COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR PERIOD ENDING SEPTEMBER 30, 1996!
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City of Clearwater, Florida
Comprehensive Annual Financial Report
for the Fiscal Year Ended September 30, 1996
Rita Garvey
Mayor-Conunissioner '
` Bob Clazk Ecl Hooper J;B: Johnson, Jr. Kv�en Seel
Commissioner' Commissionei Vice-Mayor/Cornrnissioner ' Conunissioner
Elizabeth M. Deptula
City Manager
Margaret L: Simmons, CPA
Finance Director
Prepared by: Ciry of Cleanvater Finance Departnient
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CITY OF CLEARWATER, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30. 1996
TABLE OF CONTENTS
INTRODUCTORY SECTION:
Paae
T�le Page ............................................................................................................................................................ i
OrganizationChart ..............................................................................................................................................b
Tableof Contents .............................................................................................................................................. iii
Transmiltal Letter ..................... ..
............ ........................................................................................................... wi
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Govemment Finance Officers' Association Certificate. ��
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FINANCIAL 3ECTION:
Indeaendent Auditors' Reaorts:
General Purpose Fnancial Statements .......................................................................................:....................1
Compliance........................................................................................................................................................ 2
IntemaiControl Strudure ..........................................................................................................................e.......3
General Pumose Financial Statements:
�� Combined Balance Sheet - All Fund Types and Account Groups,
And Discretely Presented Component UnRss ...........................................................................................g
Combined Statement of Revenues, E�end'dures and Changes in
� Fund 8alances - All Govemmental Fund Types and Discretely
PresentedComponent Un�s ..................................................................................................................10
Combined Statement of Revenues, F�enditures, and Changes in
Fund Balances - Budget and Actual (Nori-GAAP Budgetary Basis) - General and Special
� Revenue Fund Types .............................................................................................................................12
Combined Statement of Revenues, E�enses, and Changes in Retained
Eamings/Fund Balances - All Proprietary Fund Types and Similar
� Trust Funds .............................................................................................................................................14
Comb�ed Statement of Cash Flows - All Proprietary Fund Types and Similar Trust Funds ......................16
Notes to Financial Statements .....................................................................................................:..................20
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Financial Statements of Individual Funds:
GENERALFUND :............................................................................................................................................61
BalanceSheet ................................................................................................................................................63
Schedule of Revenues, F�enditures, and Changes in Fund Balance - Budget
and Adual (Non-GAAP Budgetary Basis) .............................................................................................64
SPECIALREVENUE FUNDS :.........................................................................................................................67
CombiningBalance Sheet .............................................................................................................................68
Combining Statement of Revenues, E�enditures and Changes in Fund Balances ..................................70
Special Dev�elopment Fund:
Statement of Rev�enues, E�end'Rures, and Changes � Fund Balance -
Budgetand Adual ...........................................................................................................................72
Community Redevelopment Agency:
Statement of Revenues, E�end�ures, and Changes in Fund Balance -
Budgetand Actual ...........................................................................................................................73
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CITY OF CLEARWATER, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 1996
TABLE OF CONTENTS, Continued
Paqe
DEBTSERVICE FUNDS :................................................................................................................................75
CombiningBalance Sheet .............................................................................................................................76
Combining Statement of Revenues, E�enditures, and Changes in Fund Balances ................................ 78
CAPITALPROJECTS FUNDS : ......................................................................................................................81
CombiningBalance Sheet .............................................................................................................................82
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 83
ENTERPRISEFUNDS : ................................................................................................................................... 85
CombiningBalance Sheet ............................................................................................................................. 86
Combining Statement of Revenues, E�enses, and Changes in Retained Eamings ................................ 90
Combining Statement of Cash Flows ........................................................................................................... 92
INTERNAL SERVICE FUNDS : .......................................................................................................................97
CombiningBalance Sheet ............................................................................................................................. 98
Combining Statement of Revenues, E�enses, and Changes in Retained Eamings ..............................100
Combining Statement of Cash Flows .........................................................................................................102
FIDUCIARYFUNDS :.....................................................................................................................................105
CombiningBatance Sheet ...........................................................................................................................106
Pension and Non-E�endable Trust Funds Combining Statement of Revenues, E�enses
andChange in Fund Balances ..........................................................................................................108
Rehabilitation Loan Fund Statement of Cash Flows ..................................................................................110
Agency Funds Combining Statement of Changes in Assets and Liabilities ..............................................111
GENERAL FIXED ASSET ACCOUNT GROUP :..........................................................................................113
Schedule of General Fi�aed Assets/Sources of Inv�estment ........................................................................114
Summary of General Fbaed Assets by Function and Activity ......................................................................115
Summary of Changes in General Fi�aed Assets by Function and Activity ..................................................116
COMPONENT UNIT - Clearwater powntown Dev+elopment Board :...........................................................117
BalanceSheet .............................................................................................................................................118
Statement of Revenues, E�end'Rures, and Changes in Fund Balance -
Budgetand Actual .........................................................................................................................119
SUPPLEMENTAL SCHEDULES : ..................................................................................................:..............121
Defined Benefd Pension Plans ....................................................................................................................122
Fi�e Services Program .......:.........................................................................................................................126
Continuing Disclosure - Gas System Revenue Bonds, Series 1996A ......................................................127
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CITY OF CLEARWATER, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 1996
TABLE OF CONTENTS, Continued
Paae
STATISTICAL SECTION : ....................................................................................................................................131
Table I General Govemmental E�enditures by Fundion - Last Ten Fiscal Years ..............................132
� Table II
Table III
� Table IV
f Table V
Table VI
� Table VII
� Table VIII
� Table IX
Table X
� Table XI
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General Revenues by Source - Last Ten Fiscal Years ..............................................................134
Property Tax Levies and Collections - Last Ten Fiscal Years ...................................................136
Assessed and Estimated Property Valuations Last Ten Fiscal Years .......................................138
Property Tax Rates - All Dired and Ov�erlapping Gov�emments -
LastTen Fiscal Years...........•-• ..................................................................................................140
PrincipalTa�ayers ....................................................................................................................142
Special Assessments and Improv�ement Liens - Levies, Collections
and Outstanding Balances -Last Ten Fiscal Years ..................................................................143
Ratio of Net General Bonded Debt to Tax�ble Assessed Value and Net
Bonded Debt Per Capita - Last Ten Fiscal Years ....................................................................144
Computation of Legal Debt Margin .............................................................................................145
Computation of Direct and Ov�erlapping Debt ............................................................................145
Ratio of Annual General Debt Service to E�enditures - General
Bonded Debt, General Rev�enue Certificates, and Mortgages
and Notes - Last Ten Fiscal Years ............................................................................................146
Table XII Revenue Bond Coverage:
Water and Sewer Revenue Bonds Cov�erages ........................................................................148
Public Service Tax Revenue Bond Cov�erages .........................................................................149
Gas Revenue Bonds Coverages ..............................................................................................150
Tax Increment and Lease Revenue Bonds Cov�erages ...........................................................151
Tax Increment Revenue Bonds Coverages ........................... ..,...152
............................................
Table XIII
Table XIV
Table XV
Demographic Statistics - Last Ten Fiscal Years .........................................................................153
Property Value, Construction, and Bank Deposits - Last Ten Fiscal Years ..............................154
MiscellaneousFads ....................................................................................................................156
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April 28, 1997
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C ITY OF C LEARWATER
POST OFFICE BOX 474g� CLEARWATER� F�oa�oA 34618-4748
CI'IY HALL, 112 SOUTH OSCEOLA AVENUE, CLEARWATER, FLORIDA 34616
TECSeHOrre (813) 462-6700 Fnx (813) 462-6720
The Honorable Mayor-Commiesioner and
The City Commiseioners
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, 1996, is submitted
herewith. This report was prepared by the Finance Department with
assistance provided by the Office of Management and Budget and the
Controllers throughout the City. Responeibility for the accuracy of the
presented data and the completeneas and fairness of presentation, including
all disclosures, reste with the City. We believe the data preaented ie
accurate in all material respects, and that it presents fairly the
financial position and reaults of operations of the various funda and
account groups of the City. We also believe that all diacloaures necessary
to properly interpret the data preaented, 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 the title page, which also liats the principal government
officials, an organizational chart, this transmittal letter, and the GFOA
Certificate of Achievement for Excellence in Financial Reporting awarded to
the City for its 1995 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.
Reportina Entitv
The City of Clearwater is a municipal corporation originally chartered by
the State of Florida in 1915. 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
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��EQUAL EMPLOYMENT AIYD A�MAIIVE ACT[ON EMPLOYER��
gas diatribution; 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 forms the "primary government". The
Clearwater powntown Development Board has been reported in a separate
column as a"component unit" aince it is governed by a aeparate board.
Economic Condition and Outlook
Clearwater is located on Florida's west coast, just north of St. Peteraburg
and just west of Tampa. With what we believe is the moet beautiful etretch
of public beach anywhere on the Gulf, our local economy reliea heavily on
tourism and related aervice industries, with little manufacturing or heavy
industry. We also have a large population of retirees, who have wisely
chosen Clearwater as the place in which to enjoy their retirement years.
Due primarily to the absence of much vacant land within the City corporate
boundariea, forecasts for annual growth in the Clearwater property tax base
are in the 0� to 2� range, continuing a trend which began in 1989. Economic
prospects in general for 1997 are for continued moderate economic growth
and stability. Adequate fund balancea in most funds provide us with an
additional margin of continued fiscal aecurity.
Maior Initiatives - Current Year
As part of the City's strategic planning efforts, all departments were
asked to focus on Public Safety, Economic Development, and Tourism in
fiecal year 1996. Whenever possible, annual goals were centered on these
three isaues.
Public Safetv
In fiscal year 1996, conaiderable effort was given to the construction of a
new "Municipal Services/Public Safety and Police Complex". This complex
includes a 70,000 square foot municipal services building housing the
functions of utility customer service, human resources, engineeririg,
central permitting, parks and recreation, information management, and
finance. This building was complete in April 1996. In addition, an 83,000
equare foot police building was constructed and open for service in January
1997. A joint parking facility will also be constructed consisting of 500
parking apaces.
The Police Department continued with the implementation of a new "state-of-
the-art" Records Management System. This will allow for increased case
management and statistical analysis of crime data through the
interrelationship of this system with the new Computer Aided Dispatch
system that was installed in December 1996. Together these systems will
enhance our ability to provide a higher level of service to the community.
In addition, the Police Department continued to provide community policing
efforts in the South Greenwood, North Greenwood, and Old Clearwater Bay
areae through federal grants, and established a new community policing
effort in the Countryside area with the opening of a sub-station in August
1996.
The Fire Department went through a reorganization in 1996 to enhance public
safety through an updated organizational structure aligned toward
empowerment of ita employeea and increased firefighter public expoaure and
contact. They also promoted public safety through a free fire detection
program, thereby increasing the number of one and two family residences
with installed fire detectors in the North Greenwood community to 90�.
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Economic Develovment
The Harborview Center, with 65,000 equare feet of versatile exhibit,
banquet, and meeting space opened in January of 1996 and ia designed to
brinq conventions, trade showe and other social and buaineas events to the
City of Clearwater. It is able to accommodate groups conaieting of 40 to
1,400 participants.
Public shows featuring native American arts and crafts, home improvementa,
jewelry, antiquea, and health care are a few of the eventa that have taken
place in the exhibit hall in 1996. More exciting events are scheduled for
1997. In addition, many conferences and conventione have been held at the
Harborview Center. The facility ie also available for private social
eventa.
The Central Permitting Department continued to concentrate on several major
projects including the implementation of a new program involving design
guideline regulations for Clearwater Beach, Downtown Clearwater, and North
Greenwood to improve the appearance and economic vitality of these areas;
the preparation of hietoric preservation inventoriea for powntown and the
Old Clearwater Bay neighborhood to identify important City historic
resources and to participate in the implementation of the redevelopment
plana for the South Mandalay and Downtown areas, as well as the
neighborhood zoning study for the South Ft. Harrison area.
Tourism
Fiscal year 1996 marked the first year of the Office of Tourism. Efforts
have been made to eatablish a presence among the tourism groups both
locally and regionally. Advertising initiatives were created to promote
Clearwater in major northern feeder markets including a comprehenaive media
campaign in the Chicago area. In addition, Clearwater has led a major
effort to organize a Hoepitality Center during the Winter Olympics in 1998
in our Siater City of Nagano, Japan. This initiative ia truly a
regional/state economic development effort emphasizing tourism and trade.
Maior Initiatives - Future
The City of Clearwater will continue to emphasize the major goals of public
eafety, economic development and tourism. A new vision atatement was
recently unveiled which builds on these efforts and challenges employees,
residence and investors to work together for the benefit of Clearwater.
The viaion reads:
SparkZing Clearwater proudZy celebrates the quality of our
experiences, spirit, and opportunities. A distinctive
community, CZearwater combines the beaaty of our tropical
environment with festive activities and amenities. It is a
safe and fun place that vaZues cooperation, respect, and
Zife Zong Zearninq.
CZesrwater weZcomes our dynamic and diverse businesses.
Tourism and technoZogy are trademarks of our Zoca1 and
international investments, which add value - both to
businesses and to residents. It is a place where aI1 people
can prosper.
CZearwater sparkles through its residents, the visitors and
investors who become residents, and through a11 who care
about a healthy and safe community.
The City Commisaion has dedicated itself to "ahare the viaion" with all
employees through a series of ineetings being held at various City
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facilities. In addition, the vision statement will be the focus of ineetinga
held with residents and businessea. This vision will be used as a guide
for making decisions affecting the City of Clearwater.
Funding for future capital projects was decided recently when County voters
approved an extension of the "Penny for Pinellas" optional infrastructure
sales tax for a second ten year period. This tax will generate
approximately $101,150,000 during the years 2000 through 2010. Projects to
be funded from this tax include street and bridge replacement and
improvements, parks and recreation facilitieB, library construction, and
etormwater retention facilities.
Internal and Budaetarv Control
Effective internal accounting control is a major emphasis in the City's
accountinq system. Internal control seeks to provide reasonable, but not
abaolute assurance that assets are safeguarded against loss from
unauthorized use or dispoaition, that financial recorda are reliable for
preparing financial statements and maintaining accountability for assete,
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 atatements, the City maintains an Internal Audit Department
consisting of three professional internal auditor positions.
Although the legal level of budgetary control is the individual fund,
adminiatrative budgetary control was maintained at the departmental level
in fiscal 1996 by the encumbrance of funds when a purchase order is entered
into the syetem. Pursuant to authority delegated to the City Manager,
formal amendments are processed adminietratively when purchase commitments
exceed available controlled balances while quarterly budget status reports
to the City Commiesion detail theae adjustments. Open encumbrances are
reported as reservations of fund balances at September 30, 1996.
Governmental Funds
Governmental Funds are used to account for primarily tax-supported services
(as distinguished from thoae services supported primarily from user
charges). The four governmental fund types are the General, Special
Revenue, Debt Service, and Capital Project Funds. Following is a summary
of revenues for all governmental funds for fiscal 1996 (including the
Clearwater powntown Development Board), with comparative figures for 1995.
Revenues:
Taxes (Property, Utilities Services, and Franchise)
Licenses, Permits, and Fees
Intergovern m ental
Charges for Services:
Administrative Charges to Other Funds
Other Charges
Fines, forteitures and Penalties
Miscellaneous Revenues
Total Revenues
All Governmental Funds
1996 1995
41,624,100
2,937,586
20,617,058
5,232, 824
1,056, 340
1,736,731
40,028,444
3,620, 891
19,814,366
4,675, 516
1,019,772
1,756,680
4,430,681 3,838,285 �
$ 77,635,320 $ 74,753,954
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Property taxes remain the most important single revenue provided to
Governmental Funds. Property taxea collected in 1995/96 ware $21,189,640
which represented approximately 27.3$ of total revenues. Comparable
figures from the previous year were $21,016,108 and 28.1�, respectively.
Out of the total taxes collected, $1,578,813 was earmarked for capital
improvements to the City's roads and is reported in the Special Development
Fund, rather than the General Fund.
The January l, 1995 assessed valuation, which is ueed as the base for
levying Ffscal Year 1996 property taxes, was $4.26 billion after
exemptions. The property tax levy millage rate was 5.1158 per thousand of
taxable value. Included in the millage rate was .0289 for General
Obligation Debt previously approved by the votera, which leavea a non-voted
millage rate of 5.0869. Since the City is permitted by state law to levy
ten mills without referendum, there remains a legal millage margin of
4.9131, which would produce $19,885,595 of additional revenue based on the
January l, 1995 assessed valuation.
An analysis of General Fund data, as presented on pages 6-12 of the
� financial statemente, reflects an unreserved fund balance of $10,289,898 as
of September 30, 1996. Thie amount represents 15.1$ of fiscal 1996
expenditures and 14.5$ of the adopted fiscal 1997 Budget. Both figures
comfortably exceed the 10$ "target" adopted by City Commission policy.
Following is a comparative eummary of Governmental Fund Expenditures
(including the Clearwater powntown Development Board):
All Governmental Funds
1996 1995
Expenditures:
General Government
Public Safety
Physical Environm ent
Transportation
Econom ic Environm ent
Human Services
Culture and Recreation
Capital Outlay
Debt Service
Total Expenditures
$ 8,422,146
32,473,158
1,448,830
4,935,058
1 ,999,551
693,940
13,582,796
23,283,499
$ 7,100,253
32,230,932
1 ,368,074
4,727,961
1 ,971 ,488
760,196
13,172,327
14,059,318
2,496,111 2,169,809
$ 89,335,089 $ 77,560,358
Entervrise Funds
A summary of significant financial information for the City's enterprise
funda is ahown on the table on the following page.
The Water and Sewer Syatem had a net income in 1996 of $1,762,713 as
compared to $3,080,913 in fiecal year 1995. The primary cause was the
increased cost of the supply and treatment of water used by the syetem. A
comprehensive rate atudy is being performed which will propose rates
adequate to compensate for these increased costs. This rate study also
includes the stormwater, solid waste, and recycling utilitiea.
The City Gae Utility showed more favorable operating reaults in fiscal year
1996 than in fiscal year 1995. The Gas System Managing Director has
adopted an aggreasive policy of adding additional customers and
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reatructured the overall system rates. These new rates were designed to
make the system more competitive, not only with neighboring gas companies,
but with alternative fuel suppliers as well. In July of 1996, $8.815
million in Gas Revenue Bonds, Series 1996A were issued to fund expansion in
Pinellae and Pasco Counties. By City Commission policy, the Clearwater Gas
Syatem pays a dividend to the City's General Fund. The current year's
tranafers out includes a dividend transfer of $1,108,911, which means that
the net income "before dividends" was $258,393 + 1,108,911 =$1,367,304.
Barring unforeseen changea in market forces, the economic environment is
expected to be favorable to natural qas, and adequate cash flows to meet
dividend payments, debt service, and capital expansion requirements are
anticipated into the foreseeable future.
Water and Sewer Utility
Gas Utility
Solid Waste Utility
Recycling Utility
Stormwater Utility
Toll Causeway and Bridge
Yacht Basin and Marina
Parking System
Pier 60
Harborview Center
Total All Enterprise Funds
Total Assets
(in thousands)
1996 1995
$ 205,252 205,212
Operating
Revenues
(in thousands)
1996 1995
32,244 30,480
38, 436 31,175 16,165
10, 395 10, 011 11, 819
2,529 2,249 1,554
21, 540 19, 501 3, 454
1,800 1,968 1,811
4,307 4,806 2,415
13,149
11, 739
2, 028
3,412
1, 606
1, 743
2, 401
- 2,156 267 300
14,551 15,112 394 175
$ 298, 810 292,190 70,123 67, 033
Net Income
(Loss)
(in thousands)
1996 1995
1,763 3,081
258 (265)
331 640
334 1,013
(1,077) 609
- (99)
(22) 30
(18) 97
(125) (71)
(698) (92)
746 4,943
The Stormwater Utility had a net loss of $1,076,856 for the year which
resulted mainly from an increase in repair and maintenance expenditures.
These expenditures were related to system renewal and replacement and
habitat restoration projects that were not eligible for capitalization. As
mentioned above, the stormwater rates are being evaluated as part of a
comprehensive rate atudy scheduled to be complete in fiscal year 1997.
The Recycling Utility had a reduction in operating revenues from $2,028,127
in 1995 to $1,554,339 in 1996. This was a result of declining markets in
the sale of recyclables.
The City Marina experienced a loss of $22,223 in fiscal year 1996. The
major contributing cause was a loss of income from the bridge which was
used to cover a portion of the administrative expenses incurred at the
Marina.
The Parking System experienced a loss due to the return of funds held for
the Community Redevelopment Agency (CRA) related to a combined debt aervice
reserve account. Once the Parking Fund bond issue was paid off, the CRA
funds were returned to establish a debt service reserve for the CRA issue
only.
Pier 60 Fund was closed at the end of fiacal year 1996 when it became
apparent it could no longer be self supporting through user charges alone.
Thie was cauaed mainly by increased depreciation expense after a major $2
million renovation in 1994. Operations at Pier 60 will continue with the
funding to come from General Fund revenues.
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Harborview Center is an enterprise operation reflecting the City's
commitment to the renovation of a former department atore building creating
a combined retail, restaurant, and convention center facility. The main
floor of the center is leased to Stein Mart, the Jacksonville based
retailer. Stein Mart opened for business on September 17, 1994, offering
downtown shoppera with a cross between an upecale department atore and an
off-price outlet. Conatruction continued during fiscal year 1996 on the
convention facility which opened for business in January 1996. The net
loss wae generated mainly from profeasional fees paid to a convention
facility management firm which was hired to manage the facility. It is
hoped that once the center is established and is in operation for a full
year, the revenuea will exceed any operating expenaes.
Em�lovee Retirement Svstems
The Employees' Pension Plan and the Firemen's Pension Plan are self-
administered by the City. City contributions for the year were $2,867,835
to the Employees' Plan and $867,569 to the Firemen'B Plan, and were in
accordance with actuarially determined funding requirements.
In addition, aupplemental pensione exiat for certified Police Officers and
Firefightera under the provisions of Florida Statutes Sections 175 and 185.
These plana are funded solely from excise taxes on certain insurance
premfuma covering property in Clearwater, 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.
Debt Administration
� At September 30, 1996, the City had total outatanding debt of approximately
$133.377 million, including general obligation debt of $355,000, notes,
mortgages and contracts of $11.38 million, and revenue bonds of $121.642
million.
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For debt obligations exieting on September 30, 1996, with ratinga from the
national rating aqencies, Clearwater's current ratings are ae follows:
General Obligation Bonds, Series 1978
Public Service Tax & Bridge Revenue Bonds
Seriea 1985 (MBIA Inaured)
Improvement Revenue Bonds Seriea 1995
(MBIA Insured)
Water and Sewer Revenue bonds Series 1984
(MBIA Insured)
Water and Sewer Revenue Bonds Series 1988
(MBZA Insured)
Water and Sewer Revenue Bonds Series 1993
(AMBAC Insured)
Parking System Revenue Bonds Series 1983
Gas System Revenue Bonds Series 1991
(AMBAC Inaured)
Gas System Revenue Bonds Seriea 1994A
(MBIA Znsured)
Gae System Revenue Bonds Series 1996A
(AMBAC Insured)
Standard
and Poor's
Corvoration
A+
AAA
AAA
AAA
AAA
AAA
A-
AAA
AAA
AAA
Moody's
Investors
Service
A-1
Aaa
Aaa
Aaa
Aaa
Aaa
Not Rated
Aaa
Aaa
Aaa
The computation of the legal debt margin imposed by City Charter (Table IX
of the Statistical Section of this report) indicates a very low proportion
of indebtedness at September 30, 1996, compared to property values at
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January 1, 1996. Table XII demonstrates that coverages for each of the
City's revenue bonds are adequate. Table VIII shows that general
obligation debt per capita has declined each year from a high of $30.64 at
September 30, 1987, to a current low of $.21 at September 30, 1996.
Caeh Manaaement
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
funda. Over the yeara, the City has held to a conservative investment
philosophy with the idea that the return of the investment principal is
more important than the return on the principal. In the current climate
with the losses that some governmenta have experienced in their investment
portfolio, we want to emphasize that the City of Clearwater does not
purchase derivatives or collateralized mortgage obligations with its pooled
cash. We believe that a conservative investment philosophy best serves the
residents of Clearwater. During fiscal year 1996, the cash pool earned an
average rate of return of 5.86� on ita investments.
Risk Manaaement
As stated in Note (1H), the City is self insured within certain parameters
for losees arising from claims for general liability, auto liability,
police professional liability, property damage, and workers' compensation.
The transactiona relating to the self insurance program are accounted for
in the Central Insurance Fund, and are reported as an Internal Service
Fund. Amounts estimated to be payable due to claims occurring on or before
September 30, 1996 were more than expected, resulting in a net loss of
$1,675,639, with a corresponding decrease in total fund equity to
$5,578,455 as of September 30, 1996. Of this amount, $3,437,057 is
deaignated by management as a"Premium Stabilization Fund" to protect
against future unexpected increases in employee health care costs. 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 loases
arising from events occurring on or prior to September 30, 1996.
Independent Audit
As required by Section 2. Ol ( c) 3 of the City Charter, by atate 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 Ernst & Young L.L.P. (pages 1-3 of this
report) contains their opinion attesting to the fairness of the applicable
financial statements included in this report, in conformity with generally
accepted accounting principles.
Awards
The City has recefved the Certificate of Achievement for Excellence in
Financial Reporting for our Comprehensive Annual Financial Report dated
September 30, 1995, making seventeen consecutive years that we have
received this prestigious recognition. This award, which is reproduced
immediately following this transmittal letter, 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 our fiscal year 1996 Budget document, making the
xiv
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� tenth consecutive year that thie 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.
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Acknowledcrment
A very special thank you goes to the Special Working Audit Team "SWAT"
which is composed of individuals in the Finance Department, Office of
Management and Budget, and the Controllers throughout the City for their
profeseionalism and dedication in producing this report. In addition, we
thank the Graphic Communications Diviaion for the professional printing of
this report. Finally, we appreciate the continued support and encouragement
from the management team and elected officials.
Sincerely,
� � �
� �
� Elizabeth Deptula
City Manager
1''�'�AJ►�4;�.�a� �.
� Margaret L. Simmons, CPA
Finance Director
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Certificate of
Achievement
for Excellence
in Financial
I�eporting
Presented to
City of Clearwater,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1995
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
'1 '
Preside
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2f��
Executive Director
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= ERNST & YOUNG LLP
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• Certified Public Accountants
Suite 2200
100 North Tampa Street
P.O. Box 740
Tampa, Florida 33601
Report of Independent Auditors
Honorable Mayor-Commissioner, City
Commissioners and City Manager
City of Clearwater, Florida
� Phone: 813 225 4800
We have audited the accompanying general purpose financial statements and the combining and
individual fund and account group financial statements of the City of Clearwater, Florida, as of and for
the year ended September 30, 1996. These general purpose financial statements are the responsibility of
the City of Clearwater, Florida's management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the general purpose iinancial siatements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall general purpose iinancial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the City of Clearwater, Florida, as of September 30, 1996, and the
results of its operations and the cash flows of its proprietary fund types and nonexpendable trust funds
for the year then ended in conformity with generally accepted accounting principles. Also, in our
opinion the combining and individual fund and account group �nancial statements referred to above
present fairly, in all material respects, the financial position of each of the individual funds and account
groups of the City of Clearwater, Florida, as of September 30, 1996, and the results of operations of such
funds and the cash flows of individual propriety fund types and nonexpendable trust funds for the year
then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements
taken as a whole and on the combining and individual fund and account group financial statements. The
required supplemental information and schedules are presented for purposes of additional analysis and
are not a required part of the general purpose financial statements and the combining and individual fund
� and account group financial statements of the City of Clearwater, Florida. Such information has been
subjected to the auditing procedures applied in the audit of the general purpose financial statements and
the combining and individual fund and account group financial statements and, in our opinion, is fairly
presented in all material respects in relation to the general purpose financial statements taken as a whole.
� The statistical data section has not been subjected to the auditing procedures applied in the audit of the
general purpose financial statements and, accordingly, we express no opinion on such data.
In accordance with Government Auditing Standards, we have also issued a report dated January 10, 1997
� on our consideration of the City's internal control structure and a report dated January 10, 1997 on its
compliance with laws and regulations.
���� t �CL�
� January 10, 1997
Ernst &Young uP is a member of Ernst &Young International, Ltd.
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= ERNST&YOUNG LLP
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■ Certified Public Accountants
Suite 2200
100 North Tampa Street
P.O. Box 740
Tampa, Florida 33601
■ Phone: 813 225 4800
Report on Compliance Based on an Audit of General Purpose
Financial Statements Performed in Accordance With
Government Auditing Standards
Honorable Mayor-Commissioner, City
Commissioners and City Manager
City of Clearwater, Florida
We have audited the general purpose financial statements of the City of Clearwater, Florida, as of
and for the year ended September 30, 1996, and have issued our report thereon dated January 10,
1997.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the City of Clearwater,
Florida, is the responsibility of the City of Clearwater, Florida's management. As part of
obtaining reasonable assurance about whether the general purpose iinancial statements are free of
material misstatement, we performed tests of the City of Clearwater, Florida's compliance with
certain provisions of laws, regulations, contracts, and grants. However, the objective of our audit
of the general purpose financial statements was not to provide an opinion on overall compliance
with such provisions. Accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance that are required to be reported
herein under Government Auditing Standards.
This report is intended for the information of the Mayor-Commissioner, City Commissioners,
City Manager and the management of the City of Clearwater, Florida, and agencies providing
state and federal financial assistance to the City. However, this report is a matter of public
record and its distribution is not limited.
January 10, 1997
�C��vr`'°� f �.L�
Emst &Young uv is a member� Emst &Young International, Ltd.
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=� ERNST &YOUNG LLP ■ Certified Public Accountants ■ Phone: 813 225 4800
Suite 2200
100 North Tampa Street
P.O. Box 740
Tampa, Florida 33601
Report of Independent Auditors on Internal Control Based
on an Audit of General Purpose Financial Statements
Performed in Accordance With Government Auditing Standards
Honorable Mayor-Corrunissioner, City
Commissioners and City Manager
City of Clearwater, Florida
We have audited the general purpose financial statements of City of Clearwater, Florida, as of
and for the year ended September 30, 1996, and have issued our report dated January 10, 1997.
We conducted our audit in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the United States. Those
� standards require that we plan and perform the audit to obtain reasonable assurance about
whether the general purpose financial statements are free of material misstatement.
�
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The management of the City of Clearwater, Florida, is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefts and related costs of internal control
policies and procedures. The objectives of internal control are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized
use or disposition, that transactions are executed in accordance with management's authorization
and recorded properly to permit the preparation of general purpose financial statements in
accordance with generally accepted accounting principles. Because of inherent limitations in any
internal control, errors or irregularities may nevertheless occur and not be detected. Also,
projection of any evaluation of internal control to future periods is subject to the risk that
procedures may become inadequate because of changes in conditions or that the effectiveness of
the design and operation of policies and procedures may deteriorate.
� In planning and performing our audit of the general purpose fnancial statements of City of
Clearwater, Florida, for the year ended September 30, 1996, we obtained an understanding of
internal control. With respect to internal control, we obtained an understanding of the design of
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the relevant policies and procedures and whether they have been placed in operation, and we
assessed control risk in order to determine our auditing procedures for the purpose of expressing
our opinion on the general purpose financial statements and not to provide an opinion on internal
control. Accordingly, we do not express such an opinion.
Emst &Young ��P is a member3of Emst &Young Intemational, Ltd.
Our consideration of internal control would not necessarily disclose all matters in internal control
that might be material weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which the design or
operation of one or more of the speciiic internal control components does not reduce to a
relatively low level the risk that errors or inegularities in amounts that would be material in
relation to the general purpose financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their assigned functions.
We noted no matters involving internal control and its operation that we consider to be material
weaknesses as deiined above.
However, we noted others matters involving internal control and its operation that we have
reported to management of City of Clearwater, Florida, in a separate letter dated January 10,
1997.
* * * * * * *
This report is intended for the information of the Mayor-Commissioner, City Commissioners,
City Manager and the management of the City of Clearwater, Florida. However, this report is a
matter of public record, and its distribution is not limited.
January 10, 1997
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GENERAL PURPOSE
FINANCIAL STATEMENTS
CITY OF CLEARWATER, FLORIDA
COMBINED BALANCE BHEET - ALL FUND TYPES, ACCOUNT OROUPS,
AND DISCRETELY PRESENTED COMPONENT UNIT
SEPTEMBER 30. 7896 WITH COMPARATIVE TOTAL FIOURES FOR 1995
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Oovemmental Pund Types Propeietary Fund Types �
Special Dabt Capital Intemal
Oene�al Reveoue Servfce Projects Enterpdse Service �
A��ets �nd Othar Debit� �
Assets:
Cash on Hand and in eanks S 21,025 50 8,475 1,975 �
Equity in Pooled Cash and Investmente• 10,097,162 7,207,826 1,572,620 45,202,486 17,150,559 7,162,286
Cash with Eccrow Ape�t 2,409
Investments 42,900
Receivabks (Net Whero Applicable, �
of Albwsncec far Estimated
Uncollectible Amountsl:
Accounts snd Controcts 923,038 6,501,333 239,926 �
Mortpspee, Notes and Other Loans 32,439
Accrusd Revenues 2,091,252 9,428
Improvement Lfens 442,008
Irrterost snd Dividende 493 �
Rehabilitation Adve�ces
Deli�quent Property Taxee 194,153 16,963
Othsr 8,852 75,000 �
Due from Other Funds 15,000 188,279 16,234,225 1,981,812
Due from Other Funds (Deficit in Pooled Cash) 4,017,1 61
Due from Other Governmental Entitias 459,175 1,553,414 24,804 193,860
Inventories, at Cost 7,313 1,624,207 185,080 �
Propaid Expenses/Expenditures
andOtherAssete 51,407 5,283 33,686
Restricted Assete: �
Equky in Pooled Cash end Investments 30,386,420
Due from Escrow Agent 31,390
Due from Other Funds 8,143,361
Investments, At Cost or �
Amortized Cost 3,719,278 503,750
Interest Receivable 103,680 5,793
Advsncea to Other Funde 324 49,940 10,411,191 �
Daferred Charges 1,661,862
Property Held for Ressle
Property, Plant and Equipment INet
of Accumulated Deprociationl 212,996,318 13,496,152 �
Other Debits:
Amount Available in Debt Service Funds
Amount to be Provided for Retirement �
of (ienerel Lonp-Tertn Debt
Amount to be Provided for Compensated Absences
Total assets and otherdebite S 13,859,849 8,828,972 1,618,422 49,874,738 298,810,191 34,096,651 �
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'Includes nonexpendebb truat fund cash end caeh equivalents of 5142.051 for 1996 and 5447,043 for 1995.
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See sccompanying notes to Financial Statements. �
6
Page 1 oi 2
Component
Rduclary Pdmery Unit
fuod Type Account Oroups Oovemment qearwster Repoeliny Enthy
Oenerd Oenarol Totals Downtown Totals
Trwt �nd Rxed Lonp-Teem IMemorondum Development IMemorandum Ooly)
Agency Aosets Dabt Only) Boa�d 1996 1896
10,155
5,145,252 •
275,256,774
41, 680
93,538,191 `
2,409
275,299,674
80,125 121,805 131,946
93,538,191 * 100,188,772 °
2.409 3.228
275,299,674 243,842,593
7,664,297 7,664,297 7,846,318
4,807,968 4,840,407 4,840,407 3,942,867
2,100,680 2,100,680 2,213,553
442,008 442,008
2,885,982 2,886,475 2,886,475 2,664,976
128,309 128,309 128,309 95,874
211.1 16 21 1,116 234,781
173,371 257,223 257,223 191,267
18,419,316 18,419,316 19,798,265
4,017,161 4,017,161 6,466,022
2,231,253 2,231,253 2,370,403
1,816,600 1,816,600 1,480,778
90,376 90,376 446,600
30,386,420 30,386,420 27,656,478
31,390 31,390 31,390
8,143,361 8,143,361 10,801, 214
4,223,028 4,223,028 6,464,078
109,473 109,473 166,281
10,461,455 10,461,455 8,019,374
1,661,862 1,661,862 1,748,641
84,701 84,701 84,701
145,628,270 372,120,740 372,120,740 338,025,702
1,618,422 1,618,422 1,618,422 1,685,068
15,379,076 15,379.076 15,379,076 14,858,697
4,016,058 4,016,058 4,016,058 4,033,072
288,492,512 145,628,270 21,013,556 862,223,161 80,125 862,303,286 805,408,236
(Continued)
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CITY OF CLEARWATER, FLORIDA
�
COMBINED BALANCE SHEET - ALL FUND TYPES, ACCOUNT OROUPS, �
AND DISCRETEIY PRESENTED COMPONENT UNIT, CONTINUED
SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FIOURES FOR 1995
Qovemmental Fund Tvpes Prop�ietary Fund Types �
Speclal Debt Capltal Intemal
Oeneral Revenue Service Pro�ects Enterpdse Sarvice
LIabIlMles, Equky and Other Credits �
Liabilities:
Accourrcs snd Contrscts Payable S 67,296 46,300 2,157,344 2,271,871 635,417
Benefits Payabb
Defened Compensation
Accrued Payroll
Accrued Compeneated Absences
Accrued Interost Payabie
Clsims Payabb
Due to Other Funds
Due to Other Funds IDeficit in Pooled Cash)
Due to Other Govemmental Entities
Deposits
Deferred Revenue
Deferted Assessment Liens
Other Miscellsneoua Peysbles
Payable from Restricted Assete
Adva�ces from Other Funde
Generol Oblipstion Bonde Payable
Revenue Bonds Payable
Mortpages, Notes, Loan Pool Agroemente
and Acquisition Contrects Payeble
Totel Uebilities
Equitv and Other Credits:
Inveatment in General Fixed Aasete
Contributed Capitel
Retained Eaminge:
Reserved for:
Revenue Bond Requiroments
Unreserved
Fund Belences:
Recerved for:
Prapaid Expenditures
Inventories
Encumbrances
Debt Service Requirements
Advances to Other Funds
Noncurtent Notes Recefvable
Employee Retirement
Speciel Progrems
Unreserved:
Designated for Special Proerame
Desipnated for Debt Service
Desipnated for Capital Projects Appropriations
Undesipnated
Total Retained Eemi�gs/
Fund Balances
Total Equity and Other Crodks
1,567,732 54,737
155,091
3,171
5,802
1,107, 260
7.732
410,621
4,140
16,963
25,858,675
442,008
1,432,477
180,295
352,900
2,639,028
83,612
86,842
551,381 �
10,769
1 1,053,770 �
188,279
1,378,133
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9,131,601
184,777 8,956,774 1.319.904 �
104,392,381
948.602 7,140.953
3.091,129 9,497,267 28,458,027 122.839,513 20,958,702 �
51,407
7,313
413,178 14,652,940
1,364,964
324
6,600 21,626
1, 244,156
1 984 738
101,554,078 4,457,866 �
19,712,724 507,625
54,703,876 8,172,458 �
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� 253,458 �
6,763,771
10,289,898 (3,918,815)
10,768,720 (668,295) 1,618,422 21,416,711 74,416,600 8,680,083 �
10,768.720 (668,295) 1,618,422 21,416,711 175,970,678 13,137,949
S 13,859,849 8,8� 1,618,422 49,874R738 298,810,191 34,0�
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Sae accompanying notes to Financial Statemente. �
8
Page 2 of 2
Component
Flduclary Primery Unit
Fund Type Account Oroups Oovemment Clearwate� Reparting Entity
Oena►el Oeneral Totals Downtown Totals
Trust a� Rxed Lony-Term (Memarandum Development (Memorandum Only)
Aoencv Asseb Debt Onlv) Board 1996 1995
280,666 5,458,894 10,033 5,468,927 6,106,778
167.782 167.782 167,782
19,024,385 19,024,385 19,024,385 16,279,192
3,606,327 435 3,606,762 3,151,932
4,016,058 4,016,058 4,016,058 4,033,072
191,064 191,064 150,942
11,053,770 11,053,770 8,221,227
26,562,677 26,562,677 30,599,479
4,017,161 4,017,161 6,466,022
413,792 413,792 576,511
64,161 157,715 157,715 93,703
1,211,065 1,211,065 1,888,459
442,008 442,008
125,106 125,106 125,106 140, 208
9,131,601 9,131,601 8,664,547
10,461,455 10,461,455 8,019,374
355,000 355,000 355,000 450,000
13,351,790 117,744,171 117,744,171 112,628,996
3,290,708 11,380,263 11,380,263 9,007,703
19,662,100 21,013,556 225,520,294 10,468 225,530,762 216,478,145
145,628,270
145,628,270
106,011,944
20,220,349
62,876,334
145, 628, 270 123,418,062
106,011,944 104,924,71 1
20,220,349 20,084,747
62,876,334 61,275,103
51,407 51,407 37,250
7,313 7,313
15,066,118 15,066,1 18 17,871,774
1,364,964 1,364,964 1,444,372
324 324 15,324
28,226 28,226 157,959
263,585,350 263,585,350 263,585,350 231,842,001
1,244,156 1,244,156 682,280
1,984,738 1,984,738 2,138,096
253,458 253,458 240,696
6,763,771 6,763,771 9,552,426
5,245,062 11,616,145 69,657 11,685,502 15,245,290
268,830,412 385,062,653 69,657 385,132,310 360,587,318
268,830,412 145,628,270 636.702,867 69,657 636,772,524 588,930,091
288,492.512 145,628,270 21,013,556 862,223,161 80,125 862,303,286 805,408,236
9
CITY OF CLEARWATER, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
ALL (iOVERNMENTAL FUND TYPES AND DISCRETELY PRESENTED COMPONENT UNIT
YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATNE TOTAL FIGURES FOR 1995
Revenuea:
Texea
Licenses, Permits, and Fees
Intergovernmental Revenues
Charges for Services:
Administrative CharOes to Other Funds
Other Charpes
Fnes, Forfeitures, and Penalties
Miscellaneous Revenuea
Total Revenues
Expenditurea:
Current:
General Government
Public Safety
Physical Environment
Trensportetion
Economic Environment
Human Services
Culture a� Recreation
Capital Outlay
Debt Service:
Principal Retirement
Intereat and Fiscal Charpes
Bond Issuance Costs
Totel Expenditures
Excess (Deficiency) of Revenues
Over Expenditures
Other Financinp Sources (Uses):
Proceeds of Indebtedness
Operating Trensfers In
Opereting T►ensfers In - Primary Government
Operating Transfers In - Component Unit
Operating Transfers Out
Opereting Transfers Out - Primary Government
Operating Transfers Out - Component Unit
Excess (Deficiency) of Revenues and Other
Financing Sources Over Expenditures
end Other Fnancing Uses
Fund Balances, Beginning of Year
Residual Equity Trensfers In
Residual Equity Transfers Out
Fund Balances, End of Year
See accompanying notes to Financial Statements.
General
S 39,916,641
2,435,798
11.027,141
5,232,824
1,056,340
1,290,371
1,367,063
62,326.178
7,270,337
31,911,958
1,395,759
4,935,058
677,237
693,940
13,388,895
Special Debt
Revenue Service
1,578,813
501,788
9,576,891
446,360
1,872,308 83,755
13,976,160 83,755
1,151,809
561, 200
53,071
1,180,074
193, 901
168,673
1,417,235
1,078,876
60,273,184 3,308,728 2,496,111
2,052,994 10,667,432 (2,412,356)
4,247,983
(7,663,279)
(3,415,296)
(1,362,302)
12,288,108
(157,086)
S 10,768,720
10
1,158,397 2,345,710
34,119
(10,860,645)
(26,960)
(9,695,089) 2,345,710
972,343 (66,646)
1,685,976 1,685,068
2.286
(3,328,900)
(668,295) 1,618,422
Caphsl
Proiscts
13,026
1,105,109
1.118,135
23,114.826
23,114,826
(21,996,691)
1,870.968
14,514,435
(210,000)
16,175.403
(5,821.289)
27,237,999
21,418.711
Primary
Government
Totals
(Memorandum
Onh►1
41,495,454
2,937,586
20,817,058
5,232,824
1,056,340
1,738,731
4,428,235
77,504,225
8,422,146
32,473,158
1,448,830
4,935,058
1.857.311
693,940
13,582,796
23,283,499
1,417,235
1,078,876
89,192,849
Component
Unit
Clearwater
Downtown
Developmsnt
Board
128.646
2,446
131,092
142.240
142,240
(11, 688, 621) (11,148)
1,870,968
22,266,525
34,119
(18,733,924)
(26,960)
5,410,728
(6,277,893)
42,897,151
2.286
(3,485,986)
33,135,558
11
26,960
(34,119)
(7,159)
(18,307)
87,964
69,657
Repo►ting Entity
Totals
(Memorandum Only)
1996 1995
41,624,100 40,028,444
2,937,586 3,620,891
20, 617,058 19,814, 366
5,232,824 4,675,516
1,056,340 1,019,772
1,736,731 1,756,680
4,430,681 3,838,285
77,635,320 74,753,954
8,422,146 7,100,253
32,473,158 32,230,932
1,448,830 1,368,074
4,935,058 4,727,961
1,999,551 1,971,488
693,940 760,196
13,582,796 13,172,327
23, 283, 499 14,059, 318
1,417,235 1,289,619
1,078,876 713.377
166,813
89,335,089 77,560,358
(11,699,769) (2,806,404)
1,870,968 11,415,027
22,266,525 20,904,000
26,960
34,119 6,558
(18,733,924) (17,404,615)
(34,119) (6,558)
(26,960)
5,403,569 14,914,412
(6, 296,200) 12,108,008
42,985,115 37,368,418
2, 286 1,199, 270
(3,485,986) (7,690,581)
33,205,215 42,985,115
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
YEAR ENDED SEPTEMBER 30, 1996
Revenues:
Taxes
Licenses, Permits, and Fees
Intergovernmental
Chargea for Services:
Administrative Charges to Other Funds
Other Charges
Fines, Forfeitures, end Penalties
Miscella�eous Ravenues
Total Revenues
Expenditures:
Current:
City Commission
Adminiatretion
Legal
City Clerk
Information Management
Finance
Human Resources
Non-Depertmental
Police
Fire
Public Works
Engineering
Parks and Recreation
Librery
Centrel Permitting
Economic Development
Total Expenditures (BudAetary Basis)
Excess of Revenue Over Expenditures
(Budgetary Basis)
Other Financing Sources (Uses):
Operating Trenafers In
Opereting Transfers In - Component Unit (DDB)
Operating Trenefers Out
Operating Transfera Out - Component Unit (DDB)
Exce�s (Deficiency) ot Revenues and Other Financing Sources
Over Expenditurea and Other Financing Uses (Budgetary Basis)
Excess of Revenues end Other Financing Sources Over Expenditures
and Other Financing Uses for Non-Budgeted Funds
Encumbered Purchese Orders, Beginning of Year
Encumbered Purchase Orders, End of Year
Excess (Deficiency) of Revenues and Other Financing Sources Over
Expenditure� end other Financine Uses (GAAP Besis)
Fund Balances, Beginning of Year
Residual Equity Transfer Out
Fund Balances, End of Year
• See Note 1 G
See accompanyine notes to Finencial Statements.
12
General Fund•
Variance
Favorable
Budget Actual (Unfavorable)
S 39,897,310
2,402,000
1 1,063,410
5,156,960
1,041,820
1,358,000
1,508,770
62,428.270
39,916,641
2,435,798
1 1,027,141
5,232,824
1,056,340
1,290,371
1,367,063
62,326,178
19,331
33,798
(36,269)
75,864
14,520
(67,629)
(141.707)
(102,092)
205,530 190,225 15,305
2,303,140 2,318,341 (15,201)
992,940 958,926 34,014
663,320 614,832 48,488
440,400 444,384 (3,984)
1,279,480 1,246,989 32,491
705,460 714,172 (8,712)
1,617,720 1,689,094 (71,374)
20,916,310 20,654,178 262,132
9,977,000 9,890,860 86,140
1,634,280 1,61 1,124 23,156
4,863,170 4,747,901 115,269
10,205,977 9,964,714 241,263
3,195,640 3,181,077 14,563
1,822,130 1,874,346 (52,216)
470,810 398,998 71,812
61,293,307 60,500,161 793,146
1,134,963 1,826,017 691,054
4,362,350 4,247,983 (114,367)
(7,625,797) 17,663,279) (37,482)
(3,263,447) 13,415,296) (151,849)
(2,128,484) (1,589,279) 539,205
(186.201) (186.201)
413,178 413,178
(2,128,484) (1,362,302) 766,182
12,288,108 12,288,108
(157,086) (157,086)
3 10,159,624 10,768,720 609,096
Totals
Special Revenue Fund Types' (Memorandum Onlv)
Variance Variance -
Favorable Favorabls
Budgst Actud (Unfavorable) Budget Actuel (Unfavorable)
1,524,040 1,578,813 54,773 41,421,350 41,495,454 74,104
685,000 501,788 (183,212) 3,087,000 2,937,586 (149,414)
7,148,659 7,458,214 309,555 18,212,069 18,485,355 273,286
5,156,960 5,232,824 75,864
1,041,820 1,056,340 14,520
1,358,000 1,290,371 (67,629)
612,150 1,414,696 802,546 2,120,920 2,781,759 660,839
9,969,849 10,953,511 983,662 72,398,119 73,279,689 881,570
205,530 190,225 15,305
300,000 372,972 (72,972) 2,603,140 2,691,313 (88,173)
992,940 958,926 34,014
663,320 614,832 48,488
440,400 444,384 (3,984)
1,279,480 1,246,989 32,491
705,460 714,172 (8,712)
1,617,720 1,689,094 (71,374)
20,916,310 20,654,178 262,132
9,977,000 9,890,860 86,140
1,634,280 1,611,124 23,156
4,863,170 4,747,901 115,269
10,205,977 9,964,714 241,263
3,195,640 3,181,077 14,563
1,822,130 1,874,346 (52,216)
201,485 164,244 37,221 672,275 563,242 109,033
501,465 537,216 (35,751) 61,794,772 61,037,377 757,395
9,468,384 10,416,295 947,911 10,603,347 12,242,312 1,638,965
131,463 141,463 10,000 4,493,813 4,389,446 (104,367)
34,119 34,119 34,119 34,119
(10,055,438) (10,088,874) 133,436) (17,681,235) (17,752,153) (70,918)
(26,960) (26,960) (26,960) (26,960)
(9,916,816) (9,940,252) (23,436) (t 3,180,263) (13,355,548) (175,285)
(448,432) 476,043 924,475 (2,576,916) (1,113,236) 1,463,680
496,300 496,300 496,300 496,300
(186.201) (186,201)
413,178 413,178
(448,432) 972,343 1,420,775 (2,576,916) (389,959) 2,186,957
(1,528,945) (1,528,945) 10,759,163 10,759,163
(3,328,900) (3,328.900) 13,328,900) (3,485,986) (157,086)
(5,306,277) (3,885,502) 1,420,775 4,853,347 6,883,218 2,029,871
� 13
CITY OF CLEARWATER, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Operating Revenues:
Sales to Customers
Service Charges to Customere
User CharOes to Customere
Billings to Depertments
Rentels
Contributions from Employees
Contributions from Employer
EerninAs on Investments
Interest on Loans
State Tax on Insurence Premiums
Intergovernmental Revenues
Miscellaneous Revenues
Operating Expenses:
Personel Services
Purchases for Resale
Opereting Meterials end Supplies
Benefit Payments
Refunds
Trensportetion
Utility Service
Solid Waste Dumping Charges
Depreciation
Interfund Administretive Charges
Other Current Charges
Operating Income (Loss)
Nonoperating Revenues (Expensesl:
Earnings on Investments
Interest Expense end Fiscel Cherges
Amortizetion of Bond Discount end Issue Costs
Gain (Loss) on Exchenge of Assets
Losses from Writedowns end Replacements of Fixed Assets
Recycling Prog�em Incentive Grent
Other
Income (Loss) Before Operating Transfers
Operating Transfers In
Operating Transfers Out
Net Income (Loss)
Retained Eernings/Fund Balence, Beginning of Year
Residual Equity Transfers In
Residual Equity Trensfers Out
Reteined Earnings/Fund Balence, End of Year
See accompanying notes to Financial Statements.
Proprietary Fund Types
Internal
Enterprise Service
S 62,269,874
13,171,936
3, 649,402
1,131,348
70,122,669
14,596,768
14,840,486
2,4b2,863
3,631,788
1,666,066
3.781,873
6,802,031
6,914,220
8.193,222
62,779,297
7,343,362
3,169,712
( 6,1 b4, 606)
(168,721)
(20,643)
(63,183)
300,782
470,466
(2,476,103)
4,867,269
(4,121,129)
(4,121,129)
746,130
72,886,670
836,774
(62,874)
S 74,416,600
74
�
�
�
�
23,262,609
�
�
23,2b2,509
�
6,662,112
1,696,922 �
389,911
171,064
365,912
2, 899,1 18
162,18b
12, 988,480
24.244,716
(992,206)
1,004,888
(393,944)
(4,791)
261,701
(2,841)
61, 674
926,687
(66,619)
29b,386
(13,877)
281,518
216,900
8,473,280
(9,097)
8,680,083
�
�
� Fiduciary Fund Types
P�nsbn Non-Expendable
Trust Trust
3,678,391
3,736,404
33,826,681
1,106,418
4,664
42, 248, 648
8,742,139
626,916
1, 238,146
10, 606,188
31, 743, 348
31, 743, 349
31,743, 348
231.842,001
263,686,360
13,286
26.112
672,832
612.229
74,628
74, 628
637,701
637,701
324, 282
(17,283)
307,008
844.710
4,400,362
6,245,062
15
Totals
(Memorandum Only)
7996 1995
62,269,974 48,068,124
13,171,936 12,867,308
3,649,402 6.074,478
23,262,609 21,664,046
1,131, 348 823,270
3,678,381 2,823,708
3,736,404 3,466,299
33,838,966 18,368,686
26,112 23,413
1,106,418 1,023,047
672,832 269,201
4,664 46,021
136,236,94b 1 14,607,600
20,1 b8,880 20,326,204
16,636,408 12,388,181
2,8b2,764 2,617,933
8,742,138 6,648,106
626,91 b 623,939
3, 702, 862 2, 864,721
2,031,968 7 ,884,204
3,781,873 3,624,183
8, 701,160 8, 670, 978
7,076,40b 6,686,108
22,494,38b 18,433,123
97,604,739 8b,469,681
38,632,206 29,137,919
4,164,600 4,646,091
(6,648,460) (6,881,666)
(173, b 12) (230,167)
241,Ob8 126,291
(66,024) (940,688)
300, 782 186, 860
b32,030 484,269
(1,b49,616) (2,619,910)
37,082, 690 26, b 18,009
619,688 682,222
(4,162,288) (4,181,607)
(3,b32,601) (3,498,385)
33,660,089 23,018,624
317,602,203 299,171,182
836, 774
(61, 971) (4, 687, 603)
361,927,095 317,602,203
CITY OF CLEARWATER, FLORIDA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
YEAR ENDED SEPTEMBER 30 1996 WITH COMPARATNE TOTAL FlGURES FOR 1995
Ceah Flowa from Operating Activities:
Cash Received from Customers
Cesh Received from Other Funds
Principal Collected on Loans end Advances
Grent Revenue
Interest Earnings on Loens and Investments
Cash Disbursed for Additional Loans and Advances
Cash Peyments to Suppliere
Ceah Payments to Employees
Cesh Payments to Other Funds
Other Revenues
Net Cash (Used) Provided by Opereting Activities
Cash Flows from Noncepital Financinp Activities:
Operating Transfere In
Opereting Transfers Out
Residual Equity Transfe�s Out
Return of Contributions
Grent Revenue
Interest Paid
Receipt of Ceah on Loans to/from Other Funds
Payment of Caeh on Loens to/from Other Funds
Net Cesh Provided (Used) by Noncepital Financing Activities
Cash Flows from Capital and Related Financing Activities:
Principal Peyments on Debt
Interest Paid
Acquisition of Fixed Assets
Proceede from Sales of Aesets
Proceads f�om Issuence of Debt
Payment of Bond Issue Costs
Capital Contributed By:
OtherFunds
Other Governmental Entities
Property Owners
Developers
Net Cash Used for Capital end Related Financing Activities
Cash Flows from Investing Activities:
Purchase of Investment Securities
Interest on Investments
Proceede from the Sales and Maturities of Investments
Net Cash P�ovided in Investing Activities
Net Increase (Decreese) in Cash and Cash Equivalents
Cash and Cash Equivelents et Beginning of Year
Cesh and Cash Equivalents at End of Year
Cash and Cash Equivalents:
Cash on Hand and in Banks
Equity in Pooled Cash end Investments
Restricted Equity in Pooled Cash and Investments
Less: Pension Trust end Agency Funds Cash and Cash Equiva�ents
Cesh end Cash Equivalents at End of Year
See accompanying notes to Financial Statements.
16
Proprietary Fund Twes
Enterprise
S 69,803,034
134,829
(29,374,821)
(14, 654,116)
(12,359,471)
356,627
13,906,082
(4,145,667)
(24, 514)
300,782
(25,996)
5,500,772
(2,743,635)
(1,138,258)
(5,220,715)
(4,141,420)
(19,322,828)
9,155,970
(54,680)
3,258,946
149,388
75,715
184,945
(15,914,679)
3,847
3,220,924
2,21 1,330
5,436,101
2,289,246
Internel
Service
�
�
�
23,274,041 �
(10,812,250)
(5,513,956)
(1.273.686)
61,574
5,735,723
912,146
(13.877)
(74,725)
1,881,619
(5,584,844)
(2,879,681)
(3,238,759)
(329,024)
(945,498)
258,860
(4,254,421)
1,004,888
16,678
1,021,566
(376,813)
�
45,287,598 7,541,074
S 47,576.844 7,164,261 �
S 8,475
17,150,560
30,417,809
$ 47,576,844
1,975
7.162.286 �
7,164, 261
�
�
Fduciary
Fund Type
Non-
Expendabk
Trust
259,571
486,911
39,397
(1.291,680)
(86,200)
(812,001)
324,292
(17,283)
307,009
(304,992)
447,043
142,051
Page 1 of 2
Totals
(Memorondum Onlyl
1996 1995
69,803,034 66,740,162
23,408,870 21,789,195
259,571 263,766
486,911 263,819
39.397 40,037
(1,291,680) (747,899)
(40,273,271) (36,288.517)
(20,168,072) (20,259,562)
(13, 633,157) (11,635,711)
418,201 361,597
19,029,804 20,526,887
1, 236,438
(4,176,827)
(24, 514)
300,782
(100.721)
7,382,391
(8,328,479)
(3,710,930)
(8,459,474)
(4,470,444)
(20,268,326)
258,860
9,155,970
(54, 680)
3,258,946
149,388
75,715
184,945
(20,169,100)
3,847
4,225,812
2,228.008
6,457,867
1, 607,441
53,275,715
54,883,156
711,702
(4.178,292)
(255,443)
(822,435)
251,918
(88,452)
2,036,723
(11,009,458)
(13,353,737)
(8,065,217)
(5, 255, 690)
(15,005,448)
1,067,818
126, 655
41,110
7,664,278
106,873
158, 249
780,995
(18,380,377)
3.178
4,672,910
(7,186)
4,668,902
(6,538,325)
59,814,040
53,275,715
10,155 20,605 23,216
5,145,252 29,458,098 27,581,354
30,417,809 27,656,478
(5,013,356) (5,013,356) (1,985,333)
142,051 54,883,156 53,275,715
IContinued)
17
CITY OF CLEARWATER, FLORIDA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS
YEAR ENDED SEPTEMBER 30. 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Reconcilietion of Operating Income to Net
Cash Provided (Ussd) by Opereting Activities:
Operating Income (Lose)
Adjustments to Reconcile Opereting income (Loss)
to Net Cash P►ovided by Operating Activities:
Other Revenue from Nonoperating
Section of Income Statement
Depreciation
Provision for Uncollectible Accounts
Capitalized Labor end Interest
Construction in Progress Reclassified as Expense
Change in Asaets end Liebilities:
Decreese (Increase) in Accounts Receiveble
Decrease (Increase) in Loss Escrow
(Increase) in Mortgage Loans Receivable
(Increase) in Emergency Housine Loans Receivable
Decrease (Increese) in Due from Others
Decreese in Amount Due from
Other Governmental Entities
(Increase) i� Inventory
Decrease (lncrease) in Prepaid Expenses
(Increase) in Property Held for Resale
Increase (Decreese) in Accounts and Contracts Payable
Increase (Decrease) in Rehabilitetion Advances Payable
Increase in Deposits
(Decrease) in Deferred Revenue
Increase in Accrued Payroll
Totel Adjustments
Net Cash Provided (Used) by Opereting Activities
Proprietary Fund Types
Internal
Enterprise Service
$ 7,343,362
470,456
6,802,031
100,940
(385,303)
(69,200)
(584,913)
44, 247
(327,024)
8,042
86, 570
281,368
(39,656)
175,162
6,562,720
S 13,906,082
Noncash Investina. Caoitel . end Fnencina Activities:
During fiscal year 1996, the Pier 60 Enterprise Fund was closed and the operations moved to the General Fund.
Trensfers to the General Fund included petty cesh, S500; equity in pooled cash, (5152,971.84); inventory, 57,312.70;
end miscellaneous peyables, ($11,927.171. These transfers resulted in a net residual equity transfer of 8157,086.31
from the General Fund to the Pier 60 Enterprise Fund. Additionally a total of 52,211,792.23 in fixed assets were
transferred to the General Fixed Assets Account Group from the Pier BO Enterprise Fund.
See accompanying notes to Fnancial Statements.
18
(992,206)
61,574
2,899,119
36,824
19,866
(8.797)
362,337
3,308,850
48,156
6,727,929
5,735,723
Fiduciary
Fund Type
Non-
Expsndabb
T►wt
537,701
(910,853)
(32,435)
(101.921)
(84,701)
1, 504
(21,296)
(1,149,702)
(612,001)
19
Page 2 of 2
Totala
(Memorandum Only)
1996 1995
6,888.857
532,030
9,701,150
100,940
(385,303)
169,200)
(548,089)
19,866
(910,853)
(32,435)
(101.921)
44.247
(335,821)
370,379
(84,701)
3,396,924
(21,296)
281,3B8
(39,656)
223,318
12,140,947
19,029,804
11,713,290
484,270
9,570,978
131, 278
(637,346)
300,134
(446, 646)
(26,590)
(48,382)
113,439
(333,276)
(7.6,465)
(605,395)
63,932
304,519 _
(51,201)
70,348
8,813,597
20,528,887
CITY OF CLEARWATER, FLORIDA
INDEX TO NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
Note 1. Summary of Significant Accounting Policies ..........................................................................22
A. Reporting Entity .........................................................................................................................22
B. Fund Accounting ....................................................................................................................... 22
GovemmentalFunds ................................................................................................................22
ProprietaryFunds ......................................................................................................................24
FiduciaryFunds .........................................................................................................................24
AccountGroups ........................................................................................................................ 25
C. Pooled Cash and Investments ................................................................................................. 25
D. Inv�entories ................................................................................................................................. 28
E. General Fund Administrativ�e Charges .....................................................................................28
F. Accrued Vacation and Sick Leave ...........................................................................................28
G. Budgets and BudgetaryAccounting .........................................................................................29
H. Risk Management ..................................................................................................................... 30
I. Statements of Cash Flows ....................................................................................................... 31
J. Capitalization of Interest ........................................................................................................... 31
K. Application of FASB Pronouncements to Proprietary Funds .................................................. 32
L. Comparative Data .....................................................................................................................32
M. Combined Financial Information .............................................................................................. 32
Note 2. Long-Term Debt
A. Summary of Transactions in Long-Term Debt ........................................................................ 32
B. Summary of Debt Service Requirements ................................................................................ 33
C. Obligations Under Lease Purchase Agreements .................................................................... 33
D. Long-Term Debt, General Govemment .................................................................................. 33
E. Long-Term Debt, Proprietary Funds ........................................................................................36
F. Advance Refunding of Bonds ...................................................................................................42
G. Long-Term Debt, Debt Service Funds .....................................................................................43
Note 3. Restricted Assets, Proprietary Funds
A. Water and Sewer Utility Fund ...................................................................................................43
B. Gas Utility Fund .........................................................................................................................44
C. Solid Waste Utility Fund .............................................:..............................................................45
D. Stormwater Utility Fund ............................................................................................................45
E. Yacht Basin and Marina ............................................................................................................46
F. Parking System ......................................................................................................................... 46
G. Harborview Center Fund ..........................................................................................................46
H. Garage Fund . ........................................................................................................................... 46
.
I. Current Liabilities Payable from Restricted Assets ..................................................................46
Note 4. Retirement Commitments
A. Defined Benefd Pension Plans .................................................................................................47
B. Police Supplemental Pension Fund .........................................................................................52
C. Firemen's Supplemental Pension Fund ................................................................................... 53
D. Deferred Compensation Fund ..................................................................................................54
E. Post Retirement Benefds .......................................................................................................... 54
20
CITY OF CLEARWATER, FLORIDA
INDEX TO NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Note5. Fixed Assets ........................................................................................................................54
Note6. Property Taxes ....................................................................................................................55
Note T. Segment Information for Enterprise Funds ....................................................................... 56
Note 8. Intertund Balances ..............................................................................................................56
Note 9. Contingencies and Commitments .....................................................................................57
Note 10. Individual Fund Notes
A. Capital Improvement Fund ............................................................................................. 59
B. Water and Sewer Utility Fund ......................................................................................... 59
C. Harborview Enterprise Fund ...........................................................................................59
D. Intemal Service Funds ....................................................................................................59
Note 11. Excesses of Expenditures Over Appropriations ...............................................................60
Note12. Fund Deficits .......................................................................................................................60
Note 13. Residual Equity Tra�sfers Between Funds .......................................................................60
Note 14. Contributed Capital - Proprietary Funds ........................................................................... 60
Note15. Pending Litigation ..............................................................................................................60
21
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Note (1) Summary of Significant Accounting Policies
The accounting and reporting policies of the City of Clearwater, Flor�da, "the City', relating to the funds
included in the financial statements conform to generally accepted accounting principles of state and local
govemments. The following represent the more significant accounting and reporting policies of the City:
Note (1A) Reporting Entity
The City of Clearwater is a municipai corporation govemed by an elected fiv�e-member board. As required
by generally accepted accounting principles, these financial statements present the City of Cleanivater (the
primary govemment) 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 Gov�emmental Accounting
Standards Board in reporting the primary gov�emment (including blended component units), discretely
presented component units, the reporting entity and related organizations.
Blended Comnonent Units - The Cleanivater Redev�elopment 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 ff it were part of the City (blended component unit) due to the City Commission serving as the
goveming board of the CRA. Separate financial statements for the CRA are not available. However
financial statements for the CRA hav�e been incorporated into the Citys comprehensiv�e financial report.
Discretelv Presented Comaonent Units - The Clearwater powntown 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 gov�erned by a separate boand. The DDB is accordingly reported in a separate
column in the combined financial statements as a discretely presented component unit of the financial
reporting entity. Since separate financial statements are not available for the Downtown Development
Board, the DDB's financial statements have been incorporated into the combined and individual fund
sections of the Citys comprehensiv�e annual financial report.
Note (1B) 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 Rs assets, liabilities, fund equity, rev�enues and
e�end'Rures, or e�enses 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 gov�emmental activities financed primarily from tax
revenues through the use of various govemmental funds. The basic distinctions of
gov�emmental funds are:
Measurement Focus: Gov�emmental 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
gov�ernmental funds report the changes in net current assets (available spendable resources)
during a period of time, the increases consisting of rev�enues and other financing sources and
the decreases consisting of e�enditures and other financing uses.
22
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Accordingly, long-term debt and foaed assets are segregated from the accounts of these funds
and shown separately in the General Long-Term Debt and the General Foaed Assets Account
Groups.
Advances To Other Funds: Long-term advances receivable from other funds are reported on
� the balance sheets of govemmental funds even though they do not constitute current assets. In
order to ez�.lude such assets from consideration as "available spendable resources", an
equivalent amount of fund balance is designated as reserved.
�ncumbrances: Govemmental funds employ the use of encumbrance accounting wherein
purohase commitments are recorded as they are made in orcler to reserve that portion of the
applicable appropriations. Encumbrances remaining outstanding at year-end do not constitute
e�enditures or liabilities. Fund balances are reserv�ed in an amount equal to the total of
outstand�g 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 e�end'Rures in the year when
the commdment is made rather than the year of liquidation.
Deaneciation: Depreciation is not recorded for the use of fnaed assets in govemmental funds.
Basis Of Accountina: Gov�emmental Funds use the modified accnial basis of accounting,
whereby e�enditures, other than unmatured principal and interest on general long-term debt,
are recognized in the accounting period when the liabiliry is incurred, if ineasurable, and
revenues and other resources are recognized in the accounting period when they become
ava�able and measurable. Rev�enues 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 rev�enues to be received as reimbursement for e�endftures incurred
in the current year are recognized as revenue. General Fund accrued rev�enues consist
primarily of utilities service ta�aes and franchise tazes.
Reserves: Reserv�es hav+e been established for open encumbrances at year-end, for debi
service requirements, in accordance with applicable bond indenture covenants, for long-term
interfund advances, and in other cases to refled legal restrictions which limit the Cit�s spending
discretion.
The following are the Citys gov�emmental fund types:
General Fund: The General Fund is the general operating fund of the City. All financial
transadions and special assessments not properly accounted fo� in other funds are accounted
for in the General Fund.
Saecial 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 ot
resources for, and the payment of, interest and principal on the Citys General Long-Ter►n Debt,
which is not the liability of Proprietary Funds.
23
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
Capital Proiects Funds: Capital Projects Funds are used to account for the acquisition and
construction of capital facilities and other fi�aed assets.
Proprietarv Funds
Proprietary Funds are used to account for the Citys organizations and activities which are similar
to those found in the private sector. The basic distinctions of proprietary funds are:
Basis of Accountina: Proprietary Funds use the full accnial basis of accounting. Rev�enues
are recognized in the period in which they are eamed, and e�enses are recognized in the
period in which the liabilities are incurred.
Measurement Focus: Proprietary funds are accounted for on a cost of senrices 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 rev�enues, e�enses, and other sources and uses
which account for changes in net total assets during the period.
Valuation Of Fixed Assets: Property, plant and equipment owned by Proprietary Funds are
stated at cost e�aoept 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 dev�elopers which should appro�amate fair market value at
the date of donation. Depreciation is recorded over the estimated useful liv�es using the straight-
line method (see Note 5). For all assets, depreciation e�ense includes amortization of assets
recorded under capital leases. When property is disposed, the related cost and accumulated
depreciation are removed from the accounts with gains or losses on disposition being reflected
as non-operating revenue or e�ense.
Reserves: Retained Eamings have been reserv�ed for debt service requirements. Reserves
have also been established to reflect legal restrictions which limit the City's spending discretion.
The following are the Citys proprietary fund types:
Enterarise Funds: Enterprise Funds are used to finance and account for the acquisition,
operation and maintenance of gov�emmental facilities and services that are supported primarily
by user charges.
Intemal Service Funds: Intemal Service Funds are utilized to finance and account for service
and commodities fumished by a designated department to other departments within the City or
to other gov�emments on a cost-reimbursement basis.
Fiduciarv Funds
Trust and Agency Funds are utilized to account for resources that are managed in a trustee
capacity or as an agent for other parties and/or other funds. These include None�endable
Trust, Pension Trust, and Agency Funds. None�endable Trust and Pension Trust Funds are
accounted for substantially in the same manner as 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 concerned
with a custodial responsibility; assets and liabilities are measured on the modified accrual basis.
24
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CITY OF CLEARWATERo FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
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 detertnined liability of such plans.
�
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Account Grouas - General Fixed Assets and General Lona-Term Debt
General Fixed Assets Account Groua: This account group accounts for all fixed assets of
the City's Govemmental 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 market value on the date contributed,
or in the case of assets contributed by developers, at estimated cost to the developer which
should approximate fair market value.
General Lona-Term Debt Account Groua: This account group accounts for Long-Term
Debt and Compensated Absences which are liabilities of Governmental 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 which
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
are reclassified at year-end to short-term intertund payables to the Capital Improvement Fund, 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 repurchase agreement which pays interest at '/.°� less than the daily
federal funds rate (5.625°�) at September 30, 1996, with no requirement for a minimum compensating
balance. The collateral for this continuing repurchase agreement as of September 30, 1996 was
$11,525,000 of United States Treasury Notes at 8.5°� due 7/15/97 and $500,000 of United States
Treasury Notes at 6.75% due 2/28/97. This collateral securities are being held by the Federal Reserve
Bank of Jacksonville jointly in the name of the depository bank and the City so that approval of both
parties is required to liquidate or otherwise dispose of the securities. Market value of the collateral
securities was $12,480,494 on September 30, 1996.
Under City Charter and the current Investment Policy, which the City Commission adopted 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 County Bonds issued by Counties in Florida.
25
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
The Ciry utilizes a v�ery conservativ�e inv�estment philosophy when it invests its pooled cash funds in that the
retum of the principai is more important than the return on the principal. The City has no inv�estments in
derivatives or in collateralized mortgage obligations (CMO's). The City does not actively trade its portfolio
and generally holds inv�estments until maturity. Through the use of a laddered approach to maturities and
by timing maturities to cash needs, we do not anticipate the need to sell inv�estments to meet cash flow.
Under the Inv�estment Policy, a pertormance measure standard has been established (complying with state
law). The performance measure chosen is a weighted average of: the ov�emight interest rate, and three
month, sa month, one year, and three year Treasury rates respectiv�ely. For the fiscal year ended
September 30, 1996, the performance measure weighted av�erage is 5.43%. The actual pooled cash
eamings pertormance, before bank charges, was 5.4996.
Investments being held outside of the consolidated cash pool are 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 five different employee retirement programs, and each one has
its own list of pem►itted investments. Generally, each plan allows the same type of inv�estments 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 e�achanges.
Govemmental Accounting Standards Board (GASB) Statement Number 3 requires certain disclosures for
deposits and inv�estments, including managemenYs deterrnination of custodial credit risk, defined as follows:
For deposits, the bank balance must be categorized as follows:
Category 1
Category 2
Category 3:
Insured or collateralized with securities held by the City or its agent in the City's name.
Collateralized with secuMies held by the pledging financial institution's trust department
or agent in the Citys name.
Uncollateralized.
For inv�estments 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 counterpartys (purchasing agent's) trust
department or agent in the CRy's name.
Category 3: Uninsured and unregistered, held by the counterparty its trust department or agent, but
not in the Citys name.
As described above, the Citys depository banking agreement provides for the investment of all e�acess cash
daily into a collateralized repurchase agreement, whereby all deposits deemed to be collected are
automatically deposited. City deposits consist of relativ�ely 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 classfied along with
investments on the balance sheet.
Managed mutual funds, deferred compensation Section 457 mutual funds, and guaranteed inv�estment
26
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
contracts are not susceptible to classification by risk category and are disclosed but not categorized per
GASB Statement 3. Management has classified all other investments into Category 1, with the
exception of certain employee retirement investments which are being held by the financiai institution
which is also serving as investment manager, and certain escrowed debt service investments which are
being held by the financial institution from which they were purchased. The carrying value for all
investments is cost or amortized cost, except for deferred compensation Section 457 investments, which
are reported (and recorde� at market value only.
The Employees' Pension Fund has invested in fixed rate guaranteed investment contracts (GIC's) which
are backed solely by the full faith and credit of issuing companies, totaling $23,500,000 as of September
30, 1996. InGuded in this total is $4,000,000 (face value) of GIC's issued by the American subsidiary of
Confederation Life Insurance Company. Confederation Life Insurance Company was seized by
Canadian regulators and by Michigan regulators on August 1, 1994, due to an apparent insolvency and a
desire on the part of regulators to preserve the assets of the company. An association of Confederation
Life contract holders, including City representation, has been formed to represent the interests of the
contract holders with industry and regulatory parties. The City has stopped accruing interest income as
of August 1, 1994, for the Confederation Life GIC's and has written off 10% of the face value resulting in
a carrying value of $3,600,000.
The $3,600,000 in Confederation Life GIC's represents 15.32% of the total GIC's and 1.46°� of the total
assets in the Employees' Pension Fund. The City does not believe that the Confederation Life
insolvency will have a material impact upon the results of operations or financial position of the
Employees' Pension Fund.
Summary of deposits and investments, including management's assessment of custodial credit risk,
follows:
� I. Cansolidated Cash Poo1 and Camponent Unit Deposits
and In�strnents:
� U.S. Treasury Nates and B�Is
U.S. Apeney Securiti�
RewMna Repurohese Agreeme�ts
Acc�ued Ir�erest on Irnrestrnerws
�
�
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�
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IrMesbnent Amorfaa�tfon
C�h
Less Outstandng Cheeks at 9d30V96
Tofal Cash Pool and C.omponent Unit E4uky
CaRyinB
Value
$ 28,621,126
85,533,777
11,176,810
1 �835.228
(327,362)
737,237
(3�572�080)
124,004,736
� 27
Market Deposit Cred�
Value Risk Cateaorv
S 28,723,919
84,857,203
11,176,810
1,835,228
(327,362)
737,237
(3�572�080)
123,430,955
Investment
Credit
Risk Cateaorv
1
N/A
N/A
N/A
N/A
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
II. Cor�structlon and Debt Service Deposks
and Investrriarts:
�AunicipauCa�xty Bonds
U.S. Tr�sury Notes and Bonds
Total Conatrueffon and Debt Service Deposils
and Imroshnents
III. Employee Redrerner�t Deposds and InvestmeMs:
casr, on oeposic wia► custoden
Money Mariaet Aceourds
Guarardeed Investmerrt Contraets
Corporate Equily Securi�es
U.S. Treasury BiUs and Ndes
Domesde Corporate Bonds
Mortgape Baelced Bonds
Asset Backed Bonds
Stoek Muhial Funds
Faed Ineame Mudml
Deferred Compensation Section 457 Muhml Funds
Tofal Empioyee Retireme� Investrnents
Total DeposRs and Im�estrr�ents, All Funds
Investment
Carrying Market Deposit Credd Credit
Velue Velue RiskCateaorv RiskCateaorv
650,000 673,491
3,615,928 3,940,014
4,265,928 4,613,505
(s.2aa�
15,063.080
23.100,000
122.230�938
58,541,511
10,617,194
15,095,458
5,358:799
2.031,693
4.212.213
19,024,287
275.266,929
S 403,537,593
ie.244)
15,093,520
25,027,625
171,820,910
59.061,421
10,399,4�
14,928,912
5,214,261
2�954,543
4,255,425
19,024,287
327,772.125
S 455,816,585
WA
WA
1
1
2
1
1
WA
2
N/A
Note (1 D) Inventories
Inventories of proprietary funds are stated at cost and valued on the first-in first-out (FIFO) basis. In
govemmental 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).
Note (1E) 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 (1F) Accrued Vacation And Sick Leave
Full-time permanent employees earn a paid vacation period of two calendar weeks after one year of
service, increasing on a graduated scale to a maximum vacation period of four calendar weeks per year
after 16 years of service. Generally, employees may accumulate unused vacation not exceeding one
current year of vacation credit. Sick leave accumulation ranges from approximately 6-9 hours per
month. Upon reti�ement from City service an employee may, under certain circumstances, be paid one-
half of his accumulated unused sick leave.
28
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
R is the Citys policy in its Proprietary Funds to reflect on an accrual basis the amounts of eamed but unused
vacation leave and that portion of earned but unused sick leave estimated to be payable upon retirement.
Wdh resped to the current fiscal year, management has determined that no material amounts of
accumulated unpaid vacation and sick leave at the close of the year will be liquidated with e�endable
available resources; therefore the entire liability for such leave pertaining to the Govemmentat Funds is
refleded in the General Long-Term Debt Account Group.
The Cihls reporting of accrued vacation and sick leave has been recoMed in accordance with Statement
No. 16 of the Govemmental Accounting Standarcls Board.
Note (1G) Budgets Md Budgetary Accounting
Annual budgets are legally adopted for the City's General Fund and for the Special Dev�elopment Fund, and
the Community Redevelopment Agency Fund.
The Cihr of Clearwater observ�ed the following procedures in establishing the b�dgetary data for the
General Fund and Special Dev�elopment Fund, as reflected in the financial statements:
On June 30, 1995, the City Manager submitted to the Ciearwater City Commission proposed budgets for
the fiscal year commencing October 1, 1995 and ending September 30, 1996. Public Hearings were held
on September 7, 1995 and September 21, 1995 at the Clearwater Commission Chambers to obtain citizen
comments. On September 21, 1995 official budgets were legally adopted by Ordinance No. 5913•95.
Subsequent quarterly budget amendments were adopted on March 21, 1996 (Ordinance 6003-96) and July
18, 1996 (Ordinance 6056-96). The final amended budget was adopted September 19, 1996, (Ordinance
6089-96). 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 e�enditures have been adjusted to
include end of year encumbrances and to e�ac:lude beginning of year encumbrances to provide for a
meaningful comparison. E�a�ept 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 conVol established by the legislative body, that is the level on which e�enditures
may not legally e�aceed appropriations, is the individual fund. In accorciance with provisions of Ordinance
5025-90 and wdh Sedion 2.519(4) of the Clearvvater 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 resutt in the discontinuance of a prog�am. Such Vansfers must be included in the ne� budget
review presented to the City Commission. Upon detailed written request by the City Manager, the City
Commission may by ondinance Vansfer part or all of any unencumbered appropriation balance from one
fund to another.
� As established by administrative policy, departmeM 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 diredors are required for transfers in capital e�enditures, transfers and reserv�es. Thus,
� certain objed 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.
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
The annual budget for the Community Redevelopment Agency is adopted annually by the trustees of
that agency in accordance with state law. For the current year, this budget was officially adopted on
September 5, 1995, following a public hearing on that date. This budget is adopted on a basis consistent
with GAAP, and the level of budgetary control is the total fund.
Budget amounts presented in the accompanying financial statements reflect all amendments adopted by
the 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.
Budgets are also adopted annually by the Clearwater City Commission for the Ente�prise Funds, all
Internal Service Funds, the Capital Projects Fund and the Special Programs 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 and the Special Programs 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 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 powntown Development Board Fund, a discretely presented
component unit of the City, is adopted annually by the members of that board in accordance with state
law. For the current year, this budget was officially adopted on September 12, 1995.
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 $5,000,000
per occurrence with $5,000,000 policy aggregate limit with self-insured retention of $500,000. The
workers' compensation excess coverage is statutory with $500,000 self-insured retention per occurrence,
and the property damage excess coverage is $70,000,000 with a$250,000 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 Intemal Service Fund. The billings by the Central Insurance Fund to the various operating funds (the
interfund premiums) are based on actuarial estimates of the amounts needed to pay prior and current
year claims. The claims liability reported at September 30, 1996 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 1996 and 1995 were:
30
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
Balance at October 1, 1994
Current year claims and
changes in estimates
Claim payments
Balance at September 30, 1995
� Current year claims and
changes in estimates
Claim payments
�
Self
Insurance
$ 7,949,766
2,578,073
(2,306,612)
8,221,227
5,064,855
(2,232,312)
Balance at September 30, 1996 $11,053,770
� 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 $3,437,057 which represents $558,102 refunded from insurance
camers and $2,878,955 contributed by departmental billings during the current and six immediately
� preceding fiscal years in e�acess of insurance premium e�ense actually incurred during those five years.
This fund is a component of the unreserved retained eamings balance of the Central Insurance Fund at
September 30, 1996. 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, inv�estments 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
Citys proprietary and none�endable trust funds hav�e an equity are held by the Citys 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. Those funds which have deficit (ov�erdraft)
positions with the pool treat such deficits as interFund payables to the City's Capital Improvement Fund as
e�lained in Note 1(C).
Note (1J) Capitalization of Interest
In compliance wRh 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 bo�rowings, the proceeds of which are
e�Qemally restricted to the financing of the acquisition of spec�ed qualifying assets, less any interest earned
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 foaed assets. During the fiscal year, $6,870,095 of interest cost was incurred in the proprietary fund
types. Interest capitalized, net of eamings on related inv�estments was $60,492.
31
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Note (1K) Application of FASB Pronouncements to Proprietary Funds
The Ciry has elected to implement the provisions of GASB Statement 20 with regard to the applicatbn of
FASB Pronouncements to its 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 Nov�ember 30,
1989.
Note (1L) Comparative Data
Wherev�er possible, the accompanying financial statements include comparativ�e total data for the prior year
in order to provide a better understanding of changes in the Citys overall financial position and results of
operation. Certain prior year balances have been reclass�ed to conform with current year presentations.
Note (1M) 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 governmental unit as a
whole in conformance with generally accepted accounting principles.
Note (2) Long-Tertn Debt
Note (2A) Summary of Transactions in Long-Term Debt
Notes,
Mortgages,
General Loan Pool Accrued
Obligation Revenue Agreements Compensated
General Long-Term Debt Account Group Bonds Bonds & Contracts Absences Total
Debk Payable at October 1, 1995 $ 450,000 $ 13,828,646 $ 2,265,119 $ 4,033,072 S 20,576,837
New Debt Issued:
Lease Purchase Contracts for Equipment
Acquisition 1,870,967 1,870,967
Net Change in Accrued Compensated Absences (17,014) (17,014)
Debt Retired (95,000) (476,856) (845,378) (1,417,234)
Debt Payable at September 30, 1996 $ 355,000 3 13,351,790 S 3,290,708 � 4,016,058 S 21,013,556
32
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 7996
Note (26) Summary of Debt Service Requirements (all outstandin9 indebtedness as of September
30, 1996, includin� interest payments of 5121,575,287)
General
Year Ending Obligation
Sept.30th Bonds
1997 $ 117,580
1998 131,280
1999 138,915
2000
2001
Thereafter
$ 387,775
Revenue
Bonds
$ 10,505,061
10,326,822
10,447,613
10,079,875
10,073,621
189,942,164
$ 241,375,156
Notes,
Mortgages,
Loan Pool
Agreements
8 Contracts
$ 4,586,617
3,118,419
2,474,790
1,689,596
777,322
$ 12,646,744
Notes (2C) Obligations Under Lease Purchase Agreements
Total
$ 15,209,258
13,576,521
13,061,318
11,769,471
10,850,943
189,942,164
$ 254,409,675
Future minimum lease payments under lease purchase agreements are as follows:
Year Ending Sept. 30
1997
1998
1999
2000
2001
Deduction of the Amount of Imputed Interest Necessary to
Reduce Net Minimum Lease Payments to Present Value
Amount
$ 3,541,840
2,974,944
2,439,704
1,689,596
777,322
11,423,406
1,194,495
$10,228,911
Obligations under capital leases are included as a component of the balance under the caption
Mortoaaes Notes Loan Pool Aareements and Acauisition Contracts Pavable on the City's
Combined Balance Sheet.
Note (2D) Lon�-Term Debt, General Govemment
� Accrued Com�ensated Absences
Long-term portion of accrued vacation and sick pay for governmental funds, as
required by GASB Statement No. 16. S 4.016,058
�
'
Serial Bonds Pavable
General Obligation Bonds, 1978 Series, interest and principal payable from ad
valorem taxes, maturing serially from January 1, 1997 to January 1, 1999,
interest rates 5.7% to 5.8°�6.
� 33
355,000
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
Public Service Tax and Bridge Revenue Bonds, Series 1985, maturing serially
from December 1, 1996 to December 1, 1998, with interest rates varying from
8.3% to 8.75%. The amount shown here represents 56.02% of the serial
portion of the issue remaining after partial defeaseance on September 27, 1995.
The amount representing 65.57°� of the term portion of the total issue is
included in the balance of term bonds payable within the general long-term debt
account group. The remainder of this issue, both term and serial portions, is
reflected in the Parking System Enterprise Fund. The bonds have serial
maturities ranging from S350,000 at 8.3% due December 31, 1996 to
S415,000 at 8.75% due December 1, 1998, and term bonds totaling S550,000
at 9.125% due December 1, 2005.
Community Redevelopment Agency of the City of Clearwater Tax Increment and
Lease Revenue Bonds, Series 1986, maturing serially from October 1, 1996 to
October 1, 2000, with interest rates varying from 7.8°� to 8.4%. Interest and
principal payable from tax increment revenues and from lease revenues.
Community Redevelopment Agency of the City of Clearwater Tax Increment
Revenue Bonds, Series 1987, maturing serially September 1, 1997, with an
interest rate of 8.309�6. Interest and p�incipal payable from tax increment
revenues.
641,460
415,000
165,000
Improvement Revenue Bonds, Series 1995, with serial maturities from 5145,000
at 4.70% due February 1, 1997 to 5590,000 at 6.00°k due February 1, 2021.
The bonds have term maturities of S 1,565,000 at 5.875°� due February 1,
2020 and S2,750,000 at 6.000°k due February 1, 2025. Principal and interest
payable from Public Service Tax revenues. 6,265,000
Total Serial Bonds Payable
Term Bonds Pavable
Public Service Tax and Bridge Revenue Bonds, Series 1985, maturing
December 1, 2005 with interest at 9.125°�6. The amount shown here represents
65.57°�6 of the term portion of issue remaining after partial defeaseance on
September 27, 1995. The remainder of the issue is reflected in the Parking
System Enterprise Fund. The bonds have serial maturities ranging from
S350,000 at 8.3% due December 31, 1996 to 5415,000 at 8.75°r6 due
December 1, 1998, and term bonds totaling S550,000 at 9.125% due
December 1, 2005.
Community Redevelopment Agency of the City of Clearwater Tax Increment and
Lease Revenue Bonds, Series 1986, with interest and principal payable from Tax
Increment Revenues and Lease Revenues, maturing October 1, 2006, with
interest at 8.50%.
34
7,841,460
360,330
1,190,000
�
�
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 199
�
Improvement Revenue Bonds, Series 1995, with term maturities of S1,565,000
� at 5.875% due February 1, 2020 and S2,750,000 at 6.000% due February 1,
2025. The bonds have serial maturities from S145,000 at 4.7% due February
, 1, 1997 to S590,000 at 6.00% due February 1, 2021.
Total Term Bonds Payable
Notes Mortaaaes Contracts and Loan Pool Aareement Pavable
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 use by the operating departments of the General Fund. These
agreements provide for 20 quarterly payments ranging in amount from S 154 to
541,376. The cost of the equipment at the inception of the leases was
54,450,797 with interest imputed thereon of S632,387, the effective rates
ranging from 5.03% to 6.81 %.
Pool Loan Agreement with First Florida Governmental Financing Commission
authorized by the City Commission on July 2, 1987 through adoption of
Ordinance 4437-87; provides for repayment of principal in an annual installment
of 555,000 on July 1, 1997; interest on installments ranges from 6.5°r6 to 6.7%
and is payable semiannually; City is further obligated to pay certain additional
payments, including its proportionate share of the fees of the Commission as
well as those of the Trustee, Registrar and Paying Agent created pursuant to the
terms of the Revenue Bonds issued by the Commission to provide the funds for
making the pool loans, and in addition all fees and expenses of the Commission
or Trustee that relate to this Loan Agreement; collateralized by non-ad valorem
revenues or other legally available funds of the City. Loan was obtained to
finance the purchase of an advanced multi-purpose fire fighting vehicle.
Pool Loan Agreement with City of Gulf Breeze Florida Local Government Loan
� Program authorized by the City Commission on December 15, 1988, through
adoption of Ordinance 4728-88; provides for repayment of principal in 120
monthly payments of $8,167 from February 1, 1989 to January 1, 1999;
interest is payable monthly at the floating rate determined by the Loan Program
� Financial Advisor sufficient to pay the proportionate share of program interest,
costs and expenses (3.55% at September 30, 1996); the interest rate shall not
exceed twenty-five percent (25%1 per annum, exclusive of amounts charged for
costs and expenses of the loan program; collateralized by proceeds of the local
� government half-cent sales tax. Loan was obtained for the financing (or
refinancing) of the cost of acquisition of the Vogel Property tract for park
purposes.
�
�
�
� 35
4,315,000
5,865,330
2,921,833
55,000
220,500
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STAT�MENTS
SEPTEMBER 30, 1996
Pool Loan Apreement with City of Gulf Breeze Florida Local Government Loan
Program authorized by the City Commission on December 15, 1988, through
adoption of Ordinance 4729-88; provides for repayment of principal in 120
monthly payments of 53,458 from February 1, 1989 to January 1, 1999;
interest is payable monthly at the floating rate determined by the Loan Program
Financial Advisor sufficient to pay the proportionate share of program interest,
costs and expenses (3.55% at September 30, 1996); the interest rate shall not
exceed twenty-five percent (25%) per annum, exclusive of amounts charged for
costs and expenses of the loan program; collateralized by proceeds of the local
government half-cent sales tax. Loan was obtained for the financing (or
refinancing) of the cost of acquisition of environmentally sensitive Coopers Point
tract for park purposes.
Total Notes, Mortgages, Contracts and Loan Pool Agreements Payable
Total General Long-Term Debt Payable
Note (2E) Lon�-Term Debt, Proprietary Funds
Water and Sewer Utilitv Fund
Water and Sewer Revenue Bonds, Series 1988; 6.50 - 7.60%. Current Interest
Bonds with Serial maturities due in annual principal installments ranging from
S460,000 to 52,985,000 on December 1 st in the years 2005, 2006, 2008, and
2010 through 2013; Capital Appreciation Bonds with an approximate yield to
maturity ranging from 7.45 - 7.75% and having serial maturities due in annual
installments (original principal amount plus interest earned to date of maturity)
ranging from 5625,000 to $6,840,000 from December 1, 2004 to December 1,
2018; interest is payable semiannually on Current Interest Bonds and at maturity
(or prior redemption date) on Capital Appreciation Bonds; net of unamortized
discount of S816,167 and in the case of the Capital Appreciation Bonds,
unearned interest included in the maturity amount outstanding at September 30,
1996 of 554,188,386 collateralized by net revenues of the Water and Water
Pollution Control System.
93.375
3,290,708
21,013,556
36,785,447
Water and Sewer Refunding Revenue Bonds, Series 1993; 3.750 - 5.625°k.
Current Interest Bonds with serial maturities due in annual principal installments
ranging from S 140,000 to 55,715,000 from December 1, 1996 to December 1,
2018; interest is payable semiannually, net of unamortized discount and issue
costs of S 136,016, collateralized by net revenues of the Water and Water
Pollution Control System. 47,033,984
36
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
Pursuant to certain Master Lease Agreements, the City has entered into Lease
Purchase Agreements for the purchase of automotive equipment for use by
operating divisions of the Water and Sewer Utility Fund, providing for 20
quarte�ly payments ranging from S1,168 to S3,856. The cost of the automotive
equipment at the inception of the lease was S 121,046 with interest imputed
thereon of S15,304, with effective rates ranging from 5.086°k to 5.1 °�6.
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
Cash has been restricted and reserves established in the Water and Sewer
Revenue Bonds Debt Service Fund pursuant to the ordinances authorizing the
four outstanding series of Water and Sewer Revenue Bonds. Amounts restricted
are in compliance with the ordinances.
Gas Utilitv Fund
Gas System Revenue Bonds, Series 1991, 5.6 - 6.5°� Serial Bonds due in annual
principal installments ranging from 5255,000 to S380,000 from September 1,
1997 to September 1, 2004; 6.596 Term Bonds in the principal amount of
52,325,000 maturing on September 1, 2009 and 6.5°� Term Bonds in the
principal amount of 52,455,000 maturing on September 1, 2013; interest is
payable semiannually; net of unamortized discount of S132,078, collateralized
by net revenues of the Gas Division.
Gas System Revenue Bonds, Series 1994A, 6.0°k Serial Bonds due in annual
principal installments ranging from S645,000 to S770,000 from September 1,
2017 to September 1, 2020; 6.0% Term Bonds in the principal amount of
S1,715,000 maturing on September 1, 2016 and 6.1 % Term Bonds in the
principal amount of S3,575,000 maturing on September 1, 2024; interest is
payable semiannually; net of unamortized discount of S 134,095, collateralized
by net revenues of the Gas Division.
Gas System Revenue Bonds, Series 1996A, 4.25 - 5.75°h Serial Bonds due in
annual principal installments ranging from S65,000 to S270,000 from
September 1, 1997 to September 1, 2014; 5.75°� Term Bonds in the principal
amount of S905,000 maturing on September, 2017; 5.75°k Term Bonds in the
principal amount of 51,460,000 maturing on September 1, 2021; and 5.8°k
Term Bonds in the principal amount of S4,465,000 maturing on September 1,
2026; interest is payable semiannually; net of unamortized discount of
S154,202, collateralized by net revenues of the Gas division.
Loan payable to the Water and Sewer Fund for the transfer of ownership of
property from the Water and Sewer fund to the Gas Fund. Payment of the loan
is interest free, with the last of five equal installments due 9/30/97.
37
76,934
83,896,365
4,162,636
79,733,729
7,157,922
7,975,905
8,660,798
104,264
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Pursuant to certain Master Lease Agreements, the City has entered into Lease
Purchase Agreements for the purchase of vehicles and other equipment for use
by operating divisions of the Gas Fund, providing for 20 quarterly payments
ranging from S 1,140 to 57,718. The cost of the automotive equipment at the
inception of the lease was 5187,217 with interest imputed thereon of 524,435,
with an effective rate of 5.1 °�.
less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
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.
Solid Waste Utilitv Fund
Pool Loan Agreement with First Florida Governmental Financing Commission
authorized by the City Commission on July 2, 1987 through adoption of
Ordinance 4437-87; provides for repayment of principal in annual installments
ranging from S70,000 to S85,000 from July 1, 1996 to July 1, 1997; interest
on installments ranges from 6.15°�6 to 6.70% and is payable semiannually; City
is further obligated to pay certain additional payments, including its
proportionate share of the fees of the Commission as well as those of the
Trustee and the Registrar and Paying Agent created pursuant to the terms of the
Revenue Bonds issued by the Commission to provide the funds for making the
pool loans, and in addition all fees and expenses of the Commission or Trustee
that relate to this Loan Agreement; collateralized by non-ad valorem revenues or
other legally available funds of the City. Loan was obtained to finance the
construction of a facility to be used by the Solid Waste Department (also
finances improvements to real property and acquisition of equipment unrelated to
the Utility System); net of unamortized discount and issue
costs of 5260.
29,854
23,928,743
454,118
23,474,625
84, 740
An internal twenty year construction loan from the City's Central Insurance Fund
for the construction of administrative, container maintenance and truck wash
facilities and a paved yard for use by all cost centers of the Solid Waste Fund.
The loan provides for 20 annual payments of 582,474 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 S 1,686,759. 1,402,053
38
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
Pursuant to certain Master Lease Agreements, the City has entered into Lease
Purchase Ag�eements for the purchase of equipment for the use by the operating
division of the Solid Waste Utility Fund. The agreements provide for 20
quarterly payments ranging from S1,055 to S4,667. The cost of the equipment
at the inception of the leases was S100,054 with interest imputed thereon of
514,379, with effective interest rates ranging from 5.1 % to 6.41 %.
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
Recvclin� Utilitv Fund
An internal construction loan from the City's Central Insurance Fund for the
purchase of a baling system and the construction of a recycling processing
building for use by all the cost centers of the Recycling Fund. The loan provides
for annual interest payable on September 30 each year, commencing on
September 30, 1995, at the cash-pool rate, for funds actually borrowed as they
are borrowed. Periodic principal payments on October 1 of various fiscal years
as provided in the proforma financial statements starting October 1, 1995. The
total cost of the baling system at the inception of the loan totaled S129,836.
The cost of constructing the processing building was 5140,100.
� Pursuant to certain Master Lease Agreements, the City has purchased
automotive equipment for use by the operating divisions of the Recycling Fund.
The agreements provide for 20 quarterly payments ranging from 5991 to
� 520,327. The combined total principal amount of the loan at the inception of
the leases was 5820,131 with interest imputed thereon of S190,890, with
effective interest rates ranging from 4.92% and 6.95%.
,
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
� Stormwater Utiliri Fund
Pursuant to certain Master Lease Agreements, the City has entered into a Lease
Purchase Agreements for the purchase of street sweeping equipment for use by
� the operating division of the Stormwater Utility Fund, providing for 20 quarterly
payments of 59,135. The cost of the automotive equipment at the inception of
the lease was 5159,770 with interest imputed thereon of S22,865, with an
effective rate of 6.4196.
�
�
�
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
� 39
76,410
1,563,203
184,968
1,378,235
151,162
486,441
637,603
306,515
331,088
144,377
29,031
115.346
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Yacht Basin and Marina
5% Uncollateralized loan payable to the General Fund; 515,000 of the advance
is scheduled for repayment during the following fiscal year.
Pool Loan Agreement with First Florida Governmental Financing Commission
authorized by the City Commission on July 2, 1987 through adoption of
Ordinance 4437-87; provides for repayment of principal in annual installments
ranging from 540,000 to S50,000 from July 1, 1992 to July 1, 1997; interest
on installments ranges from 6.15% to 6.70% and is payable semiannually; City
is further obligated to pay certain additional payments, including its
proportionate share of the fees of the Commission as well as those of the
Trustee and the Registrar and Paying Agent created pursuant to the terms of the
Revenue Bonds issued by the Commission to provide the funds for making the
pool loans, and in addition all fees and expenses of the Commission or Trustee
that relate to this Loan Agreement; collateralized by non-ad valorem revenues or
other legally available funds of the City. Loan was obtained to finance the
Seminole Boat Launch dredging and the renovation of the Marina Building (also
finances improvements to real property and acquisition of equipment unrelated to
the Marina Fund1; net of unamortized discount and issue costs of S 154.
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
Parkina Svstem
Public Service Tax and Bridge Revenue Bonds, Series 1985: 43.98°� and
34.43% of the serial bonds and term bonds, respectively, outstanding after
partial defeaseance on September 27, 1995, net of discount and issue costs
(Parking Fund share only) of S 17,166. The remainder of this issue is reflected in
the General Long Term Debt Account Group. The bonds have serial maturities
ranging from S350,000 at 8.3% due December 31, 1996 to S415,000 at
8.75% due December 31, 1998, and term bonds totaling 5550,000 at 9.125°k
due December 1, 2005.
Less Current Portion of Long-Term Debt
Long-Te�m Debt, Excluding Current Portion
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.
40
15,324
49, 847
65,171
64, 847
324
676,045
153.264
522.781
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996 _
Garaae
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 use by the operating divisions of the City. These agreements
provide for 20 quarterly payments ranging in amount from 51,335 to S54,854.
The cost of the equipment at the inception of the leases was S8,398,707 with
interest imputed thereon of 51,232,035, the effective rates ranging from
5.035% to 6.59%.
Pool Loan Agreement with First Florida Governmental Financing Commission
autho�ized by the City Commission on July 2, 1987 through adoption of
Ordinance 4437-87; provides for repayment of principal of S650,000 on July 1,
1997; interest at 6.70% and is payable semiannually; City is further obligated to
pay certain additional payments, including its proportionate share of the fees of
the Commission as well as those of the Trustee and the Registrar and Paying
Agent created pursuant to the terms of the Revenue Bonds issued by the
Commission to provide the funds for making the pool loans, and in addition all
fees and expenses of the Commission or Trustee that relate to this Loan
Agreement; collateralized by non-ad valorem revenues or other legally available
funds of the City. Loan was obtained to finance the construction of a radio
communications system for use by all City Departments, including two radio
towers, satellite and microwave receivers, and radios (also finances
improvements to real property and acquisition of equipment unrelated to the
Garage Fund1; net of unamortized discount and issue costs of 52,109.
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
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 use by the operating divisions of the Administrative Services
Fund. These agreements provide for either 20 or 28 quarterly payments ranging
in amount from S657 to S48,61 1. The cost of the equipment at the inception of
the leases was 52,811,758 with interest imputed thereon of 5431,115, the
effective rates ranging from 5.03°,6 to 8.189°�6.
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
41
4,526,066
647,891
5,173,957
2,207,109
2,966,848
1,952,920
394,825
1,558,095
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
Central Insurance
Pursuant to a Master Lease Agreement, the City has entered into a Lease
Purchase Agreement for the purchase of equipment for use by the Central
Insurance Fund, providing for 20 quarterly payments of S 1,201 commencing
March 31, 1995; the cost of the equipment at the inception of the Lease
Agreement was S20,897 with interest imputed thereon of S3,115, an effective
rate of 6.0386%.
Less Current Portion of Long-Term Debt
Long-Term Debt, Excluding Current Portion
TOTAL PROPRIETARY FUNDS - LONG-TERM DEBT,
EXCLUDING CURRENT PORTION
TOTAL LONG-TERM DEBT, ALL FUNDS EXCLUDING
CURRENT PORTION FOR PROPRIETARY FUNDS
14,076
4,043
10.033
1 10,091,104
S 131,104,660
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 of the covenants also require
maintenance of specified coverage ratios. The City is in compliance with bond covenants.
Note (2F) 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 Government and related agencies at various
interest rates and maturities sufficient to meet all debt service requirements of the refunded debt, of
which 580,420,000 was outstanding at September 30, 1996, all of which relate to enterprise
funds. 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:
Water and Sewer Revenue Bond, Series 1988B
Water and Sewer Revenue Bond, Series 1988A
Utility Revenue Certificates, 1975
Utility Revenue Certificates, 1972
Special Obligation Bonds, Series 1978A
42
Amount
Outstanding
at September
�n �aa�
$ 18,295,000
26,635,000
4, 575, 000
2, 850, 000
1,160, 000
�
'
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
�
Utility Revenue Bonds, Series 1978
' Utilities Tax and Bridge Revenue Bonds, Series 1977
Public Service Tax and Bridge Revenue Bonds, Series 1985
Utilities Tax Bonds, Series 1977
�
20, 895, 000
2, 655, 000
975, 000
2, 360, 000
$ 80,420,000
Note (2G) Lony-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:
General Obligation Bonds, 1978 Issue
� Improvement Revenue Bonds, Series 1995
Indebtedness of the Community Redevelopment
Agency (includes Tax Increment and Lease
' Revenue Bonds, Series 1986 and Tax Increment
Revenue Bonds, Series 1987)
Public Service Tax and Bridge Revenue Bonds,
Principal
$ 75,000
96,667
170,000
163, 947
$ 505,614
Interest
$ 5,107
100,605
149, 300
29,197
$ 284,209
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 5274,461 as
of September 30, 1996.
A contingency reserve has been established pursuant to the authorizing bond ordinance to maintain
� a sum equal to the Maximum Bond Service Requirement coming due on the 1986 Bonds, during any
ensuring Bond Year. The �eserve balance at September 30, 1996 is 5257,450, which meets this
requirement.
A Debt Service Reserve Account has also been established pursuant to the Loan Pool Agreement
with First Florida Governmental Financing Commission to pay the City's proportionate share of the
principal and interest requirements of the underlying revenue bonds should an insufficiency of funds
exist due to the City's failure to make a loan repayment in the full amount or because of an event of
default under the Loan Pool Agreement. The General Long-Term Debt reserve balance at September
30, 1996 is 543,230, which represents 6.6°� of the total required reserve account. The remair�ing
balance of the required reserve (93.4°,6 of the total) is reflected in the Solid Waste, Yacht Basin &
Marina, and Garage Proprietary Funds.
Note (3) Restricted Assets, Proprietary Funds
Note (3A) Water and Sewer Utility Fund
Assets in the Water and Sewer Utility Fund restricted for construction consist of the following:
43
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
Proceeds of Utility Revenue Bonds, 1978 Series, the use of which is restricted to construction of
water and sewer improvements authorized by the relevant ordinance; assets remaining at
September 30, 1996 are:
Equity in Pooled Cash and Investments
Water Improvement charges, the use of which is restricted by the ordinance
authorizing the collection of such charges to the construction of additions and
improvements to the water system; assets remaining at September 30, 1996
are:
Equity in Pooled Cash and Investments
Due from Other Funds
Sewer Improvement charges, the use of which is restricted by the ordinance
authorizing the collection of such charges to the construction of additions and
improvements to the sewer system; assets remaining at September 30, 1996
are:
Equity in Pooled Cash and Investments
Due from Other Funds
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 tollowing at September 30, 1996
Water and Sewer Revenue Bonds Debt Service:
Equity in Pooled Cash and Investments
Investments (U.S. Government Securities)
Accrued Interest Receivable on Investments
Water and Sewer Revenue Bonds Renewals and Replacements:
Equity in Pooled Cash and Investments
Due from Other Funds
Assets of the Water
restricted, amounted t
Cash and Investments.
S 904,989
531,673
123,610
1,994,332
666,187
11,594,855
2,865,275
86,196
4,433,721
2,491.891
525,692,729
and Sewer Utility Fund representing Customers' Deposits and therefore
o 52,046,783 at September 30, 1996 consisting entirely of Equity in Pooled �
Note (36) 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, 1996:
Cas Svstem Revenue Bonds
Debt Service:
Equity in Pooled Cash and Investments
Investments (U.S. Government Securities)
Interest Receivable
44
51,520,702 ,
450,653
16,295
�
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,
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
Renewals and Replacements:
Investments IU.S. Government Securities)
Construction:
Equity in Pooled Cash and Investments
300,000
5,587,799
$7,875,449
Assets of the Gas Utility Fund representing Customers' Deposits and therefore restricted, amounted
to S882,884 at September 30, 1996, 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 consist of the
following:
Assets of the Solid Waste Utility Fund restricted under the provisions of the Loan Pool Agreement
with the First Florida Governmental Financing Commission consisted of the following at September
30, 1996:
Loan Pool Aareement
Debt Service:
Investments Held by Escrow Agent (Primarily Alachua
County, Florida Revenue Bonds)
Accrued Interest Receivable on Investments
565,000
748
565.748
Assets of the Solid Waste Utility Fund representing customer deposits, and therefore restricted,
amounted to 5563,381 at September 30, 1996, and consisted entirely of Equity in Pooled Cash and
Investments.
Note (3D) Stormwater Utility Fund
Restricted assets contributed to the Stormwater Utility Fund by the Special Development Fund
consist of the following:
Proceeds of the Local Option Sales Tax designated as "Penny for Pinellas",
which is restricted by voter referendum and the terms of interlocal agreements
between Pinellas County and the municipalities receiving the tax to the
construction of specific infrastructure capital improvements; assets remaining at
September 30, 1996 are:
Due from Other Funds
Development Impact Fees restricted by City Code Section 183.03 to the
construction of roads, public transit facilities and storm drainage in the City;
assets remaining at September 30, 1996 are:
Due from Other Funds
I � �
54,61 1,951
539
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Contributions by the Special Development Fund
policy to be used for improvements to the storm
at September 30, 1996 are:
Due from Other Funds
include proceeds restricted by City Commission
drainage system within the City, assets remaining
104,216
54,716,706
Note (3E) Yacht Basin and Marina
Assets of the Yacht Basin and Marina restricted under the provisions of the Loan Pool Agreement
with First Florida Governmental Financing Commission consisted of the following at September 30,
1996:
Loan Pool A�reement
Debt Service:
Investments Held by Escrow Agent (Primarily Alachua
County, Florida Revenue Bonds)
Accrued Interest Receivable on Investments
S 38,350
441
S 38,791
Note (3F) Parking System
Assets in the Parking System restricted under the provisions of the ordinances authorizing the
issuance of revenue bonds consisted of the following at September 30, 1996:
Public Service Tax and Brid�e Revenue Bonds
Debt Service:
Equity in Pooled Cash and Investments
Note (3G) Harborview Center Fund
Restricted assets contributed to the Harborview Center Fund consist of:
Contributions by the Special Development Fund include proceeds restricted by
City Commission policy to be used for the renovation of a former department
store building, assets remaining at September 30, 1996 are:
Due from Other Funds
S 356,690
$ 144,967
Note (3H) Garage Fund �
Assets of the Garage Fund restricted under the provisions of the Loan Pool Agreement with the First
Florida Governmental Financing commission consisted of the following at September 30, 1996:
Loan Pool A�reement
Debt Service:
Investments Held by Escrow Agency (Primarily Alachua County,
Florida, Revenue Bonds)
Accrued Interest Receivable on Investments
�
5503,750 �
5.793
S 509,543
Note (31) Current Liabilities Payable from Restricted Assets
As of September 30, 1996 with comparative figures for 1995, the current liabilities payable from
restricted assets of the Enterprise Funds were as follows:
CI�
L�
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
September 30, 1996 September 30, 1995
' Accounts Payable
Construction Contracts Payable $ 477,563 $ 387,375
Accrued Interest Payable 1,263,269 1,265,315
� Current Portion of Long-Term Debt (Revenue Bonds) 3,897,720 3,744,541
Customer Deposits 3,493,049 3,267,316
$ 9,131,601 $ 8,664,547
' Note 141 Reti�ement Commitments
Note (4A) Defined Benefit Pension Plans
� The City contributes to two single-employer, self-administered 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.
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 October
25, 1995. 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 5300 per month. Eligibility for normal retirement
occurs upon c.ompletion 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. 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 surviving beneficiaries; after 5 years, the survivor
annuity is reduced to 50% of the original amount. 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 five 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). There
is no provision for post retirement adjustments of benefits. Covered employees contribute 8°k 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% (6°k for calendar
year 1996) participating employees compensation. There are no other contributors to the plan.
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 26.52 of the Municipal Code of the City of Clearwater. The normal retirement
benefit is a monthly benefit in the amount of 50°�6 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
47
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
deceased participant who are under 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
that a IeW of 6/10 of one mill of ad valorem tax 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, 1996, the cur�ent membership of
the plans is as follows:
Employees' Firemen's Relief
Pension Fund and Pension Fund
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
399
�
619
803
1.829
51
52
For the fiscal year ended September 30, 1996, the covered payroll for the Employees' Pension Fund
and the Firemen's Relief and Pension Fund is 548,002,286 and S45,011 respectively; the City's
total payroll for the same period is S55,343,791.
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 employment of the accrual basis of accounting. Fund assets, primarily investments, are
valued at cost or, in the case of certain credit instruments, at cost adjusted for the amortization of
premium or the accumulation of discount for balance sheet purposes. Gains and losses on sales
and exchanges of securities are recognized on the transaction date.
As of September 30, 1996, neither the Employees' Pension Fund nor the Firemen's Relief and
Pension fund held investments lother than U.S. Government or U.S. Government guaranteed
obligations) in any one organization comprising 5% or more of the net assets available for benefits.
As of September 30, 1996, 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.
48
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 1
In accordance with the requirements of Governmental Accounting Standards Board Statement No.
5, the most recent actuarial valuations as of January 1, 1996, utilize the actuarial present value of
credited projected benefits in determining the pension benefit obligation at that date. This
represents a standardized disclosure measure of the present value of pension benefits which takes
into account the effects of projected future salary increases and any step-rate benefits that result
from employee service to date. This measure is intended to assist in the assessment, on a going
concern basis, of the funding status of the pension plan, including an indication of the progress
being made in accumulating sufficient assets to pay benefits as they become due; it also facilitates
making comparisons among employers. This measure is not required to be utilized in determining
the contributions to fund the pension plan.
Significant actuarial assumptions utilized in the actuarial valuations as of January 1, 1996, in the
determination of the pension benefit obligation are as follows.
� Em�lovees' Pension Fund
(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 inc�eases 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 in accordance with standard scales of
' moderate turnover rates (Scale 255) for males and heavy turnover rates (Scale 355) for
females.
(5) Pre-retirement incidence of disability assumed to occur in accordance with a standard
scale of moderate disability rates (Class 1, 1952 Inter-Companyl; rates for females
assumed to be twice that for males.
Firemen's Relief and Pension Fund
(1) Assumed rate of return on investments of 6.5°k compounded annually for both pre- and
post-retirement.
(2) Assumed salaries grow at annually compounded rate of 4°� related to cost-of-living
adjustments only.
(3) Mortality based on the 1983 Group Annuity Mortality Table for both active and retired
artici ant• assumed disabled participants will experience mortality according to PBGC
P P ,
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 of January 1, 1996, the pension benefit obligation based on the actuarial valuations is as
follows:
49
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
Employees'
Pension Fund
Retirees and Beneficiaries
Currently Receiving Benefits S 64,235,874
Terminated Employees Benefits Entitled
But Not Yet Receiving Them 711,560
Current Employees:
Accumulated Employee Contributions 28,372,499
Employer-Financed Vested 103,833,807
Employer-Financed Nonvested 19,685,130
Total Pension Benefit Obligation 216,838,870
Net Assets Available for Benefits
as of January 1, 1996 at Cost
or Accreted Cost 224,393,502
Unfunded (Assets in Excess of)
Pension Benefit Obligation S 17,554,632)
Net Assets Available for Benefits
as of January 1, 1996 at
Market Value S267,213,161
Firemen's Relief
and Pension Fund
510,769,539
48,859
418,368
11,236,766
3.083,817
5 8,152,949
S 3,360,076
To als
S 75,005,413
711,560
28,421,358
104,252,175
19,685,130
228,075,636
227,477,319
S 598,317
5270.573,237
Effective January 1, 1996, several changes took effect in the benefit provisions in the Employees'
Pension Fund. These changes include increasing from 2.5% to 2.75°k of average compensation the
benefit amount per year of service, decreasing the line of service disability from 75°� to 66.67°�6 of
average compensation, changing employee contributions from 6°k (after tax basis) to 8°� (pre tax
basisl, and provide for simple interest of 5% to be paid on contribution refunds. The above
changes resulted in an increase of $1 1,651,944 in the pension benefit obligation.
There were no changes in either benefit provisions or in actuarial assumptions affecting the actuarial
valuations as of January 1, 1996 of the Firemen's Relief and Pension Fund.
It is the City's policy to fund pension costs accrued as determined on an actuarial basis. Required
contributions 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. Required contributions to
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°k 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 cur�ent
valuation indicates a higher required cost level, or if the resulting cost level exceeds 60% of a mill in
a current year.
50
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
The significant actuarial assumptions that are used in computing actuarially determined contribution
requirements are the same as those used in computing the pension benefit obligation. The
actuarially determined contribution requirements for the City's fiscal year ended September 30,
1996, are based on actuarial valuations as of January 1, 1995. 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. Information relative to contributions is as follows:
� Required Contributions per
Actuarial Valuation of
January 1, 1995:
'
'
Employees'
Pension Fund
% of Current
Year Covered
Pavroll Amount
Amount to Cover Normal Cost
Ilncludes) Estimated Expenses
Which Are Paid from Pension Fund) 9.60°� 54,609,679
Amount to Amortize Unfunded Frozen
Initial Liability 2.85°�6 1,370,321
� Interest Adjustment to Compensate for
Payments during Fiscal Year
Beginning October 1, 1994 0.51 ° 244,797
�
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Actual Contributions during F.Y.E.
September 30, 1996:
Employer's Contributions Including
Interest Adjustment
Employees' Contributions
State Insurance Premium Tax
12.96°�6 56,224,797
5.97% 52,867,834
7.45% 3,575,690
13.42°� $6,443,524
' S1
Firemen's Relief
and Pension Fund
% of Current
Year Covered
Pavroll Amount
1,837.84°k 5827,241
N/A
89.60°� 40,328
1,927.44% S867,569
1,927.46°� $867,569
6.00°� 2,701
6.31 °�6 2.841
1,939.77% 5873.111
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Certain three-year historical trend information is required to be disclosed by Governmental
Accounting Standards Board Statement No. 5.
Employees' Firemen's Relief
Pension Fund and Pension Fund
Net Assets Available for Benefits Expressed
as a Percentage of the Pension Benefit
Obligation as of:
January 1, 1994
January 1, 1995
January 1, 1996
Unfunded (Assets in Excess of) Pension Benefit
Obligation Expressed as a Percentage of
of Annual Covered Payroll as of:
January 1, 1994
January 1, 1995
January 1, 1996
For the three most recent fiscal years,
Employer Contributions, which have been made
in accordance with actuarially determined
requirements, represent the following
percentages of Annual Covered Payroll:
Fiscal Year Ended
Se�tember 30,
1994
1995
1996
110.25%
115.6196
123.23%
(45.31)%
(29.13) %
(15.741%
6.67 °�6
6.00°,6
6.93°�6
27.05%
27.86%
29.90%
21,732.70%
19,692.09%
18,113.24%
'
�
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�
1,836.87°�
1,926.41 °rb �
1.927.46°�6
Governmental Accounting Standards Board Statement No. 5 requires the presentation, as
supplementary information, of certain 10-year historical trend information. Since the required
standardized measure of the pension benefit obligation was not determined prior to the actuarial
valuation as of January 1, 1988, the historical trend data that is dependent upon the amount of the
pension benefit obligation is presented for only nine years. The prescribed disclosures relating to
revenues by source and expenses by type are presented for the most recent ten years. These
disclosures are presented on pages 122 - 124 of the City's Comprehensive Annual Financial Report.
Note (46) 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. These revenues, which comprise the plan
contributions of 5665,644 in the year ended September 30, 1996, are obtained from an eighty-five
one hundredths of one percent (.851°� excise tax on the gross receipts from premiums collected on
casualty insu�ance policies covering property within the City's corporate limits. The contributions
represent 6.21 % of current year covered payroll.
�
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30. 1996
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 o� 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 at the close of the fiscal year. Each participant is entitled to one share or a fractional share
in the fund for each full year or a portion of a year of service as a police officer of the City, with
fractional shares being determined by the number of days of service in each calendar year,
assuming a 365-day year. "
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 o� 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.
For the fiscal year ended September 30, 1996, the covered payroll is 510,713,053; the City's total
payroll for the same period is S55,343,791. During this period, there were no changes in plan
provisions. As of September 30, 1996, 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) Firemen's Supplemental Pension Fund
A supplemental defined contribution plan exists for all eligible firemen, which is funded by
earmarked revenues received from the State. These revenues, which comprise the plan
contributions, amounted to S436,933 in the year ended September 30, 1996, and are obtained
from a one and eighty-five one hundredths percent (1.85°�6) excise tax on the gross receipts from
premiums collected on property insurance policies covering property within the City's corporate
limits. The contributions represent 6.67°�6 of current year covered payroll.
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
earnings 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 Pension Fund are managed
by the Barnett Bank Trust Department.
� The Firemen's 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.
�
' S3
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
For the fiscal year ended September 30, 1996, the covered payroll is 56,558,620 the City's total
payroll for the same period is 555,343,791. During this period, there were no changes in plan
provisions. As of September 30, 1996, 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) Deferred Compensation Fund
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. The deferred compensation is not available to employees
until termination, retirement, death, or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights purchased with those
amounts, and all income attributable to those amounts, property, or rights are (until paid or made
available to the employee or other beneficiary) solely the property and rights of the City (without
being restricted to the provisions of benefits under the plan), subject only to the claims of the City's
general creditors. Participants' rights under the plan are equal to those of general creditors of the
City in an amount equal to the fair market value of the deferred account for each participant.
It is the City's opinion that it has no liability for losses under the plan, but does have the duty of
due care that would be required of an ordinary prudent investor. The City believes that it is unlikely
that it will use the assets to satisfy the claims of general creditors in the tuture.
In accordance with the requirements of GASB Statement No. 2, the operations of the plan are
accounted for in an Agency Fund in the accompanying financial statements, with the invested
assets being reflected therein at market value.
Note (4E) 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 (4D1.
Note (5) Fixed Assets
General Fixed Assets:
A summary of changes in General Fixed Assets follows:
Land
Buildings
Improvements Other Than Buildings
Machinery and Equipment
Construction in Progress
Balance
October 1, 1995
$ 32,030,084
16, 831,983
43,897,567
22,025,897
8,632, 531
$ 123,418,062
Additions
$ 42, 961
8,339,855
9,969,738
4,657,933
8,209,892
$ 31,220,379
Deletions
$ 15,000
362,640
8,632,531
$ 9,010,171
Balance
September 30, 19
$ 32,058,045
25,171,838
53,867,305
26, 321,190
8,209,892
$ 145,628,270
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 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 if such restrictions are not followed.
Land subject to such restrictions is carried at estimated fair market value in the hands of the donor
immediately prior to the donation; therefore, the valuation used does not reflect the impact the
restrictions as to use might have on the fair market value of such land in the ownership of the City.
54
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
Proprietarv Funds:
A summary of cost and accumulated depreciation of fixed assets at September 30, 1996 of the
Proprietary Funds follows:
Land
Buildings
ImprovemenLs Other Than Buildings
Machinery and Equipment
Construction in P�ogress
Less Accumulated Depreciation
Net
Enterprise
$ 6,523,188
17,539,639
235,879,435
9,575,142
15,557,931
285,075,335
72,079,017
$ 212,996,318
Internal
Service
$ 696,681
3,056,373
475,447
32,156,649
92,042
36,477,192
22,981,040
$ 13,496,152
Estimated
Useful Life
(Years)
10-40
5-50
1-33
Contributed Pronertv: As of September 30, 1996, water lines having an estimated cost of
S4,528,805, sanitary sewer lines having an estimated cost of S7,301,370, and storm sewers
having an estimated cost of S3,854,355 are reflected in the balances of the proprietary fixed
assets.
Assets Recorded Under Caoital Leases: Assets recorded under capital leases and the accumulated
depreciation 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 #3. Propeny 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 become delinquent and become a lien. Tax certificates are
sold in June for real property with delinquent taxes.
Since taxes are not collected prior to November 1, the City does not record deferred tax 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, i.e., 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.
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. This is appropriate, since for several years the budgetary and accounting treatment has been
to recognize the tax revenues in the General Fund and to reflect the required transfers to the
appropriate debt service or pension fund as operating transfers from the General Fund to the
appropriate fund.
55
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
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 for the year
ended September 30, 1996 was 5.1158 mills, of which .0289 mills represent the levy for general
obligation bond debt service as approved in voter referendums in prior years. The non-voted tax
rate of 5.0869 mills is well below the statewide ten mill limitation.
Note (7) Seyment Information for Enterprise Funds
The City maintains nine Enterprise funds which provide utilities (water and sewer, gas, solid waste,
recycling, and stormwater), marina, parking, pier fishing, and a combined retail center and
convention center. Segment information for the year ended September 30, 1996 was as follows:
Water and Sewer
Gas
Solid Waste
Recyding
Stormwater
Marina
Parking
Pier 60
Harborview
Water and Sewer
Gas
Solid Waste
Recycling
Stormwater
Wrarina
Parking
Pier 60
Harborview
Depreciation Net
and Operating Operating Net
Operating Amortization Income Transfers Income Contributions
Revenue Expense (Loss) In (Out) (Loss) During Year
�32,243,586 3 4,382,280 3 5,668,831 3(1,397,435) $ 1,762,713 3 334,195
16,164,746 810,222 2,197,577 (1,162,518) 258,393 1,273
11,819,358 363,803 707,784 (551,960) 331,605
1,554,339 206,048 143,985 (13,160) 334,329
3,454,221 835,345 (423,062) (855,940) (1,076,856) 2,629,388
1,810,696 111,082 (156,775) (22,723) (2�2867
2,414,880 139,701 93,998 (140,116) (17,874)
267,064 55,164 (123,289) (125,375) (2,778,506)
393,769 67,107 (765,687) (698,562) 785,169
$70,1�22,659 S 6,970,752 $ 7,343,362 3(4,121,129) $ 746,130 $��9,233
Unre-
Additions Deletions Long-Term stricted
to to Debt Net
Property Property Outstanding Working
Plant and Plant and Total and Other Capital Fund
Equipment Equipment Assets Liabilities (Deficit) Equity
$ 6,145,799 $(114,821) S 205,252,028 $ 79,733,729 $ 23,590,574 S 116,531,249
6,103,883 (20,643) 38,436,208 23,474,625 646,169 10,500,792
525,568 (37,50� 10,394,529 1,378,235 4,486,156 7,618,023
291,939 2,529,343 331,088 956,411 1,851,764
2,815,709 (500) 21,539,989 115,346 3,017,088 20,992,468
173,413 1,800,063 324 281,159 1,634,562
110,071 (71,517) 4,306,913 522,781 689,732 3,550,350
7,720 (2,098,819)
3,045,863 14,551,118 (101.130) 13,291,470
� 19,219,965 $ 2,343,807 $ 298,810,191 $105,556,128 $ 33,566,159 $175,970,678
Note (8) Interfund Balances
As mentioned in Note (1C), individual fund deficits in the consolidated cash pool have been
reclassified as of September 30, 1996 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, 1996 were as follows:
56
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r
Fund
General
Special Revenue Fund:
Special Program Fund
Capital Projeds Fund:
Capital Improvement
Enterprise Funds:
Water and Sewer Utility
Gas Utility
Solid Waste Utility
Recycling Utiliry
Stormwater Utility
Yacht Basin and Marina
Parking System
Harborview
Intemal Service Funds:
Garage
Administrativ�e Services
General Services
Central Insurance
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Due from Other Funds
Deficit in Other
Pooled Cash Receivables
$ $ 15,000
4,017,161 188,279
13,599,763
683,774
999,817
499,301
7,058,367
81,587
310,010
1,144,967
1,647,801
66,656
267,355
$ 4,017,161 $ 26,562,677
Due to Other Funds
Deficit in Other
Pooled Cash Payables
$ $ 155,091
1,954,159
684,869
1,378,133
7,732
25,858,675
104,264
82,474
151,162
15,000
188,279
4,017,161 $ 26,562,677
� tndividual interfund advances (long-term) at September 30, 1996 follow:
�
�
�
�
Fund
General
Special Revenue Fund:
Special Development
Enterprise Funds:
Solid Waste
Yacht Basin and Marina
Parking
Internal Service Funds:
Garage
Central Insurance
Advances to
Other Funds
$ 324
49,940
134,837
10, 276, 354
$ 10,461,455
Advances from
Other Funds
$ 184,777
8,956,774
1,319,580
324
$ 10,461,455
Note (9) Continyencies and Commitments
� 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.
�
�
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PACT, Inc.
PACT, Inc. is a nonprofit corporation formed in 1978 for the purpose of financing, constructing, and
operating a performing arts center. The City subsequently guaranteed S 1,000,0000 plus
accumulated interest on a 1981 S5,500,000 mortgage note for PACT, Inc., used for the
57
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
construction of Ruth Eckerd Hall. As of September 30, 1996, the remaining principal balance on
the mortgage was S3,990,370, and the amount of the City's guarantee, including interest, was
approximately $2,437,443.
City management does not consider it probable that this guarantee will be called, and, accordingly,
no amounts have yet been accrued or otherwise recorded on any of the accompanying financial
statements to reflect this possibility.
Continaent Loan Guarantee
On March 30, 1992, the City Commission approved a contingent loan guarantee of S 1,000,000 on
a 52,500,000 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. The remaining principal balance on the note as of June 30, 1996 totaled
52,079,838.
In the event of default, the City is obligated to contribute S 1 million 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 be able to meet all debt service payments and does not consider it likely
that the City's guarantee will be invoked.
Atrium Parkina Garas�e Oation
In November, 1993, the City sold the office tower and the top two floors and air rights above the
Park Street parking garage it had purchased in March, 1993, to Atrium At Clearwater Limited
(Atriuml, a Florida limited partnership. The building and parking facilities sold for the original
purchase price of S6.45 million. At the time of the property sale, the Community Redevelopment
Agency of the City of Clearwater Florida (CRA) granted to Atrium the option to purchase the first
two floors of the Park Street parking garage from the CRA before November 30, 1995. Atrium
notified the CRA of its intent to exercise the option at a purchase price of S380,000, per an
independent appraisal of the property. The CRA subsequently notified Atrium that the appraisal
was not performed in accordance with terms of the option and offered to proceed with the closing
on the property at a purchase price of S1,313,800. Currently the City and the CRA are engaged in
good faith negotiations to reach an option price satisfactory to both parties. As of September 30,
1996 a total of S 1,605,000 in Community Redevelopment Agency of the City of Clearwater Tax
Increment and Lease Revenue Bonds are outstanding and must be retired prior to a sale of the
property.
Outstandina Construction Commitments:
At September 30, 1996, material outstanding construction commitments were as follows:
Capital Projects Funds
Enterprise Funds
Internal Service Funds
58
Construction
Commitments
Outstandins�
$ 11, 844, 000
S 6,446,000
S 592,000
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CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
Note (10) Individual Fund Notes
Note (10A) Capital Improvement Fund
The Capital Improvement Fund was created administratively to provide for combined accounting
presentation of all capital projects from the City's various fund sources, except those projects
financed from bond proceeds where bond ordinance provisions require the segregation of bond
proceeds in separate funds. The majority of the resources of the Capital Improvement Fund are
provided by transfers of capital project appropriations from source funds. The appropriations are
held and invested for the benefit of the source funds until the projects are completed or canceled, at
which time the asset values are transferred back to the source fund or to the General Fixed Assets
Account Group, as appropriate, and any unspent monies are returned to the donor fund.
Transfers from the Proprietary Funds and expenditures for capital projects of such funds are not
reflected in the Combining Statement of Revenues, Expenditures and Changes in Fund Balances of
the Capital Improvement fund, but are reflected when expended as fixed assets in the respective
Proprietary Funds.
� Note (106) Water and Sewer Utility 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. The rate for fiscal year 1995 charged by the County, which is set by the Board of County
Commissioners, was 51.3254 per 1,000 gallons, including a$.30 per 1,000 gallons surcharge
designated by the supplier for funding capital projects. Effective October 1, 1995, the rate
� increased to S 1.7902 per 1,000 gallons, including a 8.60 per 1,000 gallon surcharge for funding
capital projects. The cost of water purchased from the County during fiscal years 1996 and 1995
was S7,434,927and S5,083,444, respectively.
� Note (10C) Harborview Fund
During fiscal year 1994, the City was involved in the renovation of a former department store
building to create a combined retail and convention center. An enterprise fund was created and
� space was leased for retail operations. The lease agreement is for ten years and contains a
cancellation option under certain conditions after 42 months. Minimum future rentals as of
September 30, 1996 are as follows:
�._,1
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Year Endins� Sept. 30
1997 S 92,301
1998 5 75,000
Initial fund equity resulted from the following residual equity transfers: General Fund, S535,120;
Special Development Fund, S3,180,000; Community Redevelopment Agency Fund, S150,000; and
General Fixed Assets, 51,926,223. The Harborview Center began operations in January, 1996.
Note (10D) Internal Service Funds
The function for overseeing the telephone charges was transferred from the General Services Fund
to the Administrative Services Fund in fiscal year 1996. This function includes paying all telephone
charges and collecting revenues from the various user funds. This resulted in a reduction in both
revenues and expenses in the General Services Fund of approximately 5700,000 in the current year
as compared to fiscal year 1995. Conversely, the Administrative Services Fund had an increase in
both revenues and expenditures of approximately S700,000 in the current year as compared to the
previous year.
59
CITY OF CLEARWATER, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 1996
Note (11) Excesses of Expenditures Over Appropriations
Administration expenditures of the Special Development Special Revenue Fund totaled S372,972,
while appropriations in this category for the current fiscal year were $300,000.
Note (12) Fund Deficits
The Special Development Special Revenue Fund has an unreserved accumulated deficit of
S4,381,802 due to expenditures exceeding revenues. This deficit is a budgeted deficit in
anticipation of Local Option Sales Tax revenues (designated as "Penny for Pinellas") to be received
in future years. The Harborview Center Enterprise Fund accumulated deficit of S788,125 is a result
of continued construction of the Harborview convention center which has not yet experienced a
complete year of full service operations.
Note (13) Residual Equity Transfers Between Funds
Residual equity transfers for all funds consisted of a net 56,328,749 transfer out. This includes a
total of 53,353,438 net contributions to Proprietary Funds with credits being made directly to
contributed capital accounts in the appropriate funds, a 5839,060 return of contributions with
debits being made directly to contributed capital accounts, and net transfers into the General Fixed
Assets Account Group 52,136,251.
Note (14) Contributed Capital - Proprietary Funds
The changes in contributed capital of the City's proprietary funds during fiscal year 1996 were as
follows:
Additions
Contributions from:
Other Funds
Federal and State Grards
Developers
Property Owners
Olfier Govemmental Entities
Total Additions
Retum of Contributed Capital
To Other Funds
To Other Govemmental Entities
Net Additions (Reductions)
Contnbuted Capital
Odober 1, 1995
Contributed Capital
September 30, 1996
Yacht
Vlhater a�d Basin and
Sewer Gas Stormwater Marina
Utility Fund Utility Fund Utility Fund Fund
$ - $
908
258,846
74,441
334,195
$ 2,480,000 3 - 3
37,500
1,273
151,022
1,273 2,668,522
Pier 60
Fund
Harborview Garage
Fund Fund
S 755,438 3 118.000 ,
29,731 �
785,169 118.000
�z,zas� �z,ns,sos�
(39,134)
334,195 1,273 2,629,388 (2.286) (2,778,506) 785,169 118,000
65,870,804 657,506 16,371,875 397,891 2,778,506 13,294,426 3,605,001
3 66,204,999 $ 658,779 S 19,001,263 $ 395,605 3 - 314,079,595 S 3,723,001
The City's other proprietary funds had no change in contributed capital during fiscal year 1996.
Note (15) 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 already been reserved and recorded as liabilities in the Central Insurance
Fund.
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GENERALFUND
� The General Fund is used to account for the receipt and e�enditure 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 ta�aes and are used to provide services which are deemed not susceptible to a
' user charge financing method.
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CITY OF CLEARWATER. FLORIDA
GENERAL FUND
BALANCE SHEEf
SEPTEMBER 30, 7996 WITH COMPARATIVE FIGURES FOR 1995
1996
Assets
Cash on Hand and in Banks
Equity in Pooled Cash and Investments
Receivables:
Accounts end Notes
Accrued Revenues
Deli�quent Property Taxes, Net of Allowance
for Uncollectible Texes of 5585,628 in 1996
and $553,631 in 1995
Due from Other Funds
Due from Governmental Entities
Inventory
Prepaid Expenditures
Advances to Other Funds
Liabilities and Fund Balances
Liabilities:
Accounts and Contracts Payable
Accrued Payroll
Due to Other Funds
Due to Other Governmental Entities
Deposits
Deferred Revenue
Advances from Other Funds
Total Liabilities
Fund Balance:
Reserved for:
Prepaid Expenditures
Inventories
Encumbrances
Advances to Other Funds
Noncurrent Notes Receivable
Unreserved - Undesignated
Total Fund Balance
See sccompanying notes to Financid Statements.
63
1995
S 21,025 20,716
10,097,162 1 1,401,702
923,038 1,654,197
2,091,252 1,859,870
194,153 215,265
3,208,443 3,729,332
15,000 289,668
459,175 495,213
7,313
51,407 37,250
324 15,324
s 13,859,849 15,989,205
s 67,296 95,891
1,567,732 1,360,409
155,091 147,310
3,171 8,633
5,802 5,012
1,107,260 1 ,742,445
184,777 341,397
3,091,129 3,701,097
51,407 37,250
7,313
413,178 186,201
324 15,324
6,600 125,520
478,822 364,295
10,289,898 1 1 ,923,813
10,768,720 12,288,108
s 13,859,849 15,989,205
CITY OF CLEARWATER, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (NON-GAAP BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Revenues:
Taxes:
Property
Franchise
Utilities
Licenses, Permits, end Fees
Intergovernmentel
Charges for Services:
Administretive Charges to Other Funds
Other Charees
Fines, Forfeitures, and Penalties
Miscellaneous Revenues
Total Revenues
Expenditures:
City Commission
Administration
Legal
City Clerk
Information Management
Finance
Humen Resources
Non-Departmental
Police
Fire
Public Works
Engineering
Perks and Recreation
Library
Central Permitting
Economic Development
Total Expenditures (Budgetary Basis)
Excess (Deficiency) of Revenue Over Expenditures IBudgetary Basis)
Other Financing Sources (Uses) (Budgetary Basis):
Operating Trensfers In
Operating Transfers Out
Excess (Deficiencyl of Revenues and Other Financing Sources Over
Expenditures end Other Financing Uses (Budgetary Basis)
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 Besis)
Fund Balances, Beginning of Year
Residual Equity Transfer In
Residual Equity Transfer Out
Fund Balances, End of Year
See accompanying notes to Financial Stetements.
64
Original
Budget
S 19,303,820
6,668,360
12,846,080
38,717,2b0
2,367,000
1 1,1 17,660
6,199, 960
1,066,490
1,b63,000
1,474,770
61,496,130
177,630
2,146,300
1,080,b70
641,090
392,900
1, 279,480
866,8b0
1,b33,130
21,107;060
9,972,620
1,637,020
4,877,260
10,216,160 -
3,168,240
1,822,130
470,810
61,389,030
106,100
4, 241, 840
(4,347,940)
(106,100)
12, 288,108
S 12,288,108
1998
Variance
R�visod Actual Favorable
Budget (Unfavorable)
18, 616, 220
6,837,010
13,446,080
38,887,310
2,402,000
1 1,063,410
6,166,960
1,041,820
1, 368,000
1,608,770
62,428,270
20b,630
2, 303,140
982, 940
663, 320
440,400
1,279,480
706,460
1,617,720
20,916,310
9,977,000
1,634,280
4,863,170
10,206,977
3,186, 640
1,822,130
470,810
61,293,307
1,134, 963
4,362,360
(7,626,787)
(3,263,447)
(2,128,484)
(2,128,484)
12,288,108
10,168,624
18,482,181
7,082,847
13,361,613
39,916,641
2,436,798
11,027.141
6,232,824
1,Ob6,340
1, 290, 371
1,367,063
62,326,178
190,226
2,318,341
868,926
614,832
444,384
1,246,989
»a,i�2
1,689,094
20,654,178
9,890,860
1,611,124
4,747,901
9, 964, 714
3,181,077
1, 874, 346
398,998
60, 600,161
1.826,017
4,247,983
(7,663,279)
(3,416,296)
(1,689,279)
(186,201)
413,178
(1, 362, 302)
12,288,108
(167,086)
10,768,720
65
(33,039)
146,837
(83,467)
19,331
33,798
(36,269)
76,864
14, 620
(67,629)
(141.707)
(102,092)
16, 305
(16,201)
34,014
48,488
(3,984)
32,491
ca.� i 2►
(71,374)
262,132
86,140
23,166
1 15,269
241,263
14,563
(b2,216)
71,812
793,146
691,054
(114,367)
(37,482)
(151,849)
639,205
(186,201)
413,178
766,182
(167,086)
609,096
1995
Actual
18,321,098
6,276,064
12,736,282
38,333,436
2,434,876
10, 860, 960
4,67b,b16
1,019,772
1,422,489
1,683.21 1
60, 330, 3 b 8
191,388
2,093,721
1,008,494
69b,730
383,267
1,203,799
841,936
1,386,731
20,313,283
9,908,628
1,601,197
4, 610, 627
9,b88,991
3,Ob1,464
1,736,169
446,414
68,760,829
1,669,629
4,329,788
(8,772.01 1)
(4,442,223)
(2,872,694)
1440,484)
186,201
(3,126,977)
16,239,844
1, 07 b, 241
(900,000)
12.288,108
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the receipt, custody, and e�enditure of rev�enues from
specific sources for which the City is required legally to limit e�enditures to particular uses and to account
separately for these resources.
Special Programs Fund to account for grants and contributions, the use of which is restricted
for certain projects.
Special Development Fund to account for impact fees, property ta�s for road improvements,
local option gas ta�aes, infrastructure ta�aes and other rev�enues which
are restricted legally or by City Commission policy to be used for
certain capital improvement projects.
Community Redevelopment to account for receipt, custody and e�enditure of property tax
Agency increment funds associated with related redevelopment projects.
67
CITY OF CLEARWATER, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Assets
Cesh on Hand and in Banks
Equity in Pooled Cash and Investments
Receivables:
Accounts
Notes - Current
Notes - Noncurrent
Accrued Revenues
Delinquent Property Taxes, Net of Allowance for
Uncollectible Taxea of S 71,465 for 1996 and
$68,029 for 1995
Other
Due from Other Funds
Due from Othe� Govenmental Entities:
Grants
Other Governmental Receivables
Liabilities end Fund Balances
Liabilities:
Accounts and Contracts Payable
Accrued Payroll
Due to Other Governmentel Entities
Deposits
Due to Other Funds
Advances from Other Funds
Deferred Revenue
Total Liabilities
Fund Balances:
Reserved for:
Noncurrent Notes Receivable
Special Programs
Unreserved:
Designeted for Special Programs
Undesignated
Total Fund Balances
See accompanying notes to Financial Statements.
68
Special
Proyrams
Fund
S
3,355,646
9,428
8.852
18.280
448,276
448,276
S 3.822,202
S 46,208
54,737
18
7,732
108,695
1,244,156
1, 244,156
1,984,738
484,613
3,713,507
S 3,822,202
Spscial
Development
Fund
3,852,138
10,813
21,626
18,963
49,402
1,105,138
1,105,138
5,006,678
410,603
4,140
8,956,774
16,963
9,388,480
21,626
21,626
(4,403,428)
(4,381,802)
5 006 678
Community
Redsvelopment
Agencv
50
42
92
92
92
92
69
Totals
1996 1995
50
7,207,826
10,813
21,626
9,428
16,963
8,852
67,682
448,276
1,105,138
1 ,553,414
8,828.972
46,300
54,737
410,621
4,140
7,732
8,956,774
16,963
9,497,267
21,626
1,244,156
1.265,782
1,984,738
(3.918,815)
(668,295)
8,828,972
50
6,814,098
144
13,313
32,439
9,993
19,516
75,405
14,859
558,247
1,051,592
1,609,839
8,514,251
209,734
21,833
567,878
4,140
6,005,174
19,516
6,828.275
32,439
682,280
714,719
2;138,096
(1,166,839)
1,685,976
8,514,251
CITY OF CLEARWATER, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Revenues:
Taxes
Licenses, Permits and Fees
Intergovernmental Revenues:
Grants
Local Option Sales Tax
Other
Fines, Forfeitures and Penalties
Miscellaneous Revenues:
Rental Income
Earnings on Investments
Donations
Other
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Economic Environment
Human Services
Culture and Recreation
Capital Outlay
Total Expenditures
Excess (Deficiency) of Revenues Over Expenditures
Other Financing Sources (Uses1:
Operating Transfers In
Operating Transfers In - Component Unit
Operating Transfers Out
Operating Transfers Out - Component Unit
Excess IDeficiency) of Revenues and Other Financing Sources
Over Expenditures and Other Financi�g Uses
Fund Balances, Beginning of Year
Residual Equity Transfers In
Residual Equity Transfers Out
Fund Balances, End of Year
See accompanying notes to Financial Statements.
70
S
Speciai
Programs
Fund
2,018,677
100, 000
2,118,677
446, 360
38, 260
158,082
227,822
33,448
457,612
3,022,649
778,837
561,200
53,071
1,015,830
193, 901
168,673
2,771,512
251,137
1, 016, 934
(771, 771)
245,163
496,300
3,214,921
2,286
S 3,713,507
Special Community Totals
Developme�t Redevelopment
Fund Agency 1996 1995
1, 578,813
501, 788
6,418,327
891, 228
7,309, 5 55
42, 500
1, 303, 805
26
1,346,331
10, 736, 487
372, 972
372,972
10, 363, 515
(9.887,472)
( 9, 887, 4721
476,043
(1, 528, 945)
(3,328, 900)
(4, 381, 802)
148,659
148, 659
5,711
62, 207
447
68,365
217, 024
164, 244
164, 244
5 2, 780
141,463
34,119
(201,402)
(26, 960)
( 52, 780)
�
71
1, 578,813
501, 788
2,018,677
6,418,327
1,139,887
9,576,891
446, 360
86, 471
1, 524, 094
227,822
33,921
1,872,308
13, 976,160
1,151,809
561,200
53,071
1,180, 074
193, 901
168, 673
3,308,728
10,667,432
1,158, 397
34,119
(10,860,645)
(26,960)
(9,695,089)
972,343
1,685,976
2, 286
(3,328,900)
(668,295)
1,565, 672
1,185,916
1, 797,032
6, 008, 416
1,117,035
8, 922, 483
334,191
172,112
1,486,859
106,059
93, 720
1,858,750
13,867,012
186, 959
508,992
1, 384, 519
15,775
75,469
124, 671
2,296,385
11, 570,627
1, 777, 069
6,558
(8, 632, 604)
(6,848,977)
4,721, 650
3, 630, 878
124, 029
(6,790,581)
1,685, 976
CITY OF CLEARWATER, FLORIDA
SPECIAL DEVELOPMENT FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
1996
variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes S 1,524,040 1,578,813 54,773
Licenses, Permits, and Fees:
Development Impact Fees
Fees for Drainage-Retention Areas
Open Space Fees
Recreation Facility Impact Fees
Recreation Land Impact Fees
Transportation Impact Fees
Intergovernmental
Miscellaneous:
Rental Income
Earnings on Investments
Other
Total Revenues
Expenditures:
Current:
Administration
Excess of Revenues Over Expenditures
Other Financing (Uses1:
Operating Transfers Out
Excess (Deficiency) of Revenues Over
Expenditures and Other Financing Uses
Fund Balances, Beginning of Year
Residual Equity Transfers In
Residual Equity Transfers Out
Fund Balances, End of Year
�
�
�
1995
A�t�e� i
1,565,672 �
25,000 29,750 4,750 148,750 �
3,252 3,252 (8,510)
100,000 30,231 (69,769) 98,502
80,000 1,693 (78,307) 356,927 �
250,000 3,717 (246,283) 2,268
230,000 433,145 203,145 587,979
685,000 501,788 (183,212) 1,185,916
7,000,000 7,309,555 309,555 6,862,521 �
130,000 42,500 187,500) 132,800 �
400,000 1,303,805 903,805 1,314,944
26 26 139
530,000 1,346,331 816,331 1,447,883 �
9,739,040 10,736,487 997,447 11,061,992
300,000 372,972 (72,972) 175,314
9,439,040 10,363,515 924,475 10,886,678 �
(9,887,472) (9,887,472) (7,394,974) �
(448,432) 476,043 924,475 3,491,704 �
(1,528,945) (1,528,945) 1,617,823
124,029 �
13,328,900) 13,328,900) 16,762,5011
S (5,306,277) (4,381,802) 924,475 (1,528,945) �,
�
�
See accompanying notes to Financial Statements. �
72
�
�
�
�
r
CITY OF CLEARWATER, FLORIDA
COMMUNITY REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BAWNCE - BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1998 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Revenues:
Intergovernmentel
Miscellaneous Revenues:
Rental Income
Earnings on Investments
Other
Total Revenues
� Expenditures:
Current - Economic Environment
Capital Outlay
� Total Expenditures
Excess of Revenues Over Expenditures
� Other Finencing Sources (Uses):
Opereting Transfers In
Operating Transfers In - Component Unit (DDB)
Opereting Trensfers Out
� Operating Trensfers Out - Component Unit (DDB)
�
,�
�
� _I
�J
1996 1995
Variance
Favorable Actual
Budyet Actual (Unfavorable)
S 148,669 148,669 169,930
21,760 6,711 (16,039) 6,073
60,000 62,207 2,207 67,4b7
400 447 47 27
82,160 68,366 (13,786) 73,6b7
230,809 217,024 (13,78b) 233,487
201,465 164,244 37,221 199,899
7,13b
201,466 164,244 37,221 207,034
29,344 62,780 23,436 26,463
131,463 141,463 10,000 139,633
34,119 34,119 6,b68
(167,966) (201,402) (33,436) (172,644)
(26,960) (26,960)
(29,344) (52,780) (23,436) (26,463)
Excess of Revenues and Other Financing Sources
Over Expenditures and Other Financing Uses
Fund Balence, Beginning of Year
Fund Balance, End of Year S 0 0 0 0
See accompanying notes to Financial Stetements.
� 73
�
�
�
�
�
�
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 Intemal Service Fund associated with the debt.
1978 General Obligation to account for the advance monthly accumulation of resources by
� Bonds Debt Service Fund transfer from the General Fund of Property Tax Rev�enue and the
retirement of cuRently maturing installments of principal and interest
during each fiscal year.
�
,
�
�
�
�
�
C�
f�
Improvement Revenue Bonds to account for the advance monthly accumulation of resources by
Debt Service Fund 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.
Public Service
Bridge Revenue
Service Fund
Tax and to account for the advance monthly accumulation of resources by
Bonds Debt 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.
Community Redevelopment to account for the advance monthly accumulation of resources by
Agency Debt Service Fund transfer of tax incremental and lease rev�enues from the Community
Redev�elopment Agency Fund and the payment of currently maturing
installments of principal and interest during each fiscal year.
Notes and Mortgages Debt to account for the advance monthly accumulation of resources by
Service Fund transfer of General Rev�enues 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.
� 75
�
CITY OF CLEARWATER, FLORIDA
DEBT SERVICE FUNDS �
COMBINING BALANCE SHEET
SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Assets
Equity in Pooled Cash and Investments
Cash with Eacrow Agent
Investments, At Cost or Amortized Cost (Market Value, 543,957
for Notes and Mortgages Debt Service Fund)
Accounts Receivable
Interest and Dividends Receivable
Liabilities and Fund Balences
Fund Balances:
Reserved for:
Debt Service:
Current Requirements - Principal
Current Requirements - Interest
Future Requirements
Unreserved:
Designated for Debt Service
See accompanying notes to Financial Statements.
�
Public �
General Service Tax
Obligation Improvement and Bridye
Bonds Revenue Bonds Revenue Bonds �
Debt Service Debt Service Debt Service
Fund Fund Fund
�
S 330,993 197,272 467,605
2,409 �
�
3 333,402 197,272 467,605
i
�
1
S 75,000 96,667 163,947 �
5,107 100,605 29,197
274,461
80,107 197,272 467,605 �
253,295
S 333,402 197,272 467,605 �
�
�
�
�
76 �
Community
R�d�velopm�nt
Ay�ncy
Dsbt Ssrvice
Fund
576,750
Notes
and
Mortyayet
Debt Ssrvice
Fund
42,900
493
576,750 43,393
170,000
149,300
257,450 43,230
576,750 43,230
163
576,750 43,393
77
1996
1,572,620
2,409
42,900
493
1 ,618,422
505,614
284,209
575,141
1 ,364,964
253,458
1.618,422
Totals
1995
1,612,363
3,226
44,728
24,257
494
1,685,068
471,130
304,081
669,161
1 ,444,372
240,696
1,685,068
CITY OF CLEARWATER, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1998 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Revenues - Earnings on Investments
Expenditures:
Debt Service Requirements - Principal
Debt Service Requirements - Interest
and Fiscal Charges
Bondlssuance Costs
Total Expenditures
Deficiency of Revenues Over Expenditures
Other Financing Sources:
Bond Proceeds
Opereting Transfers In
General
Obligstion
Bonds
Debt Servico
Fund
Improvement
Revenue
Bonds
Debt Service
Fund
PubGc
Servico Tax
snd Bridge
Revenuo Bonds
Debt Service
Fund
S 16,498 10,396 18,708
96,000 140,000
24,021 608,042
1 19,021 748,042
(103,b23) (737,646)
120,b22 739,930
120,522 739,930
181,867
143,099
324,856
(306,248)
303,682
303,682
Excess (Deficiency) of Revenues and Other Financing Sources
Over Expenditures 16,999 2,284 (2,666)
Fund Balences, Beginning of Year 316,403 194,988 470,271
Fund Balances, End of Yeer S 333,402 197,272 467,606
See accompanying notes to Financial Statements.
78
Community
Redevebpment
Ayency
Debt Service
Fund
34,386
1 bb,000
163,068
318,068
(283,672)
202,238
202,238
Notes
and
Mortyayes
Debt Service
Fund
4,767
846,378
140,666
986,034
(981,267)
979,438
979,438
Totals
1996 1995
83,76b 93,603
1,417,236 1,289,619
1,078,876 713,377
166,813
2,496,1 1 1 2,169,809
(2,412,356) (2,076,206)
166,813
2,34b,710 1,774,743
2,34b,710 1,941,666
(81,434) (1,829) (66,646) (134,660)
658,184 4b,222 1,685,068 1,819,718
676,760 43,393 1,618,422 1,686,068
79
�
LJ
�
C�
�
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 ebsting 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
� improv�ement projects e�acept those financed from proprietary funds or
bond proceeds where bond ordinance provisions require the
segregation of bond proceeds in separate funds.
�
Municipal Services 8 Police to provide separate accounting records for the receipt, custody and
� Complex Construction Fund e�enditure of bond proceeds used to finance the police portion of the
Municipal Services & Police Complex in accordance with provisions of
the authorizing ordinances.
�
�
�
�
�
�
�
� 81
CITY OF CLEARWATER, FLORIDA
CAPITAL PROJECTS FUNDS
BALANCE SHEET
SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FIOURES FOR 1995
Asaete
Equity in Pooled Cash and Investmenta
Accrued Reve�ues Receivable
Improvement Liena
Due from Other Funds
Due from Other Funds (Deficit in Pooled Cesh)
Due from Other Governmental Entities
Liabilitiea and Fund Belances
Liabilities:
Accounts and Contracts Peyable
Due to Other Funda
Deferred Assesament Liens
Total Liabilitiea
Fund Balancea:
Reserved fw Encumbra�ces
Unreeerved:
Designeted for Capital Project Appropriations
Total Fund Balancea
�
�
Municipal Ssrvices �
Capital & Police Complex Totels
Improvemsnt Construction �
Fund Fund 1996 1995
S 42,015,032 3,187,454 45,202,488 52,779,157 �
343,690
442,008 442,008
188,279 188.279 �
4,017,181 4,017,181 8,488,022
24,804 24,804 27,244
S 48,887,284 3,187,454 49,874,738 59,818,113 �
S 1,548,314 811,030 2,157,344 2,248,794 �
25,858,875 25,858,875 30,129,320
442,008 442,008
27,848,997 811,030 28,458,027 32,376,114 �
13,028,258 1,824,882 14,852,940 17,885,573 �
5,812,029 951,742 6,763,771 9,552,428
18,840,287 2,578,424 21.418,711 27.237,999 �
S 48,887,284 3,187,454 49,874,738 59,818,113
�
�
�
�
�
'
See accompanying notea to Finencial Stetements. �
82
� CITY OF CLEARWATER FLORIDA
� CAPITAL PROJECTS FUNDS
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
�
'
� Revenues:
Intergovernmental Revenues:
� Grants
Miecellaneous:
Earnings on Investments
Speciel Assessmente
� Other
Total Revenues
� Expenditures:
Capital Outlay
� (Deficiency) of Revenues
Over Expenditures
� Other Financing Sources:
Proceeds of General Indebtedness
Operating Transfers In
Operatinp Transfers Out
� Excess (Deficiency) of Revenues and Other
Financing Saurces Over Expenditures
� Fund Balances, Beginning
of Year
�
Fund Balances, End of Year
�
�
�
�
�
� See accompanying notes to Financial Statements.
Municipal Services
Capital & Police Complex Totals
Improvemsnt Construction
Fund Fund 1996 1995
S 13,026 13,026 30,923
312,700 312,700 294,355
787,409 787,409
5,000 5,000 2,440
792,409 312,700 1,105,109 296,795
805,435 312,700 1,1 18,135 327,718
17,941,744 5,173,082 23,114,826 13,934,647
(17,136,309) (4,860,382) (21,996,691) (13,606,929)
1,870,968 1,870,968 1 1,248,214
14,514,435 14,514,435 13,022,400
(210,000) (210.000)
16,175,403 16,175,403 24,270,614
(960,906) (4,860,382) (5,821,288) 10,663,685
19,801,193 7,436,806 27,237,999 16,574,314
S 18,840,287 2,576,424 21,416,711 27,237,999
83
�
�
�
�
�l
u
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 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 e�ends
beyond the City limits.
' Gas Utility
,
�
�
�
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 e�dends 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
senrices and funds received from the sale of recyclable commodities
processed to meet market requirements. The service area e�Qends
beyond the City limits.
Stormwater Utility to account for the financing, constn�ction, 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
�
' Parking System
, Pier 60
� Harborview Center
�
�
�
i
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.
to account for the financing, construction, operation and maintenance
of the Citys parking system, including on- and off-street parking on
Clearwate� Beach and Downtown Clearwater from parking charges.
to account for the operation and maintenance of the fishing pier from
user charges.
to account for the renovation, operation, and maintenance of a former
department store building, creating a combined retail and conv�ention
center facility.
85
CITY OF CLEARWATER, FLORIDA
ENTERPRISE FUNDS
COMBININ(i BALANCE SHEET
SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Asseta
Current Aaseta:
Caeh on Hand end in Benke
Equity in Pooled Cash end Inveatmenta
Accounts and Contracts Receivable:
Billed
Unbilled Chargea Estimated
Lesa: Allowance for Uncollectible Accounts
Total Receivablea, Net
Due from Other Funds
Due from Other Governmental Entities
Inventoriee, at Cost
Prepaid Expenses and Other Asaets
Total Current Aeaeta
Restricted Aaeets:
Equity i� Pooled Caeh and Investments
Due from Eacrow Agent
Due from Other Funds
Inveatmenta, At Coat or Amortized Cost (Market
Value, 83,085,882 for Water and Sewer, 5755,881
fw Gas, 588,602 for Solid Waste, and 539,295 for
Yacht Basin and Marina)
Intereat Receivable
Total Reatricted Asaets
Advances to Other Fund
Deferred Charges
Property, Plant and Equipment, Net of Accumulated
Depreciation
See accompanying notes to Financial Statements.
Water
end
Sewer Oes Solid Weste Racycling
Utility Utility Utility Utility
S 125 1, 500 200
11,992,871 3,165,847
1,702,262 914,217 831,834
1,448,200 878,800 548,888
3,150,482 1,593,017 1,180,302
(101,714) (36,040) (25,122)
3,048,748 1,556,977 1,155,180
10,318,075 683,774 999,817
133,165
403,681 1,197,849
5,283
25,901,748 3,440,100 5,321,044
21,508,353 7,991,385 563,382
3,281,688
2,885,275 750,853 85,000
88,198 18,295 748
27,739,512 8,758,333 829,130
684, 534
59,205
62,217
121,422
(2,355)
119,067
499, 301
1, 302, 902
1,227,060 434,802
150,383,708 25,802,973 4,444,355 1,228,441
5 205,252,028 38,436,208 10,394,529 2,529,343
86
Yecht
Besin
Stormweter snd Perking Pier
Utility Marine Syatem 60
1,450 5,100
570,071 348,029 369,407
188,042 3,086
281,200
487,242 3,088
(7,387)
459,855 3,088
2,341,881 81,587 310,010
80,895
12,182 10,495
3,371,587 446,336 775,707
325,300
31,390
4, 718, 706
Page 1 of 2
Totels
Hnrborview
Center 1996 1995
100 8,475 8,718
17,150,559 17,622,402
158,418 3,854,888 3,913,938
3,019,085 2,400,083
158,418 6,873,951 6,314,001
(172,818) (159,285)
158,418 8,501,333 8,154,718
1,000,000 18,234,225 17,401,149
193,860 238,107
1,624,207 1,304,495
5,283 13,326
1,158,518 41,717,942 42,742,913
30,368,420 27,858,478
31,390 31,390
144,967 8,143,361 10,801,214
38,350 3,719,278 5,938,859
441 103,880 180,488
4,718,708 38,791 356,690 144,987 42,384,129 44,588,429
49,940 49,940 187,420
1,861, 882 1, 748,841
13,451,898 1,314,936 3,124,578 13,247,833 212,998,318 202,922,191
21,539,989 1,800,083 4,306,913 0 14,551,118 298,810,191 292,189,594
(Continued)
87
CITY OF CLEARWATER, FLORIDA
ENTERPRISE FUNDS
COMBININa BALANCE SHEET, Continuad
SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIOURES FOR 1996
Water
and
Sewa► Oas SoRd Waste RecycR�p
Utility Utflky Utility Utility
Liebilities snd Fund Eauitv
Current Liabilitiee (Payable from Current Assets►:
Accounts and Controcts Payable
Accrued Payroll
Accrued Interost Payable
Due to Other Funds
Due to Other Funds (Oeficit in Pooled Cash►
Deposits
Deferred Revenue
Current Portion of Lonp-Term Liabilities:
Revenue Bonds
Notes, Loan Pool Apreement and Acquisition Contracts
Total Current Liabilities (Payeble from Cunent Assets)
Cunent Liabilities (Payable from Restricted Assetsl:
Const►uction CoMrscts Payable
Accrued Interort Payable
Current PoRan of Long-Term Liebilities, Revenue Bonds
Customer Deposits
Totsl Current Liabilkies (Payable from Restricted Assete)
Total Cunent Liabilities
Lonp-Term Liabilities, Excluding Current Portion:
Revenue Bonds
Notes, Loen Pool Apreement and Acquisition Controcts
Deferred Revenue
Advences from Other Funds
Total Lonp-Term Liabilities
Total Liabilities
Contributed Cspital:
OtherFunds
Federal and State Gronts
Developera
Property Owners
Other Govemmentel Entities
Total Contributed Capital
Reteined Eamings:
Recerved for:
Revenue Bond Requirements:
Debt Service
Sinkinp Fund - Term Maturitiec
Henewels and Replacements
Unreserved
Totel Retained Eaminps (Deficit)
Total Fund Equky
See accompanying nates to Financial Statements.
S 863,270 399,553 287,451
630,192 260,180 334,000 39,976
105,076 45,921 28,470
104,264 B2,474 151,162
1,954,159
690,000
22,636 29,854 702,494 155,353
2,311,174 2,793,931 834,889 346,491
140,270 259,617
1,038,823 204,359
3,450,000 320,000
2,046,763 882,884 563,382
6,675,876 1,666;860 563,382
6,967,050 4,460,791 7,398,271 346,491
79,679,431 23,474,625
54,298 58,655 331,088
1, 319, 580
79,733,729 23,474,625 7,378,235 331,088
88,720,779 27,935,416 2,776,506 677,579
440,045 625,624 116,861 251,057
17, 662, 766 90,194
34,595,512
4,615,790 33,755 367
8,690,686
66,204,999 658,779 207,422 251,057
7,192,227 1,756,625 65,500
2,865,275
7,285,569 300,000
17,343,071 2,056,625 65,500
32,983,179 7,785,388 7,345,701 1,600,707
50,326,250 9,642,013 7,410,601 1,600,707
116,531,249 10,500,792 7,618,023 1,651,764
S 205,252,028 38,436,208 10,394,529 2,529,343
88
Page 2 oi 2
Yacht
Basin Totals
Stormwster and ParWng Pie► Harborview
Utltlty Madna System 60 Center 1996 1995
261,728
63,740
30,128
55,958
828
15, 000
13,416
4,570
48,431
7, 430
25, 544
29,031 49,847
354,499 165,777 85,975
4 25.171 2. 271.871 3.151, 62 2
1,432,477 1, 266,465
180,295 730,366
352,900 322,849
684,869 2,639,028 3,680,168
62,766 83,612 27,977
86,842 86,842 69,368
715,544 719,852
389,215 311,942
1.259,648 6,151.784 9.680.631
77,676 477,563 387,375
20,087 1,263,269 1,265,315
127,720 3,897,720 3,744,541
3,493,049 3,267,316
77,676 147,807 9,131,601 8,664,547
432,175 165,177 233, 782 1, 259,648 17, 283, 385 18, 345,178
522,781 103,676,B37 98,080,498
115,346 559,387 562,590
57,110
324 1, 319, 904 1, 672, 803
115,346 324 522,781 105,556,128 100,373,001
547,521 165,501 756,563 1,259,648 122,839,513 116,718,179
18,829,885 163,603 755,358 13,871,677 35,054,110 34,592,344
37.500 17,790.460 17.759,172
21,990 207,918 34,825,420 34,536,843
232,002 4,881,314 4,805,600
111.888 9.002,774 8.890,886
19,001,263 395,605 755,358 14,079,595 101,554,078 100,584,845
38,645 208,883 9,261,880 9,528,785
2,865,275 2,862,606
7,585,569 7,185,731
38.645 208.883 19.712.724 19.577.122
1,991,205 1,200,312 2,586,109 1788,125) 54,703,876 53,309,448
1,991,205 1,238,957 2,794,992 (788,125) 74,416,600 72,886,570
20,992,468 1,634,562 3,550,350 13,291,470 175,970,678 173,471,415
21i539,969 1,800,063 4,30�6,973 0 14,551,118 298,810,191 292,189,594
89
CITY OF CIEARWATER, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
YEAR ENDED SEPTEMBER 30. 1998 WITH COMPARATIVE TOTAL FIGURES FOR 1996
Watsr
and
Sewsr Gas SoUd Weste Recyclfng
UtNky UtNky Utility Utllky
Operating Revenues:
Sabs to Customers
Service Charges to Customers
Ueer Charpee to Cuctomers
Rentals
Total Operotinp Revenues
Operating Expenses:
Personal Services
Purchases for Resale
Operating Materials and Supplies
Transportation
Utility Service
Solid Waste Dumping Charpes
Depreciation
Interfund Administrative Charges
Other Cunent Charges:
Professional Fees
Advertisinp
Communicatans
Printing and Binding
Insurance
Repairs and Maintenance
Rentals
Miscellaneous
Data Rocessing Charges
Taxes
Rovision for Estimated Uncollectible Accounts
Total Other Current Charges
Total Operating Expenses
Operating Income (Loes)
Nonoperating Revenues (Expenses):
Earnings on Investments
Interest Expense and Fiscal Charges
Amortization of Bond Discount and Issue Costs
Gain (bss) on Exchange of Assets
Losses from Writedowns and Replacements of Fixed Assets
Recycling Program Incentive Grant
Other
Income (Loss) Before Operati�g Transfers
Operati�g Transfers In
Operati�g Transfers Out
Net Income (Loss)
Retained Earninge (Deficit), Beginning of Year
Residual Equky Tra�sfers In
Residual Equity Transfers Out
Retained Earninps (Deficit), End of Year
6 31,749,558 15,408,587 88,495
494,028 758,159 11,750,883
32,243,588 18,184,748 1 1,818,358
5,829,251 2,838,885
7,434,927 8,427,312
1,707.885 121,087
558,889 409,417
1,309,745 81,032
4,263,322 767,207
3,377,170 858,830
423,135 182,460
467,093
100,345 152,850
9,581
158,620 184,280
1,299,076 187,136
35,784
133,883 185,138
87,750 107,810
987,515
93,177 8,354
2,295,788 2,485,619
28,574,755 13,987,189
5,BBS,B31 2,197,577
2,531,740 48,181
(4,915,447) (971,409)
(1 18,958) (43,015)
(20,643)
(45,821)
39,803 212,240
(2,50B,8831 1776,888)
3,160,148 1,420,91 1
(1,397,435) (1,162,518)
(1,397,435) (1,182.518)
1,762,713 258,393
48,588,051 9,563,620
(24,514)
S 50,326,250 9,842,013
3,454,400
87,975
2,092,824
45,273
3,781,873
363,212
931,040
13,009
87,343
100,270
83,872
50,252
59,440
791
354,977
11,111,574
707,784
253,138
(121,787)
(591)
(17,582)
30,888
31,897
175,781
883,565
(551,960)
(551,960)
331,805
7,078,996
451,078
8,023
1,097,23B
1,554,339
528,392
49,598
82,982
182,533
4,081
208,048
307,530
10,505
1,953
10,018
10,380
12,728
8,637
18,730
265
71,212
1,410,354
143,985
57,991
(37,827)
183,140
203,504
347,489
(13,160)
(13,160)
334,329
1,268,378
7,410,601 1,600,707 �
�
See accompanying notes to Financial Statements. �
90
Yacht
Basin Toteb
Stormweter snd Perking Pisr Herborvbw
Ut1Uty Merina System 80 Centsr 1888 1996
3,433,898 1,033,534 124,724 52,289,974 48,068,124
20,223 144,839 13,171,935 12,967,308
42,303 2,287,521 142,340 3,548,402 5,074,478
734,B59 2,720 393,789 1,131,348 923,270
3,454,221 1,810,898 2,414,880 287,084 393,789 70,122,859 67,033,180
935,018 520,803 543,353 150,888 14,588,788 14,758,015
785,301 82,339 81,011 14,640,488 10,809,817
91,347 32,287 38,173 4,502 308,885 2,452,853 2,181,697
240,548 8,898 28,307 52 14,524 3,531,788 2,734,487
115,848 25,043 10,378 94,858 1,888,058 1,805,482
3,781,673 3,824,183
835,345 110,739 133,887 55,184 87,107 8,802,031 8,835,861
488,080 183,210 702,270 83,520 12,790 8,814,220 6,450,549
88,527 3,924 813,574 1,358 429,457 1,773,969 2,242,150
8,988 75,000 1,905 11B,480 873,397 297,042
18,383 10,818 28,417 554 21,760 408,586 387,348
1,839 1,178 283 12,309 24,990 23,385
8,540 48,390 18,240 10,320 1,575 538,815 346,080
1,100,188 70,961 15,080 3,552 720 2,753,289 1,008,473
909 89,830 2,185 983 129,471 157,048
27,408 25,600 1,844 8,762 421,122 283,875
27,590 14,400 14,700 810 329,030 234,850
45,102 50 941 6,225 1,039,833 573,530
353 100,940 131,278
1,276,867 230,809 853,849 23,532 600,271 8,193,222 5,884,635
3,877,283 1,987,471 2,320,882 390,353 1,158,458 82,779,297 54,885,408
(423,082) (158,775) 93,998 (123,2891 (785,887) 7,343,382 12,387,774
� 161,780 27,772 80,328 824 3,159,712 3,718,559
(2,870) (7,088) (70,788) (6,4271 (21,083) (8,154,5061 (8,448,952)
(343) (5,814) (188,721) (222,850)
(20,643) (8,184)
(63,183) (938,042)
, 88,954 300,782 185,880
23,258 114,191 44,518 4,341 410 470,458 429,075
202,148 134,552 28,244 (2,0861 87,105 (2,476,103) (3,283,514)
' (220,918) (22,223) 122,242 (125,375) (898,582) 4,887,259 9,084,260
2,000
(855,940) (140,118) (4,121,129) (4,143,264)
� (855,840) (140,118) 14,121,129) (4,141,284)
(1,078,858) (22,223) (17,874) (125,375) (896,582) 748,130 4,942,998
3,071,883 1,261,180 2,837,404 (711,399) (89,543) 72,888,570 72,513,158
` 836,774 838,774
(3,822) (24,538) (52,874) (4,589,584)
, 1,991,205 1,238,957 2,794,992 0 (788,125) 74,418,800 72,888,570
�
�
91
CITY OF CLEARWATER, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
YEAR ENDED SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Water
and Solid
Sewer Gaa Waste Recycling
Utility Utility Utility Utility
Cash Flows from Operatinp Activities:
Cash Received from Customers 3 32,043,162 16,000,900 11,911,383 1,594,170
Cesh Received from Other Funds
Cash Payments to Suppliers (11,871,855) (8,890,301) (4,028,336) (177,570)
Cash Payments to Employees (5,801,909) (2,799,451) (3,406,782) (520,939)
Cash Payments to Other Funds (4,845,864) (1,725,224) (3,250,917) (500,079)
Other Revenues 39,603 212,240 31,897
Net Cesh Provided (Used) by Operating Activities 9,563,137 2,798,164 1,257,245 395,582
Cash Flows from Noncapital Financing Activities:
Operating Trensfers In
Operating Transfere Out
Residuel Equity Transfers Out
Return of Contributions
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 fUsed) by Noncapital Financing Activities
Cash Flows from Capital and Related Financinp Activities:
Principal Payments on Debt
I�terest Paid
Acquisition of Fixed Assets
Sale of Fixed Assets
Proceeds from Issuance of Debt
Payment of Bond Issue Costs
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:
Purchase of Investment Securities
Interest on Investments
Proceeds from the Seles and Maturities of Investments
Net Cash Provided by Investing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cesh end Cash Equivalents at Beginning of Year
Cash end Cash Equivalents at End of Year
Cash ar►d Cash Equivalents:
Cash on Hand and in Banks
Equity in Pooled Cash end Investments
Reatricted Equity in Pooled Cash end Investments
See accompanying notes to Financial Statements.
(1,397,435) (1,162,518) (551,960) (13,160)
(24,514)
30,688 183,140
104,266 847,975 173,974
(381,084) (1,538,394) (89,099) (251,484)
(1,698,767) (1,852,937) (436,397) (81,504)
(4,012,630) (540,698) (29,171) (134,681)
(3,061,449) (852,645) (120,153) (37,627)
(5,578,955) (6,103,883) (487,063) (291,939)
8,815,000 181,200
154,680)
74,441 1,274
184,945
(12,393,648) 1,264,368 (636,387) (283,047)
3,847 '
2,588,548 46,161 255,906 57,991
2,211,330
4,799,878 50,008 255,906 57,991 �
270,600 2,259,603 440,367 89,022
33,228,549 5,733,282 3,289,062 595,512
S 33,499,149 7,992,885 3,729,429 684,534 �
$ 125 1,500 200
11,992,671 3,165,848 684,534
21,506,353 7,991,385 563,381
S 33,499,149 7,992,885 3,729,429 684,534
92
�
'
�
�
Page 1 of 2
'
� Yacht
B�� Totals
Stormwater and Parkinp Pier Harborview
� Utility Marina System 60 Center 1996 1995
3,477,952 1,828,842 2,362,089 267,064 317,472 69,803,034 66,740,162
' 69,620 65,209 134,829 246,731
' (1,305,710) (1,066,594) (870,144) (104,605) (1,059,706) (29,374,821) (22,581,061)
(927,974) (511,734) (529,538) (155,789) (14,654,116) (14,728,013)
(799,950) (340,753) (785,534) (77,633) (33,517) (12,359,471) (10,445,276)
23,258 44,571 309 4,341 410 356,627 306,402
� 467,574 23,952 242,391 (66,622) (775,341) 13,906,082 19,538,945
' 2,000
(855,940) (164,854) (4,145,667) (4,143,264)
(24,514) (123,174)
(822,435)
� 86,954 300,782 251,918
(4,615) (21,381) (25,996) (4,648)
148,453 33,216 78,557 4,114,331 5,500,772 1,939,632
� (367,009) (29,859) (86,706) (2,743,635) (6,841,041)
(1,222,949) 118,594 (218,144) 73,942 4,179,904 (1,138,258) (9,741,012)
�
,
(15,393) (45,000)
(2,870) (7.792)
(2,480,534) (173,413)
159,770
(443,142) (5,220,715)
(58,884) (4,141,420)
(38,553) (7,720) (4,160,768) (19,322,828)
9,155,970
(54, 680)
(5,810,981)
(4,888,822)
(14,133,502)
945,946
110,936
41,110
� 2,480,000 23,508 755,438 3,258,946 7,664,278
149,388 149,388 106,873
75, 715 158, 249
184,945 780,995
' 290,361 (202,697) (540,579) (7,720) (3,405,330) (15,914,679) (15,024,918)
� 3,847 3,178
181,760 29,406 60,328 824 3,220,924 3,743,378
2,211,330
' 181,760 29,406 60,328 824 5,436,101 3,746,556
(283,254) (30,745) (456,004) (400) 57 2,289,246 (1,480,429)
853,325 380,224 1,207,201 400 43 45,287,598 46,768,027
' S70,071 349,479 751,197 0 100 47,576,844 45,287,598
� 1,450 5,100 100 8,475 8,718
570,071 348,029 389,407 17,150,560 17,622,402
356,690 30,417,809 27,656,478
� 570,071 349,479 751,197 0 100 47,576,844 45,287,598
(Continued)
�
93
CITY OF CLEARWATER, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS, Continued
YEAR ENDED SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FlGURES FOR 1995
Reconciliation of Opereting Income (Lossl to Net Cesh 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
Depreciation
Provision for Uncollectible Accounts
Capitalized Lebor and Interfund Charges
Construction in Progress Reclassified as Expense
Change in Asseta end Liabilities:
Decrease (lncrease) in Accounts Receivable
Decrease (Increase) in Amount Due from Other
Governmental Entities
Decreese (Increase) in Inventory
Decrease (Increase) in Prepaid Expenses
Increase (Decrease) in Accounts and Contracts Payable
Increase in Deposita
(Decrease) in Deferred Revenue
Increase (Decrease) in Accrued Payroll
Total Adjustments
Net Cash Provided (Used) by Operating Activities
Water
and Solid
Sewsr (ias Waste Recydiny
Utility Utility Utility Utility
�
'
�
�
�7�
$ 5,668,831 2,197,577 707,784 143,985 �
39,603 212,240 31,897
4,263,322 767,207 363,212 206,048
93,177 6,354 791 265
(385,303)
(69, 200)
(384,259) (191,707) 11,159 39,831
76,038
(7,525) (329,171)
(770) 8,812
103,709 61,757 14,709
107,797 37,861 80,075
(10,000)
57,717 37,234 47,618 5,453
3,894,306 600,587 549,461 251,597
S 9,563,137 2,798,164 1,257,245 395.582
Noncash Investinp Caaital and Financina Activities:
During fiscal year 1996, the Pier 60 Enterprise Fund was closed and the operations moved to the General Fund.
Transfers to the General Fund included petty cesh, S500; equity in pooled cash, (S152,971.84); inventory, 57,312.70;
and miscellaneous payables, (S 11,927.17). These transfers resulted in a net residual equity transfer of S 157,086.31
from the General Fund to the Pier 60 Enterprise Fund. Additionally e total of S2,211,792.23 in fixed assets were
trensferred to the General Fxed Assets Account Group from the Pier 60 Enterprise Fund.
See accompanying notes to Financial Statements.
94
Yacht
Basin
Stwmwater and Parking Pisr Harborview
Utility Marina Systsm 60 Center
(423,062) (156,775) 93,998 (123,289) (765,687)
1996
Page 2 of 2
Totals
1995
7,343,362 12,367,774
23,256 114,191 44,518 4,341 410 470,456 429,075
835,345 110,739 133,887 55,164 67,107 6,802,031 6,835,661
353 100, 940 131, 278
(385,303)
(69, 200)
23,731 17,764 (101,432) (584,913) 1600,472)
(31,791) 44,247 113,439
6,658 1,240 1,774 (327,024) (308,441)
8,042 (150)
907 (78,076) (15,873) 311 (874) 86,570 282,755
382 462 54,791 281,368 304,519
(29,656) (39,656) (51,201)
7,044 9,069 15,950 (4,923) 175,162 34,708
890,636 180,727 148,393 56,667 (9,654) 6,562,720 7,171,171
467,574 23,952 242,391 (66,622) (775,341) 13,906,082 19,538,945
95
LJ
i
�
,
�
�
�
CJ
�]
'
,
�
�
,
�
'
�
'
L_ J
INTERNAL SERVICE FUNDS
Intemal 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 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 e�dsting equipment is financed by the garage.
Administrative Services Fund 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.
General Services Fund 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.
Central Insurance Fund to account for the Citys limited self-insurance program wherein all
funds are assessed charges based on damage claims incurred and
on management's assessment of individual funds' risk e�osure. All
claims and premiums are paid out of this fund, together with other
costs necessary to administer the program.
97
CITY OF CLEARWATER, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Assets
Current Assets:
Caeh on Hand and in Banks
Equity in Pooled Ceah and Investments
Receivables:
Accounts and Contracts Receivable
Loss Escrow (Self Ineurance Program)
Due from Other Funds
Inventories, et Cost
Prepaid Expenses and Other Assets
Total Current Assets
Restricted Assets:
Investments (Market Velue, 5516,162)
Interest Receivable
Totel Restricted Assets
Advancesto OtherFund
Property, Plant end Equipment, Net of Accumulated
Depreciation
Liabilities and Fund Eauitv
Current Liabilities:
Accounts and Contracts Payable
Accrued Payroll
Accrued Interest Payeble
Claims Payable
Dueto OtherFunds
Due to Other Funds (Deficit in Pooled Cash)
Current Portion of Long-Term Liabilities:
Notes, Loan Pool Ap�eement and Acquisition Contrects
Total Current Liabilities
Long-Term Liabilities, Excluding Current Portion:
Notes, Loan Pool Apreement and
Acquistion Contracts
Total Liebilities
Fund Equity:
Contributed Capitel - Other Funds
Retained Earnings:
Reserved for:
Revenue Bond Requirements:
Debt Service
Unreserved
Total Retained Earnings (Deficit)
Totel Fund Equity
Total Liabilities and Equities
See accompanying notes to Financial Statements.
98
Ga►aye
Fund
S
1, 647, 801
149,495
1,797,296
503,750
5,793
509,543
134,837
10,526,823
$ 12,968,499
S 124,068
188,196
10,769
1,378,133
2, 207,109
3,908,275
2,966,848
6,875,123
3,723,001
507,625
1,862,750
2,370,375
6,093,376
S 12,968,499
Admini�trative
Services
1,975
614,983
239,926
35,585
3,500
895,969
2,689,977
3,585,946
501
247,902
188,279
394,825
831,507
1,558,095
2,389,602
1,196,344
1,196,344
1,196,344
3,585,946
Totals
Gsneral Central
Services Insurancs 1996 1995
83,849
68,656
150,505
225,418
375,923
10,603
95,546
106,149
106,149
6,415
263,359
263,359
269,774
375,923
6,463,454
75,000
267,355
30,186
6,835,995
10,276,354
53,934
17,166,283
500, 245
19,737
11,053,770
4,043
11,577,795
10,033
1 1,587,828
728,450
4,850,005
4,850,005
5,578,455
17,166,283
��]
1,975
7,162,286
239,926
75,000
1,981,812
185,080
33,686
9,679,765
503,750
5,793
509,543
10,411,191
13,496,152
34,096,651
635,417
551,381
10,769
1 1,053,770
188,279
1,378,133
2,605,977
16,423,726
4,534,976
20,958,702
4,457,866
507,625
8,172,458
8,680,083
13,137,949
34,096,651
1,975
7,539,099
37,261
94,866
2,092,589
176,283
396,024
10,338,097
525.219
5,793
531,012
7,816,630
11,685,449
30,371,188
159,110
503,225
20,574
8,221,227
2,785,854
2,192,190
13,882,180
3,675,862
17,558,042
4,339,866
507,625
7,965,655
8,473,280
12,813,146
30,371,188
CITY OF CLEARWATER, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
YEAR ENDED SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Operating Revenues - Billings to Departments
Operating Expenses:
Personal Services
Purchases for Resale
Opereting Materials end Supplies
Transportation
Utility Service
Depreciation
Interfund Administrative Charges
Other Curcent Charges:
Professional Fees
Advertieing
Communicetions
Printing end Binding
Insurence:
Premiums
Claims Incurred
Repairs and Maintenance
Rentals
Miscellaneous
Data Processing Cherges
Texes
Totel Other Current Charges
Total Opereting Expenses
Operating Income (Loss)
Nonoperating Revenues(Expensesl:
Earnings on Investments
Interest Expense
Amortization of Bond Discount and Issue Costs
Gain on Sale of Assets
Loss from Writedown of Fixed Assets
Other
Income (Loss) Before Operating Transfers
Operating Transfers In
Operating Trensfers Out
Net Income (Loss)
Retained Earnings (Deficit►, Beginning of Year
Residuel Equity Transfers Out
Retained Earnings (Deficit), End of Year
See eccompenying notes to Financial Statements.
100
Garaye
Fund
S 8,261,240
1,684,039
1,687,927
66,8b6
1,164
78,737
2,685.812
162,185
37,31 1
10,b17
1,410
216,000
681,422
1,016
b0,271
34, 290
64,789
997,026
7,273,746
977,494
b1,199
(364,263)
(4,791)
261,701
(2,841)
50,455
(8,b40)
968,954
296,396
295,396
1,264,350
1,106,025
S 2,370,376
Administrative
Services
6,120,083
2,618,237
97,896
167,486
70,690
18,461
181,326
13,324
4,363
1,162,730
44,078
24,380
296,642
4,076
64,141
168, 640
1,761,274
4,806,467
313,626
29,261
(28,361)
6, 647
7,467
321,083
321,083
884,368
(9,097)
1,196,344
Totals
�ianwal Contrel
Services Insurance 1996 1995
2,346,182
1,086,781
172.372
94, 684
268,724
18, 743
66,171
22
1 1, 880
261, 346
1.898
30,626
19,380
380,222
2,030,436
316,746
(336)
4,672
4,237
319,983
(13.877)
(13.877)
306,106
(42,747)
263,369
7,63b,004
273,046
3,188
4,626
13,239
69,018
12,313
4,6b4,083
5,064,8b6
7,804
841
12,934
18,120
8,838,968
10,134,076
(2,699,072)
924,428
(996)
923,433
(1,676,6391
(1,67b,639)
6,626,644
4,860,OOb
101
23, 262, 609
6,662,1 12
1,696,922
399,91 1
171,064
366,912
2,899,1 19
162,18b
118,6b3
4,363
1, 240, 731
45,610
4, 906, 343
6,646,277
664,791
7,831
1 b7,872
230, 330
64,789
12,988,490
24,244,71b
(992,206)
1,004, 888
(393,944)
(4,791)
261,701
(2,841)
61, 574
926,687
(66,619)
296,396
(13,877)
281,619
216, 900
8,473,280
(9,097)
8,680,083
21,664,046
6,667,189
1,679,664
4b6,336
130,264
278,722
2,736,317
136,660
137,027
8, 826
1,030,178
3b,706
3, 684, 698
6,b84,916
664,667
19,664
163, 608
233,660
71,624
11,634,344
22,417,286
(8b3,240)
929,632
(441,714)
(7,317)
132,466
(4,546)
b5,194
663,604
(189,636)
290,Ob9
(3,31 b)
286, 744
97,108
8,394,191
(18,019)
8,47 3, 280
CITY OF CLEARWATER, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
YEAR ENDED SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Cash Flows from Ope�eting Activities:
Cash Received from Other Funds
Cash Payments to Suppliers
Cash Peyments to Employees
Cash Peyments to Other Funde
Other Revenues
Net Caeh Provided by Operating Activities
Cash Flows from Noncapitel Financing Activities:
Operating Transfers In
Operating Transfers Out
Residuel Equity Trensfers Out
Interest Paid
Receipt of Cash on Loans to/from Other Funds
Payment of Cash on Loans to/from Other Funds
Net Cesh Provided (Used) by Noncapital Financing Activities
Cesh Flows from Capital and Related Financing Activities:
Principal Payments on Debt
Interest Paid
Acquisition of Fixed Assets
Proceeds from Seles of Assets
Proceeds from Issuance of Debt
Net Cash (Used) for Capital and Related Financing Activities
Cash Flows from Investing Activities:
Interest on Investments
Proceeds from the Sales and Maturities of Investments
Net Cash Provided in Investing Activities
Net Increase (Decrease) in Cesh and Cash Equivalents
Cash and Cesh Equivalents at Beginning of Year
Cesh end Cash Equivelents at End of Year
Cash end Cash Equivalents
Cash on Hand and in Banks
Equity in Pooled Cesh and Investments
Reconciliation of Operetinp Income (Loss) to Net Cesh Provided by Operating Activities:
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Operating Activities:
Other Revenue from Nonoperating Section of Income Statement
Depreciation
Change in Assets and Liabilities:
Decrease (lncrease) in Accounts Receiveble
Decrease in Loss Escrow
Decreese (Increase) in Inventory
Decrease (Increase) in Prepaid Expenses
Increase (Decrease) in Accounts and Contracts Payable
Increase in Accrued Peyroll
Total Adjustments
Net Cash Provided by Operatinp Activities
See sccompanyinp notes to Financial Statements.
102
Garage
Fund
S 8,272,772
(2,288,172)
(1.677,743)
(598,720)
50,455
3,758,592
912,146
(58,899)
89,685
(1,361,070)
(418,138)
(2.718.805)
(315,169)
(633,217)
258,860
(3,408,331)
51,199
16,678
67,877
S 0
S
$ 0
$ 977,494
50,455
2,685,812
21,532
(10,412)
27,415
6,296
2,781,098
S 3,758,592
Adminisuative
Servicss
5,120,083
(1,648,946)
(2,480,854)
(454.833)
6,547
541,997
507,324
507,324
(516,146)
(28,351)
(292,865)
(837,362)
29,261
29,261
241, 220
375,738
616,958
1,975
614,983
616,958
313,626
6, 547
181,325
1,615
501
38,383
228,371
541,997
General
Services
2,346,182
(761,435)
(1,083,307)
(180, 404)
4,572
325,608
(13,877)
(15,826)
(210,007)
(239,710)
15,491
(17,540)
(2,049)
83,849
83,849
83,849
83,849
315,746
4,572
18,743
(15,937)
2,484
9,862
325,608
Centrol
Insurance
7,535,004
(6,113,697)
(272.052)
(39,729)
1,109,526
1,284,610
(4,013,767)
(2,729,157)
(3,808)
(995)
(1,876)
(6,679)
924,428
924,428
(701.882)
7,165,336
6,463,454
6,463,454
6,463,454
(2,599,072)
13,239
15,292
19,866
362,337
3,296,871
993
3,708,598
1,109,526
103
Totals
1996 1995
23, 274,041 21, 542,464
(10,812,250) (13,634,913)
(5,513,956) (5,531,549)
(1,273,686) (1,190,435)
61,574 55,195
5,735,723 1,240,762
912,146
(13,877) 319,539
(132,269)
(74,725) (83,804)
1,881,619 97,091
(5,584,844) (4,168,417)
(2,879,681) (3,967,860)
(3,238,759) (2,254,236)
(329,024) (366,868)
(945,498) (871,946)
258,860 121.872
15,719
(4,254,421) (3,355,459)
1,004,888 929,532
16,678 (7.186)
1,021,566 922,346
(376,813) (5,160,211)
7,541,074 12,701,285
7,164,261 7,541,074
1,975 1,975
7,162,286 7,539,099
7,164,261 7,541,074
(992,206) (853,240)
61,574 55,195
2,899,119 2,735,317
36,824 (36,874)
19,866 300,134
(8,797) (24,835)
362,337 (76,315)
3,308,850 (894,260)
48,156 35,640
6,727,929 2,094,002
5,735,723 1,240,762
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
Firemen's Pension Fund
Police Supplemental
Firemen's Supplemental
Rehabilitation Loan Fund
Treasurer's Escrow Fund
Deferred Compensation Fund
employee retirement system containing approwmately 1,422 actnre
and 399 retired employees.
to account for the financial operation and condition of the Firemen's
Pension Fund, closed to new members in 1962, containing 1 activ�e
and 51 retired members.
to account for the financial operation and condition of a supplemental
pension plan funded by the State for sworn police officers.
to account for the financial operation and condition of a supplemental
pension plan funded by the State for firefighters.
to account for a rewlving loan fund providing grants and low interest
loans to qualified property owners to assist in redev�eloping older
residential neighborhoods.
to account for the receipt, custody, and e�enditure of funds held
temporarily in trust for other parties.
to account for the financial operation and condition of the City's
deferred compensation program and the related salary savings
program available to employees.
105
CITY OF CLEARWATER, FLOHIDA
FIDUCIARY FUNDS
COMBININO BALANCE SHEET
SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Aaeets
Cach on Hand and in Banks
Equity in Pooled Cash and Investments
Manaped Investment Accounts (Market 5287,927,152
for Employee's Pension Fund, 5810,939 for Firemen's
Pension Fund, 59,380,036 for Police Supplementai
Fund, 57,733,574 for Firemen's Supplemental Fund
and 519,024,287 for Deferred Compensation Fund)
Receivables:
Mortpape Loans (Due Within One Year, 5189,979 for 1996
snd i239,699 for 1995)
Interost and Dividends
Rehabilitation Advsncec
Due from Others
Total Receivables
Property Held for Resale
Liabilities and Fund Balances
Liabilities:
Accounts Payable
Benefk� Peyable
Deferted Compencation
Deposits:
Praparty Ownerc
Developers
Other Miecellaneous Psyables:
Special Purpose Funds
Construction Escrows
Other
Total Liabilitias
Fund Bala�ces:
Reserved for Employee Retirement
Unresarved-Undesip natad
Total Fund Balances
See accompanyinp notes to Financial Statemente.
106
S
Pension Trust Funds
Employeec' Fremen's Police
Penslon Penslon Supplemental
Fund Fund Fund
10,155
2,993,182 1,901,653
240,574,667 598,696 8,287,600
2,819,568 10,775 49,046
2,605
2,819,568 13,380 49,046
5 246,387,417 2,513,729 8,346,801
S 272,082
850
167,782
272,082 168,632
246,115,335 2,513,729 8,178,169
246,115,335 2,513,729 8,178,169
S 246,387,417 2,513,729 8,346,801
Non-
Expandable
Trust Fund Agency Funds Totels
Rremen'� Rehabilita- Treacurer's Dafer►ed
Supplemental tlon Loan Escrow Compensatlon 1996 1995
Fund Fund Fund Fund
142,051 108,268
6,771,524
98
19,024,287
10,155
5,145,252
275,256,774
12,523
2,419,951
243,797,865
4,807,968 4,807,968 3,897,115
6,593 2,885,982 2,664,482
128,309 128,309 95,874
170,766 173,371 72,144
6,593 5,107,043 0 0 7,995,630 6,729,615
84,701 84,701
6,778,117 5,333,795 108,268 19,024,385 288,492,512 252,959,954
7,734 280,666 241,627
167,782
19,024,385 19,024,385 16,279,192
22,p7q 22,074 34,034
42,087 42,087 22,540
64,161 64,161 56,574
8,214 8,214 8,231
80,999 80,999 102,295
35,893 35,893 29,682
80,999 44,107 125,106 140,208
88,733 108,268 19,024,385 19,662,100 16,717,601
6 ��g � �� 263,585,350 231,842,001
5,245,062 5,245,062 4,400,352
6,77g,117 5,245,062 268,830,412 236,242,353
6,778,117 5,333,795 108,268 19,024,385 288,492,512 252,959,954
107
CITY OF CLEARWATER. FLORIDA
FIDUCIARY FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND BALANCES
YEAR ENDED_ SEPTEMBER 30. 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Opereting Revenues:
Contributions from Employees
Contributions from Employer
Earnines on Inveatments
Interest on Mortgage Loans
State Tex on Ineurance Premiums
Intergovernmentel:
Rentel Housing Rehabilitation Grent
Home Houaing Rehabilitation Grant
Florida Community Services Act Grant
Miscelleneous Revenue:
Return of Grant Funds by Sub-Grantee
Other
Total Operatinp Revenues
Operating Expenses:
Benefit Payments
Refunds
Other Current Charges:
Professional Fees
Amortization of Rehabilitation Advances
Rehabilitation of Housing
Losses on Fo�eclosures
Other
Total Other Current Charges
Total Operating Expenses
Income Before Operatinp Transfers
Operating Transfers In
Operating Transfers Out
Net Income
Fund Balances, Beginning of Year
Fund Bala�ces, End of Year
Pension Trust
Employees' Firemen's Police
Pension Psnsion Supplsmental
Fund Fund Fund
$ 3,575,690
2,867,835
32,295,798
2,701
867,569
198,880
2.841
749,786
665, 644
4,654
38,739,323 1,071,991 1,420,084
6,012,521
525,915
1,078,019
662
1,078,681
7,617,117
964,864
2,851
99
2,950
967,814
850,134
80,71 1
3,079
83,790
933,924
31,122, 206 104,177 486,160
31,122, 206
214,993,129
S 246,115,335
See eccompanying notes to Financial Statements.
108
104,177
2,409,552
2,513,729
48 6,160
7,692,009
8.178,169
Funds Non-Expsndabls Trust Fund
�remsn's Totab Rshabilitation
Suppl�mental Loan Fund
Fund 1996 1995 1996 1995
3,578,391 2,823,708
3,735,404 3,456,299
581,217 33,825,681 18,353,061
436,933 1,105,418 1,023,047
1,018,150
4,654 2,021
42,249,545 25,658,136
914,620 8,742,139 6,649,106
525,915 523,939
13,910 1,175,491 1,004,388
58,814
72,724
987,344
30,80B
30,806
6,747,311
6,778,117
62,654 56,074
1,238,145 1,060,462
10,506,199 8,233,507
31,743,349 17,424,629
31,743,349 17,424,629
231,842,001 214,417,372
263,585,350 231,842,001
109
13,285 16,624
26,112 23,413
18,361
17,283 12,269
555,549 238,571
43,000
612,229 352,238
2,897 1,555
4,120 10,897
54,700 75,169
23,896
12,811 41,965
74,528 153,482
74,528 153,482
537,701 198,756
324,292 390,163
(17,283) (35,028)
307,009 355,135
844,710 553,891
4,400,352 3,846,461
5,245,062 4,400,352
CITY OF CLEARWATER, FLORIDA
REHABILITATION LOAN FUND
STATEMENT OF CASH FLOWS
YEAR ENDED SEPTEMBER 30, 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Cash Flowa from Opereting Activities:
Principal Collected on Loens and Advances
Grant Revenue
Interest Eernings on Loans end Investments
Cash Disbursed for Additional Loans and Advances
Cesh Payments to Suppliers
Net Cash (Used) by Operating Activities
Cesh Flows from Noncapitel Financing Activities:
Operatinp Transfers In
Operatinp Transfers Out
Net Cash Provided by Noncapital Financing Activities
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents et Beginning of Year
Cash end Cesh Equivale�ts at End of Year
Equity in Pooled Cash and Investments
Reconcilietion of Operating Income to Net Cesh
(Used) by Operating Activities:
Operating Income
Adjustments to Reconcile Operatinp Income to Net Cash
Provided (Used) by Operating Activities:
Change in Assets and Liabilities:
(Increase) in Mortgage Loans Receivable
(I�crease) in Emergency Housing Loans Receivable
(lncrease) in Due from Others
(Increase) in Property Held for Resale
Increase in Accounts end Contracts Payable
Increase (Decrease) in Rehabilitation Advances Payable
Total Adjustments
Net Cash (Used) by Operating Activities
See accompanying notes to Finencial Statements.
110
1996
$ 259,571
466,91 1
39,397
(1, 291, 680)
(86,200)
(612,001)
324, 292
(17.283)
307,009
(304,992)
447,043
S 142,051
S 142,051
$ 537,701
(910,853)
(32,435)
(101,921)
(84,701)
1, 504
(21,296)
(1,149,702)
S (612,001)
1995
263,766
263,819
40,037
(747,899)
(72,543)
(252.820)
390,163
(35,028)
355,135
102,315
344,728
447,043
447,043
198,756
(446,646)
(26,590)
(48,382)
6,110
63,932
(451,576)
(252,820)
'
CITY OF CLEARWATER. FLORIDA
� AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
YEAR ENDED SEPTEMBER 30. 1996
' -
�
TR AS IR R' S ROW F 1ND
� Assets
Equity in Pooled Cash and Investments
� Liabilities
Deposits:
Property Owners
Developers
' Other Miacellaneous Payebles:
Special Purpose Funds
Other
�
� DFFFRRFD GOMPFNSATION FL1ND
Assets
Equity in Pooled Cash and Investments
� Investments (Manaped Investment Accounts)
Liabilities
� Deferred Compensation
� T�TALS - ALL AGENCY FLINDC
� Assets
Equity in Pooled Cash and Investments
Investments (Menaged Investment Accounts)
� Liebilities
Deferred Compensation
Deposits:
� Property Owners
Developers
Other Miscellaneous Peyables:
' Special Purpose Funds
Other
1
r
' See accompanying notes to Financial Statements.
Balancs Balance
October 1, September 30,
1995 Additions Deductions 1996
$ 94,487 53,651 39,870 108,268
S 34,034 20,020 31,980 22,074
22, 540 19, 547 42,087
8,231 1,433 1,450 8,214
_ 29,682 12,651 6,440 35,893
S 94,487 53,651 39,870 108,268
S 98 98
16,279,192 3,660,691 915,596 19,024,287
S 16,279,192 3,660,789 915,596 19,024,385
S 16,279,192 3,660,789 915,596 19,024,385
S 94,487
16,279,192
$ 16,373,679
S 16,279,192
34,034
22.540
8.231
29,682
S 16,373,679
111
53,749
3,660,691
3,714,440
3,660,789
20,020
19,547
1,433
12,651
3,714,440
39,870 108,366
915,596 19,024,287
955,466 19,132,653
915,596 19,024,385
31,980 22,074
42,087
1,450 8,214
6,440 35,893
955,466 19,132,653
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GENERAL FIXED ASSETS ACCOUNT GROUP
� The General F�d Assets Account Group is a self-balancing account group established to account for the
foaed assets of a govemmental unit which are not accounted for in an enterprise, internal service or trust
fund.
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r 113
CITY OF CLEARWATER, FLORIDA
GENERAL FIXED ASSETS ACCOUNT GROUP
SEPTEMBER 30 1996 WITH COMPARATIVE TOTALS FOR 1995
Schedule of General Fixed Assets:
Lend
Buildings
Improvements Other Then Buildings
Equipment
Construction in Progress
Sources of Investments in General Fixed Assets:
Generel Fund Revenue
General Obligation Bonds
Revenue Bonds
Notes, Mortgages end Other Obligations
Special Assessments
Federal and State Grants
Gifts
Contributions from Developers
Undetermined Investments Prior to July 1, 1954
See eccompenying notes to Financial Statements.
114
1996 1995
S 32,068,046
26,171,838
b3,867,306
26,321,190
8,209,892
S 146,628,270
S 112,952,760
6,297,870
6,686,489
3,260,266
2,012,192
7,473,961
1,914,661
2,828,091
2, 203, 091
$ 14b,628,270
32,030,084
16,831,983
43,897,667
22,02b,897
8,632,631
123,418,062
91,836,883
6,297,870
6,686,489
2,217,936
2,012,192
7,434,714
1,902,797
2.828,091
2,203,091
123,418,062
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CITY OF CLEARWATER, FLORIDA
SUMMARY OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 1996
' Function Improvementa Machinery
snd Other Than and
Activity Total Land Buildings Buildings Equipment
� Fixed Aasets Unallocated by Function
'
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Generel Government:
Legislative
Executive
Financial & Administrative
Lepal
Planning
Compreheneive Planning
Other General Government
�Public Safety:
Law Enforcement
Fire Control
� Protective Inspections
Emergency end Disaster Relief
Ambulance and Rescue Services
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Physical Environment:
Conservation end Resource Management
Other Physical Environment
Transportetion:
� Roed end Street Facilities
Airports
Parking
Other Transportation Service
��
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Economic Environment:
Employment Opportunity and Development
Industry Development
Housing and Urban Development
Human Services:
Other Human Services
Culture and Recreation:
Libraries
Parks & Recreation
Culturel Centers
Speciel Recreation Fecilities
40,823,634 12,130,732 9,026,558 15,716,562 3,949,782
12,064 12,064
469,149 1, 528 467, 621
1,077,508 9,679 1,067,829
147,121 2,106 145,015
6,285 6.285
12, 680 12.680
14,855,709 6,398,546 6,168,977 70,872 2,217,314
16,580,516 8,398,546 6,182,290 70,872 3,928,808
6.356,615 588,945 439,126 305,478 5,023,066
1,228,124 103,395 1,550 1,123,179
213,900 1 1,432 202,468
246,681 88,482 158,199
790,787 12,254 104 778,429
8,836,107 588,945 654,689 307,132 7,285,341
104,438 81,052 23,386
159,023 1,042 108,81 1 49,170
263,461 1,042 189,863 72,556
34,524,754 4,563,299 670,350 28,536,341 754,764
813,014 100,081 71 1,958 975
1,264,432 1,264,432
428,311 171,262 257,049
37,030,511 4,563,299 941,693 30,512,731 1,012,788
13,771 13,771
1,402,325 1,367,128 16,901 18,296
1,214,244 249,877 293,682 572,052 98,633
2,630,340 1,617,005 310,583 572,052 130,700
32,990 3,179 29,811
11,51 1,043 2,367,325 15,341 9,128,377
17,812,579 6,759,518 5,010,219 5,334,390 708,452
31,997 993 3,489 27,515
1,865,200 676,446 1,141,694 47,060
31,220,819 6,759,518 8,054,983 6,494,914 9,911,404
Total General Fixed Assets Allocated to Functions 96,594,744 19,927,313 16,145,280 38,150,743 22,371,408
Construction in Propress
Total General Fixed Assets
137,418,378 32,058,045 25,171,838 53,867,305 26,321,190
8,209,892
5 145,628,270
� Sse eccompanyinp notes to Finsncial Statements.
115
CITY OF CLEARWATER, FLORIDA
SUMMARY OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
FISCAL YEAR ENDED SEPTEMBER 30, 1996
General General
Fixed Assets Fixed Asssu
Function and Activity 10/1/95 Additions Deductions 9/30/96
Fixed Assets Unallocated By Function S 41,141,384 317,750 40,823,634
General Government:
Legislative
Executive
F�encial & Administretive
Legal
Planning
Comprehensive Planning
Other General Government
Public Safety:
Law Enforcement
Fire Control
Protective I�spections
Emergency end Diseater Relief
Ambulence and Reacue Services
Physicel Environment:
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
Perks & Recreation
Cultural Centers
Special Recreation Fecilities
Total
Construction in Progress
12,064 12,064
452, 270 16, 879 469,149
1,060,51 1 16,997 1,077,508
131,960 15,161 747,121
6.285 6,285
12, 680 12, 680
7,495,068 7,360,641 14,855,709
9,170,838 7,409,678 16,580,516
4,490,573 1,866,042 6,356,615
1,270,404 17,609 59,889 1,228,124
213,900 213,900
231,244 15,437 246,681
779,552 1 1,235 790,787
6,985,673 1,910,323 59,889 8,836,107
102,938 1,500 104,438
130,687 28,336 159,023
233,625 29,836 263,461
25,389,091 9,135,663 34,524,754
813,014 813,014
1,264,432 1,264,432
395,333 32,978 428,311
27,861,870 9,168,641 37,030,511
2,924 10,847 13.771
1,402,325 1,402,325
1,208,961 5,283 1,214,244
2, 614, 210 16,130 2, 630,340
32,990
32,990 �
10,571,685 939,358 11,511,043 �
14,670,998 3,141,581 17,812,579
21,626 10,371 31,997
1,480,632 384,568 1,865,200
26,744,941 4,475,878 31,220,819 �
114,785,531 23,010,486 377,639 137,418,378
8,632,531 8,209,892 8,632,531 8,209,892 �.
$ 123,418,062 31,220,378 9,010,170 145,628,270
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See accompanying notes to Financial Statements. �
116
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COMPONENT UNIT
CLEARWATER DOWNTOWN DEVELOPMENT BOARD
� The Clearvvater powntown Development Board (DDB) is created by City Ordinance but legally separate
from the City of Clearwater, and gov�emed by a separate board. The DDB is accordingly reported as a
� discretely presented component unit in the combined financial statements. Since separate financial
statements are not available for the DDB, the following actual to budget comparative financial statement is
included in the Citys financial statements.
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� 117
CITY OF CLEARWATER, FLORIDA
COMPONENT UNIT
CLEARWATER DOWNTOWN DEVELOPMENT BOARD
BALANCE SHEET
SEPTEMBER 30 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
A set
Cash on Hand and in Banks
Liabilities and Fund Balance
Accounts Payable
Accrued Payroll
Total Liabilities
Undesignated Fund Balance
Total Fund Balance
See accompanying notes to Financial Statements.
1996
$ 80,125
118
S 10,033
435
10,468
69,657
69,657
S 80,125
1995
87,964
87,964
87,964
87,964
CITY OF CLEARWATER, FLORIDA
COMPONENT UNIT
CLEARWATER DOWNTOWN DEVELOPMENT BOARD
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE - BUDGEf (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30. 1996 WITH COMPARATIVE TOTAL FIGURES FOR 1995
Revenues:
Taxes
Miscellaneous Revenues:
Earnings on Investments
Other
Total Revenues
Expenditures:
Current - Economic Environment
Total Expenditures
Excess (Deficiency) of Revenues Over Expenditures
Other Financing (Uses):
Operating Transfers In- Primary Government
Operating Transfers Out - Primary Government
Excess (Deficiency) of Revenues and Other Financing
Sources Over Expenditures and Other Financing Uses
Fund Balances, Beginning of Year
Fund Balances, End of Year
See accompanying notes to Financial Statements.
1996 1995
Variance
Favorable Actual
Budget Actual (Unfavorable)
S 125,411 128,646 3,235 129,337
3,750 2,446 (1,304) 5,665
261
3,750 2,446 (1,304) 5,926
129,161 131,092 1,931 135,263
187,691 142,240 45,451 144,405
187,691 142,240 45,451 144,405
(58,530) (11,148) 47,382 (9,142)
26,960 26,960
(34,1 19) (34,119) (6,558)
(7,159) (7,159) (6,558)
(65,689) (18,307) 47,382 (15,700)
87,964 87,964 103,664
S 22,275 69,657 47,382 87,964
119
REO.UIRED SUPPLEMENTARY INFORMATION
121
Page 1 of 4
EMPLOYEES' PENSION FUND
Analysb of Fundiny Propress:
January 1, 1988
January 1, 1989
Ja�uary 1, 1990
January 1, 1991
January 1, 1992
January 1, 1993
Jenuary 1, 1994
January 1, 1995
Jenuary 1, 1996
Net Asaets
Available
For Benefits
S 94,744,950
103,280,694
116,360,194
132,070,644
148,409,341
168,417,367
188,636,035
202,083,295
224,393,502
CITY OF CLEARWATER. FLORIDA
DEFINED BENEFIT PENSION PLANS
REQUIRED SUPPLEMENTARY INFORMATION
Pension
Benefit
Obligation
S 88,971,606
102,918,328
117,234,803
129,639,711
141,163,108
157,636,521
171,094,893
188,376,144
216,838,870 (4)
Revenues by Source and Expenses by Type:
Fiscal
Year Ended
9-30
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Percentage
Funded
106.489 %
100.352
99.254
101.875
105.133
106.839
110.252
107.276
103.484
Assets in
Excess of
(Unfunded)
Pension
Benefit
Obligation
S 5,773,344
362,366
(874,609)
2,430,933
7,246,233
10,780,846
17,541,142
13,707,151
7,554,632
Annual
Covered
Payroll
S 27,785,919
30,147,940
32,649,987
34,532,753
36,626,332
38,731,039
38,710,974
41,371,332
44,208,964
Revenues bv Source
Employer Contributions
% of Covered Employee Investment Total
Amount Payroll Contributions Income Revenues
S 2,813,736 10.262 % S 2,215,937 S 13,718,304 S 18,747,977
2,916,784 9.523 2,460,817 6,272,095 11,649,696
3,061,328 (1) 9.531 2,580,355 9,572,574 15,214,257
3,633,799 (2) 10.376 2,801,577 11,900,709 18,336,085
3,936,720 10.723 2,936,909 14,810,423 21,684,052
3,595,232 9.109 3,157,548 18,016,789 24,769,569
3,322,567 8.031 3,086,651 19,368,696 25,777,914
2,883,630 6.666 2,598,580 17,370,376 22,852,586
2,630,293 5.590 2,821,135 17,402,932 22,854,360
2,867,834 5.974 3,575,690 32,295,798 38,739,322
Fiscel
YearEnded
9-30
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Benefit
Payments
S 2,057,816
2,417,299
2,797,028
3,220,208
3,596,021
4,072,334
4,526,218
4,869,996
5,332,058
6,012,521
Expenses by Type
Refunds of
Contributions
$ 375,706
346, 506
322,945
485,877
247,839
225,334
329,485
342,365
523,939
525,915
Administrative
Expenses
S 290,217
259,283
349,983
410,159
524,801
670,755
794,214
820,055
927,709
1,078,019
Total
2,723,739
3,023,088
3,469,956
4,1 16, 244
4,368,661
4,968,423
5,649,917
6,032,416
6,783,706
7,616,455
Assets in Excess
of (Unfunded)
Pension Benefit
Obligation as a
Percentege of
Covered Payroll
20.778 °�
1.202
(2.679)
7.039
19.784
27.835
45.313
33.132
17.088
Since pension benefit oblipation was not determined prior to January 1, 1988, historical trend data dependent thereon is presentad
for only nine years. Contributions were made in accordance with actuarially determined contribution requirements.
122
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FIREMEN'S PENSION FUND
Analysis of Fundinp Proyress:
January t,
Jenuary 1,
January 1,
January 1,
January 1,
January 1,
January 1,
January t,
January 1,
CITY OF CLEARWATER FLORIDA
DEFINED BENEFIT PENSION PLANS
REQUIRED SUPPLEMENTARY INFORMATION
Net Asaets Pension
Available Benefit
For Benefita Obligation
1988 $ 3,196,009 $ 12,148,111
1989 3,170,728 12,130,239
1990 3,100,039 11,978,656
1991 3,026,434 11,943,144
1992 2,939,615 11,883,205
1993 2,907,448 12,478,610 (3)
1994 2,914,603 12,025,387
1995 2,959,175 11,402,751
1996 3,083,817 11,236,766
Revenues by Source and Expenses by Type:
Rscal Employer Contributions
Year Ended % of Covered
9-30 Amount Pavroll
1987 S 493,255 423.317 °,6
19$$ 497,784 399.917
1989 539,500 594.230
1990 582,660 1,021.685
1991 629,180 1,677.217 �
1992 675,938 1,606.449
1993 719,229 1,729.248
1994 786,823 1,836.869
1995 826,006 1,926.410
1996 867,569 1,927.462
Percentape
Funded
26.309 %
26.139
25.880
25.340
24.738
23.299
24.237
25.951
27.444
Employee
Contributions
S 7,001
7,468
5,447
34
2,251
2.412
2,496
2, 570
2,573
2, 701
Pa9e 2 of 4
Unfunded
Unfunded Pension Benefit
Pension Annual Obligation es
Benefit Covered a Percentage of
Obli�etion_ Payroll Covered Payroll
S 8,952,102 3 126,798 7,060.129 °,6
8,959,511 104,898 8,541.165
8,878,617 71,716 12,380.246
8,916,710 37,914 23,518.252
8,943,590 38,053 23,502.983
9,571,162 42,088 22,740.833
9,110,784 41,922 21,732.704
8,443,576 42,878 19,692.094
8,152,949 41,922 19,447.901
Revenues b Source
Insurance Investment
Tax Income Total
S 7,517 S 337,781 S 845,554
7,726 319,561 832,539
6,953 302,717 854,617
5,550 270,540 858,784
3,143 250,748 885,322
2,322 234,528 915,200
2,304 208,220 932,249
2,500 185,542 977,435
2,675 204,042 1,035,296
2,841 198,880 1,071,991
Exoenses by Type
F'
iscal
Year Ended Benefit
� 9-30 _ Payments
1987 S 844,200
1988 887,065
1989 939,171
� 1990 972,243
1991 980,464
1992 998,495
� 1993 992,995
1994 978,343
1995 948,241
1996 964,863
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Administrative
Expenses
S 2.867
2,777
3,358
5,433
2, 500
2, 500
5,350
2,850
2.851
Other
Expenses
S -
165
216
212
126
99
Total
S 847,067
889,842
942,529
977,676
982,964
998,660
995,71 1
983,905
951,217
967,813
Since pension benefit obligation was not determined prior to January 1, 1988, historical trend data dependent thereon is
presented for only nine years. Contributions were made in accordance with actuarially determined contribution requirements.
� 123
Page 3 of 4
CITY OF CLEARWATER. FLORIDA
DEFINED BENEFIT PENSION PLANS
REQUIRED SUPPLEMENTARY INFORMATION
NOTES
Govemment Accounting Standards Board Statement No. 5 requires the presentation, as supplementary
informatbn, of certain 10-year historical trend information. In order to enhance the comparability of such
trend information, it is required that the impact of changes in actuarial assumptions, plan benefit provisions,
actuarial funding methods, accounting policies and other changes upon the data presented be disclosed for
those years in which the changes occur. Such changes generally affect trends in contribution requirements
and in those rafws that include the pension benefd oblgation as a factor.
It is believ�ed that focusing on the pension benefd obligation, or the e�Qent to which available plan assets
e�aceed or are deficient with respect to the pension benefd obligation, in isolation can be misleading.
Therefore, the trend information emphasizes relationships between the disclosed data. For example,
presenting net assets available for benefds as a percentage of the pension benefd obligation gives an
indication of the e�Qent to which the plan is funded; considering this information over a period of time gives
an indication as to whether the plan is improving or deteriorating with respect to the adequacy of its funding.
Presentation of the assets in e�acess of the pension benefd obligation as a percentage of the annual
covered payroll serv�es to adjust for the effects of inflation and thus facilitates the analysis of funding
progress.
(�)
(2)
(3
Changes in actuarial assumptions and funding methods applied to the actuarial valuation of the
Employees' Pension Fund as of January 1, 1987, inwlve the assumption that mortality is to follow the
1988 Group Annuity Mortality Table for Males, with female ages set back 6 years, with recognition of
this change to be made over a three-year period (previous valuations were based on the 1951 Group
Annuity Mortality Table for Males projected to 1965 using Scale C with female ages set back 5 years)
the funding of the Retum of Employee Contributions under a projected rather than term cost method,
with the required make-up, as mandated by the State Division of Retirement, of the shortfall or
difference between the prior years Normal Cost for Retum of Employee Contributions and the actual
retum; and the assumption that the Employer's contribution will be uniformly paid during the first iwo
quarters of the fiscal year rather than uniformly during the entire fiscal year. The net increase of these
changes in Employers Contributions is $164,000.
The only change in actuarial assumptions applied to the actuarial valuation of the Employees' Pension
Fund as of January 1, 1988 reflects the second stage of a three-year phase-in of the 1983 Group
Annuity Mortality Table as discussed in Note (2) above. Previous to the valuation as of January 1, 1987,
valuations were based on the 1951 Group Annuity Mortality Table for Males projected to 1965 using
Scale C with female ages set back 5 years. This change in actuarial assumptions increased the
employer required contribution by $206,236.
) The actuarial valuation of the Firemen's Relief and Pension Fund as of January 1, 1993, reflected
sev�eral changes in actuarial assumptions. An investment yield of 6.5% for both pre and post retirement
was assumed whereas the prior valuation assumed 8%; the impact of this change is to increase the
pension benefd obligation by $880,257. The 1983 Group Annuity Mortality Table for activ�e and retired
participants was changed from PBGC Tables 5 and 6 to PBGC Tables 3 and 4 for disabled
participants; the impact of this change is to increase the pension benefd obligation by $349,170.
Salaries are assumed to increase at 4% per year due to inflation while the prior valuation assumed an
increase of 6.5°k; this change had no impact on the pension benefrt obligation separate from its impact
on post retirement benefds since the one remaining active employee was assumed to retire on the
valuation date. Post retirement benefits are assumed to increase at 5% per year whereas the prior
valuatwn assumed an increase of 6.5%; this change resulted in a decrease of $233,967 in the pension
benefd obligation.
124
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CITY OF CLEARWATER. FLORIDA Page 4 of 4
DEFINED BENEFIT PENSION PLANS
REQUIRED SUPPLEMENTARY INFORMATION
� (4) Effective Janua 1, 1996, several lan chan es took
�Y p g 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.
The above changes in the plan provisions have resulted in an increase of $11,651,944 in the pension
benefit obligation.
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j' 125
C�TY OF CLEARWATER, FLORIDA
FIRE SERVICES PROGRAM
SUPPLEMENTARY INFORMATION
Pursuant to agreements beiween the City of Clearwater and the Pinellas County Fire Authority and the
Pinellas County Emergency Medical Services Authoriry, the City has provided fire and emergency medical
services to the respective authorities. Wdh respect to fire services, the services are provided for the benefd
of prope�ties located outside the corporate limits of the City, but within a designated service area.
Emergency medical services are provided for the benefR of persons residing both inside and outside the
corporate limrts of the City, based on the Authorit�s nearest unit dispatch policy.
Wdh respect to the Fire Services Program, a budget was prepared by Fire Department personnel covering
proposed e�enditures for fiscal year 1995 - 96 for the Fire Department as a whole. Since the funding for
the Emergency Medical Services Program is based on the level fi�aed in prior years, the Fire Services
Program budget is essentially the residual obtained by deducting the approv�ed lev�el 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 e�enditures for the Fire Services Program for the fiscal year ended September 30, 1996 are
summarized below.
Total Revenue Receiv�ed from Pinellas County
Fire Protection Authority
Total Fire Services e�enditures for 95/96
.�
11 • .'
No Equipment Reserv�e is cunently being utilized with respect to the Fire Services Program.
126
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Page 1 of 4
CITY OF CLEARWATER. FLORIDA
CONTINUING DISCLOSURE - GAS SYSTEM REVENUE BONDS, SERIES 1996A
SUPPLEMENTARY INFORMATION
THE SYSTEM:
Rates. Fees and Char�es
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 o� transportation service are available to the customer, the City Commission has
authorized the City Manger to enter into conVact 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, 1996, contract rates applied to 29 customer accounts and impacted less than
2.2% of total revenues.
The rates charged by the System through 9/30/96 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 intemational accounting firm of
Coopers & Lybrand, LLP (the "Rate Study"). This Phase I implementation resulted in an
extensive ovefiaul of the Gas System customer rates, providing numerous classes of service
and a modemized billing methodology.
� The new rates 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
northem Pinellas Counry services area and into the newly acquired southwestem Pasco
` service area, and provide an adequate growth potential in retum to the City of Clearwater to
further offset the ad valorem tax rates (current impact is about .5 mills).
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As the result of experience during the first seven months of the Phase I implementation,
adjustments were made to the Phase II rates to be implemented October 1, 1996 and
additional adjustments (Phase III) are to be 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.
� 127
Page 2 of 4
CITY OF CLEARWATER. FLORIDA
CONTINUING DISCLOSURE - GAS SYSTEM REVENUE BONDS, SERIES 1996A
SUPPLEMENTARY INFORMATION
E 4
o` � e
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Page 3 of 4
CITY OF CLEARWATER. FLORIDA
CONTINUING DISCLOSURE - GAS SYSTEM REVENUE BONDS, SERIES 1996A
SUPPLEMENTARY INFORMATION
Service Area
As of September, 1996, the Clearvvater Gas System served 12,829 customer accounts in
thirteen (13) municipalities as well as the unincorporated areas of northem Pinellas County
and southwestem Pasco County. Municipalities served were as follows: Belleair, Belleair
Beach, Belleair Bluffs, Belleair Shores, Clearwater, Dunedin, Indian Rocks Beach, Largo, New
Port Richey, Oldsmar, Port Richey, Safety Harbor and Tarpon Springs. The System serves
the unincorporated Pinellas County areas of Crystal Beach, East Lake, Harbor Bluffs, Harbor
Hills, Highpoint, Ozona, Palm Harbor and Top of the World. The System serves the
unincorporated Pasco County areas of Anclote, Elfers, Gulf Harbors, Harbor Isles, Holiday,
Moon Lake, Odessa, Serenova and Trinity.
The northem Pinellas County service territory is approximately 135 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. The
System has 21.5 miles of gas mains installed as of September 30, 1996, in a 117 square mile
service temtory in southwestem Pasco County which will extend from the Gulf of Mexico on
the west inland approximately ten miles to just west of State Road 41 and Land O'Lakes
(generally along the right-of-way for the proposed North Suncoast Parkway) and from the
Pinellas and Hillsborough County lines on the south to generally State Road 52 on the north.
Within the current service boundaries, there is significant opportunity for growth because the
System already has installed approximately 543.4 miles of gas main in the current Pinellas
County service area with only slightly greater than a 6.7% customer saturation. There is also
significant opportunity to expand into the developing areas of southwestem Pasco County. In
total the service territory encompasses approximately 252 square miles with a service
population of over 600,000 people. The service area is bordered on the south, east and r�orth
by Peoples Gas System, Inc., an investor owned gas utility.
129
Page 4 of 4
CITY OF CLEARWATER, FLORIDA
CONTINUING DISCLOSURE - GAS SYSTEM REVENUE BONDS, SERIES 1996A
SUPPLEMENTARY INFORMATION
As of September 30, 1996 the System's active natural gas customers were located as shown
in the following table:
Location Meters
Belleair 283
Belleair Beach 54
Betleair Bluffs 13
Belleair Shores 3
Clearwater 6,420
Dunedin 978
Indian Rocks Beach 13
Largo 1,158
New Port Richey 8
Oldsmar 22
Port Richey 2
Safety Harbor 512
Tarpon Springs 407
Unincorporated Areas Pasco 16
Unincorporated Areas Pinellas 1,783
Percentage
2.42%
0.46%
0.11 %
0.03%
55.00%
8.38%
0.11 %
9.92%
0.07%
0.19%
0.02%
4.39%
3.49%
0.14%
15.28%
Total 11,672 100.00%
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, 1996:
Customer Name
National Linen Services, Inc.
Morton F. Plant Hospital
Metal Industries, Inc.
Mease Hospital
Clearwater Linen & Uniform
Supply, Inc.
Peak % of
Monthly Therms Gross Revenues
95,013
72,849
53,023
29,812
25,081
2.88%
2.01 %
2.09%
0.66%
0.99%
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, 1996:
Interruptible
Residential
Commercial
Average No. Gas Gas
Customers Volume Sales
9 18.31 % 10.36%
10,594 26.56% 32.84%
1,580 55.13% 56.80%
130
STATISTICAL SECTION
131
Fiscal
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
(a)
CITY OF CLEARWATER
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (a)
LAST TEN FISCAL YEARS
G�nsral Public Economic Human
Government Safety Environment Services
$ 5,392,654 S 19,930,960 S 536,064 S 461,675
5,691,310 21,303,638 508,787 406,858
7,488,261 22,693,138 598,860 603,194
6,958,741 24,607,123 783,760 641,504
6,621,711 26,296,742 954,037 348,284
7,008,971 27,830,892 1,041,651 436,002
7,043,042 28,743,633 704,023 656,016
6,944,313 30,348,800 1,104,261 637,739
7,100,253 32,230,932 1,971,488 760,196
8,422,146 32,473,158 1,999,551 693,940
Includes operating and capital outlay expenditures of all governmental funds and component units.
General Governmental Expenditures By Function (a)
Fiscal Year Ending September 30, 1996
Capital
2E
Humai
Srvcs
1%
G�
Gan
E
General Debt
3% CuRure and Recreation
132
Physical
Environment
S 857,780
1,012,046
1,074,348
1,069,993
1,411,154
1,434,840
1,428.177
1,461,345
1,368,074
1,448,830
isportation
6%
Physical Env.
2%
Tramportation
S 5,364,881
5,520,080
5,744,173
5,835,071
5, 664, 293
4,946,295
4,625,720
4,485,318
4.727,961
4,935,058
Millions
90
80
70
60
50
40
30
20
10
0
Culture
and
Recreation
S 8,604,707
9,086,140
9,988,068
10,507,878
10,964,134
12,127.429
11,941,403
12,190, 549
13,172,327
13,582,796
Generel Capital
Debt Outlay
S 2,293,867 S 6,613,913
1,861,724 6,303,856
2,039,977 4,560,718
2,118,242 5,617,750
2,099,523 8,467,933
1,393,674 9,791,407
1,520,301 7,295,099
1,556,939 9,297,004
2,169,809 14,059,318
2,496,1 1 1 23,283,499
Total General Governmental Expenditures
$
TABLE I
Reporting
Entity
Totals
50,056,501
51,694,439
54,790,737
58,140,062
62,827.811
66,01 1,161
63,957,414
68,026,268
77,560,358
89,335,089
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Fiscal Years
133
CITY OF CLEARWATER, FLORIDA
GENERAL REVENUES BY SOURCE (a)
LAST TEN FISCAL YEARS
Fiscal Taxes Licenses
Year Property Franchises Utility and Permits
1987 S 14,508,221 S 3,826,469 S 8,337,259 S 2,785,895
1988 17,699,431 3,893,965 8,285,147 3,255,855
1989 18,775,429 3,901,069 8,556,679 3,135,258
1990 19,036,979 4,730,463 9,085,217 4,102,096
1991 20,712,317 4,949,636 9,530,674 3,185,432
1992 20,648,733 4,716,532 9,954,853 3,267,159
1993 20,648,283 5,1 13,368 10,740,616 3,010,049
1994 21,339,664 5,518,732 1 1,831,565 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
(a) Revenues are those of all governmental funds and component units.
(b) Includes Management Service fees charged by General Fund to Utilities System and other
Enterprise Funds.
Licenses and Permfts
496
Taxes - Franchises
9%
General Revenues by Source (a)
Fiscal Year Ending September 30, 1996
Fines and Forfeitures
296
�...,.. .....,s..,...e..���
Property Taxes
27%
134
Miscellaneous
6%
:s for Services
8%
Fines and
Forfskures
S 1,319,742
1,641,082
1,798,842
1,755,154
1.782.580
1,709,010
1,765,097
1,822,424
1,756, 680
1,736,731
Millions
Inter-
governmental
Revenue
8 10.428,487
10,943,258
10,701,200
14,376,669
16.528.912
16,554,256
17,533,919
18,118,364
19,814,366
20,617,058
Chargss
for
Miscellaneous Services (b)
S 2,300,501 S 4,302,489
1,972,259 4,360,296
2,469,808 4,805,675
2,749,818 5,030,244
3.220,217 5,408,808
5,126,454 5, 601, 203
3,159,785 5,505,849
3,632,962 5,523,544
3,838,285 5,695,288
4,430, 681 6, 289,164
Total General Revenues Last Ten Fiscal Years (a)
TABLE II
Total
S 47,809,063
52,051,293
54,143,960
60,866,640
65,298,576
67,578,200
67,476,966
70,835,069
74,753,954
77, 635,320
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
Fiscal Years
135
Fiscal
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
CITY OF CLEARWATER, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Total
Tax Levy
515,104,352
18,093,427
18,999,668
19, 676,174
21,336, 807
21,369,980
21,408,489
21,281,744
21,458,160
21,761,730
Current Percent
Collections (a) of Levy
Collected
S 14,842,656 98.27 %
17,855,707 � 98.69
18,818,443 99.05
19,474,325 98.97
21,145,636 99.10
21,075,554 98.62
20,947,194 97.85
21,154, 946 99.40
21,388,692 99.68
21,675,311 99.60
(a) Collections are reported at the gross amount before any discount allowance.
136
Delinquent
Collections
S 6,252
77,643
189,760
35,223
95,735
109,316
199,638
603,226
159,918
73,731
Total
Collections
S 14, 848, 908
17,933,350
19,008,203
19, 509, 548
21,241,371
21,184, 870
21,146,832
21,758,172
21,548,610
21,749,042
Percent
of Total
Collections to
Current Levy
98.31 %
99.12
100.04
99.15
99.55
99.13
98.78
102.24
100.42
99.94
Outstanding
Delinquent
Taxes
S 866,941
1,027,018
1,018,483
1,185,109
1,280,545
1,387,456
1,438,1 16
946,874
856,443
868,209
137
TABLE III
Percent of
Delinquent
Taxes to
Current Levy
5.74 %
5.68
5.36
6.02
6.00
6.49
6.72
4.45
3.99
3.99
Tex
Year
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
CITY OF CLEARWATER, FLORIDA
ASSESSED AND ESTIMATED ACTUAL PROPERTY VALUATIONS
LAST TEN FISCAL YEARS
Assessed Valuations (a)
ollection Non-Exempt Personal Other Total
Year Real Estate Property Propertylb) Taxable
1987 S 3,080,652,280 S 313,835,680 S 817,629 S 3,395,305,589
1988 3,270,695,390 349,895,280 545,157 3,621,135,827
1989 3,388,838,210 352,914,960 484,002 3,742,237,172
1990 3,485,372,470 370,827,590 484,376 3,856,684,436
1991 3,745,222,768 378,841,070 500,188 4,124,564,026
1992 3,799,734,064 379,338,740 509,202 4,179,582,006
1993 3,800,740,889 386,831,160 532,486 4,188,104,535
1994 3,789,902,836 390,841,880 569,338 4,181,314,054
1995 3,782,134,930 403,392,150 580,731 4,186,107,811
1996 3,820,217,710 431,622,230 592,909 4,252,432,849
(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 525,000
Homestead Exemption based on residency requirement.
138
Total Total
Exemptic) A��
S 1,001,043,393 S 4,396,348,982
1,081,534,811 4,702,670,638
1,148,090,371 4,890,327,543
1,192,855,367 5,049,539,803
1,232,097,193 5,356,661,219
1,296,139,766 5,475,721,772
1,317,255,941 5,505,360,476
1,391,537,458 5,572,851,512
1,455,095,094 5,641,202,905
1,480,760,538 5,733,193,387
TABLE IV
Percenta4es
Assessed
Values to Yearly Increases
Estimated
Market Taxable Total
100.0 % 12.6 % 10.1 %
100.0 6.7 7.0
100.0 3.3 4.0
100.0 3.1 3.3
100.0 6.9 6.1
100.0 1.3 2.2
100.0 0.2 0.5
100.0 (0.2) 1.2
100.0 0.1 1.2
100.0 1.6 1.6
139
CITY OF CLEARWATER, FLORIDA
PROPERTY TAX RATES ALL DIRECT AND OVERLAPPING GOVERNMENTS
(PER 51000 OF ASSESSED VALUES)
LAST TEN FISCAL YEARS
Fiscal
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
City
4.4558
5.0000
5.1000
5.1000
5.2037
5.1158
5.1158
5.1158
5.1158
5.1158
Downtown
Development (a)
1.0000
1.0000
0.2500
0.8600
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
School
7.5020
7.3370
7.6500
8.5330
8.7660
8.6260
9.0000
9.0820
9.3590
9.3290
(a) A separate taxing district established by referendum which affects only downtown properties.
(b) Other includes Pinellas County Planning Council .0214; Juvenile Welfare Board .81 17;
SW Florida Water Management District .4220; Pinellas Anclote River Basin .4010.
140
County
4.2580
4.9150
4.9090
5.2800
5.2340
5.4950
5.4170
5.4290
5.5850
5.5140
Transit
District
0.4536
0.4987
0.5135
0.5743
0.5743
0.5893
0.5893
0.6697
0.6697
0.6697
Operating
Debt Service
Road Capital Improvements
Comm. Redevelopment Agency
Total City Tax
Emer�ency
Medical
Services
0.9310
0.9310
0.9310
1.0600
0.7000
0.7000
0.8500
0.8720
0.8060
0.7520
141
1996
4.4856
0.2140
0.3835
0.0327
5.1158
Other
0.7013
1.2933
1.3775
0.9617
1.0964
1.1560
1.1820
1.4221
1.6308
1.6561 (b)
1995
4.4542
0.2396
0.3835
0.0385
5.1158
TABLE V
Total
19.3017
20.9750
20.7310
22.3690
22.5744
22.6821
23.1541
23.5906
24.1663
24.0366
TABLE VI
Taxpayer
Bellwether Prop. LP Ltd.
Holland Westshore, Inc.
Taylor, John S. III
Sand Key Association Ltd.
Walmart Stores, Inc.
Regency Land Partnership
H R E Properties
Duff, Andrew R. - Trustee
Branch Sunset Association
John Hancock Life Ins Co.
Sub-Total
All Others
Total
CITY OF CLEARWATER. FLORIDA
PRINCIPAL TAXPAYERS
SEPTEMBER 30. 1996
Type of Assessed
Business Value
Shopping Center S 75,664,400
Shopping Center 60,389,900
Landowner 31,493,600
Hotel 19,212,400
Shopping Center 18,181, 800
Adult Congregate Facility 17,857,700
Shopping Center 14,473,300
Hotel & Plaza 14,400,500
Shopping Center 14,545,000
Apartment Complex 13,500,000
279,718,600
3, 540,499,1 10
S 3,820,217,710
Source: Pinellas County Property Appraiser, 1995 tax rolls for 1996 collections.
142
Percentage
to Total
Assessed Value
1.98 %
1.58
0.82
0.50
0.48
0.47
0.38
0.38
0.38
0.35
7.32
92.68
100.00 ��
CITY OF CLEARWATER, FLORIDA
SPECIAL ASSESSMENTS AND IMPROVEMENT LIENS,
LEVIES, COLLECTIONS AND OUTSTANDING BALANCES
LAST TEN FISCAL YEARS .
Fiscal Balance
Year Beyinnin�
Ended of
Sept.30 Year
1987 S 76,176
1988 75,329
1989 70,846
1990 58,786
1991 63,899
1992 63,718
1993 97,056
1994 92,700
1995 123,287
1996 216,167
Levied
Duriny
Year
S 22,744
9,965
2,822
10,613
11,829
41,732
22, 569
67,678
169,876
1,436,570 (f)
Collections
Duriny
Yea�
S 23,591
13,047
1 1,076
5,500
10, 043
8,394
22,420
36,284
76,996
846,693
TABLE VII
Balance
End
of
Year
S 75,329
70,846 (a1
58,786 (b)
63,899
63,718 (c)
97,056
92,700 (d)
123,287 lel
216,167
626,898 (g1
Ia) Liens of S 1,401 were cancelled.
(bl Liens of S3,806 were cancelled.
(c) Liens of S 1, 967 were cancelled.
(d) Liens of S4,505 were cancelled.
(e) Liens of S807 were cancelled.
(f) Special assessment of S 1,400,000 for burial of power lines on Sand Key island
was levied in fiscal year 95/96 per Resolution 95-70.
(g) Improvement liens totaling S5,008 were canceled. Sand Key power line burial
special assessment liens were reduced for prepayment discounts totaling S 174,138.
143
TABLE VIII CITY OF CLEARWATER. FLORIDA
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 Ganeral Less General Bonded Debt Bonded
Year Population Value (a) Bonded Sinking Bonded To Assessed Debt
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
(000) Debt Fund Debt Value Per Capita
99,124 S3,395,306 S 3,380,000 5342,883 S 3,037,117 0.09 30.64
100,202 3,621,136 2,780,000 384,710 2,395,290 0.07 23.90
101,082 3,742,237 2,150,000 426,863 1,723,137 0.05 17.05
98,784 3,856,684 1,495,000 458,766 1,036,234 0.03 10.49
99,612 4,124,564 810,000 242,050 567,950 0.01 5.70
99,856 4,179,582 725,000 272,221 452,779 0.01 4.53
100,857 4,188,105 635,000 286,522 348,478 0.01 3.46
101,548 4,181,314 545,000 302,300 242,700 0.01 2.39
102,590 4,186,108 450,000 316,403 133,597 0.00 1.30
103,326 4,252,433 355,000 333,402 21,598 0.00 0.21
(a) Values listed are for year of collections.
144
TABLE IX
CITY OF CLEARWATER, FLORIDA
COMPUTATION OF LEGAL DEBT MARGIN
Se�tember 30, 1996
Assessed Valuation of Non-Exempt Real Estate (a) S 3,820,217,710
Times: Twenty Percent Limitation Per City Charter x 20°�
Equals Legal Indebtedness Limitation S 764,043,542
Debt Subiect to Indebtedness Limitation:
Net Debt
Gross Less Sinking Subject to
Debt Fund Assets Limitation
General Obligation Bonds:
1978 Series
Revenue Bonds:
1985 Public Service Tax and Bridge Revenue Bonds
1988 Water and Sewer Revenue Bonds
1993 Water and Sewer Revenue Bonds
1991 Gas System Revenue Bonds
1994A Gas System Revenue Bonds
1996A Gas System Revenue Bonds
1995 Improvement Revenue Bonds
1986 Community Redevelopment Agency Tax
Increment and Lease Revenue Bonds
1987 Community Redevelopment Agency Tax
Increment Revenue Bonds
Notes, Mortgages and Contracts
Totals
Legal Indebtedness Margin
S 355,000 333,402 21,598
1,695,001 775,011 919,990
37,601,614 5,324,003 32,277,611
47,170,000 8,183,500 38,986,500
7,290,000 742,280 6,547,720
8,110,000 1,035,595 7,074,405
8,815,000 5,417 8,809,583
10,580,000 197,272 10,382,728
1,605,000 622,455 982,545
165,000 165,000 -
11,382,786 657,475 10,725,311
S 134,769,401 18,041,410 116,727,991
S 647,315,551
(a) Valuation listed is from 1995 tax year for 1996 collections.
CITY OF CLEARWATER, FLORIDA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
SEPTEMBER 30, 1996
Governmental Unit
City of Clearwater
Pinellas County School Board
Total
TABLE X
Net Debt
Outstanding Percent Amount
S 355,000 100.00°�6 S 355,000
883,422 13.82°/a 122,089
S 477,089
(a) AppliceWe Net Debt Perce�tage is based on ratio of City to County taxable valuea for 1998 collections
(53,820,217,710 / 527.837,298,185)
145
Fiscal
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
GITY 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
General Obligation
Bonded Debt
Principal Interest
S 575,000 S 189,877
600,000 158,884
630,000 125, 863
655,000 90,763
685,000 67,599
85,000 43,445
90,000 38,610
90,000 33,615
95,000 28,816
95,000 23,114
Debt Service
General Revenue
Certificates lal
Principal Interest
S 93,670 5 331,327
133,553 412,916
207,421 409,757
225,687 396,612
232,300 381,314
250,566 365,516
270,486 346,251
297,058 325,441
523,631 575,865
476,857 910,321
(e) Includes general long-term debt portion of debt service for Public Service Tax and Bridge Revenue
Bonds, Series 1985, and debt service for Tax Increment and Lease Revenue Bonds, Series 1986,
commencing with fiscal years 1986 and 1987 respectively. Includes debt service for Tax Increment
Revenue bonds, Series 1987, commencing with fiscal year 1988. Includes 1995 Improvement
Revenue Bonds, commencing with fiscal year 1995.
146
Mort9ayes Payiny
and Notes Agent Fees
5 1,181,232 S 322
581,198 1,067
600,060 2,526
669,732 2,050
658,149 2,399
588,787 1,629
672,888 2,253
730,456 2,018
777,419 2,265
983,793 4,049
TABLE XI
Debt Service
as a Percentage
Total Governmental of General
Debt Expenditures Expenditures
S 2,371,428 5 50,056,501 4.74 °�
1,887,618 51,694,439 3.65
1,975,627 54,790,737 3.61
2,039,844 58,140,062 3.51
2,026,761 62,827,811 3.23
1,334,943 66,011,161 2.02
1,420,488 63,957,414 2.22
1,478,588 68,026,268 2.17 .
2,002,996 77,560,358 2.58
2,493,134 89,335,089 2.79
147
TABLE XII CITY OF CLEARWATER, FLORIDA
WATER ANO SEWER REVENUE BONDS COVERAGE
LAST TEN FISCAL YEARS
Fisoal
Year
1887
1888
1988
1990
1981
1992
1983
1994
1995
1998
Fbaal
Year
1987
1888
1989
1990
1891
1982
1983
1994
1985
1898
Requked
Gross Transtsrs to
Revenues (e) Expenses (b) Utility R& R(c)
4 19,298,880 8 12,840,812 8 977,280
20,328,831 13,710,807 964,833
25,043,408 15,122,588 1,018,432
28,544,234 15,783,977 1,252,170
27,238,002 17,480,342 1,327,212
30,388,487 17,832,368 1,381,900
32,981,135 18,863,280 1,518,324
32,529,074 17,824,720 1,648,057
33,058,287 18,495,980 1,828,454
34,814,829 22,311,433 1,652,815
Debt Service Requirements
Prinoipel/SMking
Fund (d) Interest Totel
8 1,035,000 $ 862,938 $ 1,697,938
1,120,000 2,035,930 3,155,930
315,000 2,739,143 3,054,143
600,000 5,107,750 5,707,750
2,245,000 5,007,480 7,252,480
2,405,000 4,848,939 7,251,939
2,580,000 3,023,838 5,603,838
2,880,000 3,918,263 8,798,263
3,760,000 3,380,470 7,140,470
4,140,000 3,03B,845 7,178,845
Nat Revenues
Aveilabk for
Debt Service
0 5,478,588
5,853,191
8,904,408
9,528,087
8,420,448
11,072.219
12,479,551
13,056,287
12,935,883
10,850,581
Debt Service Coverage (e)
OripineRy
Corrected Reported
3.23 3.76
1.79 2.10
2.92 3.25
1.67 1.89
1.16 1.34
1.53 1.71
2.23 2.50
1.92 2.16
1.81 2.04
1.51 N/A
(a) Includes interest earnings and gross revenues of Water and Sewer Divisions of Utility System. Extraordinary
Gain is excluded.
(b) Excludes depreciatio� (and similar noncash expenses), amortization of bond discount and issue costs, bond
interest, sinki�g fund and reserve requirements and extraordinary loss.
(c) Required transfers for systems renewal and replacement. Equal to 5% of previous year's gross revenue.
(d1 Reflects par value amounts of sinking fund investments as well as serial principal retirements through 1988;
subsequent to the refunding of the Water and Sewer Revenue Bonds, Series 1987 in October, 1988, the
purchase of such investments was no longer required for funding future Water and Sewer Utility debt service;
the numbers for 1989 and 1990 have been restated to excluda the par value of investments purchased in
those years.
(e) 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 omitted in error
from the calculation.
Note: �n November, 1884, the City issued S 13,055,447 Water and Sewer Revenue Bonds, Series 1984, to finance
the cost of refunding 524, 790,000 Utilities Revenue Bonds, Series 1978. In June, 1987, the City issued
517,000,000 of Water and Sewer Revenue Bonds, Series 1987 to finance the cost of replacement of water
dietribution facilities. In October, 1988, the City issued 828,565,063 Water and Sewer Revenue Bonds,
Series 1988, to finance the cost of refunding the above Series 1987 bonds i� their e�tirety and that portion
of the above 1984 Bonds maturing on and after December 1, 1995. Subsequently, during fiscal year 1988-
89, the City issued 528,635,000 Water and Sewer Revenue Bonds, Series 1988A and S26,457,145 Water
and Sewer Revenue Bonds, Series 1988B to finance the cost of major improvements to the City's sanitary
sewer treatment facilities. In April, 1883, the City issued 553,445,000 Refunding Revenue Bonds to finance
the cost of refunding entirely the series 1968A and 19888 bonds.
148
CITY OF CLEARWATER, FLORIDA
PUBLIC SERVICE TAX BONDS COVERAGES
LAST TEN FISCAL YEARS
Net Bridps Revenues
Ut�'itw� N�t R�v�nw�
Fi�oN SNVio� Gro�� Availabb for
Y�a Tu�� Revenua� (e) Expsrne� (b) Debt Service
1987 0 8,337,259 8 1,079,802 5 829,555 8 150,247
1888 8,285,147 1,185,688 1,087,193 108,508
1888 8,558,879 1,809,712 879,777 829,935
1990 9,085,217 1,845,002 855,858 889,348
1981 8,530,874 1,782,075 984,424 777,851
1892 9,854,853 1,722,322 718,418 1.002.808
1883 10,740,818 1,774,798 822,857 1,152,139
1884 11,831,565 1,733,215 753,963 979,252
1995 12,738,282 1,777,247 1,194,167 583,080
1896 13,351,813 N/A (e) N/A (e) N/A (e)
Debt Serviea RequiremaiK�
P�ineipsl
Fi�aal Sinkiny
y��� Fund (d) I�Rerast Total
1887 $ 440,000 8 578,473 8 1,018,473
1988 230,000 578,473 808,473
1888 340,000 588,273 908,273
1990 385,000 548,438 911,438
1881 385,000 521,569 908,589
1982 410,000 493,729 903,729
1893 440,000 482,898 902,898
1994 475,000 428,288 903,288
1995 510,000 389,480 899,480
1898 485,000 787,875 1,232,875
TABLE XII
Total Pladpad
Ravenue�
Bridp� Av�ilebk
p�►untsp� for Debt
Limitatan (e) Sa�viu
S 525,084 8 8,487,508
418,800 8,393,H53
488,251 9,024,830
489,883 9,555,100
487,373 9,998,047
485,908 10,420,781
465,480 11, 208,098
485,670 12,297,235
483, 708 13,199,990
N/A (e) 13,351,813
Coveraye
8.33
10.38
9.94
10.48
11.03
11.53
12.41
13.81
14.88
10.83
(a) Includes intxest eaminqs and yross rovenues of Toll Causewey Bridge Fund.
(b) F�ccludes deprecietion (and similar noncaeh expe�sesl, emortization of bond discount and issue costs, bond intereet and sinkinp
fund and reserve requirements.
(c) Bridpe Net Revenues xe pledped for debt service requirements only to the extent of the "Bridpe Percentape" of requirements pureuant to
Section 1 B, Subsection A�2��c) of Ordinance No. 3932-85 (51.554% of total debt service requirements for each yearl.
(d) Rsflects par vdue ernounts of sinki�q fund invsstme�ts as well es serial principd retirements.
(e) The "&idge Percentape" of the Public Service Tax and &idpe Revenue Bonds, Series 1985 wae defeased on September 27, 1995.
Note: In Aupust, 1885 the City issued 67,155,000 Public Service Tax &&idpe Revenue Bonds, Series 1985, to finance the cost of refunding
83,280,000 Utilities Tax Bonda, Series 1977 and f8,080,000 Utilkies Tax and &idpe Revenue Bonde, Series 1977, and to provide funds for
lend acquisition end fw a city-owned and operated park�np Oarape. In February, 1995, the City Is6ued 510,720,000 Improvement Revenue
Bonds, Series 7 995, ta finance the conetruction of a new police headquarters buildinp end releted parki�y facilities.
149
TABLE XII CITY OF CLEARWATER, FLORIDA
GAS REVENUE BONDS COVERAGE
LAST TEN FISCAL YEARS
F'ncal
Ysar
1987
1988
1989
1990
1991
1892
1993
1994
1995
1996
Fiscal
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Net Revenues
Gross Available for
Revsnues la) Expe�ses (b) Debt Service
58,987,91 1 $7,205,277 S 1,782,634
9,467,621 7,240,108 2,227,513
9,170,280 7,268,388 1,901,892
9,566,159 7,444,007 2,122,152
9,865,958 7,977,703 1,888,255
11,586,605 8,116,051 3,470,554
12,562,105 9,364,981 3,197,124
13,316,619 10,220,164 3,096,455
13,672,905 10,555,346 3,117,559
16,423,147 13,199,962 3,223,185
Maximum
Debt Service Requirements Debt Service
Principal Interest Total Coverage Coverage (cl
575,000 $660,675 5735,675 2.42
75,000 655,800 730,800 3.05
80,000 650,550 730,550 2.60
90,000 644,550 734,550 2.89
95,000 637,620 732,620 2.58
488,020 488,020 7.11
488,020 488,020 6.55 1.80
488,020 488,020 6.34 1.74
150,000 978,195 1,128,195 2.76 1.75
240,000 1,052,923 1,292,923 2.49 1.81
(a) Includes interest earnings end 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 coverape is presented for continuing disclosure on the Gas System Revenue
Bonds, Series 1996A and is based upon the maximum debt service for the 1996A and parity bonds in
amount of 51,778,308.
Note: In September, 1991, the City issued S7,680,000 Gas System Revenue Bonds, Series 1991, to finance the
cost of advanced refunding S7,100,000 Gas System Revenue Bonds, Series 1983 and to pay certain
costs of issuance of the 1991 bonds. In September, 1994, the City issued S8,110,000 Gas System
Revenue Bonds, Series 1994A, for edditions, extensions, supplements or replacements of the existing gas
system in Pinellas County, Florida. Approximately S1,340,000 is to be used to develop new gas markets.
150
Fiscsl
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Fiscal
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
la)
CITY OF CLEARWATER, FLORIDA
TAX INCREMENT AND LEASE REVENUE BONDS COVERAGES
LAST TEN FISCAL YEARS
Net Parking Svstem Revenues Ibl
(a1Tax Net Less
Incrsment Revenues Rsquirsments
Rsvsnues Availabb of Parking
(pertion for Debt Rsvenue
Pledged) Service Bonds (c)
$ 96,574 S 1,041,935 9 113,135
134,052 952,632 114,941
143,303 1,069,831 116,198
145,176 1,029,618 1 16,929
147,290 710,551 117,110
109,712 397,959 116,733
109, 651 67 6, 697 1 15, 7 90
89,039 917,235 114,263
61,224 725,718 112,130
61,416 659,281 0
Debt Service Requirements
Principal Interest Total
$ 5,000 S 139,313 S 144,313
5,000 139,063 144,063
5,000 138,788 143,788
5,000 138,488 143,488
5,000 138,163 143,163
5,000 137,825 142,825
5,000 137,475 142,475
10,000 137,115 147,115
5,000 136,375 141,375
5,000 135,995 140,995
Remaining
Net
Reve�ues
Available
for Debt
Service (c)
$ 928,800
837,691
953,633
912, 689
593,441
281,226
560,907
802,972
613,588
659,281
Coverage
7.11
6.75
7.63
7.37
5.17
2.74
4.71
6.06
4.77
5.12
TABLE XII
Total
Pledged
Revenues
Available
for Debt
Ssrvice
$ 1,025,374
971,743
1,096,936
1,057,865
740,731
390,935
670,558
892,01 1
674,812
722,129
Represents 20% of Tax Increment Revenues ectually received during fiscal year; this portion of Tax
Increment Revenues is pledged for debt service requirements pursuant to Section 161a►11) of
Resolution No. 86-1 of the Community Redevelopment Agency of the City of Clearwater.
(b) Pursuant to Section 161a1(2) of Resolution No. 86-1 referenced above, the Lease Revenues to be
received from the City of Cleerwater for use of the parking facility constructed from bond proceeds
are pledged for debt service of the Tax Increment and Lease Revenue Bonds.
(c) The obligation of the City to pay the rentals provided in the lease Agreement for use of the parking
facility constructed from bond proceeds ranks on e perity with the pledge of Net Revenues of the
Parlcing System for the debt service requirements of the Parking System Revenue Bonds, Series
1983; the above presentation arbitrarily eliminates the debt service requirements of the 1983 bonds
in arriving at Net Revenues available for this bond issue in order to calculate separate coverages of
debt service for each bond issue rather than a joint coverage for both issues. The Parking System
Revenue Bonds were called for redemption on July 1, 1996.
Note: In Aueust, 1986, the Community Redevelopment Agency of the City of Clearwater issued 51,660,000
Tax Increment and Lease Revenue Bonds, Series 1986, to finence the acquisition of certain lend
in the City of Clearwater's Redevelopment Area and the construction of a parking garage to be
leased by the City for operation as a part of the Parking System.
151
TABLE XII
Fiscal
Year
1988
1989
1990
1991
1992
1993
1994
1995
1996
lel
(b)
Note:
CITY OF CLEARWATER, FLORIDA
TAX INCREMENT REVENUE BONDS COVERAGES
LAST TEN FISCAL YEARS lal
(b1 Tax
Increment
Revenues
IPortion
Pledged)
S 536,209
573,214
580,704
589,159
438,848
438,606
356,154
244,897
245,666
Debt Service Requirements
Principal Interest Total
S 85,000 S 87,958 S 172,958
90,000 83,070 173,070
100,000 77,445 177,445
100,000 70,695 170,695
110,000 63,695 173,695
120,000 55,720 175,720
130,000 46,720 176,720
135,000 36,645 171,645
150,000 25,845 175,845
Coverage
3.10
3.31
3.27
3.45
2.53
2.50
2.02
1.43
1.40
Only nine years of data are presented due to issuance of the bonds in September 1987 per Note below.
Represents 80% of Tax Increment Revenues actually received during the fiscal year. Section 16(A) of
Resolution No. 87-1 of the Community Redevelopment Agency of the City of Clearwater provides
thet 20% of Tax Increment Revenues actuelly received during each fiscal year must be allocated for debt
service requirements of the Tax Increment end Lease Revenue Bonds, Series 1988 pursuant to the prior
lien imposed by Resolution No. 86-1. Section 181A111) of Resolution No. 87-1 provides that the debt
service requirements of the Tax Increment Revenue Bonds, Series 1987, along with any emounts of
interest earnings that are rebatable to the United States Treasury in connection with either the 1988 or
1987 Series of Bonds, constitute the first priority for use of Tax Increment Revenues after the deposit of
20% of such revenues in satisfaction of the above described prior lien.
In September, 1987, the Community Redevelopment Aeency of the City of Clearwater issued
$1,185,000 Tax Increment Revenue Bonds, Series 1987, to finance the acquisition of certain land in
the City of Clearwater's Redevelopment Area and to retire interim indebtedness previously incurred
forsuch purposes.
152
Year
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
Popuktbnla)
99,124
100, 202
101, 082
98, 784
99,475
100,166
100,857
101, 548
102, 590
103,326
CITY OF CLEARWATER, FLORIDA
DEMOGRAPHIC STATISTICS
LAST TEN FISCAL YEARS
PerCepke
Incomelb)
17, 947
19,317
21,255
21,881
22,059
22, 958
24, 470
Not Available
22,789
24, 696
Median
Age(c)
Not Available
Not Available
Not Available
Not Available
42.1
42.3
42.3
42.9
42.2
42.1
School
Enrollmentld)
10,797
10, 922
10,796
10, 732
11, 572
11,921
11, 584
10,043
10, 284
11, 960
TABLE XIII
Unsmpby-
ment Retele)
5.0°k
4.7°�6
5.3
4.8
6.1
5.4
6.1
5.5
4.8
4.2
(a) 1987 - 1889, U.S. Bureau of Ceneus estimate; 1990, Census; 1991 - 1993, University of Florida, Bureau
of Economic and Business Research; 1994, U.S. Bureau of Census estimate; 1995-98, University of Florida, Bureau
of Economic and Business Research.
(b) Data is for the County, but should also approximate Clearwater levels. 1987 - 1989, U.S. Department
of Commerce, Bureau of Economic Analysis; 1990 - 1994, Florida Trend Magazine; 1995-98, University of Florida,
Bureau of Economic Business Research, Fbrida Statistical Abstract.
(C) Cou�ty level data, but should also approximate Clearwater levels. 1993, St. Petersburg Times Research
Bureau; 1891 - 1992, U.S. Bureau of the Census; 1994, Sales and Marketing Mgmt, Survey of Buying
Power; 1895-98, University of Fbrida, Bureau of Economic Research, Fbrida Statistical Abstract.
(d) 1987-1890, Clearwater Planning Department populatan pro rata estimate of County School Board County
level data for public schools; 1891-1994, P"inellas County School Board; 1995-98, University of Florida, Bureau
of Eco�omic and Business Research, Fbrida Statistical Abstract.
(e) Data is for the Tampa/St. Petersburg MSA. Source of data is the Fbrida Bureau of Labor Market Information.
Note: Data is for an unspecified point in each year, �ot specifically September 30.
153
Fiscal
Ysar
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
CITY OF CLEARWATER. FLORIDA
PROPERTY VALUE, CONSTRUCTION, AND BANK DEPOSITS
LAST TEN FiSCAL YEARS
Commercial Construction
Number of
Permits Value
626 S 42,649,623
731 45, 510, 427
705 121, 554, 308
782 47,382,330
626 24,250,916
557 32,765,807
1,693 42,051,081
1, 831 37,164,437
1,775 77,486,099
1,898 42,360,262
Residential Construction
Number of
Permits Value
1,378 S 46,939,249
1,385 42,150, 294
1,127 37,140,105
1,018 74,169,490
1,260 34,937,357
1,137 25,956,314
3,885 29,296,168
3,882 49,950,413
3,747 53,614,754
4,224 26,854,040
(a) Includes institutional, church, seawalls, pools, and non-valued building permits.
(b) Pinellas County Property Appraiser, values listed are for year of collactions.
(c) Includes balances in commercial, savings, savings and loan, and building and loan banking institutions for Pinellas
County. Data from the Florida Benkers Associetion Branch Deposit Report of Florida Bank and Thrift Institutions.
154
Miscellaneous Constuction (a)
Numbsr of
Permits Value
4,454 $ 9,198,587
3,411 13,219,492
4,326 22,579,744
4,991 16,983,323
5,906 17,452,664
5,940 18,020,294
6,799 20,113,175
6,063 17,922,023
6,827 28,843,480
6,825 24,898,425
TABLE XIV
Total Assessed Bank Daposits Ic)
Property Value(b) (ln thousands)
S 4,396,348,982 S 13,898,322
4,702,670,638 14,807,126
4, 890, 327, 543 15, 440, 681
5, 04 9, 53 9, 803 15, 600, 212
5,356,661,219 15,285,415
5,475,721,772 14,360,597
5,505,360,476 13,853,289
5,572,851,512 13,274,660
5, 641, 202, 905 13,362,164
5,733,193,387 12,786,549
155
TABLE XV
Date of Incorporation:
Town of Clearwater
CITY OF CLEARWATER. FLORIDA
MISCELLANEOUS FACTS
SEPTEMBER 30. 1996
Municipal Corporation
Form of Government
Fiscal Year
Population
U.S. Census
1930
1940
1950
1960
1970
1980
1990
June 2, 1897
May 27, 1915
Commission - Manager
October 1 to September 30
7,607
10,136
15,581
34,653
52,074
85,170
98,784
Value of Building Permits Issued in Fiscal Year 1995/96 $94,112,727
Area:
Land
Water
Streets:
Paved
Unimproved
156
26.4 Square Miles
8.57 Square Miles
302 Miles
11 Miles
CITY OF CLEARWATER. FLORIDA
MISCELLANEOUS FACTS, CONTINUED
SEPTEMBER 30. 1996
Sanitary Sewers:
Sanitary Sewer Mains
Storm Sewer Mains
Treatment Plants
Daily Capacity
Water:
Mains
Accounts
Fire Hydrants
Gas:
Mains
Accounts
Police Protection:
Stations
Employees
Fire Protection:
Stations
Employees
Total Municipal Employees
Libraries:
Main
Branches
Collection
Marina
157
322 Miles
120 Miles
3
29 Million Gallons
518 Miles
39,551
3,171
564.9 Miles
12,829
8
386
6
170
1,662
1
4
402,802
210 Boat Slips
TABLE XV
TABLE XV
CITY OF CLEARWATER, FLORIDA
MISCELLANEOUS FACTS, CONTINUED
SEPTEMBER 30, 1996
Recreational Facilities:
Parks
Playgrounds
Golf Courses (Land Owned By City Leased to Others)
Beach
Baseball
Softbal I
Tennis
Basketball
Horseshoe
Soccer and Football
Handball
Swimming Pools
Stadium
Civic Centers
Neighborhood Recreation Centers
Community Recreation Centers
Special Recreation Facilities
Nature Centers
Scenic Vistas
Picnic Areas
Recreational Paths
Boat Ramps
Fishing Areas
Lawn Bowling
Shuffleboard
Fitness Courses
158
1069 Acres
29
340 Acres
42 Acres
18 Diamonds
17 Diamonds
61 Courts
21 Courts
26 Courts
17 Fields
12 courts
4 Pools
,350 Seats
1
4
5
35
1
3
12
5.2 Miles
10
19
22 Rinks
62 Courts
8