04/29/2002
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'PRELIMINARY
(WS) AGENDA
MEETING
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04/29/02
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PRELIMINARY AGENDA
Clearwater City Commission Work Session - 9:00 A.M. Monday, April 29, 2002
"Convene as Pension Trustees:
1 ; Call to Order
2. Approval of Minutes: 04/15/02
3. Authorize staff to conduct a search for a custodian for the Employee Pension Fund,
authorize Callan & Associates to assist with the search, authorize the cost of the
searcht including staff travel of approximately $3,500 and Callan's fee of up to $30,000
to be paid from the pension fund.
4. Res #02-10 authorizing the conversion of 24,700 shares of Metro-Goldwyn-Mayer, Inc.
common stock from physical form to Depository Trust Corporation eligible electronic
form, approve the "Irrevocable Stock/Bond Power" form.
5. , Adjourn
Reconvene Work Session
PRESENTATIONS
, 1. 9/30/01 Comprehensive Annual Finance Report
2. Certificate of Achievement for Excellence in Financial Reporting - Margie Simmons
PUR, PURCHASING
1. Declare surplus and authorize disposal of vehicles and equipment
OS DEVELOPMENT SERVICES
1. Award a contract to Kimmins Contracting Corporation in the amount of $141,100 for the
demolition of the Cab;ma Club Restaurant to the lowest and most responsive ~id
received.
FN FINANCE
1'. Res #02-25 which designates the Finance Director as the city representative and the
Deputy Finance Director and the Cash & Investments Manager as the alternate
representative on'the First Florida Governmental Financing Commision.
2. Request for authority to settle the workers' compensation Claim of Claimant, Ronald
Pownall, in its entirety to include medical, indemnity and attorney fees for the sum of
$89,975.
3. Accept $115,571.01 from Peter E. Field Shelter Trust
PR 'PARKS AND RECREATION
1. Approve an Amendatory Agreement between the City of Clearwater and t~e
Phili;idelphla Phillles which will modify and amend the Agreement for Development,
Sports Facility Use Agreement and Baseball Training Facility Lease Agreement to reflect
the change in primary location for the complex and tlmeline for project events.
04.29.02 WS Agenda.doc
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1. ,Award a three-year contract, beginning May 1, 2002 throuth April 301 20051 to B.J. 's
'Towing and Recovery, Inc. in the amount of $75,000 to provide adequate towing
service. consistent ann unIform fees for the towing and storage of vehicles, and proper
safeguards for the protection of property towed or relocated in accordance with terms of
the contract.
ClK CITY CLERK
1. ' Brownfields Advisory Board
2. 'NAHAS .Advisory Board '
3.' Enterprise Zone Development Agency
CA LEGAL DEPARTMENT
Second Reading Ordinances
1. '
Ord 6950~02 ....; Annexation for 3010 Grandview Avenue (Kapok Terrace, lot 11 and a
portion of Lot 12 in Section 097'29S-16E) (Thao and Vui Nguyen ANX 02-02-01) .
Ord 6951-02 - land Use Plan for 3010 Grandview Avenue (Kapok Terrace, lot 11 and
a portlon,of ~ot 12 in Section 09-29S-16E) (Thao and Vui Nguyen ANX 02-02-01)
Ord 6952-02 - Zoning Atlas Amendment for 3010 Grandview Avenue (Kapok Terrace,
Lot 11 and a portion of lot 12 in Section 09-29S-16E) (Thaa and Vul Nguyen ANX 02-
02-01 )
Ord 6953-0'2 - Zoning Atlas Amendment for 101 South Old Coachman Road (Post
Court, Lot 1 less, the Northerly 920 ft, in Section 18-29S-16E) (Post Court I Keith
, Brlcklemyer Z 02-01-01) \
Ord 692S-02 - Community Development Code Amendments
2.
3.
4.
5.
First Reading Ordinances
Resolutions
Agreements, Deeds and Easements
Other City Attorney Items
City Manager Verbal Reports
Commission Discussion Items
, Presentation(s) for Thursday Night
Other Commission Action
Adjourn
, 04.29.02 WS Agenda,doc '
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Work Session 4/29/02
See Agenda Booklet
Presentations #1
CAFR- Comprehensive
Annual Financial
Report FY end 9/30/01
LA h
„
Cite of Clearwater, Florida
COMPREH SIVE ANNUAL
FINANCIAL EPORT
for Fiscal Year Ende -ptember 30, 2001
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Clearwater,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2000
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.
/elid4'r
Pr sident
Yil"; L
Executive Director
INTRODUCTORY SECTION
City of Clearwater, Florida
Comprehensive Annual Financial Report
for Fiscal Year Ended September 30, 2001
Brian J. Aungst
Mayor - Commissioner
Ed Hart Whitney Gray Hoyt Hamilton Bill Jonson
Vice Mayor - Commissioner Commissioner Commissioner Commissioner
William B. Home II
City Manager
Margaret L. Simmons, CPA
Financial Services Administrator
Prepared by: City of Clearwater Financial Services
CITY OF CLEARWATER, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30.2001
TABLE OF CONTENTS
INTRODUCTORY SECTION: EAU
Government Finance Officers' Association Certificate
Title Page
Table of Contents iii
Transmittal Letter vii
Organizational Chart xvi
FINANCIAL SECTION:
Independent Auditors' Reports:
General Purpose Financial Statements 1
Compliance and Internal Control Structure 3
General Purpose Financial Statements:
Combined Balance Sheet - All Fund Types and Account Groups,
And Discretely Presented Component Units 6
Combined Statement of Revenues, Expenditures and Changes in
Fund Balance - All Governmental Fund Types, Expendable Trust Fund and
Discretely Presented Component Unit 10
Combined Statement of Revenues, Expenditures, and Changes in
Fund Balances - Budget and Actual (Non -GAAP Budgetary Basis) - General and Special
Revenue Fund Types 12
Combined Statement of Revenues, Expenses, and Changes in Retained
Eamings/Fund Balances - All Proprietary Fund Types 14
Combined Statement of Changes in Plan Net Assets - Pension Trust Funds 15
Combined Statement of Cash Flows - All Proprietary Fund Types 16
Notes to Financial Statements 18
Required Supplementary Information - Pension Trust Funds:
Schedules of Funding Progress 47
Schedules of Employer Contributions 48
Notes to Schedules of Required Pension Supplementary Information 49
Financial Statements of Individual Funds:
GENERAL FUND: 50
Balance Sheet 51
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget
and Actual (Non -GAAP Budgetary Basis) 52
SPECIAL REVENUE FUNDS: 55
Combining Balance Sheet 56
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 58
Special Development Fund:
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual 60
Community Redevelopment Agency:
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual 61
DEBT SERVICE FUNDS: 63
Combining Balance Sheet 64
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance 66
CAPITAL PROJECTS FUNDS: 69
Combining Balance Sheet 70
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 71
iii
CITY OF CLEARWATER, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30.2001
TABLE OF CONTENTS, Continued
ENTERPRISE FUNDS: 73
Combining Balance Sheet 74
Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 78
Combining Statement of Cash Flows 80
INTERNAL SERVICE FUNDS" 85
Combining Balance Sheet 86
Combining Statement of Revenues, Expenses, and Changes in Retained Earnings 88
Combining Statement of Cash Flows 90
FIDUCIARY FUNDS: 93
Combining Balance Sheet 94
Combining Statement of Plan Net Assets - Pension Trust Funds 95
Combining Statement of Changes in Plan Net Assets - Pension Trust Funds 96
Statement of Revenues, Expenditures, and Changes in Fund Balance - Expendable Trust 98
Agency Fund - Statement of Changes in Assets and Liabilities 99
GENERAL FIXED ASSET ACCOUNT GROUP: 101
Schedule of General Fixed Assets/Sources of Investment 102
Summary of General Fixed Assets by Function and Activity 103
Summary of Changes in General Fixed Assets by Function and Activity 104
COMPONENT UNIT - Clearwater Downtown Development Board: 105
Balance Sheet 106
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual 107
SUPPLEMENTARY INFORMATION: 109
Continuing Disclosure - Gas System Revenue Bonds, Series 1996A 110
Continuing Disclosure — Water & Sewer Bonds, Series 1993 & 1998 114
Continuing Disclosure — Stormwater Bonds, Series 1999 117
Fire Services Program 118
STATISTICAL SECTION: 119
Table I General Governmental Expenditures by Function - Last Ten Fiscal Years 120
Table II General Revenues by Source - Last Ten Fiscal Years 122
Table III Property Tax Levies and Collections - Last Ten Fiscal Years 124
Table IV Assessed and Estimated Property Valuations Last Ten Fiscal Years 126
Table V Property Tax Rates - All Direct and Overlapping Governments -
Last Ten Fiscal Years 128
Table VI Principal Taxpayers 130
Table VII Ratio of Net General Bonded Debt to Taxable Assessed Value and Net
Bonded Debt Per Capita - Last Ten Fiscal Years 131
Table VIII Ratio of Annual General Debt Service to Expenditures - General
Bonded Debt, General Revenue Certificates, and Mortgages
and Notes - Last Ten Fiscal Years 132
Table IX Computation of Legal Debt Margin 134
Table X Computation of Direct and Overlapping Debt 134
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CITY OF CLEARWATER, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30.2001
TABLE OF CONTENTS, Continued
Page
Table XI Revenue Bond Coverage:
Water and Sewer Revenue Bonds Coverages 135
Public Service Tax Revenue Bonds Coverages 136
Gas Revenue Bonds Coverages 137
Stormwater Revenue Bonds Coverages 138
Infrastructure Sales Tax Revenue Bonds Coverages 138
Table XIII Demographic Statistics - Last Ten Fiscal Years 139
Table XIV Property Value, Construction, and Bank Deposits - Last Ten Fiscal Years 140
Table XV Miscellaneous Facts 142
SINGLE AUDIT / GRANTS COMPLIANCE SECTION' 145
Report on Compliance with Requirements Applicable to Each Major Program and Internal
Control Over Compliance in Accordance with OMB Circular A -133 147
Schedule of Expenditures of Federal Awards and State Financial Assistance for the Year Ended
September 30, 2001 149
Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance 153
Schedule of Findings and Questioned Costs for the Year Ended September 30, 2001 154
Management Letter as Required by Rules of the Auditor General 156
Management Advisory Comments 158
V
CITY MANAGER
CITY OF CLEARWATER
POST OFFICE Box 4748, CLEARWATER, FLORIDA 33758 -4748
CITY HALL, 112 SOUTH OSCEOLA AVENUE, CLEARWATER, FLORIDA 33756
TELEPHONE (727) 562 -4040 FAx (727) 562 -4052
March 28, 2002
The Honorable Mayor - Commissioner and
The City Commissioners
City of Clearwater
Clearwater, Florida
Ladies and Gentlemen:
The Comprehensive Annual Financial Report of the City of Clearwater (the "City") for the fiscal
year ended September 30, 2001, is submitted herewith. Responsibility for the accuracy of the
presented data and the completeness and fairness of presentation, including all disclosures, rests
with the City. We believe the data presented is accurate in all material respects, and that it presents
fairly the financial position and results of operations of the various funds and account groups of the
City. We also believe that all disclosures necessary to properly interpret the data presented, and to
enable the reader to gain an understanding of the City's financial activities have been included.
The Comprehensive Annual Financial Report is presented in three sections: introductory, financial,
and statistical. The introductory section includes a title page listing the principal government
officials, this transmittal letter, and the GFOA Certificate of Achievement for Excellence in
Financial Reporting awarded to the City for its fiscal 2000 Comprehensive Annual Financial Report.
The financial section includes the general purpose financial statements and the combining and
individual fund and account group financial statements and schedules, as well as the independent
auditor's report on the financial statements and schedules. The statistical section includes selected
financial and demographic information, presented on a multi-year basis for comparison.
Also included is an additional section on the City's compliance with Federal and State grant
requirements, including a report on internal control and compliance and the Management Letter.
Reporting Entity
Chapter 9710, Special Laws of Florida, incorporated the City of Clearwater, Florida in 1923, as
amended. The City provides municipal services of police and fire protection; construction and
maintenance of streets, bridges, sidewalks, storm drainage, public parks and recreation facilities; a
City operated marina; a convention center; planning, zoning, subdivision and building code
regulation and enforcement; supervised recreation programs; public libraries; redevelopment of
declining commercial and residential neighborhoods; solid waste collection and recycling; natural
gas distribution; water supply and distribution; waste water collection, treatment and disposal;
stormwater management; and operation of the city-wide parking system.
Reported herein are all funds and account groups of the City, including the Community
Redevelopment Agency, which form the primary government. The Clearwater Downtown
Development Board, fiscally dependent upon the City of Clearwater, has been reported in a
separate column as a component unit due to governance by a separate board.
BRIAN J. AUNGST, MAYOR- COMMISSIONER
ED HART, VICE MAYOR- COMMISSIONER WHITNEY GRAY, COMMISSIONER
HOYT HAMILTON, COMMISSIONER BILL JONSON, COMMISSIONER
"EQUAL EMPLOYMENT AND AFFIRMATIVE ACTION EMPLOYER"
Economic Condition and Outlook
Clearwater is located on Florida's west coast, just north of St. Petersburg and west of Tampa.
Clearwater is home to one of the most beautiful public beaches in the world and tourism is an
important component of the economy. However, Clearwater also enjoys a diversity of
manufacturing, service industries, high -tech companies, and a significant retirement population.
Economic prospects for 2002 reflect the downturn in the national economy. The unemployment
rate in Pinellas County is projected at 5.6% versus 3.5% for fiscal 2001. Additionally, housing
starts and commercial construction are expected to be down from fiscal 2001 levels. This
downturn in the economy is a major change from the robust economy that we have enjoyed in
recent years. However, the City of Clearwater is well - poised to "weather the storm" due to its
diversified revenue sources and conservative fiscal policy. Adequate fund balances and a legal
debt limit well below statutory limits continue to provide the City of Clearwater with an
additional margin of continued fiscal security.
Major Initiatives - Current Year
The Planning Department played a significant role in the development of three comprehensive
area plans during fiscal 2001. The first, Beach By Deign, is a comprehensive blueprint with
recommendations for the future development of Clearwater Beach. The second, the Downtown
Clearwater Periphery Plan 2000, contains planning guidelines for the downtown periphery areas.
Finally, the Downtown Redevelopment Plan, although not yet finalized, will guide the future of much -
needed downtown redevelopment.
Other major initiatives during the current fiscal year included the planning, design, financing, and
solicitation of public input into several major projects, including a new main library, a new
Memorial Causeway Bridge, a "Town Lake" in downtown Clearwater, North Greenwood
neighborhood improvements, and additional fire stations. Planning for all of these projects was
successfully completed during fiscal 2001 and the projects are discussed in the following section
of future initiatives.
Major Initiatives — Future
Planning and financing for the new main library, the new Memorial Causeway Bridge, and the
"Town Lake" project were finalized during fiscal 2001, with construction to begin in early 2002.
The new 90,000 square foot main library, overlooking the Intercoastal Waterway in downtown
Clearwater, is destined to become a focal point of downtown redevelopment. Expected
completion is 2003. The new Memorial Causeway Bridge, which will also begin construction in
2002, will be a fixed, high span "signature piece" bridge to replace the current drawbridge.
Expected completion of the bridge is 2004. Finally, the "Town Lake" project is a four acre
stormwater treatment pond and park amenity in downtown Clearwater. The project is expected
to be completed during 2002 and the accompanying residential development should play a key
role in downtown redevelopment.
Several projects will also be undertaken in the North Greenwood community during fiscal 2002.
These include a new recreation and aquatics center, branch library, and North Greenwood
Avenue corridor enhancements.
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Finally, construction of two new fire stations, a Sand Key fire station and a "Northwest" station,
are slated to begin during fiscal 2002, with construction to be completed during fiscal 2002 and
2003 respectively.
Internal and Budgetary Control
Effective internal accounting control is a major emphasis in the City's accounting system. Internal
control seeks to provide reasonable, but not absolute assurance that assets are safeguarded against
loss from unauthorized use or disposition, that financial records are reliable for preparing financial
statements and maintaining accountability for assets, and that applicable laws and regulations are
complied with. In addition to annual reviews by the independent auditors as part of their audit of
the financial statements, the City maintains an Internal Audit Department consisting of two
professional internal auditor positions.
Although the legal level of budgetary control is the individual fund, administrative budgetary control
was maintained at the departmental level in fiscal 2001 by the encumbrance of funds when a
purchase order is entered into the system. Pursuant to authority delegated to the City Manager,
formal amendments are processed administratively when purchase commitments exceed available
controlled balances. Quarterly budget status reports to the City Commission detail these
adjustments. Open encumbrances are reported as reservations of fund balances at September 30,
2001.
Governmental Funds
Governmental Funds are used to account for primarily tax- supported services (as distinguished
from those services supported from user charges). The governmental fund types include the
General, Special Revenue, Debt Service, Capital Project, and Expendable Trust Funds. Following is
a summary of revenues for all governmental funds for fiscal 2001 ('including the Clearwater
Downtown Development Board, a discretely presented component unit), with comparative figures
for 2000.
All Govemmental Funds
2001 2000
Revenues:
Taxes (Property, Utilities Services, and Franchise) $ 52,043,999 $ 49,205,277
Licenses, Permits, and Fees 4,408,637 5,432,799
Intergovernmental 33,105,406 26,073,855
Charges for Services:
Administrative Charges to Other Funds 7,613,256 6,971,733
Other Charges 1,765,411 1,504,268
Fines, forfeitures and Penalties 2,015,067 1,921,448
Miscellaneous Revenues 7,028,322 3,996,658
Total Revenues $ 107,980,098 $ 95,106,038
Property Taxes remain the most important single revenue provided to Governmental Funds.
Property taxes collected in 2000/01 totaled $27,856,905, which represented approximately 25.8% of
total governmental revenues. Comparable figures from the previous year were $26,219,674 and
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27.6 %, respectively. The current year increase in property tax revenue of 6.2% was due to a
corresponding increase in the taxable assessed valuation, with no increase in the millage rate. Out
of the total taxes collected, $1,738,590 was earmarked for capital improvements to the City's roads
and is reported in the Special Development Fund, rather than the General Fund. Additionally
$144,895 represented millage for the Downtown Development Board. The Downtown
Development Board is reported as a discretely presented component unit in the accompanying
financial statements.
The January 1, 2000 assessed valuation, which is used as the base for levying fiscal year 2001
property taxes, was $5.209 billion after exemptions, versus $4.903 for the prior year. The property
tax levy millage rate was 5.5032 per thousand of taxable value. There is no general obligation debt
included in the millage, resulting in a non -voted millage rate of 5.5032. Since the City is permitted
by state law to levy ten mills without referendum, there remains a legal millage margin of 4.4968,
which would produce $23,423,000 of additional revenue based on the January 1, 2000 assessed
valuation.
Licenses, Permits, and Fees reflect a decrease of $1,024,162 due to a $1,503,000 "Fee in Lieu of
Parking Spaces" received by the Special Development Fund from the Church of Scientology for
their new downtown headquarters during fiscal 2000. Miscellaneous Revenues reflect an increase of
$3,031,664 primarily due to improved unrealized interest earnings on the City's cash pool
(approximately $2.2 million). This unrealized interest must be recognized pursuant to governmental
accounting standards but does not reflect available resources due to the City's policy of holding
investments until maturity.
An analysis of General Fund data, as presented on pages 6 -12 of the financial statements, reflects an
unreserved fund balance of $11,806,128 as of September 30, 2001. This amount represents 14.6%
of fiscal 2001 expenditures and operating transfers, and 13.4% of the adopted fiscal 2002 budget.
Both figures exceed the 8% "target" adopted by City Commission policy.
Following is a comparative summary of Governmental Fund expenditures (including the
Downtown Development Board):
Expenditures:
All Governmental Funds
2001 2000
General Government $ 9,486,088 $ 9,126,217
Public Safety 42,442,045 41,362,225
Physical Environment 2,221,979 2,245,047
Transportation 5,401,902 5,091,703
Economic Environment 2,466,515 2,319,156
Human Services 699,699 633,960
Culture and Recreation 18,301,610 16,932,942
Capital Outlay 42,676,646 16,885,678
Debt Service 2,257,198 2,141,246
Total Expenditures $ 125,953,682 $ 96,738,174
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Capital Outlay expenditures increased by $25,790,968 primarily due to an expenditure of $23,645,638
to the Florida Department of Transportation to fund the new Memorial Causeway Bridge
construction project.
Enterprise Funds
The following table presents a summary of significant financial information for the City's enterprise
funds.
Operating Net Income
Total Assets Income (Loss) (Loss)
(in thousands) (in thousands) (in thousands)
2001 2000 2001 2000 2001 2000
Water and Sewer Utility $ 210,430 $ 214,366 $ 3,308 $ 3,823 $ 1,776 $ 1,054
Gas Utility 47,587 45,589 4,125 3,397 2,470 1,113
Solid Waste Utility 14,878 13,198 1,564 1,524 1,719 1,306
Recycling Utility 4,182 3,785 174 558 375 672
Stormwater Utility 32,217 30,233 358 570 (270) 290
Yacht Basin and Marina 4,299 2,630 (71) 26 312 198
Parking System 8,761 6,294 1,208 981 1,480 1,119
Harborview Center 11,640 12,184 (726) (728) 1,388 (836)
Total All Enterprise Funds $ 333,994 $ 328,279 $ 9,940 $ 10,151 $ 9,250 $ 4,916
Net income for all of the Enterprise Funds reflects the impact of nonoperating revenues and
expenses. Included in nonoperating revenues is unrealized interest income. Recognition of this
income /gain is required by governmental accounting standards. Due to a significant fiscal 2001
decrease in interest rates, all Enterprise funds reflected a significant increase in unrealized interest
earnings. However, due to the City's intent and past practice of holding investments until maturity,
we consider this to be a "paper" gain only and misleading for the analysis of operations. For that
reason we are analyzing Operating Income (Loss) rather than Net Income, as follows.
The Water and Sewer Utility System operating income decreased from $3,822,976 for fiscal 2000 to
$3,307,499 for fiscal 2001, despite a 2.8% increase in operating revenues. The decrease in operating
income was due to a 4.8% increase in operating expenses, primarily in the Personal Services and
Professional Fees expense categories.
Operating income for the Gas Utility Fund increased from $3,396,737 for fiscal 2000 to $4,124,684
for fiscal 2001. This 21.4% increase in operating income was due to a 43.6% increase in operating
revenues, from $21,042,436 in fiscal 2000 to $30,223,615 in fiscal 2001, partially offset by significant
increases in gas inventory costs and repairs and maintenance expenses.
The Solid Waste Utility realized an increase in operating income from $1,524,418 in fiscal 2000 to
$1,564,064 in fiscal 2001. This 2.6% increase in operating income was primarily due to increased
Service Charges (roll-off) to Customers partially offset by related increases in Transportation and
Operating Materials and Supplies expense categories.
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Operating income for the Recycling Utility Fund decreased from $557,656 in fiscal 2000 to
$174,494 in fiscal 2001. This decrease was caused by the weak markets for recyclable commodities
reflected in the Sales to Customers revenue category.
The Stormwater Utility Fund recognized a decrease in operating income from $569,516 in fiscal
2000 to $358,179 in fiscal 2001, despite an increase in operating revenues from $4,805,417 in fiscal
2000 to $5,041,822 in fiscal 2001. The decrease in operating results was primarily due to an increase
in Personal Services expenses from $1,218,229 in fiscal 2000 to $1,504,608 in fiscal 2001, along with
increases in the Transportation and Miscellaneous Expense categories.
Operating income for the Yacht Basin and Marina Fund decreased from $26,486 in fiscal 2000 to
an operating deficit of ($70,889) in fiscal 2001, despite an increase in operating revenues from
$2,577,830 in fiscal 2000 to $2,813,147 in fiscal 2001. The improved operating revenues were
negated by an increase in Personal Services from $600,120 in fiscal 2000 to $727,692 in fiscal 2001,
along with increases in the Purchases for Resale, Operating Materials, and Depreciation expense
categories.
The Parking System Fund realized an increase in operating income from $980,722 in fiscal 2000 to
$1,207,739 in 2001, due to a 13.3% increase in operating revenues, partially offset by related
increases in operating expenses.
Operating results for the Harborview Center Enterprise Fund remained relatively constant with
operating deficits of ($727,674) and ($725,596) for fiscal 2000 and 2001, respectively. Net income
for the Harborview Center improved dramatically from a deficit of ($835,482) in fiscal 2000 to a
gain of $1,387,881 for fiscal 2001, due to an operating transfer subsidy from the Central Insurance
Fund of $2,200,000 during fiscal 2001. Fiscal 2001 represented the fifth full year of operation for
the Harborview Convention Center.
Employee Retirement Systems
The Employees' Pension Plan and the Firemen's Pension Plan are self - administered by the City.
City contributions for the year were $4,255,484 to the Employees' Plan and $1,098,990 to the
Firemen's Plan, and were in accordance with actuarially determined funding requirements.
In addition, supplemental pensions exist for certified Police Officers and Firefighters under the
provisions of Florida Statutes Sections 175 and 185. These plans are funded solely from excise taxes
on certain insurance premiums covering property in Clearwater. The excise taxes are collected by
the state and remitted to the City. Both plans require benefits to be adjusted to equal fund assets
provided by the defined contributions.
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Debt Administration
At September 30, 2001, the City had total outstanding long -term debt of approximately $179.3
million. This debt included notes, mortgages, and contracts of $14.1 million, and revenue bonds of
$162.5 million. The City had no general obligation debt outstanding during the fiscal year ended
September 30, 2001.
For debt obligations existing as of September 30, 2001, Clearwater's current ratings from national
rating agencies are as follows:
Standard Moody's
and Poor's Investors
Corporation Service
Public Service Tax & Bridge Revenue Bonds Series 1985
(MBIA Insured) AAA Aaa
Improvement Revenue Bonds Series 1995 (MBIA Insured) AAA Aaa
Stormwater System Revenue Bonds Series 1999 (MBIA Insured) AAA Aaa
Water and Sewer Revenue Bonds Series 1993 (AMBAC Insured) AAA Aaa
Water and Sewer Refunding Revenue Bonds Series 1998
(FGIC Insured) AAA Aaa
Gas System Revenue Bonds Series 1996A (AMBAC Insured) AAA Aaa
Gas System Revenue Bonds Series 1997A&B (MBIA Insured) n /a* Aaa
Gas System Revenue Bonds Series 1998 (AMBAC Insured) n /a* Aaa
Infrastructure Sales Tax Revenue Bonds Series 2001 (FSA Insured) AAA Aaa
* Ratings for the Gas System Revenue Bonds Series 1997A&B and Series 1998 were obtained
from Moody's (as indicated) and Fitch IBCA rating service. Fitch IBCA assigned a rating of AAA
to the Gas System 1997A &B and the 1998 issues.
The computation of the legal debt margin imposed by City Charter (Table IX of the Statistical
Section of this report) indicates a low proportion of indebtedness at September 30, 2001, in relation
to the debt limitation based on property values at January 1, 2000. Table XI of the Statistical
Section demonstrates that coverages for each of the City's revenue bonds are adequate. The City
currently has no general obligation debt outstanding as indicated by Table VII of the Statistical
Section.
Cash Management
As more completely described in Note (1C), the City employs a consolidated cash pool to facilitate
short term investment of liquid assets for all City funds. The City believes that a conservative
investment philosophy best serves the residents of Clearwater, and that the return of the investment
principal is more important than the return on the principal. However, the City attempts to
maximize the return, while maintaining a conservative philosophy, via accurate cash flow
forecasting and competitive selection of investments. The cash pool earned an average rate of
return of 6.18% on its investments during fiscal year 2001.
Risk Management
As stated in Note (1H), the City is self insured within certain parameters for losses arising from
claims for general liability, auto liability, police professional liability, public official's liability,
property damage, and workers' compensation. The transactions relating to the self insurance
program are accounted for in the Central Insurance Fund, and are reported as an Internal Service
Fund. The Central Insurance Fund recognized a net income of $70,472 for fiscal 2001 and total
fund equity equaled $14,547,959 as of September 30, 2001. The City is not self - insured with respect
to major medical coverage. Management believes that the amounts showing as claims payable and
the unreserved retained earnings are adequate to cover all reasonable projected losses arising from
events occurring on or prior to September 30, 2001.
Independent Audit
As required by Section 2.01(c)3 of the City Charter, by state law, and by various covenants relating
to debt and pension obligations of the City, all funds and account groups of the City have been
audited by independent accountants. The reports of Grant Thornton LLP. (pages 1-4 of this
report) contain their opinion attesting to the fairness of the applicable financial statements included
in this report, in conformity with accounting principles generally accepted in the United States of
America.
Awards
The City has received the Certificate of Achievement for Excellence in Financial Reporting for the
Comprehensive Annual Financial Report dated September 30, 2000, making twenty -two
consecutive years that the City has received this prestigious recognition. This award is presented by
the Government Finance Officers Association (GFOA) and is valid for a period of one year only.
We believe this year's report continues to meet the applicable requirements and will again qualify for
this special recognition.
In addition, the City has received the GFOA's award for Distinguished Budget Presentation for the
fiscal year 2001 Budget document, making the fifteenth consecutive year that this award has been
received. In order to qualify, the City's Budget document was judged to be proficient in several
categories including policy documentation, financial planning, organization, and communication.
xiv
Acknowledgement
We wish to thank the many members of the Citywide Annual Financial Reporting (CAFR) team,
which is composed of individuals in the Finance Department and other financial staff throughout
the City, for their professionalism and dedication in producing this report. In addition, we thank the
Graphic Communications Division for the professional printing of this report Sincere appreciation
is also extended to the City's external auditors, Grant Thornton, LLP, for their advice and assistance
in the preparation of this report. Finally, we would like to thank the City Commission for their
interest, continued support, and leadership in planning and conducting the financial operations of
the City in a progressive and responsible manner.
Sincerely,
44.4.x.,--IX
illiam B. Horne, II
City Manager
tifyytAlcuuct K. AnortoJ
Margaret L. Simmons, CPA
Finance Director
CITY OF CLEARWATER
ORGANIZATIONAL CHART
City
Auditor
Fire
Department
Police
Department
Solid Waste
Recycling
City
Commission
City
Manager
City
Attorney
Assistant
City Manager
Office of Management
& Budget
City Clerks
Office
Customer
Service
Financial
Services
Gas
System
General Support
Services
Library
Human
Relations
Marine & Aviation
Human
Resources
Parks &
Recreation
Information
Technology
Public Communications
& Marketing
Public Works
Administration
Assistant
City Manager
Economic
Development
Planning
Services
Development
Services
Engineering
Public Services
Public Utilities
sa as age imy as MI ea as imer ow me am gm ION OP
FINANCIAL SECTION
t
t
1
1
1
1
1
1
1
1
1
1
Accountants and Management Consultants
Grant Thornton T
Report of Independent Certified Public Accountants
Honorable Mayor - Commissioner,
City Commissioners and City Manager
City of Clearwater, Florida
We have audited the accompanying general purpose financial statements and the combining,
individual fund and account group financial statements of the City of Clearwater, Florida ( "City"), as
of and for the year ended September 30, 2001, as listed in the table of contents. These financial
statements are the responsibility of the City's management. Our responsibility is to express an
opinion on these financial statements based on our audit. We did not audit the financial statements
of the Clearwater Downtown Development Board, a component unit. Those financial statements
were audited by other auditors whose report thereon has been furnished to us, and in our opinion,
insofar as it relates to the data included for the Clearwater Downtown Development Board, is based
solely on the report of the other auditors. The financial statements of the City as of and for the year
ended September 30, 2000, were audited by other auditors whose reported dated February 23, 2001,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in 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 financial statements are
free of material misstatement. An audit includes examining on a test basis, evidence supporting the
amounts and disclosures in the 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.
As described in Note 6 to the financial statements, the City adopted the provisions of Governmental
Accounting Standards Board Statement No. 33, Accounting and Financial Reporting forNonexchange
Transactions in 2001.
In our opinion, the general purpose financial statements referred to above present fairly, in all
material respects, the financial position of the City of Clearwater, Florida as of September 30, 2001,
and the results of its operations and the cash flows of its proprietary fund types for the year then
ended, in conformity with accounting principles generally accepted in the United States of America.
Also, in our opinion, the combining, individual fund and account group financial statements referred
to above present fairly in all material respects, the financial position of each individual fund and
account group of the City of Clearwater, Florida as of September 30, 2001, and the results of
operations of such funds and the cash flows of the individual proprietary funds for the year then
ended, in conformity with accounting principles generally accepted in the United States of America.
Suite 3850
101 E. Kennedy Blvd
Tampa, FL 33602 -5154
813.229.7201
813.223.3015
W www.grantthornton.com
grant Thornton LLP
S Member of Grant Thornton International
1
Our audit was made for the purpose of forming an opinion on the general purpose, combining,
individual fund and account group financial statements of the City taken as a whole. The
accompanying schedule of expenditures of federal awards and state financial assistance on pages 149
through 152, as required by OMB Circular A -133, and Chapter 10.550 of the Rules of the Auditor
General, is presented for purposes of additional analysis and is not a required part of the general
purpose, combining, individual fund and account group financial statements of the City. Such
information has been subjected to the auditing procedures applied in the audit of the general
purpose, combining, individual fund and account group financial statements and, in our opinion, is
fairly stated in all material respects in relation to the general purpose, combining, individual fund and
account group financial statements, taken as a whole.
The schedule of funding progress and the schedule of employer contributions on pages 47 through
49 are not a required part of the general purpose financial statements, but are supplementary
information required by the Governmental Accounting Standards Board. We have applied to the
schedule of funding progress and the schedule of employer contributions certain limited procedures
prescribed by professional standards, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the schedule. However, we did not audit
this information and express no opinion on it.
The accompanying financial information presented as supplementary information on pages 109
through 118 and the statistical section on pages 120 through 144 is presented for purposes of
additional analysis and is not a required part of the financial statements of the City. Such information
has not been subjected to the auditing procedures applied in the audit of the general purpose,
combining, individual fund and account group financial statements, and, accordingly we express no
opinion on it.
In accordance with Government Accounting Standards, we have also issued our report dated February 14,
2002, on our consideration of the City's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an
integral part of an audit performed in accordance with Government Auditing Standards and should be
read in conjunction with this report in considering the results of our audit.
G- iCAK t --11\Cl1V�t'6� LL'
Tampa, Florida
February 14, 2002
2
t
r
1
1
1
1
1
1
1
1
1
1
1
Grant Thornton
Accountants and Management Consultants
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GO VERNMENT A UDITING STANDARDS
Honorable Mayor — Commissioner,
City Commissioners and City Manager
City of Clearwater, Florida
We have audited the general purpose financial statements and the combining, individual fund and account
group financial statements of the City of Clearwater, Florida ( "City ") as of and for the year ended September
30, 2001, and have issued our report thereon dated February 14, 2002. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America and the standards
applicable to financial audits contain in Government Auditing Standards, issued by the Comptroller General of
the United States. We did not audit the financial statements of the Clearwater Downtown Development
Board. Those financial statements were audited by other auditors, whose report has been furnished to us,
and, in our opinion, insofar as it relates to data included for the Clearwater Downtown Development Board,
is based on the report of the other auditor.
As part of obtaining reasonable assurance about whether the City's financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations contracts and
grants, noncompliance with which could have a direct and material effect on the determination of the City's
financial statement amounts. However, providing an opinion on compliance with those provisions was not
an objective of our audit and, 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.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial reporting in
order to determine our auditing procedures for the purpose of expressing our opinion on the City's financial
statements and not to provide assurance on the internal control over financial reporting. Our consideration
of the internal control over financial reporting would not necessarily disclose all matters in the internal
control over financial reporting that might be material weaknesses. A material weakness is a condition in
which the design or operation of one or more of the internal control components does not reduce to a
relatively low level the risk that misstatements in amounts that would be material in relation to the financial
statement 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 over
financial reporting and its operations that we consider to be material weaknesses. However, we noted other
matters involving the internal control over financial reporting that we have reported to management in a
separate letter dated February 14, 2002.
Suite 3850
101 E. Kennedy Blvd
ITampa, FL 33602 -5154
T 813.229.7201
F 813.223.3015
W www.grantthornton.com
Grant Thornton LLP
US Member of Grant Thornton International
3
This report is intended solely for the information of the Mayor - Commissioner, City Commissioners,
City Manager, management, federal awarding agencies, pass- through entities, and State of Florida
program officials and is not intended to be and should not be used by anyone other than these
specified parties.
Gxckva- LLP
Tampa, Florida
February 14, 2002
4
GENERAL PURPOSE
FINANCIAL STATEMENTS
5
CITY OF CLEARWATER. FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES, ACCOUNT GROUPS,
AND DISCRETELY PRESENTED COMPONENT UNIT
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
Assets and Other Debits
Assets:
Cash on Hand and in Banks $ 20,925 100
Equity in Pooled Cash and Investments 10,773,512 12,456,989 1,652,215 67,103,931
Investments
Receivables (Net Where Applicable,
of Allowances for Estimated
Uncollectible Amounts):
Accounts and Contracts 313,371
Mortgages, Notes and Other Loans 3,370,799
Other Taxes 2,169,593
Improvement Liens 104,899
Interest and Dividends
Rehabilitation Advances 51,001
Property Taxes 28,070,874 1,881,395
Other 102,316
Due from Other Funds
Due from Other Funds (Deficit in Pooled Cash) 265,481
Due from Other Governmental Entities 986,337 2,069,523
Inventories, at Cost 6,004
Prepaid Expenses/Expenditures
and Other Assets 13,101
Restricted Assets:
Equity in Pooled Cash and Investments
Investments
Interest Receivable
Due from Other Funds
Due from Other Governmental Entities
Advances to Other Funds
Deferred Charges
Net Pension Asset
Property Held for Resale 1,171,328
Property, Plant and Equipment (Net
of Accumulated Depreciation)
Other Debits;
Amount Available in Debt Service Funds
Amount to be Provided for Retirement
of General Long -Term Debt
Amount to be Provided for Compensated Absences
Total assets and other debits $ 42,353,717 21,103,451 1,652,215 67,474,311
See accompanying notes to Financial Statements.
6
1
I
Proprietary Fund Types
Internal
Enterprise Service
24,217 2,050
17,547,173 24,409,072
I
8,408,656 77
I
I
14,478,276 1,222,982
515,133
969,845 75,666
4,664 1,116,196
35,633,914
3,058,741
86,196 5,793
2,149,511
455,000
2,668,867
5,011,620
3,631,252 1,278,061
242,019,480 15,567,687
I
333,993,678 46,346,451 1
I
I
1
Page 1 of 2
Component
Fiduciary Primary Unit
Fund Type Account Groups Government Clearwater Reporting Entity
General General Totals Downtown Totals
Trust and Fixed Long -Term (Memorandum Development (Memorandum Only)
Agency Assets Debt Only) Board 2001 2000
15,594
4,890,601
429,353,416
62,886 62,886 72,740
138,833,493 98,648 138,932,141 94,381,385
429,353,416 429,353,416 526,529,519
8,722,104 8,722,104 8,507,049
4,493,208 7,864,007 7,864,007 7,367,003
2,169,593 2,169,593 2,314,185
104,899 104,899 127,362
2,295,165 2,295,165 2,295,165 2,302,415
60,731 111,732 111,732 128,625
29,952,269 29,952,269 27,449,051
39,392 141,708 141,708 232,442
15,701 ,258 15,701 ,258 30,305, 113
265,481 265,481 17,560,428
3,570,993 3,570,993 3,270,809
1,051,515 1,051,515 1,227,971
1,133,961 1,133,961 819,139
35,633,914 35,633,914 33,862,043
3,058,741 3,058,741 2,990,334
91,989 91,989 91,989
2,149,511 2,149,511 3,507,075
455,000 455,000 70,073
2,668,867 2,668,867 3,014,545
5,011,620 5,011,620 5,386,021
4,909,313 4,909,313 4,028,237
84,701 1,256,029 1,256,029 1,256,029
206,486,402 464 ,073,569 464,073,569 438,902,931
1,540,439 1,540,439 1,540,439 338,155
59,606,119 59,606,119 102,027 59,708,146 13,429,173
5,451,559 5,451,559 5,451,559 5,149,725
441,232,808 206,486,402 66,598,117 1,227,241,150 200,675 1,227,441,825 1,234,621,566
7
(Continued)
CITY OF CLEARWATER. FLORIDA
COMBINED BALANCE SHEET - ALL FUND TYPES, ACCOUNT GROUPS,
AND DISCRETELY PRESENTED COMPONENT UNIT, CONTINUED
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Governmental Fund Types Proprietary Fund Types
Special Debt Capital Internal
General Revenue Service Pro ects Enterprise Service
Liabilities, Equity and Other Credits
Liabilities;
Accounts and Contracts Payable $ 113,390 84,336 1,571 1,455,758 3,311,034 844,300
Accrued Payroll 878,359 28,564 772,457 112,939
Accrued Compensated Absences 878,817 481,538
Accrued Interest Payable 110,205 155,394
Claims Payable 9,337,296
Due to Other Funds 24,925 103,892 17,283,479 138,473 300,000
Due to Other Funds (Deficit in Pooled Cash) 138,827
Due to Other Governmental Entities 8,149 510,908
Deposits 4,192 137,501
Construction Escrows 222,897
Deferred Revenue 28,380,221 1,983,508 784,478
Deferred Assessment Liens 104,899
Other Miscellaneous Payables
Payable from Restricted Assets 10,773,540
Advances from Other Funds 74,775 926,596 1,098,426 571,070
Revenue Bonds Payable 105,970,250
Mortgages, Notes, Loan Pool Agreements
and Acquisition Contracts Payable 1,644,685 7,683,929
Total Liabilities 29,482,011 3,999,328 111,776 18,844,136 125 640 853 19,331,072
Equity and Other Credits:
Investment in General Fixed Assets
Contributed Capital 115,507,501 4,539,428
Retained Earnings:
Reserved for.
Revenue Bond Requirements 22,682,243
Employees' Pension Benefits 3,631,252 1,278,081
Unreserved 66,531,829 21,197,890
Fund Balances:
Reserved for:
Prepaid Expenditures 13,101
Encumbrances 1,052,477 2,313 6,070,136
Debt Service Requirements 892,527
Advances to Other Funds
Noncurrent Notes Receivable 10,000
Employees' Pension Benefits
Special Programs 2,314,038
Unreserved:
Designated for Special Programs 7,401,349
Designated for Debt Service 647,912
Designated for Capital Projects Appropriations 42,560,039
Undesignated 11,808,128 7,378,425
Total Retained Earnings/
Fund Balances 12,871,706 17,104,123 1,540,439 48,630,175 92,845,324 22,475,951
Total Equity and Other Credits 12,871,706 17,104,123 1,540,439 48,830,175 208,352,825 27,015,379
See accompanying notes to Financial Statements.
$ 42,353,717 21,103,451 1,652,215 87,474,311 333,993,878 48,346,451
8
Fiduciary
Fund Type Account Groups
General General
Trust and Fixed Long Term
Agency Assets Debt
448,314
126,854
37,502
129,404
25,475
143,034
910.583
435,933,980
4.388.285
206,486,402
440,322,225
440 , 322, 225 206.488.402
5,451,559
58,481,988
4,684,570
66.598.117
441.232.808 206.486.402 68.598.117
Primary
Government
Totals
(Memorandum
Only)
6,258,703
1,790,319
6,809,714
265,599
9,337,296
17,850,769
285,481
519,057
179,195
352,301
31,153,880
104,899
143,034
10,773,540
2,668,867
182,452,238
13,993,184
284,917,876
208,488,402
120,046,929
22,682,243
4,909,313
87,729,719
13,101
7,124,926
892,527
10,000
435,933,960
2,314,036
7,401,349
647,912
42,580,039
23,570,818
635,789,943
962,323,274
1.227.241,150
9
Component
Unit
Clearwater
Downtown
Development
Board
102,027
102.027
98,848
98,848
98,648
200.675
Page 2 of 2
Reporting Entity
Totals
(Memorandum Only)
2001 2000
6,258,703 5,486,882
1,790,319 1,305,794
6,809,714 6,885,607
285,599
9,337,296 10,883,393
17,850,789 33,812,188
265,481 17,560,428
519,057 289,807
179,195 180,023
352,301 148,502
31,153,680 28,022,942
104,899 127,382
143,034 171,310
10,773,540 8,756,878
2,688,867 3,014,545
162,452,238 119,728,708
14,095, 211 10,394,530
285,019,903 246,746,899
206,488,402 192,490,497
120,048,929 115,343,981
22,882,243 20,994,891
4,909,313 4,028,237
87,729,719 79,139,257
13,101
7,124,926
892,527
10,000
435,933,980
2,314,038
7,401,349
647,912
42,560,039
23.689.488
635.888,591
982.421.922
1.227.441.825
14,570
6,515,193
338,155
86,291
12,500
528,325,086
2,058,184
9,954,357
19,691,129
8.882.559
680,040,389
987,874,867
1.234.621.566
CITY OF CLEAR WATER.FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
ALL GOVERNMENTAL FUND TYPES, EXPENDABLE TRUST FUND
AND DISCRETELY PRESENTED COMPONENT UNIT
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Governmental Funds
General
Special Debt Capital
Revenue Service Projects
Revenues:
Taxes $ 50,160,514 1,738,590
Licenses, Permits, and Fees 3,495,192 913,445
Intergovernmental Revenues 13,797,228 13,566,826 634,465 5,100,000
Charges for Services:
Administrative Charges to Other Funds 7,613,256
Other Charges 1,765,411
Fines, Forfeitures, and Penalties 1,550,505 464,562
Miscellaneous Revenues 2,314,275 4,516,049 48,866 95,850
Total Revenues 80,696,381 21,199,472 683,331 5,195,850
Expenditures:
Current:
General Government 8,806,187 679,901
Public Safety 40,503,177 1,938,868
Physical Environment 1,849,476 372,503
Transportation 5,401,902
Economic Environment 1,163,027 1,019,258
Human Services 570,849 128,850
Culture and Recreation 17,781,629 519,981
Capital Outlay 863,432 41,813,214
Debt Service:
Principal Retirement 1,468,307
Interest and Fiscal Charges 788,891
Total Expenditures 76,076,247 5,522,793 2,257,198 41,813,214
Excess (Deficiency) of Revenues
Over Expenditures 4,620,134 15,676,679 (1,573,867) (36,617,364
Other Financing Sources (Uses):
Proceeds of Indebtedness 49,379,282
Operating Transfers In 4,040,154 898,775 2,776,151 19,765,391
Operating Transfers In - Primary Government
Operating Transfers In - Component Unit 89,044
Operating Transfers Out (4,994,823) (16,592,978) (140,244)
Operating Transfers Out - Primary Government
Operating Transfers Out - Component Unit (39,851)
(954,669) (15,645,010) 2,776,151 69,004,429
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures
and Other Financing Uses 3,665,465 31,669 1,202,284 32,387,065
Fund Balances, Beginning of Year 9,206,241 17,006,403 338,155 16,243,110
Residual Equity Transfers In 66,051
Fund Balances, End of Year $ 12,871,706 17,104,123 1,540,439 48,630,175
See accompanying notes to Financial Statements.
10
Component
Primary Unit
Fiduciary Government Clearwater Reporting Entity
Fund Type Totals Downtown Totals
Expendable (Memorandum Development (Memorandum Only)
Trust Only) Board 2001 2000
51,899,104 144,895 52,043,999 49,205,277
4,408,637 4,408,637 5,432,799
6,887 33,105,406 33,105,406 26,073,855
7,613,256 7,613,256 6,971,733
1,765,411 1,765,411 1,504,268
2,015,067 2,015,067 1,921,448
36,020 7,011,060 17,262 7,028,322 3,996,658
42,907 107,817,941 162,157 107,980,098 95,106,038
9,486,088
42,442,045
2,221,979
5,401,902
203,641 2,385,926
699,699
18,301,610
42,676,646
1,468,307
788,891
80,589
9,486,088 9,126,217
42,442,045 41,362,225
2,221,979 2,245,047
5,401,902 5,091,703
2,466,515 2,319,156
699,699 633,960
18,301,610 16,932,942
42,676,646 16,885,678
1,468,307 1,375,978
788,891 765,268
203,641 125,873,093 80,589 125,953,682 96,738,174
160,734 (18,055,152) 81,568 (17,973,584) (1,632,136)
49,379,282 49,379,282 2,149,140
27,480,471 27,480,471 21,722,873
39,851 39,851 31,174
89,044 89,044 49,022
(143,737) (21,871,782) (21,871,782) (18,422,379)
(89,044) (89,044) (49,022)
(39,851) (39,851) (31,174)
(143,737) 55,037,164 (49,193) 54,987,971 5,449,634
(304,471) 36,982,012 32,375 37,014,387 3,817,498
4,692,736 47,486,645 66,273 47,552,918 43,423,445
66,051 66,051 311,975
4,388,265 84,534,708 98,648 84,633,356 47,552,918
11
CITY OF CLEARWATER, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL (NON -GAAP BUDGETARY BASIS) -
GENERAL AND SPECIAL REVENUE FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30.2001
Revenues:
Taxes
Licenses, Permits, and Fees
Intergovernmental
Charges for Services:
Administrative Charges to Other Funds
Other Charges
Fines, Forfeitures, and Penalties
Miscellaneous Revenues
Total Revenues
Expenditures:
Current:
City Commission
City Manager
Human Relations
Legal
City Clerk
Public Communications and Marketing
Finance
Human Resources
Non - Departmental
Police
Fire
Public Works - Engineering
Public Works - Transportation and Drainage
Parks and Recreation
Library
Planning & Development Services
Neighborhood Housing Services
Marine
Economic Development
Internal Audit
Office of Management & Budget
Grant Writing
Total Expenditures (Budgetary Basis)
Excess (Deficiency) of Revenues Over Expenditures
(Budgetary Basis)
Other Financing Sources (Uses):
Operating Transfers In
Operating Transfers In - Component Unit (DDB)
Operating Transfers Out
Operating Transfers Out - Component Unit (DDB)
Excess of Revenues and Other Financing Sources
Over Expenditures and Other Financing Uses (Budgetary Basis)
Excess of Revenues and Other Financing Sources Over Expenditures
and Other Financing Uses for Non- Budgeted Funds
Encumbered Purchase Orders, Beginning of Year
Encumbered Purchase Orders, End of Year
Excess (Deficiency) of Revenues and Other Financing Sources Over
Expenditures and other Financing Uses (GAAP Basis)
Fund Balances, Beginning of Year
Residual Equity Transfers In
Fund Balances, End of Year
See Note 1G
See accompanying notes to Financial Statements.
12
General Fund*
Budget Actual
$ 50,126,170 50,160,514
3,517,120 3,495,192
13,850,749 13,797,228
Variance
Favorable
Unfavorable
34,344
(21,928)
(53,521)
7,582,590 7,613,256 30,666
1,761,330 1,765,411 4,081
1,565,160 1,550,505 (14,655)
1,694,235 2,314,275 620,040
80,097,354_ 80,696,381 599,027
219,170
699,850
577,578
1,236,310
993,110
817,900
1,811,040
1,039,990
1,007,330
25,547,824
14,055,640
2,117,240
5,296,310
13,146,360
4,440,488
3,632,580
624,510
483,210
718,410
138,200
258,850
66,180
78,928,080
1,169,274
4,271,495
(5,014,950)
(743,455)
425,819
205,578
569,876
573,373
1,137,040
901,300
707,801
1,677,123
1,049,506
947,254
24,999,095
13,197,724
2,093,013
5,207,449
12,883,016
4,322,842
3,482,449
559,494
487,027
593,340
128,998
257,652
47,260
76,028,210
4,668,171
4,040,154
(4,994,823)
425,819
9,206,241
13,592
129,974
4,205
99,270
91,810
110,099
133,917
(9,516)
60,076
548,729
857,916
24,227
88,861
263,344
117,646
150,131
65,016
(3,817)
125,070
9,202
1,198
18,920
2.899.870
3,498,897
(231,341)
20,127
(954,669) (211,214)
3,713,502 3,287,683
(1,100,514)
1.052.477
(1,100,514)
1.052.477
3,665,465 3,239,646
9,206,241
$ 9,632,060 12,871,706 3,239,646
1
r
1
t
1
1
Totals
Special Revenue Fund Types* (Memorandum Only)
Variance Variance -
Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unf avorable
1,728,820 1,738,590 9,770 51,854,990 51,899,104 44,114
887,520 913,445 25,925 4,404,640 4,408,637 3,997
9,774,494 9,528,154 (246,340) 23,625,243 23,325,382 (299,861)
7,582,590 7,613,256 30,666
1,761,330 1,765,411 4,081
1,565,160 1,550,505 (14,655)
821,812 2,547,095 1,725,283 2,516,047 4,861,370 2,345,323
13,212,646 14,727,284 _ 1514,638 93,310,000 95,423,665 2,113,665
219,170 205,578 13,592
699,850 569,876 129,974
577,578 573,373 4,205
1,236,310 1,137,040 99,270
993,110 901,300 91,810
817,900 707,801 110,099
80 (80) 1,811,040 1,677,203 133,837
1,039,990 1,049,506 (9,516)
1,007,330 947,254 60,076
25,547,824 24,999,095 548,729
14,055,640 13,197,724 857,916
2,117,240 2,093,013 24,227
5,296,310 5,207,449 88,861
13,146,360 12,883,016 263,344
4,440,488 4,322,842 117,646
3,632,580 3,482,449 150,131
345,448 194,226 151,222 969,958 753,720 216,238
483,210 487,027 (3,817)
718,410 593,340 125,070
138,200 128,998 9,202
258,850 257,652 1,198
66,180 47,260 18,920
345,448 194,306 151,142 79,273,528 76,222,516 3,051,012
12,867,198 14,532,978 1,665,780 14,036,472 19,201,149 5,164,677
320,913 320,914 1 4,592,408 4,361,068 (231,340)
89,698 89,044 (654) 89,698 89,044 (654)
(9,682,325) (15,861,580) (6,179,255) (14,697,275) (20,856,403) (6,159,128)
(39,850) (39,851) (1) (39,850) (39,851) • (1)
(9,311,564) (15,491,473) (6,179,909) (10,055,019) (16,446,142) (6,391,123)
3,555,634 (958,495) (4,514,129) 3,981,463 2,755,007 (1,226,446)
990,164 990,164
990,164
(1,100,514)
1.052.477
990,164
(1,100,514)
1.052.477
3,555,634 31,669 (3,523,965) 3,981,453 3,697,134 (284,319)
17,006,403 17,006,403 26,212,644 26,212,644
66,051 66,051 66,051 66,051
20,562,037 17,104,123 (3,4571914) 30,194,097 29s 975,829 (218,268
13
CITY OF CLEARWATER. FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Operating Revenues:
Sales to Customers
Service Charges to Customers
User Charges to Customers
Billings to Departments
Rentals
Operating Expenses:
Personal Services
Purchases for Resale
Operating Materials and Supplies
Transportation
Utility Service
Solid Waste Dumping Charges
Depreciation
Interfund Administrative Charges
Other Current Charges
Operating Income
Nonoperating Revenues (Expenses):
Earnings on Investments
Interest Expense and Fiscal Charges
Amortization of Bond Discount and Issue Costs
Gain (Loss) on Exchange of Assets
Losses from Writedowns and Replacements of Fixed Assets
Recycling Program Incentive Grant
Other
Income Before Operating Transfers
Operating Transfers In
Operating Transfers Out
Net Income
Retained Earnings, Beginning of Year
Residual Equity Transfers In
Residual Equity Transfers Out
Retained Earnings, End of Year
See accompanying notes to Financial Statements.
Proprietary Fund Types
Entsrprlse
$ 71,521,564
17,463,925
5,436,368
3,056,672
97,478,529
18,591,551
25,101,145
2,518,983
4,690,589
2,008,528
4,553,562
8,723,681
10,264,720
11,085,596
87,538,355
9,940,174
6,185,296
(5,511,550)
(402,976)
(6,479)
(4,311)
141,235
802,811
1,204,026
11,144,200
2,239,486
(4,133,742)
(1,894,256)
9,249,944
83,870,572
58,148
(333,340)
$ 92845,324
14
Internal
Service
28,907,080
28.907.080
6,986,717
2,120,987
420,009
150,679
445,472
3,481,305
219,080
11,975,292
25.799.541
3.107.539
2,651,211
(382,479)
374,760
147,541
2.791.033
5,898,572
Totals
(Memorandum Only)
2001
2000
71,521,564
17,463,925
5,436,368
28,907,080
3,056,672
126.385.609
61,622,034
16,313,751
4,990,061
27,652,555
2,880,505
113.458.906
25,578,268
27,222,132
2,938,992
4,841,268
2,454,000
4,553,562
12,204,986
10,483,800
23,060,888
113 337 896
23,743,082
21,062,755
2,920,347
4,264,766
2,208,997
4,455,706
11,913,719
9,779,900
21,448,810
101 798 082
13,047.713 11,660.824
8,836,507
(5,894,029)
(402,976)
368,281
(4,311)
141,235
950 352
3.995.059
5,432,111
(6,054,403)
(401,245)
176,651
(5,716)
113,332
669 473
(69,797)
17 042 772 11.591.027
1,180,567 3,420,053 318,865
(4,895,000) (9,028,742) (3,619,359)
(3,714,433) (5,608,689) (3,300,494)
2,184,139
11,434,083 8,290,533
20,291,812 104,162,384 95,871,852
58,148
(333,340)
22,475,951 115,321,275 104,162,385
1
1
1
1
1
1
A
1
CITY OF CLEARWATER. FLORIDA
COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
2001 2000
Additions
Contributions:
Contributions from Employer $ 5,354,474 5,466,579
Contributions from Employees 4,855,064 4,868,278
State of Florida 1,211,644 1,392,513
Total Contributions 11,421,182 11,727370
Investment Income (Loss):
Net Appreciation (Depreciation) in Fair Value of Investments (101,095,884) 63,322,299
Interest 12,041,584 12,365,395
Dividends 2,170,157 2,249,697
(86,884,143) 77,937,391
Less Investment Expenses:
Investment Management / Custodian Fees 1,866,947 2,065,152
Net Investment Income (Loss)
Total Additions (Reductions)
Deductions
(88,751,090) 75,872,239
(77,329,908) 87,599,609
Benefits and Withdrawal Payments:
Benefits 14,311,372 12,540,926
Withdrawal Payments 551,943 515,433
Total Benefits and Withdrawal Payments 14,863,315 13,056,359
Income ( Loss) before Administrative Expenses (92,193,223) 74,543,250
Administrative Expenses 197,903 87,113
Net Increase (Decrease) (92,391,126) 74,456,137
Net Assets Held In Trust for Pension Benefits:
Beginning of Year 528,325,086 453,868,949
End of Year
See accompanying notes to Financial Statements.
15
$ 435 933 960 528,325,086
CITY OF CLEARWATER. FLORIDA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTAL FIGURES FOR 2000
Proprietary Fund Types Totals
Page 1 of 2
(Memorandum Only)
Internal
Enterprise Service 2001 2000
Cash Flows from Operating Activities:
Cash Received from Customers $ 97,291,922 97,291,922 85,104,451
Cash Received from Other Funds 28,907,080 28,907,080 27,652,555
Cash Payments to Suppliers (41,524,954) (15,979,801) (57,504,755) (48,528,566)
Cash Payments to Employees (19,623,756) (7,242,105) (26,865,861) (27,290,377)
Cash Payments to Other Funds (17,392,437) (1,066,998) (18,459,435) (16,815,536)
Other Revenues 802,811 147,540 950,351 669,473
Net Cash Provided by Operating Activities 19,553,586 4,765,716 24,319,302 20,792,000
Cash Flows from Noncapital Financing Activities:
Operating Transfers In 2,239,486 1,180,567 3,420,053 319,259
Operating Transfers Out (4,257,415) (4,895,000) (9,152,415) (3,619,359)
Grant Revenue 1,051,308 1,051,308 113,332
Interest Paid (85,010) (85,010) (108,027)
Receipt of Cash on Loans to/from Other Funds 17,573,165 138,561 17,711,726 9,270,660
Payment of Cash on Loans to/from Other Funds (9,955,199) (846,521) (10,601,720) (7,218,713)
Net Cash Provided (Used) by Noncapital Financing Activities 6,568,335 (4,222,393) 2,343,942 (1,242,848)
Cash Flows from Capital and Related Financing Activities:
Principal Payments on Debt (5,979,470) (493,359) (6,472,829) (6,082,309)
Interest Paid (3,162,180) (382,479) (3,544,659) (3,841,988)
Acquisition of Fixed Assets (16,654,889) (4,307,311) (20,962,200) (15,471,073)
Sale of Fixed Assets 81,166 1,978,274 2,059,440 659,102
Proceeds from Issuance of Debt 1,250,259 1,250,259 7,775,392
Payment of Bond Issue Costs (119,656)
Retum of Contributed Capital (104,387) (104,387) (311,976)
Capital Contributed By:
Other Funds 934,633 26,326 960,959
Other Governmental Entities 890,950 690,950 455,829
Property Owners 80,188 80,188 106,185
Developers 1,066,276 1,066,276 226,075
Net Cash Used for Capital and Related Financing Activities (21,797,454) (3,178,549) (24,976,003) (16,604,419)
Cash Flows from Investing Activities:
Proceeds from the Sale and Maturity of Investments 67,625
Purchase of Investment Securities (2,378)
Interest on Investments 6,543,324 2,651,212 9,194,536 5,597,237
Net Cash Provided by Investing Activities 6,543,324 2,651,212 9,194,536 5,662,484
Net Increase in Cash and Cash Equivalents 10,885,791 15,986 10,881,777 8,607,217
Cash and Cash Equivalents at Beginning of Year 42,339,513 24,395,136 66,734,649 58,127,432
Cash and Cash Equivalents at End of Year $ 53,205,304 24,411,122 77,616,426 66,734,649
Cash and Cash Equivalents:
Cash on Hand and in Banks $ 24,217 2,050 26,267 19,300
Equity in Pooled Cash and Investments 17,547,173 24,409,072 41,956,245 32,853,306
Restricted Equity in Pooled Cash and Investments 35,633,914 35,633,914 33,862,043
Cash and Cash Equivalents at End of Year
See accompanying notes to Financial Statements.
16
53,205,304 24,411,122 77,616,428 66,734,649
1
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1
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1
1
•
1
1
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t
1
1
1
1
CRY OF CLEARWATER. FLORIDA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTAL FIGURES FOR 2000
Reconciliation of Operating Income to Net
Cash Provided by Operating Activities:
Operating Income
Proprietary Fund Types Totals
Internal
Enterprise Service
Page 2 of 2
(Memorandum Only)
2001 2000
$ 9,940,174 3,107,539 13,047,713 11,660,824
Adjustments to Reconcile Operating Income
to Net Cash Provided by Operating Activities:
Other Revenue from Nonoperating
Section of Income Statement 802,811 147,540 950,351 669,473
Depreciation 8,723,681 3,481,305 12,204,986 11,913,719
Non -cash land rental expense 136,128 136,128
Provision for Uncollectble Accounts 382,401 382,401 229,472
Capitalized Labor and Interest (543,730) (543,730) (470,737)
Construction in Progress Reclassified as Expense 152,970 152,970
Change in Assets and Liabilities:
(increase) in Accounts Receivable (928,047) (51) (928,098) (1,139,791)
(Increase) Decrease in Amount Due from
Other Governmental Entities (82,980) (82,980) 300,821
(Increase) Decrease in Inventory 127,671 48,562 176,233 (51,995)
(Increase) in Prepaid Expenses (158) (316,133) (316,291) (222,692)
Increase (Decrease) in Accounts and Contracts Payable 515,362 (1,447,658) (932,296) 904,995
Increase in Deposits 109,173 109,173 137,069
Increase in Deferred Revenue 764,476 764,476
(Increase) in Net Pension Asset (658,298) (222,779) (881,077) (1,828,320)
Increase (Decrease) in Accrued PayroU 111,952 (32,609) 79,343 (1,312,838)
Total Adjustments 9,613,412 1,658,177 11,271,589 9,131,176
Net Cash Provided by Operating Activities
$ 19,553,586 4,765,716 24,319,302 20,792,000
Noncash Investing, Capital and Financing Activities:
Change in Fair Value of Investments $ (67,825)
Contributed Utilities from Developers 338,172
Contributed Land from Pinellas County Government 922,900
Land Contribution to General Fixed Assets Account Group 79,041 79,041
Contribution of Vehicle from General Fixed Asset Account Group 12,394 12,394
Contribution of Debt Relief from General Long Term Debt Account Group 58,148 58,148
See accompanying notes to Financial Statements.
17
CITY OF CLEARWATER, FLORIDA
INDEX TO NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note 1. Summary of Significant Accounting Policies 20
A. Reporting Entity 20
B. Fund Accounting 20
Govemmental Funds 20
Proprietary Funds 21
Fiduciary Funds 22
Account Groups 22
C. Pooled Cash and Investments 23
D. Inventories 24
E. General Fund Administrative Charges 25
F. Accrued Vacation and Sick Leave 25
G. Budgets and Budgetary Accounting 25
H. Risk Management 26
I. Statements of Cash Flows 27
J. Capitalization of Interest 27
K. Application of FASB Pronouncements to Proprietary Funds 27
L. Comparative Data 27
M. Combined Financial Information 27
N. Use of Estimates 27
Note 2. Long -Term Debt
A. Summary of Transactions in Long -Term Debt 28
B. Summary of Debt Service Requirements 28
C. Obligations Under Lease Purchase Agreements 28
D. Long -Term Debt, General Govemment 28
E. Long -Term Debt, Proprietary Funds 29
F. Advance Refunding of Bonds 33
G. Long -Term Debt, Debt Service Funds 33
Note 3. Restricted Assets, Proprietary Funds
A. Water and Sewer Utility Fund 34
B. Gas Utility Fund 34
C. Solid Waste Utility Fund 34
D. Stormwater Utility Fund 34
E. Parking System 35
F. Current Liabilities Payable from Restricted Assets 35
Note 4. Retirement Commitments
A. Defined Benefit Pension Plans 35
B. Police Supplemental Pension Fund 39
C. Firefighters Supplemental Pension Fund 39
D. 401(a) Defined Contribution Plan 40
E. Deferred Compensation Plan 40
F. Post Retirement Benefits 40
Note 5. Fixed Assets 40
Note 6. Property Taxes 41
18
1
1
1
1
1
1
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t
1
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note 7. Segment Information for Enterprise Funds 42
Note 8. Interfund Balances 42
Note 9. Contingencies and Commitments 43
Note 10. Individual Fund Notes
A. Water and Sewer Utility Fund 45
Note 11. Fund Deficits and Expenditures in Excess of Appropriations 45
Note 12. Residual Equity Transfers Between Funds 45
Note 13. Contributed Capital - Proprietary Funds 45
Note 14. Pending Litigation 46
Note 15. Conduit Debt 46
Note 16. Subsequent Events 46
Required Supplementary Information - Defined Benefit Pension Plans 47
19
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note (1) Summary of Significant Accounting Policies
The accounting and reporting policies of the City of Clearwater, Florida, "the City", relating to the funds
included in the financial statements conform to generally accepted accounting principles for state and local
governments. The following represent the more significant accounting and reporting policies of the City:
Note (1A) Reporting Entity
The City of Clearwater, Florida was incorporated in 1923 by Chapter 9710, Special Laws of Florida, as
amended. As required by generally accepted accounting principles, these financial statements present the
City of Clearwater (the primary government) and its component units. Component units are included in the
reporting entity due to the significance of their operational or financial relationships with the City.
The City has adhered to the standards set forth in Statement No. 14 of the Governmental Accounting
Standards Board in reporting the primary government (including blended component units), discretely
presented component units, the reporting entity, and related organizations.
Blended Component Units - The Clearwater Redevelopment Agency (CRA), created by authority of Florida
Statute Chapter 163, Part III, and City of Clearwater Resolution 81 -68, although it is legally separate, is
reported as if it were part of the City (blended component unit) due to the City Commission serving as the
governing board of the CRA. Separate financial statements for the CRA are not available. However financial
statements for the CRA have been incorporated into the City's comprehensive annual financial report.
Discretely Presented Component Units - The Clearwater Downtown Development Board (DDB) was created
by authority of Florida Statutes 70 -635 and 77 -637, and City Ordinance 5347 -93, but is legally separate from
the City and governed by a separate board. The DDB was created by City ordinance and the City is thereby
able to impose its will on the organization. Additionally the exclusion of the DDB's activities from the City's
financial statements would, in the opinion of the City's management, cause the financial statements to be
incomplete. Consequently, the DDB is reported in a separate column in the combined financial statements
as a discretely presented component unit of the financial reporting entity, in accordance with Statement No.
14 of the Governmental Accounting Standards Board. The DDB's financial statements have been
incorporated into the combined and individual fund sections of the City's comprehensive annual financial
report. Separate financial statements for the DDB can be obtained from the City's Finance Department
located at 100 S. Myrtle Avenue, Clearwater, Florida.
Note (1 B) Fund Accounting
The accounts of the City are organized on the basis of funds and account groups, each of which is
considered to be a separate accounting entity. The operations of each fund are accounted for by providing a
separate set of self- balancing accounts, which comprise its assets, liabilities, fund equity, revenues and
expenditures, or expenses as appropriate. The various funds are grouped by generic type and three broad
fund categories in the financial statements. The types of funds maintained by the City are as follows:
Governmental Funds
The City accounts for those traditional governmental activities financed primarily from tax
revenues through the use of various governmental funds. The basic distinctions of governmental
funds are:
Measurement Focus: Governmental funds are accounted for on a spending or "financial flow"
measurement focus. Thus, only current assets and current liabilities are generally included on
their balance sheets. The reported fund balance representing net current assets reflects
"available spendable resources" at the balance sheet date. The operating statements of
governmental funds report the changes in net current assets (available spendable resources)
during a period of time, the increases consisting of revenues and other financing sources and the
decreases consisting of expenditures and other financing uses.
Accordingly, long -term debt and fixed assets are segregated from the accounts of these funds
and shown separately in the General Long -Term Debt and the General Fixed Assets Account
Groups.
Advances To Other Funds: Long -term advances receivable from other funds are reported on
the balance sheets of governmental funds even though they do not constitute current assets. In
order to exclude such assets from consideration as "available spendable resources ", an
equivalent amount of fund balance is designated as reserved.
20
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Encumbrances: Govemmental funds employ the use of encumbrance accounting wherein
purchase commitments are recorded as they are made in order to reserve that portion of the
applicable appropriations. Encumbrances remaining outstanding at year -end do not constitute
expenditures or Liabilities. Fund balances are reserved in an amount equal to the total of
outstanding encumbrances. As described in Note 1(G), the budget comparisons of certain funds
are presented on the budgetary basis, which differs from generally accepted accounting
principles. In these presentations, encumbrances are treated as expenditures in the year when
the commitment is made rather than the year of liquidation.
Depreciation: Depreciation is not recorded for the use of fixed assets in govemmental funds.
Basis Of Accountina; Governmental Funds and expendable trust funds use the modified
accrual basis of accounting, whereby expenditures, other than unmatured principal and interest
on general long -term debt, are recognized in the accounting period when the liability is incurred, if
measurable, and revenues and other resources are recognized in the accounting period when
they become available and measurable. Revenues are considered to meet the availability test if
they are collectible within the current period or soon enough thereafter for use in payment of
liabilities of the current period. Grant revenues to be received as reimbursement for expenditures
incurred in the current year are recognized as revenue. General Fund accrued revenues consist
primarily of utilities service taxes and franchise taxes.
Reserves and Desianations; Reserves represent that portion of fund balance committed by
legislative action or legal responsibility, which restricts the use of funds to a specific purpose.
Designations represent that portion of fund balance designated by City management for a specific
future use.
The following are the City's governmental fund types:
General Fund: The General Fund is the general operating fund of the City. All financial
transactions and special assessments not properly accounted for in other funds are accounted for
in the General Fund.
Special Revenue Funds: Special Revenue Funds are used to account for revenues derived
from specific sources. Such revenues are usually required by law or regulation to be accounted
for separately and spent for particular purposes.
Debt Service Funds: Debt Service Funds are used to account for the accumulation of resources
for, and the payment of, interest and principal on the City's General Long -Term Debt, which is not
the liability of Proprietary Funds.
Capital Proiects Funds; Capital Projects Funds are used to account for the acquisition and
construction of capital facilities and other fixed assets.
Proprietary Funds:
Proprietary Funds are used to account for the City's organizations and activities that are similar to
those found in the private sector. The basic distinctions of proprietary funds are:
Measurement Focus: Proprietary funds are accounted for on a cost of services or "capital
maintenance" measurement focus. Therefore, all assets and liabilities, regardless of whether
they are current or noncurrent, are presented on the balance sheet. Fund equity, consisting of net
total assets, is segregated into contributed capital and retained eamings segments. The
operating statements of these funds reflect revenues, expenses, and other sources and uses, to
account for changes in net total assets during the period.
21
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Basis of Accountina: Proprietary Funds use the full accrual basis of accounting. Revenues are
recognized in the period in which they are eamed, and expenses are recognized in the period in
which the liabilities are incurred.
Valuation Of Fixed Assets: Property, plant, and equipment owned by Proprietary Funds is
stated at cost except for certain water and sanitary sewer lines of the Utility System which were
donated to the City by contractors and subdivision developers. These lines are stated at their
estimated cost to the contractors and developers, which should approximate fair value at the date
of donation. Depreciation is recorded over the estimated useful lives using the straight -line
method (see Note 5). Due to the immateriality of amortization of assets recorded under capital
leases, it is included in depreciation expense. When property is disposed of, the related cost and
accumulated depreciation are removed from the accounts, with gains or losses on dispositions
being reflected as non - operating revenue or expense.
Reserves: Reserves represent that portion of retained eamings committed by legislative action
or legal responsibility, which restricts the use of funds to a specific purpose.
The following are the City's proprietary fund types:
Enterprise Funds: Enterprise Funds are used to finance and account for the acquisition,
operation, and maintenance of govemmental facilities and services that are supported primarily by
user charges.
Jntemal Service Funds: Internal Service Funds are utilized to finance and account for services
and commodities furnished by a designated department to other departments within the City or to
other govemments on a cost - reimbursement basis.
Fiduciary Funds:
Fiduciary funds are used to account for assets held on behalf of outside parties or on behalf of
other funds within the City. Either an expendable trust fund, a pension trust fund, or an agency
fund is used under such arrangements. Expendable trust funds are accounted for in substantially
the same manner as govemmental funds with a "financial flow" measurement focus and the
modified accrual basis of accounting. Pension Trust Funds are accounted for equivalent to
proprietary funds with a "capital maintenance" measurement focus and employment of the
accrual basis of accounting. Agency Funds are not concemed with measurement of operating
results, being essentially concemed with a custodial responsibility, assets and liabilities are
measured on the modified accrual basis.
Reserves for Retirements have been established for the payment of future benefits. Reserves for
Retirements for defined contribution plans are equivalent to the net assets of the plan, and for
defined benefit plans they are equivalent to the net assets of the plan, not to exceed the actuarial
determined liability of such plans.
Account Groups - General Fixed Assets and General Lona -Term Debt
General Fixed Assets Account Group: This account group accounts for all fixed assets of the
City's Governmental Funds. Assets purchased are recorded as expenditures in the General
Fund, Special Revenue Funds and Capital Projects Funds and are capitalized at cost in the
General Fixed Assets account group. Generally accepted accounting principles provide an option
whether infrastructure improvements such as streets, bridges and drainage systems are
capitalized in the General Fixed Assets account group. The City has elected to capitalize these
improvements. No interest capitalization or depreciation is recorded on General Fixed Assets.
Contributed assets are stated at estimated fair value on the date contributed, or in the case of
assets contributed by developers, at estimated cost to the developer which should approximate
fair value.
22
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
General Lona -Tenn Debt Account Group: This account group accounts for Long -Term Debt
and Compensated Absences, which are liabilities of Govemmental Funds, but not payable from
currently available expendable financial resources.
Note (1 C) Pooled Cash and Investments
The City utilizes a consolidated cash pool to account for cash and investments of all City funds other than
those which are required by ordinance to be physically segregated. The consolidated cash pool concept
allows each participating fund to benefit from the economies of scale and improved yield that are inherent to
a larger investment pool. Formal accounting records detail the individual equities of the participating funds.
The cash pool utilizes a single checking account for all City receipts and disbursements.
All individual fund cash equity in a deficit (overdraft) position with respect to the consolidated cash pool is
reclassified at year -end to short-term interfund payables to the Capital Improvement Fund. The Capital
Improvement Fund is the fund selected by management to reflect the offsetting interfund receivables in such
cases.
The City has an agreement with its depository bank to provide that all excess cash is swept daily and
automatically into an ovemight money market account which pays interest at .14% less than the daily federal
funds rate (2.75% at September 30, 2001), with no requirement for a minimum compensating balance. This
account is collateralized through the State of Florida Public Deposits Program.
Under City Charter and the current Investment Policy, adopted by the City Commission on September 7,
1995, consolidated cash pool investments are limited to the following: United States Govemment Securities,
Certificates of Deposit in Local Banks, Repurchase Agreements, Savings Account in Local Banks, Federal
Govemment Agency Securities, Municipal Bonds (other than City of Clearwater issues), State of Florida
Bonds, and Municipal Bonds issued by counties in Florida.
The City utilizes a very conservative investment philosophy when it invests its pooled cash funds in that the
retum of the principal is more important than the retum on the principal. The City does not actively trade its
portfolio and generally holds investments until maturity. Through the use of a laddered approach to
maturities and by timing maturities to cash needs, the City does not anticipate selling investments to meet
cash flow requirements.
Under the City's Investment Policy, a performance measure standard has been established. The
performance measure chosen is a weighted average of: the ovemight interest rate; and three month, six
month, one year, and three year Treasury rates respectively. For the fiscal year ended September 30, 2001,
the performance measure weighted average is 4.64 %. The actual pooled cash eamings performance„
before bank charges, was 6.18 %.
Investments being held outside of the consolidated cash pool include escrowed debt service investments and
employee retirement investments. Permissible escrowed debt service investments are specifically defined in
each individual debt instrument, but generally follow the same limitations which apply to consolidated cash
pool investments. The City maintains four different employee retirement programs, and each one has its
own list of permitted investments. Generally, each plan allows the same type of investments as the
consolidated cash pool, but additionally allows some portion of its assets to be invested in stocks, bonds, and
notes of corporations which are listed on one or more of the recognized national stock exchanges.
Govemmental Accounting Standards Board (GASB) Statement Number 3 requires certain disclosures for
deposits and investments, including management's determination of custodial credit risk, defined as follows:
For deposits, the bank balance must be categorized as follows:
Category 1: Insured or collateralized with securities held by the City or its agent in the City's name.
Category 2: Collateralized with securities held by the pledging financial institution's trust department
or agent in the City's name.
Category 3: Uncollateralized.
23
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
For investments other than deposits, the following categories apply:
Category 1: Insured or registered, or held by the City or its agent in the City's name.
Category 2: Uninsured and unregistered, held by the counterparty's (purchasing agent's) trust
department or agent in the City's name.
Category 3: Uninsured and unregistered, held by the counterparty, its trust department, or agent, but
not in the City's name.
As described above, the City's depository banking agreement provides for the investment of all excess cash
daily into a collateralized repurchase agreement, whereby all deposits deemed to be collected are
automatically deposited. City deposits consist of relatively small cash balances held by Debt Service
Trustees and Employee Retirement Custodians. The bank balances equal the carrying amount for these
deposits, and management's classification of custodial credit risk is indicated in the table below. Because
these amounts are part of the trustee's and custodian's composite account, they are classified along with
investments on the balance sheet.
Managed mutual funds and guaranteed investment contracts are not susceptible to classification by risk
category and are disclosed but not categorized pursuant to GASB Statement 3. Management has classified
all other investments into Category 1, with the exception of certain employee retirement investments that are
being held by the financial institution also serving as investment manager, and certain escrowed debt service
investments that are being held by the financial institution from which they were purchased. The carrying
value for all investments is fair value in accordance with GASB Statement 31.
Summary of deposits and investments, including management's assessment of custodial credit risk, follows:
Investment
Fair Deposit Credit Credit
Value Risk Category Risk Category
I. Cash On Hand and In Banks $ 62,886 1
II. Consolidated Cash Pool and Component
Unit Deposits and Investments:
U.S. Treasury Notes and Bills 18,469,428 1
U.S. Agency Securities 152,268,791 1
Money Market Account 4,918,627 1
Accrued Interest on Investments 2,314,057 n/a
Less Outstanding Checks at 9/30/01 (3,404,845) n/a
Total Cash Pool and Component Unity Equity 174,566,058
III. Construction and Debt Service Deposits
and Investments:
U.S. Treasury Notes and Bills 3,058,741 1
IV. Employee Retirement Deposits and Investments:
Cash On Hand and In Banks 6,011,495 1
Money Market Accounts 43,571,752 1
Domestic Equity Securities 167,467,026 1
U.S. Govemment Bonds 113,088,435 1
Domestic Corporate Bonds 43, 164, 185 1
Mortgage Backed Bonds 12,161,677 1
Asset Backed Bonds 10,250,333 1
Intemational Equity Mutual Fund 33,654,108 2
Total Employee Retirement Investments 429,369,011
Total Deposits and Investments, All Funds $ 607,056,696
Note (1 D) Inventories
Inventories of proprietary funds are stated at cost and valued on the first -in first -out (FIFO) basis. In
governmental funds, the majority of inventory items such as materials and supplies, are accounted for under
the purchases method, which provides that expenditures are recognized when the inventory item is
purchased. The only govemmental fund inventory that is accounted for under the consumption method is the
General Fund inventory of items for resale at the fishing pier. Under the consumption method, the
expenditure is recognized when the inventory item is sold (or consumed).
24
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note (1 E) General Fund Administrative Charges
The General Fund charges Proprietary Funds for their proportionate share of the costs of general
govemment operations. The amounts charged to these Proprietary Funds are based on relative net
expenditures (after deducting all interfund transactions).
Note (1 F) Accrued Vacation And Sick Leave
Full -time permanent employees eam a paid vacation period of two calendar weeks per year, increasing on a
graduated scale to a maximum vacation period of four calendar weeks each year after 16 years of service.
Generally, employees may accumulate unused vacation not exceeding 360 hours. Sick leave accumulation
ranges from approximately 7 -10 hours each month. Generally employees may accumulate sick leave not
exceeding 1,560 hours. Upon retirement from City service a qualified employee may be paid one -half of his
accumulated unused sick leave. It is the City's policy in its Proprietary Funds to reflect on an accrual basis
the amounts of eamed but unused vacation leave and that portion of eamed but unused sick leave estimated
to be payable upon retirement. The City's reporting of accrued vacation and sick leave is in accordance with
Statement No. 16 of the Govemmental Accounting Standards Board.
Note (1 G) Budgets And Budgetary Accounting
Annual budgets are legally adopted for the City's General Fund, the Special Development Special Revenue
Fund, and the Community Redevelopment Agency Special Revenue Fund.
The City of Clearwater observed the following procedures in establishing the budgetary data for the General
Fund and Special Development Fund, as reflected in the financial statements:
On May 31, 2000, the City Manager submitted to the Clearwater City Commission proposed budgets for the
fiscal year commencing October 1, 2000 and ending September 30, 2001. Public Hearings were held on
September 7, 2000 and September 21, 2000 at the Clearwater Commission Chambers to obtain citizen
comments. On September 21, 2000 official budgets were legally adopted by Ordinance No. 6608 -00.
Subsequent quarterly budget amendments were adopted on July 12, 2001 (Ordinance 6815 -01). The final
amended budget was adopted October 4, 2001, (Ordinance 6844 -01). The budget for the Special
Development Fund is adopted on a basis consistent with GAAP, and appropriations lapse at year -end.
Appropriations for open encumbered purchase orders at year -end in the General Fund do not lapse, but
rather continue until liquidated or otherwise canceled by City Commission action. On the General Fund
budgetary comparison statements, actual expenditures have been adjusted to include end of year
encumbrances and to exclude beginning of year encumbrances to provide for a meaningful comparison.
Except for the treatment of encumbrances and certain transactions relating to interfund loans, the General
Fund Budget is adopted on a basis consistent with GAAP, and all non - encumbered appropriations lapse at
year -end.
The level of budgetary control established by the legislative body, the level on which expenditures may not
legally exceed appropriations, is the individual fund. In accordance with provisions of Ordinance 5025 -90 and
with Section 2.519(4) of the Clearwater Code, the City Manager may transfer part or all of any unencumbered
appropriation balance among programs within an, operating fund, provided such action does not result in the
discontinuance of a program. Such transfers must be included in the next budget review presented to the
City Commission. Upon detailed written request by the City Manager, the City Commission may by
ordinance transfer part or all of any unencumbered appropriation balance from one fund to another.
As established by administrative policy, department directors may transfer money from one operating code to
another within a program without a formal written amendment. Formal requests for budget amendments
from department directors are required for transfers in capital expenditures, transfers, and reserves. Thus,
certain object classifications within departmental and/or program budget appropriations are subject to
administratively imposed controls, in addition to the legal controls imposed by City Commission action
described above.
The annual budget for the Community Redevelopment Agency is adopted by the trustees of that agency in
accordance with state law. The current year budget was officially adopted on September 18, 2000. The
budget is adopted on a basis consistent with GAAP, the level of budgetary control is the total fund, and
appropriations lapse at year -end.
Budget amounts presented in the accompanying financial statements reflect all amendments adopted by the
25
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
City Commission and the goveming boards of component units. All amendments were adopted in
conformance with legal requirements. Individual amendments, as well as the net effects of all amendments
during the fiscal year, were not material in relation to the original appropriations for the govemmental funds in
the aggregate.
The Clearwater City Commission also adopts budgets for the Enterprise Funds, all Intemal Service Funds,
the Capital Projects Funds, the Special Programs Fund, and the Local Housing Assistance Trust Fund.
Budgetary comparisons for the Enterprise and Internal Service funds are not required by NCGA Statement
No. 1 for the general purpose financial statements and are not included in this report. Budgets for the Capital
Projects Funds, the Special Programs Fund, and the Local Housing Assistance Trust Fund are adopted on a
multi -year completed program basis, where budgetary appropriations do not lapse at year -end, but may
extend across two or more fiscal years. A comparison of annual results with these budgets would not be
meaningful and is therefore not included in this report. The excess of revenues and other sources over
expenditures and other uses for the Special Programs Fund and the Local Housing Assistance Trust Fund is
shown as a reconciling item near the bottom of the Combined Statement of Revenues, Expenditures, and
Changes in Fund Balance - Budget and Actual.
All City Commission adopted budgets are integrated into the formal accounting system to allow for monthly
comparison of projected and actual experience in all funds for which budgets are adopted.
The annual budget for the Clearwater Downtown Development Board Fund, a discretely „presented
component unit of the City, is adopted by the members of that board in accordance with state law. The
current year budget was officially adopted on September 13, 2000.
Note (1 H) Risk Management
The City is self - insured within certain parameters for losses arising from claims for general liability, auto
liability, police professional liability, public official's liability, property damage, and workers' compensation.
Insurance coverage has been maintained by the City to pay for or indemnify the City for losses in excess of
certain specific retentions and up to specified maximum limits in the case of claims for liability, property
damage, and workers' compensation. The liability excess coverage is $10,000,000 per occurrence (no
aggregate applicable) with self- insured retention of $500,000 via two layers of $5,000,000 each with the
second layer of $5,000,000 in excess of the first layer of $5,000,000. The workers' compensation excess
coverage is statutory with $500,000 self- insured retention per occurrence, and the property damage excess
coverage is $100,000,000 with a $500,000 self- insured retention. Settled claims have not exceeded excess
coverage in any of the past three years.
The transactions relating to the self- insurance program are accounted for in the Central Insurance Fund, an
Internal Service Fund. The billings by the Central Insurance Fund to the various operating funds (the
intertund premiums) are based on actuarial estimates of the amounts needed to pay prior and current year
claims. The claims liability reported at September 30, 2001 is based on the requirements of Govemmental
Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if
information prior to the issuance of the financial statements indicates that it is probable that a liability has
been incurred at the date of the financial statements and the amount of the loss can be reasonably
estimated.
Changes in the claims liability amounts in fiscal years 2000 and 2001 were:
Self
Insurance
Balance at October 1, 1999 $ 10,217,997
Current year claims and changes
in estimates 2,810,923
Claim payments (2,145,527)
Balance at September 30, 2000 10,883,393
Current year claims and changes
in estimates 629,391
Claim payments (2,175,488)
Balance at September 30, 2001 $ 9,337,296
26
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
During fiscal year 1988 -89, the City Commission authorized the establishment of a special health insurance
stabilization fund to guard against future substantial increases in health care costs. The current accumulated
balance in this fund is $3,536,007, which represents refunds from insurance carriers and departmental
billings during the current and ten immediately preceding fiscal years in excess of insurance premium
expense actually incurred during those ten years. This fund is a component of the unreserved retained
eamings balance of the Central Insurance Fund at September 30, 2001. The City is not currently self- insured
with respect to major medical coverage.
Note (11) Statements of Cash Flows
For purposes of the statements of cash flows, investments with original maturities of three months or less are
considered to meet the definition of cash equivalents. The majority of the investments in which the City's
proprietary funds have equity are held by the Cis consolidated pool of cash and investments. Since fund
equities in this cash management pool have the general characteristics of demand deposits in that additional
funds may be deposited at any time and also funds may be withdrawn at any time without prior notice or
penalty, each fund's equity account is considered a cash equivalent regardless of the maturities of
investments held by the pool. Funds which have deficit (overdraft) positions within the consolidated pool
report the deficits as interfund payables to the City's Capital Improvement Fund, as explained in Note 1(C).
Note (1J) Capitalization of Interest
In compliance with the requirements of Financial Accounting Standards Board Statement No. 62, it is the
policy of the City to capitalize all interest costs of tax exempt borrowings, the proceeds of which are extemally
restricted to the financing of the acquisition of specified qualifying assets, less any interest eamed on the
temporary investment of the proceeds of such borrowings until the specified qualifying assets acquired with
the borrowings are ready for their intended use. For other projects, the City follows the provisions of
Financial Accounting Standards Board Statement No. 34 and capitalizes interest costs incurred during the
construction period. This policy is applicable to the proprietary funds; it is not applied to general fixed assets.
During the fiscal year, $6,355,706 of interest cost was incurred in the proprietary fund types. Interest
capitalized, net of eamings on related investments was ($68,925).
Note (1 K) Application of FASB Pronouncements to Proprietary Funds
The City has elected to implement the provisions of GASB Statement 20 with regard to the application of
FASB Pronouncements for proprietary funds. In accordance with the provisions of GASB Statement 20, the
City has elected to not apply those FASB statements and interpretations issued after November 30, 1989.
Note (1 L) Comparative Data
Wherever possible, the accompanying financial statements include comparative total data for the prior year in
order to provide a better understanding of changes in the City's overall financial position and results of
operations. Certain prior year balances have been reclassified to conform to current year presentations.
Note (1 M) Combined Financial Information
The total columns included in the combined financial statements which are captioned "Memorandum Only"
represent a summation of the amounts presented in the columns by fund type and account group. Such
totals do not eliminate interfund transactions, and are included for informational purposes only. They are not
intended to present financial position, results of operations, or cash flows for the govemmental unit as a
whole, in conformance with generally accepted accounting principles.
Note (1 N) Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from the estimates.
27
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note (2) Long -Term Debt
Note (2A) Summary of Transactions in Long -Term Debt
Notes,
Mortgages,
Loan Pod Aoaued
Revenue Agreements Compensated
General Long -Term Debt Account Group Bonds & Contracts Absences Total
Debt Payable at October 1, 2000 $ 10,264,210 $ 3,393,243 $ 5,149,725 $ 18,807,178
New Debt Issued:
Revenue Bonds Issued 46,445,000 46,445,000
Lease Purchase Contracts tor
Equipment Acquisition 2,454,264 2,454,264
Transfers from Proprietary Fund 58,148 58,148
Net Change in Accrued Compensated Absences 301 ,834 301,834
Debt Retired (227,222) (1,241,085) (1,468,307)
Debt Payable at September 30, 2001 $ 56,481,988 $ 4,664,570 5,45 ,559 $ 66,598,117
Note (2B) Summary of Debt Service Requirements (all outstanding Indebtedness as of
September 30, 2001, including interest payments of $78,371,388)
Notes,
Mortgages,
Loan Pool
Revenue Agreements
Bonds & Contracts Total
11,752,027 $ 4,717,356 $ 16,469,383
16,743,744 3,852,254 20,595,998
16,707,988 3,210,395 19,918,383
16,493,670 2,295,420 18,789,090
16,393,053 1,204,879 17,597,932
173,999,780 43,887 174,043,667
$ 252,090,262 $ 15,324,191 $ 267,414,453
Year Ending
Sept. 30
2002 $
2003
2004
2005
2006
Thereafter
Notes (2C) Obligations Under Lease Purchase Agreements
Future minimum lease payments under lease purchase agreements are as follows:
Year Ending Seot. 30 Amount
2002
2003
2004
2005
2006
2007
Deduction of the Amount of Imputed Interest Necessary to
Reduce Net Minimum Lease Payments to Present Value
$ 4,717,356
3,852,254
3,210,395
2,295,420
1,204,879
43,887
$ 15,324,191
(1,331,007)
$ 13,993,184
Obligations under capital leases are included as a component of the balance under the caption "Mortgages,
Notes, Loan Pool Agreements and Acquisition Contracts Payable" on the City's Combined Balance Sheet.
Note (2D) Long -Term Debt, General Government
Accrued Compensated Absences
Long -term portions of accrued vacation and sick pay for govemmental funds, as
required by GASB Statement No. 16.
28
$ 5.451.559
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Serial Bonds Payable
Improvement Revenue Bonds, Series 1995, with serial maturities from $190,000 at
5.10% due February 1, 2002 to $590,000 at 6.00% due February 1, 2021. The bonds
have term maturities of $1,565,000 at 5.88% due February 1, 2020 and $2,750,000 at
6.00% due February 1, 2025. Principal and interest payable from Public Service Tax
revenues.
Infrastructure Sales Tax Revenue Bonds, Series 2001, with serial maturities from
$5,100,000 at 4% due December 1, 2002 to $6,620,000 at 4% due December 1, 2009.
Principal and interest are payable from "Penny for Pinellas" one -cent discretionary
infrastructure sales surtax.
5,455,000
46.445.000
Total Serial Bonds Payable 51.900.000
Term Bonds Payable
Public Service Tax and Bridge Revenue Bonds, Series 1985, maturing December 1,
2005 with interest at 9.13 %. This amount represents 64.33% of the total undefeased
term bonds outstanding for this issue. The remaining 35.67% of the undefeased term
bonds is reported in the Parking System Enterprise Fund, in the amount of $142,249.
After partial defeasance on September 27, 1995, a total of $550,000 in outstanding term
bonds mature on December 1, 2005, with $415,000 remaining undefeased as of
September 30, 2001. 266,988
Improvement Revenue Bonds, Series 1995, with term maturities of $1,565,000 at
5.88% due February 1, 2020 and $2,750,000 at 6.00% due February 1, 2025. The
bonds have serial maturities from $180,000 at 5.05% due February 1, 2001, to
$590,000 at 6.00% due February 1, 2021.
4.315.000
Total Term Bonds Payable 4.581.988
Lease - Purchase Payable
Pursuant to certain Master Lease Agreements, the City has entered into Lease
Purchase Agreements for the purchase of automotive and other types of equipment for
the operating departments of the General Fund. These agreements provide for 20
quarterly payments ranging in amount from $692 to $97,983. The cost of the equipment
at the inception of the leases was $8,112,954 with interest imputed thereon of $900,356;
the effective rates ranging from 3.30% to 5.90 %.
4.664.570
Total General Govemment Long -Term Debt Payable 66.598.117
Note (2E) Long -Term Debt, Proprietary Funds
Water and Sewer Utility Fund
Water and Sewer Refunding Bonds, Series 1993; 4.80% - 5.63 %. Current Interest
Bonds with serial maturities due in annual principal installments ranging from $140,000
to $5,715,000 from December 1, 2001 to December 1, 2018; interest is payable
semiannually, net of unamortized discount of $39,241, collateralized by net revenues of
the Water and Water Pollution Control System. 24,560,759
Water and Sewer Revenue Bonds, Series 1998; Capital Appreciation Bonds with an
approximate yield to maturity ranging from 4.20% - 5.22% and having serial maturities
due in annual installments (original principal amount plus interest earned to date of
maturity) ranging from $460,000 to $5,875,000 from December 1, 2004 to December 1,
2018; interest is payable at maturity (or prior redemption date) on Capital Appreciation
Bonds; net of unamortized discount of $274,945 and unearned interest included in the
maturity amount outstanding at September 30, 2001 of $31,884,999 collateralized by
net revenues of the Water System.
29
49,625,056
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Pursuant to certain Master Lease Agreements, the City has entered into Lease Purchase
Agreements for the purchase of automotive equipment for the operating divisions of the
Water and Sewer Utility Fund, providing for 20 quarterly payments ranging from $693 to
$6,150. The cost of the automotive equipment at the inception of the lease was
$252,634 with interest imputed thereon of $31,933, with effective rates ranging from 201,652
3.30% to 5.62 %.
Total Long -Term Debt, Water and Sewer Utility Fund 74,387,467
Less Current Portion of Long -Term Debt (5.210.825)
Long -Term Debt, Excluding Current Portion 69.176.642
Cash has been restricted and reserves established in the Water and Sewer Revenue
Bonds Debt Service Fund pursuant to the ordinances authorizing the two outstanding
series of Water and Sewer Revenue Bonds. Amounts restricted are in compliance with
the ordinances.
Gas Utility Fund
Gas System Revenue Bonds, Series 1996A; 4.80% — 5.75% Serial Bonds due in annual
principal installments ranging from $85,000 to $270,000 from September 1, 2002 to
September 1, 2014. 5.75% Term Bonds in the principal amount of $905,000 maturing
on September 1, 2017; 5.75% Term Bonds in the principal amount of $1,460,000
maturing on September 1, 2021; and 5.80% Term Bonds in the principal amount of
$4,465,000 maturing on September 1, 2026. Interest is payable semiannually. Long
term debt is net of unamortized discount of $121,209. The revenue bonds are
collateralized by net revenues of the Gas Division.
Gas System Revenue Bonds, Series 1997A & B; 4.00% - 5.00% Serial Bonds due in
annual principal installments ranging from $490,000 to $785,000 from September 1,
2002 to September 1, 2013. Also includes 5.25% Term Bonds in the principal amount
of $790,000 maturing on September 1, 2017, and 5.30% Term Bonds in the principal
amount of $4,560,000 maturing on September 1, 2027. Interest is payable
semiannually. Long term debt is net of unamortized discount of $153,301. The revenue
bonds are collateralized by net revenues of the Gas Division.
8,323,791
12,711,699
Gas System Revenue Bonds, Series 1998; 3.90% - 4.60% Serial Bonds due in annual
principal amounts ranging from $35,000 to $50,000 from September 1, 2002 to
September 1, 2013; and 4.75% - 4.90% Serial Bonds due in annual principal
installments ranging from $620,000 to $755,000 from September 1, 2015 to September
1, 2019; 4.70% Term Bonds in the principal amount of $645,000 maturing on
September 1, 2014; and 5.00% Term Bonds in the principal amount of $3,410,000
maturing on September 1, 2023. Interest is payable semiannually. Long term debt
amount is net of unamortized discount of $144,261. The revenue bonds are
collateralized by the net revenues of the Gas Division. 7.785.739
Total Long -Term Debt, Gas Utility Fund 28,821,229
Less Current Portion of Long -Term Debt (610.000)
Long -Term Debt, Excluding Current Portion 28.211.229
Cash has been restricted and reserves established in the Gas System Revenue
Bonds Debt Service Funds pursuant to the ordinance authorizing the three
outstanding issues of Gas System Revenue Bonds. Amounts restricted are in
compliance with the ordinance.
30
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Solid Waste Utility Fund
An intemal twenty year loan from the City's Central Insurance Fund for the construction
of administrative, container maintenance, and truck wash facilities, in addition to a
paved yard for use by all cost centers of the Solid Waste Fund. The loan provides for
20 annual payments of $82,474 together with interest at the cash -pool rate, due on
September 30 of each year, commencing September 30, 1994. The cost of the
construction was $1,686,759. 989,685
Pursuant to certain Master Lease Agreements, the City has entered into Lease
Purchase Agreements for the purchase of equipment for the operating division of the
Solid Waste Utility Fund. The agreements provide for 20 quarterly payments of $4,667
to $5,445. The combined total principal amount of the loan at inception of the leases
was $270,800 with interest imputed thereon of $39,278, with effective interest rates
ranging from 5.03% to 6.41 %. 123.492
Total Long -Term Debt, Solid Waste Utility Fund 1,113,177
Less Current Portion of Long -Term Debt (119.769),
Long -Term Debt, Excluding Current Portion 993.408
Stormwater Utility Fund
Stormwater System Revenue Bonds, Series 1999; 4.00% - 5.75 %. Current Interest
Bonds with serial maturities due in annual principal installments ranging from $120,000
to $490,000 from November 1, 2001 to November 1, 2029. Interest is payable
semiannually; amount is net of unamortized discount and issue costs of $77,733; and the
issue is collateralized by net revenues of the Stormwater Utility System.
Pursuant to certain Master Lease agreements, the City has entered into Lease Purchase
Agreements for the purchase of maintenance equipment for the operating division of the
Stormwater Utility fund, providing for 20 quarterly payments ranging from $693 to
$11,107. The cost of the maintenance equipment at the inception of the lease was
$762,957, with interest imputed thereon of $92,884, and effective rates ranging from
3.30% to 5.62 %.
7,317,267
607.558
Total Long -Term Debt, Stormwater Utility Fund 7,924,825
Less Current Portion of Long -Term Debt (258.715)
Long -Term Debt, Excluding Current Portion 7.666.110
Yacht Basin and Marina
An internal five -year construction loan in the amount of $298,011 from the City's Central
Insurance Fund for construction of two aircraft T- hangars and one corporate hangar at
Clearwater Airpark. The loan provides for payments due on September 30 of each year,
bearing interest at the cash -pool interest rate and commencing September 30, 2001.
Pursuant to certain Master Lease Agreements, the City has entered into a Lease
Purchase Agreement for the purchase of equipment for the operating division of the
Yacht Basin and Marina Enterprise Fund. The agreement provides for 20 quarterly
payments of $1,929. The cost of the equipment at the inception of the lease was $33,825
with interest imputed thereon of $4,749, with an effective rate of 5.65 %.
245,214
1.902
Total Long -Term Debt, Yacht Basin and Marina Fund 247,116
Less Current Portion of Long -Term Debt (57.901)
Long -Term Debt, Excluding Current Portion 189.215
31
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Parking System
Public Service Tax and Bridge Revenue Bonds, Series 1985, maturing December 1,
2005 with interest at 9.13 %, net of discount and issue costs (Parking Fund share only)
of $5,762. This amount represents 35.67% of the undefeased term bonds outstanding.
The remaining 64.33% of the undefeased term bonds is reported in the General Long
Term Debt Group, in the amount of $266,988. After partial defeasance on September
27, 1995, a total of $550,000 in outstanding term bonds mature on December 1, 2005,
with $415,000 remaining undefeased as of September 30, 2001. 142,249
Pursuant to certain Master Lease Agreements, the City has entered into a Lease
Purchase Agreement for the purchase of equipment for the operating divisions of the
Parking Fund. The agreement provides for 20 quarterly payments of $43,628. The
cost of the equipment at the inception of the lease was $780,818 with interest
imputed thereon of $91,751, with an effective rate of 4.33 %. 710.081
Total Long Term Debt, Parking System Fund 852,330
Less Current Portion of Long -Term Debt (171,697)
Long -Term Debt, Excluding Current Portion 680.633
Cash has been restricted and reserves established pursuant to the ordinances
authorizing the Public Service Tax and Bridge Revenue Bonds. Amounts restricted are
in compliance with the ordinances.
Garage
Pursuant to certain Master Lease Agreements, the City has entered into Lease
Purchase Agreements for the purchase of automotive and other types of equipment for
the operating divisions of the City. These agreements provide for 20 quarterly payments
ranging in amount from $7,766 to $79,218. The cost of the equipment at the inception
of the leases was $11,548,903 with interest imputed thereon of $1,475,929, the effective
rates ranging from 2.95% to 5.90 %. 6,924,234
Less Current Portion of Long -Term Debt (2,217,794)
Long -Term Debt, Excluding Current Portion 4,706,440
Administrative Services
Pursuant to certain Master Lease Agreements, the City has entered into Lease
Purchase Agreements for the purchase of automotive and other types of equipment for
the operating divisions of the Administrative Services Fund. These agreements provide
for either 12 or 20 quarterly payments ranging in amount from $776 to $19,645. The
cost of the equipment at the inception of the leases was $1,593,594 with interest
imputed thereon of $211,446, the effective rates ranging from 2.95% to 5.90 %. 759,695
An intemal five -year loan from the City's Central Insurance Fund for the purchase and
installation of a new Utility Customer Service system. The loan provides for five annual
payments of $300,000 plus interest at the cash -pool rate, due on September 30, of each
year. The loan commenced on September 30, 2000. 871.070
Total Long Term Debt, Administrative Services Fund 1,630,765
Less Current Portion of Long -Term Debt (566.287)
Long -Term Debt, Excluding Current Portion 1.064.478
TOTAL PROPRIETARY FUNDS LONG -TERM DEBT,
EXCLUDING CURRENT PORTION 112.688.155
TOTAL LONG -TERM DEBT, ALL FUNDS EXCLUDING
CURRENT PORTION FOR PROPRIETARY FUNDS
32
$179286272
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
The official statements and Commission resolutions authorizing the issuance of the revenue bonds described
above contain certain restrictive covenants. The City has covenanted that, on a monthly basis, it will deposit
specified amounts derived from specific revenue sources into accounts and funds established by the
resolutions. The deposits into these accounts and funds are used to repay principal and interest coming due
on the bonds and to provide sinking funds established for the purpose of retiring term bonds due in future
years. Certain covenants also require maintenance of specified coverage ratios. The City is in compliance
with all bond covenants.
Note (29 Advance Refunding of Bonds
In prior fiscal years, the City entered into various advance- refunding transactions related to certain of its
bonded debt. A portion of the proceeds of the refunding bond issues was placed in trust and used to
purchase securities of the United States Govemment and related agencies at various interest rates and
maturities sufficient to meet all debt service requirements of the refunded debt, of which $60,900,000 was
outstanding at September 30, 2001. These assets are administered by trustees and are restricted to use for
retirement of the refunded debt. The liability for the refunded bonds and the related securities and escrow
accounts are not included in the accompanying financial statements as the City defeased its obligation for
payment of the refunded bonded debt upon completion of the refunding transactions.
Bond issues, which have been refunded and are payable from escrow accounts are:
Utility Revenue Certificates, 1975 $ 1,800,000
Utilities Tax and Bridge Revenue Bonds, Series 1977 1,390,000
Utilities Tax Bonds, Series 1977 2,380,000
Special Obligation bonds, Series, 1978A 50,000
Utility Revenue Bonds, 1978 14,240,000
Public Service Tax and Bridge Revenue Bonds, Series 1985 975,000
Community Redevelopment Agency Bonds, Series 1986 1,190,000
Water and Sewer Revenue Bonds, Series 1988A 19,910,000
Water and Sewer Revenue Bonds, Series 1988B 4,995,000
Gas System Revenue Bonds 1991A 5,860,000
Gas System Revenue Bonds 1994A 8,110,000
$ 60,900,000
Note (2G) Long-Term Debt, Debt Service Funds
Debt Service Reserves - General Lona -Term Debt
The reserves have been established in compliance with the ordinances authorizing the debt and are equal to
the amounts required by the ordinances.
Reserves established to provide for the next succeeding maturities of principal and interest are as follows:
Principal Interest
Improvement Revenue Bonds, Series 1995 $ 126,667 $ 93,991
Public Service Tax and Bridge Revenue Bonds,
Series 1985 41,189 8,121
Infrastructure Sales Tax Revenue Bonds,
Series 2001 551.024
& 167.856 amuse
A contingency reserve has been established pursuant to the authorizing bond ordinance to meet principal
and interest requirements for the Public Service Tax and Bridge Revenue Bonds should other resources be
unavailable. The General Long -Term Debt portion of this reserve is $71,535 as of September 30, 2001.
33
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note (3) Restricted Assets, Proprietary Funds
Note (3A) Water and Sewer Utility Fund
Assets in the Water and Sewer Utility Fund restricted for construction include:
Water Improvement charges, the use of which is restricted by the authorizing ordinance to the construction of
additions and improvements to the water system; assets remaining at September 30, 2001 are:
Equity in Pooled Cash and Investments $ 1,091,317
Due from Other Funds 362,641
Sewer Improvement charges, the use of which is restricted by the authorizing ordinance
to the construction of additions and improvements to the sewer system; assets
remaining at September 30, 2001 are:
Equity in Pooled Cash and Investments 3,596,068
Due from Other Funds 458,229
Assets of the Water and Sewer Utility Fund restricted under the provisions of the
ordinances authorizing the issuance of Water and Sewer Revenue Bonds consisted of
the following at September 30, 2001:
Water and Sewer Revenue Bonds Debt Service:
Equity in Pooled Cash and Investments 11,158,705
Investments (U.S. Govemment Securities) 3,058,741
Accrued Interest Receivable on Investments 86,196
Water and Sewer Revenue Bonds Renewals and Replacements:
Equity in Pooled Cash and Investments 9,426,487
Due from Other Funds 1.328.641
530
Assets of the Water and Sewer Utility Fund representing Customers' Deposits and therefore restricted,
amounted to $1,868,428 at September 30, 2001, consisting entirely of Equity in Pooled Cash and
Investments.
Note (3B) Gas Utility Fund
Assets in the Gas Utility Fund restricted under the provisions of the ordinance authorizing the issuance of
revenue bonds consisted of the following at September 30, 2001:
Gas System Revenue Bonds
Debt Service:
Equity in Pooled Cash and Investments $175,581
Renewals and Replacements:
Equity in Pooled Cash and Investments
300.000
$475.581
Assets of the Gas Utility Fund representing Customers' Deposits and therefore restricted, amounted to
$1,110,172 at September 30, 2001, consisting entirely of Equity in Pooled Cash and Investments.
Note (3C) Solid Waste Utility Fund
Restricted assets in the Solid Waste Utility Fund designated for construction represent customer deposits in
the amount of $707,799 at September 30, 2001, and consisted entirely of Equity in Pooled Cash and
Investments.
Note (3D) Stormwater Utility Fund
Reimbursement due for land acquisition costs from the U.S. Department of Housing and
Urban Development pursuant to a FY 2000 Economic Development Initiative Special
Project Grant for Clearwater Town Pond; assets remaining at September 30, 2001 are:
Due from Other Govemmental Entities $ 455,000
34
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Assets in the Stormwater Utility Fund restricted under the provisions of the ordinance
for the issuance of revenue bonds consisted of the following at September 30, 2001:
Stormwater System Revenue Bonds
Debt Service: Equity in Pooled Cash and Investments
Construction: Equity in Pooled Cash and Investments
Note (3E) Parking System
Assets in the Parking System restricted under the provisions of the ordinance authorizing
Public Service Tax and Bridge Revenue Bonds, consists of Equity in Pooled Cash and
amount of $64,850 as of September 30, 2001.
275,622
5,858,885
the issuance of the
Investments in the
Note (3F) Current Liabilities Payable from Restricted Assets
As of September 30, 2001, with comparative figures for 2000, the current liabilities payable from restricted
assets of the Enterprise Funds were as follows:
Construction Contracts Payable
Accrued Interest Payable
Current Portion of Long -Term Debt (Revenue Bonds)
Customer Deposits
September 30, 2001
$ 1,846,467
744,364
4,496,310
3,686,399
$ 10,773,540
September 30, 2000
$ 116,883
790,774
4,272,314
3,576,707
$ 8,756,678
Note (4) Retirement Commitments
Note (4A) Defined Benefit Pension Plans
The City contributes to the following two single - employer, self- administered defined benefit pension plans
covering approximately three - fourths of all City employees. The Employees' Pension Plan covers all
permanent, full -time City employees who successfully pass the required physical examination, except for
firemen employed prior to July 1, 1963, and certain nonclassified (primarily managerial) employees. The
Firemen's Relief and Pension Plan covers all firemen hired prior to July 1, 1963, who otherwise met eligibility
requirements and is closed to new entrants. Neither of these plans issues a stand -alone financial report.
The Employees' Pension Plan is authorized by and operates under the provisions of Sections 2.391 through
2.411 of the Municipal Code of the City of Clearwater. Plan provisions have been duly approved as required
by the voters in referendums, the most recent of which was held on March 14, 2000. The plan provisions
were changed effective January 1, 2000 to provide a 1.5% cost of living increase, an additional normal
retirement age of 65 with 10 years of service, plus additional eligibilities and benefits for police and
firefighters. The normal retirement benefit is a monthly benefit equal to 2 -3/4% of average monthly
compensation for the final 5 years of service multiplied by the number of years of service to date of
retirement. The minimum benefit under the plan is $300 per month. Eligibility for normal retirement occurs
upon completion of at least 20 years of service and the attainment of age 55 or completion of 30 years of
service for employees engaged in non - hazardous duty, or 10 years of service and age 65. For those
engaged in hazardous duty, eligibility occurs upon completion of 20 years of service. The normal monthly
benefits are payable for the life of the participant and continue, after the participant's death, to be paid at the
same amount for 5 years to eligible sunriving beneficiaries; after 5 years, the survivor annuity is reduced to
50% of the original amount. The plan provides for an annual cost of living increase of up to 1 -1/2 %. The plan
also provides for disability and death benefits, vesting after completion of 10 years of service and the refund
of employee contributions in case of a non - vested termination. There are seven other options which are
computed to be the actuarial equivalent of the normal benefit (life annuity; ten year certain and life annuity;
50% joint and survivor annuity; 75% joint and survivor annuity; and 100% joint and survivor annuity).
Covered employees contribute 8% of their compensation. It is the city's obligation to provide a sufficient
additional contribution to maintain the actuarial soundness of the fund but, in any event, not less than 7% of
participating employee's compensation.
The Firemen's Relief and Pension Plan is authorized and operated under the provisions of Subpart B,
Article I (Laws of Florida, Chapter 30658, 1955 and amendments), Sections 1 through 27 of the Municipal
Charter and Related Law of the City of Clearwater and Chapter 26, Article III, Sections 26.50 through
35
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
26.52 of the Municipal Code of the City of Clearwater. The normal retirement benefit is a monthly benefit
in the amount of 50% of the prevailing wage at the date of retirement of the lowest rank held by the
participant during the three years immediately preceding retirement plus 2% of such prevailing wage for
each year of service in excess of 20 years up to a maximum of 60 %. Participants retiring at the age of 65
years are entitled to a benefit of 60% of the prevailing wage of the lowest rank held by the participant
during the three years immediately preceding retirement. The ending rate of pay specified above may not
exceed the highest rate of pay for the rank of Captain. Eligibility for normal retirement occurs upon
completion of 20 years of service or attainment of age 65. The monthly benefits are payable for the life of
the participant and continue, after the participant's death, to be paid to certain eligible surviving
beneficiaries at an amount that is one -half of the amount received by the participant. Benefits are also
provided for children of the deceased participant who is Tess than 18 years of age subject to certain
limitations as to amount. The plan also provides for disability and death benefits and for vesting upon
completion of at least 12 years of service. The plan provides for post retirement cost of living increases
equal to the increase in the prevailing wage for the rank at which the participant retired with a limitation for
those retiring on or after January 1, 1972 of 100% of the initial pension benefit for total cost of living
increases. Participating employees are required to contribute 6% of their salaries up to the equivalent of
the salary of a fireman holding the rank of Captain. The City is required to contribute a sufficient additional
amount to maintain the actuarial soundness of the plan for a period of 35 years commencing January 1,
1972; this contribution is based upon, but not limited to, the amount of property tax that a levy of 0.6 mills
would produce assuming assessed values of taxable property equal to the values of January 1, 1972.
As of the date of the most recent actuarial valuations, January 1, 2001, the current membership of the
plans is as follows:
Retirees and Beneficiaries Currently Receiving Benefits
Terminated Employees Entitled to Benefits
But Not Yet Receiving Them
Active Employees:
Fully Vested
Nonvested
Total Number of Participants
Employees'
Pension Fund
533
40
711
827
2.111
Firemen's Relief
and Pension Fund
48
48
For the fiscal year ended September 30, 2001, the covered payroll for the Employees' Pension Fund is
$65,532,441. The City's total payroll for the same period is $69,209,284. Annual pension cost and
contributions information for the last three fiscal years follows:
Year
Ended
Sept 30
1999
2000
2001
Employees' Pension Fund
Annual (a)
Required
Contribution
$ 840,558
$ 0
$ 174,377
Employer (b)
Contributions
$ 3,904,950
$ 4,419,723
$ 4,255,484
Percent
Contributed
465%
N/A
2440% (c)
(a) The actuarially determined contribution requirements for the City's fiscal year ended September 30,
2001, are based on actuarial valuations as of January 1, 2000. Since the City's contributions are made
during its fiscal year (which commences nine months after the date of the actuarial valuation), the City,
with approval of State regulatory authorities, is following the practice of adding interest to its required
contributions at the assumed rate of retum on investments for a period of one year.
(b) In some fiscal years the actual contribution may be less than the annual required contribution due to
legally required contributions made in excess of actuarially required contributions for years prior to 1996,
resulting in a net pension asset in the plan. The net pension asset balance as of September 30, 2001
totaled $15,845,929.
36
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
(c) Actual contributions for fiscal 2001 totaled $4,255,484, as required by City pension ordinance. See
footnote 4A.
Firemen's Relief Pension Fund
Year Annual (a)
Ended Required Employer Percent
Sept 30 Contribution Contributions Contributed
1999 $ 1,003,758 $ 1,003,758 100%
2000 $ 1,046,856 $ 1,046,856 100%
2001 $ 1,098,990 $ 1,098,990 100%
a) The actuarially determined contribution requirements for the City's fiscal year ended September 30,
2001, are based on actuarial valuations as of January 1, 2000. Since the City's contributions are made
during its fiscal year (which commences nine months after the date of the actuarial valuation), the City,
with approval of State regulatory authorities, is following the practice of adding interest to its required
contributions at the assumed rate of retum on investments for a period of one year.
The net pension asset at transition (October 1, 1997) was determined in accordance with GASB Statement
No. 27, "Accounting for Pensions by State and Local Govemmental Employees ". The amount of the pension
asset at transition was $3,503,365.
The Employees' Pension Fund net pension asset at September 30, 2001 totaled $15,845,929. It was
comprised of the following components:
Annual required contributions (ARC) $ 174,377
Interest on the net pension obligation (870,965)
Adjustment to annual contribution 1.548.497
Annual pension cost 851,909
Fiscal 2001 Employer Contributions 4.255.484
Increase (decrease) in net pension obligation 3,403,575
Net pension obligation beginning of year 12.442.354
Net Pension obligation end of year $1.5,845,929
Each pension fund is accounted for as a pension trust fund; therefore each is accounted for in substantially
the same manner as proprietary funds with a "capital maintenance" measurement focus and the accrual
basis of accounting. Fund assets, primarily investments, are valued at fair value for balance sheet purposes,
in accordance with GASB No. 25. Investment values are determined using the estimated fair value
determined by averaging estimated fair values obtained from three or more nationally recognized brokers.
As of September 30, 2001, neither the Employees' Pension Fund nor the Firemen's Relief and Pension fund
held investments (other than U.S. Govemment or U.S. Govemment guaranteed obligations) in any one
organization comprising 5% or more of the net assets available for benefits. As of September 30, 2001,
neither pension fund had investment type or similar relationships with any related party, including officers and
employees of the Pension Plan, the sponsoring City of Clearwater, and organizations included in the
reporting entity.
Significant actuarial assumptions utilized in the actuarial valuations as of January 1, 2000, are as follows:
Employees' Pension Plan
(1) Assumed rate of return on investments of 7% per annum.
(2) Projected salary increase at a rate of 5% per year, including both cost -of- living adjustments of 3%
and merit or seniority increases at 2 %.
(3) Mortality based on the 1983 Group Annuity Mortality Table for Males with female ages set back 6
years.
(4) Pre - retirement withdrawals assumed to occur per standard scales of moderate tumover rates
(Scale 255) for males and heavy turnover rates (Scale 355) for females.
(5) Pre - retirement incidence of disability is assumed to occur in accordance with a standard scale of
moderate disability rates (Class 1, 1952 Inter - Company); rates for females assumed to be twice
that for males.
37
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Firemen's Relief and Pension Plan
(1) Assumed rate of retum on investments of 5.5% compounded annually.
(2) Assumed benefits grow at an annually compounded rate of 2 %.
(3) Mortality based on the 1983 Group Annuity Mortality Table for both active and retired participant;
assumed disabled participants will experience mortality according to PBGC Tables 3 and 4 for
males and females, respectively.
(4) Assumed no withdrawals will occur.
(5) Assumed probability of an active participant becoming disabled is zero.
(6) Assumed value of one mill of ad valorem tax will increase at rate of 5% per year.
As a result of a voter referendum on March 14, 2000, the Employees Pension Plan was modified to provide
for a 1.5% cost of living increase, an additional retirement age of 65 with 10 years of service, plus additional
eligibility and benefits for police and firefighters effective January 1, 2000.
The Firemen's Relief and Pension Fund had changes in actuarial assumptions affecting the January 1, 1999
valuation. An investment yield of 5.5% was assumed whereas the prior valuation assumed 6.5 %.
Additionally, benefit increases of 2.0% were assumed while the previous assumption was 4.0 %.
It is the City's policy to fund pension costs accrued as determined on an actuarial basis. Annual required
contributions (ARC) for the Employees' Pension Fund are calculated using the Entry Age Normal with
Frozen Initial Liability method. The initial unfunded actuarial accrued liability determined at July 1, 1963, is
being amortized over a 40 -year period; changes made in 1979 and subsequent years which have had the
effect of either increasing or decreasing the actuarial liability are being amortized over a 30 -year period
from their effective dates in accordance with State law. Annual required contributions (ARC) for the
Firemen's Relief and Pension Fund are based on a variation of the aggregate actuarial cost method,
under which the unfunded portion of the present value of the projected benefits is allocated over the
present value of a 6.0% per year increasing annuity for the remaining years in the 35 -year funding period
which began January 1, 1972, pursuant to an agreement between the City and the Plan participants. For
this purpose, the unfunded actuarial liability is determined after consideration of the available assets at the
valuation date. The increasing fixed schedule produced by this method was established in 1988 and will
be modified in the future only to the extent that a current valuation indicates a higher required cost level, or
if the resulting cost level exceeds 60% of a mill in a current year. Under the non - standard cost method
used for this plan (due to the fact that there are no longer any active employees), all liabilities are
unfunded actuarial liabilities and are being amortized according to the cost method.
The actuarially determined contribution requirements for the City's fiscal year ended September 30, 2001, are
based on actuarial valuations as of January 1, 2000. Since the City's contributions are made during its fiscal
year, which commences nine months after the date of the actuarial valuations, the City, with approval of State
regulatory authorities, is following the practice of adding interest to its required contributions at the assumed
rate of return on investments for a period of one year in the case of the Employees' Pension Fund and for
nine months in the case of the Firemen's Relief and Pension Fund.
The net pension asset for the Employees' Pension Plan, representing excess contributions as calculated per
GASB 27 requirements, is identical in amount to the plan "credit balance" as disclosed in prior years. A total
of $10,936,615 of the current net pension asset balance is attributable to govemmental funds and therefore
is not reflected in the financial statements in accordance with the modified accrual basis of accounting. The
remaining $4,909,314 attributable to proprietary funds is reflected in the financial statements on the accrual
basis of accounting.
Govemmental Accounting Standards Board Statement Nos. 25 and 27 require the presentation, as
supplementary information, of certain 6 -year historical trend information. These disclosures are presented on
pages 47-48 of the City's Comprehensive Annual Financial Report.
38
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note (4B) Police Supplemental Pension Fund
A supplemental defined contribution pension plan exists for all eligible policemen which is funded by
earmarked revenues received from the State and is administered by the City. The revenues received from
the State are allocated among eligible police officers on the basis of days employed as Clearwater Police
Officers. These revenues, which comprise the plan contributions, amount to $658,179 in the year ended
September 30, 2001, and are obtained from an eighty -five one hundredths of one percent (.85)% excise tax
on the gross receipts from premiums collected on casualty insurance policies covering property within the
City's corporate limits. The current year contributions represent 4.7% of current year covered payroll. The fair
value of investments at September 30, 2001 totaled $9,940,614.
The Police Supplemental Pension Fund is authorized by and operates under the provisions of Sections 2.471
through 2.480 of the Municipal Code of the City of Clearwater and Chapter 185 of Florida Statutes. Under
the plan provisions, the total monies received during each fiscal year, after payment or provision for all costs
and expenses of management and operation of the plan, are allocated to participants on the basis of the total
number of shares to which each participant is entitled. Each participant is entitled to one share in the fund for
each day of service as a police officer of the City.
All police officers as defined in Section 26.70(g) of the Code of Ordinances of the City of Clearwater who are
elected, appointed, or employed full -time by the City are eligible to participate in the plan. There are no
employee contributions to the supplemental plan. Benefits are fully vested for a lump sum distribution after
twenty years from the date of hire, with provision for partial vesting after ten or more years under the plan.
Accumulated benefits are payable in full in case of death while employed by the City or in case of total and
permanent job - related disability. Non - vested participants' account values upon termination of employment
during any fiscal year are added to the monies received during that fiscal year for allocation to the remaining
participants in the plan on the basis of total days worked.
For the fiscal year ended September 30, 2001, the payroll of the covered officers' was $14,038,693; the City's
total payroll for the same period was $69,209,284. During this period, amendments were made to the
Investment Policy Statement intended only to complement the objectives and guidelines. These
amendments were adopted as required by Senate Bill 372 to the Florida Statutes. As of September 30,
2001, the pension fund had no investment type or similar relationships with any related party including
officers and employees of the Pension Plan, the sponsoring City of Clearwater, and organizations included in
the reporting entity.
Since the entitlement to benefits is based entirely upon the allocation of monies received by the plan to the
participants' share accounts, there is no actuarial liability on the part of either the State or the City.
Note (4C) Firefighters Supplemental Pension Fund
A supplemental defined contribution pension plan exists for all eligible firemen, which is funded by earmarked
revenues received from the State and is administered by the City. The revenues received from the State are
allocated among eligible firemen on the basis of days worked during the previous year. These revenues,
which comprise the plan contributions, amounted to $541,465 in the year ended September 30, 2001, and
are obtained from a one and eighty-five one hundredths percent (1.85 %) excise tax on the gross receipts
from premiums collected on property insurance policies covering property within the City's corporate limits.
The contributions represent 6.34% of current year covered payroll. The fair value of investments at
September 30, 2001 totaled $9,464,049.
As the plan is described as a money purchase pension plan whereby contributions are allocated based on
the number of days worked during the fiscal year ended September 30, and interest eamings allocated
based on the beginning balances in each participant's account, there is no actuarial liability on the part of the
State or City. The investments of the Fund are managed by the Salem Trust Company.
The Firefighters Supplemental Pension Fund is authorized by and operates under the provisions of Sections
2.441 through 2.450 of the Municipal Code of the City of Clearwater and Chapter 175 of Florida Statutes.
Eligibility requires two years of credited calendar year service as a firefighter with concurrent participation in
the Employees' Pension Plan. There is no employee contribution to the supplemental plan, and benefits are
vested for a lump sum distribution at ten years unless there is early retirement, disability or death. Non -
vested participants' account values upon termination of employment are reallocated among the remaining
participants on the basis of days worked during the previous year.
39
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
For the fiscal year ended September 30, 2001, the covered payroll was $8,545,939 the City's total payroll for
the same period was $69,209,284. As of September 30, 2001, the pension fund had no investment type or
similar relationships with any related party, including officers and employees of the Pension Plan, the
sponsoring City of Clearwater, and organizations included in the reporting entity.
Note (4D) 401(a) Defined Contribution Plan
For all management employees not covered under either of the defined benefit pension plans, the City
provides pension benefits through a 401(a) defined contribution plan. In a defined contribution plan, benefits
depend solely on amounts contributed to the plan plus investment eamings. Employees are participants
from the date of employment and are fully vested upon enrollment. The plan is totally contributory on the part
of the City in an amount equal to 15% of compensation on behalf of the City Manager and the City Attorney;
12% of compensation on behalf of the Chief of Police; and 6% of compensation on behalf of all other
management contract employees and assistant city attorneys. The City makes bi- weekly contributions to the
Trust throughout the plan year to meet its funding obligations under the plan.
The International City Management Association Retirement Corporation (ICMA -RC), the trustee for the
defined annuity, offers participants a choice of investing in the Family of Funds, Model Portfolio Funds, or
Mutual Funds Series.
The City's total payroll for the fiscal year ended September 30, 2001, was $69,209,284. The Plan members'
payroll for the same period totaled $3,934,142. The City's contribution, using the above referenced formula,
totaled $249,556. The assets of the trust, at market value, totaled $1,117,636 at September 30, 2001.
Note (4E) Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in accordance with Internal Revenue
Code Section 457. The plan, available to all City employees, permits them to defer a portion of their salary
until future years. Participation in the plan is optional. The deferred compensation is not available to
employees until termination, retirement, death, or unforeseeable emergency.
Effective January 1, 1997, Federal legislation converted the Section 457 deferred compensation assets from
City assets to employee assets. As a result of these changes, plan assets are no longer subject to the
claims of the City's general creditors.
The City has previously reported the assets and associated liabilities of the deferred compensation plan in
the City's financial statements as an agency fund. Effective with the change in legislation these assets are no
longer City assets and the fiduciary responsibility has been transferred to the third party plan administrator.
Consequently, effective with fiscal 1997, these assets are no longer reported in the accompanying financial
statements, in compliance with Governmental Accounting Standards Board Statement No. 32.
Note (49 Post Retirement Benefits
The City provides no material post retirement benefits to retired employees or to their beneficiaries other than
those described in preceding Notes (4A) through (4D).
Note (5) Fixed Assets
General Fixed Assets:
A summary of changes in General Fixed Assets follows:
Land
Buildings
Improvements
Equipment
Construction in Progress
Balance
October 1. 2099 Additions
$ 30,683,827 $ 4,913,704
38,085,326 4,215,478
83,120,396 5,009,053
36,859,725 4,514,804
3,741,223 759,064
Deletions
$ 2,000
504,542
619,087
549,346
3,741,223
Balance
Sept 30. 2001
$ 35,595,531
41,796,262
87,510,362
40,825,183
759,064
$ 192,490,497 $ 19,412,103 $ 5,416,198 $ 206,486,402
Donated Land: Land accounted for in the General Fixed Assets Account Group includes a number of
parcels that have been donated to the City. With respect to certain parcels, the instrument conveying title to
40
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
the City contains restrictions as to the purpose for which the land may be used by the City, with the provision
that title shall revert to the donor 11 such restrictions are not followed. Land subject to such restrictions is
carried at estimated fair value in the hands of the donor immediately prior to the donation; therefore, the
valuation used does not reflect the impact the use restrictions might have on the fair value of such land.
Proprietary Funds:
A summary of cost and accumulated depreciation of fixed assets of the Proprietary Funds at September 30,
2001, follows:
Estimated
Internal Useful Life
Enterprise Sevice (Years)
Land $ 10,286,240 $ 696,681
Buildings 20,841,190 3,210,003 10 - 40
Improvements Other Than Building 288,017,467 715,322 5 - 50
Machinery and Equipment 12,619,504 43,520,881 1 - 33
Construction in Progress 21,800,312
353,564,713 48,142,887
Less Accumulated Depreciation 111,545,233 32,575,200
$ 242,019,480 $ 15,567,687
Contributed Property: As of September 30, 2001, water lines having an estimated cost of $5,141,044,
sanitary sewer lines having an estimated cost of $7,743,379, storm sewers having an estimated cost of
$3,919,827, and land (for water quality and habitat restoration) having an estimated cost of $922,900 are
reflected in the balances of the proprietary fixed assets.
Assets Recorded Under Capital Leases: Assets recorded under capital leases and the accumulated
amortization thereon (for proprietary fund assets) have been included under the appropriate categories in the
summaries and schedules presented previously in this note in combination with similar information for owned
assets.
Note (6) Property Taxes
Property tax revenue is recognized in the fiscal year for which the taxes are levied, provided the availability
test is met, in conformance with NCGA Interpretation No. 3. Property taxes for the following fiscal year are
levied by commission action in September of each year. This levy is apportioned to property owners based
on the previous January 1 assessed values. Tax bills are mailed out on or about November 1, and the
collection period runs from November 1 through March 31. On April 1, unpaid property taxes are considered
delinquent and become a lien. Tax certificates are sold in June for real property with delinquent taxes.
Effective October 1, 1999, the City adopted the provisions of Govemmental Accounting Standards Board
Statement No. 33, Accounting and Financial Reporting for Financial Non - Exchange Transactions.
Implementation of GASB Statement No. 33 resulted in an increase in accounts receivable and deferred
revenue in the General Fund and Special Development Fund of $25,523,580 and $1,708,169, respectively, at
September 30, 2000. The accompanying financial statements for the year ended September 30, 2000 have
been restated to reflect the changes required by this statement.
Since taxes are not collected prior to November 1, the City does not record revenue for advance collections.
Uncollected taxes receivable at year -end are recorded, with an appropriate allowance for estimated
uncollectible amounts. The net amount deemed to be collectible but not current (not expected to be collected
within sixty days after the close of the fiscal year) is shown as a deferred revenue in the appropriate fund.
Additionally, taxes assessed for the following fiscal year are recorded as a receivable and a deferred revenue
in accordance with Govemmental Accounting Standards Board Statement No. 33.
All delinquent property taxes, except those levied specifically for the restricted purposes of financing activities
accounted for in the Special Development Fund, are recorded in the General Fund. Property tax revenues
are recognized in the General Fund and the required transfers to the appropriate debt service or pension
fund are recorded as operating transfers from the General Fund.
41
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
The City is permitted by State law to levy ten mills without referendum. Additional millage not subject to the
ten mill limitation is authorized if approved by referendum. The tax rate of 5.5032 mills for the year ended
September 30, 2001 was unchanged from the September 30, 2000 rate.
Note (7) Segment Information for Enterprise Funds
The City maintains eight Enterprise funds which provide utilities (water and sewer, gas, solid waste, recycling,
and stormwater), marina, parking, and a combined retail center and convention center.
Segment information for the year ended September 30, 2001 follows:
Depreciation Net
and Operating Operating Net
Operating Amortization Income Transfers Income
Revenue Expense (Loss) In (Out) (Loss)
Water and Sewer
Gas
Solid Waste
Recycling
Stormwater
Marina
Parking
Harborview
Water and Sewer
Gas
Solid Waste
Recycling
Stormwater
Marina
Parking
Harborview
Contributions
During Year
35,564,635 $ 5,194,097 $ 3,307,499
30,223,615 1,263,343 4,124,684
15,614,432 445,866 1,564,064
2,218,507 131,553 174,494
5,041,822 1,081,487 358,179
2,813,147 201,562 (70,889)
4,049,558 239,803 1,207,739
1,952,813 568,946 (725,596)
97,478,529 $ 9,126,657 $ 9,940,174
$ (1,654,171) $ 1,776,274 $ 1,711,111
(1,014,804) 2,469,977
(616,470) 1,718,646
(89,023) 375,185
(656,667) (270,072) 1,717,281
(63,121) 311,672 934,634
1,480,381 379,647
2,200,000 1,387,881
(1,894,256) $ 9,249,944 $ 4,742,673
Additions Deletions
to to
Property Property
Plant and Plant and
Equipment Equipment
Total
Assets
Long -Term
Debt
Outstanding
and Other
Liabilities
Unrestricted
Net
Working
Capital
(Deficit)
$ 12,999,967 $ (2,816,390)
3,126,046 (19,791)
344,445 (4,311)
411,607 (221)
2,884,762 (44,883)
1,848,112 (5,041)
54,772 (81,165)
1,443 (1,703)
$ 21,671,154 $ (2,973,505)
$ 210,429,633
47,586,456
14,877,472
4,182,059
32,217,020
4,299,264
8,761,333
11,640,441
$ 333,993,678
69,176,642
28,211,229
993,408
7,666,110
189,215
680,633
$ 106,917,237
$ 8,915,814
7,429,181
7,532,120
2,915,038
1,895,039
1,054,891
4,603,536
(347,731)
$ 33,997,888
Fund
Equity
$ 130,559,406
15,492,324
12,247,294
4,061,418
23,374,298
3,758,064
7,782,254
11,077,767
$ 208,352,825
Note (8) Interfund Balances
As mentioned in Note (1 C), individual fund deficits in the consolidated cash pool have been reclassified as of
September 30, 2001, as interfund loans from the Capital Improvement Fund, which was selected by
management for this purpose. This reclassification results in a corresponding reduction in the cash equity in
the Capital Improvement Fund, offset by an increase in interfund receivables.
The amounts of the reclassified cash pool deficits, as well as other individual fund interfund payable and
receivable balances (current), at September 30, 2001, were as follows:
42
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30,2001
Deficit in Other Deficit in Other
Fund Pooled Cash Receivables Pooled Cash Payabies
General Fund $ $ $ $ 24,925
Special Revenue Fund:
Community Redevelopment Agency 138,627 103,892
Capital Project Fund:
Capital Improvement 265,481 17,283,479
Enterprise Funds:
Water and Sewer Utility 5,080,457
Gas Utility 5,643,813
Solid Waste Utility 1,514,496 82,474
Recycling Utility 1,425,418
Stormwater Utility 969,346
Yacht Basin and Marina 533,766 55,999
Parking System 1,460,491
Internal Service Funds:
Garage 347,172
Administrative Services 217,748 300,000
General Services 64,886
Central Insurance 593,176
Fiduciary Funds:
Rehab Loan Expendable Trust 126,854
$ 265,481 $ 17,850,769 $ 265,481 $ 17,850,769
Individual intertund advances (long -term) at September 30, 2001, follow:
Advances to
Fund Other Funds
General Fund $
Special Revenue Fund:
Community Redevelopment Agency
Enterprise Funds:
Solid Waste Utility
Yacht Basin and Marina
Internal Service Funds:
Administrative Services
Central Insurance
Note (9) Contingencies and Commitments
2,668,867
2,668,867
Advances from
Other Funds
74,775
926,596
907,211
189,215
571,070
2,668,867
Utilities Services Tax Revenues
Public Service Tax Revenues of the General Fund are pledged as security for the Public Service Tax and
Bridge Revenue Bonds, Series 1985 and for the Improvement Revenue Bonds, Series 1995.
Sales Tax Revenues
Sales Tax Revenues from "Penny for Pinellas" one -cent discretionary infrastructure sales surtax are
pledged as security for the Infrastructure Sales Tax Revenue Bonds, Series 2001.
43
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
PACT. Inc.
PACT, Inc. is a nonprofit corporation formed in 1978 for the purpose of financing, constructing, and
operating a performing arts center. Per a Guaranty Agreement dated May 18, 2001, the City guaranteed
$1,000,0000 on a $5,000,000 mortgage note for PACT, Inc., used to refinance a previous mortgage with
a similar City guarantee. As of September 30, 2001, the remaining principal balance on the mortgage was
$4,865,311. City management does not consider it probable that this guarantee will be called, and,
accordingly, no amounts have yet been accrued or otherwise recorded in the accompanying financial
statements to reflect this possibility.
Contingent Loan Guarantee
On March 30, 1992, the City Commission approved a contingent loan guarantee of $1,000,000 on a
$2,500,000 note for the Chi Chi Rodriguez Youth Foundation, Inc. The proceeds of the note were used to
refinance existing foundation debt incurred to construct a golf course on a parcel of City owned land.
Subsequently, the note was refinanced with Variable Rate Demand Revenue Bonds (Chi Chi Rodriquez
Youth Foundation Project), Series 1998 on August 1, 1998. The remaining principal balance on the bonds as
of June 30, 2001, totaled $1,900,000.
In the event of default, the City is obligated to contribute $1,000,000 out of legally available non -ad valorem
revenues. In addition, the City has the option to retire the entire unpaid balance and assume ownership and
operation of the golf course facility. At the present time, management expects the foundation to meet all debt
service payments and does not consider it likely that the City's guarantee will be invoked.
Outstanding Construction Commitments
At September 30, 2001, material outstanding construction commitments were as follows:
Construction
Commitments
Outstanding
Capital Projects Funds $ 5,553,404
Enterprise Funds $ 12,814,153
Soil and groundwater contamination site
The City owns a property, currently used by the City Gas Division as its administrative offices and operating
facility, that has been identified as having soil and groundwater impacts in a June 1990 report prepared by a
United States Environmental Protection Agency contractor. The contamination allegedly resulted from the
prior operation of a manufactured gas plant. Contamination assessment activities by the City were initiated
during 1995 and a draft Contamination Assessment Report was submitted to the Florida Department of
Environmental Protection ( "FDEP") on December 29,1999. On March 20, 2000 FDEP requested further
assessment be undertaken. On July 25, 2000, FDEP approved the City's proposed scope of work for
additional on and off -site assessment activities. Additional field activities were initiated in December 2000.
As of this date, all additional work has been completed. The supplemental contamination assessment results
were submitted to FDEP as part of the May 2001 and July 2001 site status reports. The cost of this
additional work, including preparation and submittal of the May and July 2001 site status reports, was
approximately $39,462. Until FDEP has reviewed the Supplemental Contamination Assessment Report and
issues its comments, if any, the City is unable to predict with any degree of certainty whether additional work
may be necessary to delineate the extent of soil and groundwater impacts at the property. Approximately
$487,500 has been recovered from City insurance policies to be applied to any required remediation.
Grant Revenues
During fiscal year 2001 and prior fiscal years, the City received revenues and contributions related to grants
from the State of Florida and the federal govemment. These grants are for specific purposes and are subject
to review and audit by the grantor agencies. Such audits could result in requests for reimbursement for
expenditures disallowed under the terms of the grants. Based upon prior experience, City management
believes such disallowances, if any, will not be significant.
44
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note (10) Individual Fund Notes
Note (10A) Water and Sewer Utility Enterprise Fund
Contractual Commitment
Under the terms of a 30 -year contract between the City and Pinellas County which is effective through
September 30, 2005, the City is required to purchase a minimum of 4 million gallons of water per day on an
annual average basis from the County within each calendar year, with a maximum amount of water available
to the City of 10 million gallons per day on an annual average basis. Effective October 1, 1995, the rate,
which is set by the Pinellas County Board of County Commissioners, increased to $1.7902 per 1,000 gallons,
including a $.60 per 1,000 gallon surcharge for funding capital projects. The cost of water purchased from
the County during fiscal years 2000 and 2001 was $7,798,095 and $7,305,983, respectively.
Note (11) Fund Deficits and Expenditures in Excess of Appropriations
The Special Development Special Revenue Fund had "operating transfers out" in excess of appropriations
due to an error in the budget document for this fund. The transfers were approved by the City Commission
for the receiving fund's budget but not reflected in the Special Development Fund budget as transfers out.
The Community Redevelopment Agency Special Revenue Fund had "operating transfers out" in excess of
appropriations in the amount of $206,618 due to unbudgeted transfers to other funds. Additionally the
fund incurred a current year deficit of $758 as a result of these unbudgeted transfers.
The Harborview Center Enterprise Fund accumulated deficit of $3,056,705 is a result of unprofitable
operations during its first five years of operation. Management is budgeting to fund this accumulated deficit
in the coming years while continuing to closely monitor the performance of the convention center and its profit
potential.
Note (12) Residual Equity Transfers Between Funds
Residual equity transfers for all funds consisted of a net $209,141 transfer out. Transfers include a return of
contributed capital to the Special Development Special Revenue Fund (residual equity transfer in) from the
Stormwater Utility Fund in the amount of $66,051; a residual equity transfer in to the Water and Sewer Utility
Enterprise Fund in the amount of $58,148 (due to the assumption of lease purchase debt by the General
Long Term Debt Account Group); a residual equity transfer out of the Water and Sewer Utility Fund to the
General Fixed Assets Account Group in the amount of $183,579; a residual equity transfer out of the
Stormwater Utility Fund to the General Fixed Assets Account Group in the amount of $70,720; and a residual
equity transfer out of the Parking System Enterprise Fund to the General Fixed Assets Account Group in the
amount of $79,041.
Note (13) Contributed Capital - Proprietary Funds
The changes in contributed capital for the proprietary funds during fiscal 2001 follow:
Water and Administrative
Sewer Stormwater Marina Parking Services
Utility Fund Utility Fund Fund Fund Fund
Additions
Contributions from:
Other Funds
Federal and State Grants
Developers
Property Owners
Other Governmental Entiites
Total Additions
Retum of Contributed Capital
To Other Funds
Net Additions
Contributed Capital
October 1, 2000
Contributed Capital
September 30, 2001
$ $ 37,183
1,295,000
1,324,068 25,792
80,188
331,644 359,306
1,735,900 1,717,281 934,634
$ 934,634 $ 3,522 $ 26,326
(24,789) (66,051)
1,711,111 1,651,230
72,713,267 21,466,274
376,125
379,647
26,326
934,634 379,647 26,326
598,460 755,358 23,396
74,424,378 23,117,504 1,533,094 1,135,005 49,722
The City's other proprietary funds had no change in contributed capital during fiscal year 2001.
45
CITY OF CLEARWATER, FLORIDA
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2001
Note (14) Pending Litigation
In the normal course of operations the City is a defendant in various legal actions, the ultimate resolution of
which is not expected to have a material effect on the financial statements, other than for amounts which
have been reserved and recorded as liabilities in the Central Insurance Fund.
Note (15) Conduit Debt
The City has one issue of conduit debt outstanding as follows:
Description / Purpose
Original Amount Amount
Issue Outstanding Outstanding
Amount at 9/30/00 at 9/30/01
Drew Gardens Refunding Bonds / Residential rental facility $ 3,425,000 $ 3,140,000 $ 3,090,000
The bonds do not constitute a debt, liability, or obligation of the City of Clearwater, the State of Florida, or
any political subdivision thereof and accordingly have not been reported in the accompanying financial
statements.
Note (16) Subsequent Events
The City issued Improvement Revenue Refunding Bonds, Series 2001, in the principal amount of
$11,470,000 during October 2001. The bonds were issued to defease the City's outstanding Florida Public
Service Tax and Bridge Revenue Bonds, Series 1985 and Improvement Revenue Bonds, Series 1995. The
Series 2001 Bonds and the interest thereon are payable solely from the Public Service Tax and do not
constitute a general indebtedness of the City. The bonds are rated "Aaa" and "AAA" by Moody's and Fitch
respectively.
46
i
CITY OF CLEARWATER, FLORIDA
DEFINED BENEFIT PENSION PLANS
REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED
Page 1 of 3
Schedules of Funding Progress:
I
Employees Pension Fund
Actuarial Actuarial Actuarial Unfunded AAL
Valuation Value of Accrued Liability Unfunded Funded Covered as a Percentage
I Date Assets
(a) (AAL) - Entry Age AAL Ratio ( Payroll ' of Covered Payroll
(b) (b-a) a /b) (c) ((b-a) /c)
I 01/01/96 $ 244,744,488 $ 271,124,381 $ 26,379,893 0.90 $ 44,208,964 0.60%
01/01/97 $ 272,346,200 $ 297,892,502 $ 25,546,302 0.91 $ 44,955,345 0.57%
01/01/98 $ 308,596,133 $ 333,250,492 $ 24,654,359 0.93 $ 47,281,198 0.52%
I 01/01/99 $ 354,088,751 $ 377,788,731 $ 23,699,980 0.94 $ 49,666,523 0.48%
01/01/00 $ 414,826,422 $ 490,426,940 $ 75,600,518 0.85 $ 50,937,403 1.48%
01/01/01 $ 461,724,610 $ 535,672,208 $ 73,947,598 0.86 $ 54,864,584 1.35%
I
Firefighters Relief and Pension Fund
Actuarial Actuarial Actuarial Unfunded ML
Valuation Value of Accrued Liability Unfunded Funded Covered as a Percentage
I Date Assets (ML) - Entry Age AAL Ratio Payroll * of Covered Payroll
(a) (b) (b -a) (a/b) (c) ((b -a) /c)
I 01/01/96 $ 3,360,076 $ 11,236,766 $ 7,876,690 0.30 $ 48,859 161.21%
01/01/97 $ 3,407,925 $ 11,014,979 $ 7,607,054 0.31 $ 49,044 155.11%
01/01/98 $ 3,626,850 $ 10,565,127 $ 6,938,277 0.34 $ 50,573 137.19%
I 01/01/99 $ 3,963,395 $ 10,473,888 $ 6,510,493 0.38 $ 15,605 417.21%
01/01/00 $ 4,092,298 $ 9,746,671 $ 5,654,373 0.42 $ N/A
01/01/01 $ 4,668,572 $ 9,527,303 $ 4,858,731 0.49 $ N/A
I
I* Covered payroll is for the calendar year period used for the actuarial valuation.
I
I
1
1 47
CITY OF CLEARWATER. FLORIDA
DEFINED BENEFIT PENSION PLANS
REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED
Page 2 of 3
Schedules of Employer Contributions:
Employees' Pension Fund
Year Annual (a)
Ended Required Percent
Sept. 30, Contribution Contributed
1996 $ 3,125,471 92% (b)
1997 $ 4,398,790 76% (b)
1998 $ 3,080,802 119%
1999 $ 840,558 464%
2000 $ - N/A
2001 $ 174,377 2440% (c)
(a) The actuarially determined contribution requirements for the City's fiscal year ended September 30, 2001
are based on actuarial valuations as of January 1, 2000. Since the City's contributions are made during its
fiscal year, which commences nine months after the date of the actuarial valuations, the City, with approval
of State regulatory authorities, is following the practice of adding interest to its required contributions at the
assumed rate of return on investments for a period of one year.
(b) The contribution is less than the annual required contribution due to contributions in excess of required
prior to 1996, resulting in a net pension asset with a balance as of September 30, 2001, totaling $15,845,929.
(c) Actual contribution for fiscal 2001 was $4,255,484, as required by City pension ordinance. See footnote 4A.
Firemen's Relief Pension Fund
Year Annual (a)
Ended Required Percent
Sept. 30, Contribution Contributed
1996 $ 867,569 100%
1997 $ 910,559 100%
1998 $ 955,920 100%
1999 $ 1,003,758 100%
2000 $ 1,046,856 100%
2001 $ 1,098,990 100%
(a) The actuarially determined contribution requirements for the City's fiscal year ended September 30, 2001
are based on actuarial valuations as of January 1, 2000. Since the City's contributions are made during its
fiscal year, which commences nine months after the date of the actuarial valuations, the City, with approval
of State regulatory authorities, is following the practice of adding interest to its required contributions at the
assumed rate of return on investments for a period of nine months.
48
CITY OF CLEARWATER. FLORIDA
DEFINED BENEFIT PENSION PLANS
REQUIRED SUPPLEMENTARY INFORMATION - UNAUDITED
Page 3 of 3
NOTES TO SCHEDULES OF REQUIRED PENSION SUPPLEMENTARY INFORMATION
Annual required contributions for the Employees' Pension Fund are calculated using the Entry Age Normal with Frozen
Initial Liability method. The amortization method is level dollar closed. The initial unfunded actuarial accrued liability
determined at July 1, 1963 is being amortized over a 40 -year period; changes made in 1979 and subsequent years
which have had the effect of either increasing or decreasing the actuarial liability are being amortized over a 30 -year
period from their effective dates in accordance with State law.
Annual required contributions for the Firemen's Relief and Pension Fund are based on the aggregate actuarial cost
method, under which the unfunded portion of the present value of the projected benefits is allocated over the present
value of a 6.0% per year increasing annuity for the remaining years in the 35 -year funding period which begin January 1,
1972, pursuant to an agreement between the City and the Plan participants. For this purpose, the unfunded actuarial
liability is determined after consideration of the available assets at the valuation date. The increasing fixed schedule
produced by this method was established in 1988 and will be modified in the future only to the extent that a current
valuation indicates a higher required cost level, or if the resulting cost level exceeds 60% of a mill in a current year. The
aggregate actuarial cost method does not identify or separately amortize unfunded actuarial liabilities.
The actuarially determined contribution requirements for the City's fiscal year ended September 30, 2001, are based on
actuarial valuations as of January 1, 2000. Since the City's contributions are made during its fiscal year, which
commences nine months after the date of the actuarial valuations, the City, with approval of State regulatory authorities,
is following the practice of adding interest to its required contributions at the assumed rate of retum on investments for a
period of one year in the case of the Employees' Pension Fund and for nine months in the case of the Firemen's Relief
and Pension Fund.
Significant actuarial assumptions utilized in the actuarial valuations as of January 1, 2000, in the determination of the
annual required contribution are as follows:
Employees' Pension Fund
(1) Assumed rate of retum on investments of 7% per annum.
(2) Projected salary increase at a rate of 5% per year, including both cost -of- living adjustments of 3% and merit or
seniority increases at 2 %.
(3) Assumed inflation rate of 3%
(4) Mortality based on the 1983 Group Annuity Mortality Table for Males with female ages set back 6 years.
(5) Pre - retirement withdrawals assumed to occur in accordance with standard scales of moderate tumover rates
(Scale 255) for males and heavy tumover rates (Scale 355) for females.
(6) Pre- retirement incidence of disability assumed to occur in accordance with a standard scale of moderate disability
rates (Class 1, 1952 Inter - Company); rates for females assumed to be twice that for males.
Firemen's Relief and Pension Fund
(1) Assumed rate of retum on investments of 5.5% compounded annually for both pre- and post- retirement.
(2) Assumed benefits grow at annually compounded rate of 2% related to cost -of- living adjustments only.
(3) Assumed inflation rate of 3 %.
(4) Mortality based on the 1983 Group Annuity Mortality Table for both active and retired; assumed disabled
participants will experience mortality according to PBGC Tables 3 & 4 for males and females, respectively.
(5) Assumed no withdrawals will occur.
(6) No active participants.
(7) Assumed value of one mill of ad valorem tax will increase at rate of 5% per year.
Significant changes affecting the presented 6-year trend information include:
(1) Effective January 1, 1996, several Employees Pension Plan changes took effect. These changes include a benefit
increase from 2.5% to 2.75% of average compensation for the last 5 years and a line of service disability benefit
reduction from 75% to 66.67% of the average compensation for the last 5 years.
(2) As a result of a voter referendum on March 14, 2000, the Employees Pension was modified to provide for a 1.5%
cost of living increase, an additional retirement age of 65 with 10 years of services, plus additional eligibility and
benefits for police and firefighters effective January 1, 2000.
49
GENERAL FUND
The General Fund is used to account for the receipt and expenditure of resources traditionally associated
with local govemment and which are not required to be accounted for in another fund. These resources are
provided primarily from taxes and are used to provide services which are deemed not susceptible to a user
charge financing method.
50
CITY OF CLEARWATER. FLORIDA
GENERAL FUND
BALANCE SHEET
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
2001 2000
Assets
Cash on Hand and in Banks $ 20,925 21,775
Equity in Pooled Cash and Investments 10,773,512 6,534,260
Receivables:
Accounts 313,371 440,417
Taxes 2,169,593 2,314,185
Property Taxes Receivable, Net of Allowance for Uncollectible
Taxes of $554,496 in 2001 and $536,805 in 2000 28,070,874 25,723,598
30,553,838 28,478,200
Due from Govemmental Entities 986,337 1,323,636
Inventory 6,004 6,227
Prepaid Expenditures 13,101 14,570
Liabilities and Fund Balances
42,353,717 36,378,668
Liabilities:
Accounts and Contracts Payable $ 113,390 130,533
Accrued Payroll 876,359 864,370
Due to Other Funds 24,925
Due to Other Govemmental Entities 8,149 10,969
Deposits 4,192 4,502
Deferred Revenue 28,380,221 26,162,053
Advances from Other Funds 74,775
Total Liabilities 29,482,011 27,172,427
Fund Balance:
Reserved for:
Prepaid Expenditures
Encumbrances
Unreserved - Undesignated
Total Fund Balance
See accompanying notes to Financial Statements.
51
13,101 14,570
1,052,477 1,100,514
1,065,578 1,115,084
11,806,128 8,091,157
12,871,706 9,206,241
42,353,717 36,378,668
CITY OF CLEARWATER. FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (NON -GAAP BUDGETARY BASIS)
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Original Revised
Budget Budget
Revenues:
Taxes:
Property $ 25,832,120 26,018,720
Franchise 7,937,460 8,893,700
Utilities 16,167,360 15,213,750
49,936,940 50,126,170
Licenses, Permits, and Fees 3,215,970 3,517,120
Intergovernmental 13,974,190 13,850,749
Charges for Services:
Administrative Charges to Other Funds 7,334,790 7,582,590
Other Charges 2,039,460 1,761,330
Fines, Forfeitures, and Penalties 1,498,060 1,565,160
Miscellaneous Revenues 1,209,300 1,694,235
Total Revenues 79,208,710 80,097,354
Expenditures:
City Commission 204,950 219,170
City Manager 700,530 699,850
Human Relations 574,810 577,578
Legal 1,237,360 1,236,310
City Clerk 1,023,580 993,110
Public Communications and Marketing 798,660 817,900
Finance 1,812,510 1,811,040
Human Resources 989,580 1,039,990
Non - Departmental 1,007,330 1,007,330
Police 25,464,710 25,547,824
Fire 14,057,710 14,055,640
Public Works - Engineering 2,142,230 2,117,240
Public Works - Transportation and Drainage 5,271,970 5,296,310
Parks and Recreation 13,107,190 13,146,360
Library 4,394,520 4,440,488
Planning & Development Services 3,674,870 3,632,580
Neighborhood Housing Services 590,760 624,510
Marine 460,970 483,210
Economic Development 682,640 718,410
Office of Tourism Development
Internal Audit 138,330 138,200
Office of Management & Budget 253,070 258,850
Grant Writing 66,180 66,180
Strategies For Success
Total Expenditures (Budgetary Basis) 78,654,460 78,928,080
Excess of Revenue Over Expenditures (Budgetary Basis) 554,250 1,169,274
Other Financing Sources (Uses) (Budgetary Basis):
Operating Transfers In
Operating Transfers Out
4,381,290 4,271,495
(4,925,320) (5,014,950)
(544,030) (743,455)
Excess (Deficiency) of Revenues and Other Financing Sources Over
Expenditures and Other Financing Uses (Budgetary Basis) 10,220 425,819
Encumbered Purchase Orders, Beginning of Year
Encumbered Purchase Orders, End of Year
Excess (Deficiency) of Revenues and Other Financing Sources
Over Expenditures and Other Financing Uses (GAAP Basis) 10,220
Fund Balances, Beginning of Year 9,206,241
Fund Balances, End of Year $ 9,216,461
See accompanying notes to Financial Statements.
52
425,819
9,206,241
9,632,060
Actual
Variance
Favorable
Unfavorable
Actual
25,973,420 (45,300) 24,269,342
8,700,706 (192,994) 7,743,009
15,486,388 272,638 15,242,594
50,160,514 34,344 47,254,945
3,495,192 (21,928) 3,266,946
13,797,228 (53,521) 13,212,246
7,613,256 30,666 6,971,733
1,765,411 4,081 1,504,268
1,550,505 (14,655) 1,598,033
2,314,275 620,040 1,620,123
80,696,381 599,027 75,428,294
205,578 13,592 189,531
569,876 129,974 750,933
573,373 4,205 503,353
1,137,040 99,270 1,023,039
901,300 91,810 900,019
707,801 110,099 738,410
1,677,123 133,917 1,417,913
1,049,506 (9,516) 996,024
947,254 60,076 1,488,479
24,999,095 548,729 25,141,860
13,197,724 857,916 12,594,854
2,093,013 24,227 1,993,198
5,207,449 88,861 4,913,630
12,883,016 263,344 12,188,158
4,322,842 117,646 3,543,119
3,482,449 150,131 3,426,019
559,494 65,016 585,623
487,027 (3,817) 470,803
593,340 125,070 542,889
227,646
128,998 9,202 96,922
257,652 1,198 236,524
47,260 18,920
122,476
76,028,210 2,899,870 74,091,422
4,668,171 3,498,897 1,336,872
4,040,154 (231,341) 4,017,737
(4,994,823) 20,127 (5,965,994)
(954,669) (211,214) (1,948,257)
3,713,502 3,287,683 (611,385)
(1,100,514) (1,100,514) (772,462)
1,052,477 1,052,477 1,100,514
3,665,465 3,239,646 (283,333)
9,206,241 9,489,574
12,871,706 3,239,646 9,206,241
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SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the receipt, custody, and expenditure of revenues from
specific sources for which the City is required legally to limit expenditures to particular uses and to account
separately for these resources.
Special Programs Fund
Special Development Fund
Community Redevelopment
Agency
to account for grants and contributions, the use of which is restricted
for certain projects.
to account for impact fees, property taxes for road improvements, local
option gas taxes, infrastructure taxes and other revenues which are
restricted legally or by City Commission policy to be used for certain
capital improvement projects.
to account for receipt, custody and expenditure of property tax
increment funds associated with related redevelopment projects.
Local Housing Assistance to account for monies allocated to the City under the Local Housing
Trust Fund
Assistance grant program.
55
CITY OF CLEARWATER, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Assets
Cash on Hand and in Banks
Equity in Pooled Cash and Investments
Receivables:
Notes - Noncurrent
Mortgage Loans
Rehabilitation Advances
Property Taxes Receivable, Net of Allowance for
Uncollectible Taxes of $ 69,828 for 2001 and
$67,577 for 2000
Other
Special Special Community
Programs Development Redevelopment
Fund Fund Agency
4,580,445
289
289
6,645,112
10,000
1,881,395
1.891.395
Advances to Other Funds
Due from Other Governmental Entities:
Grants 769,609
Other Governmental Receivables 1,299,914
769,609 1,299, 914
Land Held for Resale
100
102.027
102.027
1,171,328
$ 5,350,343 9 836 421 1,273,455
Liabilities and Fund Balances
Liabilities:
Accounts and Contracts Payable $ 84,336
Accrued Payroll 28,564
Due to Other Governmental Entities 2,262 508,646
Construction Escrows
Due to Other Funds 103,892
Due to Other Funds (Deficit in Pooled Cash) 138,627
Advances from Other Funds 926,596
Deferred Revenue 1,881,395 102,027
Total Liabilities 115,162 2,390,041 1,271,142
Fund Balances:
Reserved for.
Encumbrances 2,313
Advances to Other Funds
Noncurrent Notes Receivable 10,000
Special Programs 2,314,036
2,314,036 10,000 2,313
Unreserved:
Designated for Special Programs 1,989,744 5,411,605
Undesignated 931,401 2,024,775
Total Fund Balances 5,235,181 7,446,380 2,313
$ 5,350,343 9 836 421 1 273 455
See accompanying notes to Financial Statements.
56
Local Housing Totals
Assistance
Trust Fund 2001 2000
100 100
1,231,432 12,456,989 12,945,137
10,000 12,500
3,360,799 3,360,799 2,784,839
51,001 51,001 51,901
1,881,395 1,725,453
102,316 111,440
3,411,800 5,405,511 4,686,133
86,291
769,609 469,770
1,299,914 1,285,247
2,069,523 1,755,017
1,171,328 1,171,328
4 643 232 21 103 451 20 644 006
84,336 221,745
28,564 13,099
510,908 278,838
222,897 222,897 120,150
103,892 89,875
138,627 39,913
926,596 1,038,569
86 1,983,508 1,835,414
222,983 3,999,328 3,637,603
2,313 3,071
86,291
10,000 12,500
2,314,036 2,058,164
2,326,349 2,160,026
7,401,349 9,954,357
4,420,249 7,376,425 4,892,020
4,420,249 17,104,123 17,006,403
41643,232 21,103,451 20,644,006
57
CITY OF CLEARWATER, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Special Special
Programs Development
Fund Fund
Revenues:
Taxes $ 1,738,590
Licenses, Permits and Fees 913,445
Intergovernmental Revenues:
Grants 3,061,578
Infrastructure Tax 8,385,149
Local Option Sales Tax 903,741
Other
3.061.578 9,288,890
Fines, Forfeitures and Penalties 464,562
Miscellaneous Revenues:
Rental Income
Earnings on Investments 410,358 2,469,991
Donations 244,647
Other 1,218,436
1,873,441 2,469,991
Total Revenues 5,399,581 14,410,916
Expenditures:
Current:
General Government 679,821 80
Public Safety 1,938,868
Physical Environment 372,503
Economic Environment 653,480
Human Services 128,850
Culture and Recreation 519,981
Capital Outlay 863,432
Total Expenditures 5,156,935 80
Excess of Revenues Over Expenditures 242,646 14,410,836
Other Financing Sources (Uses):
Operating Transfers In 577,861
Operating Transfers In - Component Unit
Operating Transfers Out (644,500) (15,368,573)
Operating Transfers Out - Component Unit
(66,639) (15,368,573)
Excess (Deficiency) of Revenues and Other Financing Sources
Over Expenditures and Other Financing Uses 176,007 (957,737)
Fund Balances, Beginning of Year 5,059,174 8,338,066
Residual Equity Transfers In 66,051
Fund Balances, End of Year $ 5 235 181 7,446,380
See accompanying notes to Financial Statements.
58
Community Local Housing Totals
Redevelopment Assistance
Agency Trust Fund 2001 2000
239,264
239.264
977,094
977.094
1,738,590 1,818,306
913,445 2,165,853
4,038,672 3,174,989
8,385,149
903,741 8,285,884
239,264 1,082,428
13.566.826 12.543.301
464,562 323,415
9,463 9,463 8,103
66,196 95,513 3,042,058 1,551,164
244,647 248,272
1,445 1,219,881 433,578
77,104 95,513 4,516,049 2,241,117
316,368 1,072,607 21,1.99,472 19,091,992
679,901 408,051
1,938,868 1,542,112
372,503 446,037
194,226 171,552 1,019,258 756,795
128,850 130,093
519,981 477,819
863,432 1,118,203
194,226 171,552 5,522,793 4,879,110
122,142 901,055 15,676,679 14,212,882
320,914 898,775 1,084,050
89,044 89,044 39,022
(493,007) (86,898) (16,592,978) (12,203,427)
(39,851) (39,851) (31,174)
(122,900) (86,898) (15,645,010) (11,111,529)
(758) 814,157 31,669 3,101,353
3,071 3,606,092 17,006,403 13,593,075
66.051 311.975
2,313 4,420,249
59
17 104 123 17 006 403
1
CITY OF CLEARWATER. FLORIDA
SPECIAL DEVELOPMENT FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
2001 2000
Variance
Favorable Actual
Budget Actual (Unfavorable)
Revenues:
Taxes $ 1,728,820 1,738,590 9,770 1,818,306 1
Licenses, Permits, and Fees:
Development Impact Fees 255,680 262,250 6,570 65,107
Fees for Drainage- Sidewalks 1,783 1,783 10,683
Fees for Parking 1,680 1,680 1,503,000
Open Space Fees 130,000 127,431 (2,569) 156,408
Recreation Facility Impact Fees 10,000 13,150 3,150 32,800
Recreation Land Impact Fees 21,840 13,478 (8,362) 127,443
Transportation Impact Fees 470,000 493,673 23,673 270,412
887,520 913,445 25,925 2,165,853
Intergovernmental 9,535,230 9,288,890 (246,340) 9,185,821 1
Miscellaneous:
Earnings on Investments 800,000 2,469,991 1,669,991 1,181,393
800,000 2,469,991 1,669,991 1,181,393
Total Revenues 12,951,570 14,410,916 1,459,346 14,351,373
Expenditures:
I/
Current:
Central Government 80 (80)
Excess of Revenues Over Expenditures 12,951,570 14,410,836 1,459,266 14,351,373
Other Financing Uses:
Operating Transfers Out (9,395,936) (15,368,573) (5,972,637) (11,441,073)
Excess (Deficiency)of Revenues Over
Expenditures and Other Financing Uses 3,555,634 (957,737) (4,513,371) 2,910,300
Fund Balances, Beginning of Year 8,338,066 8,338,066 5,115,791
II
Residual Equity Transfers In 66,051 66,051 311,975
Fund Balances, End of Year $ 11,893,700 7,446,380 (4,447,320) 8,338,066 '
I
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See accompanying notes to Financial Statements.
1
60 1
CITY OF CLEARWATER. FLORIDA
COMMUNITY REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Revenues:
Intergovemmental
Miscellaneous Revenues:
Rental Income
Eamings on Investments
Other
2001
Budget
Actual
$ 239,264 239,264
11,812
10,000
21,812
Total Revenues 261,076
Expenditures:
Current - Economic Environment
Total Expenditures
345,448
345.448
9,463
66,196
1,445
77,104
316,368 55,292
Variance
Favorable
Unfavorable
(2,349)
56,196
1,445
55.292
Actual
182,491
8,103
55,785
35,408
99,296
281.787
194,226 151,222 167,906
194, 226 151,222 167, 906
Excess (Deficiency) of Revenues Over Expenditures (84,372) 122,142
Other Financing Sources (Uses):
Operating Transfers In
Operating Transfers In - Component Unit (DDB)
Operating Transfers Out
Operating Transfers Out - Component Unit (DDB)
206,514 113,881
320,913 320,914 1 250,935
89,698 89,044 (654) 39,022
(286,389) (493,007) (206,618) (375,593)
(39,850) (39,851) (1) (31,174)
84,372 (122,900) (207,272) (116,810)
(Deficiency) of Revenues and Other Financing
Sources Over Expenditures and Other Financing Uses (758) (758) (2,929)
Fund Balance, Beginning of Year 3,071 3,071 6,000
Fund Balance, End of Year $ 0 ......2,313_. 071
See accompanying notes to Financial Statements.
61
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62
DEBT SERVICE FUNDS
Debt Service Funds provide separate accounting records for all debt interest, principal, and reserve
requirements for all General Long -Term Debt. Debt of Proprietary Funds is serviced through restricted
accounts maintained within the individual Enterprise or Internal Service Fund associated with the debt.
Improvement Revenue Bonds
Debt Service Fund
Public Service Tax and Bridge
Revenue Bonds Debt Service
Fund
Notes and Mortgages Debt
Service Fund
to account for the advance monthly accumulation of resources by
transfer of Public Service Tax revenues from the General Fund and the
payment of currently maturing installments of principal and interest
during each fiscal year.
to account for the advance monthly accumulation of resources by
transfer of Public Service Tax revenues from the General Fund; the
retirement of currently maturing installments of principal and interest
during each fiscal year. As described in the notes to the general
purpose financial statements, this fund is responsible for only a portion
of the total debt service, with the remainder being allocated to the
Parking Fund.
to account for the advance monthly accumulation of resources by
transfer of General Revenues from the General and Special Revenue
Funds and the payment of currently maturing installments of principal
and interest on the various note and mortgage obligations of the
govemmental funds during each fiscal year.
Spring Training Facility Debt to account for the advance monthly accumulation of resources and the
Service Fund payment of currently maturing installments of principal and interest for
debt to be issued in fiscal 2002 for a Spring Training Facility.
Infrastructure Revenue Bonds
Debt Service Fund
to to account for the advance monthly accumulation of resources by
transfer of Sales Tax revenues from the Special Development
Special Revenue Fund and the payment of currently maturing
installments of principal and interest during each fiscal year.
63
CITY OF CLEARWATER. FLORIDA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2001 WITH COMPARATIVE TOTALS FOR 2000
Assets
Equity in Pooled Cash and Investments S
liabilities and Fund Balances
Accounts Payable
Accrued Interest Purchased
Total Liabilities
Fund Balances:
Reserved for.
Debt Service:
Current Requirements - Principal
Current Requirements - Interest
Future Requirements
Unreserved:
Designated for Debt Service
Total Fund Balances
Improvement
Revenue Bonds
Debt Service
Fund
220,658
220,658
$
126,667
93,991
220,658
220,658
220,658
See accompanying notes to Financial Statements.
Public
Service Tax
and Bridge
Revenue Bonds
Debt Service
Fund
120,845
120,845
41,189
8,121
71,535
120,845
120,845
120,845
Notes
and
Mortgages
Debt Service
Fund
Spring infrastructure
Training Sales Tax Totals
Facility Revenue Bonds
Debt Service Debt Service
Fund Fund 2001 2000
647,912 662,800
647,912 662,800
1,652,215 338,155
1,652,215 338,155
1,571 1,571
110,205 110,205
111,776 111,776
167,856 159,352
551,024 653,136 105,063
71,535 73,740
551,024 892,527 338,155
647,912 647,912
647,912 551,024 1,540,439 338,155
647,912 662,800 1,652,215 338,155
65
CITY OF CLEARWATER. FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Revenues:
Grants
Earnings on Investments
Public
Improvement Service Tax Notes
Revenue and Bridge and
Bonds Revenue Bonds Mortgages
Debt Service Debt Service Debt Service
Fund Fund Fund
19,188 10,163
Expenditures:
Debt Service Requirements - Principal 180,000 47,222 1,241,085
Debt Service Requirements - Interest & Fiscal Charges 569,166 27,858 191,867
Bond Issuance Costs
Total Expenditures
749 166 75,080 1,432,952
Excess (Deficiency) of Revenues Over Expenditures (729,978) (64,917) (1,432,952)
Other Financing Sources:
Bond Proceeds
Operating Transfers In 735,130 63,113 1.432.952
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures
Fund Balances, Beginning of Year
Fund Balances, End of Year
See accompanying notes to Financial Statements.
735.130
63,113 1.432.952
5,152 (1,804)
215,506 122,649
$ 220,658 120 845 0
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Spring Infrastructure
Training Revenue Totals
Facility Bonds
Debt Service Debt Service
Fund Fund 2001 2000
634,465 634,465
13,447 6,068 48,866 19,894
1,468,307 1,375,978
788,891 765,268
418,265 418,265
418,265 2,675,463 2,141,246
647,912 (412,197) (1,992,132) (2,121,352)
418,265 418,265
544,956 2,776,151 2,125,021
963,221 3,194,416 2,125,021
647,912 551,024 1,202,284 3,669
338,155 334,486
647,912 551,024 1,540,439 338155
67
This Page Intentionally Left Blank
68
CAPITAL PROJECTS FUNDS
Capital Projects Funds are used to account for resources to be used for acquisition or construction of major
capital improvement projects including property acquisitions, a major construction undertaking, or a major
improvement to an existing facility or property, with a cost greater than $25,000 and a minimum useful life of
at least five years.
Capital Improvement Fund to provide combined accounting presentation for all City capital
improvement projects except those financed from proprietary funds or
bond proceeds where bond ordinance provisions require the
segregation of bond proceeds in separate funds.
Sales Tax Revenue to provide separate accounting records for the financing and
Construction Fund construction of the new entryway and roundabout at Clearwater Beach
69
CITY OF CLEARWATER. FLORIDA
CAPITAL PROJECTS FUNDS
BALANCE SHEET
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Sales Tax
Capital Revenue
Improvement Construction
Fund Fund
Assets
Totals
Equity in Pooled Cash and Investments $ 52,257,818 14,846,113 67,103,931 41,433,040
Other Receivables 16,298
Improvement Liens 104,899 104,899 127,362
Due from Other Funds
Due from Other Funds (Deficit in Pooled Cash) 265,481 265,481 17,560,428
$ 52,628,198 14,846,113 67,474,311 59,137,128
jjabilities and Fund Balances
Liabilities:
Accounts and Contracts Payable $ 777,352 678,406 1,455,758 911,504
Due to Other Funds 17,283,479 17,283,479 33,339,839
Due to Other Funds (Deficit in Pooled Cash) 8,515,313
Deferred Assessment Liens 104,899 104,899 127,362
Total Liabilities 18,165,730 678,406 18,844,136 42,894,018
Fund Balances:
Reserved for Encumbrances 6,070,136 6,070,136 5,411,608
Unreserved:
Designated for Capital Project Appropriations 28,392,332 14,167,707 42,560,039 19,691,129
Undesignated Deficit (8,859,627)
Total Fund Balances
See accompanying notes to Financial Statements.
34,462,468 14,167,707 48,630,175 16,243,110
$ 52,628,198 14,846,113 67,474,311 59137,128
70
CITY OF CLEARWATER. FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Sales Tax
Capital Revenue Totals
Improvement Construction
Fund Fund 2001 2000
Revenues:
Intergovernmental Revenues:
Grants $ 5,100,000 5,100,000 234,058
Miscellaneous:
Eamings on Investments 42,033 42,033 (13,997)
Special Assessments 31,045 31,045 54,087
Other 20,000 2,772 22,772 26,545
93,078 2,772 95,850 66,635
Total Revenues
Expenditures:
Capital Outlay
Deficiency of Revenues
Over Expenditures
5,193,078 2,772 5,195,850 300,693
17,813,105
24,000,109 41,813,214 15,767,475
(12,620,027) (23,997,337) (36,617,364) (15,466,782)
Other Financing Sources (Uses):
Proceeds of General Indebtedness 2,454,265 46,925,017 49,379,282 2,149,140
Operating Transfers In 19,765,391 19,765,391 14,496,065
Operating Transfers In - Component Unit 10,000
Operating Transfers Out (140,244) (140,244) (112,715)
22,079,412 46,925,017 69,004,429 16,542,490
Excess of Revenues and Other
Financing Sources Over Expenditures
and Other Financing Uses
Fund Balances, Beginning
of Year
9,459,385 22,927,680 32,387,065 1,075,708
25,003,083
Fund Balances, End of Year $ 34,462,468
See accompanying notes to Financial Statements.
71
(8,759,973) 16,243,110 15,167,402
14,167,707 48,630,175 16,243,110
This Page Intentionally Left Blank
72
ENTERPRISE FUNDS
Enterprise Funds are used to account for the financing, acquisition, operation and maintenance of
govemmental facilities and services that are supported primarily by user charges.
Water and Sewer Utility
Gas Utility
to account for the financing, construction, operation and maintenance
of the water and sewer services of the City from charges made to
users of the service. The service area for water and sewer extends
beyond the City limits.
to account for the financing, construction, operation and maintenance
of the gas service of the City from charges made to users of the
service. The service area for gas extends beyond the City limits.
Solid Waste Utility to account for the financing, construction, operation and maintenance
of the solid waste service of the City from charges made to users of the
service. The service area for solid waste is coterminous with the City
limits.
Recycling to account for the financing, processing, operation and maintenance of
the Citys recycling service from charges made to users of the services
and funds received from the sale of recyclable commodities processed
to meet market requirements. The service area extends beyond the
City limits.
Stormwater Utility to account for the financing, construction, operation and maintenance
of the stormwater management system of the City from charges made
for each developed property. The stormwater management area is
coterminous with the City limits.
Yacht Basin and Marina to account for the financing, operation and maintenance of the 205 -slip
City marina and associated real property on Clearwater Beach from
rents collected from users.
Parking System
Harborview Center
to account for the financing, construction, operation and maintenance
of the Citys parking system, including on- and off - street parking on
Clearwater Beach and Downtown Clearwater from parking charges.
to account for the renovation, operation, and maintenance of a former
department store building, creating a combined retail and convention
center facility.
73
CITY OF CLEARWATER. FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 2001 WITH COMPARATIVE TOTALS FOR 2000
Water
and
Sewer Gas Solid Waste Recycling
Utility Utility Utility Utility
Assets
Current Assets:
Cash on Hand and in Banks $ 400 700 200
Equity in Pooled Cash and Investments 4,377,983 1,654,149 5,337,370 1,395,758
Accounts and Contracts Receivable:
Billed 2,660,003 1,408,402 1,076,768 88,810
Unbilled Charges Estimated 1,156,400 957,900 559,806 83,507
3,816,403 2,366,302 1,636,574 172,317
Less: Allowance for Uncollectible Accounts (259,306) (145,587) (63,454) (4,989)
Total Receivables, Net 3,557,097 2,220,715 1,573,120 167,328
Due from Other Funds 2,930,946 5,643,813 1,514,496 1,425,418
Due from Other Govemmental Entities 275,136
Inventories, at Cost 446,905 506,954
Prepaid Expenses and Other Assets 4,664
Total Current Assets 11,593,131 10,026,331 8,425,186 2,988,504
Restricted Assets:
Equity in Pooled Cash and Investments 27,141,005 1,585,753 707,799
Due from Other Funds 2,149,511
Due from Other Govemmental Entities
Investments 3,058,741
Interest Receivable 86,196
Total Restricted Assets _ 32,435,453 1,585,753 707,799
Deferred Charges 3,352,570 1,551,465
Net Pension Asset 1,406,662 761,849 816,007 160,313
Property, Plant and Equipment, Net of Accumulated
Depreciation 161,641,817 33,661,058 4,928,480 1,033,242
See accompanying notes to Financial Statements.
$ 210 429,633 47m J 14,877,472 4,182,059
assaleszwas
74
Page 1 of 2
Yacht
Basin Totals
Stormwater and Parking Harborview
Utility Marina System Center 2001 2000
817 22,000 100 24,217 16,950
721,928 856,307 3,153,682 49,996 17,547,173 8,460,520
345,913 164,847 5,744,743 5,258,097
400,000 3,157,613 3,176,158
745,913 164,847 8,902,356 8,434,255
(20,364) (493,700) (367,648)
725,549 164,847 8,408,656 8,066,607
969,346 533,766 1,460,491 14,478,276 29,520,548
239,997 515,133 192,156
15,986 969,845 1,097,517
4,664 4,506
2,416,823 1,406,876 4876170 214,943 41,947,964 47,358,804
6,134 ,507 64,850 35,633,914 33,862,043
2,149,511 3,507,075
455,000 455,000 70,073
3,058,741 2,990,334
86,196 86,196
6,589,507 64,850 41,383,362 40,515,721
107,585 5,011,620 5,386,021
275,320 108,335 102,766 3,631,252 2,972,954
22,827,785 2,784,053 3,717,547 11,425,498 242,019,480 232,045,512
32,217,020 4,299,264 8,761,333 11,640,441 333,993,678 328,279,012
75
(Continued)
CITY OF CLEARWATER. FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET, Continued
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Water
and
Sewer Gas Solid Waste Recycling
Utility Utility Utility Utility
Liabilities and Fund Equity
Current Liabilities (Payable from Current Assets):
Accounts and Contracts Payable $ 1,100,167 870,935 352,498 8,299
Accrued Payroll 572,455 63,463 72,460 14,407
Accrued Compensated Absences 284,512 348,339 50,760
Accrued Interest Payable 98,037 57,357
Due to Other Funds 82,474
Due to Other Funds (Deficit in Pooled Cash)
Deposits
Deferred Revenue 761,716
Current Portion of Long -Term Liabilities:
Revenue Bonds 860,833 559,167
Notes, Loan Pool Agreement and Acquisition Contracts 45,825 37,295
Total Current Liabilities (Payable from Current Assets) 2,677,317 2,597,150 893066 73,466
Current Liabilities (Payable from Restricted Assets):
Construction Contracts Payable 1,429,726
Accrued Interest Payable 413,947 124,748
Current Portion of Long -Term Liabilities, Revenue Bonds 4,304,167 50,833
Customer Deposits 1,868,428 1,110,172
Total Current Liabilities (Payable from Restricted Assets) 8,016,268 1,285,753
Total Current Liabilities 10,693585 3,882,903
35,905
707,799
743,704
1,636,770
47,175
47.175
120.641
Long -Term Liabilities, Excluding Current Portion:
Revenue Bonds 69,020,815 28,211,229
Notes, Loan Pool Agreement and Acquisition Contracts 155,827 86,197
Advances from Other Funds 907,211
Total Long -Term Liabilities 69,176,642 28,211,229 993,408
Total Liabilities 79,870,227 32,094,132 2,630,178 120,641
Contributed Capital:
Other Funds 415,256 654,532 129,893 251,057
Federal and State Grants 17,837,194 90,194
Developers 39,145,430
Property Owners 5,145,306 37,005
Other Governmental Entities 11,881,192 _ 367
Total Contributed Capital 74,424,378 691,537 220,454 251,057
Retained Earnings:
Reserved for:
Revenue Bond Requirements:
Debt Service 6,294,545
Sinking Fund - Term Maturities 2,878,376
Renewals and Replacements 13,173,996 300,000
22,346,917 300,000
Employees' Pension Benefits 1,406,662 761,849
Unreserved (Deficit) 32,381,449 13,738,938
Total Retained Earnings (Deficit) 56,135,028 14,800,787
Total Fund Equity 130,559,406 15,492,324
See accompanying notes to Financial Statements.
1
1
1
r
1
816,007 160,313
11,210,833 3,650,048
12,026,840 3,810,361
12,247,294 4,061.418
$ 210,429,633 47,586,456 14a 4182,059
76
Yacht
Basin
Stormwater and
Utility Marina
254,388
25,358
103,323
138,715
521,784
369,566
165,262
120,000
654,828
1,176,612
7,197,267
468,843
7,666,110
8,842,722
18,704,249
1,345,000
87,462
2,980,793
23,117,504
Parking
System
Harborview
Center
222,843
12,353
40,486
55,999
18,402
56,385
11,961
49,197
1,944
2,760
4,262
1,902 146,125
272,634
351.985
445,519
117,155
562.674
4,502
21,310
25,812
351,985 298,446
116,677
563,956
189,215
189,215 680,633
541,200 979,079
562,674
Page 2 of 2
Totals
2001
2000
3,311,034 2,972,077
772,457 314,381
876,617 1,222,740
155,394
138,473 82,474
8,858,319
137,501 138,019
764,476
1,424,262 1,355,463
369,862 226,030
7,950,076 15,169,503
1,846,467 116,883
744,364 790,774
4,496,310 4,272,314
3,686,399 3,576,707
10,773,540 8,756,678
18,723,616 23,926,181
104,545,988 108,109,035
1,274,823 466,368
1,096,426 1,075,976
106,917,237 109 651379
562,674 125,640,853 133,577,560
1,301,092 758,880 13,926,554 36,141,513
19,272,388
207,918 39,440,810
232,002 5,414,313
376,125 15,238,477
1,533,094 1,135,005 14,134,472 115,507,501
35,326 6,329,871
2,878,376
13,473,996
35,326 22,682,243
275,320 108,335 102,766 3,631,252
(18,526) 2,116,635 6,509,157 (3,056,705) 66,531,829
256,794 2,224,970 6,647,249 (3,056,705) 92,845,324
23,374,298 3,758,064 7,782,254 11,077767 208,352,825
32,217,020 4,299,264 8,761,333 11,640,441 333,993,678
77
35,257,014
17,977,388
37,767,308
5,657,767
14,171,402
110.830.879
6,329,871
2,875,664
11,789,356
20,994,891
2,972,954
59,902,728
83,870,573
194.701,452
328,279,012
CITY OF CLEARWATER FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2Q00
Water
and
Sewer Gas Solid Waste Recycling
Utility Utility Utility Utility
Operating Revenues:
Sales to Customers $ 35,109,081 28,935,853 797,713
Service Charges to Customers 455,554 1,287,762 15,511,855 9,726
User Charges to Customers 102,577 1,411,068
Rentals
Total Operating Revenues 35,564,635 30,223,615 15,614,432 2,218,507
Operating Expenses:
Personal Services 6,845,608 3,573,543 4,408,765 818,796
Purchases for Resale 7,305,983 15,249,937 27,538 189,170
Operating Materials and Supplies 1,857,035 161,417 208,295 70,158
Transportation 701,150 420,633 2,683,758 287,424
Utility Service 1,555,980 66,218 54,386 6,353
Solid Waste Dumping Charges 4,553,562
Depreciation 4,920,586 1,141,666 445,866 131,553
Interfund Administrative Charges 4,919,420 1,668,640 1,175,290 431,620
Other Current Charge s:
Professional Fees 1,080,187 156,747 27,601 508
Advertising 410,950 5,837 333
Communications 93,318 161,185 48,078 4,918
Printing and Binding 5,584
Insurance 232,360 93,970 140,220 33,230
Repairs and Maintenance 2,010,560 482,332 63,723 25,546
Rentals 43,609 1,690 1,350
Miscellaneous 196,105 78,230 27,418 9,477
Data Processing Charges 363,451 287,322 123,410 26,900
Taxes 1,926,674
Provision for Estimated Uncollectible Accounts 175,393 170,274 54,931 6,677
Total Other Current Charges 4,151,374 3,816,877 492,908 108,939
Total Operating Expenses 32,257,136 26,098,931 14,050,368 2,044,013
Operating Income (Loss) 3,307,499 4,124,684 1,564,064 174,494
Nonoperating Revenues (Expenses):
Earnings on Investments 3,848,458 774,181 625,826 254,829
Interest Expense and Fiscal Charges (3,524,905) (1,491,895) (113,308) (684)
Amortization of Bond Discount and Issue Costs (273,511) (121,677)
Loss on Exchange of Assets (4,555) (221)
Losses from Writedowns and Replacements of Fixed Assets (4,311)
Recycling Program Incentive Grant 105,445 35,790
Other 72,904 204,043 157,400
122,946 (639,903) 771,052 289,714
Income (Loss) Before Operating Transfers 3,430,445 3,484,781 2,335,116 464,208
Operating Transfers In 1,807
Operating Transfers Out (1,654,171) (1,014,804) (616,470) (90,830)
(1,654,171) (1,014,804) (616,470) (89,023)
Net Income (Loss) 1,776,274 2,469,977 1,718,646 375,185
Retained Earnings (Deficit), Beginning of Year 54,484,185 12,330,810 10,308,194 3,435,176
Residual Equity Transfers In 58,148
Residual Equity Transfers Out (183,579)
Retained Earnings (Deficit), End of Year $ 56,135,028 14,800,787 12,026,840 3,810,361
See accompanying notes to Financial Statements.
78
1
1
t
1
1
1
r
1
1
i
i
1
Yacht
Basin Totals
Stormwater and Parking Harborview
Utility Marina System Center 2001 2000
5,011,354 1,667,563 71,521,564 61,622,034
30,468 168,560 17,463,925 16,313,751
52,284 3,870,439 5,436,368 4,990,061
1,093,300 10,559 1,952,813 3,056,672 2,880,505
5,041,822 2,813,147 4,049,558 1,952,813 97,478,529 85,806,351
1,504,608 727,692 712,539 18,591,551 16,876,283
1,327,201 1,001,316 25,101,145 18,969,250
70,085 76,531 58,163 17,299 2,518,983 2,189,866
520,517 8,015 57,553 11,539 4,690,589 4,081,598
150,428 38,881 136,282 2,008,528 1,820,571
4,553,562 4,455,706
1,075,362 201,562 238,140 568,946 8,723,681 8,540,339
1,063,530 198,130 802,770 5,320 10,264,720 9,640,300
142,926 15,892 686,902 774,579 2,885,342 2,633,052
12,980 1,272 29,941 461,313 394,652
16,004 23,380 13,613 21,078 381,574 348,665
2,432 4,832 12,848 8,846
26,440 13,650 12,760 28,353 580,983 527,199
37,402 48,131 20,870 43,929 2,732,493 2,280,648
1,080 171,440 1,191 220,360 177,233
141,504 49,158 6 14,883 516,781 417,639
60,910 27,420 26,910 916,323 788,610
354 16,329 1,943,357 1,272,168
24,355 2,592 434,222 232,889
449,541 194,477 933,773 937,707 11,085,596 9,081,601
4,683,643 2,884,036 2,841,819 2,678,409 87,538,355 75,655,514
358,179 (70,889) 1,207,739 (725,596) 9,940,174 10,150,837
271,755 131,782 278,465 6,185,296 3,788,635
(246,930) (18,445) (30,373) (85,010) (5,511,550) (5,652,095)
(6,125) (1,663) (402,976) (401,245)
(1,703) (6,479) (8,839)
(4,311) (5,716)
141,235 113,332
9,716 332,345 26,213 190 802,811 550,106
28,416 445,682 272,642 (86,523) 1,204,026 (1,615,822)
386,595 374,793 1,480,381 (812,119) 11,144,200 8,535,015
37,679 2,200,000 2,239,486
(656,667) (100,800) (4,133,742) (3,619,359)
(656,667) (63,121) 2,200,000 (1,894,256) (3,619,359)
(270,072) 311,672 1,480,381 1,387,881 9,249,944 4,915,656
597,586 1,913,298 5,245,909 (4,444,586) 83,870,572 78,954,917
58,148
(70,720) (79,041) (333,340)
256,794 2,224,970 6,647,249 (3,056,705) 92,845,324 83,870,573
79
CITY OF CLEARWATER, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Cash Flows from Operating Activities:
Cash Received from Customers
Cash Payments to Suppliers
Cash Payments to Employees
Cash Payments to Other Funds
Other Revenues
Net Cash Provided (Used) by Operating Activities
Cash Flows from Noncapital Financing Activities:
Operating Transfers In
Operating Transfers Out
Grant Revenue
Interest Paid
Receipt of Cash on Loans to/from Other Funds
Payment of Cash on Loans to/from Other Funds
Net Cash Provided (Used) by Noncapital Financing Activities
Cash Flows from Capital and Related Financing Activities:
Principal Payments on Debt
Interest Paid
Acquisition of Fixed Assets
Sale of Fixed Assets
Proceeds from Issuance of Debt
Payment of Bond Issue Costs
Return of Contributed Capital
Capital Contributed by:
Other Funds
Other Governmental Entities
Property Owners
Developers
Net Cash Provided (Used) for Capital and Related Financing
Activities
Cash Flows from Investing Activities:
Proceeds from the Sale and Maturity of Investments
Purchase of Investment Securities
Interest on Investments
Net Cash Provided by Investing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at End of Year
Cash and Cash Equivalents:
Cash on Hand and in Banks
Equity in Pooled Cash and Investments
Restricted Equity in Pooled Cash and Investments
See accompanying notes to Financial Statements.
Water
and
Sewer
Utility
$ 35,041,248
(13,001,649)
(7,156,708)
(6,781,101)
72.904
8,174,694
(1,745,042)
17,516,265
(6,328,393)
9,442,830
(5,081,722)
(1,175,148)
(8,623,600)
92,691
331,644
80,188
1,066,276
(13,309,671)
3,780,051
3,780,051
8,087,904
23,431,484
$ 31,519,388
$ 400
4,377,983
27,141,005
$ 31,519,388
80
Solid
Gas Waste Recycling
Utlltty Utility Utility
30,661,628 15,528,987
(18,199,201) (4,973,396)
(4,081,589) (4,531,055)
(3,025,696) (4,170,756)
204.043 157,400
5.559.185
(1,014,804)
2,237,754
(329,246)
(848,206)
(757,192)
2.011.180 303,110
1,807
(616,470) (90,830)
105,445 35,790
(1,425,277) (263,525) 132,299
(2,440,081) (774,550) 79,066
(580,000)
(1,436,514)
(2,685,571)
(44,460)
(77,403)
(344,445)
(25,735)
(684)
(364,432)
(4,702,085) (466,308) (390,851)
774,181
774,181
(808,800)
4,049,402
625,826
254,829
625,826 254,829
1,396,148 246,154
4,649,221 1,149,604
3,240,602 6 045 369 1,395,758
700
1,654,149
1,585
200
5,337,370 1,395,758
707.799
3,240,602 6, 045 369 1,39=5,758
Yacht
Basin
Stormwater and
Utility Marina
4,995,111
(483,112)
(1,523,273)
(1,573,247)
9,716
1,425,195
2,813,269
(1,675,618)
(754,182)
(74,896)
332,345
640.918
Parking Harborview
System Center
4,052,828 1,961,097
(845,099) (2,017,633)
(728,743)
(917,719)
26,213
Page 1 of 2
Totals
2001 2000
97,291,922 85,104,451
(41,524,954) (33,810,821)
(19,623,756) (19,635,946)
(91,830) (17,392,437) (15,750,709)
190 802.811 550.106
1,587,480 (148,176) 19,553,586 16,457,081
37,679 2,200,000 2,239,486
(689,469) (100,800) (4,257,415) (3,619,359)
910,073 1,051,308 113,332
(85,010) (85,010) (108,027)
41,900 15,000 17,573,165 8,413,204
886,656 (56,617) (991,391) (1,908,951) (9,955,199) (4,804,331)
1,107,260 (119,738) (949,491) 221,039
(198,528)
(422,920)
(2,735,034)
447,487
(28,868)
359,306
(7,343)
(18,445)
(1,843,071)
934,633
(22,778)
(31,066)
(54,773)
81,166
710,081
(75,519)
6,566,335 (5,181)
(18,904) (5,979,470)
(3,162,180)
(3,963) (16,654,889)
81,166
1,250,259
(5,472,121)
(3,439,681)
(11,994,265)
54,323
7,775,392
(119,656)
(104,387) (311,976)
934,633
690,950
80,188
1,066,276
455,829
106,185
226.075
(2,578,557) (934,226) 607,111 (22,867) (21,797,454) (12,719,895)
698,190 131,782 278,465
698,190 131,782 278,465
652,088 (281,264) 1,523,565
6,204,347 1138,388 1,716,967
49,996
100
6,543,324
6,543,324
10,865,791
42.339.513
6,856,435 857,124 3,240,532 50,096 53,205,304
721,928
34,507
817 22,000
856,307 3,153,682
64.850
100
49,996
6,856,435 857,124 3,240,532 50,096
81
24,217
17,547,173
35,633,914
53,205,304
67,625
(2,378)
3,953,761
4,019,008
7,751,013
34,588 500
42 339 513
16,950
8,460,520
33,862,043
42,339,513
(Continued)
CITY OF CLEARWATER. FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS, Continued
YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTAL FIGURES FOR 2000
Reconciliation of Operating Income (Loss) to Net Cash Provided
(Used) by Operating Activities:
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Other Revenue from Nonoperating Section of Income Statement
Depredation
Non -cash Land Rental Exp
Provision for Uncollectible Accounts
Capitalized Labor and Interfund Charges
Construction in Progress Redassified as Expense
Change in Assets and Liabilities:
(Increase) Decrease in Accounts Receivable
(Increase) Decrease in Amount Due from Other
Governmental Entities
(Increase) Decrease in Inventory
(Increase) Decrease in Prepaid Expenses
Increase (Decrease) in Accounts and Contracts Payable
Increase (Decrease) in Deposits
Increase in Deferred Revenue
(Increase) in Net Pension Asset
Increase (Decrease) in Accrued Payroll
Total Adjustments
Net Cash Provided (Used) by Operating Activities
Noncash Investing, Capital and Financing Activities:
Change in Fair Value of Investments
Contributed Utilities from Developers
Contributed Land from Pinellas County Government
Contribution of Land to General Fixed Asset Account Group
Contribution of Asset from General Fixed Asset Account Group
Contribution of Debt from GLTDAG to Proprietary Fund
See accompanying notes to Financial Statements.
Water
and Solid
Sewer Gas Waste Recycling
Utility Utility Utility Utility
$ 3,307,499
72,904
4,920,586
175,393
(118,491)
146,004
(459,592)
(82,980)
(21,383)
(158)
432,097
19,185
(249,100)
32,730
4,867 195
$ 8,174,694
82
58,148
4,124,684 1,564,064 174,494
204,043
1,141,666
170,274
(425,239)
(386,647)
136,974
(114,313)
62,944
761,716
(139,203)
22,286
1.434.501
157,400
445,866
10,690
(68,767)
(3,346)
27,563
131,553
1,689
24,235
549
(149,514) (29,849)
27,224 439
447,116 128,616
5,559,185 2,0 303,110
Yacht
Basin Totals
Stormwater and Parking Harborview
Utility Marina System Center 2001 2000
358,179 (70,889) 1,207,739 (725,596) 9,940,174 10,150,837
9,716 332,345 26,213 190 802,811 550,106
1,075,362 201,562 238,140 568,946 8,723,681 8,540,339
136,128 136,128
24,355 382,401 229,472
(543,730) (470,737)
6,966 152,970
(46,711) 9,435 (928,047) (1,139,791)
(82,980) 300,821
12,080 127,671 (53,225)
(158) 267
15,993 192,188 (7,806) 515,362 563,450
122 510 (1,151) 109,173 137,069
2,760 764,476
(52,642) (18,995) (18,995) (658,298) (1,375,563)
33,977 (7,495) 2,791 111,952 (975,964)
1,067,016 711,807 379,741 577,420 9,613,412 6,306,244
1,425,195 640,918 1,587,480 148,176) 19,553,586 16,457,081
79,041
12,394
83
79,041
12,394
58,148
(67,625)
338,172
922,900
This Page Intentionally Left Blank
INTERNAL SERVICE FUNDS
Internal Service Funds are utilized to finance and account for services and commodities fumished by a
designated department to other departments within the City or to other govemments on a cost
reimbursement basis.
Garage Fund
Administrative Services Fund
General Services Fund
Central Insurance Fund
to account for the cost of automotive and other motorized equipment of
the City. The acquisition cost of new or upgraded equipment is
financed through user departments and the asset value is
simultaneously contributed to the Garage Fund. The cost of
replacement of existing equipment is financed by the garage.
to account for various support activities including purchasing and data
processing for all City departments. The cost for these services is
charged to user departments based on the cost of providing units of
service.
to account for various support activities including building maintenance,
custodial, and radio communications for all City departments. The cost
for these services is charged to user departments based on the cost of
providing units of service.
to account for the City's limited self- insurance program wherein all
funds are assessed charges based on damage claims incurred and on
management's assessment of individual funds' risk exposure. All
claims and premiums are paid out of this fund, together with other
costs necessary to administer the program.
85
CITY OF CLEARWATER. FLORIDA
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Ama
Current Assets:
Cash on Hand and in Banks
Equity in Pooled Cash and Investments
Accounts and Contracts Receivable
Due from Other Funds
Inventories, at Cost
Prepaid Expenses and Other Assets
Total Current Assets
Restricted Assets:
Interest Receivable
Total Restricted Assets
Garage Administrative General
Fund Services Services
$ 2,050
3,186,897 789,173 747,078
77
347,172 217,748 64,886
75,666
3,609,735 1,009,048
5.793
5.793
142
812.106
Advances to Other Funds
Net Pension Asset 357,707 632,965 232,997
Property, Plant and Equipment, Net of Accumulated
Depreciation 12,662,162 2,664,125 183,086
$ 16 635 397 4 306 138 1,228,189
Liabilities and Fund Eauity
Current Liabilities:
Accounts and Contracts Payable $ 557,196 27,527 16,817
Accrued Payroll 27,211 57,947 20,760
Accrued Compensated Absences 93,397 272,893 73,557
Claims Payable
Due to Other Funds 300,000
Current Portion of Long -Term Liabilities:
Notes, Loan Pool Agreement and Acquisition Contracts 2,217,794 266,287
Total Current Liabilities 2,895,598 924,654 111,134
Long -Term Liabilities, Excluding Current Portion:
Advance From Other Funds 571,070
Notes, Loan Pod Agreement and
Acquisition Contracts 4,706,440 493,408
Total Liabilities 7,602,038 1,989,132 111,134
Fund Equity:
Contributed Capital - Other Funds 3,754,841 49,722 6,415
Retained Earnings:
Reserved for Employees' Pension Benefits 357,707 632,965 232,997
Unreserved 4,920,811 1,634,319 877,643
Total Retained Earnings 5,278,518 2,267,284 1,110,640
Total Fund Equity 9,033,359 2,317,006 1,117,055
See accompanying notes to Financial Statements.
86
$ 16,635 397 4 306 138
====== 1,228,189
Totals
Central
Insurance 2001 2000
2,050 2,350
19,685,924 24,409,072 24,392,786
77 25
593,176 1,222,982 784,565
75,666 124,227
1,116,054 1,116,196 800,063
21,395,154 26,826,043 26,104,016
5,793 5,793
5,793 5,793
2,668,867 2,668,867 2,928,254
54,392 1,278,061 1,055,283
58,314 15.567.687 14.366.922
24,176,727 46,346 451 44,460,268
242,760 844,300 745,861
7,021 112,939 113,944
41,691 481,538 513,142
9,337,296 9,337,296 10,883,393
300,000 300,000
2,484,081 2,331,866
9,628,768 13,560,154 14,888,206
9,628,768
728,450
571,070 900,000
5,199,848 3,867,148
19,331,072 19,655,354
4,539,428 4,513,102
54,392 1,278,061 1,055,283
13,765,117 21,197,890 19,236,529
13,819,509 22,475,951 20,291,812
14,547,959 27,015,379 24,804,914
24,176,727
87
46 346 451 44 460 268
CITY OF CLEARWATER. FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Garage Administrative
Fund Services
Operating Revenues - Billings to Departments $ 8,398,485 7,499,258
Operating Expenses:
Personal Services 1,850,143 3,297,592
Purchases for Resale 2,120,987
Operating Materials and Supplies 55,921 133,031
Transportation 3,536 59,663
Utility Service 91,130 4,721
Depredation 2,619,015 830,523
Interfund Administrative Charges 215,080 4,000
Other Current Charges:
Professional Fees 243,692 105,895
Advertising
Communications 24,727 1,414,497
Printing and Binding 247 49,117
Insurance:
Premiums 212,650 25,870
Claims Incurred 597,366
Repairs and Maintenance 638,476
Rentals 1,671 10,566
Miscellaneous 13,150 67,841
Data Processing Charges 116,130 227,100
Taxes 5,548
Total Other Current Charges 1,215,181 2,539,362
Total Operating Expenses 8,170,993 6,868,892
Operating Income 227,492 630,366
Nonoperating Revenues (Expenses):
Earnings on Investments 163,294 91,411
Interest Expense (274,924) (107,555)
Gain on Sale of Assets 374,760
Other 144,462 40
407,592 (16,104)
Income Before Operating Transfers 635,084 614,262
Operating Transfers In 649,127 58,701
Operating Transfers Out
649,127 58,701
Net Income 1,284,211 672,963
Retained Earnings, Beginning of Year 3,994,307 1,594,321
Retained Earnings, End of Year $ 5,278,518 2,267,284
See accompanying notes to Financial Statements.
88
Totals
General Central
Services Insurance 2001 2000
2,857,028 10,152,309 28,907,080 27,652,555
1,408,748 430,234 6,986,717 6,866,799
2,120,987 2,093,505
226,469 4,588 420,009 730,481
78,832 8,648 150,679 183,168
349,621 445,472 388,426
29,413 2,354 3,481,305 3,373,380
219,080 139,600
91,320 440,907 648,794
950
47,279 11,601 1,498,104 1,069,310
224 1,475 51,063 46,590
14,800 6,810,036 7,063,356 5,691,550
573,879 1,171,245 3,343,928
550,826 10,520 1,199,822 994,457
13,073 1,150 26,460 21,274
16,337 25,269 122,597 182,763
37,890 15,070 396,190 362,670
5,548 4,923
680,429 7,540,320 11,975,292 12,367,209
2,773,512 7,986,144 25,799,541 26-6.---s-
83 142568
,516 2,166,165 3,107,539 1,509,987
69,938 2,326,568 2,651,211 1,643,476
(382,479) (402,308)
374,760 185,490
3,039 147,541 119,367
72,977 2,326,568 2,791,033 1,546,025
156,493 4,492,733 5,898,572 3,056,012
472,739 1,180,567 318,865
(4,895,000) (4,895,000)
(4,422,261) (3,714,433) 318,865
156,493 70,472 2,184,139 3,374,877
954,147 13,749,037 20,291,812 16,916,935
1,110,640 13,819,509 22,475,951 20 291 812
89
CITY OF CLEARWATER. FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Garage Administrative
Fund Services
Cash Flows from Operating Activities:
Cash Received from Other Funds $ 8,398,485 7,499,258
Cash Payments to Suppliers (3,332,463) (2,130,280)
Cash Payments to Employees (1,941,922) (3,414,462)
Cash Payments to Other Funds (288,178) (583,021)
Other Revenues 144,461 40
Net Cash Provided by Operating Activities 2,980,383 1,371,535
Cash Flows from Noncapital Financing Activities:
Operating Transfers In 649,127 58,701
Operating Transfers Out
Receipt of Cash on Loans to/from Other Funds
Payment of Cash on Loans to/from Other Funds (265,846) (380,448)
Net Cash Provided (Used) by Noncapital Financing Activities 383,281 (321,747)
Cash Flows from Capital and Related Financing Activities:
Principal Payments on Debt (493,359)
Interest Paid (274,924) (107,555)
Acquisition of Fixed Assets (3,674,254) (571,156)
Proceeds from Issuance of Debt 1,589,594 388,680
Capital Contributed by Other Funds 26,326
Net Cash Used for Capital and Related Financing Activities (2,359,584) (757,064)
Cash Flows from Investing Activities:
Interest on Investments 163,295 91,411
Net Cash Provided by Investing Activities 163,295 91,411
Net Increase (Decrease) in Cash and Cash Equivalents 1,167,375 384,135
Cash and Cash Equivalents at Beginning of Year 2,019,522 407,088
Cash and Cash Equivalents at End of Year $ 3,186,897 791,223
Cash and Cash Equivalents
Cash on Hand and in Banks $ 2,050
Equity in Pooled Cash and Investments 3,186,897 789,173
$ 3,186,897 791223
Reconciliation of Operating Income to Net Cash Provided (Used) by Operating Activities:
Operating Income $ 227,492 630,366
Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities:
Other Revenue from Nonoperating Section of Income Statement 144,461 40
Depreciation 2,619,015 830,523
Change in Assets and Liabilities:
(Increase) in Accounts Receivable (51)
Decrease in Inventory 48,562
(Increase) in Prepaid Expenses
Increase (Decrease) in Accounts and Contracts Payable 32,632 27,527
(Increase) in Net Pension Asset (58,612) (110,982)
Increase (Decrease) in Accrued Payroll (33,167) (5,888)
Total Adjustments 2,752,891
1 Net Cash Provided by Operating Activities $ 2,980,383 1 371,535
1
1
1
1
1
1
1
1
See accompanying notes to Financial Statements.
90
Totals
General Central
Services Insurance 2001 2000
2,857,028 10,152,309 28,907,080 27,652,555
(1,162,693) (9,354,365) (15,979,801) (14,717,745)
(1,470,147) (415,574) (7,242,105) (7,654,431)
(155,983) (39,816) (1,066,998) (1,064,827)
3,039 147,540 119,367
71,244 342,554 4,765,716 4,334,919
472,739 1,180,567 319,259
(4,895,000) (4,895,000)
138,561 138,561 857,456
(227) (646,521) (2,414,382)
(227) (4,283,700) (4,222,393) (1,237,667)
(493,359) (610,188)
(382,479) (402,307)
(7,782) (54,119) (4,307,311) (3,476,808)
1,978,274 604,779
26,326
(7,782) (54,119) (3,178,549) (3,884,524)
69,938 2,326,568 2,651,212 1,643,476
69,938 2,326,568 2,651,212 1,643,476
133,173 (1,668,697) 15,986 856,204
613,905 21,354,621 24,395,136 23,538,932
747,078 19,685,924 24,411122 24,395136
2,050 2,350
747,078 19,685,924 24,409,072 24,392,786
747,078 19,685,924 24 411 122 24,395,136
83,516 2,166,165 3,107,539 1,509,987
3,039 147,540 119,367
29,413 2,354 3,481,305 3,373,380
(51)
48,562 1,230
(142) (315,991) (316,133) (222,959)
16,817 (1,524,634) (1,447,658) 341,545
(40,703) (12,482) (222,779) (450,757)
(20,696) 27,142 (32,609) (336,874)
(12,272) (1,823,611) 1,658,177 2,824,932
71,244 � 4,765,716 4,334,919
91
This Page Intentionally Left Blank
92
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
FIDUCIARY FUNDS
Fiduciary Funds are used to account for resources that are managed in a trustee capacity or as an agent for
other parties or funds.
Employees' Pension Fund
to account for the financial operation and condition of the major
employee retirement system containing approximately 1,461 active and
427 retired employees.
Firemen's Relief and Pension to account for the financial operation and condition of the Firemen's
Fund Relief and Pension Fund, closed to new members in 1962, containing 1
active and 51 retired members.
Police Supplemental to account for the financial operation and condition of a supplemental
pension plan funded by the State for swom police officers.
Firefighters Supplemental to account for the financial operation and condition of a supplemental
pension plan funded by the State for firefighters.
Rehabilitation Loan Fund to account for an expendable revolving loan fund providing grants and
low interest loans to qualified property owners to assist in redeveloping
older residential neighborhoods.
Treasurer's Escrow Fund to account for the receipt, custody, and expenditure of funds held
temporarily in trust for other parties.
93
CITY OF CLEARWATER. FLORIDA
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Expendable
Trust Fund Agency Fund Totals
Pension Rehabilita• Treasurer's
Trust Lion Loan Escrow
Funds Fund Fund 2001 2000
Cash on Hand and in Banks $ 15,594 15,594 31,565
Equity in Pooled Cash and Investments 4,710,065 180,536 4,890,601 208,812
Managed Investment Accounts 429,353,416 429,353,416 526,529,519
Receivables:
Mortgage Loans (Net of Allowance for Uncoflectible of $147,600;
Due Within One Year: $223,602 for 2001 and $65,349 for 2000) 4,493,208 4,493,208 4,569,664
Interest and Dividends 2,295,165 2,295,165 2,302,415
Rehabilitation Advances 60 ,731 60,731 76,724
Due from Others 8,034 31,358 39,392 104,704
Total Receivables 2,303,199 4,585,297 6,888,496 7,053,507
Property Hell for Resale 84,701 84,701 84,701
$ 436,382,274 4,669,998 1�� 441,232,808 533,908104
Liabilities and Fund Balances
Liabilities:
Accounts Payable $ 448,314 448,314 482,760
Due to Other Funds (Deficit in Pooled Cash) 126,854 126,854 146,883
Deferred Revenue 25,475 25,475 25,475
Deposits:
Property Owners 21,944 21,944 21,944
Developers 15,558 15,558 15,558
37,502 37,502 37,502
Other Miscellaneous Payables:
Special Purpose Funds 8,097 8,097 8,397
Construction Escrows 129,404 129,404 26,352
Other 134,937 134,937 162,913
129,404 143,034 272,438 197,662
Total Liabilities 448,314 281,733 180,536 910,583 890,282
Fund Balances:
Reserved for Employees' Pension Benefits 435 ,933,960 435,933,960 528,325,086
Unreserved - Undesignated 4,388,265 4,388,265 4,692,736
Total Fund Balances 435,933,960 4,388,265 440,322,225 533,017,822
$ 436,382,274 4,6 180,536 441,232,808 533,908,104
See accompanying notes to Financial Statements.
94
CITY OF CLEARWATER, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF PLAN NET ASSETS
SEPTEMBER 30, 2001 WITH COMPARATIVE TOTALS FOR 2000
Defined Benefit Defined Contribution
Pension Trust Funds Pension Trust Funds Totals
Employees' Firemen's Police Firefighters
Pension Pension Supplemental Supplemental
Fund Fund Fund Fund 2001 2000
Assets
Cash on Hand and in Banks $ 15,594 15,594 31,585
Equity in Pooled Cash and Investments 2,635,350 2,074,715 4,710,065
Managed Investment Accounts, at fair value 407,850,442 2,098,311 9,940,614 9,464,049 429,353,416 526,529,519
Receivables:
Interest and Dividends 2,187,446 10,775 47,887 49,057 2,295,165 2,302,415
Due from Others 8,034 8,034 67,133
Total Receivables 2,187,446 10,775 47.887 57.091 2.303.199 2.369.548
Total Assets
Liabilities:
Accounts Payable
Due to Other Funds (Deficit in Pooled Cash)
Total Liabilities
412,673,238 4,183,801 10.004.095 9.521.140 438,382.274 528,930.632
448,314
448,314 482,760
122.786
448.314
448.314 805.546
Net assets held in trust for pension benefits $ 412,224,924 4,183,801 10,004,095 9,521,140 435,933,960 528,325,086
(a schedule of funding progress for
each plan is presented on page 47)
See accompanying notes to Financial Statements.
95
CITY OF CLEARWATER. FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN PLAN NET ASSETS
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Defined Benefit Defined Contribution
Pension Trust Funds Pension Trust Funds
Police Firefighters
Employees' Firemen's Supplemental Supplemental
Additions
Contributions:
Contributions from Employer $ 4,255,484 1,098,990
Contributions from Employees 4,855,064
State of Florida 12,000 658,179 541,465
Total Contributions 9,122,548 1 098 990 658 179 541,465
Investment Income:
Net Appreciation (Depreciation) in
Fair Value of Investments (98,649,085) 46,156 (2,336,469) (156,486)
Interest 11,209,739 451,372 108,028 272,445
Dividends 2,072,966 97,191
(85,366,380) 497,528 (2,228,441) 213,150
Less Investment Expenses:
Investment Management / Custodian Fees 1,675,825 90,720 100,402
Net Investment Income (87,042,205) 497,528 (2,319,161) 112,748
Total Additions (Reductions) (77,919,657) 1 596 518 (1,660,982) 654,213
Deductions
Benefits and Withdrawal Payments:
Benefits 10,943,307 951,705 1,229,989 1,186,371
Withdrawal Payments 551,943
Total Benefits and Withdrawal Payments 11,495,250 951,705 1,229,989 1,186,371
Income (Loss) before Administrative Expenses (89,414,907) 644,813 (2,890,971) (532,158)
Administrative Expenses 185,022 4,000 5,946 2,935
Net Increase (Decrease) (89,599,929) 640,813 (2,896,917) (535,093)
Net Assets Held in Trust for Pension Benefits:
Beginning of Year 501,824,853 3,542,988 12,901,012 10,056,233
End of Year $ 412,224,924 4 183 801 10 004 095 9,521,140
See accompanying notes to Financial Statements.
96
Totals
2001 2000
5,354,474 5,466,579
4,855,064 4,868,278
1,211,644 1,392,513
11,421,182 11,727,370
(101,095,884) 63,322,299
12,041,584 12,365,395
2,170,157 2,249,697
(86,884,143) 77,937,391
1,866,947 2,065,152
(88,751,090) 75,872,239
(77,329,908) 87,599,609
14,311,372 12,540,926
551,943 515,433
14,863,315 13,056,359
(92,193,223) 74,543,250
197,903 87,113
(92,391,126) 74,456,137
528,325,086 453,868,949
435 933 960 528 325 086
97
CITY OF CLEARWATER. FLORIDA
EXPENDABLE TRUST FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Expendable Trust Fund
Rehabilitation
Loan Fund
2001 2000
Revenues:
Intergovernmental Revenues:
Home Housing Rehabilitation Grant $ 6,887 84,250
Miscellaneous Revenues:
Earnings on Investments 436 130
Interest on Mortgage Loans 35,554 41,866
Other Miscellaneous Revenue 30
36,020 41,996
Total Revenues 42,907 126,246
Expenditures:
Economic Environment 203,641 45,351
Total Expenditures 203,641 45,351
Excess (Deficiency) of Revenues over Expenditures (160,734) 80,895
Other Financing Uses:
Operating Transfers Out (143,737) (140,291
(143,737) (140,24
Deficiency of Revenues and Other Financing Sources
Over Expenditures and Other Financing Uses (304,471) (59,348)
Fund Balances, Beginning of Year 4,692,736 4,752,084
Fund Balances, End of Year $ 4 38865 4 692 736
See accompanying notes to Financial Statements.
98
CITY OF CLEARWATER. FLORIDA
AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED SEPTEMBER 30.2001
TREASURER'S ESCROW FUND
Assets
Equity in Pooled Cash and Investments
Balance Balance
October 1, September 30,
2000 Additions Deductions 2001
$ 208,812 168,854 197,130 180,536
Liabilities
Deposits:
Property Owners $ 21,944 21,944
Developers 15,558 15,558
Other Miscellaneous Payables:
Special Purpose Funds 8,397 875 1,175 8,097
Other 162,913 167,979 195,955 134,937
$ 208,812 168,854 197,130 180,536
See accompanying notes to Financial Statements.
99
This Page Intentionally Left Blank
100
GENERAL FIXED ASSETS ACCOUNT GROUP
The General Fixed Assets Account Group is a self- balancing account group established to account for the
fixed assets of a governmental unit which are not accounted for in an enterprise, internal service or trust fund.
101
CITY OF CLEARWATER. FLORIDA
GENERAL FIXED ASSETS ACCOUNT GROUP
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
Schedule of General Fixed Assets:
Land
Buildings
Improvements Other Than Buildings
Equipment
Construction in Progress
Sources of Investments in General Fixed Assets:
General Fund Revenue
General Obligation Bonds
Revenue Bonds
Notes, Mortgages and Other Obligations
Special Assessments
Federal and State Grants
Gifts
Contributions from Developers
Undetermined Investments Prior to July 1, 1954
See accompanying notes to Financial Statements.
102
2001
$ 35,595,531
41,796,262
87,510,362
40,825,183
759,064
$ 206,486,402
$ 162,541,308
6,297,870
6,685,490
4,496,562
2,012,192
9,530,732
6,303,643
7,539,143
1,079,462
S "206 486 402
2000
30,683,827
38,085,326
83,120,396
36,859,725
3,741,223
192,490,497
157,726,668
6,297,870
6,685,490
3,372,144
2,012,192
9,075,434
2,276,564
2,841,044
2,203,091
192,490,497
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CITY OF CLEARWATER. FLORIDA
SUMMARY OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
SEPTEMBER 30.2001
Function Improvements Machinery
and Other Than and
Activity Total Land Buildings Buildings Equipment
Fixed Assets Unallocated by Function $ 34,325,399 9,968,038 9,026,559 14,475,504 855,298
General Government:
Legislative 25,166 25,166
Executive 640,801 1,528 639,273
Financial & Administrative 1,179,515 9,679 1,169,836
Legal 256,966 2,106 254,860
Planning 6,285 6,285
Comprehensive Planning 22,435 22,435
Other General Govemment 26,812,065 6,404,795 17,057,319 214,541 3,135,410
28,943,233 6,404,795 17,070,632 214,541 5,253,265
Public Safety:
Law Enforcement 12,960,341 588,945 1,122,868 305,477 10,943,051
Fire Control 6,652,368 103,395 19,552 6,529,421
Protective Inspections 245,265 11,432 233,833
Emergency and Disaster Relief 450,005 88,482 361,523
Ambulance and Rescue Services 1,481,635 12,254 104 1,469,277
21,789,614 588,945 1.338.431 325.133 19.537.105
Physical Environment:
Solid Waste / Recyling 59,445 43,505 15,940
Conservation and Resource Management 105,155 81,052 24,103
Other Physical Environment 569,218 (12,500) 1,042 523,506 57,170
733,818 (12,500) 1,042 648,063 97,213
Transportation:
Road and Street Facilities 71,604,842 9,420,850 4,264,980 57,073,614 845,398
Airports 531,092 90,251 439,866 975
Parking 1,394,945 35,988 1,358,957
Other Transportation Service 792,160 171.262 236,253 384,645
74,323,039 9,456,838 4.526,493 59.108.690 1.231.018
Economic Environment:
Employment Opportunity and Development 14,629 14,629
Industry Development 2,089,530 1,396,655 16,901 636,715 39,259
Housing and Urban Development 1,322,207 329,835 293,682 589,295 109,395
Other Economic Enviroment 34,738 33,125 1,613
3,461,104 1,759,615 310,583 1,226,010 164,896
Human Services:
Other Human Services
Culture and Recreation:
Libraries
Parks & Recreation
Cultural Services
Cultural Centers
Special Recreation Facilities
Total General Fixed Assets Allocated to Functions
Construction in Progress
62,379
3.179 59.200
14,801,054 2,416,234 72,834 12,311,986
25,317,257 7,429,800 6,423,996 10,256,082 1,207,379
1,704 1,704
56,997 993 28,489 27,515
1,911,740 681,299 1 151 837 78 604
42,088,752 7,429,800 9,522,522 11,509,242 13,627,188
171,401,939 25,627,493 32,769,703 73,034,858 39,969,885
205,727,338 35,595,531 41,796,262 87,510,362 40,825,183
759,064
Total General Fixed Assets $ 206,486,402
See accompanying notes to Financial Statements.
103
CITY OF CLEARWATER. FLORIDA
SUMMARY OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
FISCAL YEAR ENDED SEPTEMBER 30.2001
Function and Activity
Fixed Assets Unallocated By Function
General Government:
Legislative
Executive
Financial & Administrative
Legal
Planning
Comprehensive Planning
Other General Government
Public Safety:
Law Enforcement
Fire Control
Protective Inspections
Emergency and Disaster Relief
Ambulance and Rescue Services
Physical Environment:
Solid Waste / Recyling
Conservation and Resource Management
Other Physical Environment
Transportation:
Road and Street Facilities
Airports
Parking
Other Transportation Service
Economic Environment:
Employment Opportunity and Development
Industry Development
Housing and Urban Development
Human Services:
Other Human Services
Culture and Recreation:
Libraries
Parks & Recreation
Cultural Services
Cultural Centers
Special Recreation Facilities
Total
Construction in Progress
See accompanying notes to Financial Statements.
General
Fixed Assets
10/01/00 Additions
$ 34,614,845
12,607
606,396
1,158,586
216,003
6,285
22,435
26,475,439
28,497,751
11,800,319
5,457,518
231,430
450,005
1,107,634
19,046,906
59,445
105,155
449,011
613,611
58,636,195
1,654,721
1,394,945
562,136
62,247,997
14,629
2,080,022
1,322,207
33,125
3,449,983
46,910
13,877,454
24,395,900
56,997
1,900,920
40,231,271
188,749,274
3,741,223
192,490,497
104
261,900
12,559
34,405
20,929
40,963
336,626
445.482
1,160,022
1,194,850
13,835
374,001
2,742,708
120,207
120,207
12,968,647
230,024
13,198,671
9,508
1,613
11,121
15,469
923,600
921,357
1,704
10,820
1,857,481
18,653,039
759,064
19,412,103
Deductions
General
Fixed Assets
9/30/01
551.346) 34,325,399
25,166
640,801
1,179,515
256,966
6,285
22,435
26,812,065
28,943,233
12,960,341
6,652,368
245,265
450,005
1,481,635
21,789,614
59,445
105,155
569,218
733.818
71,604,842
(1,123,629) 531,092
1,394,945
792,160
(1,123,629) 74,323,039
14,629
2,089,530
1,322,207
34,738
3,461,104
62,379
14,801,054
25,317,257
1,704
56,997
1,911,740
42,088,752
(1,674,975) 205,727,338
(3,741,223) 759,064
(5,416 ;198) 206,486,402
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COMPONENT UNIT
CLEARWATER DOWNTOWN DEVELOPMENT BOARD
The Clearwater Downtown Development Board (DDB) is created by City Ordinance but legally separate from
the City of Clearwater, and governed by a separate board. The DDB is accordingly reported as a discretely
presented component unit in the combined financial statements.
105
CITY OF CLEARWATER. FLORIDA
COMPONENT UNIT
CLEARWATER DOWNTOWN DEVELOPMENT BOARD
BALANCE SHEET
SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
2001 2000
Assets
Equity in Pooled Cash and Investments $ 98,648 68,675
Amount to be Provided for Retirement of
General Long -term Debt:
Obligation Under Participation Agreement 102,027 109,875
Total Assets
Liabilities and Fund Balance
Accounts Payable
Participation Agreement Payable
$ 200,675
178,550
$ 2,402
102,027 109,875
Total Liabilities 102,027 112,277
Undesignated Fund Balance 98,648 66,273
Total Fund Balance 98,648 66,273
See accompanying notes to Financial Statements.
$ 200,675
106
178,550
CITY OF CLEARWATER. FLORIDA
COMPONENT UNIT
CLEARWATER DOWNTOWN DEVELOPMENT BOARD
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30.2001 WITH COMPARATIVE TOTALS FOR 2000
2001 2000
Variance
Favorable Actual
Budget Actual (Unfavorable)
Revenues:
Taxes $ 142,572 144,895 2,323 132,026
Miscellaneous Revenues:
Eamings on Investments 4,000 10,249 6,249 5,837
Other 7,013 7,013 1,056
4,000 17,262 13,262 6,893
Total Revenues 146,572 162,157 15,585 _ _138,919
Expenditures:
Current - Economic Environment
Total Expenditures
Excess (Deficiency) of Revenues Over Expenditures
123,651 80,589 43,062 141,622
123,651 80, 589 43, 062 141, 622
22,921 81,568 58,647 (2,703)
Other Financing Sources (Uses):
Operating Transfers In- Primary Government 39,851 39,851 31,174
Operating Transfers Out - Primary Government (89,699) (89,044) 655 (49,022)
(49,848) (49,193) 655 (17,848)
Excess (Deficiency) of Revenues and Other Financing
Sources Over Expenditures and Other Financing Uses (26,927) 32,375 59,302 (20,551)
Fund Balances, Beginning of Year
Fund Balances, End of Year
See accompanying notes to Financial Statements.
66,273 66,273
86,824
$ 39,346 98,648 59,302 66
107
This Page Intentionally Left Blank
108
SUPPLEMENTARY
INFORMATION
109
Page 1 of 4
CITY OF CLEARWATER. FLORIDA
CONTINUING DISCLOSURE - GAS SYSTEM REVENUE BONDS
SERIES 1996A, 1997A&B, AND 1998
SUPPLEMENTARY INFORMATION
THE SYSTEM:
Rates. Fees and Charges
The City Commission has established a schedule of rates and charges by ordinance, which includes a
purchased gas cost adjustment provision allowing the City to pass- through to customers any increase or
decrease in the purchased price of gas. The City is not subject to regulation by any State agency in
establishing or revising its rates. Where competitive fuel sources or transportation service are available to
the customer, the City Commission has authorized the City Manger to enter into contract gas service rates
at special rates and/or conditions as required to obtain /retain the customer load. Such contract service
must meet the normal construction feasibility formula to insure profitable payback to the City. As of
September 30, 2001, contract rates applied to 623 customer accounts and impacted Tess than 42.71% of
total revenues.
The rates charged by the System through September 30, 1996 were part of the Phase I Gas Rate Case
implemented October 1, 1995, which was based on a comprehensive cost of service study performed by
the Utility Advisory Services Group of the international accounting firm of Coopers & Lybrand, LLP (the
"Rate Study"). This Phase I implementation resulted in an extensive overhaul of the Gas System
customer rates, providing numerous classes of service and a modernized billing methodology.
The new rates, effective October 1, 1996, were designed to be industry-based and responsive to the
competitive energy challenges. The goal of the Rate Study was to establish rates which would be fair to
all classes of customers, provide funding to implement planned expansion in both existing northern
Pinellas County services area and into the newly acquired southwestern Pasco service area, and provide
an adequate growth potential in return to the City of Clearwater to further offset the ad valorem tax rates
(current impact is about .5 mills).
As the result of experiences during the first seven months of the Phase I implementation, adjustments
made to the Phase II rates were implemented October 1, 1996 and additional adjustments (Phase III)
were implemented effective October 1, 1997. The total projected impact of both new phases of the rate
case is $1.05 million or less than 7.9% of total gas sales revenues.
The rate ordinance containing the Phase II and Phase III rate changes was approved by the City
Commission on June 6, 1996.
110
M- i- NM M. MO i - MI N- NM OM MI - M
Applicable Annual Therm Range
or Other Rate Determinant
Monthly Customer Charge
Non -Fuel Energy Charge
Energy Conservation Ati. (ECA)
Environmental Imposition Adj. (EIA)
Weather Normalization Adj. (WNA)
Total Non -Fuel Energy Charge
Purchased Gas Adjustment (PGA)
Total Energy Charge/Therm
Minimum Monthly Bill
Compares to LP/Gallon Rate of
with 6.0% Franchise
Change from 10/99 Therm Rate
% Change from 10(99 Therm Rate
Utltity Tax Note:
Fuel Rate per Therm 10(01/73
Non - Utility Taxable Fuel/Therm
CLEARWATER GAS SYSTEM
NATURAL GAS RATE BILLING FACTORS
FOR SEPTEMBER 1, 2001 - SEPTEMBER 30, 2001 BASED ON APPROVED GAS ADJUSTMENT FACTORS
Firm Natural Gas Rate Schedules
_BS_ _SME- AWE_ JAE_
-MGS_ AGE. -.BAG_ GAG J.A. f1 ESL Si_ woks
8011 U
NA (1 - NA (4 + NA (4 + NA (4 + 0 - 18,000- 100,000 NA (1 - NA (0 - NA (150 NA NA
3 Units) Units) Units) Units) 17,999 99,999 & up 3 Units) 149 tons) tons A +)
$7.00 $15.00 $20.00 $50.00 $15.00 $20.00
$0.580 $0.580 $0.580 $0.580
0.200 0.200 0.200 0.200
0.000 0.000 0.000 0.000
0000 MX& 0 000 0.400
$0.760 $0.780 $0.780 $0.760
0564 4 584 0580 4.554
$1.340 $1.340 $1.340 $1.340
$7.00 $15.00 $20.00 $50.00
$ 1.226 $ 1.226 $ 1.226 $ 1.226 $
$ 1.300 $ 1.300 $ 1.300 $ 1.300 $
$0.470 $0.410
0.200 0.200
0.000 0.000
SUM IMO
$0.670 $0.610
4.584 4.584
$1.230 $1.170
$15.00 $20.00
1.125 $ 1.071 $
1.193 $ 1.135 $
$ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.275 $
25.8% 25.8% 25.8% 25.8% 28.8% 30.7%
Inter.
mania
NGY_ _MSS_ JS_
NA NA 100,000
&up
$50.00 $7.00 if $15.0011 $15.00 if $15.00 $15.00 $7 Real./
not prey. not prey. not prey. $1513611
billed billed billed not prey.
billed
$0. 350 $0. 200 $0.150 $0.100 $0.200 $0.300 $0.100
0.200 0.200 0.200 0.200 0.200 0.200 0.200
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0. 044 0.044 4.000 0.444 0.404 0.040 OAK
$0. 550 $0. 400 $0.350 60.300 $0.400 $0.500 $0.300
Mgt UM IRO 0.580 4584 4580 LOBO
$1.110 $0.960 $0.910 $0.860 $0.960 $1.060 $0.860
$50.00 $7.00 O $15.00 0 $15.00 O $15.00 $15.00 $7 Real./
premise premise premise + FAC + FAC $15 GS O
premise
+ FAC
$25.00 $100.00
$0.470
0.200
0.000
0.044
$0.670
0.580
$1.230
$0.280
NA
NA
$0.280
IMO
$0.820
$25.00 $100.00
+ FAC + Non -Fuel
Therm Rate for
250 therms X
4 Days inMo.
1.016 $ 0.878 $ 0.833 $ 0.787 $ 0.878 $ 0.970 $ 0.787 $ 1.125 $ 0.750
1.077 $ 0.931 $ 0.883 $ 0.834 $ 0.931 $ 1.028 $ 0.834 $ 1193 $ 0.795
0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.230
32.9% 40.1% 43.3% 47.0% 40.1% 35.0% 47.0% 28.8% 39.0%
60.069 $0.069 $0.069 $0.069 $0.069 $0.069 $0.069
$0. 491 $0. 491 $0.491 $0.491 $0.491 $0.491 $0.491
BTU FACTOR • THERMS/188 CUBIC FEET /CCF1
IWO
Firm Service Rates 1.049
interruptible Service Rates 1.028
11/00 i2L00 01 1
1.050 1.054 1.059
1.030 1.033 1.039
4x[41 43101
1.081 1.084
1.060 1.063
$0.069 $0.069 $0.069 $0.069 $0.069
$0.491 $0.491 $0.491 $0.491 $0.491
49CQ1 0521 4601 020 0601 0501
1.077 1.074 1.073 1.068 1.066 1.062
1.056 1.053 1.052 1.047 1.045 1.041
$0.069 $0.069 $0.055
$0.491 $0.491 $0.485
Contract
IMAM
NA
By
Contract
By
Contract
NA
NA
4.444
Contract +
$0.000
Plus
0.544
$0.540
+ Non -Fuel
Customer
Charge +
Non -Fuel Therm
Rate for Contract
f of Therms
$ 0.230
74.2%
$0.069
$0.471
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Page 3 of 4
CITY OF CLEARWATER. FLORIDA
CONTINUING DISCLOSURE - GAS SYSTEM REVENUE BONDS
SERIES 1996A, 1997A&B, AND 1998
SUPPLEMENTARY INFORMATION
Service Area
The Clearwater Gas System (CGS) is owned and operated as an enterprise utility by the City of
Clearwater. CGS operates over 630 miles of underground gas main and handles the supply and
distribution of both natural and propane (LP) gas throughout northern Pinellas County and western Pasco
County. As a "full service" gas utility, CGS provides gas appliance sales, service and repair (both
commercial and residential), installation of customer gas piping, construction and maintenance of
underground gas mains and service lines, and 24 hour response to any gas emergency call within the
service area. CGS is regulated for safety by the Florida Public Service Commission and the Federal
Department of Transportation.
CGS has been serving customers in the Clearwater area for over 78 years (since 1923) when operations
were begun with a manufactured gas plant operation from coal and coke. In 1959, when natural gas
transmission lines were finally extended to the Florida peninsula, CGS discontinued manufacturing gas
and began receiving piped natural gas from Florida Gas Transmission.
Clearwater Gas System serves over 15,500 customers in a 298 square mile service territory, which
includes 17 municipalities as well as the unincorporated areas of northern Pinellas County and western
Pasco County. The Pinellas County service territory is 181 square miles and extends generally from
Ulmerton and Walsingham Roads on the South to the Pasco County line on the North and from the Gulf of
Mexico on the West to the Hillsborough County line on the East. This includes all of the Pinellas beach
communities south to Redington Beach. The Pasco County service territory is 117 square miles and
extends from the Gulf of Mexico on the West inland about 10 miles to just West of State Road 41 and
Land 0' Lakes (generally along the right -of -way of the Suncoast Parkway) and from the Pinellas and
Hillsborough County lines on the South to generally State Road 52 on the North. The CGS service
territory extends 42.3 miles from the southernmost to the northernmost points.
Clearwater Gas System prides itself in being a competitive and public service - minded utility, providing
safe, economical and environmentally - friendly gas, which is made in America, available in our
communities for all of the homes and businesses in our service area, with special focus on the residential
customers who make up over 86% of our customer base.
112
Page 4 of 4
CITY OF CLEARWATER, FLORIDA
CONTINUING DISCLOSURE - GAS SYSTEM REVENUE BONDS
SERIES 1996A, 1997A&B, AND 1998
SUPPLEMENTARY INFORMATION
As of September 30, 2001 the System's active natural gas customers were located
as shown in the following table:
Location
Belleair
Belleair Beach
Belleair Bluffs
Belleair Shores
Clearwater
Dunedin
Indian Rocks Beach
Indian Shores
Largo
New Port Richey
North Redington Beach
Oldsmar
Port Richey
Redington Beach
Redington Shores
Safety Harbor
Tarpon Springs
Unincorporated Areas Pasco
Unincorporated Areas Pinellas
Total
Meters Percentage
334 2.41%
104 0.75%
19 0.14%
18 0.13%
6,780 48.90%
951 6.86%
57 0.41%
25 0.18%
1,047 7.55%
126 0.91%
9 0.06%
42 0.30%
10 0.07%
1 0.01%
7 0.05%
590 4.26%
913 6.58%
506 3.65%
2,326 16.78%
13,865 100.00%
The following table shows the five largest interruptible customers by peak monthly
consumption and the percent of the System's revenues derived from such customers
during the 12 months ending September 30, 2001:
Peak Monthly
Customer Name Therms
Morton F. Plant Hospital
Metal Industries, Inc.
National Linen Services, Inc.
Mease Hospital
Coca -Cola Foods
98,975
82,788
86,317
59,270
22,961
% of Gross
Revenues
2.44%
1.52%
1.72%
1.43%
0.67%
The following table shows the breakdown of the System's customers by category as
well as the volume of gas sold and the sales revenues generated by each category
for the fiscal year ending September 30, 2001:
Average No. Gas
Customers Volume
Interruptible 13 21.35%
Residential 11,840 16.01%
Commercial 2,012 62.64%
113
Gas
Sales
11.01%
24.03%
64.96%
Page 1 of 3
CITY OF CLEARWATER, FLORIDA
CONTINUING DISCLOSURE — WATER AND SEWER REFUNDING REVENUE BONDS
SERIES 1993 AND 1998
SUPPLEMENTARY INFORMATION
HISTORICAL FINANCIAL INFORMATION
WATER SYSTEM:
Source and Volume of Water Pumped
(in million gallons per clay, averaged over the Fiscal Year)
FY City Wells County
Total
1996 3.528 10.901 14.429
1997 3.448 10.412 13.860
1998 3.140 11.540 14.680
1999 3.070 12.094 15.164
2000 3.047 11.528 14.575
2001 3.067 11.260 14.327
Historical Growth in Number of Water Customers
(all figures are as of September of the year indicated)
Year Water Customers
1996 38,546
1997 38,294
1998 38,440
1999 39,931
2000 39,562
2001 40,167
Ten Largest Water Customers
Fiscal Year Ending September 30, 2001
Water Used Revenues
Name of User (in 100 Cubic Feet) Produced
1. Church of Scientology 111,155 $ 285,250
2. Morton Plant Hospital 70,627 215,039
3. Clearwater Housing Authority 59,210 144,467
4. AGH Leasing L/P 47,493 105,436
5. Sheraton Sand Key 45,655 105,861
6. Pinellas County Schools 36,124 124,879
7. Lewis Real Estate, Inc 31,691 75,809
8. 880 Mandalay Ave, Inc. 30,590 79,101
9. Lane Clearwater L/P 29,102 71,321
10. Countryside Mall 26.767 85.447
Total 488,414 $ 1,292,619
Page 2of3
CITY OF CLEARWATER, FLORIDA
CONTINUING DISCLOSURE — WATER AND SEWER REFUNDING REVENUE BONDS
SERIES 1993 AND 1998
SUPPLEMENTARY INFORMATION
SEWER SYSTEM
Fiscal
Year
1995
1996
1997
1998
1999
2000
2001
Historical Growth in Number of Sewer Customers
Average Sewage Flow (as of September of the year indicated)
Annual Ave. Daily Fiscal Sewer
Flow In MGD Year Customers
16.1 1995 32,787
15.8 1996 32,868
14.9 1997 33,017
17.9 1998 33,174
16.5 1999 33,383
15.4 2000 33,075
14.4 2001 32,933
Ten Largest Sewer Customers
Fiscal Year Ending September 30, 2001
Sewer Used Revenues
Name of User (in 100 Cubic Feet) Produced
1. Church of Scientology 88,710 $ 243,955
2. Morton Plant Mease Hospital 67,644 243,889
3. Clearwater Housing Authority 58,807 156,320
4. AGH Leasing UP 46,865 122,937
5. Sheraton Sand Key 38,920 102,215
6. Pinellas County Schools 36,110 143,804
7. Lewis Real Estate, Inc. 31,691 83,000
8. Lane Clearwater UP 26,434 69,421
9. Bay Aristocrat Village 25,320 66,058
10. Lake Starcrest Apartments Ltd. 23.611 61.766
Total 444 112 $1.293.365
RATES, FEES AND CHARGES
The City uses a three- tiered rate structure for water and sewer usage. The base rate includes a
minimum usage for residential and nonresidential water rates. Any usage over the minimum is
billed at one rate per 100 cubic feet up to a designated level and at a second rate for usage over
that level. For irrigation, there is a base rate, with no minimum, and a charge per 100 cubic feet of
water usage up to a designated level and a higher charge for usage over that amount. The sewer
base rate includes a minimum usage and a fixed charge per 100 cubic feet of water usage over
the basic allowance. The minimum usage and second tier usage level vary with the size of the
meters. For Fiscal Year 2001 there were no changes to the three - tiered rate structure for water or
sewer usage. Effective October 1, 2000 the basis for billing was converted from cubic feet to
gallons.
115
Page 3 of 3
CITY OF CLEARWATER. FLORIDA
CONTINUING DISCLOSURE - WATER AND SEWER REFUNDING REVENUE BONDS
SERIES 1993 AND 1998
SUPPLEMENTARY INFORMATION
Residential and
Nonresidential Water Rates
Size of Meter
October 1, October 1, October 1, October 1, October 1,
1997. Laki 1 2QQQ
Cubic Feet Gallons
Minimum- Under 1 inch 6.88 7.08 7.08 7.53 8.07
1 inch 15.48 15.93 15.93 17.57 18.83
1.5 inch 230.48 237.39 237.39 251.00 269.00
2 inch 534.92 550.47 550.47 584.83 626.77
3 or 2 inch manifold 825.60 849.60 849.60 901.09 965.71
4 inch 1,589.28 1,635.48 1,635.48 1,734.41 1,858.79
6 inch 4,081.56 4,200.21 4,200.21 4,455.25 4,774.75
8 inch 6,880.00 7,080.00 7,080.00 7,530.00 8,070.00
Additional charges are assessed for cubic feet of usage in excess of designated minimums.
Rates for irriaation (Lawn) Meters
Size of Meter
October 1, October 1, October 1, October 1, October 1,
1997 199$ 12 =2 2ggi
Cubic Feet Gallons
Minimum- Under 1 inch 2.45 2.52 2.52 2.69 2.88
1 inch 7.35 7.57 7.57 8.07 8.64
1.5 inch 36.75 37.85 37.85 40.35 43.20
2 inch 102.90 105.99 105.99 112.99 120.96
3 or 2 inch manifold 203.35 209.45 209.45 223.27 239.04
4 inch 392.00 403.76 403.76 430.41 460.80
6 inch 1,183.35 1,218.85 1,218.85 1,299.29 1,391.04
Sewer Rates October 1, October 1, October 1, October 1, October 1,
1997 L„,Q$ 1999 2 1
Size of Meter Cubic Feet Gallons
Minimum- Under 1 inch 9.44 9.44 9.72 10.38 11.10
1 inch 21.24 21.24 21.87 24.22 25.90
1.5 inch 316.24 316.24 325.62 346.00 370.00
2 inch 733.96 733.96 755.73 806.18 862.10
3 or 2 inch manifold 1,132.80 1,132.80 1,166.40 1,242.14 1,328.30
4 inch 2,180.64 2,180.64 2,245.32 2,239.86 2,556.70
6 inch 5,600.28 5,600.28 5,766.39 6,141.50 6,567.50
8 inch 9,440.00 9,440.00 9,720.00 10,380.00 11,100.00
Per 100 cubic feet of water used over
that allowed in minimum 2.36 2.36 2.43 3.46 3.70
ADDITIONAL INDEBTEDNESS
Additional indebtedness of $92,691 was incurred for the lease purchase of capital equipment.
116
CITY OF CLEARWATER. FLORIDA
CONTINUING DISCLOSURE — STORMWATER SYSTEM REVENUE BONDS
SERIES 1999
SUPPLEMENTARY INFORMATION
Rates. Fees. and Charges
The City uses a measurement of one equivalent residential unit or ERU as the basis for the
stormwater management utility fee. The rate per ERU was unchanged from the inception of the
utility on January 1, 1991 until 1998 when annual increases were adopted for five fiscal years
beginning October 1, 1998. In November 2001, additional increases were adopted including a
change to the increase previously adopted to be effective October 1, 2002. The monthly rates at
inception and as adopted in 1998 and 2001 are:
Effective Date Rate Per ERU
January 1, 1991 $3.00
October 1, 1998 $4.00
October 1, 1999 $4.17
October 1, 2000 $4.35
October 1, 2001 $4.54
January 1, 2002 $6.13
October 1, 2002 $7.16
October 1, 2003 $8.01
October 1, 2004 $8.65
October 1, 2005 $9.35
Single- family homes, multifamily units, condominium units, apartments and mobile homes are
rated as one ERU per dwelling unit. Nonresidential property is charged at the rate of 1,830
square feet of impervious area per ERU.
HISTORICAL NET REVENUES
Fiscal Years Ended September 30.
1996 1997 1998 (1) 1999 (2)
Net Operating Revenues (Excluding
Depreciation)
Interest Income and other Non -
Operating Revenues (Expenses)
Total Net Revenues
Maximum Annual Debt Service
Coverage
2000
$412,283 $928,937 $325,376 $1,361,656 $1,622,157
205,016 130,103 125,815 46,209 132,921
$617,299
$520,974
1.18
$1,059,040 $451,191
$520,974 $520,974
2.03 .87
$1,407,865
$520,974
2.71
$1,755,078
$520,974
3.37
(1) From 1994 to 1998 total annual operating revenues have only increased from $3.40 to $3.46 million
while total operating expenses (excluding depreciation) have increased from $1.68 to $3.13 million.
With little undeveloped property in the City and no rate increase from the Utility's inception in 1991
until 1999, revenues remained flat while expenses such as personnel services, professional fees,
interfund charges and repairs and maintenance have increased significantly. Rate increases of
33.3% for 1999 and 4.3% for each subsequent year through 2003 were approved in August 1998.
In November 2001, to fund significant increases in the Stormwater System capital improvement
program, rate increases to $6.13 effective January 1, 2002; to $7.16 effective October 1, 2002; to
$8.01 effective October 1, 2003; to $8.65 effective October 1, 2004; and to $9.35 effective
October 1, 2005 were approved.
(2) The Interest Income and Other Non - operating Revenues (Expenses) category amount for fiscal
1999 has been restated in the current year. Fiscal 2000 interest income and other non - operating
revenues (expense) of $132,921 was erroneously reported as fiscal 1999 in the above table for the
prior year (fiscal 2000) comprehensive annual financial report. The amount has been corrected
from $132,921 to $46,209, decreasing the fiscal 1999 debt service coverage ratio from the
previously reported 2.87 to 2.71.
117
CITY OF CLEARWATER, FLORIDA
FIRE SERVICES PROGRAM
SUPPLEMENTARY INFORMATION
Pursuant to agreements between the City of Clearwater, the Pinellas County Fire Authority and the Pinellas
County Emergency Medical Services Authority, the City has provided fire and emergency medical services to
the respective authorities. With respect to fire services, the services are provided for the benefit of properties
located outside the corporate limits of the City, but within a designated service area. Emergency medical
services are provided for the benefit of persons residing both inside and outside the corporate limits of the
City, based on the Authority's nearest unit dispatch policy.
With respect to the Fire Services Program, a budget was prepared by Fire Department personnel covering
proposed expenditures for fiscal year 2000 -01 for the Fire Department as a whole. Since the funding for the
Emergency Medical Services Program is based on the level fixed in prior years, the Fire Services Program
budget is essentially the residual obtained by deducting the approved level of funding for the Emergency
Medical Services Program from the budgeted amounts included in the total Fire Department budget. This
budget was submitted to, and duly approved by, the relevant Authority prior to the commencement of the
fiscal year. Income received from Pinellas County Fire Protection Authority and valid program expenditures
for the Fire Services Program for the fiscal year ended September 30, 2001 are summarized below.
Total Revenue Received from Pinellas County
Fire Protection Authority 112512§§
Total Fire Services expenditures for fiscal 2000/01 X11.273.446
No Equipment Reserve is currently being utilized with respect to the Fire Services Program.
118
STATISTICAL SECTION
STATISTICAL SECTION
119
CITY OF CLEARWATER. FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (a)
LAST TEN FISCAL YEARS
Fiscal General Public Physical Economic
Year Government Safety Environment Transportation Environment
1992 $ 7,008,971 $ 27,830,892 $ 1,434,840 $ 4,946,295 $ 1,041,651
1993 7,043,042 28,743,633 1,428,177 4,625,720 704,023
1994 6,944,313 30,348,800 1,461,345 4,485,318 1,104,261
1995 7,100,253 32,230,932 1,368,074 4,727,961 1,971,488
1996 8,422,146 32,473,158 1,448,830 4,935,058 2,074,079
1997 9,143,485 35,014,716 1,593,525 4,950,263 2,435,633
1998 10,149,047 36,269,061 1,926,168 5,017,921 3,046,352
1999 10,457,801 38,489,701 318,590 6,755,168 2,817,419
2000 9,126,217 41,362,225 2,245,047 5,091,703 2,319,156
2001 9,486,088 42,442,045 2,221,979 5,401,902 2,466,515
(a) Includes operating and capital outlay expenditures of all governmental funds, expendable trust funds and
component units.
General Governmental Expenditures By Function (a)
Fiscal Year Ending September 30, 2001
Human
Services
1%
Culture and
Recreation
15%
Capital Outlay
33%
General Debt
2%
Economic
Environment
2%
Transportation
4%
General
Government
8%
Public Safety
Physical En . 34%
2%
120
TABLE I
Culture Reporting
Human and Capital General Entity
Services Recreation Outlay Debt Totals
$ 436,002 $ 12,127,429 $ 9,791,407 $ 1,393,674 $ 23,748,512
656,016 11,941,403 7,295,099 1,520,301 63,957,414
637,739 12,190,549 9,297,004 1,556,939 68,026,268
760,196 13,172,327 14, 059, 318 2,169,809 77,560,358
693,940 13,582,796 23,283,499 2,496,111 89,409,617
794,432 14,459,550 15,703,411 4,327,382 88,422,397
893,812 15,059,753 12,700,027 2,401,704 87,463,845
934,791 16,300,735 14,783,956 2,230,312 93,088,473
633,960 16,932,942 16,885,678 2,141,246 96,738,174
699,699 18,301,610 42,676,646 2,257,198 125,953,682
Millions
Total! General Governmental :Expenditures
Last . Ten Fiscal Years (a)
130
120
110
100
90
80
70
60
50
40
30
20
10
0
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Fiscal Years
121
CITY OF CLEARWATER. FLORIDA
GENERAL REVENUES BY SOURCE (a)
LAST TEN FISCAL YEARS
Fiscal Taxes Ucenses
Year Property Franchises Utility and Permits
1992 $ 20,648,733 $ 4,716,532 $ 9,954,853 $ 3,267,159
1993 20,648,283 5,113,368 10,740,616 3,010,049
1994 21,339,664 5,518,732 11,831,565 3,047,814
1995 21,016,108 6,276,054 12,736,282 3,620,891
1996 21,189,640 7,082,847 13,351,613 2,937,586
1997 21,775,181 7,149,054 13,557,358 3,403,879
1998 22,367,192 7,451,564 14,630,119 3,406,987
1999 23,429,794 7,498,426 15,238,156 4,241,747
2000 26,219,674 7,743,009 15,242,594 5,432,799
2001 27,856,905 8,700,706 15,486,388 4,408,637
(a) Revenues are those of all governmental funds, expendable trust funds and component units.
(b) Includes Management Service fees charged by General Fund to Utilities System and other
Enterprise Funds.
General Revenues by Source (a)
Fiscal Year Ending September 30, 2001
Utility Taxes
14%
Ucenses and
Permits
4%
Taxes - Franchises
8%
Fines and
Forfeitures
2%
Intergovernmental
Revenue
30%
Property Taxes
26%
122
Miscellaneous
7%
Charges for
Services
9%
TABLE II
Inter- Charges
Fines and governmental for
Forfeitures Revenue Miscellaneous Services (b) Total
$ 1,709,010 $ 16,554,256 $ 5,126,454 $ 5,601,203 $ 67,578,200
1,765,097 17,533,919 3,159,785 5,505,849 67,476,966
1,822,424 18,118,364 3,632,962 5,523,544 70,835,069
1,756,680 19,814,366 3,838,285 5,695,288 74,753,954
1,736,731 20,617,058 4,430,681 6,289,164 77,635,320
1,592,702 23,744,019 4,593,352 7,564,833 83,380,378
1,598,936 24,615,308 5,532,108 7,677,873 87,280,087
1,989,510 26,551,416 3,260,380 8,127,038 90,336,467
1,921,448 26,073,855 3,996,658 8,476,001 95,106,038
2,015,067 33,105,406 7,028,322 9,378,667 107,980,098
Millions
130
120
110
100
90
80
70
60
50
40
30
20
10
0
Total General Revenues Last Ten Fiscal Years (a)
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Fiscal Years
123
CITY OF CLEARWATER. FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Fiscal Total Current Percent Delinquent
Year Tax Levy Collections (a) of Levy Collections
Collected
1992 $ 21,369,980 $ 21,075,554 98.62 % $ 109,316
1993 21,408,489 20,947,194 97.85 199,638
1994 21,281,744 21,154,946 99.40 603,226
1995 21,458,160 21,388,692 99.68 159,918
1996 21,761,730 21,675,311 99.60 73,731
1997 22,410,181 22,281,502 99.43 80,253
1998 23,008,214 22,856,951 99.34 129,690
1999 23,951,878 23,854,396 99.59 226,812
2000 26,998,318 26,876,461 99.55 106,800
2001 28,664,112 28,567,429 99.66 77,716
(a) Collections are reported at the gross amount before any discount allowance.
124
TABLE Ill
Percent
of Total Percent of
Total Collections Outstanding Delinquent
Collections to Current Delinquent Taxes to
Levy Taxes Current Levy
$ 21,184,870 99.13 % $ 1,387,456 6.49 %
21,146,832 98.78 1,438,116 6.72
21,758,172 102.24 946,874 4.45
21,548,610 100.42 856,443 3.99
21,749,042 99.94 868,209 3.99
22,361,755 99.78 914,383 4.08
22,986,640 99.91 935,957 4.07
24,081,208 100.54 806,626 3.37
26,983,261 99.94 821,683 3.04
28,645,145 99.93 840,651 2.93
125
CITY OF CLEARWATER. FLORIDA
ASSESSED AND ESTIMATED ACTUAL PROPERTY VALUATIONS
LAST TEN FISCAL YEARS
Assessed Valuations (a)
Tax Collection Non - Exempt Personal Other Total
Year Year Real Estate Property Property(b) Taxable
1991 1992 $ 3,799,734,064 $ 379,338,740 $ 509,202 $ 4,179,582,006
1992 1993 3,800,740,889 386,831,160 532,486 4,188,104,535
1993 1994 3,789,902,836 390,841,880 569,338 4,181,314,054
1994 1995 3,782,134,930 403,392,150 580,731 4,186,107,811
1995 1996 3,820,217,710 431,622,230 592,909 4,252,432,849
1996 1997 3,918,747,480 457,182,870 628,698 4,376,559,048
1997 1998 3,999,483,300 493,752,640 1,026,819 4,494,262,759
1998 1999 4,153,719,690 537,808,800 870,404 4,692,398,894
1999 2000 4,353,493,520 549,051,160 934,183 4,903,478,863
2000 2001 4,657,074,110 550,845,380 867,947 5,208,787,437
(a) Pinellas County Property Appraiser
(b) Railroad and Telegraph Companies
(c) Includes governmental, educational, qualified religious, literary, scientific, and health care properties and
special exemptions for individual property owners. Qualified property owners are entitiled to a $25,000
Homestead Exemption based on residency requirement.
126
TABLE IV
Percentages
Assessed
Total Total Values to Yearly Increases
Exempt(c) All Estimated
Market Taxable Total
$ 1,296,139,766 $ 5,475,721,772 100.0 6.9 % 6.1 %
1,317,255,941 5,505,360,476 100.0 0.2 0.5
1,391,537,458 5,572,851,512 100.0 (0.2) 1.2
1,455,095,094 5,641,202,905 100.0 0.1 1.2
1,480, 760, 538 5,733,193,387 100.0 1.6 1.6
1,508,032,959 5,884,592,007 100.0 2.9 2.6
1,555,308,467 6,049,571,226 100.0 2.7 2.8
1,657,162,640 6,349,561,534 100.0 4.4 5.0
1,751,871,312 6,655,350,175 100.0 4.5 4.8
1,899,322,835 7,108,110,272 100.0 6.2 6.8
127
CITY OF CLEARWATER. FLORIDA
PROPERTY TAX RATES ALL DIRECT AND OVERLAPPING GOVERNMENTS
(PER $1000 OF ASSESSED VALUES)
LAST TEN FISCAL YEARS
Fiscal Downtown
Year City Development (a) School
1992 5.1158 1.0000 8.6260
1993 5.1158 1.0000 9.0000
1994 5.1158 1.0000 9.0820
1995 5.1158 1.0000 9.3590
1996 5.1158 1.0000 9.3290
1997 5.1158 1.0000 9.1760
1998 5.1158 1.0000 9.1330
1999 5.1158 1.0000 9.1100
2000 5.5032 1.0000 8.6660
2001 5.5032 1.0000 8.4330
(a) A separate taxing district established by referendum which affects only downtown properties.
(b) Other includes Pinellas County Planning Council .0225; Juvenile Welfare Board .8117;
SW Florida Water Management District .4220; Pinellas Anclote River Basin .4000.
128
TABLE V
Emergency
Transit Medical
County District Services Other Total
5.4950 0.5893 0.7000 1.0964 22.6225
5.4170 0.5893 0.7000 1.1560 22.9781
5.4290 0.6697 0.8500 1.1820 23.3285
5.5850 0.6697 0.8720 1.4221 24.0236
5.5140 0.6697 0.8060 1.6308 24.0653
5.5100 0.6697 0.7520 1.6561 23.8796
5.5380 0.6697 0.7410 1.6561 23.8536
5.5380 0.6501 0.7130 1.6561 23.7830
5.8540 0.6501 0.6470 1.6572 23.9775
6.0040 0.6501 0.7470 1.6562 (b) 23.9935
2001 2000
Operating 4.9732 4.9250
Debt Service 0.1505 0.1623
Road Capital Improvements 0.3452 0.3835
Comm. Redevelopment Agency 0.0343 0.0324
Total City Tax 5.5032 5.5032
129
TABLE VI
Taxpayer
CITY OF CLEARWATER. FLORIDA
PRINCIPAL TAXPAYERS *
SEPTEMBER 30, 2001
Percentage
Type of Assessed to Total
Business Value * Assessed Value
Bellwether Prop. LP Ltd. Shopping Center $ 86,861,400 1.87%
Grand Reserve at Park Apartment Complex 25,528,600 0.55
Excel Realty Trust Inc. Shopping Center 24,834,100 0.53
Taylor, John S. III Landowner 24,352,900 0.52
Branch Sunset Association Ltd Shopping Center 23,147,800 0.50
Clearwater Land Co. Adult Congregate Facility 31,486,700 0.68
Sand Key Association Ltd. Hotel 21,774,500 0.47
Northwood Plaza Shopping Center 19,966,500 0.43
ZOM Bayside Arbors Ltd. Apartment Complex 19,032,900 0.41
Walmart Stores, Inc. Shopping Center 16,865,100 0.36
Sub -Total 293,850,500 6.31
All Others 4,363,223,610 93.69
Total $ 4,657,074,110 100.00%
* Based on non - exempt real property assessed taxable values.
Source: Pinellas County Property Appraiser, 2000 tax rolls for 2001 collections.
130
1
1
J
J
d
1
1
1
1
t
l
CITY OF CLEARWATER. FLORIDA TABLE VII
RATIO OF NET GENERAL BONDED DEBT TO TAXABLE ASSESSED VALUE
AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
Ratio of Net Net
Taxable Gross Net General General
Fiscal Assessed General Less General Bonded Debt Bonded
Year Population Value (a) Bonded Sinking Bonded To Assessed Debt
(000) Debt Fund Debt Value Per Capita
1991 99,612 $4,124,564 $ 810,000 $242,050 $ 567,950 0.01 $ 5.70
1992 99,856 4,179,582 725,000 272,221 452,779 0.01 4.53
1993 100,768 4,188,105 635,000 286,522 348,478 0.01 3.46
1994 100,604 4,181,314 545,000 302,300 242,700 0.01 2.41
1995 101,162 4,186,108 450,000 316,403 133,597 0.00 1.32
1996 101,867 4,252,433 355,000 333,402 21,598 0.00 0.21
1997 102,472 4,376,559 255,000 90,000 165,000 0.00 1.61
1998 102,874 4,494,262 135,000 101,250 33,750 0.00 0.33
1999 104,281 4,692,398 0 (b) 0 0 0.00 0.00
2000 104,454 4,903,478 0 0 0 0.00 0.00
2001 108,787 5,208,787 0 0 0 0.00 0.00
(a) Values listed are for year of collections.
(b) Final maturity of General Obligation Bonds, 1978 Series, was January 1, 1999 in the amount of $135,000.
131
CITY OF CLEARWATER. FLORIDA
RATIO OF ANNUAL GENERAL DEBT SERVICE TO EXPENDITURES - GENERAL
BONDED DEBT, GENERAL REVENUE CERTIFICATES, AND MORTGAGES AND NOTES
LAST TEN FISCAL YEARS
Debt Service
General Obligation General Revenue
Bonded Debt Certificates
Fiscal
Year Principal Interest Principal Interest
1992 $ 85,000 $ 43,445 $ 250,566 $ 365,516
1993 90,000 38,610 270,486 346,251
1994 90,000 33,615 297,058 325,441
1995 95,000 28,816 523,631 (a) 575,865
1996 95,000 23,114 476,857 910,321
1997 100,000 17,580 2,111,736 (b) 829,555
1998 120,000 11,280 368,269 655,292
1999 135,000 3,915 391,454 628,462
2000 0 0 216,120 608,062
2001 0 0 227,222 595,008
(a) Includes 1995 Improvement Revenue Bonds, commencing with fiscal year 1995.
(b) Includes $1,600,000 defeasement of Community Redevelopment Agency Bonds, Series 1986.
132
Mortgages Paying
and Notes Agent Fees
$ 588,787
672,888
730,456
777,419
983,793
1,264,154
1,239, 805
1,067,805
1,308,349
1,432,952
$ 1,629
2,253
2,018
2,265
4,049
4,358
7,058
3,676
8,715
2,488
Total
Debt
$ 1,334,943
1,420,488
1,478,588
2,002,996
2,493,134
4,327,383
2,401,704
2,230,312
2,141,246
2,257,670
133
Governmental
Expenditures
$ 66,011,161
63,957,414
68,026,268
77,560,358
89,409,617
88,422,103
87,463,845
93,088,473
96,738,174
124,860,875
TABLE VIII
Debt Service
as a Percentage
of General
Expenditures
2.0%
2.2%
2.2%
2.6%
2.8%
4.9%
2.7%
2.4%
2.2%
1.8%
TABLE IX
CITY OF CLEARWATER. FLORIDA
COMPUTATION OF LEGAL DEBT MARGIN
SEPTEMBER 30, 2001
Assessed Valuation of Non - Exempt Real Estate (a)
Times: Twenty Percent Limitation Per City Charter
Equals Legal Indebtedness Limitation
Debt Subject to Indebtedness Limitation:
Revenue Bonds:
1985 Public Service Tax and Bridge Revenue Bonds
1998 Water and Sewer Revenue Bonds
1993 Water and Sewer Revenue Bonds
1995 Improvement Revenue Bonds
1996A Gas System Revenue Bonds
1997 Gas System Revenue Bonds
1998 Gas System Revenue Bonds
1999 Stormwater system Revenue Bonds
2001 Infrastracture Sales Tax Revenue Bonds
Notes, Mortgages and Contracts
Totals
Legal Indebtedness Margin
Gross
Debt
$ 415,000
49,900,001
24,600,000
9,770,000
8,445,000
12,865,000
7,930,000
7,395,000
46,445,000
14,095,211
$ 181,860,212
(a) Valuation listed is from 2000 tax year for 2001 collections.
TABLE X
Less Sinking
Fund Assets
$ 171,947
4,439,422
9,037,666
126,667
7,083
40,833
2,917
95,455
0
0
CITY OF CLEARWATER. FLORIDA
$4,657,074,110
x 20%
$ 931,414,822
Net Debt
Subject to
Limitation
$ 243,053
45,460,579
15,562,334
9,643,333
8,437,917
12,824,167
7,927,083
7,299,545
46,445,000
14,095,211
13,921,990 $ 167,938,222
$ 763,476,600
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
SEPTEMBER 30, 2001
Governmental Unit
City of Clearwater
Pinellas County School Board
Net Debt
Outstanding
0
$ 46,960,000
Percent
Amount
100% $ 0
14% $ 6,574,400
(a) Applicable Net Debt Percentage is based on ratio of City to County Taxable values for 2001 collections
($4,657,074,110 / $34,363,584,750).
134
TABLE XI
CITY OF CLEARWATER. FLORIDA
WATER AND SEWER REVENUE BONDS COVERAGE
LAST TEN FISCAL YEARS
Net Revenues
Fiscal Gross Available for
Year Revenues (a) Expenses (b) Debt Service
1992 $ 30,366,487 $ 17,932,368 $ 12,434,119
1993 32,961,135 18,963,260 13,997,875
1994 32,529,074 17,824,720 14,704,354
1995 33,058,297 18,495,960 14,562,337
1996 34,814,929 22,311,433 12,503,496
1997 35,816,439 23,417,605 12,398,834
1998 36,311,233 24,608,494 11,702,739
1999 35,850,799 24,806,085 11,044,714
2000 37,406,823 25,882,873 11,523,950
2001 39,485,997 27,336,550 12,149,447
Debt Service Requirements Debt Service Coverage (c)
Fiscal Principal/Sinking Originally
Year Fund Interest Total Corrected Reported
1992 $ 2,405,000 $ 4,846,939 $ 7,251,939 WA 1.71
1993 2,580,000 3,023,838 5,603,838 N/A 2.50
1994 2,880,000 3,916,263 6,796,263 N/A 2.16
1995 3,760,000 3,380,470 7,140,470 N/A 2.04
1996 3,990,000 3,186,295 7,176,295 1.74 1.51
1997 4,140,000 3,038,845 7,178,845 1.73 1.48
1998 4,305,000 2,869,738 7,174,738 1.63 1.38
1999 4,500,000 2,083,179 6,583,179 1.68 1.40
2000 4,705,000 1,581,403 6,286,403 N/A 1.83
2001 4,920,000 1,358,690 6,278,690 N/A 1.94
(a) Includes interest earnings and gross revenues of Water and Sewer Divisions of Utility System. Extraordinary
Gain is excluded.
(b) Excludes depreciation (and similar noncash expenses), amortization of bond discount and issue costs, bond
interest, sinking fund and reserve requirements and extraordinary loss.
(c) Debt Service coverage has been corrected for an error in the calculation of Net Revenues Available for Debt
Service. The Bond required transfer of funds for renewal and replacement were previously included in error in
the calculation for fiscal years 1996 through 1999.
Note: In April, 1993, the City issued $53,445,000 Refunding Revenue Bonds to finance the cost of refunding entirely
the series 1988A and 1988B bonds. In November, 1998, the City issued $43,642,690 Refunding Revenue
Bonds to finance the cost of refunding entirely the series 1988 bonds.
135
TABLE XI
Fiscal
Year
Utilities
Service
Taxes
1992 $ 9,954,853
1993 10,740,616
1994 11,831,565
1995 12,736,282
1996 13,351,613
1997 13,557,358
1998 14,630,119
1999 15,238,156
2000 15,242,594
2001 15,486,388
CITY OF CLEARWATER FLORIDA
PUBLIC SERVICE TAX BONDS COVERAGE
LAST TEN FISCAL YEARS
Net Bridge Revenues
Gross
Revenues
a) Expenses (b)
$ 1 ,722,322
1,774,796
1,733,215
1,777,247
WA
N/A
N/A
N/A
N/A
N/A
(e)
(e)
(e)
(e)
(e)
(e)
$ 719,416
622,657
753,963
1,194,167
N/A
N/A
N/A
N/A
N/A
N/A
(e)
(e)
(e)
(e)
(e)
(e)
Net Revenues
Available for
Debt Service
$ 1,002,906
1,152,139
979,252
583,080
Debt Service Requirements
WA
WA
WA
WA
N/A
WA
(e)
(e)
(e)
(e)
(e)
(e)
Bridge
Percentage
Limitation (c
$ 465,908
465,480
465,670
463,708
WA
N/A
WA
N/A
N/A
N/A
(e)
(0)
(e)
(e)
(e)
(e)
Principal
Fiscal Sinking
Year Fund (d) Interest Total Coverage
1992 $ 410,000 $ 493,729 $ 903,729 11.53
1993 440,000 462,898 902,898 12.41
1994 475,000 428,266 903,266 13.61
1995 510,000 389,460 899,460 14.68
1996 465,000 767,875 1,232,875 10.83
1997 495,000 733,549 1,228,549 11.04
1998 535,000 695,746 1,230,746 11.89
1999 575,000 655,825 1,230,825 12.38
2000 235,000 634,231 869,231 17.54
2001 250,000 612,622 862,622 17.95
(a)
(b)
(c)
Includes interest earnings and gross revenues of Toll Causeway Bridge Fund.
Total Pledged
Revenues
Available
for Debt
Service
$ 10,420,761
11,206,096
12,297,235
13,199,990
13,351,613
13,557,358
14,630,119
15,238,156
15,242,594
15,486,388
Excludes depreciation (and similar noncash expenses), amortization of bond discount and issue costs, bond interest and sinking
fund and reserve requirements.
Bridge Net Revenues are pledged for debt service requirements only to the extent of the 'Bridge Percentage' of requirements
pursuant to Section 16, Subsection A(2)(c) of Ordinance No. 3932 -85 (51.554% of total debt service requirements for each
year).
(d) Reflects par value amounts of sinking fund investments as well as serial principal retirements.
(e)
The 'Bridge Percentage' of the Public Service Tax and Bridge Revenue Bonds, Series 1985 was defeased on September 27,
1995.
Note: In August, 1985 the City issued $7,155,000 Public Service Tax & Bridge Revenue Bonds, Series 1985, to finance the cost of
refunding $3,290,000 Utilities Tax Bonds, Series 1977 and $6,060,000 Utilities Tax and Bridge Revenue Bonds, Series 1977,
and to provide funds for land acquisition and for a city -owned and operated parking garage. In February, 1995, the City issued
$10,720,000 Improvement Revenue Bonds, Series 1995, to finance the construction of a new police headquarters building and
related parking facilities.
136
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TABLE XI
CITY OF CLEARWATER. FLORIDA
GAS REVENUE BONDS COVERAGE
LAST TEN FISCAL YEARS
Net Revenues
Fiscal Gross Available for
Year Revenues (a) Expenses (b) Debt Service
1992 $ 11,586,605 $ 8,116,051 $ 3,470,554
1993 12,562,105 9,364,981 3,197,124
1994 13,316,619 10,220,164 3,096,455
1995 13,672,905 10,555,346 3,117,559
1996 16,423,147 13,199,962 3,223,185
1997 17,779,715 14,124,064 3,655,651
1998 19,438,030 14, 975,445 4,462,585
1999 18,772,104 14,701,728 4,070,376
2000 21,533,228 16,462,986 5,070,242
2001 31,211,839 24,575,414 6,636,425
Maximum Debt
Fiscal Debt Service Requirements Service
Year Principal Interest Total Coverage Coverage(c)
1992 $ $ 488,020 $ 488,020 7.11
1993 488,020 488,020 6.55 1.80
1994 488,020 488,020 6.34 1.74
1995 150,000 978,195 1,128,195 2.76 1.75
1996 240,000 1,052,923 1,292,923 2.49 1.81
1997 320,000 1,454,765 1,774,765 2.06 2.06
1998 455,000 1,379,358 1,834,358 2.43 2.05
1999 540,000 1,564,891 2,104,891 1.93 1.87
2000 560,000 1,543,494 2,103,494 2.41 2.33
2001 580,000 1,518,713 2,098,713 3.16 3.05
(a) Includes interest eamings and gross revenues from Gas System.
(b) Excludes depreciation (and similar noncash expenses), amortization of bond discount and issue costs,
bond interest, and reserve adjustments.
(c) Maximum Debt Service coverage is presented for continuing disclosure on the Gas System Revenue
Bonds, and is based upon the maximum debt service for all outstanding bonds and panty bonds.
For fiscal 2001 the maximum debt service totals $ 2,176,810.
Note: In September, 1994, the City issued $8,110,000 Gas System Revenue Bonds, Series 1994A, for additions,
extensions, supplements or replacements of the existing gas system in Pinellas County, Florida.
Approximately $1,340,000 was to be used to develop new gas markets.
In July, 1996, the City issued $8,815,000 Gas System Revenue Bonds, Series 1996A, for additions and
extensions to the gas system in Pinellas County and Pasco County, Florida, as well as supplements and
replacements of the existing gas system in Pinellas County, Florida.
During October 1997 the City issued $ 7,895,000 Gas System Revenue Bonds, Series 1997A, for additions
extensions, supplements, or replacements of the existing gas system within Pinellas and Pasco Counties.
Also during October 1997 the City issued $6,710,000 Gas System Revenue Refunding Bonds, Series 1997B,
to advance refund the Gas system Revenue Bonds, Series 1991.
During January 1998 the City issued $ 8,020,000 Gas System Revenue Bonds, Series 1998, to advance
refund the Gas System Revenue Bonds, Series 1994A.
137
TABLE XI
CITY OF CLEARWATER, FLORIDA
STORMWATER REVENUE BONDS COVERAGE
TWO FISCAL YEARS SINCE ISSUANCE
Net Revenues
Fiscal Gross Available for
Year Revenues (a) Expenses (b) Debt Service
2000 $ 4,938,338 $ 3,183,260 $ 1,755,078
2001 $ 5,323,293 $ 3,608,281 $ 1,715,012
Debt Service Requirements
Fiscal Principal/Sinking Debt Service
Year Fund Interest Total Coverage
2000 $ $ 185,225 $ 185,225 9.48
2001 $ 105,000 $ 399,593 $ 504,593 3.40
(a) Includes interest eamings and gross revenues of the Stormwater Utility System. Extraordinary Gain is
excluded.
(b) Excludes depredation (and similar noncash expenses), amortization of bond discount and issue costs,
bond interest, sinking fund and reserve requirements and extraordinary loss.
Note:
In November 1999 the City issued $7,500,000 Stormwater System Revenue Bonds for the purpose of
paying the costs of capital improvements to the City's stormwater management system. Consequently
only two years of data are available as of September 30, 2001.
TABLE XI
CITY OF CLEARWATER. FLORIDA
INFRASTRUCTURE SALES TAX REVENUE BONDS COVERAGE
FISCAL YEAR SINCE ISSUANCE
Debt Service Requirements
Fiscal Sales Tax Principal/Sinking
Year Revenues (a) Fund
(a)
(b)
Interest
Debt Service
Total Coverage
2001 $ 8,385,149 $0 $0 $0 (b)
Note:
City's share of the revenues derived by Pinellas County, Florida from the levy and collection of a one-
cent discretionary infrastructure sales surtax pursuant to Section 212.055(2), Florida Statutes, as
amended.
First debt service payment due December 1, 2001, consisting of $991,844 interest payment.
During June 2001 the City issued $46,445,000 Infrastructure Sales Tax Revenue Bonds for the purpose
of paying the costs of certain capital improvements to the City, including, but not limited to, costs relating
to road and bridge projects and a new main public library. Consequently only one year of data is
available as of September 30, 2001.
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TABLE XII
CITY OF CLEARWATER, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
Per Capita Median School Unemploy-
Year Populatlon(a) Inoome(b) Age(c) Enrollment(d) ment Rats(e)
1992 99,856 $ 22,958 42.3 11,921 5.4%
1993 100,768 24,470 42.3 11,584 6.1
1994 100,604 Not Available 42.9 10,043 5.5
1995 101,162 22,789 42.2 10,284 4.8
1996 101,867 24,696 42.1 11,960 4.2
1997 102,472 26,050 43.3 15,264 3.7
1998 102,874 27,311 43.6 13,714 2.9
1999 104,281 28,367 43.9 14,551 3.0
2000 104,454 30,633 44.2 15,978 2.7
2001 108,787 31,658 43.0 16,293 2.6
(a) 1992 - 2000, University of Florida, Bureau of Economic and Business Research; 2001 U.S. Bureau of the Census.
(b) Data is for the County, but should also approximate Clearwater levels.
1992 - 1994, Florida Trend Magazine; 1995 -2001, University of Florida, Bureau of Economic Business
Research, Florida Statistical Abstract.
(c) County level data, but should also approximate Clearwater levels. 1992, U.S. Bureau of the Census; 1993,
St. Petersburg Times Research Bureau; 1994, Sales and Marketing Mgmt, Survey of Buying Power; 1995 -2001,
University of Florida, Bureau of Economic Research, Florida Statistical Abstract.
(d) Clearwater Planning Department population pro rata estimate of County School Board County level data for
public schools; 1992 -2001, Pinellas County School District.
(e)
Data is for the Tampa/St. Petersburg MSA. 1992 -1999 source of data is the Florida Bureau of Labor Market
information; 2000 -2001, University of Florida, Bureau of Economic and Business Research, Florida Statistical Astrac
Note: Data is for an unspecified point in each year, not specifically September 30.
139
CITY OF CLEARWATER, FLORIDA
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
LAST TEN FISCAL YEARS
Commercial Construction Residential Construction
Fiscal Number of Number of
Year Permits Value Permits Value
1992 557 $ 32,765,807 1,137 $ 25,956,314
1993 1,693 42,051,081 3,885 29,296,168
1994 1,831 37,164,437 3,882 49,950,413
1995 1,775 77,486,099 3,747 53,614,754
1996 1,898 42,360,262 4,224 26,854,040
1997 1,702 49,385,937 4,172 75,997,890
1998 1,455 54,732,371 4,978 47,045,558
1999 1,690 48,849,409 5,544 95,713,246
2000 2,698 176,010,021 5,573 30,814,807
2001 2,267 152,059,409 5,390 34,084,137
(a) Includes institutional, church, seawalls, pools, and non - valued building permits.
(b) Pinellas County Property Appraiser, values listed are for year of collections.
(c) Includes balances in commercial, savings, and savings and loan banking institutions for Pinellas County.
Data from the Florida Bankers Association Branch Deposit Report of Florida Bank and Thrift Institutions.
140
Miscellaneous Constuction (a)
Number of
Permits
Value
TABLE XIII
Total Assessed Bank Deposits (c)
Property Value(b) in thousands)
5,940 $18,020,294 $ 5,475,721,772 $ 14,360,597
6,799 20,113,175 5,505,360,476 13,853,289
6,063 17, 922, 023 5, 572, 851, 512 13, 274, 660
6,827 28,843,480 5,641,202,905 13,362,164
6,825 24,898,425 5,733,193,387 12,786,549
6,739 27,351,853 5,884,592,007 12,522,122
5,266 17,820,469 6,049,571,226 13,293,565
307 7,506,580 6,349,561,534 13,137,180
35 229,870 6,555,350,175 13,296,319
324 15,763,545 7,108,110,272 13,314,203
141
TABLE XIV
CITY OF CLEARWATER, FLORIDA
MISCELLANEOUS FACTS
SEPTEMBER 30, 2001
1
Date of Incorporation:
Town of Clearwater June 2, 1897
Municipal Corporation May 27, 1915 1
Form of Government Commission - Manager
Fiscal Year October 1 to September 30
Population
U.S. Census
1930 7,607
1940 10,136
1950 15,581
1960 34,653
1970 52,074
1980 85,170
1990 98,784
2000 108,787
Value of Building Permits Issued in Fiscal Year 2000/01 $201,907,091
Area:
Land
Water
26.66 Square Miles
8.61 Square Miles
Streets:
Paved 304 Miles
Unimproved 10.5 Miles
142
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CITY OF CLEARWATER. FLORIDA
MISCELLANEOUS FACTS, CONTINUED
SEPTEMBER 30, 2001
Sanitary Sewers:
Sanitary Sewer Mains 322 Miles
Storm Sewer Mains 123 Miles
Treatment Plants 3
Daily Capacity 29 Million Gallons
Water:
Mains 523.3 Miles
Accounts 40,167
Fire Hydrants 4,009
Gas:
Mains
653.4 Miles
Accounts 15,529
Police Protection:
Stations
Employees
Fire Protection:
Stations
Employees
8
409
7
187
Total Municipal Employees 1,796
Libraries:
Main 1
Branches 4
Collection 534,096
Marina 209 Boat Slips
143
TABLE XIV
TABLE XIV
CITY OF CLEARWATER, FLORIDA
MISCELLANEOUS FACTS, CONTINUED
SEPTEMBER 30, 2001
Recreational Facilities:
Parks 1,130 Acres
Playgrounds 31
Golf Courses (Land Owned By City Leased to Others) 340 Acres
Beach 42 Acres
Baseball 21 Diamonds
Softball 15 Diamonds
Tennis 64 Courts
Basketball 22 Courts
Horseshoe 24 Courts
Soccer and Football 17 Fields
Handball 12 Courts
Swimming Pools 5 Pools
Stadium 6,917 Seats
Neighborhood Recreation Centers 4
Community Recreation Centers 6
Special Recreation Facilities 32
Nature Centers 1
Scenic Vistas 3
Picnic Areas 14
Recreational Paths 7.4 Miles
Boat Ramps 10
Fishing Areas 21
Lawn Bowling 24 Rinks
Shuffleboard 61 Courts
Fitness Courses 8
Disc Golf Courses 2
SINGLE AUDIT SECTION
SINGLE AUDIT /
GRANTS COMPLIANCE
145
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146
1
iAccountants and Management Consultants
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Grant Thornton
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON COMPLIANCE WITH REQUIREMENTS APPLICABLE
TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A -133
AND CHAPTER 10.550, RULES OF THE AUDITOR GENERAL
Honorable Mayor — Commissioner,
City Commissioners and City Manager
City of Clearwater, Florida
Compliance
We have audited the compliance of the City of Clearwater, Florida (the "City ") with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Circular A -133 Compliance
Supplement and the requirements described in the Executive Office of the Governor's State Project
Compliance Supplement that are applicable to each of its major federal programs and state projects for the
year ended September 30, 2001. The City's major federal programs and state projects are identified in the
summary of auditor's results section of the accompanying schedule of findings and questioned costs.
Compliance with the requirements of laws, regulations, contracts and grants applicable to each of its major
federal programs and state projects is the responsibility of the City's management. Our responsibility is to
express an opinion on the City's compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States; OMB Circular A -133, Audits of States, Local
Governments, and Non - Profit Organizations and Chapter 10.550, Rules of the Auditors General. Those
standards, OMB Circular A -133 and Chapter 10.550, Rules of the Auditor General require that we plan and
perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance
requirements referred to above that could have a direct and material effect on a major federal program or
state project occurred. An audit includes examining, on a test basis, evidence about the City's compliance
with those requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not
provide a legal determination on the City's compliance with those requirements.
In our opinion, the City, complied, in all material respects, with the requirements referred to above, that are
applicable to each of its major federal programs and state projects for the year ended September 30, 2001.
The results of our auditing procedures disclosed no instances or noncompliance that are required to be
reported in accordance with OMB Circular A -133 or Chapter 10.550, Rules of the Auditor General.
Suite 3850
101 E. Kennedy Blvd
ITampa, FL 33602 -5154
T 813.229.7201
F 813.223.3015
W www.grantthornton.com
"'Grant Thornton LLP
US Member of Grant Thornton International
147
Internal Control Over Compliance
The management of the City is responsible for establishing and maintaining effective internal control
over compliance with requirements of laws, regulations, contracts and grants applicable to federal
programs and state projects. In planning and performing our audit, we considered the City's internal
control over compliance with requirements that could have a direct and material effect on a major
federal program or state project in order to determine our auditing procedures for the purpose of
expressing our opinion on compliance and to test and report on internal control over compliance in
accordance with OMB Circular A -133 and Chapter 10.550, Rules of the Auditor General.
Our consideration of the internal control over compliance would not necessarily disclose all matters
in the internal control that might be material weaknesses. A material weakness is a condition in
which the design or operation of one or more of the internal control components does not reduce to
a relatively low level the risk that noncompliance with applicable requirements of laws, regulations,
contracts and grants that would be material in relation to a major federal program or state project
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
over compliance and its operation that we consider to be material weaknesses.
This report is intended solely for the information of the Honorable Mayor- Commissioner, City
Commissioners, City Manager, management, federal awarding agencies, pass- through entities and
State of Florida program officials and is not intended to be and should not be used by anyone other
than these specified parties.
(VIA v■Ir 1 ,‘o ttA \ -e-)A LL
Tampa, Florida
February 14, 2001
148
City of Clearwater, Florida
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
AND STATE FINANCIAL ASSISTANCE
For the year ended September 30, 2001
Federal Grantor/ Program Federal
Pass - through Grantor / CFDA/CSFA Grant or Award Share of
Program Title Number I.D. Number Amount (a) Expenditures
FEDERAL AWARDS
U.S. Department of Housing and Urban
Development (HUD):
Community Development Block
Grant - Entitlement 14.218 B00 -MC -12 -002 $ 13,444,000 $ 735,266
Passed through Pinellas County:
Home Investment Partnerships Program 14.239 M00 -MC -12 -0230 3,206,914 13,100
Passed through Clearwater Housing
Authority:
Homer Villas 14.854 FL29DEP0750199 385,346 85,657
Passed through Community Planning
and Development
Twin Pond 14.246 B- 00 -SP -FL -0088 1,295,000 1,295,000
Fair Housing Communication 14.401 FF204K954009 10,000 6,000
Total U.S. Department of HUD 18,341,260 2,135,023
U.S. Department of Justice:
Local Law Enforcement Block Grant 16.592 97 -LB -VX -2739 274,031
Local Law Enforcement Block Grant 16.592 96 -LB -VX -3470 252,490
Local Law Enforcement Block Grant '99 16.592 98 -LB -VX -2739 316,739
Local Law Enforcement Block Grant '00 16.592 1999LB -VX -8125 308,250 150,708
Local Law Enforcement Block Grant '01 16.592 2000LB -BX- 0698 224,497 158,405
Weed and Seed Programs Official Site
Recognition 16.595 96 -WS-QX -0003 35,000
Weed and Seed FY '97 16.595 96 -WS-QX -0053 71,092
Weed and Seed FY '98 16.595 97-WS-QX-0028 175,000
Weed and Seed FY '99 16.595 98 -WS-QX -0043 175,000 -
Weed and Seed FY '00 16.595 99 -WS -QX -0039 175,000 50,499
Weed and Seed 16.595 2000 -WS -QX -0041 175,000 159,122
Weed and Seed Enforcement 16.595 97 -WS -QX -0013 43,322 -
Weed and Seed Asset Forfeiture '98 16.595 97 -WS -QX -0028 100,000
Weed and Seed Asset Forfeiture '99 16.595 98 -WS -QX -0043 100,000 -
Weed and Seed Asset Forfeiture '00 16.595 99 -WS -QX -0039 50,000 50,000
Weed and Seed Asset Forfeiture '01 16.595 00 -WS -QX -0041 50,000 25,027
Federal Forfeiture Sharing N/A N/A 113,297 -
Community Oriented Policing Services
(COPS) Universal Hiring Award 16.710 96 -UM -WX -0784 1,275,000 254,872
COPS More '98 16.710 1999 -CM-WX -2879 1,079,571 384,401
COPS Problem Solving 16.710 97PR -WX -0543 90,856 -
Bullet Proof Vests 16.607 990036227 4,016
Bullet Proof Vests 16.607 00000868 3,464 -
Bullet Proof Vests 16.607 01004247 2,941 2,941
5,094,566 1,235,975
149
City of Clearwater, Florida
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
AND STATE FINANCIAL ASSISTANCE - CONTINUED
For the year ended September 30, 2001
Federal Grantor/ Program Federal
Pass - through Grantor / CFDA/CSFA Grant or Award Share of
Program Title Number I.D. Number Amount (a) Expenditures
Federal Emergency Management Agency:
Passed through State of Florida -
Department of Community Affairs:
Magnolia Street Dock 83.516 93- EO- 2U- 08 -62 -02 -070 155,966
Hurricane Georges 83.544 99- RM -05- 08 -62 -02 -276 289,452
Hurricane Irene 83.544 00- RM- CC-08- 62 -02 -0 2,188
Total Federal Emergency
Management Agency 436,606
Other Federal Assistance:
Passed through State of Florida -
Department of Justice
VOCA Grant 16.575 V9150 36,121 -
VOCA Grant 16.575 V0164 34,910 34,398
Environmental Protection Agency:
Brownfield - Federal
Brownfield - Federal
Brownfield - Federal
Brownfield - Federal
Total - Other Federal Assistance
66.811 8P- 98405396 -2 100,000 38,754
66.811 8P- 98405396 -1 100,000
66.811 V- 984053 -96 -0 100,000 -
66.811 BL984872 -99 -0 500,000 31,741
871,031 104,893
Total Federal Financial Assistance $ 24,743,463 $ 3,475,891
150
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City of Clearwater, Florida
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
AND STATE FINANCE ASSISTANCE - CONTINUED
For the year ended September 30, 2001
State Grantor/ Program State
Pass - through Grantor / CFDA/CSFA Grant or Award Share of Transfers t
Program Title Number I.D. Number Amount (a) Expenditures (b) Subrecipients c
STATE FINANCIAL ASSISTANCE
Department of Environmental Regulation:
Cooper's Pt Restoration
Passed through Pinellas County:
Solid Waste Recycling Grant
Waste Tire Grant
Total Department Environmental
Regulation
Department of Community Affairs:
State Housing Initiative Partnership
37.039 SP481 $ 50,000 $ 46,360 $
37.011 RE01 -51 630,402 35,790
37.015 WT97 -52 337,472 105,455
1,017,874 187,605
(SHIP) 52.901 N/A 4,614,086 968,586
Local Mitigation Strategy Funding 52.008 OOCP- 05- 08- 62 -02 -2 22,012 18,180
Total Department of Community
Affairs 4,636,098 986,766
Department of Transportation (DOT):
T. Hangars
Declared Distance
Runway Overrun & Barn
Bluff to Beach Guideway
Master Plan Update
Total Department of Transportation
Law Enforcement Division:
Project Next Stop
Governor's Office of Tourism, Trade
and Economic Development:
Brownfield Grant
Brownfield - Remediation
Brownfield State Appropriation
Funding
Total Governor's Office of Tourism,
Trade and Economic Development
Department of State:
Folk Art Festival
Folk Art Festival
55.004 WPI#40300619401
Contract AI076 550,000 387,062
55.004 WPI 402 99118401 20,745 7,525
55.004 WP 40298619401 175,000 69,954
55.014 FRN 408405 -1 -84-01
Contract AI841 150,000 150,000
55.004 WPI 40297918401
Contract AE263 59,964 28,567
955,709 643,108
16.579 01-CJ-J1-08-62-02-0 78,500 39,688
31.011 V 984053 -96 -0 600,000 32,004
37.041 SP530 300,000 168,458
37.041 SP589 500,000 92,536
1,400,000 292,998
45.002 2K -0516 6,821
45.002 01 -0501 7,503 7,503
151
44„ 137
44,137
City of Clearwater, Florida
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
AND STATE FINANCE ASSISTANCE - CONTINUED
For the year ended September 30, 2001
State Grantor/ Program State
Pass - through Grantor / CFDA/CSFA Grant or Award Share of Transfers to
Program Title Number I.D. Number Amount (a) Expenditures (b) Subrecipients (c)
Department of Business and Professional
Regulation:
School Proximity Tobacco
Enforcement 79.003 00- 00204 -00 28,652 25,436
Total State Financial Assistance
$ 8,131,157 $ 2,183,104 $ 44,137
Total Expenditures of Federal Awards
And State Financial Assistance $_- 5,658 995
(a) Includes awards under prior year grants, which remain active.
(b) Funded with State Grants and aids Appropriations.
(c) State projects only.
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City of Clearwater, Florida
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
AND STATE FINANCIAL ASSISTANCE
Year ended September 30, 2001
Note 1 — Basis of Presentation
The above schedule of expenditures of federal awards and state financial assistance includes the federal and
state grant activity for City of Clearwater, Florida and is presented on the modified accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements of OMB
Circular A -133, Audits of States, Local Governments and Non Profit Organizations and Chapter 10.550, Rules of
the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the general- purpose financial statements.
Note 2 — CFDA /CSFA Number
CFDA numbers represent Catalog of Federal Domestic Assistance and apply only to Federal Awards.
CSFA numbers represent Catalog of State Financial Assistance and apply only to State Financial Assistance.
153
City of Clearwater, Florida
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the year ended September 30, 2001
SECTION I — SUMMARY OF AUDITOR'S RESULTS
Financial Statements
Type of auditor's report issued (unqualified, qualified, adverse, disclaimer).
Internal Control Over Financial Reporting:
• Material weaknesses identified _Yes X No
• Reportable conditions identified that are not considered
to be a material weakness _Yes X No
Noncompliance material to financial statements noted? _Yes X No
Federal Awards
Internal control over major programs
• Material weaknesses identified? _Yes X No
• Reportable conditions identified that are not considered
to be a material weakness _Yes X No
Type of auditor's report issued on compliance for major programs
(unqualified, qualified, adverse, disclaimer).
Any audit findings disclosed that are required to be reported in
accordance with Section 510(a) of Circular A -133?
Identification of major programs:
Federal Programs
CFDA Numbers
14.246
14.592
State Project
CSFA Number
31.011
52.902
Yes X No
Name of Federal Program or Cluster
U.S. Department of Housing and Urban Development — Twin Pond
U.S. Department of Justice Local Law Enforcement Block Grant
Name of State Project
Brownfield Redevelopment Grant
State Housing Initiatives Partnership Grant
Dollar threshold used to distinguish between type A and type B
programs.
Auditee qualified as a low risk auditee for Federal single audit
purposes?
Auditee qualified as a low risk auditee for State single audit
purposes?
154
$300,000
X Yes No
Yes X No
City of Clearwater, Florida
SCHEDULE OF FINDINGS AND QUESTIONED COSTS — CONTINUED
For the year ended September 30, 2001
SECTION II — FINANCIAL STATEMENT FINDINGS
NONE
SECTION III- FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
NONE
SECTION IV — STATE PROJECTS FINDINGS AND QUESTIONED COSTS
NONE
SECTION V — OTHER ISSUES
• No summary schedule of prior audit findings is required because there were no prior audit findings
related to Federal programs or State Projects.
• No corrective action plan is required because there were no findings required to be reported under
the Federal or State single audit acts.
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Accountants and Management Consultants
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Grant Thornton �,.
i
MANAGEMENT LETTTER REQUIRED BY
SECTION 10.554(1)(g) OF THE RULES OF THE
AUDITOR GENERAL OF THE STATE OF FLORIDA
Honorable Mayor - Commissioner,
Commissioners and City Manager
City of Clearwater, Florida
We have audited the financial statements of the City of Clearwater, Florida (the "City "), as of and for the
fiscal year ended September 30, 2001, and have issued our report thereon dated February 14, 2002.
We have issued our Independent Certified Public Accountants Report on Compliance and Internal Control
Over Financial Reporting dated February 14, 2002. Disclosures in this report, if any should be considered in
conjunction with this management letter.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America, and Government Auditing Standards issued by the Comptroller General of the United States.
Additionally our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the
Auditor General, which govern the conduct of local governmental entity audits performed in the State of
Florida and require that certain items be addressed in this letter.
The Rules of the Auditor General (Section 10.554 (1)(g) la.) require that we comment as to whether or not
inaccuracies, shortages, defalcations, fraud, and violations of laws, rules, regulations and contractual
provisions reported in the preceding annual financial audit report have been corrected. There were no
inaccuracies, shortages, defalcations, fraud, and violations of laws, rules, regulations and contractual
provisions disclosed in the preceding annual financial audit report.
The Rules of the Auditor General (Section 10.554 (1) (g) lb) require that we comment as to whether or not
recommendations made in the precedi -'g annual financial audit report have been followed. The current status
of the recommendations made in the preceding annual financial audit report are included under the heading
"Current Year Status of Prior Year Comments ".
The Rules of the Auditor General (Section 10.554 (1) (g) 2.) require that we comment as to whether or not
the City has complied with Section 218.415, Florida Statutes, regarding the investment of public funds. The
City has complied with Section 218.415, Florida Statutes.
The Rules of the Auditor General (Section 10.554 (1) (g) 3.) require disclosure in the management letter of
any recommendations to improve financial management, accounting procedures and internal controls.
Recommendations for improvement are noted beginning on page 158.
Suite 3850
101 E. Kennedy Blvd
Tampa, FL 33602 -5154
T 813.229.7201
F 813.223.3015
W www.grantthornton.com
Grant Thornton LLP
US Member of Grant Thornton International
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The Rules of the Auditor General (Section 10.554 (1) (g) 4.) require disclosure in the management
letter of the following matters if not already addressed in the auditor's reports on the internal control
structure or compliance: there were no violations of laws, rules, regulations and contractual
provisions which may or may not materially affect the financial statements that were discovered
during the audit; there were no illegal or improper expenditures which may or may not materially
affect the financial statements that were discovered during the audit; there were no improper or
inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements) that were discovered during the audit; there were no failures to properly record financial
transactions, or other inaccuracies, irregularities, shortages, or defalcations discovered by the auditor.
The Rules of the Auditor General (Section 10.554 (1) (g) 5.) also require that the name or official title
and legal authority for the primary government and each component unit of the reporting entity be
disclosed in the management letter, unless disclosed in the notes to the financial statements. The
City, located in Pinellas County, Florida, was incorporated in June 1923. The legal authority by
which the City was created and is governed is its charter, which was derived from Chapter 9710
Special Laws of Florida, as amended. The Clearwater Redevelopment Agency (CRA), a blended
component unit of the City of Clearwater, Florida, was created by authority of Florida Statute
Chapter 163, Part III, and the City of Clearwater Resolution 81.68. The Clearwater Downtown
Development Board, a discretely presented component unit of the City of Clearwater, Florida, was
created by authority of Florida Statutes 70 -635 and 77 -637, and City Ordinance 5347 -93.
As required by the Rules of the Auditor General (Section 10.554 (1) (g) 6a & c.), the scope of our
audit included a review of the provisions of Section 218.503 (1), Florida Statutes, Determination of
Financial Emergency. In connection with our audit, we determined that the City of Clearwater, Florida,
is not in a state of financial emergency as a consequence of the conditions described by Section
218.503(1), Florida Statutes. The financial condition assessment procedures pursuant to Rule 10.556
(8) were applied in this determination.
As required by the Rules of the Auditor General Section 10.554 (1) (g) 6b.), we determined that the
annual financial report for the City of Clearwater, Florida, for the fiscal year ended September 30,
2001, that was filed with the Department of Banking and Finance pursuant to Section 218.32 (1) (a),
Florida Statutes, is in agreement with the annual financial audit report for the fiscal year ended
September 30, 2001.
This management letter is intended solely for the information of the City of Clearwater, Florida and
management and the State of Florida Office of the Auditor General and is not intended to be and
should not be used by anyone other than these specified parties.
6.-v.A.v■\-- —a\ en
Tampa, Florida
February 14, 2002
157
Accountants and Management Consultants
Honorable Mayor - Commissioner,
City Commissioners and City Manager
City of Clearwater, Florida
1
Grant Thornton Si
In connection with our audit of the financial statements of the City of Clearwater, Florida as of
September 30, 2001, we noted certain matters that we believe you should consider. Our observations
were formed as a by- product of our audit procedures, which did not include a comprehensive review
for the purpose of submitting detailed recommendations.
The accompanying pages summarize our comments and suggestions.
We have previously discussed our comments and suggestions with various City personnel and would
be pleased to discuss them further.
0 0 LL
Tampa, Florida
February 14, 2002
Suite 3850
101 E. Kennedy Blvd
Tampa, FL 33602 -5154
T 813.229.7201
F 813.223.3015
W www.grantthornton.com
Grant Thornton LLP
US Member of Grant Thornton International
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As the City's independent accountants, we are in a unique position to provide you with constructive
ideas and insights. Despite our close working relationship, we are, in fact, outsiders to the City and
can therefore be objective in presenting to you our observations and suggestions. As stated in our
accompanying report letter, our comments relate to matters observed as by- products of our audit
engagement, and are not based on a detailed study of all aspects of the City's operations. They are
offered in the hope that they will lead to a creative exchange of ideas that will result in meaningful
actions to benefit and strengthen the City.
159
CURRENT YEAR COMMENTS
INFORMATION SYSTEMS
PeopleSoft
Observation:
During our review of controls related to the use of PeopleSoft, we observed the following:
• Security could be strengthened for PeopleSoft user accounts. Currently, the required
minimum password length is two characters and the forced password change parameter is
not used. Additional PeopleSoft security parameters have not been invoked.
• A segregation of duties issue may exist within the Human Resources and Payroll
departments in which one individual can perform all the functions within the PeopleSoft
modules.
• The PeopleSoft audit trail log for changes to the production database (records; tables;
database) is not reviewed.
• A backup PeopleSoft administrator does not exist.
• A test database does not exist for the PeopleSoft application. Database or application
fixes, patches or modifications are made on the production data base ( "on- the - fly ").
• Tape backups are inadequate: daily backups are kept off -site for one day and weekly
backups are kept for one week.
Recommendation:
We recommend that the City consider implementing the following procedures:
• Establishing PeopleSoft user account parameters as follows:
o Minimum of six alphanumeric characters
o Passwords forcibly changed at an interval no greater than 60 days
o Password uniqueness set to ten
o Lockout invoked after five unsuccessful login attempts and require the system
administrator to reset.
o Conducting a review of user's access to the PeopleSoft application to ensure the
individual's security rights are commensurate with their position.
o Auditing of the PeopleSoft audit trail by management on a consistent basis to ensure
only authorized changes are being made to the production environment.
o Identifying an individual to act as the secondary PeopleSoft administrator and provide
the necessary training to that they can provide the required support, especially when
the primary cannot be contacted.
o Establishing a separate test database for the PeopleSoft application. Implementing
database or application modifications directly to the production (live) environment
could adversely impact PeopleSoft's production and potentially corrupt data. All
changes to PeopleSoft should be tested on a separate database and approved by
management prior to loading the modification to the production environment.
o Reviewing the PeopleSoft backup tape retention and rotation cycle. This review
should be performed as part of the overall backup schema review.
160
INFORMATION SYSTEMS - Continued
Management Response:
Management concurs with the recommendation. We have already taken steps to address several of
the specific issues mentioned, including identifying and training a backup PeopleSoft
Administrator, managing the PeopleSoft audit trail, and making changes in the user account
parameters to include more controls.
Other specific issues related to the PeopleSoft system are being addressed as part of the planned
upgrade that the City is involved with. This upgrade from PeopleSoft version 7.5 to 8.3 will
include the addition of a separate Test environment for PeopleSoft, as well as the acquisition and
deployment of a Storage Attached Network (SAN) solution. This SAN solution will address the
concerns raised related to current back -up procedures and business continuity planning. It is
expected that once we have deployed the SAN solution, the upgrade project will be on track to
complete within six months.
SECURITY
Observation:
We observed that network monitoring tools are not currently being used to indicate potential
network attacks.
Recommendation:
To reduce the risk of unauthorized users gaining access to the network and/or applications, we
recommend a real -time firewall monitoring application (Intrusion Detection System) be
implemented as soon as possible. It is noted that a Cisco Security and Intrusion Detection device
has been purchased, which will provide the required network monitoring functionality.
Management should ensure the IDS has paging functionality to be able to notify the on -call
network administrator of possible network attacks.
Until the network intrusion detection system becomes operational, we recommend the current
practice of reviewing the Pix firewall logs approximately every two weeks be increased to twice a
week.
Management Response:
Management concurs with the recommendation. While the IT Department was originally planning
on purchasing a Cisco Intrusion Detection hardware solution, we instead purchased GFT's
software -based Lan Guard IDS solution. Additionally, we are deploying SNORT, a software -based
real -time network intrusion detection system that can be used to notify an administrator of a
potential intrusion attempt. It is expected that both of these solutions will be ready for
deployment by the end of April 2002.
161
DATA PROCESSING POLICIES
Observation:
Current network backup and tape retention/off -site policies do not appear to be consistent across
operating platforms, applications or remote offices.
Recommendation:
We recommend a complete review of all network and operating system backup processes and the
corresponding backup tape retention /off -site storage policies be conducted so to ensure the
backup system is satisfactory to prevent a loss of data.
Leading best practices indicate that at a minimum:
• Daily backup tapes be maintained for a period of 14 clays in a fire -proof container located
away from the server room (off -site preferred, but optional).
• Full weekly backups be kept off -site and be rotated (kept for no less than four weeks).
• Full monthly backups are kept for one year at an off -site location.
• Yearly backups should also be performed and kept off -site for any indefinite period of
time.
• Backup tapes be periodically tested to ensure the data is readable.
Management Response:
Management concurs with the recommendation. A comprehensive review of all current back -up
and tape retention off -site policies is planned and is expected to be completed by the end of the
fourth quarter 2002.
DISASTER RECOVERY PLAN
Observation:
City management has acknowledged the importance of a disaster recovery plan (DRP) and is in the
process of finalizing and approving a DRP that addresses the recovery of critical operating systems.
It is critical for the City to have a complete disaster recovery plan for all critical applications and
network connectivity so to ensure a timely and successful network recovery in case of a disaster.
Without an accurate and documented recovery plan, the City is at risk of an untimely and
inaccurate system recovery, impacting production and/or the execution of critical financial
transactions.
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DISASTER RECOVERY PLAN - Continued
Recommendation:
We encourage the staff to continue their efforts to ensure the recently documented disaster
recovery plan is complete and approved by executive management.
Leading best practices state a disaster recovery plan should include (at a minimum) the following:
• Risk Assessment phase (identify and prioritize critical applications /functions)
• Definition of a "disaster" and who can declare a disaster
• Callout trees
• Documented hardware /software requirements and specifications
• Documented network and server configuration requirements and recovery process steps to
restore critical applications in a timely manner
• Responsibilities of individuals during the recovery
• Designated recovery site(s) (hot versus cold site)
• User and vendor contact numbers
• A detailed disaster recovery test plan, outlining what is to be tested, the expected test results,
who will be involved (IT and/or users) and the process to document and analyze the test
results
• A process to periodically review the plan to ensure it is current
• Copies of the plan should be distributed to participants, stored at the off -site storage facility
with the backup tapes, and at the hot site, if used
Management Response:
Management concurs with the recommendation. The City's IT Department has completed a
preliminary draft of the revised Disaster Recovery Plan (DRP). It is expected that this will be
finalized, approved by Senior Management and distributed by the end of May 2002.
INTRANET
Observation:
Read access to the City's internal intranet is possible through the use of workstations located in the
City's libraries. The data on the intranet does not appear to be confidential in nature nor if it were,
the state's sunshine law would still permit such access, if requested.
Recommendation:
We recommend management review the appropriateness of allowing non -City employees access to
the intranet.
Management Response:
The City has resolved this issue and public access to the City's Intranet is no longer possible from
the City's public access computers in the City's libraries.
163
NETWORK CONTROLS
Observation:
The IT department has implemented controls over their network, such as the firewall and the
incorporation of NAT to hide internal IP addresses, as a means to mitigate the risk of
unauthorized access from the `outside'. An additional control that can be implemented to reduce
the risk of an outside attack is the use of penetration testing.
Recommendation:
We recommend full penetration tests be performed on the City's entire network at least once a
year. Such penetration tests and subsequent reports can indicate vulnerabilities of the firewall and
network, the inherent risk(s) of the vulnerability and the necessary steps to control the risk of the
vulnerability.
Management Response:
Management concurs with the recommendation. However, at this time, budget constraints prevent
annual penetration testing. This issue will be addressed as resources allow.
COMPUTER SYSTEM USAGE POLICIES
Observation:
The City has documented computer, email and Internal usage policies that are available on the
intranet for review. However, not all City departments require that a new employee acknowledge
acceptance and understanding of the policies.
Recommendation:
We recommend the IT department work in conjunction with Human Resources to ensure that all
new employees are required to acknowledge acceptance of electronic usage policies. Alternately,
IT on a yearly basis can email all users a reminder of the electronic usage policies and request an
email delivery receipt.
Management Response:
Computer, e-mail and Internet usage policies are reviewed and employee acceptance is facilitated
during new employee orientation that every employee is required to attend. Additionally, all
computer usage policies are posted on the City's Intranet and are accessible to all employees with
Internet access.
164
SYSTEM ACCESS
Observation:
The City does not currently review user access on a regular basis.
Recommendation:
We encourage a yearly review by data owners (management) of user access to their applications,
libraries and files. A review of user access rights to data owners files reduces the risk of
unauthorized access to data by former employees or contractors, or individuals that have changed
positions. Thus, we recommend that IS review user security groups and security levels with the
corresponding data owners for appropriateness on a semi - annual basis.
Management Response:
Review of user access to departmental applications libraries and files is conducted on an ongoing as
needed basis. The city will evaluate the recommendation to develop bi- annual reviews.
CISCO ROUTER
Observation:
There is no redundancy for the MSBWAS Cisco router 3640. If this router fails, remote sites will
not be able to access the primary data center or Internet.
Recommendation:
We recommend that if this router is deemed critical, that management obtain a backup device or
contract with a service provider to guarantee the replacement of the router within a specified time
period.
Management Response:
Management concurs with the recommendation. This issue will be addressed as resources allow.
165
ESTABLISHMENT OF AN AUDIT COMMITTEE
Observation:
The City does not have an Audit Committee.
Recommendation:
Many organizations have formed audit committees of their governing board and have found that
such committees have made a significant contribution. We strongly recommend consideration be
given to establishing such an Audit Committee of the City Commissioners.
The Commissioners have broad responsibility for the direction of the operational and business
affairs of the City. The discharge of this responsibility is accomplished through designation of
administrative officers and policy guidance given to such officers. However, the commissioners
likewise have an important responsibility for the quality of the organization's financial reporting.
The primary role of an audit committee is to plan for, evaluate and meet with the independent
auditors.
Management Response:
Consideration will be given to establishing an Audit Committee of the City Commissioners during
the current fiscal year.
RECENTLY ISSUED ACCOUNTING STANDARD
Observation:
Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements And
Management's Discussion and Analysis For State and Local Governments ( "GASB 34 ") is effective for the
City's fiscal year beginning July 1, 2002. GASB 34 will require substantial changes to the City's
financial statements and accounting records.
Recommendation:
The City should begin developing a plan for implementation of GASB 34 so that changes to the
City's accounting records and budget process can be made by the required implementation date.
Management Response:
Planning for the current year implementation of GASB 34 is currently in process.
166
FUND BALANCES
Observation:
The City Commission currently requires that the General Fund maintain an unreserved fund
balance of a minimum of 8% of the prior year expenditures.
Recommendation:
We recommend that consideration be given to establishing minimum fund balance requirements
for other types of governmental funds as well.
Management Response:
The establishment of minimum fund balance requirements for governmental funds other than the
General Fund will be taken into consideration during the fiscal 2003 budget process.
167
CURRENT STATUS OF PRIOR YEAR COMMENTS
INFORMATION SYSTEMS
Strategizing for eCommerce
The City is evaluating the development of eCommerce strategies to enhance business processes as
well as the services provided by the City. We commend the City on recognizing the need to
formulate an eCommerce strategic plan and for developing an Information Technology
Governance Committee. Within the government sector, cities and counties throughout the state
have started to design and implement eCommerce plans that provide consumers and businesses
the ability to purchase or renew permits and licenses, pay library finds, place deposits for animal
adoption, pay water bills and other tasks.
We recommend that the City continue to formalize its eCommerce strategy. We further
recommend that the City address technology standardization and technology planning (e.g.,
planning for hardware and software obsolescence) within its Information Technology Governance
Plan as technology.
Standardization will enable the City to implement eCommerce solutions in a cost - effective manner.
Technology standardization and planning across the City will also reduce total costs of technology
ownership.
Management Response
Strategies for eCommerce will be developed for each individual department /business operations
within the City and prioritized based upon need/demand and the potential cost /benefit of each
application. The Information Technology department will partner with each department to
develop a technology plan that will identify technology opportunities, resource requirements and
establish priorities to guide budget planning for each business operation.
Current Status
Implementation is currently in progress.
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ERP SYSTEM EVALUATION
The City is in the process of evaluating ERP systems that would replace core Information
Technology processing functionality in its separate financial applications. An ERP system may
allow the City to reduce complexity in its Information Technology environment and ultimately
reduce support and technology costs (e.g., backup and recovery, disaster planning, systems
administration,etc.). Current generation ERP systems typically offer eCommerce functionality
(e.g., eProcurement), which also may provide opportunities for the City. We further recommend
that the City follow a formal systems selection methodology to ensure that the ERP system meets
the City's needs (e.g., serviceability, scalability, maintainability, etc.). A formal selection
methodology should provide for identification of critical success factors, key performance
indicators, ROI targets, etc.
Management Response
The City will use the RFP (request for proposal) process to evaluate RTP system solutions for its
financial applications. The thoroughness of the process is determined by the detail and scope of
the request, as well as the level of research performed prior to its issuance. The use of a third party
consultant to assist the City through the process of evaluating and selection is being contemplated
by the Information Technology and Finance departments. An ERP system represents the
operational "ideal" in Information Technology system solutions, however, implementation cost,
maintenance, operational change, serviceability and cost of ownership are all significant factors that
must be contemplated by the organization. While an ERP solution may simplify the Information
Technology environment, such a system will require significant change in management and
adjustment within departmental operations and employee skill development.
Current Status
Funds for implementation of this recommendation are not currently budgeted.
169
PROGRAM CHANGE CONTROLS
We noted that documentation addressing the program change procedures and documentation that
provides for evidence of program change testing, approval and authorization are informal or do
not exist. Though the City does not make changes to application source code, formal policies and
procedures that address upgrade processes, documentation standards and evidence of approval,
testing and authorization of changes, should be developed and maintained.
We recommend that the City design an overall program change policy and methodology and
develop platform and application- specific detailed procedures consistent with this methodology.
Detail change procedures should address both vendor provided upgrades /patches as well as
"customizations" (including modifications to queries, database tables, application dictionaries, etc.).
Processes should cover initiation, development, testing, installation of vendor - provided code, and
implementation of changes as well as procedures for installing vendor - provided code.
Management Response
The City's current inability to develop and maintain a formal Change Control Program is largely
due to a lack of committed resources for its systems operations. Two of the three major financial
systems (ROSS and UMS) do have a viable test environment within which to test and approve
vendor upgrades and patches. As a rule, the City has not invested in highly customized
applications and rarely makes such requests to the vendor. Change of control for the UMS system
is well documented by the owning department (Utility Customer Service) and upgrades /patches for
the ROSS fmancial application are seldom received since this is an older, fully mature product with
a minimum of customization. The Information Technology department will review current change
control procedures for each system and establish uniform standards and procedures for each.
Current Status
Implementation is currently in progress
170
PEOPLESOFT UPGRADES
During our review, we noted that PeopleSoft upgrades are installed, untested, in the People Soft
production environment. Per discussion with the PeopleSoft Administrator, this has, on occasion,
resulted in data corruption requiring the City to take actions to restore the application and data to
its previous state (e.g., from system backups).
Software vendors with a widely installed client base attempt to develop and market trouble free
application software and upgrades. Although vendors such as PeopleSoft conduct extensive
testing, they cannot be expected to ensure trouble free operation in all Information Technology
environments due to the complexity and uniqueness of each software installation. Therefore,
upgrades /patches that have not been independently tested by the City in a test environment that
models the City's specific production environment (hardware, operating system, database software,
etc.) can result in:
• Unstable code
• Incompatibilities with current hardware and software
• Unexpected consequences or unintended results
• Data corruption
• Inaccurate results, reports, calculations
• High volumes of urgent trouble tickets (requiring Information Technology staff to
dedicate immediate resources to resolving issues that would otherwise be avoidable)
Management is aware of the exposure but has been unable to implement a test environment due to
budgetary constraints. We recommend that the City consider the risks /exposures identified above,
as well as the cost /benefits if implementing test environments for all of its critical applications.
Management Response
Management concurs with this recommendation, however, at this time the City is uncertain of its
future relationship with PeopleSoft. It is not likely that a significant investment in improvements
to this system will be made until consensus is reached on the long -term future of this system
application.
Current Status
The City has purchased the licenses to upgrade to Version 8.3 of PeopleSoft and will address the
stated recommendations during this upgrade.
171
USER ACCESS CONTROLS
Documentation of user access processes does not exist within the organization. The
documentation of user access processes and controls helps to not only ensure that controls are in
place and working as designed, but it also helps to ensure that business processes are not
interrupted in the event of application administration turnover. We recommend that the City
document formal policies and procedures that address user access controls. The documentation of
such controls should address procedures for granting, modifying and terminating user access. In
addition, formal policies and procedures should be documented to address continuous monitoring
of user access.
Management Response
More formal access control procedures for the other core financial applications will be
documented over the next twelve months.
Current Status
Implementation is currently in progress.
PLATFORM SECURITY
Management has committed resources over the past year to develop security around the
Information Technology processing environment. Management has also invested in the necessary
equipment for more secure remote access services. We commend management for working to
enhance the security of the City's Information Technology infrastructure, and we encourage
management to continue their efforts.
During our review, we noted that UNIX security settings on production servers may expose their
servers to unauthorized access. For example, certain enabled UNIX services (e.g., finger) are
inherently risky as they may disclose information about the City's users or its network to
unauthorized users and allow for exploitation of the City's network and information resources.
Currently enabled services (e.g., echo, daytime and chargen) also may expose production services
to denial of service attacks.
As the City continues to enhance its security posture, we recommend that the City review its
UNIX security environment and take actions to further enhance the security of its production
systems as well as ensure that UNIX administrators are appropriately trained to understand the
implications of security configurations and to identify potential exposures related to systems
configuration. Specifically, we recommend that the City evaluate UNIX services that are enabled.
If no business justification exists for these services, they should be deactivated. We further
recommend that the City conduct periodic UNIX security review and run software tools (e.g.,
COPS, SATAN) on production servers to detect and correct vulnerabilities. The City also may
wish to consider purchasing software tolls (e.g., security scanners, real time security monitoring
tools) to facilitate security reviews and /or proactively detect vulnerabilities in its network
environment.
172
PLATFORM SECURITY - Continued
Management Response
Management concurs with this comment and will continue to improve platform and network
security within the resources provided. The Information Technology department will continue to
implement and utilize the functionality of recently acquired network management tools. A
forthcoming network architecture plan will more specifically identify network security protocols
and maintenance procedures.
Current Status
Implementation is currently in progress.
ENHANCING PASSWORD CONTROLS
Passwords serve as the basis for providing controlled access to the City's information system
resources. Adequate password controls should be in place to ensure access is properly restricted.
The City has reasonable password parameters, however, modifying the current settings to those
suggested by leasing practice guidelines can enhance system security.
As suggested by leading practices, we recommend that the City set system parameters to:
• expire assigned passwords on initial log -on
• require that minimum passwords across all platforms and applications be at least six
characters
• force password changes every 45 -90 days
• maintain at least five generations of password histories
• lock accounts after three bad -login attempts, and require that access be reestablished
through the help desk or system administrator
• timeout user accounts after 30 minutes of inactivity
• limit concurrent logins (i.e. one for typical users)
We realize that some of the parameters suggested above are in place on various platforms and
applications, however, we suggest that management review the suggestions and standardize the
security parameters across all platforms and applications. In addition, we recommend that
management develop a formal policy that addresses standard password and security requirements.
This document should be distributed and reviewed with all City personnel with access to
information systems.
173
ENHANCING PASSWORD CONTROLS - Continued
Management Response
Management concurs with these recommendations. A Governance plan and Network
Architecture plan are scheduled for release within the next twelve months. These documents will
outline standards and procedures for employees to follow, including security and password
requirements. The mixed PC operating system environment is a significant detriment to efficiency
and control since greater documentation and training for the user population is required.
Additionally, migration to a uniform PC operating platform will greatly enhance the efficiencies in
network administration and control systems. The Information Technology department will
prepare a multi -year plan to facilitate the PC hardware and operating system upgrades.
Current Status
See current year comments.
BUSINESS CONTINUITY PLANNING
Many of the City's entities rely on the continuous business processing ability of the City's
Information Technology environment. The City has documented a disaster recovery plan that
provides for recovery of the data center, however, this plan does not address recovery of business
processes. Additionally, this plan has not been updated or tested within the last year. Management
understands the importance of maintaining a living document designed to address all aspects of
business resumption planning. We recommend that the City dedicate the resources necessary to
update its recovery plan as well as to prepare and plan for disasters that may impact Information
Technology and non - Information Technology business processes.
When updating the plan, management should ensure that the plan includes policies and procedures
to be followed for both minor and major disruptions of business processes. We further
recommend that management perform a business impact and risk analysis to determine the
probability of possible natural or man-made disaster scenarios (hurricane, fire, bomb, etc.) and the
impact of disasters or other interruptions limiting access to, damaging or destroying the data
center. This will help to determine a minimum acceptable recovery period given the reliance
management places on information systems and the impact on operations (e.g., downtime costs,
additional staff required to perform manual processes or process backlogs, redeployment of key
individuals, etc.) needed to perform manual processes and backlogs, etc. Based on these
assessments, evaluate the current plan for adequacy. The City's plan should also include aspects of
business recovery that are not currently addressed by the data center disaster recovery plan (e.g.,
recovery of critical business processes, initial response protocols, transitioning to normal
operations, etc). We further recommend that the City designate a Business Resumption
Coordinator (BRC) o ensure that the disaster recovery plan is updated as new technology is
implemented; this will help to ensure that the plan provides for current recovery requirements.
The BRC would be responsible for directing and coordinating testing efforts and training users to
make certain that plans remain viable and users are prepared for their roles. The BRC should also
be responsible for formulating communications strategies and protocols (e.g., establishing an
incident command system) to be used during a disaster.
174
BUSINESS CONTINUITY PLANNING - Continued
Management Response
The City's disaster recovery plan will continue to be upgraded to incorporate as many aspects of
post disaster recovery as possible within the resources allocated. The City requires each
department to develop a disaster recovery plan for business operations within their area of
accountability. The City currently has a designated emergency management coordinator and an
incident command center that manage communications and recovery protocols during and after
disasters.
Current Status
See current year comments.
175
This Page Intentionally Left Blank
176
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IJRO,JECT SITE LEGAL DESCRIPTIONS
The legnl description lnbeled "Primary Site.11 as set forth below, has been prepared
without benefit of a final field survey of said Primary Site (or the Home Depot Site or
Bomber Field comprising said Primary Site). The partics agree that should a final field
.survcy ofthe Primary Site (including surveys of the Home Depot Sitc and Bomber Field)
disclose any errors or discrepancies in the legal description of the Primary Site set forth
below, they will appropriately modify and amend the Primary Site legal description to
correct any such etTors or discrepancies disclosed by such final field survey.
Primary Site:
Home Depot Site:
Lot 1, THE CLEARWATER COLLECTION SECOND REPLAT, according to
the plat thereof recorded in Plat Book 107. pages 24 and 25, Public Records of
Pinellas County~ Florida.
" '
TOGETHER WITH rights of ingress and egress as reserved in Warranty Deed
recorded in Official Records Book ,1479, page 95, Public Records of Pinellas
County~ Florida.
TOGETHER WITH non-exclusive easements for ingress and egress, the passage
and parking of vehicles, the passage and accommodation of pedestrians, separate
. and common utility lines, construction, reconstruction, development, erection,
removal and maintenance of building components and other matters over, on nnd
under the land described in, and all as more particularly created, defined, located
and limited in: (1) that certain Operation and Reciprocal Easement Agreement
recorded in Official Records book 6440, page 2013; (2) Amendment to and
Ratification of Operation and Reciprocal Easement agreement, recorded in
Official Records Book 6735, page 217; (3) Third Amendment to an Operation and
Reciprocal Easement agreement recorded in Official Records Book 6921, page
129; (4) unrecorded Third Amendment dated July 17, 1990, as referred to in the
Fourth Amendment to an Operation and Reciprocal Easement Agreement
recorded in Official Records Book 7541. page 849 which was re~recorded in '
Omcial Records Book 7561, page 2125; (5) Fourth Amendment to an Operation
and Reciprocal Easement Agreement recorded in Official Records Book 7541,
page 849 which was re-recorded in Official Records Book 7561. page 2125; and
(6) Fifth Amendment to Operation and Reciprocal Easement Agreement recorded
in Official Records Book 9664, page 451, Public Records of Pinellas Count'y,
Florida;
TOGETHER WITH non~cxclusivc casclllcnt rights as grunted by Parking and
Driveway Ensement recorded in Official Records Book 6440, page 2002, as
amended by Amended Parking and Driveway Easement recorded in Official'
Records Book 6735. page 212, Public Records of Pinellas County, Florida.
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EXHIBIT "A"
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TOGETHER WITH a non-exclusive caselllent us described in that certain
, Drainage Ensemcnt Agreement recorded in 0 fficial Records Book 6618, page
2 I 90, ,Public Records 0 f Pincllns County, Florida.
LESS AND EXCEPT those portions of the above casement properties which lie
within the properties taken, in fee simple, designated as Parcels 111 and 123 by
Eminent Domain Suit No. 99-4965-CI, as evidenced by that Lis Pendens recorded
in Official Records Book 10598, page 2406; Stipulated Order of Taking & Final
Judgment recorded in Official Records Book 10714, page 617; and stipulated
Order of Taking and final Judgment recorded in Official Records Book 10714,
, page' 620; Stipulated Order. of T~lking and Partial Final Judgment recorded in
Omcial Records Book 10714, page 624; Stipulated Order of Taking and Final
Judgment recorded in Official Records Book 10714, page 628; Order of Taking
recorded in, Official Records Book 10741, page 2041; Stipulated Final Judgment
recorded in Official Records Book 11611, page 1495 and Amended Order of
. Taking and Stipulated Final Judgment recorded in. Official Records Book] 1704,
page 1408. Public Records of Pin ell as County, Florida.
LESS ~ EXCEPT those portions of the abo~e casement properties which lie
, within the properties taken; in fee simple, designated as Parcel 119 by Eminent
Domain Suit No. 99-5089-CI, as evidenced by that Lis Pendens recorded in
Official Records Book 10604, page 2207; Stipulated Order of Taking and Final
Judgment recorded in Official Reco~ds Book 10662, page 353 and Stipulated
,9rder' of Taking and Final Judgment recorded in Official Records Book 10874,
page 2276. Public Records of Pine lIas County, Florida.
LESS AND EXCEPT that portion of said Lot 1 takcn, in fee simple, designated as
PARCEL 120 by Eminent Domain Suit No. 99-4965-CI, as evidenced by that Lis'
Pendens recorded in Official Records Book 10598, page 2406; Stipulated Order
of Taking & Final Judgment recorded in Official Rccords Book 10714, page 617;
and Stipulated Order of Taking and Final Judgment recorded in Official Records
Book 10714, page 620; Stipulated Order of Taking and Partial Final Judgment
recorded in Official Records Book 10714. page 624; Stipulated Order of Taking
and Final judgment recorded in Official Rccords Book 10714, page 628; Order of
Taking recorded in Official Records Book 10741, page 2041; Stipulated Final
Judgment recorded in Official Records Book 11611, page 1495 and Amended
Order of Taking and Stipulated Final Judgment recorded in Official Records
, Book 11704, page 1408, Public Records ofPincllas County.
EXIIIBIT II A"
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Primary Site (continued):
Bomber Field:
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. Commence at the Northeast comer of Lot 1, The Clearwater Collccti,on Second
Replat as recorded, in Pint Book 107, Pages 24 and ,25, of the Public Rcc'ords of,
Pinellas County. Florida; thence N 89050' 51" W, 6.27 feet. to the Point of
Beginning; thence N 89050'51" W, 993.48 feet; thence N 00043'26',' E, 436.73';
thenceS,89050'SP' E, 102.60 feet; thence S 66054'12" E, 114.96 feet; thence S'
89050'51" E, 790.19 feet; S 00054'50" W, 311.95 feet; thence 'g 05024'50" W) ,
79.99 fcet, to the Point ofBcginni~g. '
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CoUnternl Site: '
Parcell (Parking Lot Parcel):
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'A parcel of land within the Southwest 1,4 of the Southeast Y.. of Section 7J Township 29
South, Range 16 East, PineIIns County, Florida and being further described as roIIows:
Commence at the Southwest comer of the Southeast v.. of said Section 7; thence along the
West line of said Southeast y.. North 00 041 '47" EastJ for 50.00 feet to the North right-of-
way line of Drew Street;' thence along said right-of-way line South 89040' 1911East for
542.36 feet to the Point of Beginning; thence leaving said line 'North 00~4114 7". East, for
435.00 feet; thence South 89040119" ~ast, for 761,.22 feet to the West right-or-way line of
Old Coachman Road; thence along said right-of-way line South Qo047'54" West, for
435.00 feet to the intersection with said North right-of-way of Drew Street; thence along
< 'said right-of-way line North 89040'19" \Vcst for 760.45 feet to the Point of Beginning.
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Par~el 2 (Baseball and Soccer Fields Parcel):
, A parcel of land within the Soutl1west y.. orlhe Southeast y.. of Section 7, Township 29
South, Range 16 East, Pinellas County, Florida and being further described as follows:
'Commence at the Southwest. corner of the' Southeast y.. of said Section 7; thence along the
West line of said Southeast y.. North 00041 '47" East, for 485.00 feet to the Point of
Beginning; thence continue along said line North 00041 '47" East, for 823.27 feet to the
South right-of-way line' Sharkey Road (CR 2~9); thence along said right-of-way line'
, South 89053'0211 East, for 1,305.1'0 feet to the intersection with the \Vest right~of~way line
of Old Coachman Road; thence along said right-of.way line Souih po047'54" West, for
, 828.12 feet; thence along said right-of-way line North 89040'19" West, for 1,303.58 feet
to the Point of Beginning.
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EXHIBIT "A.1"
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ITEI\IIZA TION
, OF
INFRASTRUCTURE IMPROVEMENTS
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,This is' the Itemization ofInfrastnlcture Improvements contemplated by Section 6.01 of
the Agreement for Development Community Sports Complex, by and between the City
, of Clearwater, Florida, ,and The Phillies, dated March 1, 2001. This itemization includes
, those Infrastructure Improvements identified by the City as of March 1,2001, and is .'
subject to change'by the parties as provided in tIle Agreement. Upon any such changes
being approved then this Exhibit "I" will be amended, revised or replaced to reflect such
changes.
'.1. ' .
. 'Construct southbound right turn lane '(storage and deceleration) from Old Coachman
Road to project entrance. 0 /
. Construct northbound left turn lane on Old Coachman Road from project entrance to
Drew Street. '
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. Construct westbound right turn lane (storage and deceleration from Drew Street to
, project entra,nce.
, . Construct five-foot wide sidewalk on each side of Old Coachman Road from Drew
Street to Sharkey Road.
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o Provide striped pedestrian crosswalks at die Sharkey Road I Old Coachman Road
intersection, and a pedestrian access points to the project site. '
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PROJECT SCHEDULE
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-, Below is the projcci schedule as it can be dctcmlined to date.. The project schedule is
subject to update, change or adj~stment, by the parties, upon the completion of design
work and as, other suc1~ information is obtained through the development ofthe proje,ct.
Upon any such changes being approved then this Exhibit UGH will be amended, revised or
, :replace~ to re~ect SUC~l changes. '
. April 02 - August 02
l\tIay 02,- June 02
, June 15,2002
JulyJ,2002
,
September 2002
October 1, 2002
Oct. 02 - Nov. 02
J ao. 04 - Feb. 04
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Scope of Work Finalized
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Site Work Commences
Public Source Proj~ct Funding Deadline
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Construction commences
, Occupancy or Community Sports Complex' .
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Grant Thorntol1 m
To the City Commio;sion<:rs
City of Clearwatcr .
Clearwater) Florida
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Accounlants and Managcmllnt CO"Iullants
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Professional standards, including Government Attdi~ing Standards, require that we advise you of the
following matters relating to our recently concluded audit for the year ended September 30) 2001) on
~hich we reported under date of Fcbruary 14, 2002. The mattcrs discussed herei~ are those that we
have noted 'as of February 14, 2002 and we have not updated our proccdurcs regarding these maners
since that cbte to the currcnt date. '
Our Respo.lsibility under Auditing Standards Genenllly Acceptcd in the United States of America and
Government Attditing Standards.
As stated in our engagement letter da~ed May 17) 2001, our responsibility) as prescribed by
professional standards and Government Auditing Standards, issued by the Comptroller General of the
United States) is to plan and perform o~r audit 'to obtain reasonable assurance about whether the
general purpose, combining)' individu~l fund and account group financial statements arc free of '
material misstatement, whether caused by error or fraud. An audit in accordance with auditing
standards generally accepted in the United,States of America (US GAAS) and Government Auditing
Standards does not provide absolute assurance or guarantee the accuracy of the financial statements
and is subject to the inherent risk that errors, fraud or noncompliance with the provisions of laws,
regulations) c'ontracts and grants, if existing) have not been detected. Such standards r~quir~ that we
obtain a sufficient understanding of the City of Clearwater's (the "City)s") internal control structure to
plan the audit.' However, such understanding and any tests performed with respect TO such internal
controls) or as to compliance with laws, regulations) contracts and grants) were for the purpose of
expressing our opinion on the City's fina,ncial statements and not to opine 01" provide any assurance
concerning such internal control structure or compliance. We could) however, as a separate
engagement) be engaged to perform agreed-upon procedures or examine and report on management's
, written assertion about that internal control'structurc or that management complied with specified
laws and regulations. Such engagements would be conducted in accordance with AICP A standards for
attestation engagements. '
Suite 3850
101 E. Kennedy Blvd
Tampa, FL 33602.5154
T 813.229.7201
F 813,223.3015
W www.granlthofnlOn.COm
Grant Thomlon LlP
US Momb9r of GIant Thornlon lnt,matloNI
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I\s required by Officc of rvlanagcl11clll ,1I1d Bud~~l ("0M BOO) Circular 1\-1 J3. Illte/its of StatL'S. Local
Governments and Non.Profit O"gmm:,uio11$ and Ch.\ptcr 10.S50; Rules of the Auditor' General, we
performed the following ,ldditional testing of internal controls and compliancc to suppbnem our
financial statement audit procedures: '
, '
, ..
o ,We considered the City's internal control over compliance with requirements that could h:wc a
direct and matcri.,1 effect on,;l major federal, program or state project in order to determine our
,auditing procedures for the purpose of expressing our opinion on 'compliance and to test and
, report on the internal control over compliance in .lccord.mce with OMB Circular A.l.B and
" Chapter 1O.550t Rules of the Auditor General.
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· We audited the City's compliance with the types of compliance requirements described in the U.S.'
Office of Management and Budget (OMB) Circular A-133 Compliance Supplement and in the
Executive Office of the Governor's State Project Compliance Supplement that ~re applicable to its
major federal progr;:.ms and state projects for the year ended September 30, 2001.
Although such tests supplement our financial starement audit procedures, they were performed solely
to meet the specified requirements of th,~ nforementioned regulations and do not constitute an
examination directed toward the expression of an opinion with respect to the internal control
structure or compliance ~ith such laws, regulations, contracts or grants. Accordingly; no such
opini'on is expressed.
Initial Selection oE Significant Accounting Policy
As discussed in Note 6 of the City's Comp~ehensive Annual Financial Report, the City adopted the
provisions of Governmental Accounting StandarJs Board Statement No, 3Jj Acmunting and Financial
Reporting for Non Excbange Transactions ("GASB Statement No. 33") effective October I, 1999. The
September 30, 2000 financial st;ltcments have been restated ro reflect the changes required by thi:;
statement.
Our Responsibilitv for Orher Information in Documents Containing Audited Financial Statements
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Pursuant to professional standards, tile auditor's responsibility for other information in documents
containing the City's audited financial statements docs, not extend beyond the financial information
identified in the auditors' report, and the auditor is not required to perform procedures to corroborate
. such other information. However; in accordance with Stich smndurds; we have read the information
, in the introductory and statistical sections of the City's Comprehensive Annual Financial Report and
considered whether such inform;ltion, or the manner of its presentation, was materially inconsistent
with its pr~sentation in the financial statements. Our responsibility also includf:s calling, to
management's attention any information that we believe is a material misstatement of fact. No such
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inCOnSIstencies or rTIlsstatcmCnlS, came to 'our attenuon.
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Manag9.!llent Juggments and Accountin~ Estim,ll~~
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,Accounting estimates, based upon n1.ltlagcmcnt's juJ~ll1entst .w: an integral part of an entity's financial
statements, Those judgments are nornlollly based on knowledge and experience about past .l,nd current
events and ilssumptions .lboutfuture events. Certain 'accounting estimates ilre particularly sensitive
because of their significance to \'he financial statements and, because of the possibility that future events
affecting them may diffe'r markedly from management's current judgments, We believe that the City's
allowance for uncollectible .lccounts for taxes receivable and other receivables and provision' for
insurance claims payable represent such particularly sensitive accounting estimates. Management has
informed us that in determining the appropriateness of these allowances and provisions, they reviewed
all significant facts and circumstances. \VIe have performed tests' of these allowances nnd provisions to
satisfy ourselves as to their reasonableness in rclation to the financial statements taken as ;l whole.
", For purp'oses of this letter, professional standards define a significant audit adjustment as a proposed
correction of the financial statements that, in our judgment, may not have been detected except
through our auditing procedures. The definition includes adjustments that were not recorded by the
City because they arc not material to the current financial Statements but might be potentially material
, 'to future financial statements. Management has represented to us that the uncorrected financial
statement misstatements in' the attached schedule are immaterial, both individually and, in the
aggregate) to the financial statements taken as a whole.
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, ~nific:mt Audit Adiustments
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, Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter)
whether or not resolved to our satisfaction) concerning a financial accounting) reporting) 01' auditing
matter that could be significant to the City's financial'statements or the auditors' report. We are
pleased to report that no such disagreements arose during rhe course of our audit.
Cons~ltation with Other Accountants
Management has informed usth,at they have not consulted with other accountants about auditing and
accounting matters subsequent to our appointment as auditors for the City.
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Maior Issues Discussed with Management Prior to Our Retention
Prior to our'being retained as auditors for the current fiscal year, there were no major ,accounting and
auditing issues discussed with management.
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, Pifficultil's Enco\1lltered in Performing the Audit
The c~rrent year's audit extended beyond the anticipated fieldwork completion principally due funds
< not bei'lg "dosed out" by the planned due dates .md changes to prcvi~usly "closed funds" after audit
~chedules were prepared. However; the City's co~prehensivc annual financial report was prepare'd in
good form by the City and completed before its statutory due, date. Additionally, we received good
,cooperation from the finance ?ep,artmem during the a'udit. '
'Sh~~ld you ~es~re further infor~ation concer~ing 'these matters~ ,we will be happy to meet with you at
your conveOlencc.
This ietter is i'ntended solely for the iriformati~n and use of the Mayo~-Comrnissio'ner, Commissioners',
'I, and Man"gement of the' City and' is not intended to and should not b~ used by anyone other than
, ' ' t~ese specified parties.
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T ~mpa, Florida
FebnJa'ry 14, 2002 '
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City ofCJcarwater
PAJEs
09/30/01
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Account
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(1)
, .7320 GF
Utilities Expe~se (Fund 010)
Utilities Expense (Fund 421)
Utilities Expense (Fund 432)
Utilities Expense (Fund 462)
Utilities Expe'nse (Fund 565)
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Accounts Payable (Fund 010)
Accounts Payable (Fund 421)
Accounts Payable (Fund 432)
Accounts Payable (Fund 462)
A~counts Payable (Fund 565),
69.931
27.1 J3
3;029
3,488
6,102
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69,931 ,
, 27.113
, 3.029
3.488
6,102
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(fo accrue Rodda Power utility bill for services provided prior to year end.)
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(2)'
7300 #348 Capital Outlay' (Fund # 343)
Capital Outlay (Fund # 348)
Capit.'\J Outlay (Fund # 315)
Retainage Payable (Fund# 343)
Retainag~ Payable (Fund # 348)
Retainage Payable (Fund # 315)
19,663
35.464
15.098
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19,663 '
35.464
15,098'
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(fo a~ctue retainage for A & L Underground invoice.)
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, ,', Net Effect
, Increase E?tpense
Increase Liabilities
179,888
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