Comprehensive Annual Financial Report - 1996-1997Comprehensive
Annual Financial Report
Fiscal Year Ended
September 30, 1997
City of Clermont, Florida
The cover photo of the Board Walk and Fishing Pier shows
some of the natural beauty of South Lake County at the
Palatlakaha Recreation Area on Lake Palatlakaha, in
Clermont, Florida.
The 30-acre Palatlakaha Recreation Area on 12th Street
includes four ballfields, a full-sized combination soccer and
football field, three tennis courts, two racquetball courts, a
basketball court, a volleyball court, fitness court, children's
playground, restrooms, nature walk, fishing pier, canoe
launch and large pavilion.
The park was built in 1991.
Cover Photo by Jeff H. Jones, Clermont Code Enforcement Officer
�i
CITY OF CLERMONT FLORIDA
COMPREHENSI VE ANNUAL FINANC/AL
REPORT SEPTEMBER 30, 1997
Prepared by. -
Finance Department
Joseph E. Van Zile
Finance Director
THIS PAGE INTENTIONALLY LEFT BLANK
ii
CITY OF CLERMONT, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1997
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
Account Groups . . . . . . . . . . . . . . . . . . . . . 22
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - All Governmental
Fund Types . . . . . . . . . . . . . . . . . . . . . . . 27
Combined Statement of Revenues, Expenditures
and Changes In Fund Balances - Budget and
Actual - General, Budgeted Special Revenue and Debt Service
Funds. . . . . . . . . . . . . . . . . . . . . . . . . . 28
Combined Statement of Revenues, Expenses and Changes
In Retained Earnings/Fund Balances - All Proprietary
Fund Types and Nonexpendable Trust Funds . . . . . . . . 30
Combined Statement of Changes in Plan Net Assets -
Pension Trust Fund . . . . . . . . . . . . . . . . . . . 33
Combined Statement of Cash Flows - All Proprietary Fund
Types and Nonexpendable Trust Funds . . . . . . . . . . . 34
Notes To Financial Statements . . . . . . . . . . . . . . 37
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 i CONTD
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUP STATEMENTS(CONTD.j
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 Funds:
Comparative Statement of Plan Net Assets . . . . . . . . 95
Combining Statement of Changes in Plan Net Assets . . . . 96
Comparative Balance Sheet - Nonexpendable Trust Fund -
Cemetery Trust Fund . . . . . . . . . . . . . . . . . . 97
Comparative Statement of Revenues, Expenses and Changes In
Fund Balance - Nonexpendable Trust Fund -
Cemetery Trust Fund . . . . . . . . . . . . . . . . . . 98
Statement of Cash Flows - Nonexpendable Trust Fund -
Cemetery Trust 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 - Last Ten Fiscal Years . .
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 Funding Progress - Defined Benefit Pension Plans -
Last Ten Fiscal Years . . . . . . . . . . . . . . . . .
130
Pension Contributions from City/State - Defined Benefit
Pension Plans . . . . . . . . . . . . . . . . . . . . .
133
Schedule of Insurance Coverage . . . . . . . . . . . . .
134
Miscellaneous Statistical Data . . . . . . . . . . . . .
136
vi
TABLE OF CONTENTS
OTHER REPORTS
Independent Auditor's Report On Internal Control
Structure Based on an Audit of General Purpose
Financial Statements Performed In Accordance
with Government Auditing Standards . . . . . . . . . .
137
Independent Auditor's Report On Compliance Based on an
Audit of General Purpose Financial Statements Performed
in Accordance with Government Auditing Standards . . .
139
Independent Auditor's Report on Examination of Management's
Assertion about Compliance with Specified Requirements
141
Management Assertion Report . . . . . . . . . . . . . .
143
Independent Auditor's Report on Schedule of State Financial
Assistance . . . . . . . . . . . . . . . . . . . . . .
145
Schedule of State Financial Assistance . . . . . . . . .
147
Management Letter . . . . . . . . . . . . . . . . . . . 149
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 2, 1998
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, 1997, 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 11.26 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 s 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
departments, but changes in total budget appropriations for a department must have
prior approval of the City Council. Budgetary reports are issued and reviewed monthly
by staff.
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 M. 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 38.2% from $1,284,237 to $793,519
due to the completion of major capital outlay projects and the acquisition of lakefront
property to be used for future recreational use. Excluding these major expenditures,
fund balance would have increased 13.2 %. Fund balance is the amount of resources
available for expenditure in future years.
Revenues and other financing sources of the current fiscal year as compared with those
of the previous year are presented as follows:
1996-97
1995-96
-
% Inc./Dec.
of
% of
Over
Amount
Total
Amount
Total
1995-96
Taxes
$2,045,247
55.2%
$1,946,855
62.1 %
5.0%
Licenses and Permits
97,347
2.6
84,260
2.7
15.5
Intergovernmental
723,585
19.5
564,290
18.0
28.2
Charges for Services
46,354
1.2
32,537
1.0
42.4
Fines & Forfeitures
128,047
3.4
151,879
4.8
(6.6)
Miscellaneous Revenues
166,794
4.5
237,500
7.6
(29.7)
Transfers -In
506,869
13.6
117,339
3.8
332.0
3 714 243 100.0 Yo 11 $3,134�660 100.02
11 18.5 0
General Fund revenues increased 18.5 % from $3,134,660 to $3,714,243 primarily due
to the receipt of a grant from the Florida Department of Environmental Protection
($100,000) and transfers in from the Infrastructure Fund ($221,258) and the
Recreational Impact Fee Fund ($148,043). Excluding. the Grant and transfers -in,
revenues increased 3.5 % .
While some revenues may have increased at a higher percentage rate than the General
Fund increase, the dollar increases were not significant and did not reflect a change in
the City's revenue policy. The City's Ad Valorem, Franchise Fee, and Utility Tax
rates were maintained at the 1995-96 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 noted in Table 4 of the statistical section,
the City has only adjusted the Ad Valorem tax rate twice in the last 10 years. Clermont
continues to enjoy being one of the lowest taxed communities in Central Florida.
Page 4
Expenditures and other financing uses of the current fiscal year as compared with those
of the previous year are as follows:
1996-97
% of
Amount
Total
General Government
636,895
15.1
Public Safety
1,299,427
30.9
Physical Environment
126,409
3.0
Transportation
906,881
21.6
Economic Development
9,347
.2
Human Services
20,974
.5
Culture & Recreation
1,205,642 05,642
28.7
4 205 575
100.0 0
1995-96 % Inc./Dec.
% of Over
Amount Total 1995-96
$561, 876
17.6 %
13.3 %
1,257,255
39.4
3.3
112,794
3.5
12.1
329,140
10.3
179.7
11,158
.3
(16.2)
20,191
.6
3.9
903,101
28.3
33.5
3 I95 515 100.0% it 31.6
General Fund expenditures increased 31.6% from $3,195,515 to $4,205,575. The
increase to expenditures was primarily due to the East Avenue realignment/Osceola
Street construction project ($631,031), the completion of Phase I of the Waterfront
Park Project ($218,229) and the acquisition of the Dole -Citrus property ($265,460).
These projects/acquisitions were funded from General Fund Reserves, Infrastructure
Fund Reserves, Recreational Impact Fees, a Department of Environmental Protection
Grant, and a special assessment. Excluding these capital projects/acquisitions,
expenditures decreased 3.3 %.
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.
Infrastructure Surtax Funds were used in the 1996-97 fiscal year to pay the annual debt
service on the 1989 Sales Tax Bond Issue ($246,277), and to provide partial funding
for the East Avenue realignment/Osceola Street construction project.
Page 5
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 1996-97 fiscal year to provide partial funding for the
acquisition of the Dole -Citrus property and purchase of various Police and Fire
equipment items.
BLOCK GRANT FUND
The City received a $600,000 Community Development Block Grant from the U.S.
Department of Housing and Urban Development in 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 1996-97 fiscal year, the City expended $238,075.
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. The City is in the process of making major upgrades to the water
system, primarily due to accommodating expected growth east of the City.
During the 1996-97 fiscal year, water system improvements totaled $472,300 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.
Page 6
Comparative data for the last three fiscal years is as follows:
1996-97
1995-96
1994-95
Operating Revenues
$1,107,101
$901,655
$643,426
Operating Expenses
878,64
641,20
535,151
Operating Income
J228 458
J260,,447
J1E8.275
Net Working Capital
$785,034
$728,684
$554,043
Debt Service Coverage 1.46 % 1.88 % 1.90 %
(Combined Water/Sewer)
Operating revenues and expenses increased 22.7 % and 37.0 % respectively from 1995-
96 to 1996-97, primarily due to servicing the expanding East Water System customer
base. The east water system customer base has increased from 784 customers in
September 1996 to 1,186 as of September, 1997.
SEWER FUND
The Sewer Fund accounts for the provision of sewer services to City and non -City
residents. The City is in the process of making major upgrades to the sewer system,
primarily due to accommodating expected growth east of the City.
During the 1996-97 fiscal year, sewer system improvements totaled $1,745,154
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:
1996-97 1995-96 1994-95
Operating Revenues $915,382 $824,280 $785,849
Operating Expenses 834,260 789,560 694,913
Operating Income LUJ22 S 34.720 90 936
Net Working Capital $870,537 $700,321 $659,210
Debt Service Coverage 1.46 % 1.88 % 1.90 %
(Combined Water/Sewer)
Page 7
Operating revenues and expenses increased 11.0 % and 5.6 %, respectively from 1995-
96 to 1996-97 primarily due to servicing the expanding East Sewer System customer
base. The East Sewer System customer base has increased from 35 customers in
September, 1996 to 294 as of September, 1997.
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:
1996-97
1995-96
1994-95
Operating Revenues
$601,628
$572,830
$571,644
Operating Expenses
675,807
603,322
592,029
Operating Income (Loss)
74 179
30 492
20 385
Net Working Capital
$234,539
$362,338
$394,901
During the 1996-97 fiscal year, the City contracted with a private garbage disposal
company to service a large residential development on the east side of the City.
Excluding the effect on revenues and expenses as a result of this contract, expenses
increased 8.3 % primarily due to increased landfill charges and personnel costs.
STORMWATER UTILITY FUN
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. Comparative data for the last three fiscal years is as follows:
1996-97
1995-96
1994-95
Operating Revenues
$146,590
$143,070
$143,731
Operating Expenses
133,503
94.514
107.331
Operating Income
13 087
48 556
. 36 400
Net Working Capital
$228,867
$232,716
$238,985
Page 8
During the 1996-97 fiscal year, the City started performing a study to construct a
drainage system in the Downtown Central Business District. In addition, the City
contracted with a private company to mow the stormwater drainage retention areas
throughout the City. Excluding these costs, 1996-97 expenses increased 4.2 % .
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 and
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.
TRUST FUNDS
Trust 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.
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, 1997, the general fixed assets of the City
totaled $10,823,540. 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.
Page 9
CASH MANAGEMENT
During the 1996-97 fiscal year, the City adopted an investment policy which is based
on the theory of minimizing credit and market risks, maintaining reasonable liquidity to
meet maturing obligations, and maximizing return through the use of various
investment sources. In addition, the City contracted with an investment advisor to
manage the City's investment program.
The City's investment program consists of funds invested in overnight repurchase
agreements, the Florida State Board of Administration Investment Pool and in the
United States Treasury Securities. The overnight repurchase agreements are in relation
to a banking service agreement the City maintains with a local qualified public
depository. The agreement provides that a specific rate of return based on the Bank's
federal funds rate and amount of excess funds to be credited to the City's account on a
daily basis.
The Florida State Board of Administration Investment Pool is managed by the State of
Florida and is available to any governmental agency within the State. The major
advantages the pool offers to small cities such as Clermont are the higher rate of return
from the large amount of funds available to invest and the liquidity of invested funds.
Access to the invested funds is on a daily basis.
DEBT ADMINISTRATION
The City has the following long-term debt issues outstanding on September 30, 1997:
► 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.
Page 10
RISK MANAGEMENT
The City maintains liability and Workmen's Compensation insurance through programs
sponsored and administered by the Florida League of Cities. The limit of protection
for the liability coverage is $1,500,000 per occurrence. The City is not aware of any
pending or threatened litigation which would not be covered by insurance.
FINANCIAL POSITION AND FUTURE PROSPECTS
The unprecedented growth that the City is experiencing places pressure on the City that
must be carefully monitored. Adequate planning and conservative budget practices
must continue in order to provide the level of services that are now being provided at a
cost that is affordable. The new construction taking place within our community
provides additional tax base and other revenues, however, the demand for services
precedes the revenue by several months, making it important to plan and budget in a
way to provide for these demands without depleting reserves.
Commercial and residential construction is at an all-time high and we anticipate this
trend to continue. We will be required to expand our services as the City grows. The
City is fortunate to have had adequate planning that has anticipated many of the
demands that we are now facing. We must continue to monitor the method of
providing these services as well as the fees for those services and impact fees for new
construction in order to maintain our financial stability.
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, 1996. 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 nine 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.
ACKNOWLEDGMENTS
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,
Wne Saunders
City Manager
Joseph E. n Zile
Finance Director
Page 12
Attorney
City of Clermont
Organizational Chart
Citizens
Clermont
City Council
City
Streets
Parks
Animal Control
Sanitation
Water
Sewer
Committees
Accounting
Budgeting
Payroll
Utility Billing
Risk Management
Planning
Deb.
Planning
Zoning
Licensing
Permitting
Code Enforcement
13
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14
CITY OF CLERMONT, FLORIDA
LISTING OF CITY OFFICIALS
ELECTED OFFICIALS
Mayor Robert A. Pool
Mayor/Pro-Tem Ken Norquist
Councilmember Lester Cole
Councilmember Lawson Wolfe
Councilmember Jim Brown
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
15
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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, 1996
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.
E 0fF(:/ j ,
F OF
THE S
OWED STA y -
w J AND S N
CANADA President
z CORPORATION a
rs�All, �o�ti �j ,t
CNILAV
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, 1997, 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, 1997, and the results of its operations and its cash
flows in its proprietary and nonexpendab.le 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 14, 1998, on our consideration of the City of Clermont's internal
control structure and a report date January 14, 1998, on its compliance with laws
and regulations .
� J
Clermont, Florida
January 14, 1998
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 32756
Telephone: (352) 394-3256 19 Telephone: (352) 383-6300
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20
GENERAL PURPOSE
FINANCIAL STATEMENTS
(Combined Statements -Overview)
These basic financial statements provide a summary overview
of the financial position of all funds and account groups as
well as the operating results of all funds. They also serve as
an introduction to the more detailed statements and schedules
that follow in the next Subsection.
THIS PAGE INTENTIONALLY LEFT BLANK
21
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1997
GOVERNMENTAL FUND TYPES PROPRIETARY
------------------------------------ -----------
ASSETS AND OTHER DEBITS
-----------------------
Assets:
Cash and equivalents $
Investments
Receivables:
Accounts
Other
Interfund receivables
Due from other governments
Prepaid items
Inventory
Restricted Assets:
Cash and equivalents
Investments
Interfund receivable
Mortgages receivable
Deferred charges
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 ...
$ 1,059,274
TOTAL ASSETS
SPECIAL
DEBT
GENERAL
-------
REVENUE
-------
SERVICE
-------
ENTERPRISE
----------
77,292
$ 104,134
$ 84,757
$ 80,092
760,872
...
1,934,743
45,838
...
219,602
59,920
...
28,561
97,791
37,187
...
...
7,695
—
...
9,621
9,866
...
...
18,404
...
...
...
913,370
...
...
...
1,037,333
...
...
...
524,856
...
300,565
...
...
...
295,554
...
...
...
1,494,254
...
...
8,028,372
...
...
...
11,760,160
...
...
...
103,918
..
...
...
1,384,544
...
...
...
(5,308,399)
------------------------------
$ 441,886 $ 84,757 $ 22,524,985
The notes to the financial statements are an integral part of this statement.
22
FIDUCIARY
FUND TYPES FUND TYPES
---------- -----------
INTERNAL
SERVICE TRUST
ACCOUNT
GROUPS
---------------------------
GENERAL
GENERAL
FIXED
LONG-TERM
ASSETS
DEBT
$ 63,692 $ 7,874 $ $
38,706 4,384,021
... 4,204
31,900 ... ...
1,233,307 ...
2,814,432 ...
... 4,948,446 ...
1,827,355 ...
--------------------
$ 102,398 $ 4,427,999
... 58,333
... 1,102,563
----------------------
$10,823,540 $ 1,160,896
TOTALS
(MEMORANDUM ONLY)
-----------------------------
1997 1996
$ 417,841
$ 220,956
7,118,342
6,945,154
265,440
273,252
92,685
18,109
31,900
9,154
134,978
200,672
17,316
17,564
28,270
39,862
913,370
444,526
1,037,333
4,263,404
524,856
300,565
241,942
295,554
336,141
2,727,561
2,446,985
2,814,432
2,814,432
8,028,372
7,263,320
11,760,160
9,965,882
5,052,364
4,234,724
3,211,899
2,696,633
(5,308,399)
(4,767,230)
58,333 53,333
1,102,563 1,271,979
------------------------
$ 40,625,735 $ 38,990,794
Continued
23
CITY OF CLERMONT, FLORIDA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1997
GOVERNMENTAL FUND TYPES PROPRIETARY
------------------------------------ ------------
SPECIAL DEBT
LIABILITIES, EQUITY, AND OTHER CREDITS GENERAL REVENUE SERVICE ENTERPRISE
---------------------------------------------------------------------
Liabilities:
Accounts payable
Payroll related accruals
Payable From Restricted Assets:
Contracts payable
Interfund payable
Deposits
Accrued interest
Revenue bonds
Interfund payables
Deferred revenue
Revenue bonds payable
Mortgage payable
Total Liabilities
$ 85,221 $ 9,457 $ ... $ 54,895
60,024 ... ... 62,021
... 264,902
... 524,856
... ... 81,922
... ... ... 187,414
... ... 170,000
16,770 ... ... 15,130
59,920 300,565 ... ...
... ... ... 10,901,252
-----------------------------------------
221,935 310,022 ... 12,262,392
-----------------------------------------
Equity and Other Credits:
Contributed capital
Investment in general fixed assets
Retained Earnings:
Reserved
Unreserved
Fund Balances:
Reserved for parking lots
Reserved for police education
Reserved for inventory
Reserved for cemetery care
Reserved for debt service principal
Reserved for debt service interest
Reserved for employees'
ti t terns
... 4,696,454
... ... ... 1,300,405
... 4,265,734
4,638 ...
29,316 ... ...
9,866 ... ... ...
... 58,333 ...
26,424 ...
re remen sys
Unreserved, undesignated 793,519 131,864
--------------------
Total Equity
and Other Credits 837,339 131,864
--------------------
TOTAL LIABILITIES, EQUITY,
AND OTHER CREDITS
---------------------
84,757 10,262,593
---------------------
$ 1,059,274 $ 441,886 $ 84,757 $ 22,524,985
The notes to the financial statements are an integral part of this statement.
24
FIDUCIARY TOTALS
FUND TYPES FUND TYPES ACCOUNT GROUPS (MEMORANDUM ONLY)
---------- ---------- --------------------------- -----------------------------
GENERAL GENERAL
INTERNAL FIXED LONG-TERM
SERVICE TRUST ASSETS DEBT 1997 1996
------- ------ ------ ---- ---- ----
$ 9,567
$
$
$
$ 159,140
$ 405,231
...
...
...
122,045
63,005
...
...
...
264,902
960,365
...
...
...
...
524,856
...
...
...
...
...
81,922
78,329
...
...
...
...
187,414
196,415
...
...
...
...
170,000
160,000
...
...
...
...
31,900
9,154
...
...
360,485
241,942
...
...
...
1,125,000
12,026,252
12,334,267
...
...
...
35,896
35,896
432,959
---------
9,567
---------
-----------
...
-----------
-----------
...
-----------
-----------
1,160,896
-----------
------------
13,964,812
------------
------------
14,881,667
------------
...
...
...
...
4,696,454
3,750,306
...
...
10,823,540
...
10,823,540
9,474,509
...
...
...
1,300,405
2,601,439
92,831
...
...
4,358,565
3,080,813
...
...
...
4,638
4,638
...
...
...
29,316
26,039
...
...
...
9,866
13,757
...
2619038
...
261,038
245,982
...
...
...
58,333
53,333
...
...
...
...
26,424
29,940
...
4,166,961
...
...
4,1669961
3,360,473
...
---------
...
-----------
...
-----------
...
-----------
9259383
------------
1,467,898
------------
92,831
---------
4,427,999
-----------
10,823,540
-----------
...
-----------
26,660,923
------------
24,109,127
------------
$ 102,398
$ 4,427,999
$10,823,540
$ 1,160,896
$ 40,6259735
$ 38,990,794
25
1'IiIS PAGE INTENTIONALLY LEFT BLANK
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, 1997
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenues
Total Revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service:
Principal
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financing Sources (Uses):
Operating transfers in
Operating transfers out
Total Other Financing
Sources (Uses)
Excess (Deficiency) of Revenues
and Other Financing Sources
Over Expenditures and Other
Financing Uses
Fund Balances - October 1
FUND BALANCES - SEPTEMBER 30
TOTALS
GOVERNMENTAL FUND
-------------------------------------
TYPES
(MEMORANDUM ONLY)
--------------------------
SPECIAL
DEBT
GENERAL
-------
REVENUE
-------
SERVICE
-------
1997
----
1996
----
$ 2,045,247
$ 451,855
$
$ 2,497,102
$ 2,377,962
97,347
...
97,347
84,260
723,585
264,996
988,581
665,899
46,354
...
...
46,354
32,537
128,047
...
128,047
151,879
166,794
-----------
133,987
----------
5,450
---------
306,231
-----------
352,193
-----------
3,207,374
-----------
850,838
-----------
5,450
---------
4,063,662
-----------
3,664,730
-----------
636,895
...
636,895
561,876
1,299,427
...
1,299,427
1,257,255
126,409
...
125,409
112,794
906,881
5,249
912,130
448,615
9,347
238,075
247,422
89,101
20,974
...
...
20,974
20,191
1,205,642
...
1,205,642
1,145,205
...
...
160,000
160,000
150,000
...
-----------
...
----------
90,243
---------
90,243
-----------
100,314
-----------
4,205,575
-----------
243,324
----------
250,243
---------
4,699,142
-----------
3,885,351
-----------
(998,201)
607,514
(244,793)
(635,480)
(220,621)
506,869
...
246,277
753,146
362,726
...
-----------
(659,311)
----------
...
---------
(659,311)
-----------
(282,287)
-----------
506,869
-----------
(659,311)
----------
246,277
---------
93,835
-----------
80,439
-----------
(491,332) (51,797) 1,484 (541,645) (140,182)
1,328,671 183,661 83,273 1,595,605 1,735,787
----------------------------------------------------
$ 837,339 $ 131,864 $ 84,757 $ 1,053,960 $ 1,595,605
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, BUDGETED SPECIAL REVENUE AND DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
GENERAL FUND
----------------------------------------
VARIANCE
FAVORABLE
BUDGET
ACTUAL
------
(UNFAVORABLE
------------
Revenues:
------
Taxes
$ 1,975,300
$ 2,045,247
$ 69,947
Licenses and permits
67,500
97,347
29,847
Intergovernmental revenues
692,387
723,585
31,198
Charges for services
237,537
228,491
(9,046)
Fines and forfeitures
152,850
128,047
(24,803)
Miscellaneous revenues
142,007
166,794
24,787
Total Revenues
-----------
3,267,581
-----------
3,389,511
-----------
121,930
Expenditures:
-----------
-----------
-----------
Current:
General government
736,764
815,389
(78,625)
Public safety
1,284,640
1,299,427
(14,787)
Physical environment
152,934
130,052
22,882
Transportation
821,998
906,881
(84,883)
Economic environment
11,015
9,347
1,668
Human services
21,049
20,974
75
Culture and recreation
1,181,617
1,205,642
(24,025)
Debt service
...
...
...
Total Expenditures
-----------
4,210,017
-----------
-----------
4,387,712
-----------
-----------
(177,695)
-----------
Excess (Deficiency) of Revenues
Over Expenditures
(942,436)
(998,201)
-----------
(55,765)
-----------
Other Financing Sources (Uses):
-----------
Operating transfers in
469,820
506,869
37,049
Operating transfers out
...
...
...
Total Other Financing Sources (Uses)
-----------
469,820
-----------
506,869
-----------
37,049
Excess (Deficiency) of Revenues and
-----------
-----------
-----------
Other Financing Sources Over
Expenditures and Other Uses
(472,616)
(491,332)
(18,716)
Fund Balances - October 1
1,328,671 1,328,671 ...
----------- ----------- -----------
FUND BALANCES - SEPTEMBER 30 $ 856,055 $ 837,339 $ (18,716)
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)
-------------
$ 440,000 $ 451,855
... ...
$ 11,855
...
$ ... $ ...
... ...
$
...
... ...
... ...
11,000 994
----------------------
...
...
(10,006)
-----------
... ...
... ...
31000 5,450
----------------------
...
...
2,450
451,000 452,849
----------------------
1,849
-----------
3,000 5,450
----------------------
-----------
2,450
-----------
...
...
10,000
...
...
5,249
...
...
4,751
...
...
...
...
...
...
...
...
...
250,682
250,243
439
----------------------
10,000
----------------------
-----------
5,249
-----------
4,751
----------------------
250,682
----------------------
-----------
250,243
-----------
439
441,000
----------------------
447,600
-----------
6,600
(247,682)
----------------------
(244,793)
-----------
2,889
...
...
...
247,682
246,277
(1,405)
(593,182)
----------------------
(467,535)
125,647
...
...
(593,182)
----------------------
-----------
(467,535)
-----------
125,647
----------------------
247,682
----------------------
-----------
246,277
-----------
(1,405)
(152,182)
(19,935)
132,247
...
1,484
1,484
57,118
----------------------
57,118
-----------
...
83,273
----------------------
83,273
-----------
...
$ (95,064) $
37,183 $
132,247
$ 83,273 $
84,757 $
1,484
29
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS/FUND BALANCES
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
PROPRIETARY
ENTERPRISE
Operating Revenues:
Charges for services $ 2,670,453
Cemetery lot sales •••
Sale of recycled materials 3,719
Reimbursements 96,529
Total Operating Revenues 2,770,701
Operating Expenses:
Personal services
814,684
Utilities
250,936
Dumping fees
249,790
Administrative services
182,145
Repair and maintenance
142,418
Depreciation
541,169
Professional services
139,202
Insurance
61,037
Operating supplies
101,574
Office expense
33,711
Bad debt
5,547
Trustee/administrative fees
•••
Medical claims
•••
Total Operating Expenses 2,522,213
Operating Income (Loss) 248,488
Nonoperating Revenues (Expenses) -
Interest revenue 286,602
Interest expense (639,981)
Grants 103,827
Total Nonoperating Revenues (Expenses) (249,552)
Income (Loss) Before Operating Transfers (1,064)
Operating Transfer (out) (93,835)
Net Income (Loss) (94,899)
Retained Earnings/Fund Balances - October 1 5,661,038
RETAINED EARNINGS/FUND BALANCES - SEPTEMBER 30 $ 5,566,139
The notes to the financial statements are an integral part of this statement.
30
TOTALS
FUND TYPES
FIDUCIARY FUND TYPE
(MEMORANDUMS
ONLY)
----------
INTERNAL
-------------------
NONEXPENDABLE
-----------------------------
SERVICE
-------
TRUST
-----
1997
----
1996
----
$ 303,251
$
$ 2,973,704 $
2,678,507
...
15,200
15,200
18,600
...
...
3,719
8,002
6,260
...
-----------
102,789
51,355
-----------
309,511
-----------
15,200
-----------
----------------------
3,095,412
----------------------
2,756,464
...
...
814,684
681,848
250,936
188,368
...
...
249,790
238,837
...
...
182,145
171,356
..
142,418
123,851
...
...
541,169
452,708
...
...
139,202
119,680
43,037
...
104,074
77,734
...
144
101,718
82,290
..
33,711
30,093
...
5,547
5,519
17,671
...
17,671
15,510
181,405
-----------
-----------
181,405
-----------
200,735
242,113
144
2,764,470
-----------
2,388,529
-----------
67,398
-----------
-----------
15,056
-----------
-----------
330,942
-----------
-----------
367,935
-----------
4,219
...
290,821
304,502
...
...
(639,981)
(594,558)
-----------
103,827
28,404
4,219
-----------
-----------
...
-----------
(245,333)
-----------
(261,652)
71,617
-----------
15,056
-----------
85,609
-----------
106,283
-----------
...
-----------
(93,835)
-----------
(80,439)
-----------
71,617
15,056
(8,226)
25,844
21,214
-----------
245,982
-----------
5,928,234
-----------
5,902,390
-----------
$ 92,831
$ 261,038
$ 5,920,008
$ 5,928,234
31
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32
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUND
SEPTEMBER 30, 1997 AND 1996
(MEMORANDUM ONLY)
1997 1996
ADDITIONS
Contributions:
Employer
$ 107,992
$ 104,412
Plan members
5,973
5,611
State
77,540
69,012
Total Contributions
191,505
179,035
Investment Income:
-----------
-----------
Net investment income including
appreciation in fair value
806,767
394,435
Less: Investment expense
44,744
42,818
-----------
Net Investment Income
-----------
762,023
-----------
351,617
-----------
Total Additions
953,528
530,652
DEDUCTIONS
Benefits 147,040 140,944
----------------------
Net increase 806,488 389,708
Net assets held in trust for
pension benefits
Beginning of year 3,360,473 2,970,765
End of year $ 4,166,961 $ 3,360,473
33
CITY OF CLERMONT, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES AND NONEXPENDABLE TRUST FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
FIDUCIARY
TOTALS
PROPRIETARY
FUND TYPES
FUND TYPE
-------------
(MEMORANDUMS ONLY)
-----------------------
----------------------
INTERNAL
NONEXPENDABLE
ENTERPRISE
----------
SERVICE
--------
TRUST
-------------
1997
----
1996
----
Cash Flows From
Operating Activities:
Cash
received
from customers
$ 2,788,547
$ 309,511
$ 15,200
$ 3,113,258
$ 2,732,602
Cash
payments
to suppliers
(1,224,802)
(60,708)
(144)
(1,285,654)
(1,057,369)
Cash
payments
for employee services
(788,841)
...
...
(788,841)
(708,029)
Cash
payments
for medical claims
...
-----------
(183,747)
---------
...
---------
(183,747)
-----------
(239,455)
-----------
Net Cash Provided (Used) By
Operating Activities
Cash Flows From Noncapital
Financing Activities:
Operating transfer out
Advance from other funds
Advance to other funds
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 sales
Investment purchases
Net Cash Provided (Used) By
Investing Activities
Net Increase (Decrease) in Cash
774,904 65,056 15,056 855,016 727,749
----------- ----------------------------------------
(93,835) ... ... (93,835) (80,439)
... ... ... ... 18,620
... ... ... (4,200)
103,827 103,827 111,846
-------------------- -------------------------------
9,992 ...
-----------------------------
(3,519,244)
(530,662)
(608,395)
946,148
-----------------------------
(3,712,153) ...
-----------------------------
9,992 45,827
----- -----------
(3,519,244) (2,441,422)
(530,662) (3,268,833)
(608,395) (432,311)
946,148 432,215
... 7,990,000
... (142,681)
----------------------
(3,712,153) 2,136,968
----------------------
286,602 4,219 (4,204) 286,617 304,502
3,155,463 ... ... 3,155,463 ...
... (5,583) (6,265) (11,848) (3,207,160)
---------------------------------------------------
3,442,065 (1,364) (10,469) 3,430,232 (2,902,658)
-------------------- --------- ----------- -----------
and Equivalents
514,808 63,692
4,587
583,087
7,886
Cash and Equivalents at Beginning of Year
478,654 ...
--------------------
3,287
---------
481,941
----------------------
474,055
Cash and Equivalents at End of Year
$ 993,462 $ 63,692
$ 7,874
$ 1,065,028 $
481,941
The notes to the financial statements are an integral part of this statement.
34
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
Decrease (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 NONEXPENDAHLE
ENTERPRISE SERVICE TRUST 1997 1996
------------------------------- ---- ----
$ 248,488 $ 67,398 $ 15,056 $ 330,942 $ 367,935
---------------------------------------------------
541,169 ... 541,169 452,708
11,267 11,267 (20,906)
1,112 1,112 289
7,701 ... 7,701 (7,542)
25,792 25,792 (26,352)
(60,625) (2,342) (62,967) (38,383)
---------------------------------------------------
526,416 (2,342) ... 524,074 359,814
----------------------------- ----------------------
$ 774,904 $ 65,056 $ 15,056 $ 855,016 $ 727,749
35
THIS PAGE INTENTIONALLY LEFT BLANK
36
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
INDEX
1.
Summary of Significant Accounting Policies
38
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
44
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
45
4.
Community Development Block Grant Fund Mortgages Receivable
46
5.
Changes in General Fixed Assets
46
6.
Changes in Proprietary Fund Fixed Assets
47
7.
Pension Funds
47
8.
Post -Retirement Benefits
51
9.
Risk Management
52
10.
General Long -Term Debt
52
11.
Advance Refunding
53
12.
Enterprise Fund Long -Term Debt
54
13.
Interfund Receivables/Payables
55
14.
Reserved Fund Balances and Retained Earnings
55
15.
Changes in Contributed Capital
56
16.
Segment Information
56
17.
Contingencies
57
18.
Awards
57
37
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.
38
CITY OF CLERMONT
NOTES TO THE FINANCIAL STATEMENTS
2. Internal Service Fund - To account for the financing of goods or
services provided by one department or agency to other departments or
agencies of the City, or to other governments, on a cost -reimbursement
basis.
Fiduciary Funds -
Trust Funds - To account for assets held by the City in a trustee
capacity. Pension trust funds are accounted for in essentially the same
manner as Proprietary Funds, since capital maintenance is critical.
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 or statement of
plan net assets. 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
39
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 fund liabilities when due or when amounts have been
accumulated in the debt service fund for payments to be made early in the
following year.
All major revenues, except property taxes and licenses, are considered
measurable and available and, as such, susceptible to accrual.
The accrual basis of accounting is utilized by proprietary fund types,
pension trust funds and nonexpendable trust funds. Under this method,
revenues are recorded when earned and expenses are recorded at the time
liabilities are incurred.
Encumbrance accounting is not used by the City.
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: city manager ($345), finance ($23,688),
planning and zoning ($58,722), law enforcement ($2,158), fire control
($12,629), transportation ($84,883), and parks and recreation ($26,344).
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.
40
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, block grant, internal service
and trust funds. Budget amounts for the general, infra -structure, 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 funds 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.
41
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 (years)
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.
7. Compensated Absences - No accrual is made for accrued vacation leave in
the governmental funds because of immateriality. Accumulated vacation
leave of employees in the proprietary funds is recorded as an expense
and liability of those funds as the benefits accrue to employees. No
accrual is made for sick leave benefits which accumulate but do not
vest until retirement.
8. Long -Term Obligations - Long-term debt is recognized as a liability of a
governmental fund when due. For other long-term obligations, only that
portion expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. The
remaining portion of such obligations is reported in the general long-
term debt account group. Long-term liabilities expected to be financed
from proprietary fund operations are accounted for in those funds.
9. 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.
42
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%
43
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
Budget
General Fund
$ 3,720,098
$ 489,919
$ 4,210,017
Enterprise Funds:
Water Fund
1,229,990
126,760
1,356,750
Sewer Fund
1,305,462
2,500
1,307,962
Sanitation Fund
750,374
12,622
763,016
Stormwater Fund
586,697
...
586,697
B. General Fund Budget/GAAP Reconciliation:
Deficiency of revenues and other sources
over expenditures and other uses
(budgetary basis)
$(491,332)
Adjustments:
To reduce revenues for administrative
service fees
(182,137)
To reduce expenditures for adminis-
trative service fees
182,137
Deficiency of revenues and other sources
over expenditures and other uses (GAAP
basis)
$(491,332)
C. Special Revenue Funds Budget/GAAP Reconciliation:
Deficiency of revenues and other financing sources
over expenditures and other financing
uses
(budgetary basis)
$ (19,935)
Adjustments:
To record deficiency of revenues and other
finan-
cing sources over expenditures and other
finan-
ing uses for unbudgeted Impact Fee and
Block
Grant Funds
__L31 862)
Deficiency of revenues and other financing sources
over expenditures and other financing
uses
(GAAP basis)
$ (51,797)
44
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 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
$ 1,106,696 $ 1,246,188 $ 675,807 $ 133,503
(221,994) (250,202) Budgeted (8,919)
788,056 1,895,856 139,869 ...
153,192 399,455 ... ...
1,825,950 3,291,297 815,676 124,584
1 356,750 1,307,962 - 763,016 586,697
$ (469,200) $(1,983,335) $ (52,660) $ 462,113
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.
INVESTMENTS
The City's investments are categorized below to give an indication of the level
of risk assumed by the entity at year-end. Category 1 includes investments
that are insured or registered, or securities held by the City or its agent in
the City's name. Category 2 includes uninsured and unregistered investments
held by the counterparty's agent in the City's name. Category 3 includes
uninsured and unregistered investments held by a counterparty but not in the
City's name.
45
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
State statutes and the City's investment policies authorize investment in U.S.
Government Obligations, Federal Farm Credit Banks, Federal National Mortgage
Association Obligations and Repurchase Agreements.
Carrying
Value
Risk Category 2:
Federal National Mortgage Notes $ 1,005,897
U.S. Treasury Notes 995,859
Risk Category 3:
Repurchase Agreement 896,000
(Securities held by bank in bank's name)
Investment in state treasurer's investment pool 2,018,859
Florida Municipal Pension Trust Fund 4,135 061
Total $ 9,051,676
4. Community Development Block Grant Fund Mortgages Receivable:
Market
Value
$ 1,007,980
998,750
896,000
2,018,859
4.135,061
$ 9,056,650
The City rehabilitated 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 five years
the amount of mortgage receivable will be reduced along with a corresponding
amount of deferred revenue. During the year ended September 30, 1997, $102,482
of the original mortgage amounts was forgiven.
5. Changes In General Fixed Assets:
A summary of changes in general fixed assets is as follows:
Land
Buildings
Improvements other than
buildings
Machinery and equipment
Totals
Balance -
09
$ 952,731
2,814,432
Additions
$ 280,576 $
Deletions
Balance -
09/30
$ 1,233,307
2,814,432
4,130,806 817,640 ... 4,948,446
1,576.540 250,815 1,827.355
$ 9,474,509 $1,349,031 $ ... $10,823,540
46
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:
9/30/96
Balance
$ 1,494,254
7,263,320
9,965,882
103,918
1.120,093
$ 19,947,467
4.767,230
$ 15,180,237
Additions
765,052
1,794,278
264,451
$ 2,823,781
541,169
$ 2,282,612
Deletions
9/30/97
Balance
$ 1,494,254
8,028,372
11,760,160
103,918
1,384,544
$ 22,771,248
5,308,399
$ 17,462,849
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. Costs of
administering the plan are paid from investment income.
DEFINED BENEFIT PENSION PLANS
Membership in each of the defined benefit pension plans at September 30, 1997,
was as follows:
Retirees/beneficiaries
currently receiving benefits
Vested terminated employees
Active employees:
Fully vested
Nonvested
General Police Volunteer
Employees Officers Firefighters
17 3 2
0 0 0
1 1 4
0 16 22
47
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Eligibility for Participation
General employees - all permanent general employees actively employed
by the City on September 30, 1985, who elected to
participate.
Police officers - all actively employed sworn police officers.
Volunteer firefighters - all actively employed volunteer firemen.
VESTING General Employees Police Officers Volunteer Firefighters
FULL Age 65; 10 years Age 55; 10 years Age 55; 10 years
service service service
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.
FundinZ Policy
The Florida Municipal Pension Trust Fund, in which the City of Clermont
participates, provided an actuarial valuation for plan years beginning October
1, 1996, for each of the City's three defined benefit plans.
48
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
The actuarial cost method used for the actuarial valuations of the General
Employees' Plan was the individual spread gain method. Under this method, the
actuarial present value of each increment of an individual's projected benefits
is allocated on a level basis over the future earnings or service of the
individual between the age at which such increment is first recognized and the
exit age(s). The portion of this actuarial present value allocated to a
valuation year is called the normal cost. The actuarial value of assets is
deemed to be assigned to individuals on a reasonable and consistent basis; for
example, each individual's share may be the accumulation of his (her) prior
normal costs and any prior actuarial gains (losses) allocated to the
individual. Actuarial gains (losses) are allocated to individuals in
proportion to the assigned actuarial value of assets, or on any other
reasonable and consistent basis. The actuarial accrued liability for an
individual equals the assigned portion of the actuarial value of assets.
The Police Officers' and Firefighters' plans use the individual level dollar
cost method. Under this method, the actuarial present value of each increment
of an individual's projected benefits is allocated on a level basis over the
future earnings or service of the individual between the age at which such
increment is first recognized and the exit age(s). The portion of this
actuarial present value allocated to a valuation year is called the normal
cost. Each individual's portion of the actuarial accrued liability should be
determined on a consistent basis, usually as the retrospective accumulation of
the individual's prior actuarial accrued liability and prior normal cost, using
the valuation actuarial assumptions.
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.
During the year ended September 30, 1997, contributions were made in accordance
with contribution requirements by actuarial valuations of each of the plans as
of October 1, 1996.
49
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
$ 13,500
$ 78,058
$
8,444
As a % of Covered Payroll
48.3
15.1
19.0
Contributions Made:
Employer
City
$ 13,500
$ 20,847
$
State
56,073
21.467
Subtotal
13,500
76,920
$
21,467
Employee
5,535
438
Total
$ 13,500
$ 82,455
$
21,905
Covered Payroll
$ 28,610
$ 543,193
$
47,259
Contributions as a %
of Covered Payroll:
Employer 47.19% 14.16% 45.42%
Employee 1.00% 93%
Total 47.19% 15.16% 46.35%
SUPPLEMENTARY INFORMATION
The historical trend date for the plans' funding progress and City's contri-
butions are contained in the statistical section.
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.
50
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
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, 1997, was
as follows:
General Employees
Retirees and beneficiaries
currently receiving benefits 0
Vested terminated employees 0
Active employees:
Fully vested 10
Partially vested 16
Nonvested 25
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 1997 was $1,343,080; the City's total pay-
roll was $2,105,381.
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 1997 was $94,016, or seven percent
(7%) of covered payroll, less forfeitures of $23,872. Actual contribution was
$93,604.
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.
51
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
9. 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.
1997 1996 1995
Claims liabilities, beginning of year $ 11,909 $ 50,629 $ 17,187
Incurred claims 181,405 200,735 210,198
Payments on claims (183,747) (239,455) 1[ 76,756)
Claims liabilities, end of year $ 9,567 $ 11,909 $ 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.
10. General Long -Term Debt:
The following is a summary of changes in notes payable and bonds outstanding
for the year ended September 30, 1997:
Note
Bonds Payable Total
Bonds and note payable
at October 1, 1996
Retirements
Bonds and Note Payable
At September 30, 1997
$ 1,285,000 $ 40,312 $1,325,312
[160,000) (4,416) (164.416)
$ 1,125,000 $ 35,896 $1,160,896
52
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
Bonds and notes payable at September 30, 1997, are comprised of the following
individual issues:
Note payable to Nations 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. $ 35,896
$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% $ 1,125,000
Total General Long Term Debt $ 1,160,896
The annual requirements to amortize all general long-term debt outstanding as
of September 30, 1997, including interest payments of $279,744, are as follows:
YEAR ENDING
SEPTEMBER 30
NOTE
BONDS PAYABLE TOTAL
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
249,915
5,418
255,333
2003 - 2005
139,165
15,354
154.519
$ 1,395,766 $ 44,874 $ 1,440,640
11. 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, 1997, $2,905,000 of
bonds outstanding are considered defeased.
53
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
12. Enterprise Fund Long -Term Debt:
The following is a summary of changes in issues outstanding for the year ended
September 30, 1997:
1993
ISSUE
Bonds and notes payable - October 1, 1996 $11,857,646
Retirements ( 552,646)
Bonds and notes payable - September 30, 1997 $11,305,000
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. $ 3,315,000
$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. 7,990,000
$11,305,000
The annual requirements to amortize the debt outstanding as of September 30,
1997, including interest payments of $3,070,465, are as follows:
YEAR ENDING
SEPTEMBER 30
1998
1999
2000
2001
2002
2003 - 2007
2008 - 2012
2013 - 2016
TOTAL
$ 728,845
726,858
724,400
8,426,600
323,282
1,188,103
1,080,351
1,177,026
$ 14,375,465
54
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
13. Interfund Receivables and Pavables-
Individual fund interfund receivable and payable balances at September 30,
1997, are as follows:
Interfund Interfund
Receivables Pavables
General Fund $ ... $ 16,770
Sewer Fund 524,856 4,230
Water Fund ... 527,842
Sanitation Fund ... 7,082
Stormwater Fund ... 832
Police Pension Trust Fund 176 ...
Fire Pension Trust Fund 55 ...
General Employee Pension Fund 31,669
Totals $ 556,756 $ 556,756
14. 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
29,316
9,866
58,333
26,424
261,038
4,166.961
$ 4,556,576
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.) $ 232,836
Reserved for Expansion - Utility Benefit Fees and
loan proceeds restricted for utility expansion. 1,067,569
Total Reserved Retained Earnings $ 1,300,405
15. Changes in Contributed Capital:
Balance October 1, 1996 $ 3,750,306
Contributions from developers 946.148
Balance September 30, 1997 $ 4,696,454
16. 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, 1997, 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
$ 1,107,101 $ 915,382 $ 601,628 $ 146,590 $ 2,770,701
221.994
250,202
60,054
8,919
541,169
228,458
81,122
(74,179)
13,087
248,488
95,093
...
8,734
...
103,827
(93,835)
...
...
...
(93,835)
...
61,194
...
(135,341)
...
(47,984)
...
27,232
...
(94,899)
332,599
613,549
...
...
946,148
788,056
1,895,856
139,869
...
2,823,781
785,034
870,537
234,539
268,867
2,158,977
7,926,476
13,518,885
638,411
441,213
22,524,985
3,960,363
6,940,889
...
...
10,901,252
3,137,343
6,117,471
570,314
437,465
10,262,593
56
CITY OF CLERMONT, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
17. Contingencies:
The City is not aware of any pending or threatened litigation which would not
be covered by insurance.
18. Awards:
The City received several federal, state and local grants. The amounts did
not require a single audit under A-133. The following list of awards is for
informational purposes only.
Grantor/
Pro ram Title
U.S. Department of Justice:
Community Oriented Policing
Services Grant
Local Law Enforcement
Block Grant
Florida Department of Community
Affairs:
Community Development
Block Grant
Evaluation and Appraisal
Assistance Grant
Florida Department of Environ-
mental Protection:
Waterfront Park Grant
Lake County:
Recycling and Education Grant
Shuffleboard Resurfacing and
Neighborhood Park Grant
Youth Recreation Grant
SHIP
Program Total
Program Assistance Disbursements/
I.D. Number Received Expenditures
95-CF-WX-3511
$
27,171
$
27,171
96-LB-VX-2169
$
10,987
$
-0-
96-DB-1E-06-45-02-H10 $ 182,539 $ 155,618
97-DR-IC-06-45-02-007 $ 14,069 $ -0-
F96009
RE96-33
N/A
N/A
N/A
$ 100,000 $ 100,000
$ 8,734 $ 8,734
$ 17,900
$ 11,006
$ 82,457
$ 17,900
$ 11,006
$ 82,457
57
THIS PAGE INTENTIONALLY LEFT BLANK
58
COMBINING AND INDIVIDUAL FUND
r_iwb
ACCOUNT GROUP STATEMENTS
These financial statements provide a more detailed view of the
"General Purpose Financial Statements" presented in the
preceding subsection.
Combining statements are presented when there are more
than one fund of a given fund type. Individual fund and
account group statements are presented when there is only
one fund of a given type and for the account group. They are
also necessary to present budgetary comparisons.
GO VERIVMENTAL FUND T YPES
59
THIS PAGE INTENTIONALLY LEFT BLANK
r�
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, 1997 AND 1996
ASSETS 1997 1996
Cash and equivalents $ 77,292 $ 75,068
Investments 760,872 1,261,956
Receivables:
Accounts 45,838 44,346
Assessments 59,920 ...
Due from other governments 97,791 167,456
Prepaid items 7,695 6,831
Inventory 9,866 13,757
TOTAL ASSETS $ 1,059,274 $ 1,569,414
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 34,428 $ 125,892
Contracts payable 50,793 87,976
Payroll related accruals 60,024 26,776
Interfund payables 16,770 99
Deferred revenue 59,920 ...
----------- -----------
Total Liabilities 221,935 240,743
Fund Balance:
Reserved for parking lots 4,638 4,638
Reserved for police education 29,316 26,039
Reserved for inventory 9,866 13,757
Unreserved, undesignated 793,519 1,284,237
----------------------
Total Fund Balance 837,339 1,328,671
----------------------
TOTAL LIABILITIES AND FUND BALANCE $ 1,059,274 $ 1,569,414
W,
CITY OF CLERMONT, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1996
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
1996
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
$ 1,975,300
$ 2,045,247
$ 69,947
$ 1,946,855
67,500
97,347
29,847
84,260
692,387
723,585
31,198
564,290
237,537
228,491
(9,046)
203,893
152,850
128,047
(24,803)
151,879
142,007
166,794
24,787
237,500
-----------
-----------
3,267,581
-----------
-----------
3,389,511
-----------
-----------
121,930
-----------
3,188,677
-----------
736,764
815,389
(78,625)
729,805
1,284,640
1,299,427
(14,787)
1,257,255
152,934
130,052
22,882
116,221
821,998
906,881
(84,883)
329,140
11,015
9,347
1,668
11,158
21,049
20,974
75
20,191
1,181,617
1,205,642
(24,025)
-----------
903,101
-----------
-----------
4,210,017
-----------
-----------
4,387,712
-----------
(177,695)
-----------
3,366,871
-----------
(942,436)
-----------
(998,201)
-----------
(55,765)
-----------
(178,194)
-----------
469,820
(472,616)
506,869
(491,332)
1,328,671 1,328,671
$ 856,055 $ 837,339
37,049
(18,716)
$ (18,716)
117,339
(60,855)
1,389,526
$ 1,328,671
63
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1996
VARIANCE
FAVORABLE
1996
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
ACTUAL
------
Taxes:
Ad valorem $
612,700
$ 617,429
$ 4,729
$ 594,935
Local option gas tax
155,000
173,153
18,153
166,603
Franchise fees
466,900
467,450
550
438,617
Utility taxes
-----------
740,700
787,215
-----------
46,515
----------
746,700
-------- ---
Total
-----------
1,975,300
2,045,247
-----------
69,947
----------
1,946,855
-----------
Licenses and Permits:
Professional and occupational
25,500
39,814
14,314
36,739
Other permits
-----------
42,000
57,533
-----------
15,533
----------
47,521
-----------
Total
-----------
67,500
97,347
-----------
29,847
----------
84,260
-----------
Intergovernmental revenues:
Two -cent cigarette tax
30,000
30,628
628
31,412
State revenue sharing
147,000
150,482
3,482
157,527
Mobile home licenses
9,200
9,328
128
9,528
Alcoholic beverage licenses
7,000
2,339
(4,661)
4,627
Half -cent sales tax
284,000
280,443
(3,557)
269,103
Motor fuel tax rebate
4,800
5,867
1,067
4,347
Municipality share of county
occupational licenses
7,500
9,247
1,747
9,732
Municipality share of one -cent
voted gas tax
50,000
54,118
4,118
52,991
Grants
-----------
152,887
181,133
-----------
28,246
----------
25,023
-----------
Total
-----------
692,387
723,585
-----------
31,198
----------
564,290
-----------
Continued
64
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1996
Charges for Services:
Public safety
Program activity fees
Administrative service fee
Total
Fines and forfeitures
Court fines
Police education
False alarms
Confiscations
Automation
Total
Miscellaneous:
Interest
Rentals
Memorial sales
Surplus equipment sales
Contributions
Reimbursements
Other miscellaneous
Total
TOTAL REVENUES
VARIANCE
FAVORABLE 1996
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 1,000 $ 990 $ (10) $
54,400 45,364 (9,036) 32,537
182,137 182,137 ... 171,356
--------------------------------------------
237,537 228,491 (9,046) 203,893
--------------------------------------------
145,000
6,000
1,500
350
152,850
96,356
5,480
2,880
3,918
19,413
128,047
(48,644)
(520)
1,380
3,568
19,413
(24,803)
144,663
6,146
720
350
151,879
78,000
69,452
(8,548)
91,362
38,350
31,786
(6,564)
43,851
1,500
1,712
212
1,148
3,000
6,052
3,052
3,371
15,700
16,543
843
9,313
457
33,657
33,200
78,072
5,000
-----------
7,592
-----------
2,592
-----------
10,383
-----------
142,007
-----------
166,794
-----------
24,787
-----------
237,500
-----------
$ 3,267,581
$ 3,389,511
$ 121,930
$ 3,188,677
65
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1996
VARIANCE
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
1996
General Government Services:
---------------------------
City Council:
Personal services
$ 20,668
$ 20,668
$ ... $
20,669
Operating expenses
7,475
-----------
6,599
876
12,591
Total Legislative
28,143
-----------
-----------
271267
-----------
----------------------
876
33,260
City Manager:
----------------------
Personal services
126,589
128,896
(2,307)
117,753
Operating expenses
8,410
5,173
3,237
6,210
Capital outlay
363
1,638
(1,275)
...
Total Executive
-----------
135,362
-----------
-----------
135,707
----------- -----------
(345)
123,963
Finance and Administrative:
-----------
----------------------
Personal services
195,241
197,828
(2,587)
180,469
Operating expenses
46,815
65,881
(19,066)
55,444
Capital outlay
18,900
-----------
20,935
(2,035)
11,300
Total Finance and
-----------
----------------------
Administrative
260,956
-----------
284,644
(23,688)
247,213
Legal Counsel:
-----------
----------------------
Operating expenses
11,050
-----------
11,025
-----------
25
----------------------
14,725
Planning and Zoning:
Personal services
148,013
139,917
8,096
111,383
Operating expenses
109,240
176,409
(67,169)
92,935
Capital outlay
19,500
19,149
351
800
-----------
Total Planning and Zoning
-----------
276,753
-----------
335,475
-----------
----------------------
(58,722)
----------------------
205,118
Other General Government:
Operating expenses
24,500
21,271
3,229
27,517
Capital outlay
-----------
...
...
...
78,009
Total Other General
----------------------
-----------
Government
-----------
24,500
21,271
----------------------
3,229
-----------
105,526
Total General
Government Services
-----------
736,764
815,389
----------------------
(78,625)
-----------
729,805
Continued
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1996
Public Safety:
-------------
Law Enforcement:
Personal services
Operating expenses
Capital outlay
Total Law
Enforcement
Fire Control:
Personal services
Operating expenses
Capital outlay
Total Fire Control
VARIANCE
FAVORABLE
BUDGET ACTUAL (UNFAVORABLE) 1996
------ ------------------- ----
$ 920,202
$ 911,196 $
9,006
$ 917,994
135,432
141,234
(5,802)
123,935
86,860
-----------
92,222
----------------------
(5,362)
62,437
-----------
1,142,494
-----------
1,144,652
----------------------
(2,158)
1,104,366
-----------
47,100
54,625
(7,525)
39,313
32,695
38,300
(5,605)
28,463
62,351
61,850
-----------
501
85,113
-----------
-----------
142,146
-----------
-----------
154,775
----------------------
(12,629)
152,889
-----------
Total Public Safety 1,284,640
Physical Environment:
Public Works:
Personal services 80,354
Operating expenses 47,015
Capital outlay 25,565
Total Physical Environment 152,934
Transportation:
Road and Streets:
Personal servcies 167,623
Operating expense 148,115
Capital outlay 506,260
Total Transportation 821,998
1,299,427 (14,787) 1,257,255
------- -------------------------
78,834
1,520
70,135
46,069
946
41,253
5,149
20,416
4,833
-----------
----------------------
130,052
----------------------
22,882
116,221
-----------
169,632
(2,009)
146,744
193,781
(45,666)
156,445
543,468
(37,208)
25,951
----------------------
906,881
----------------------
-----------
(84,883)
-----------
329,140
Continued
67
CITY OF CLERMONT, FLORIDA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1996
VARIANCE
FAVORABLE
BUDGET
------
ACTUAL
------
(UNFAVORABLE)
-------------
1996
----
Economic Environment:
--------------------
Economic Development:
Operating expenses $
11,015
$ 9,347
$ 1,668 $
8,630
Capital outlay
...
...
...
----------------------
2,528
-----------
Total Economic Environment
11,015
-----------
9,347
-----------
1,668
----------------------
11,158
-----------
Human Services:
--------------
Animal Control:
Personal services
15,704
16,455
(751)
15,343
Operating expenses
5,345
4,519
-----------
826
----------------------
4,848
----=------
Total Human Services
-----------
21,049
20,974
-----------
75
----------------------
20,191
Culture and Recreation:
Library:
Operating expenses 124,895 122,572 2,323 107,823
Capital outlay ... ... ... 5,957
Debt service 6,633 6,637 (4) 6,884
Total Library 131,528 129,209 2,319 120,664
--------------------------------------------
Parks and Recreation:
Personal services
266,804
255,920
10,884
243,527
Operating expenses
173,260
281,772
(108,512)
201,428
Capital outlay
610,025
-----------
538,741
-----------
71,284
----------------------
337,482
Total Parks and
Recreation
1,050,089
1,076,433
(26,344)
-----------
782,437
Total Culture and
-----------
-----------
-----------
Recreation
1,181,617
-----------
1,205,642
-----------
(24,025)
----------------------
903,101
TOTAL EXPENDITURES $ 4,210,017
$ 4,387,712 $ (177,695) $ 3,366,871
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.
69
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996
INFRA - IMPACT BLOCK TOTALS
STRUCTURE FEE GRANT ---------------------
ASSETS FUND FUND FUND 1997 1996
------ ---- ---- ---- ---- ----
Cash and equivalents $ ... $ 43,379 $ 60,755 $ 104,134 $ 108,473
Investments ... ... ... ... 99,598
3
Due from other government 37,187 ... ... 37,187 29,856
Mortgages receivable ... ... 300p565 00,565 241,942
TOTAL ASSETS $ 37,187 $ 43,379 $ 361,320 $ 441,886 $ 479,869
LIABILITIES AND FUND BALANCE
----------------------------
Liabilities:
Accounts payable $ 4 $ ... $ $ 4 $ 35,424
Contracts payable ... ... 9,453 9,453 18,842
Deferred revenue ... 300,565 300,565 241,942
---------------------------------------------
Total Liabilities 4 ... 310,018 310,022 296,208
---------------------------------------------
Fund Balance 37,183 43,379 51,302 131,864 183,661
---------------------------------------------
TOTAL LIABILITIES AND
FUND BALANCE $ 37,187 $ 43,379 $ 361,320 $ 441,886 $ 479,869
70
CITY OF CLERMONT, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1996
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 1997 1996
---- ---- ---- ---- ----
$ 451,855 $ ... $ ... $ 451,855 $ 431,107
... ... 264,996 264,996 101,609
994 5,009 700 6,703 11,058
... 127,284 ... 127,284 98,751
---------------------------------------------
452,849 132,293 265,696 850,838 642,525
---------------------------------------------
5,249 ... ... 5,249 119,475
... ... ... ... 242,104
... ... 238,075 238,075 77,943
--------------------------- ---------------
5,249 ... 238,075 243,324 439,522
---------------------------------------------
447,600 132,293 27,621 607,514 203,003
(467,535) (191,776) ... (659,311) (282,287)
---------------------------------------------
Excess (Deficiency) of Revenues
Over Expenditures and
Operating Transfers (19,935) (59,483) 27,621 (51,797) (79,284)
Fund Balance - October 1 57,118 102,862 23,681 183,661 262,945
---------------------------------------------
FUND BALANCE - SEPTEMBER 30 $ 37,183 $ 43,379 $ 51,302 $ 131,864 $ 183,661
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, 1997
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1996
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 1996
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 440,000 $ 451,855 $ 11,855 $ 431,107
11,000 994 (10,006) 7,201
------------------------------------
451,000 452,849 1,849 438,308
------------------------------------
10,000
5,249
4,751
119,475
...
---------
...
---------
...
---------
242,104
---------
10,000
---------
5,249
---------
4,751
---------
361,579
---------
441,000
447,600
6,600
76,729
(593,182)
---------
(467,535)
---------
125,647
---------
(245,387)
---------
(152,182) (19,935) 132,247 (168,658)
57,118 57,118 ... 225,776
------------------------------------
$ (95,064) $ 37,183 $ 132,247 $ 57,118
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, 1997 AND 1996
TOTALS
----------------------------
1997 1996
ASSETS
Cash and equivalents $ 84,757 $ ...
Investments ... 83,273
TOTAL ASSETS $ 84,757 $ 83,273
FUND BALANCE
------------
Fund Balance:
Reserved for debt service - principal $ 58,333 $ 53,333
Reserved for debt service - interest 26,424 29,940
----------------------
TOTAL FUND BALANCE $ 84,757 $ 83,273
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, 1997
WITH COMPARATIVE ACTUAL AMOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 1996
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
1997
------------------------------------
VARIANCE
FAVORABLE 1996
BUDGET ACTUAL (UNFAVORABLE) ACTUAL
------ ------------------- ------
$ 3,000 $ 5,450 $ 2,450 $ 4,884
------------------------------------
2,000
1,561
439
1,582
88,682
88,682
...
98,732
160,000
---------
160,000
---------
...
---------
150,000
---------
250,682
---------
250,243
---------
439
---------
250,314
---------
(247,682)
(244,793)
2,889
(245,430)
247,682
---------
246,277
---------
(1,405)
---------
245,387
---------
... 1,484 1,484 (43)
83,273 83,273 ... 83,316
------------------------------------
$ 83,273 $ 84,757 $ 1,484 $ 83,273
75
THIS PAGE INTENTIONALLY LEFT BLANK
76
-P PFOPR1E-'AR-`,'FU.,--- D � �� ES
77
THIS PAGE INTENTIONALLY LEFT BLANK
78
ENTERPR/SE 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 orservices 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.
WA TER FUND
To account for the provision of water services to City residents and
some out of City customers. A# Activities necessary to the
provision of these services are accounted forin this fund, including,
but not limited to administration, plant and line maintenance.
SEWER FUND
To account for the provision ofsewerservices to City residents and
some out of City customers. All activities necessary to the
provision of these services are accounted forin this fund, including,
but not limited to administration, plant and line maintenance.
SAN/TA T/ON FUND
To account for the provision of garbage and trash removal services
to the residents of the City. A# activities necessary to the
provision of these services are accounted for in this fund.
STORMWA TER UTILITY FUND
To account for the construction and maintenance of stormwater
drainage systems within the City. A# activities necessary to the
provision of this service are accounted for in this fund.
79
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996
TOTALS
WATER
SEWER
SANITATION
STORMWATER
----------------------------
ASSETS
FUND
FUND
FUND
FUND
1997
1996
Current Assets:
Cash and equivalents $
-
$
$ 45,845
$ 34,247
$ 80,092 $
34,128
Investments
704,476
809,168
198,486
222,613
1,934,743
1,864,135
Receivables:
Accounts
76,800
74,614
53,400
14,788
219,602
228,906
Other
18,042
10,519
...
...
28,561
18,109
Interfund
...
...
...
...
...
9,055
Due from other governments
...
...
...
...
...
3,360
Prepaid items
1,572
2,177
4,905
967
9,621
10,733
Inventory
------------
18,404
...
------------
...
-----------
...
-----------
18,404
------------------------
26,105
Total Current Assets
------------
819,294
896,478
------------
302,636
-----------
272,615
-----------
2,291,023
------------ ------------
2,194,531
Restricted Assets:
Cash and equivalents
447,039
466,331
913,370
444,526
Investments
293,531
743,802
...
..
1,037,333
4,263,404
Interfund receivables
...
524,856
------------
...
-----------
-----------
524,856
------------ ------------
...
------------
Total Restricted Assets
------------
740,570
1,734,989
------------
...
-----------
...
-----------
2,475,559
------------ ------------
4,707,930
Other Assets:
Deferred charges
------------
95,222
200,332
------------
...
-----------
...
-----------
295,554
------------------------
336,141
Property, Plant and Equipment:
Land
224,209
1,270,045
...
...
1,494,254
1,494,254
Water system
8,028,372
...
...
...
8,028,372
7,263,320
Sewer system
...
11,760,160
...
...
11,760,160
9,965,882
Improvements other than buildings
...
...
...
103,918
103,918
103,918
Machinery and equipment
------------
244,363
304,766
------------
746,999
-----------
88,416
-----------
1,384,544
------------------------
1,120,093
8,496,944
13,334,971
746,999
192,334
22,771,248
19,947,467
Less accumulated depreciation
------------
2,225,554
2,647,885
------------
411,224
-----------
23,736
-----------
5,308,399
------------ ------------
4,767,230
Net Property, Plant
and Equipment
------------
6,271,390
10,687,086
------------
335,775
-----------
168,598
-----------
17,462,849
------------ ------------
15,180,237
TOTAL ASSETS $
7,926,476
$ 13,518,885
$ 638,411
$ 441,213
$ 22,524,985 $
22,418,839
80
TOTALS
WATER
SEWER
SANITATION
STORMWATER
----------------------------
LIABILITIES AND FUND EQUITY
---------------------------
FUND
----
FUND
----
FUND
----
FUND
----
1997
----
1996
----
Liabilities:
Current Liabilities (payable
from current assets):
Accounts payable $
6,970 $
3,908
$ 43,712
$ 305
$ 54,895
$ 125,188
Other accrued expenses
24,304
17,803
17,303
2,611
62,021
36,229
Interfund payables
------------
2,986
------------
4,230
7,082
-----------
832
-----------
15,130
------------
9,055
------------
Total Current Liabilities
(payable from current
assets)
------------
34,260
------------
25,941
68,097
-----------
3,748
-----------
132,046
------------
170,472
------------
Current Liabilities (payable from
restricted assets):
Contracts and retainage
70,765
194,137
...
264,902
960,365
Deposits
81,922
...
81,922
78,329
Accrued interest
67,667
119,747
187,414
196,415
Revenue bonds
49,340
120,700
170,000
160,000
Interfund payables
`
524,856 %
t.
...
524,856
...
Total Current Liabilities
(payable from restricted
assets)
------------
794,510
------------
434,584
...
-----------
...
-----------
1,229,094
------------
1,395,109
------------
Long-Term Liabilities:
Revenue bonds (net of current
portion and deferred
refunding amount)
3,960,363
6,940,889
10,901,252
11,049,267
Mortgage note
------------
...
------------
...
...
-----------
-----------
...
------------
392,647
------------
Total Long -Term Liabilities
------------
3,960,363
------------
6,940,889
...
-----------
...
-----------
10,901,252
------------
11,441,914
------------
Total Liabilities
------------
4,789,133
------------
7,401,414
68,097
-----------
3,748
-----------
12,262,392
------------
13,007,495
------------
Fund Equity:
Contributed capital
------------
791,605
------------
3,803,127
101,722
-----------
...
-----------
4,696,454
------------
3,750,306
------------
Retained Earnings:
Reserved for debt service
232,836
...
...
232,836
323,383
Reserved for expansion
...
1,067,569
...
1,067,569
2,278,056
Unreserved
2,345,738
1,013,939
468,592
-----------
437,465
-----------
4,265,734
------------
3,059,599
------------
------------
Total Retained Earnings
------------
2,345,738
2,314,344
468,592
437,465
-----------
5,566,139
------------
5,661,038
------------
------------
Total Fund Equity
------------
------------
3,137,343
------------
6,117,471
-----------
570,314
-----------
437,465
-----------
10,262,593
------------
9,411,344
------------
TOTAL LIABILITIES AND
FUND EQUITY $
7,926,476 $
13,518,885
$ 638,411
$ 441,213
$ 22,524,985
$ 22,418,839
81
THIS PAGE INTENTIONALLY LEFT BLANK
82
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996
Operating Revenues
Charges for services
Miscellaneous
Total Operating Revenues
Operating Expenses:
Personal services
Utilities
Dumping fees
Administrative services
Repair and maintenance
Depreciation
Professional services
Insurance
Operating supplies
Office expense
Bad debt
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest revenue
Interest expense
Grants/contributions
Total Nonoperating
Revenues (Expenses)
Income (Loss) Before
Operating Transfers
Operating transfers (out)
Net Income (Loss)
Retained Earnings - October 1
RETAINED EARNINGS - SEPTEMBER 30
TOTALS
WATER
SEWER
SANITATION
STORMWATER
-------------------------
FUND
----
FUND
----
FUND
----
FUND
----
1997
----
1996
----
$ 1,062,999
$ 863,126
$ 597,738
$ 146,590
$ 2,670,453
$ 2,391,392
44,102
-----------
52,256
-----------
3,890
-----------
...
-----------
100,248
-----------
50,443
-----------
1,107,101
-----------
915,382
-----------
601,628
-----------
146,590
-----------
2,770,701
-----------
2,441,835
-----------
259,688
255,096
251,230
48,670
814,684
681,848
126,087
124,849
...
...
250,936
188,368
...
...
249,790
...
249,790
238,837
53,245
70,697
25,166
33,037
182,145
171,356
81,790
34,018
19,658
6,952
142,418
123,851
221,994
250,202
60,054
8,919
541,169
452,708
55,778
28,508
25,328
29,588
139,202
119,680
9,272
39,764
10,115
1,886
61,037
34,940
50,229
20,843
27,487
3,015
101,574
81,404
19,528
8,554
4,791
838
33,711
30,093
1,032
-----------
1,729
-----------
2,188
-----------
598
-----------
5,547
-----------
5,519
-----------
878,643
-----------
834,260
-----------
675,807
-----------
133,503
-----------
2,522,213
-----------
2,128,604
-----------
228,458
-----------
81,122
-----------
(74,179)
-----------
13,087
-----------
248,488
-----------
313,231
-----------
59,531
195,465
17,461
14,145
286,602
303,736
(228,053)
(411,928)
...
...
(639,981)
(594,558)
95,093
-----------
...
-----------
8,734
-----------
...
-----------
103,827
-----------
28,404
-----------
(73,429)
-----------
(216,463)
-----------
26,195
-----------
14,145
-----------
(249,552)
-----------
(262,418)
-----------
155,029
(135,341)
(47,984)
27,232
(1,064)
50,813
(93,835)
...
-----------
...
-----------
...
-----------
(93,835)
-----------
(80,439)
-----------
-----------
61,194
(135,341)
(47,984)
27,232
(94,899)
(29,626)
2,284,544
-----------
2,449,685
-----------
516,576
-----------
410,233
-----------
5,661,038
-----------
5,690,664
-----------
S 2,345,738
$ 2,314,344
$ 468,592
$ 437,465
$ 5,566,139
$ 5,661,038
83
CITY OF CLERMONT, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996
TOTALS
WATER
SEWER
SANITATION
STORMWATER
-------------------------
FUND
----
FUND
----
FUND
----
FUND
----
1997
----
1996
----
Cash Flows From Operating Activities:
Cash received from customers
S 1,118,382
$ 923,789
$ 599,930
$ 146,446
$ 2,788,547
$ 2,417,973
Cash payments to suppliers
(453,267)
(360,186)
(334,876)
(76,473)
(1,224,802)
(998,179)
Cash payments for
employee services
(253,093)
-----------
(244,577)
-----------
(243,513)
-----------
(47,658)
-----------
(788,841)
-----------
(708,029)
-----------
Net Cash Provided By
Operating Activities
412,022
-----------
319,026
-----------
21,541
-----------
22,315
-----------
774,904
-----------
711,765
-----------
Cash Flows From NonCapital
Financing Activities:
Operating transfer out
(93,835)
...
...
(93,835)
(80,439)
Advance from other funds
...
...
...
...
...
9,100
Advance to other funds
...
...
...
...
(4,200)
Grants/contributions
95,093
-----------
...
-----------
8,734
-----------
...
-----------
103,827
-----------
111,846
-----------
Net Cash Provided (Used) By Non -
Capital Financing Activities
1,258
-----------
...
-----------
8,734
-----------
...
-----------
9,992
-----------
36,307
-----------
Cash Flows From Capital and Related
Financing Activities:
Acquisition and construction of
capital assets
(679,335)
(2,700,040)
(139,869)
(3,519,244)
(2,441,422)
Principal paid
(153,192)
(377,470)
...
(530,662)
(3,268,833)
Interest paid
(218,632)
(389,763)
...
(608,395)
(432,311)
Contributed capital
332,599
613,549
...
946,148
432,215
Debt proceeds
166,986
(166,986)
...
...
...
7,990,000
Issue costs
...
-----------
...
-----------
...
-----------
...
-----------
...
-----------
(142,681)
-----------
Net Cash Provided (Used)
By Capital and Related
Financing Activities
(551,574)
-----------
(3,020,710)
-----------
(139,869)
-----------
...
-----------
(3,712,153)
-----------
2,136,968
-----------
Cash Flows From Investing Activities:
Interest
59,531
195,465
17,461
14,145
286,602
303,736
Investment sales
313,798
2,716,966
133,147
...
3,163,911
...
Investment purchases
...
-----------
...
-----------
...
-----------
(8,448)
-----------
(8,448)
-----------
(3,169,010)
-----------
Net Cash Provided (Used) By
Investing Activities
373,329
-----------
2,912,431
-----------
150,608
-----------
5,697
-----------
3,442,065
-----------
(2,865,274)
-----------
Net Increase in Cash
and Equivalents
235,035
210,747
41,014
28,012
514,808
19,766
Cash and Equivalents at
Beginning of Year
212,004
-----------
255,584
-----------
4,831
-----------
6,235
-----------
478,654
-----------
458,888
-----------
Cash and Equivalents at
End of Year
$ 447,039
$ 466,331
$ 45,845
$ 34,247
$ 993,462
$ 478,654
84
TOTALS
WATER SEWER SANITATION STORMWATER -------------------------
FUND FUND FUND FUND 1997 1996
---- ---- ---- ---- ---- ----
Reconciliation of Operating
Income To Net Cash Provided
By Operating Activities:
Operating income (loss) $ 228,458 $ 81,122 $ (74,179) $ 13,087 $ 248,488 $ 313,231
-------------------------------------------- ----------- -----------
Adjustments to Reconcile Operating
-
Income to Net Cash Provided by
Operating Activities:
Depreciation
221,994
250,202
60,054
8,919
541,169
452,708
Change in Assets and Liabilities:
Decrease (Increase) in receivables
4,702
8,407
(1,698)
(144)
11,267
(20,906)
Decrease (Increase) in prepaids
278
385
278
171
1,112
289
5
7,701
...
...
...
7,701
(7,542)
Increase (Decrease) in accrued expenses
6,595
10,468
7,717
1,012
25,792
(26,352)
Increase (Decrease) in payables
-----------
(57,706)
-----------
(31,558)
-----------
29,369
-----------
(730)
-----------
(60,625)
-----------
337
Total Adjustments
-----------
183,564
-----------
237,904
-----------
95,720
-----------
9,228
-----------
526,416
-----------
398,534
Net Cash Provided (Used) by
Operating Activities S
412,022 $
319,026 $
21,541 $
22,315 $
774,904 $
711,765
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.
E-*h
CITY OF CLERMONT, FLORIDA
CROUP SELF INSURANCE FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1997 AND 1996
TOTALS
------------------------
ASSETS 1997 1996
Cash and cash equivalents $ 63,692 $
Investments 38,706 33,123
------------------
Total Assets $ 102,398 $ 33,123
LIABILITIES AND FUND EQUITY
---------------------------
Liabilities:
Accounts payable $ 9,567 $ 11,909
Retained Earnings:
Unreserved 92,831 21,214
------------------
TOTAL LIABILITIES AND FUND EQUITY $ 102,398 $ 33,123
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, 1997 AND 1996
TOTALS
------------------------
1997 1996
Operating Revenues*
Charges for services $ 303,251 $ 287,115
Insurance stop -loss payments 6,260 8,914
------------------
Total Operating Revenues 309,511 296,029
------------------
Operating Expenses:
Re -insurance premiums 43,037 42,794
Administrative fees 17,671 15,510
Medical claims 181,405 200,735
Total Operating Expenses 242,113 259,039
------------------
Operating Income 67,398 36,990
Nonoperating Revenues:
Interest revenue 4,219 766
------------------
Net Income 71,617 37,756
Retained Earnings - October 1 21,214 (16,542)
------------------
RETAINED EARNINGS - SEPTEMBER 30 $ 92,831 $ 21,214
89
CITY OF CLERMONT, FLORIDA
GROUP SELF INSURANCE FUND
COMPARATIVE STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED SEPTEMBER 30, 1997 AND 1996
TOTALS
------------------------
1997 1996
Cash Flows From Operating Activities:
Cash received from customers $ 309,511 $ 296,029
Cash payments to suppliers (60,708) (58,304)
Cash payments for medical claims (183,747) (239,455)
------------------
Net Cash Provided (Used) By
Operating Activities 65,056 (1,730)
------------------
Cash Flows From NonCapital Activities:
Interfund loan ... 9,520
------------------
Cash Flows From Investing Activities:
Investment purchase (5,583) (17,179)
Interest 4,219 766
------------------
Net Cash Used By Investing Activities (1,364) (16,413)
------------------
Net Increase (Decrease) in cash 63,692 (8,623)
Cash at Beginning of Year ... 8,623
------------------
Cash at End of Year $ 63,692 $ ...
Reconciliation of Operating
Income to Net Cash Provided (Used)
By Operating Activities:
Operating income $ 67,398 $ 36,990
Adjustments to Reconcile Operating
Income to Net Cash Provided (Used)
By Operating Activities:
(Decrease) in payables
Net Cash Provided (Used) By Operating Activities
(2,342) (38,720)
------------------
$ 65,056 $ (1,730)
.E
F/D UC/A R Y FUND T YPES
91
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92
TRUST FUNDS
Trust Funds are used to account for assets held by the City in a trustee
capacity.
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 a# volunteer firefighters. The State contributes
money based upon the number of firefighters and the City contributes
an amount determined by an actuarial study.
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 a# other
funds, but the interest may be transferred to the General Fund to defray
the cost of cemetery operation and maintenance.
93
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94
CITY OF CLERMONT, FLORIDA
PENSION TRUST FUNDS
COMPARATIVE STATEMENT OF PLAN NET ASSETS
SEPTEMBER 30, 1997 AND 1996
ASSETS
Investments (at fair value)
Receivables
Interfund
TOTAL ASSETS
LIABILITIES
Net assets held in trust for pension
benefits
GENERAL POLICE
EMPLOYEES PENSION
FIREMEN
PENSION
$1,902,788 $1,745,429 $ 486,844
31,669 176 55
------------------------------
$1,934,457 $1,745,605 $ 486,899
$1,934,457 $1,745,605 $ 486,899
TOTALS
----------------------
1997 1996
$ 4,135,061 $ 3,360,374
31,900 99
------------------
$ 4,166,961 $ 3,360,473
$ 4,166,961 $ 3,360,473
95
CITY OF CLERMONT, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
FOR THE YEARS ENDED SEPTEMBER 30, 1997 AND 1996
GENERAL
POLICE
FIREMEN
EMPLOYEES
---------
PENSION
-------
PENSION
-------
Additions
Contributions
Employer
$ 87,145 $
20,847
$
Plan member
...
5,535
438
State
...
--------------------
56,073
21,467
----------
Total Contributions
87,145
--------------------
82,455
21,905
----------
Investment income
374,280
339,225
93,262
Less: Investment expense
20,818
--------------------
15,999
7,927
----------
Net investment income
353,462
---------- ----------
323,226
85,335
----------
Total Additions
440,607
---------- ----------
405,681
107,240
----------
Deductions
Benefits 77,864 68,385 791
------------------------------
Net increase 362,743 337,296 106,449
Net assets held in trust for
pension benefits
Beginning of year 1,571,714 1,408,309 380,450
End of Year $1,934,457 $1,745,605 $ 486,899
TOTALS
--------------------------
1997 1996
$ 107,992
$ 104,412
5,973
5,611
77,540
-----------
69,012
-----------
191,505
-----------
179,035
-----------
806,767
394,435
44,744
42,818
762,023 351,617
------------------
953,528 530,652
------------------
147,040 140,944
----------------------
806,488 389,708
3,360,473 2,970,765
----------------------
$ 4,166,961 $ 3,360,473
96
CITY OF CLERMONT, FLORIDA
NONEXPENDABLE TRUST FUND
CEMETERY TRUST FUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30, 1997 AND 1996
ASSETS
TOTALS
--------------------------
1997 1996
Cash and equivalents $ 7,874 $ 3,287
Investments 248,960 242,695
Interest receivable 4,204 ...
--------- ---------
TOTAL ASSETS $ 261,038 $ 245,982
FUND BALANCES
-------------
Fund Balances:
Reserved for cemetery care $ 261,038 $ 245,982
97
CITY OF CLERMONT, FLORIDA.
NONEXPENDABLE TRUST FUND -
CEMETERY TRUST FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE
FOR THE YEARS ENDED SEPTEMBER 30, 1997 AND 1996
Operating Revenues:
Sales - cemetery lots
Operating Expenses:
Operating supplies
Operating income
Fund Balances - Beginning of Year
Fund Balances - End of Year
TOTALS
--------------------------
1997 1996
$ 15,200 $ 18,600
------------------
144 886
------------------
15,056 17,714
245,982 228,268
------------------
$ 261,038 $ 245,982
98
CITY OF CLERMONT, FLORIDA
NONEXPENDABLE TRUST FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 1996
TOTALS
--------------------------
1997 1996
Cash Flows from Operating Activities:
Cash received from customers $ 15,200 $ 18,600
Cash payments to suppliers (144) (886)
------------------
Net Cash Provided by Operating Activities 15,056 17,714
------------------
Cash Flows from Investing Activities:
Investment purchases (6,265) (20,971)
Interest receivable transferred to general fund (4,204) ...
--------- ---------
Net Cash Used by Investing Activities (10,469) (20,971)
------------------
Net Increase (Decrease) in Cash
an Cash Equivalents 4,587 (3,257)
Cash and Equivalents at
Beginning of Year 3,287 6,544
------------------
Cash and Equivalents at
End of Year $ 7,874 $ 3,287
Reconciliation of Operating Income to Net Cash
Provided by Operating Activities:
Operating Income
$
---------
15,056
$
---------
17,714
Net Cash Provided by Operating Activities
$
15,056
$
17,714
99
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100
ACCOUNT GROUPS
101
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS BY SOURCES
SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996
------------
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
------------------------------
1997 1996
$ 1,233,307
$ 952,731
2,814,432
2,814,432
4,948,446
4,130,806
1,827,355
-----------
1,576,540
-----------
$10,823,540
$ 9,474,509
$ 2,302,411
$ 2,302,411
474,207
374,207
5,309,461
4,478,713
2,103,484
1,876,977
633,977
-----------
442,201
-----------
$10,823,540 $ 9,474,509
104
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION
AS OF SEPTEMBER 30, 1997
IMPROVEMENTS
OTHER THAN
FUNCTION
------------------------------------
TOTAL
------------
LAND
BUILDINGS
----------
BUILDINGS
------------------------
EQUIPMENT
General government $
387,652 $
78,009
$ 20,320
$ ... $
289,323
Public safety
2,188,338
81,424
1,079,657
...
1,027,257
Physical environment
1,126,422
47,168
721,814
80,692
276,749
Transportation
2,232,505
...
...
2,165,067
67,437
Culture/recreation
4,407,438
798,598
907,371
2,556,314
145,155
Older assets not
maintained by function
------------
481,185
-----------
228,108
85,270
-----------
146,373
----------------------
21,434
TOTAL GENERAL
FIXED ASSETS $ 10,823,540 $ 1,233,307 $ 2,814,432 $ 4,948,446 $ 1,827,355
105
CITY OF CLERMONT, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION
YEAR ENDED SEPTEMBER 30, 1997
GENERAL
FIXED
ASSETS
FUNCTION
-------------------------------
9/30/96
-----------
General government
$ 345,930
Public safety
2,034,266
Physical environment
1,121,273
Transportation
1,683,788
Culture/recreation
3,808,067
Older assets not
maintained by function
481,185
TOTAL GENERAL
FIXED ASSETS $ 9,474,509
GENERAL
FIXED
ASSETS
ADDITIONS
-----------
DEDUCTIONS 9/30/97
---------------------
$ 41,722
$ ... $ 387,652
154,072
... 2,188,338
5,149
... 1,126,422
548,717
... 2,232,505
599,371
... 4,407,438
.. ... 481,185
-------------------------------
$ 1,349,031 $ $10,823,540
106
CITY OF CLERMONT, FLORIDA
SCHEDULE OF GENERAL LONG-TERM DEBT
SEPTEMBER 30, 1997
WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996
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
------------------------------
1997 1996
$ 58,333 $ 53,333
1,102,563 1,271,979
----------------------
$ 1,160,896 $ 1,325,312
$ 1,125,000 $ 1,285,000
35,896 40,312
----------------------
$ 1,160,896 $ 1,325,312
107
THIS PAGE INTENTIONALLY LEVT BLANK
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, 1997
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
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
1996-97
636,895
1,299, 427
126,409
(1) Includes General and Special
Revenue Funds
(2) Community
Development Block
Grant expenditures
were included in
the 1992-93, 1995-96, 1996-97
Fiscal Years.
110
TABLE 1
(2)
ECONOMIC
HUMAN
CULTURE AND
TRANSPORTATION
ENVIRONMENT
SERVICES
RECREATION
TOTAL
$ 461,718
$ 1,175
$ 13,027
$ 283,504
$ 1,858,717
282,696
1,780
12,864
303,943
1,780,844
442,340
9,596
18,703
421,271
2,223,546
330,476
9,283
13,665
435,748
2,160, 361
249,736
11,817
13,650
503,764
2,209,800
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
912,130
247,422
20,974
1,205,642
4,448,899
111
CITY OF CLERMONT, FLORIDA
GENERAL REVENUE BY SOURCE (1)
LAST TEN FISCAL YEARS
LICENSES
FISCAL
AND
INTER -
YEAR
TAXES
PERMITS
GOVERNMENTAL
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
1996-97
2,497,102
97,347
988,581
(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
(2 )
CHARGES FINES
FOR AND
SERVICES FORFEITURES
INTEREST
ON
TABLE 2
MISCELLANEOUS TOTAL
$ 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
46,354
128,047
81,605
224,626
4,063,662
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
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
1996-97
1996
236,824,197
213,141,778
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
$ 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%
634,949
608,205
95.8%
9,224
617,429
97.2%
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
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
1996-97
1996
2.979
4.909
9.228
.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
SOUTH LAKE ST. JOHNS RIVER
HOSPITAL WATER MGMNT
DISTRICT DISTRICT
2.000
.517
2.000
.281
2.000
.346
2.000
.358
2.000
.358
2.000
.358
2.000
.470
2.000
.482
2.000
.482
2.000
.482
TABLE 4
TOTAL
16.173
17.090
18.785
19.545
19.656
19.696
20.039
19.511
20.450
19.982
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)
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
1,849
307
429,716,000
1992-93
2,484
366
1,893
313
465, 789, 000
1993-94
2,526
385
1,931
330
493,821,000
1994-95
3,136
392
1,978
350
482,962,000
1995-96
3,483
391
2,334
358
630,763,000
1996-97
3,987
439
2,770
403
833,834,000
Source: Water and Sewer Customer Data Reports as of September 30
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
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
1996-97
2,277,479
1,240,707
(1) Excludes interest expense and depreciation
(2) Maximum debt service in any subsequent year is $728,845
120
TABLE 6
(2)
DEBT
NET SERVICE
REVENUES REQUIREMENTS COVERAGE
$ 610,188
$ 310,128
1.96%
741,313
302,628
2.44%
612,512
327,330
1. 87%
551,938
335,579
1.64%
557,307
339,689
1. 64%
512,069
338,256
1.51%
358,633
290,083
1.23%
620,946
326,420
1.90$
958,864
509,355
1.88%
1,036,772
708,660
1.46%
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
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%
1996-97
7,582
2,180
3.1%
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
#OF
#OF
YEAR
UNITS
VALUE
UNITS
VALUE
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
1996-97
14
3,340,805
289
17, 797, 703
(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
(1)
BANK
DEPOSITS
ASSESSED TAXABLE
(3) PROPERTY VALUE (4 )
TAXABLE
NONTAXABLE
$ 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
2,035,941,000
213,141,778
65,771,140
125
CITY OF CLERMONT, FLORIDA TABLE 9
PRINCIPAL TAXPAYERS
PERCENTAGE
ASSESSED
OF TOTAL
VALUATION
ASSESSED
TAXPAYER
AS OF 111197
VALUATION
Clermont Venture Ltd.
$ 6,261,477
2.94$
201 E. Kennedy Blvd. Suite 700
Tampa, FL 33602
John Hurtak, Trustee
5,145,261
2.41%
525 N.E. 58th Street
Miami, FL 33137
South Lake Hospital
4,821,318
2.26%
847 Eighth Street
Clermont, FL 34711
Lennar Homes, Inc.
3,851,903
1.81%
700 NW 107th Avenue
Miami, FL 33172
Lake Highlands Associates, Inc.
3,225,207
1.51%
151 E. Minnehaha Avenue
Clermont, FL 34711
Lakeworth MHP, LTD.
3,122,017
1.46%
5603 N. State Road 7
Ft. Lauderdale, FL 33319
Patrick G. Kelley, Trustee
2,214,531
1.04%
111 N. Orange Avenue, Suite 1000
Orlando, FL 32801
Indian Shores Development
2,050,314
.96%
125 Ginnamon Drive
Orlando, FL 32825
Maynard Knapp, Trustee
1,289,992
.61%
215 N. Eola Drive
Orlando, FL 32801
Star Development
7829 Greenbriar Parkway
Orlando, FL 32819
1,159 756
.54%
TOTAL
$ 339141,776
15�5%
Source: 1998 City of Clermont Tax Roll, prepared by the Lake
County Property Appraiser's Office.
126
CITY OF CLERMONT, FLORIDA
LARGEST EMPLOYERS
TABLE 10
EMPLOYER
INDUSTRY
EMPLOYEES
South Lake Hospital
Health Care
299
Publix
Grocery
244
Winn Dixie
Grocery
225
Lake Highlands Retirement
& Nursing Home
Retirement and Nursing
125
Lake County School System
Education
115
CBS Industries
Construction Supplies
86
City of Clermont
Municipality
83
Quincy's Steak House
Restaurant
69
Exceletech, Inc.
Steel Fabrication and Erection
65
South Lake Ford
Automobile Dealer
45
127
CITY OF CLERMONT, FLORIDA
PENSION EXPENSES BY TYPE - ALL PENSION PLANS
LAST TEN FISCAL YEARS
FISCAL BENEFIT ADMINISTRATION
YEAR PAYMENTS REFUNDS FEES TOTAL
General Employee Plan
1987-88
$ 17,840
$ -0-
$ 12,552
$ 30,392
1988-89
26,586
-0-
7,370
33,956
1989-90
22,649
14,056
17,016
53,721
1990-91
45,240
13,796
16,532
75,568
1991-92
49,802
15,282
15,374
80,458
1992-93
49,802
963
12,638
63,403
1993-94
89,015
-0-
19,523
108,538
1994-95
80,094
14,016
19,132
113,242
1995-96
79,403
29,764
20,535
129,702
1996-97
77,864
-0-
20,818
98,682
Police Officers Plan
1987-88
$ -0-
$ 683
$ 8,114
$ 8,797
1988-89
3,671
-0-
3,162
6,833
1989-90
13,240
680
12,059
25,979
1990-91
15,958
734
9,414
26,106
1991-92
29,547
14,592
8,970
53,109
1992-93
29,547
-0-
8,564
38,111
1993-94
31,454
-0-
12,042
43,496
1994-95
29,547
-0-
13,860
43,407
1995-96
29,547
1,439
15,156
46,142
1996-97
67,190
1,195
15,999
84,384
Volunteer Firefighters Plan
1987-88
$3,500
$ -0-
$ 1,719
$ 5,219
1988-89
-0-
-0-
968
968
1989-90
-0-
6,213
6,148
12,361
1990-91
814
-0-
4,332
5,146
1991-92
790
-0-
4,402
5,192
1992-93
791
-0-
4,255
5,046
1993-94
791
-0-
6,328
7,119
1994-95
791
71
7,320
8,182
1995-96
791
-0-
7,127
7,918
1996-97
791
-0-
7,928
8,719
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
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
1996-97
-0-
87,145
-0-
374,280
461,425
Police Officers Plan
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
1996-97
5,535
20,847
56,073
339,225
421,680
Volunteer Firefighters Plan
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
1996-97
438
-0-
21,467
93,262
115,167
129
FISCAL
YEAR
CITY OF CLERMONT, FLORIDA
PENSION FUNDING PROGRESS - DEFINED BENEFIT PLANS
LAST TEN FISCAL YEARS
ACTUARIAL ACTUARIAL
VALUATION VALUE OF
DATE ASSETS
General Employees Plan
ACTUARIAL
ACCRUED
LIABILITY
(AAL2
1987-88
1011187
$ 563,380
$ 687,546
1988-89
1011188
647,116
687,546
1989-90
1011189
652,038
830,772
1990-91
10/1/90
757,437
750,262
1991-92
10/1/91
747,713
734,907
1992-93
1011192
761,366
750,416
1993-94
1011193
671,313
787,967
1994-95
1011194
780,813
758,398
1995-96
1011195
818,857
872,512
1996-97
1011196
872,643
836,232
Police Officers Plan
1987-88
1011187
$ 457,376
$ 761,746
1988-89
1011188
565,254
761,746
1989-90
1011189
559,160
642,442
1990-91
10/1/90
685,104
681,911
1991-92
10/1/91
778,984
725,418
1992-93
1011192
942,678
879,988
1993-94
1011193
963,332
962,066
1994-95
1011194
1,210,374
966,568
1995-96
1011195
1,408,309
1,107,486
1996-97
1011196
1,745,605
1,159,020
Volunteer Firefighters Plan
1987-88
1011187
$ 128,643
$ 27,194
1988-89
1011188
160,632
27,194
1989-90
1011189
157,266
15,130
1990-91
10/1/90
194,749
16,544
1991-92
10/1/91
221,249
24,882
1992-93
1011192
253,712
15,747
1993-94
1011193
261,364
15,280
1994-95
1011194
326,086
16,063
1995-96
1011195
380,450
42,516
1996-97
1011196
486,899
44,320
SOURCE: Annual Pension Evaluations
130
UNFUNDED
AAL
(UAAL )
FUNDED
RATIO
COVERED
PAYROLL
TABLE 13
UAAL
ASAP
OF ANNUAL
COVERED
PAYROLL
$ 124,166
81.94%
$ 179,264
69.26%
40,430
94.12%
157,669
25.64%
178,734
78.49%
134,279
133.11%
( 7,175)
100.96%
129,278
( 5.55%)
( 12,806)
101.74%
108,230
( 11.83%)
( 10,950)
101.46%
117,941
( 9.28%)
116,654
85.20%
62,972
(185.25%)
( 22,415)
102.96%
35,013
( 64 .02%)
53,655
93 .85%
26,772
200.41%
( 36,411)
104.35%
28,610
(127.27%)
$ 304,370
60.01%
$ 283,789
107.25%
196,492
74.21%
349,356
56.24%
83,282
87.04%
367,590
22.66%
( 3,193)
100.47%
410,608
( . 78%)
( 53,566)
107.38%
439,908
( 12.18%)
( 62,690)
107.12%
429,772
( 14.59%)
( 1,266)
100.13%
459,607
( .28%)
(243, 806)
125.22%
487,557
( 50.01%)
(300, 823)
127.16%
521,150
( 57. 72%)
(586, 585)
150.61%
543,193
(107. 99%)
$ (101, 449)
473.06%
$ 6,174
(1643.16*)
(133, 438)
590. 69%
6,140
(2173.25%)
(142,136)
1039.43%
6,927
(2051.91%)
(178,205)
1177.16%
11,531
(1545.44%)
(196, 367)
889.19%
18,076
(1086.34%)
(237, 965)
1611.18%
19,049
(1249.23%)
(245, 544)
1652 .11%
28,754
( 853.95%)
(310,023)
2030.04%
28,612
(1083.54%)
(337, 934)
894.84%
30,928
(1092.65%)
(442,579)
1098.60%
47,259
( 936.50%)
131
THIS PAGE INTENTIONALLY LEFT BLANK
132
CITY OF CLERMONT, FLORIDA
PENSION CONTRIBUTIONS FROM CITY/STATE - DEFINED BENEFIT PLAN
LAST TEN FISCAL YEARS TABLE 14
ANNUAL CITY STATE
FISCAL REQUIRED CONTRIBUTION CONTRIBUTION
YEAR CONTRIBUTION PERCENTAGE PERCENTAGE
General Employees Plan
1987-88
$ 10,436
127.8%
-0-%
1988-89
10,436
84.4%
-0-%
1989-90
38,481
100.0%
-0-%
1990-91
38,690
100.0%
-0-%
1991-92
11,556
100.0%
-0-%
1992-93
5,543
147.6%
-0-%
1993-94
13,348
100.0%
-0-%
1994-95
17,120
100.0%
-0-$
1995-96
20,738
100.0%
-0-$
1996-97
13,500
100.0%
-0-$
Police Officers Plan
1987-88
$ 19,780
129.3%
133.6%
1988-89
19,780
-0-$
129.1%
1989-90
35,098
-0-%
83.3%
1990-91
30,484
-0-%
102.2%
1991-92
72,415
134.4%
49.0%
1992-93
65,540
40.4%
57.4%
1993-94
72,517
39.4%
54.6%
1994-95
74,514
33.9%
64.3%
1995-96
73,945
32.6%
68.9%
1996-97
78,058
26.7%
71.8%
Volunteer Firefighters Plan
1987-88
$ 2,580
-0-%
315.4%
1988-89
2,580
-0-%
343.8%
1989-90
1,592
-0-%
775.8%
1990-91
1,111
-0-%
863.5%
1991-92
(526)
-0-'%
(2010.3 %)
1992-93
180
-0-%
5627.2%
1993-94
184
-0-%
9122.8%
1994-95
6,273
-0-%
235.6%
1995-96
7,774
-0-%-
232.6%
1996-97
8,444
-0-%
254.2%
SOURCE: Annual Pension Evaluations
133
CITY OF CLERMONT, FLORIDA
SCHEDULE OF INSURANCE COVERAGES
SEPTEMBER 30, 1997
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 09130197
FM 389 09130197
FMP 49 09130197
134
TABLE 15
DETAILS LIMITS
General Liability $100,000/Person
Bodily Injury Liability $200,000/0ccurrence
Auto Liability
Law Enforcement Liability
Specific Excess Liability $1,500,000/Occurrence
Public Officials Errors
and Omissions Liability $1,500,000/0ccurrence
Finance Director -Bond $100,000
Public Employees
Blanket Bond $ 5,000
Accidental Death-Police/Fire $ 50 000
Statutory
Workers Compensation $100,000/500,000
Blanket Building per Schedule
and Property $14, 607,105
135
CITY OF CLERMONT, FLORIDA
MISCELLANEOUS STATISTICAL DATA
SEPTEMBER 30, 1997
TABLE 16
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
11.26 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
19
EDUCATION:
Number of Schools:
Elementary
2
Middle
1
Number of Teachers
115
Number of Students
2,180
MUNICIPAL WATER DEPARTMENT:
Number of Consumers
4,426
Average Daily Consumption
2,284,476
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
43,000
TOTAL CITY EMPLOYEES:
Full -Time
83
Part -Time
6
136
OTHER REPORTS
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
GREENLEE
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.
CERTIFIED PUBLIC
John A. Powers, C.P.A.
ACCOUNTANTS
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 thegeneral purpose financial statements of the City of Clermont,
Florida, as of and for the year ended September 30, 1997, and have issued our
report thereon dated January 14, 1998.
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, 1997, 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 32756
Telephone: (352) 394-3256 137 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.
uhh.u,0 iCe� �
/ '
Clermont, Florida
January 14, 1998
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 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, 1997, and have issued our
report thereon dated January 14, 1998.
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.
Clermont, Florida
January 14, 1998
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 32756
Telephone: (352) 394-3256 139 Telephone: (352) 383-6300
TE S PAGE INTENTIONALLY LEFT BLANK
V',f 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
EXAMINATION OF MANAGEMENT'S ASSERTION
ABOUT COMPLIANCE WITH SPECIFIED REQUIREMENTS
To the City Council
City of Clermont, Florida
We have examined management's assertion about City of Clermont's compliance with
the allowable cost requirements established in the grant agreement applicable to
the State grants and aids appropriations identified on Schedule of State Financial
Assistance for the year ended September 30, 1997, included in the accompanying
Management Assertion Report. Management is responsible for City of Clermont's
compliance with those requirements. Our responsibility is to express an opinion on
management's assertion about the City of Clermont's compliance based on our examin-
ation.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about compliance with those requirements and
performing such other procedures as we considered necessary in the circumstances.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the City of Clermont's
compliance with specified requirements.
In our opinion, management's assertion that the City of Clermont complied with the
allowable cost requirements during the fiscal year ended September 30, 1997, is
fairly stated, in all material respects.
Clermont, Florida
January 14, 1998
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 32756
Telephone: (352) 394-3256 141 Telephone: (352) 383-6300
TES PAGE INTENTIONALLY LEFT BLANK
142
CITY OF CLERMONT
Office of the Finance Director
MANAGEMENT ASSERTION REPORT
I, JOSEPH VAN ZILE, hereby assert that,
CITY OF CLERMONT, FLORIDA, complied with allowable cost requirements of
the grants and aids appropriations identified on the attached Schedule
of State Financial Assistance during the fiscal year ended September 30,
1997.
9—jsifgnatu e
FINANCE DIRECTOR
(title)
January 14, 1998
(date)
143
P.O. BOX 120219 CLERMONT, FLORIDA 34712-0219 ■ PHONE: 352/394-4081
FAX: 352/394-1452
THIS PAGE INTENTIONALLY LEFT BLANK
144
GREENLEE
CLERMONT: Herbert John Greenlee, Jr., C.P.A.
Jerry D. Brown, C.P.A.
r s
KURf? A
MOUNT DORA: John S. Rice, C.P.A.
�S
Q
RI�E
Patricia A. Sykes -Amos, C.P.A.
CJ�
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 STATE 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, 1997, and have issued our
report thereon dated January 14, 1998. 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. These standards require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the general purpose financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
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 State Financial Assistance is presented for purposes
of additional analysis and is not a required part of the general purpose financial
statements. The information in that schedule has been subjected to the auditing
procedures applied in the audit of the general purpose financial statements and, in
our opinion, is fairly presented in all material respects in relation to the
general purpose financial statements taken as a whole.
i
Clermont, Florida
January 14, 1998
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 32756
Telephone: (352) 394-3256 145 Telephone: (352) 383-6300
THIS PAGE INTENTIONALLY LEFT BLANK
146
CITY OF CLERMONT, FLORIDA
SCHEDULE OF STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 1997
STATE AGENCY/
PROGRAM TITLE
-------------
Department of Environmental
Protection:
Waterfront Park Grant
Department of Community
Affairs:
Community Development
Block Grant
Evaluation and Appraisal
Assistance Grant
STATE NUMBER
------------
F96009
96-DB-lE-06-45-02-H10
97-DR-IC-06-45-02-007
FEDERAL
THROUGH
STATE STATE
RECEIPTS RECEIPTS
$ 100,000
$ 14,069
$ 182,539
147
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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:
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)(e), Rules of the
Auditor General, Local Governmental Entity Audits, for the City of Clermont,
Florida, for the year ended September 30, 1997.
Subparagraph (1) refers to whether inaccuracies or irregularities reported in the
preceding annual financial audit have been corrected. There were no such findings
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, 1997, 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 32756
Telephone: (352) 394-3256 149 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, 1997.
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 14, 1998.
This report is intended solely for the use of management and the State of Florida
and should not be used for any other purpose. This restriction is not intended to
limit the distribution of this report which, upon acceptance by the City of
Clermont and the State of Florida, is a matter of public record.
Clermont, Florida
January 14, 1998
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