will produce sufficient
maturing principal and interest to timely pay the principal and interest of the
outstanding obligations. As a result, both the 1972 and 1988 issues are
considered to be defeased and the liability for these bonds has been removed
from the City's financial statements. At September 30, 1996, $2,765,000 of
bonds outstanding are considered defeased.
53
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
13. Enterprise Fund Long -Term Debt:
The following is a summary of changes in issues outstanding for the year ended
September 30, 1996:
1993
ISSUE
Bonds and notes payable - October 1, 1995 $ 7,136,480
Proceeds 7,990,000
Retirements (3,268,834)
Bonds and notes payable - September 30, 1996 $11,857,646
The debt is comprised of the following items:
$3,905,000 1993 refunding bond issue due serially in
annual installments of $125,000 to $515,000 starting
December 1, 1993, through December 1, 2015; interest
of 5.48% is paid semiannually. The net revenues of
the water and sewer funds are pledged to secure the
repayment of the debt.
$7,990,000 water and sewer revenue and refunding bond
anticipation notes bearing interest of 5%. Interest
only payments due semi-annually with a balloon prin-
cipal payment due December, 2000.
Mortgage note bearing interest of 8%. Quarterly pay-
ments are based on water and sewer impact fee collec-
tions, which are pledged to secure the repayment.
$ 3,475,000
7,990,000
392,646
$11,857,646
The annual requirements to amortize the debt outstanding as of September 30,
1996, including interest payments of $3,783,150, are as follows:
YEAR ENDING
SEPTEMBER 30
1997
1998
1999
2000
2001
2002 - 2006
2007 - 2011
2012 - 2016
TOTAL
$ 850,105
846,705
837,718
820,906
8,516,600
1,296,415
1,081,652
1,390,695
$ 15,640,796
54
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
14. Interfund Receivables and Payables:
Individual fund interfund receivable and payable balances at September 30,
1996, are as follows:
Interfund Interfund
Receivables Payables
General Fund $ ... $ 99
Sewer Fund ... 4,179
Water Fund 9,055 ...
Sanitation Fund ... 3,085
Stormwater Fund ... 1,791
Police Pension Trust Fund 99
Totals $ 9,154 $ 9,154
15. Reserved Fund Balances and Retained Earnings:
Fund Balance - Reserves have been established for the following items:
Reserved for Parking Lots- Funds collected specif-
ically for off street parking.
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 Debt Service - Funds restricted for
payment of general long term debt principal.
Reserved for Debt Service - Funds restricted for
payment of interest on general long term debt.
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
$ 4,638
26,039
13,757
53,333
29,940
245,982
3.360.473
$ 3,734,162
55
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 Debt Service - Funds restricted
for future servicing of the revenue bonds (maxi-
mum amount of debt service due in any ensuing
year.) $ 434,745
Reserved for Expansion - Utility Benefit Fees and
loan proceeds restricted for utility expansion. _ 2,166,694
Total Reserved Retained Earnings $ 2,601,439
16. Changes in Contributed Capital:
Balance October 1, 1995 $ 3,318,090
Contributions from developers 432,216
Balance September 30, 1996 $ 3,750,306
17. Segment Information:
The City maintains four Enterprise Funds which provide water, sewer, sanita-
tion, and stormwater services. Segment information for the year ended Septem-
ber 30, 1996, is as follows:
Operating Revenues
Depreciation
Operating Income (Loss)
Operating Grants
Operating transfer out
Operating transfer in
Net Income (Loss)
Current Capital - Contributions
Plant, Property and Equipment:
Additions
Net Working Capital
Total Assets
Bonds and Other Long -Term
Liabilities:
Payable From Operating Revenues
Total Equity
FUNDS
WATER SEWER SANITATION STORMWATER TOTALS
$ 901,655 $ 824,280 $ 572,830 $ 143,070 $ 2,441,835
193,609
198.350
52,601
8,148
452,708
260,447
34,720
(30,492)
48.556
313,231
19,573
...
8.831
...
28,404
(80,439)
...
...
(80,439)
...
45,749
...
(134,268)
...
(2,448)
...
61,341
...
(29,626)
122,300
309,916
...
...
432,216
1,075,115
1,857,646
45,328
72,140
3,050,229
728,684
700.321
362,338
232,716
2,024.059
7,463,889
13,891,942
649,309
413,699
22,418,839
4,070,032
7,787,615
...
11,857,647
2,743,550
5,639,263
618,298
410,233
9,411.344
56
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
18. Contingencies:
The City is not aware of any pending or threatened litigation which would not
be covered by insurance.
57
THIS PAGE INTENTIONALLY LEFT BLANK
58
COMBINING AND INDIVIDUAL FUND
ML■
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.
till
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■
G G VERI VMEN TA L FUND TYPES
m
THIS PAGE INTENTIONALLY LEFT BLANK
W
GENERAL FUND
The General Fund accounts for all revenues and expenditures of the City
which are not required to be accounted for in other funds. It receives a
greater variety and number of taxes and other general revenues than any
other fund.
61
CITY OF CLERMONT, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1996 AND 1995
ASSETS
1996
1995
Cash and cash equivalents
$ 75,068
$ ...
Investments
1,261,956
1,320,780
Receivables:
Accounts
44,346
62,090
Interest
...
1,924
Due from other governments
167,456
107,902
Prepaid items
6,831
7,101
Inventory
13,757
10,655
TOTAL ASSETS
$ 1,569,414
$ 1,510,452
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable
$ 125,892
$ 44,172
Contracts payable
87,976
...
Payroll related accruals
26,776
24,908
Interfund payables
99
-----------
51,846
-----------
Total Liabilities
240,743
-----------
120,926
-----------
Fund Balance:
Reserved for parking lots
4,638
...
Reserved for police education
26,039
20,189
Reserved for inventory
13,757
10,655
Unreserved, undesignated
1,284,237
-----------
1,358,682
-----------
Total Fund Balance
1,328,671
-----------
1,389,526
-----------
TOTAL LIABILITIES AND FUND BALANCE
$ 1,569,414
$ 1,510,452
62
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
Total Revenues
Expenditures:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources:
Operating transfers in
Excess (Deficiency) of Revenues
over Expenditures and Other
Sources (Uses)
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
VARIANCE
FAVORABLE
1995
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
$ 1,743,300
$ 1,946,855
$ 203,555
$ 1,739,033
50,500
84,260
33,760
67,549
631,200
564,290
(66,910)
576,484
228,036
203,893
(24,143)
218,963
115,000
151,879
36,879
152,020
123,627
237,500
113,873
-----------
569,732
-----------
-----------
2,891,663
-----------
-----------
3,188,677
-----------
297,014
-----------
3,323,781
-----------
695,218
729,805
(34,587)
651,239
1,303,685
1,257,255
46,430
1,063,692
124,094
116,221
7,873
137,866
336,462
329,140
7,322
379,382
11,715
11,158
557
10,895
17,914
20,191
(2,277)
17,141
974,748
903,101
71,647
937,427
-----------
3,463,836
-----------
-----------
3,366,871
-----------
-----------
96,965
-----------
-----------
3,197,642
-----------
(572,173)
-----------
(178,194)
-----------
393,979
-----------
126,139
-----------
107,140
-----------
117,339
-----------
10,199
-----------
115,106
-----------
(465,033) (60,855)
1,389,526 1,389,526
----------------------
404,178
$ 924,493 $ 1,328,671 $ 404,178
241,245
1,148,281
$ 1,389,526
63
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995
VARIANCE
FAVORABLE
1995
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
Taxes:
Ad valorem $
597,800
$ 594,935
$ (2,865)
$ 539,110
Local option gas tax
150,000
166,603
16,603
153,375
Franchise fees
383,500
438,617
55,117
394,472
Utility taxes
-----------
612,000
746,700
-----------
134,700
----------
652,076
-----------
Total
-----------
1,743,300
1,946,855
-----------
203,555
----------
1,739,033
-----------
Licenses and Permits:
Professional and occupational
25,500
36,739
11,239
25,026
Other permits
-----------
25,000
47,521
-----------
22,521
----------
42,523
-----------
Total
-----------
50,500
84,260
-----------
33,760
----------
67,549
-----------
Intergovernmental revenues:
Two -cent cigarette tax
30,000
31,412
1,412
29,489
State revenue sharing
143,000
157,527
14,527
159,445
Mobile home licenses
9,200
9,528
328
8,989
Alcoholic beverage licenses
7,000
4,627
(2,373)
4,405
Half -cent sales tax
260,000
269,103
9,103
255,996
Motor fuel tax rebate
4,800
4,347
(453)
4,171
Municipality share of county
occupational licenses
7,500
9,732
2,232
9,177
Municipality share of one -cent
voted gas tax
47,000
52,991
5,991
50,312
Grants
-----------
122,700
25,023
-----------
(97,677)
----------
54,500
-----------
Total 631,200 564,290 (66,910) 576,484
-------------------------------------------
Continued
64
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995
VARIANCE
FAVORABLE 1995
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
Charges for Services:
Program activity fees $ 56,700 $ 32,537 $ (24,163) $ 57,241
Administrative service fee 171,336 171,356 20 161,722
--------------------------------------------
Total 228,036 203,893 (24,143) 218,963
--------------------------------------------
Fines and forfeitures
Court fines
110,000
144,663
34,663
144,850
Police education
3,500
6,146
2,646
6,300
False alarms
1,500
720
(780)
870
Confiscations
...
----------- -----------
350
-----------
350
-----------
...
Total
115,000
-----------
151,879
----------------------
36,879
-----------
152,020
Miscellaneous:
Interest
50,000
91,362
41,362
76,257
Rentals
37,612
43,851
6,239
39,018
Memorial sales
1,500
1,148
(352)
428
Surplus equipment sales
3,000
3,371
371
7,121
Contributions
15,700
9,313
(6,387)
339,937
Reimbursements
12,315
78,072
65,757
100,930
Other miscellaneous
3,500
-----------
10,383
-----------
6,883
-----------
6,041
-----------
Total
123,627
-----------
237,500
-----------
113,873
-----------
569,732
-----------
TOTAL REVENUES
$ 2,891,663
$ 3,188,677
$ 297,014
$ 3,323,781
65
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995
VARIANCE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
1995
----
General Government Services:
---------------------------
City Council:
Personal services $
20,668
$ 20,669
$ (1) $
20,808
Operating expenses
6,825
12,591
(5,766)
1,441
Capital outlay
...
...
-----------
...
----------------------
991
-----------
Total Legislative
-----------
27,493
33,260
-----------
(5,767)
----------------------
23,240
City Manager:
Personal services
115,501
117,753
(2,252)
110,567
Operating expenses
7,950
6,210
-----------
1,740
----------------------
5,696
-----------
Total Executive
123,451
123,963
-----------
(512)
----------------------
116,263
-----------
Finance and Administrative:
Personal services
178,774
180,469
(1,695)
173,963
Operating expenses
43,630
55,444
(11,814)
56,789
Capital outlay
-----------
11,300
11,300
-----------
...
----------------------
15,287
Total Finance and
Administrative
-----------
233,704
247,213
-----------
(13,509)
----------------------
246,039
Legal Counsel:
Operating expenses
-----------
11,050
14,725
-----------
(3,675)
----------------------
13,731
Planning and Zoning:
Personal services
130,960
111,383
19,577
116,843
Operating expenses
72,260
92,935
(20,675)
98,939
Capital outlay
800
800
-----------
...
----------------------
2,493
-----------
Total Planning and Zoning
-----------
204,020
205,118
-----------
(1,098)
----------------------
218,275
Other General Government:
Operating expenses
18,500
27,517
(9,017)
33,691
Capital outlay
-----------
77,000
78,009
-----------
(1,009)
----------- -----------
...
Total Other General
Government
-----------
95,500
105,526
-----------
(10,026)
----------------------
33,691
Total General
Government Services
-----------
695,218
729,805
-----------
(34,587)
----------------------
651,239
Continued
G-Tl
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE) 1995
Public Safety:
Law Enforcement:
Personal services
$ 932,297
$ 917,994 $
14,303
$ 811,574
Operating expenses
122,925
123,935
(1,010)
121,431
Capital outlay
64,116
-----------
62,437
----------------------
1,679
54,772
-----------
Total Law
Enforcement
1,119,338
1,104,366
----------------------
14,972
987,777
-----------
Fire Control:
-----------
Personal services
39,970
39,313
657
32,946
Operating expenses
18,235
28,463
(10,228)
21,819
Capital outlay
126,142
-----------
85,113
----------------------
41,029
21,150
-----------
Total Fire Control
184,347
-----------
152,889
----------------------
31,458
75,915
-----------
Total Public Safety
1,303,685
1,257,255
46,430
1,063,692
Physical Environment:
Public Works:
Personal services 76,391 70,135 6,256 71,816
Operating expenses 41,492 41,253 239 58,036
Capital outlay 6,211 4,833 1,378 8,014
Total Physical Environment 124,094 116,221 7,873 137,866
--------------------------------------------
Transportation:
Road and Streets:
Personal servcies 146,921 146,744 177 150,136
Operating expense 139,600 156,445 (16,845) 225,947
Capital outlay 49,941 25,951 23,990 .3,299
Total Transportation 336,462 329,140 7,322 379,382
--------------------------------------------
Continued
67
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995
VARIANCE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
1995
----
Economic Environment:
--------------------
Economic Development:
Operating expenses $
9,715
$ 8,630
$ 1,085 $
9,133
Capital outlay
2,000
2,528
(528)
----------------------
1,762
-----------
Total Economic Environment
11,715
-----------
11,158
557
10,895
-----------
Human Services:
-----------
----------------------
--------------
Animal Control:
Personal services
12,139
15,343
(3,204)
11,965
Operating expenses
5,775
4,848
927
5,176
-----------
Total Human Services
-----------
17,914
-----------
20,191
-----------
----------------------
(2,277)
----------------------
17,141
Culture and Recreation:
----------------------
Library:
Operating expenses
101,236
107,823
(6,587)
85,600
Capital outlay
3,607
5,957
(2,350)
320,536
Debt service
6,876
6,884
(8)
7,122
-----------
Total Library
-----------
111,719
-----------
120,664
-----------
----------------------
(8,945)
----------- -----------
413,258
Parks and Recreation:
Personal services
269,697
243,527
26,170
245,436
Operating expenses
207,744
201,428
6,316
196,090
Capital outlay
385,588
-----------
337,482
----------------------
48,106
82,643
Total Parks and
-----------
Recreation
863,029
782,437
80,592
524,169
Total Culture and
-----------
----------------------
-----------
Recreation
974,748
-----------
903,101
----------------------
71,647
937,427
-----------
TOTAL EXPENDITURES
$ 3,463,836
$ 3,366,871 $
96,965
$ 3,197,642
68
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.
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1995
INFRA - IMPACT BLOCK TOTALS
STRUCTURE FEE GRANT ---------------------
ASSETS FUND FUND FUND 1996 1995
Cash and cash equivalents $ ... $ 30,526 $ 77,947 $ 108,473 $ 1,293
Investments 27,262 72,336 ... 99,598 237,306
Due from other government 29,856 ... ... 29,856 26,753
Mortgages receivable ... ... 241,942 241,942 270,464
TOTAL ASSETS $ 57,118 $ 102,862 $ 319,889 $ 479,869 $ 535,816
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ ... $ ... $ 35,424 $ 35,424 $ 2,407
Contracts payable ... ... 18,842 18,842 ...
Deferred revenue ... ... 241,942 241,942 270,464
--------- ------ --------- --------- ---------
Total Liabilities ... ... 296,208 296,208 272,871
---------------------------------------------
Fund Balance 57,118 102,862 23,681 183,661 262,945
---------------------------------------------
TOTAL LIABILITIES AND
FUND BALANCE $ 57,118 $ 102,862 $ 319,889 $ 479,869 $ 535,816
70
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1995
Revenues:
Taxes
Intergovernmental
Miscellaneous:
Interest
Impact fees
Total Revenues
Expenditures:
Current:
Transportation
Culture and recreation
Economic environment
Total Expenditures
Excess of Revenues Over
Expenditures
Operating Transfers (Out)
INFRA - IMPACT BLOCK TOTALS
STRUCTURE FEE GRANT --------------------
FUND FUND FUND 1996 1995
$ 431,107 $ ... $ ... 431,107 $ 403,789
... ... 101,609 101,609 ...
7,201 3,842 15 11,058 10,343
... 98,751 ... 98,751 16,606
---------------------------------------------
438,308 102,593 101,624 642,525 430,738
---------------------------------------------
119,475 ... 119,475 34,183
242,104 .. ... 242,104 (2,598)
... ... 77,943 77,943 ...
---------------------------------------------
361,579 ... 77,943 439,522 31,585
---------------------------------------------
76,729 102,593 23,681 203,003 399,153
(245,387) (36,900) ... (282,287) (302,554)
---------------------------------------------
Excess (Deficiency) of Revenues
Over Expenditures and
Operating Transfers (168,658) 65,693 23,681 (79,284) 96,599
Fund Balance - October 1 225,776 37,169 ... 262,945 166,346
---------------------------------------------
FUND BALANCE - SEPTEMBER 30 $ 57,118 $ 102,862 $ 23,681 183,661 $ 262,945
71
CITY OF CLERMONT, FLORIDA
INFRASTRUCTURE FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1995,
Revenues.
Taxes
Miscellaneous:
Interest
Total Revenues
Expenditures:
Current:
Transportation
Culture and recreation
Total Expenditures
Excess of Revenues Over
Expenditures
Operating Transfers (Out)
Excess (Deficiency) of Revenues
Over Expenditures and
Operating Transfers
Fund Balance - October 1
FUND BALANCE - SEPTEMBER 30
VARIANCE
FAVORABLE 1995
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 396,000 $ 431,107 $ 35,107 $ 403,789
7,000 7,201 201 7,743
------------------------------------
403,000 438,308 35,308 411,532
------------------------------------
190,000
119,475
70,525
34,183
175,000
---------
242,104
------------------
(67,104)
(2,598)
---------
365,000
---------
361,579
---------
3,421
---------
31,585
---------
38,000
76,729
38,729
379,947
(247,732)
---------
(245,387)
---------
2,345
---------
(258,454)
---------
(209,732) (168,658) 41,074 121,493
225,776 225,776 ... 104,283
------------------------------------
$ 16,044 $ 57,118 $ 41,074 $ 225,776
72
DEBT SERVICE FUND
The Debt Service Fund is used to account for the accumulation of
resources for, and the payment of, General Long -Term Debt principal and
interest.
SALES TAX REVENUE BOND SINKING FUND
To account for the accumulation of funds and payment of Debt Service
pertaining to the 1989 Sales Tax Revenue Bond. The City's share of the
Local Government Infrastructure Surtax has been pledged to pay the 1989
Sales Tax Bond Debt Service. A portion of the surtax revenue is transferred
to the Sales Tax Bond Fund monthly.
73
CITY OF CLERMONT, FLORIDA
SALES TAX REVENUE BOND SINKING FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1996 AND 1995
TOTALS
----------------------------
1996 1995
ASSETS
Investments
$
-----------
83,273
$
-----------
83,316
TOTAL ASSETS
$
83,273
$
83,316
FUND BALANCE
------------
Fund Balance:
Reserved for debt service - principal $ 53,333 $ 50,000
Reserved for debt service - interest 29,940 33,316
----------------------
TOTAL FUND BALANCE $ 83,273 $ 83,316
74
CITY OF CLERMONT, FLORIDA
SALES TAX REVENUE BOND SINKING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1995
Revenues:
Miscellaneous:
Interest
Expenditures:
Debt Service:
Fees
Interest
Principal
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources:
Operating transfers in
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures
Fund Balance - Beginning of Year
FUND BALANCE - END OF YEAR
1996
------------------------------------
VARIANCE
FAVORABLE 1995
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 3,000 $ 4,884 $ 1,884 $ 4,411
------------------------------------
2,000
1,582
418
1,595
98,732
98,732
...
108,375
150,000
150,000
...
145,000
250,732
---------
250,314
---------
418
---------
254,970
---------
(247,732)
(245,430)
2,302
(250,559)
247,732
---------
245,387
---------
(2,345)
---------
248,466
---------
... (43) (43) (2,093)
83,316 83,316 ... 85,409
------------------------------------
$ 83,316 $ 83,273 $ (43) $ 83,316
75
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76
PROPRIETARY FUND TYPES
77
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78
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations (a) that are financed
and operated in a manner similar to private business enterprises where the
intent of the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general public on a
continuing basis be financed or recovered primarily through user charge,
or (b) where the governing body has decided that periodic determination of
revenues earned, expenses incurred, and/or net income is appropriate for
capital maintenance, public policy, management control, accountability, or
other purposes.
WATER FUND
To account for the provision of water services to City residents and some
out of City customers. 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.
SEWER FUND
To account for the provision of sewer services to City residents and some
out of City customers. 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 are accounted for in this fund.
79
ASSETS
Current Assets:
Cash and cash equivalents
Investments
Receivables:
Accounts
Other
Interfund
Due from other governments
Prepaid items
Inventory
Total Current Assets
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1995
TOTALS
WATER
SEWER
SANITATION
STORMWATER
----------------------------
FUND
FUND
FUND
FUND
1996
1995
$ 23,062 $
$ 4,831
$ 6,235
$ 34,128 $
13,097
667,087
651,250
331,633
214,165
1,864,135
1,684,845
82,859
79,701
51,702
14,644
228,906
196,612
4,270
13.839
...
...
18,109
24,426
9,055
...
...
...
9,055
9,406
3,360
...
...
...
3,360
86,802
1,850
2,562
5,183
1,138
10,733
11,022
26,105
------------------------
...
...
-----------
...
-----------
26,105
------------------------
18,563
$17,648
------------ ------------
747,352
393,349
-----------
236,182
-----------
2,194.531
------------ ------------
2,044,773
Restricted Assets:
Cash and cash equivalents 188,942 255,584 ... 444,526 445,791
Investments 644,718 3,618,686 ... 4,263,404 1,273,684
------------ ------------ ----------- ----------- ------------ ------------
Total Restricted Assets 833,660 3,874,270 ... ... 4.707,930 1,719,475
----------------------------------------------------------------------
Other Assets:
Deferred charges 107,253 228,888 ... 336,141 221,532
Interfund advances ... ... ... ... 9,054
------------ ------------ ----------- ----------- ------------ ------------
Total Other Assets 107,253 228,888 ... ... 336,141 230,586
----------------------------------------------------------------------
Property, Plant and Equipment:
Land
224,209
1,270,045
...
...
1,494,254
1,483,901
Water system
7,263,320
...
...
7,263,320
6,220,290
Sewer system
...
9,965,882
...
9,965,882
8,122,414
Improvements other than buildings
...
...
...
103,918
103,918
29,950
Machinery and equipment
221,359
203,188
607,130
88,416
1,120,093
1,040,683
Construction in progress
------------
...
------------
...
...
-----------
...
-----------
...
------------
...
------------
7,708,888
11,439,115
607,130
192,334
19,947,467
16,897,238
Less accumulated depreciation
------------
2,003,560
------------
2,397,683
351,170
-----------
14,817
-----------
4,767,230
------------
4,352,625
------------
Net Property, Plant
and Equipment
------------
5,705,328
------------
9,041,432
255,960
-----------
177,517
-----------
15,180,237
------------
12,544,613
------------
TOTAL ASSETS $
7,463,889 $
13,891,942
$ 649,309
$ 413,699
$ 22,418,839
$ 16,539,447
80
TOTALS
WATER
SEWER
SANITATION
STORMWATER
----------------------------
LIABILITIES AND FUND EQUITY
---------------------------
FUND
----
FUND
----
FUND
----
FUND
----
1996
----
1995
----
Liabilities:
Current Liabilities (payable
from current assets):
Accounts payable $
71,255
$ 35,517
$ 18,340
$ 76
$ 125,188 $
124,851
Other accrued expenses
17,709
7,335
9,586
1,599
36,229
34,599
Interfund payables
------------
...
4,179
------------
3,085
-----------
1,791
-----------
9,055
------------ ------------
38,184
Total Current Liabilities
(payable from current
assets)
------------
88,964
47,031
------------
31,011
-----------
3,466
-----------
170,472
------------ ------------
197,634
Current Liabilities (payable from
restricted assets):
Contracts and retainage
486,900
473,465
...
960,365
307,455
Deposits
78,329
...
...
78,329
73,562
Accrued interest
70,277
126,138
...
196,415
84,983
Revenue bonds
------------
46,400
113,600
------------
-----------
-----------
160,000
------------ ------------
155,000
Total Current Liabilities
(payable from restricted
assets)
------------
681,906
713,203
------------
...
-----------
...
-----------
1,395,109
------------ ------------
621,000
Long-Term Liabilities:
Interfund advances
...
...
9,054
Line of credit
...
...
...
3,000,000
Revenue bonds (net of current
portion and deferred
refunding amount)
3,842,677
7,206,590
11,049,267
3,196,525
Mortgage note
------------
106,792
285,855
------------
-----------
...
-----------
392,647
------------ ------------
506,480
Total Long -Term Liabilities
------------
3,949,469
7,492,445
------------
...
-----------
...
-----------
11,441,914
------------ ------------
6,712,059
Total Liabilities
------------
4,720,339
8,252,679
------------
31,011
-----------
3,466
-----------
13,007,495
------------------------
7,530,693
Fund Equity:
Contributed capital
------------
459,006
3,189,578
------------
101,722
-----------
...
-----------
3,750,306
------------------------
3,318,090
Retained Earnings:
Reserved for debt service
90,547
232,836
...
...
323,383
323,383
Reserved for expansion
61,207
2,216,849
...
...
2,278,056
775,092
Unreserved
2,132,790
...
------------
516,576
-----------
410,233
-----------
3,059,599
------------------------
4,592,189
------------
Total Retained Earnings
2,284,544
2,449,685
516,576
-----------
410,233
-----------
5,661,038
------------ ------------
5,690,664
------------
Total Fund Equity
------------
2,743,550
------------
5,639,263
------------
618,298
-----------
410,233
-----------
9,411,344
------------------------
9,008,754
TOTAL LIABILITIES AND
FUND EQUITY $
7,463,889
$ 13,891,94Z
$ 649,309
$ 413,699
$ 22,418,839 $
16,539,447
81
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82
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1995
TOTALS
WATER
SEWER
SANITATION
STORMHATER
-------------------------
FUND
FUND
FUND
FUND
1996
1995
Operating Revenues
Charges for services
$ 864,405
$ 819,245
$ 564,672
$ 143,070
$ 2,391,392
$ 2,128,756
Miscellaneous
37,250
-----------
5,035
-----------
8,158
-----------
...
-----------
50,443
-----------
22,662
-----------
Total Operating Revenues
901,655
-----------
824,280
-----------
572,830
-----------
143,070
-----------
2,441,835
-----------
2,151,418
-----------
Operating Expenses:
Personal services
172,130
238,720
225,058
45,940
681,848
635,746
Utilities
87,316
101,052
...
...
188,368
176,539
Dumping fees
...
238,837
...
238,837
230,379
Administrative services
51.943
62,628
24,553
32,232
171,356
161,722
Repair and maintenance
41,443
62,913
18,066
1,429
123,851
147,967
Depreciation
193,609
198,350
52,601
8,148
452,708
340,820
Professional services
29,739
82,498
5,060
2,383
119,680
92,627
Insurance
7,989
16,783
8,715
1,453
34,940
37,402
Operating supplies
39,870
16,103
22,931
2,500
81,404
89,243
Office expense
16,246
8,479
5,368
30,093
16,979
Bad debt
923
2,034
-----------
2,133
-----------
429
-----------
5,519
-----------
6,768
-----------
Total Operating Expenses
-----------
641,208
-----------
789,560
-----------
603,322
-----------
94,514
-----------
2,128,604
-----------
1,936,192
-----------
Operating Income (Loss)
260,447
-----------
34,720
-----------
(30,492)
-----------
48,556
-----------
313,231
-----------
215,226
-----------
Nonoperating Revenues (Expenses):
Interest revenue
54,529
217,209
19,213
12,785
303,736
167.720
Interest expense
(208,361)
(386,197)
...
(594,558)
(220,885)
Grants
19,573
-----------
...
-----------
8,831
-----------
-----------
28,404
-----------
332,122
-----------
Total Nonoperating
Revenues (Expenses)
(134,259)
-----------
(168,988)
-----------
28,044
-----------
12,785
-----------
(262,418)
-----------
278,957
-----------
Income (Loss) Before
Operating Transfers
126,188
(134,268)
(2,448)
61,341
50,813
494,183
Operating transfers in (out)
(80,439)
...
...
-----------
...
-----------
(80,439)
-----------
(61,018)
-----------
Net Income (Loss)
-----------
45,749
-----------
(134,268)
(2,448)
61,341
(29,626)
433,165
Retained Earnings - October 1
2,238,795
-----------
2,583,953
-----------
519,024
-----------
348,892
-----------
5,690,664
-----------
5,257,499
-----------
RETAINED EARNINGS - SEPTEMBER 30
$ 2,284,544
$ 2,449,685
$ 516,576
$ 410,233
$ 5,661,038
$ 5,690,664
83
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1995
TOTALS
WATER SEWER SANITATION STORMWATER -------------------------
FUND FUND FUND FUND 1996 1995
Cash Flows From Operating Activities:
Cash received from customers
Cash payments to suppliers
Cash payments for
employee services
Net Cash Provided By
Operating Activities
Cash Flows From NonCapital
Financing Activities:
Operating transfer (out) in
Advance from (to) other funds
Grants
Net Cash Provided (Used) By Non -
Capital Financing Activities
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction of
capital assets
Principal paid
Interest paid
Contributed capital
Debt proceeds
Issue costs
Net Cash Provided (Used)
By Capital and Related
Financing Activities
Cash Flows From Investing Activities:
Interest
Investment sales (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
$ 879,628
$ 823,013 $
572,962 $
142,370
$ 2,417,973 $
2,136,032
(282,563)
(341,360)
(325,146)
(49,110)
(998,179)
(924,701)
(168,488)
-----------
(250,991)
----------- -----------
(242,620)
-----------
(45,930)
(708,029)
----------- -----------
(632,640)
428,577
-----------
230,562
----------------------
5,196
-----------
47,330
711,765
----------------------
578,691
(80,439)
...
...
...
(80,439)
(61,018)
9,100
(4,200)
...
...
4,900
(18,460)
103,015
-----------
...
----------------------
8,831
-----------
...
111,846
----------------------
255,320
31,676
-----------
(4,200)
----------- -----------
8,831
-----------
36,307
----------------------
175,842
(664,534) (1,617,289) (82,631)
(2,854,139) (414,694)
(146,715) (285,596)
122,299 309,916
2,955,491 5,034,509 ...
(55,646) (87,035) ...
----------- ----------- ---- ---
(76,968) (2,441,422) (3,955,911)
... (3,268,833) (150,000)
... (432,311) (161,509)
... 432,215 297,934
... 7,990,000 3,000,000
... (142,681) ...
(643,244) 2,939,811 (82,631) (76,968)• 2,136,968 (969,486)
-------------------------------------------- ----------------------
54,529 217,209 19,213 12,785 303,736 167,720
126,444 (3,372,764) 54,222 23,088 (3,169,010) (2,451,822)
----------------------------- ----------- ----------------------
180,973 (3,155,555) 73,435
---------------------------------
(2,018) 10,718 4,831
35,873 (2,865,274) (2,284,102)
---------------------- -----------
6,235 19,766 (2,499,055)
214,022
-----------
244,866 ...
----------- ----------------------
... 458,888
-----------
2,957,943
-----------
$ 212,004
$ 255,584 $ 4,831 $
6,235 $ 478,654
$ 458,888
84
TOTALS
WATER
SEWER
SANITATION
STORMHATER -------------------------
FUND
FUND
FUND
FUND
1996
1995
Reconciliation of Operating
Income To Net Cash Provided
By Operating Activities:
Operating income (loss) S
-----------
260,447 $
-----------
34,720
$ (30,492)
-----------
$ 48,556 $
----------- -----------
313,231 S
-----------
215,226
Adjustments to Reconcile Operating
Income to Net Cash Provided by
Operating Activities:
Depreciation
193,609
198,350
52,601
8,148
452,708
340,820
Change in Assets and Liabilities:
Decrease (Increase) in receivables
(21,104)
767
131
(700)
(20,906)
(10,527)
Decrease (Increase) in prepaids
72
100
72
45
289
(7,689)
Increase in inventory
(7,542)
...
...
(7,542)
(2,523)
Increase (Decrease) in accrued expenses
3,642
(12,270)
(17,562)
(162)
(26,352)
20,001
Increase (Decrease) in payables
-----------
(547)
-----------
8,995
446
-----------
(8,557)
----------- -----------
337
-----------
23,383
Total Adjustments
-----------
168,130
-----------
195,942
35,688
-----------
(1,226)
----------- -----------
398,534
-----------
363,465
Net Cash Provided (Used) by
Operating Activities $
428,577 $
230,662
$ 5,195
$ 47,330 $
711,765 $
578,691
85
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86
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.
87
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1996 AND 1995
TOTALS
------------------------
ASSETS 1996 1995
Cash and cash equivalents $ ... 8,623
Investments 33,123 15,944
Interfund receivable ... 9,520
------------------
Total Assets $ 33,123 $ 34,087
LIABILITIES AND FUND EQUITY
---------------------------
Liabilities:
Accounts payable $ 11,909 $ 50,629
Retained Earnings:
Unreserved 21,214 (16,542)
------------------
TOTAL LIABILITIES AND FUND EQUITY $ 33,123 $ 34,087
88
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED SEPTEMBER 30, 1996 AND 1995
TOTALS
------------------------
1996 1995
Operating Revenues:
Charges for services
$ 287,115
$ 285,953
Insurance stop -loss payments
8,914
---------
4,009
---------
Total Operating Revenues
296,029
---------
289,962
---------
Operating Expenses:
Life insurance premiums
...
11,185
Re -insurance premiums
42,794
52,277
Administrative fees
15,510
13,856
Medical claims
200,735
---------
210,198
---------
Total Operating Expenses
259,039
---------
287,516
---------
Operating Income
36,990
2,446
Nonoperating Revenues:
Interest revenue
766
---------
798
---------
Net Income
37,756
3,244
Retained Earnings - October 1
(16,542)
---------
(19,786)
---------
RETAINED EARNINGS - SEPTEMBER 30
$ 21,214
$ (16,542)
89
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED SEPTEMBER 30, 1996 AND 1995
TOTALS
------------------------
1996 1995
Cash Flows From Operating Activities:
Cash received from customers
$ 296,029
$ 287,363
Cash payments to suppliers
(58,304)
(77,318)
Cash payments for medical claims
(239,455)
---------
(176,756)
---------
Net Cash Provided (Used_) By
Operating Activities
(1,730)
---------
33,289
---------
Cash Flows From NonCapital Activities:
Interfund loan
9,520
---------
(9,520)
---------
Cash Flows From Investing Activities:
Investment purchase
(17,179)
(15,944)
Interest
766
798
---------
Net Cash Used By Investing Activities
---------
(16,413)
---------
(15,146)
---------
Net Increase (Decrease) in cash
(8,623)
8,623
Cash at Beginning of Year
8,623
---------
...
---------
Cash at End of Year
$ ...
$ 8,623
Reconciliation of Operating
Income to Net Cash Provided (Used)
By Operating Activities:
Operating income $ 36,990 $ 2,446
Adjustments to Reconcile Operating
Income to Net Cash Provided (Used)
By Operating Activities:
Decrease (Increase) in receivables ... 22,521
Increase (Decrease) in payables (38,720) 8,322
------------------
Net Cash Provided (Used) By Operating Activities $ (1,730) $ 33,289
90
FIDUCIARY FUND TYPES
91
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92
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.
93
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94
ASSETS
Cash and cash equivalents
Investments
Receivables:
Interfund
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
-----------------------------
CITY OF CLE WNT, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1995
NONEXPENDABLE AGENCY
PENSION TRUST FUNDS TRUST FUND FUND TOTALS
----------------------------------------------------------- -------------------------
EMPLOYEES'
GENERAL DEFERRED
EMPLOYEES POLICE FIRE CEMETERY COMPENSATION 1996 1995
----------- ------ ------------------------ ---- ----
$ ... $ ... $ ... $ 3,287 $ ... $ 3,287 $ 6,544
1,571,714 1,408,210 380,450 242,695 139,165 3,742,234 3,233,938
99 ... 99 71,104
---------------------------------------------------------------------
$ 1,571,714 $1,408,309 $ 380,450 $ 245,982 $ 139,165 $ 3,745,620 $ 3,311,586
Liabilities:
Deferred compensation payable $
Total Liabilities
Fund Balances:
Reserved for
cemetery care
Reserved for employees'
retirement systems
Total Fund Balance
TOTAL LIABILITIES AND
FUND BALANCES
... $ $ $ ... $ 139,165 $ 139,165 $ 112,553
---------------------------------------- ----------------------
... ... ... ... 139,165 139,165 112,553
---------------------------------------------------
... ... 245,982 245,982 228,268
1,571.714
-----------
1,408,309
----------
380,450 ...
------------------
3,360,473
--------------------
2,970,765
-----------
1,571,714
-----------
1,408,309
----------
380,450 245,982
------------------
... 3,606,455
--------------------
3,199,033
-----------
$ 1,571,714
$1,408,309
$ 380,450 $ 245,982
$ 139,165 $ 3,745,620
$ 3,311,586
95
CITY OF CLERMONT, FLORIDA
TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1995
------------
GENERAL
EMPLOYEES'
------------
Operating Revenues:
Investment earnings (losses) $ 187,751
Contributions:
State •••
Employees •••
Employer 80,308
Total Contributions 80,308
Cemetery lot sales •••
Total Operating Revenues 268,059
Operating Expenses:
Recurring benefit payments 79,403
Nonrecurring benefit payments 29,764
Trustee fees and expenses 20,535
Operating supplies •••
Total Operating Expenses 129,702
Net Income (Loss) 138,357
Fund Balances - October 1 1,433,357
FUND BALANCES - SEPTEMBER 30 $ 1,571,714
96
NONEXPENDABLE
PENSION TRUST FUNDS TRUST FUND TOTALS
-------------------------- ------------ --------------------------
TOTAL
POLICE FIRE PENSION FUNDS CEMETERY 1996 1995
$ 162,791 $
----------------------
43,893
$ 394,435
-----------
$ ...
-----------
$ 394,435
-----------
$ 527,048
-----------
50,932
18,080
69,012
...
69,012
62,671
5,302
309
5,611
...
5,611
5,191
24,104
----------------------
...
104,412
-----------
...
-----------
104,412
-----------
112,663
-----------
80,338
18,389
179,035
...
179,035
-----------
180,525
-----------
----------------------
,,,
----------------------
-----------
-----------
-----------
18,600
-----------
18,600
-----------
14,987
-----------
243,129
----------------------
62,282
573,470
-----------
18,600
-----------
592,070
-----------
722,560
-----------
29,547
791
109,741
...
109,741
110,432
1,439
...
31,203
...
31,203
14,087
15,156
7,127
42,818
...
42,818
40,312
----------------------
...
-----------
886
-----------
886
-----------
289
-----------
46,142
----------------------
7,918
183,762
-----------
886
-----------
184,648
-----------
165,120
-----------
196,987
54,364
389,708
17,714
407,422
557,440
1,211,322
----------------------
326,086
2,970,765
-----------
228,268
-----------
3,199,033
-----------
2,641,593
-----------
$ 1,408,309 $
380,450
$ 3,360,473
$ 245,982
$ 3,606,455
$ 3,199,033
97
CITY OF CLERMONT, FLORIDA
NONEXPENDABLE TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1995
Cash Flows from Operating Activities:
Cash received from customers
Cash payments to suppliers
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Investment purchases
Net Increase (Decrease) in Cash
an Cash Equivalents
Cash and Cash Equivalents at
Beginning of Year
Cash and Cash Equivalents at
End of Year
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating Income
Increase (Decrease) in payables
Net Cash Provided by Operating Activities
TOTALS
--------------------------
1996 1995
$ 18,600 $ 13,623
(886) (289)
------------------
17,714 13,334
------------------
(20,971) (221,724)
------------------
(3,257)
(208,390)
6,544
---------
214,934
---------
$ 3,287
$ 6,544
$ 17,714 $ 14,698
... (1,364)
------------------
$ 17,714 $ 13,334
98
CITY OF CLERMONT, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED SEPTEMBER 30, 1996
Investments
Deferred Compensation Payable
Beginning Balance
Add: Employee Contributions
Income on Investments
Less: Administrative Fees
Withdrawals
Total Deferred Compensation Payable
Ending Balance
$ 18,354
13,220
(162)
(4,800)
$ 139,165
$ 112,553
26,612
$ 139,165
99
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100
ACCOUNT GROUPS
101
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102
ACCOUNT GROUPS
GENERAL F/XED 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.
103
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS BY SOURCES
SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1995
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
------------------------------
1996 1995
$ 952,731
$ 866,909
2,814,432
2,814,432
4,130,806
3,357,775
1,576,540
-----------
1,374,472
-----------
$ 9,474,509
$ 8,413,588
$ 2,302,411
$ 2,302,411
374,207
324,207
4,478,713
3,876,881
1,876,977
1,467,888
442,201
-----------
442,201
-----------
$ 9,474,509 $ 8,413,588
104
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION
AS OF SEPTEMBER 30, 1996
IMPROVEMENTS
OTHER THAN
FUNCTION
------------------------
TOTAL
-----------
LAND
----------
BUILDINGS
----------
BUILDINGS
------------------------
EQUIPMENT
General government $
345,930
$ 78,009
$ 20,320
$ ... $
247,601
Public safety
2,034,266
81,424
1,079,657
...
873,185
Physical environment
1,121,273
47,168
721,814
80,692
271,599
Transportation
1,683,788
...
...
1,637,459
46,329
Culture/recreation
3,808,067
518,022
907,371
2,266,282
116,392
Older assets not
maintained by function
-----------
481,185
228,108
---------
85,270
-----------
146,373
----------------------
21,434
TOTAL GENERAL
FIXED ASSETS $ 9,474,509 $ 952,731 $ 2,814,432 $ 4,130,806 $ 1,576,540
105
CITY OF CLERMONT, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION
YEAR ENDED SEPTEMBER 30, 1996
GENERAL
FIXED
ASSETS
FUNCTION
-------------------------------
9/30/95
-----------
General government
$ 244,522
Public safety
1,886,716
Physical environment
1,113,036
Transportation
1,414,438
Culture/recreation
3,273,691
Older assets not
maintained by function
481,185
GENERAL
FIXED
ASSETS
ADDITIONS
-----------
DEDUCTIONS 9/30/96
---------------------
$ 101,408
$ ... $ 345,930
147,550
.. 2,034,266
8,237
.. 1,121,273
269,350
... 1,683,788
534,376
... 3,808,067
...
-----------
... 481,185
--------------------
TOTAL GENERAL
FIXED ASSETS $ 8,413,588 $ 1,060,921 $ ... $ 9,474,509
106
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL LONG-TERM DEBT
SEPTEMBER 30, 1996
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1995
Amount To Be Provided For The Payment
of General Long -Term Debt
-------------------------
Amount available for principal payment
in debt service fund
Amount to be provided
Total to be Provided
General Long -Term Debt Payable
------------------------------
Revenue bonds payable
Note payable - Library
Total General Long -Term Debt Payable
TOTALS
------------------------------
1996 1995
$ 53,333 $ 50,000
1,271,979 1,429,729
----------------------
$ 1,325,312 $ 1,479,729
$ 1,285,000 $ 1,435,000
40,312 44,729
----------------------
$ 1,325,312 $ 1,479,729
107
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108
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, 1996
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 a 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.
109
CITY OF CLERMONT, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
FISCAL
GENERAL
PUBLIC
PHYSICAL
YEAR
GOVERNMENT
SAFETY
ENVIRONMENT
1986-87
$ 330,335
$ 521,365
$ 68,484
1987-88
340,666
588,430
170,197
1988-89
392,504
691,581
95,476
1989-90
464,818
767,734
99,084
1990-91
440,789
830,411
99,989
1991-92
397,880
931,441
101,512
1992-93
446,284
997,295
137,960
1993-94
420,678
1,017,962
144,789
1994-95
492,751
1,063,691
134,633
1995-96
561,876
1,257,255
112,794
(1) Includes General and Special Revenue Funds
(2) Community Development Block Grant expenditures were included in
the 1992-93 and 1995-96 Fiscal Years.
110
TABLE 1
(2)
ECONOMIC
HUMAN
CULTURE AND
TRANSPORTATION
ENVIRONMENT
SERVICES
RECREATION
TOTAL
$ 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
4421340
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
283,169
545,518
15,317
518,837
2,944,380
257, 539
14, 065
17, 034
573,517
2, 445, 584
413,565
10,895
17,141
934,829
3,067,505
448,615
89,101
20,191
1,145,205
3,635,037
111
CITY OF CLERMONT, FLORIDA
GENERAL REVENUE BY SOURCE (1)
LAST TEN FISCAL YEARS
LICENSES
FISCAL
AND
INTER -
YEAR
TAXES
PERMITS
GOVERNMENTAL
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
1992-93
1,793,267
40,054
857,841
1993-94
1,983,016
39,910
505,432
1994-95
2,142,822
67,549
576,484
1995-96
2,377,962
84,260
665,899
(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.
112
TABLE 2
(2)
CHARGES
FINES
INTEREST
FOR
AND
ON
SERVICES
FORFEITURES
INVESTMENTS
MISCELLANEOUS
TOTAL
$ 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
36,662
75,224
49,740
154,318
3,007,106
38,402
91,066
9,906
122,270
2,790,002
57,241
152,020
86,600
510,081
3,592,797
32,537
151,879
102,405
244,904
3,659,846
113
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
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
1992-93
1992
190,878,314
171,790,483
2.729
1993-94
1993
190,036,425
171,032,783
2.979
1994-95
1994
206, 921,182
186, 229, 064
2.979
1995-96
1995
228, 727, 934
205, 855,141
2.979
(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
114
TABLE 3
RATIO OF
RATIO OF
CURRENT TAX
(3)
TOTAL TAX
COLLECTIONS
DELINQUENT
TOTAL
COLLECTIONS
TAX
CURRENT TAX
TO TOTAL
TAX
TAX
TO TOTAL
LEVY
COLLECTIONS
TAX LEVY
COLLECTIONS
COLLECTIONS
TAX LEVY
$ 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%
468,816
452,756
96.6%
496
453,252
96.7%
509,504
494,226
97.0%
631
494,857
97.1%
554,776
538,217
97.0%
893
539,110
97.2%
613,242
592,529
96.6%
2,406
594,935
97.0%
115
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
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
3.400
7.742
.838
1989-90
1989
2.429
4.938
8.451
.621
1990-91
1990
2.429
4.938
8.749
.771
1991-92
1991
2.729
4.938
8.880
.751
1992-93
1992
2.729
4.864
9.005
.740
1993-94
1993
2.979
5.135
8.938
.517
1994-95
1994
2.979
5.135
8.515
.400
1995-96
1995
2.979
4.927
9.678
.384
(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
116
TABLE 4
SOUTH LAKE
ST. JOHNS RIVER
HOSPITAL
WATER MGMNT
DISTRICT
DISTRICT
TOTAL
1.884
.491
15.112
2.000
.517
16.173
2.000
.281
17.090
2.000
.346
18.785
2.000
.358
19.545
2.000
.358
19.656
2.000
.358
19.696
2.000
.470
20.039
2.000
.482
19.511
2.000
.482
20.450
117
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118
CITY OF CLERMONT, FLORIDA
WATER AND SEWER CUSTOMER DATA
LAST TEN FISCAL YEARS TABLE 5
ANNUAL
NUMBER OF
CUSTOMERS
WATER
FISCAL
WATER
SEWER
USAGE
YEAR
RESIDENTIAL
COMMERCIAL
RESIDENTIAL
COMMERCIAL
(GAL)
1986-87
N/A
N/A
N/A
N/A
405,879,000
1987-88
N/A
N/A
N/A
N/A
434,568,000
1988-89
N/A
N/A
N/A
N/A
505,028,000
1989-90
N/A
N/A
N/A
N/A
448,388,000
1990-91
N/A
N/A
N/A
N/A
440,624,000
1991-92
2,419
355
2,351
307
429,716,000
1992-93
2,484
366
2,395
313
465,789,000
1993-94
2,526
385
2,433
330
493,821,000
1994-95
3,136
392
2,480
350
482,962,000
1995-96
3,483
391
2,836
358
630,763,000
Source: Water and Sewer Customer Data Reports as of September 30
Source: City of Clermont Utility Billing Registers
119
CITY OF CLERMONT, FLORIDA
UTILITY REVENUE BOND COVERAGE - ALL UTILITY REVENUE BONDS
LAST TEN FISCAL YEARS
TOTAL
(1)
FISCAL
SYSTEM
OPERATING
YEAR
REVENUES
EXPENSES
1986-87
$ 1,134,070
$ 512,425
1987-88
1,217,639
607,451
1988-89
1,368,916
627,603
1989-90
1,343,909
731,397
1990-91
1,295,653
743,715
1991-92
1,283,276
725,969
1992-93
1,306,683
794,614
1993-94
1,315,271
956,638
1994-95
1,569,180
948,234
1995-96
1,997,673
1,038,809
(1) Excludes interest expense and depreciation
(2) Maximum debt service in any subsequent year is $728,268
120
NET
REVENUES
621,645
610,188
741,313
612,512
551,938
557,307
512,069
358,633
620,946
958,864
(2)
DEBT
SERVICE
RE UIREMENTS
$ 253,675
310,128
302,628
327,330
335,579
339,689
338,256
290,083
326,420b�
797,109I S�
�A
TABLE 6
COVERAGE
2.45%
1.96%
2.44%
1.87%
1.64%
1.64%
1.51%
1.23%
1.90%
1.21%
121
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122
CITY OF
CLERMONT, FLORIDA
DEMOGRAPHIC STATISTICS
LAST
TEN FISCAL YEARS
TABLE 7
(2)
(3)
FISCAL
(1)
SCHOOL
UNEMPLOYMENT
YEAR
POPULATION
ENROLLMENT
RATE
1986-87
6,379
1,647
7.4%
1987-88
6,623
1,670
6.1%
1988-89
6,642
1,788
7.7%
1989-90
6,910
1,897
6.2%
1990-91
6,910
1,975
8.7%
1991-92
6,930
2,169
7.4%
1992-93
7,013
1,482
4.3%
1993-94
7,174
1,629
8.1%
1994-95
7,233
1,787
5.0%
1995-96
7,291
2,381
5.2%
DATA SOURCES:
(1) College of Business Administration, University of Florida -
Bureau of Economic and Business Research
(2) Figures represent Grades K-12 in Public Schools.
Source - Department of Education
(3) Information available on countywide basis only. Data was
obtained from the Florida Department of Labor, Bureau of
Labor Market Information
123
CITY OF CLERMONT, FLORIDA
PROPERTY VALUE,
CONSTRUCTION AND BANK
DEPOSITS
LAST TEN FISCAL YEARS
(2)
(2)
COMMERCIAL
RESIDENTIAL
CONSTRUCTION
CONSTRUCTION
FISCAL
YEAR
#OF
UNITS
VALUE
#OF
UNITS
VALUE
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
1992-93
4
5,551,684
46
3,051,541
1993-94
2
402,000
26
2,091,200
1994-95
2
450,000
19
1,412,837
1995-96
17
6,735,881
157
10, 386, 535
(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
124
TABLE 8
(1)
ASSESSED
TAXABLE
BANK
(3) PROPERTY
VALUE (4)
DEPOSITS
TAXABLE
NONTAXABLE
$ 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
1,632,882,000
171,790,483
50,404,700
1, 701, 038, 000
171, 032, 783
56, 272, 383
1, 718, 591, 000
186, 229, 064
56, 910, 019
1, 776, 670, 000
205, 855,141
58, 399, 561
125
CITY OF CLERMONT, FLORIDA
TABLE 9
PRINCIPAL
TAXPAYERS
PERCENTAGE
ASSESSED
OF TOTAL
VALUATION
ASSESSED
TAXPAYER
AS OF 111196
VALUATION
Clermont Venture Ltd.
$ 6,406,987
3.11%
c/o Real Estate Tax Services, Inc.
201 E. Kennedy Blvd. Suite 700
Tampa, FL 33602
John Hurtak, Trustee
5,177,562
2.51%
525 N.E. 58th Street
Miami, FL 33137
South Lake Hospital
4,134,769
2.00%
847 Eighth Street
Clermont, FL 34711
Lake Highlands Retirement and
2,743,481
1.33%
Nursing Center, Inc.
151 E. Minnehaha Avenue
Clermont, FL 34711
Emerald Lakes of Clermont, Inc.
2,518,893
1.22%
1401 W. Highway 50
Clermont, FL 34711
Patrick G. Kelley, Trustee
2,215,955
1.08%
c/o Marvin F. Poer
111 N. Orange Avenue, Suite 1000
Orlando, FL 32801
Indian Shores Development
2,075,885
1.00%
700 E. Washington Street
Orlando, FL 32801
Star Development
1,713,359
.83%
7829 Greenbriar Parkway
Orlando, FL 32819
Maynard Knapp, Trustee
1,289,992
.63%
c/o Lowndes ETAL, Prof Assoc.
215 N. Eola Drive
Orlando, FL 32801
Chester C. Fosgate, Co.
P.O. Box 568821
Orlando, FL 32856
1,266,415
.62 %
TOTAL
$ 29,543,298
14.4%
Source: 1996 City of Clermont Tax Roll, prepared by the Lake
County Property Appraiser's Office.
126
CITY OF CLERMONT, FLORIDA
LARGEST EMPLOYERS
EMPLOYER
South Lake Hospital
Winn Dixie
Publix
Lake.County School System
Lake Highlands Retirement
& Nursing Home
CBS Industries
City of Clermont
Exceletech, Inc.
Qu.incy's Steak House
South Lake Ford
INDUSTRY
Health Care
Grocery
Grocery
Education
Retirement and Nursing
Construction Supplies
Municipality
Steel Fabrication and Erection
Restaurant
Automobile Dealer
TABLE 10
NUMBER OF
EMPLOYEES
288
278
240
205
112
88
83
80
67
42
127
CITY OF CLERMONT, FLORIDA
PENSION EXPENSES BY TYPE - ALL PENSION PLANS
LAST TEN FISCAL YEARS
FISCAL
BENEFIT
YEAR
PAYMENTS
General Employee Plan
1986-87
$ 15,667
1987-88
17,840
1988-89
26,586
1989-90
22,649
1990-91
45,240
1991-92
49,802
1992-93
49,802
1993-94
89,015
1994-95
80,094
1995-96
79,403
Police Officers Plan
1986-87
$ 105
1987-88
-0-
1988-89
3,671
1989-90
13,240
1990-91
15,958
1991-92
29,547
1992-93
29,547
1993-94
31,454
1994-95
29,547
1995-96
29,547
Volunteer
Firefighters Plan
1986-87
$ -0-
1987-88
3,500
1988-89
-0-
1989-90
-0-
1990-91
814
1991-92
790
1992-93
791
1993-94
791
1994-95
791
1995-96
791
TABLE 11
ADMINISTRATION
REFUNDS FEES TOTAL
$ -0-
$ 3,423
$ 19,090
-0-
12,552
30,392
-0-
7,370
33,956
14,056
17,016
53,721
13,796
16,532
75,568
15,282
15,374
80,458
963
12,638
63,403
-0-
19,523
108,538
14,016
19,132
113,242
29,764
20,535
129,702
$ -0-
$ 1,437
$ 1,542
683
8,114
8,797
-0-
3,162
6,833
680
12,059
25,979
734
9,414
26,106
14,592
8,970
53,109
-0-
8,564
38,111
-0-
12,042
43,496
-0-
13,860
43,407
1,439
15,156
46,142
$ -0-
$ 862
$ 862
-0-
1,719
5,219
-0-
968
968
6,213
6,148
12,361
-0-
4,332
5,146
-0-
4,402
5,192
-0-
4,255
5,046
-0-
6,328
7,119
71
7,320
8,182
-0-
7,127
7,918
128
CITY OF CLERMONT, FLORIDA
TABLE 12
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
1986-87
$ -0-
$ 44,367
$ -0-
$ 102,014
$146,381
1987-88
-0-
43,948
-0-
1,887
45,835
1988-89
-0-
45,544
-0-
131,931
177,475
1989-90
-0-
79,746
-0-
(22,128)
57,618
1990-91
-0-
82,073
-0-
182,090
264,163
1991-92
-0-
57,172
-0-
108,657
165,829
1992-93
-0-
69,882
-0-
137,568
207,450
1993-94
-0-
50,363
-0-
(11,987)
38,376
1994-95
-0-
86,423
-0-
256,849
343,272
1995-96
-0-
80,308
-0-
187,751
268,059
Police Officers Plan
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
1992-93
4,305
26,470
37,613
96,844
165,232
1993-94
4,610
28,561
39,604
(8,625)
64,150
1994-95
4,926
26,240
47,890
212,341
291,397
1995-96
5,302
24,104
50,932
162,791
243,129
Volunteer Firefighters Plan
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
1992-93
198
-0-
10,129
27,179
37,506
1993-94
286
-0-
16,786
(2,301)
14,771
1994-95
265
-0-
14,781
57,858
72,904
1995-96
309
-0-
18,080
43,893
62,282
129
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
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%
1992-93
761,366
750,416
101.46%
1993-94
671,313
787,967
85.20%
1994-95
780,813
758,398
102.96%
1995-96
818,857
872,512
93.85%
Police Officers Plan
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%
1992-93
942,678
879,988
107.12%
1993-94
963,332
962,066
100.13%
1994-95
1,210,374
966,568
125.22%
1995-96
1,408,309
1,107,486
127.16%
Volunteer Firefighters Plan
1986-87
$ 125,134
$ 33,116
377.87%
1987-88
128,643
27,194
473.06%
1988-89
160,632
27,194
590.69%
1989-90
157,266
15,130
1039.43%
1990-91
194,749
16,544
1177.16%
1991-92
221,249
24,882
889.19%
1992-93
253,712
15,747
1611.18%
1993-94
261,364
15,280
1652.11%
1994-95
326,086
16,063
2030.04%
1995-96
380,450
42,516
894.84%
SOURCE: Annual Pension Evaluations
130
TABLE 13
UNFUNDED
EMPLOYER/STATE
UPBO
PENSION
CONTRIBUTION
AS A
BENEFIT
EMPLOYER/
ANNUAL
AS A % OF
OF ANNUAL
OBLIGATION
STATE
COVERED
COVERED
COVERED
UPBO
CONTRIBUTION
PAYROLL
PAYROLL
PAYROLL
$ 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%)
(10, 950)
8,183
117,941
6.94%
(9.28%)
116,654
3,603
62,972
5. 72 %
185.25%
(22, 415)
17,120
35,013
48 .90 %
(64 .02%)
53,655
20,738
26,772
77.46%
200.41%
$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%)
(62, 690)
64,083
429,772
14 .91 %
(14.59%)
(1,266)
68,165
459,607
14.83%
( .28%)
(243, 806)
73,182
487,557
15.01 %
(50.01%)
(300, 823)
75,036
521,150
14 .40 %
(57. 72%)
$ ( 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%)
( 237, 965)
10,129
19,049
53 .17 %
(1249.23%)
( 245, 544)
16,786
28,754
58 .38 %
( 853 .95%)
( 310, 023)
14,781
28,612
51.66 %
(1083 .54%)
( 337, 934)
18,080
30,928
58 .46 %
(1092 . 65%)
131
CITY OF CLERMONT, FLORIDA
SCHEDULE OF INSURANCE COVERAGES
SEPTEMBER 30, 1996
TYPE OF COVERAGE & INSURER
LIABILITY
Florida Municipal
Liability Self
Insurer's Program
WORKERS COMPENSATION
Florida Municipal Self
Insurers Fund
FIRE AND EXTENDED COVERAGE
Florida Municipal Property
Self -Insurers Program
POLICY EXPIRATION
NUMBER DATE .
FML 304 09/30/96
FM 389 09130196
FMP 49 09130196
132
TABLE 14
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 $100,0001500,000
Blanket Building per Schedule
and Property $11,467,105
133
CITY OF CLERMONT, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1996
TABLE 15
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
10.75 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
18
EDUCATION:
Number of Schools:
Elementary
2
Middle
1
Number of Teachers
119
Number of Students
2,381
MUNICIPAL WATER DEPARTMENT:
Number of Consumers
3,874
Average Daily Consumption
1,728,117
gallons
Miles of Water Mains
71
miles
WASTEWATER AND SANITARY SEWERS:
Sanitary Sewers
60
miles
Storm Sewers
10
miles
RECREATIONAL AND CULTURE
Number of Parks
22
with 88 acres
Number of Libraries
1
Number of Volumes
36,000
TOTAL CITY EMPLOYEES:
Full -Time
79
Part -Time
4
134
OTHER REPORTS
ir
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�1
GREENLEE
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
KURRAS
MOUNT DORA: John S. Rice, C.P.A.
RI�E
Patricia A. Sykes -Amos, C.P.A.
11�
C. L. (Chip) Garner, C.P.A.
BROWN, PA
Dorothy A. Kurras, C.P.A.
CERTIFIED PUBLIC
John A. Powers, C.P.A.
ACCOUNTANTS
Mark A. Farner, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON SCHEDULE
OF FEDERAL FINANCIAL ASSISTANCE
To the 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, 1996, and have issued our
report thereon dated January 28, 1997. These general purpose financial statements
are the responsibility of the City of Clermont, Florida, 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. These 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 conducted 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 presen d 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.
_�Dg
Clermont, Florida
March 5, 1997
I/
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS 8 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627 N. Donnelly Street
Post Office Box 120400 - Clermont, FL 34712-0400 Post Office Box 8 • Mount Dora, FL 32757
Telephone: (352) 394-3256 135 Telephone: (352) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
136
CITY OF CLERMONT, FLORIDA
SCHEDULE OF FEDERAL AWARDS
FOR THE YEAR ENDED SEPTEMBER 30, 1996
FEDERAL TOTAL PROGRAM TOTAL
FEDERAL GRANTOR/PASS-THROUGH CFDA PROGRAM PROGRAM OR ASSISTANCE DISBURSEMENTS/
GRANTOR/PROGRAM TITLE NUMBER I.D. NUMBER AWARD AMOUNT RECEIVED EXPENDITURES
---------------------------- ------ ----------- ------------ -----------------------
U. S. Department of Justice Not 95-CF-WX-3511 $ 71,228 $ 25,023 $ 25,023
known
COPS Fast Grant
Department of Community
Affairs 14.228 96-DB-1E-06-45-02-H10 $ 600,00D $ 101,609 $ 101,609
Community Development
Block Grant
/
137
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138
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
MOUNT DORA: John S. Rice, C.P.A.
Patricia A. Sykes -Amos, C.P.A.
C. L. (Chip) Garner, C.P.A.
Dorothy A. Kurras, C.P.A.
John A. Powers, C.P.A.
Mark A. Farner, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE BASED ON AN AUDIT OF GENERAL PURPOSE
FINANCIAL STATEMENTS PERFORMED 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, as of and for the year ended September 30, 1996, and have issued our
report thereon dated January 28, 1997.
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.
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.
In planning and performing our audit of the general purpose financial statements of
the City of Clermont, Florida, for the year ended September 30, 1996, we obtained
an understanding of the internal control structure. With respect to the internal
control structure, 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 in order to determine our auditing procedures for the purpose of
expressing our opinion on the general purpose financial statements and not to
provide an opinion on the internal control structure. Accordingly, we do not
express such an opinion.
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627 N. Donnelly Street
Post Office Box 120400 • Clermont, FL 34712-0400 Post Office Box 8 • Mount Dora, FL 32757
Telephone: (352) 394-3256 139 .Telephone: (352) 383-6300
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.
This report is intended for the information of the city council, 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. Q
5j/
Clermont, Florida
March 3, 1997
140
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
MOUNT DORA: John S. Rice, C.P.A.
Patricia A. Sykes -Amos, C.P.A.
C. L. (Chip) Garner, C.P.A.
Dorothy A. Kurras, C.P.A.
John A. Powers, C.P.A.
Mark A. Farner, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE BASED ON AN AUDIT
OF GENERAL PURPOSE FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
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, 1996, and have issued our
report thereon dated January 28, 1997.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial statements are
free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of
Clermont, Florida, is the responsibility of the City's management. As part of
obtaining reasonable assurance about whether the general purpose financial
statements are free of material misstatement, we performed tests of the City's
compliance with certain provisions of laws, regulations, contracts, and grants.
However, our objective was not to provide an opinion on overall compliance with
such provisions. Accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance that are required
to be reported under Government Auditing Standards.
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.
w-,x
�JA
� 1
Clermont, Florida
March 3, 1997
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627 N. Donnelly Street
Post Office Box 120400 • Clermont, FL 34712-0400 Post Office Box 8 • Mount Dora, FL 32757
Telephone: (352) 394-3256 141 Telephone: (352) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
142
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
MOUNT DORA: John S. Rice, C.P.A.
Patricia A. Sykes -Amos, C.P.A.
C. L. (Chip) Garner, C.P.A.
Dorothy A. Kurras, C.P.A.
John A. Powers, C.P.A.
Mark A. Farner, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON 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, as of and for. the year ended September 30, 1996, and have issued our
report thereon dated January 28, 1997. We have also audited the compliance of the
City of Clermont, Florida, with requirements applicable to major federal financial
assistance programs and have issued our report thereon dated March 5, 1997.
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 and about whether
the City of Clermont, Florida, complied with laws and regulations, noncompliance
with which would be material to a major federal financial assistance program.
In planning and performing our audits for the year ended September 30, 1993, we
considered the City's internal control structure in order to determine our auditing
procedures for the purpose of expressing our opinions on the City's general purpose
financial statements and on the City's compliance with requirements applicable to
major programs, and to report on the internal control structure in accordance with
OMB Circular A-128. 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 internal
control structure policies and procedures relevant to our audit of the general
purpose financial statements in a separate report dated March 3, 1997.
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
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627 N. Donnelly Street
Post Office Box 120400 - Clermont, FL 34712-0400 Post Office Box 8 - Mount Dora, FL 32757
Telephone: (352) 394-3256 143 Telephone: (352) 383-6300
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
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 Requirements
Political activity
Davis -Bacon Act
Civil rights
Cash management
Financial reports
Allowable costs/cost principles
Drug -Free Workplace Act
Administrative requirements
Financial Statement Captions
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, 1996, the City of Clermont, Florida, expended
eighty percent of its total federal financial assistance under a major program.
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 major program as identified in the
accompanying Schedule of Federal Financial Assistance. 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 policies and procedures used
in administering federal financial assistance would not necessarily disclose all
matters in the internal control structure that might constitute 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 internal control structure elements does not reduce
to a relatively low level the risk that noncompliance with laws and regulations
that would be material to a federal financial assistance program may occur and not
144
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.
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.
X114,
Clermont, Florida
March 5, 1997
145
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146
� GREENLEE CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
KURRAS MOUNT DORA: John S. Rice, C.P.A.
RICE & Patricia A. Sykes -Amos, C.P.A.
C. L. (Chip) Garner, C.P.A.
BROWN, PA
Dorothy A. Kurras, C.P.A.
4 CERTIFIED PUBLIC John A. Powers, C.P.A.
ACCOUNTANTS Mark A. Farner, C.P.A.
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE
WITH THE GENERAL REQUIREMENTS APPLICABLE TO
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, as of and for the year ended September 30, 1996, and have issued our
report thereon dated January 28, 1997.
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, 1996.
General Reauirements
* Political activity
* Davis -Bacon Act
* Civil rights
* Cash management
* Relocation assistance
* 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 ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627 N. Donnelly Street
Post Office Box 120400 • Clermont, FL 34712-0400 Post Office Box 8 • Mount Dora, FL 32757
Telephone: (352) 394-3256 147 Telephone: (352) 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.
Clermont, Florida
March 5, 1997
148
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
MOUNT DORA: John S. Rice, C.P.A.
Patricia A. Sykes -Amos, C.P.A.
C. L. (Chip) Garner, C.P.A.
Dorothy A. Kurras, 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 MAJOR
FEDERAL FINANCIAL ASSISTANCE PROGRAMS
Honorable Mayor and City Council
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, 1996, and have issued our
report thereon dated January 28, 1997
We have also audited the City of Clermont, Florida's compliance with the
requirements governing types of services allowed, eligibility; reporting; special
tests and provisions, and claims for advances and reimbursements that are
applicable to its major federal financial assistance program, which is identified
in the accompanying Schedule of Federal Financial Assistance, for the year ended
September 30, 1996. The management of the City of Clermont, Florida, is
responsible for the City's compliance with those requirements. Our responsibility
is to express an opinion on compliance with those requirements based on our audit.
We conducted our audit of compliance with those requirements in accordance with
generally accepted auditing standards; Government Auditing Standards, issued by the
Comptroller General of the United States; and 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 material
noncompliance with the requirements referred to above occurred. An audit includes
examining, on a test basis, evidence about the City of Clermont's compliance with
those requirements. We believe that our audit provides a reasonable basis for our
opinion.
The results of our audit procedures did not disclose any immaterial instances of
noncompliance with the requirements referred to above.
In our opinion, the City of Clermont, Florida, complied, in all material respects,
with the requirements governing types of services allowed, eligibility; reporting;
special tests and provisions, and claims for advances and reimbursements that are
applicable to its major federal financial assistance program for the year ended
September 30, 1996.
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 limit d.
I /
Clermont, Florida
March 5, 1997
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627N. Donnelly Street
Post Office Box 120400 • Clermont, FL 34712-0400 Post Office Box 8 - Mount Dora, FL 32757
Telephone: (352) 394-3256 149 Telephone: (352) 383-6300
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150
GREENLEE
KURRAS
RICE &
BROWN, PA
CERTIFIED PUBLIC
ACCOUNTANTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
MOUNT DORA:
MANAGEMENT LETTER
The Honorable Mayor and City Council
City of Clermont, Florida
John S. Rice, C.P.A.
Patricia A. Sykes -Amos, C.P.A.
C. L. (Chip) Garner, C.P.A.
Dorothy A. Kurras, C.P.A.
John A. Powers, C.P.A.
Mark A. Farner, C.P.A.
This report contains our comments as required by Chapter 10.554(1)(f), Rules of the
Auditor General, Local Governmental Entity Audits, for the City of Clermont,
Florida, for the year ended September 30, 1996.
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. There were no recommendations offered in the prior
audit.
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 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, 1996, the
financial report was in agreement in all respects.
Subparagraph (6) refers to recommendations to improve the City's accounting
procedures and internal controls. We continue to offer no recommendations.
Subparagraph (7) refers to violations of laws, rules and regulations discovered
within the scope of the financial audit. We noted no violations:
Subparagraph (8) refers to illegal or improper expenditures discovered within the
scope of the financial audit. We did not discover any illegal or improper
expenditures.
MEMBER: FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
605 Montrose Street 627 N. Donnelly Street
Post Office Box 120400 • Clermont, FL 34712-0400 Post Office Box 8 • Mount Dora, FL 32757
Telephone: (352) 394-3256 151 Telephone: (352) 383-6300
Subparagraph (9)(a)(b) and (c) 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, 1995.
All adjustments are reviewed with the City's Finance Director prior to delivery of
this report.
Subparagraph (10) requires disclosure of the official title and legal authority for
the entity. The City of Clermont was incorporated December 1916, under the laws of
the State of Florida and operates under the council-manager form of government
under its charter adopted pursuant to H.B. 2223 Chapter 67-1217, Special Acts 1967,
of the State of Florida.
The foregoing conditions were considered in determining the nature, timing, and
extent of the audit tests to be applied in our examination of the City's financial
statements, and this report does not affect our report on these financial
statements dated January 28, 1997.
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
March 3, 1997
152