Fort Walton Beach Council agenda — 03-19-12--special--audit — reading text

Rcyairement at Prineipal /laterest SePcruchor30 Ponarne, Due 2012 150000 $ 37500 Principal due at July 1. 2012 $ 109 702 53851 Interest due at anuap 1, 201^_ 259702 $ 92, 351 a Total $ 11 Amounts are included In restricted cash amounts on the Balance Sheet ofthe Debt Service Fund The payment of regularly scheduled debt service on the 2001 Bonds is insured by a policy of municipal bond insurance issued by Ambae Assurance Corporation AMBAC). The City is required to establish a reserve in the amount of the Reserve Requirement established in the ordinance authorizing the issuance of the 2001 Bonds. The Reserve Requirement is the maximum bond service amount in the current or any subsequent year. The City satisfied the Reserve Requirement by obtaining, on the date of the issuance, a municipal bond debt service reserve account insurance policy from AMBAC. 4. Insurance schedules are included in the statistical section of the insurance in force at September 30, 2012. 5. ' fhe City is not aware of any noncompliance with the bond ordinances. Utility System Revenue Bonds, Series 2005 1. The Balance Sheet and Statement of Revenues, Expenses, and Changes in Fund Balance of the Utility Fund are shown in the financial section of the report. 69  3. 1. a City of Fort Walton Beach, Florida NOTES TO FINANCIAL STATEMENTS September 30, 2012 NOTE 15 - COMMENTS REQUIRED BY THE BOND AND NOTE ORDINANCES CONTINUED) Utility System Revenue Bonds, Series 2005 ( Continued) 2. The City is required to establish Sinking Fund amounts sufficient to pay 1/ 6 of all interest becoming due on the Bonds on the next semi- annual interest payment date and 1/ 12 of all principal maturing on the Bonds in the current Bond Year. Sinking Fund Principal /Inlercst Reyuiremenl at Payments Dne September 30, 2012 Principal due at Jul} 1, 2012 s 280000 $ 70. 000 In( erc,n due at tunuan 1, 2012 221 279 110 640 1Nat S 501279 8 180640 ie Amounts are Included in restricted cash amoums on the Rai spire Shen of Ulilat Fund. 3. The payment of regularly scheduled debt service on the 2005 Bonds is insured by a policy of municipal bond insurance issued by Ambae Assurance Corporation AMBAC). The City is required to establish a reserve in the amount of the Reserve Requirement established by the ordinance authorizing the issuance of the 2005 Bonds. The Reserve Requirement is the maximum bond service amount in the current or airy subsequent year. The City satisfied the Reserve Requirement by obtaining. on the date of the issuance, a municipal bond debt sen ice reserve account insurance policy from AMBAC. 4. Insurance schedules are included in the Statistical Section of the insurance in force at September 30, 2012. 5. ' the City is not aware of any noncompliance with the bond ordinances. Capital Improvement Revenue Note, Series 2011 1. The Balance Sheet and Statement of Revenues, Expenses, and Changes in Fund Balance of the Debt Service Fund and Golf Fund are shown in the financial section of the report. 70 Packet Pg 96  3. 1: a City of Fort Walton Beach, Florida NOTES TO FINANCIAL STATEMENTS September 30, 2012 NOTE 15 - COMMENTS REQUIRED BY THE BOND AND NOTE ORDINANCES CONTINUED) Capital Improvement Revenue Note, Series 2011 ( Continued) 2. The City is required to establish Sinking Fund amounts sufficient to pay all principal and interest becoming due on the bonds on the next quarter payment date. jov ernnrcrbrl Activities Business -Tyoc Activities Sinking Fund Sinking Fund Requirement et Requirement al Principaldrierest September 30, Principah Interest Sep2mher 30, Payments Due 2012 Peymen¢ Due 2012 Principal due at Ocmba 1, 2011 A 16i 937 $ 16937 S 3, 903 S 3, 903 Interest duea1 October 1. 2011 4219 1219 390 390 Tmal S 21156 $ 21156 m$ 4. 293 4. 293 Amounts are included in restricted cash anmunts on the Balance Sheet of the Debt Service rand_ Amounts are Induded In restricted cash unauna on We Balance Sheet or ( he ( ion Fund. 3. The City is not aware of any noncompliance with the bond ordinances. NOTE 16 - DEFERRED AND UNEARNED REVENUE Governmental funds report deferred revenue in connection with receivables that are not considered to be available to liquidate liabilities of the current period. Governmental and proprietary funds also defer revenue recognition in connection with resources received, but not yet earned. At September 30. 2012. the various components of deferred and unearned revenue were as follows: Unavailable Unearned Total Goverromeatal Funds Special assessment for street resurfacing not yet due S 113, 337 S- S 113337 Special assessment for Soundside Development 147, 840 - 14T840 Total Governmental Funds 261, 177 261. 177 t rdilies F od Prepaid utility bills 17. 853 17. 853 Prepaid lease revenue 2, 261 2, 261 Gift and prepaid cards 18, 089 1& 089 Total Golf Fund 20, 350 20350 Total 261177 $ 38, 203 S 299. 380 71 Packeti;Pg,  3.3. t.t. aa City of Fort Walton Beach, Florida NOTES TO FINANCIAL STATEMENTS September 30, 2012 NOTE 17 - INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS The composition of interfund balances as of September 30, 2012, is as follows: Due M/frmn Other Funds Receivable Fund Pavable Fund Amount General Nonmajor Governmental Fund $ 57, 150 General Golf 3( f061 87. 211 Advances to from / Other Funde Receivable Fund Payable Fund Amount General Golf $ 2, 660. 685 General Fund receivables from the Nonmajor Proprietary Fund ( Community Development Block Grant Fund) in the amount of $57, 150 and from the Golf Fund in the amount of 30.061 are the result of eliminating temporary deficit cash balances. On November 15, 2010, the City' s General Fund loaned the Golf Fund $ 2, 919, 883 for the defeasance of the Capital Improvement Revenue Bonds. Series A and B. The loan from the General Fund will be paid back over a 20 -year period at an interest rate of 1. 50 %. The balance on the advance as of September 30. 2012 is $ 16% 685. Nonmajor Govern - TraasRrs Out General neral Fund ental Fund I11i01c Fund Golf I=and Total Grneral 493. 151 $ _