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HomeMy Public PortalAboutAgenda with back-upApril 6, 2018 MAYOR: Scott W. Morgan VICE MAYOR: Thomas M. Stanley COMMISSIONER: Paul A. Lyons, Jr. Joan K. Orthwein Donna S. White REGULAR MEETING AND PUBLIC HEARING BEING HELD BY THE TOWN COMMISSION OF THE TOWN OF GULF STREAM ON FRIDAY, APRIL 13, 2018 AT 9:00 A.M. IN THE WILLIAM F. KOCH, JR. COMMISSION CHAMBERS OF THE TOWN HALL, 100 SEA ROAD, GULF STREAM, FLORIDA. ACFNDA I. Call to Order. II. Pledge of Allegiance. III. Roll Call. IV. Minutes. A. Regular Meeting of March 9, 2018. V. Additions, withdrawals, deferrals, arrangement of agenda items. VI. Announcements. A. Regular Meetings and Public Hearings 1. May 11, 2018 at 9:00 A.M. 2. June 8, 2018 at 9:00 A.M. 3. July 13, 2018 at 9:00 A.M. 4. August 10, 2018 at 9:00 A.M. 5. September 14, 2018 at 9:00 A.M. VII. Communication from the Public (3 min. maximum) VIII. Reports. A. Audit for 2016/2017 Fiscal Year -Ron Bennett, Lead Auditor B. Capital Improvements Plan -Mathews Engineering C. Town Manager 1. Utility Undergrounding 2. Town Hall Addition 3. Construction Sites -Parking & Work Hours Enforcement D. Architectural Review & Planning Board 1. Meeting Dates a. April 25, 2018 at 8:30 A.M. b. May 24, 2018 at 8:30 A.M. C. June 28,2018 at 8:30 A.M. d. July 26, 2028 at 8:30 A.M. e. No August Meeting f. September 27, 2018 at 8:30 A.M. 2. Review & Evaluation of "discouraged" Code of Ordinances -Chairman of ARPB, E. Finance Director 1. Financial Report for March 2018 2. Water Usage as of March 31, 2018 F. Police Chief 1. Activity for March 2018 IX. Items for Commission Action. A. Items by Mayor & Commissioners 1. Appointment of one ARPB Member. X. Adjournment. items -Chap. 70 of the Hewlett Kent SHOULD ANY INTERESTED PARTY SEEK TO APPEAL ANY DECISION MADE BY THE TOWN COMMISSION WITH RESPECT TO ANY MATTER CONSIDERED AT THIS MEETING, SAID PARTY WILL NEED A RECORD OF THE PROCEEDINGS, AND FOR SUCH PURPOSE, MAY NEED TO INSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. F.S.S. 286.0105 MINUTES OF THE REGULAR MEETING AND PUBLIC HEARING HELD BY THE TOWN COMMISSION OF THE TOWN OF GULF STREAM ON FRIDAY, APRIL 13, 2018 AT 9:00 A.M. IN THE WILLIAM F. KOCH, JR. COMMISSION CHAMBERS OF THE TOWN HALL, 100 SEA ROAD, GULF STREAM, FLORIDA. I. Call to Order. Mayor Morgan called the meeting to order at 9:00 A.M. II. Pledge of Allegiance. C The Mayor led the Pledge of Allegiance. III. Roll Call. Present & Scott W. Morgan Mayor Participating: Thomas W. Stanley Vice Mayor Paul Lyons, Jr. Commissioner Joan K. Orthwein Commissioner Donna S. White Commissioner Also Present & Gregory Dunham Town Manager Participating: John Randolph Town Attorney Edward Nazzaro Staff Attorney Edward Allen Police Chief Rita Taylor Town Clerk IV. Minutes. A. Regular Meeting of March 9, 2018. Vice Mayor Stanley moved to approve the Minutes of March 9, 2018 and Commissioner Orthwein seconded the motion with all voting AYE at roll call. V. Additions, withdrawals, deferrals, arrangement of agenda items. Commissioner Lyons asked to add as Item IX.A.2., adjustment to the current FAR percentage. VI. Announcements. A. Regular Meetings and Public Hearings 1. May 11, 2018 at 9:00 A.M. 2. June 8, 2018 at 9:00 A.M. 3. July 13, 2018 at 9:00 A.M. 4. August 10, 2018 at 9:00 A.M. 5. September 14, 2018 at 9:00 A.M. The Mayor called attention to the future meeting dates. VII. Communication from the Public (3 min. maximum) There was no public comment. VIII. Reports. A. Audit for 2016/2017 Fiscal Year -Ron Bennett, Lead Auditor Mr. Bennett distributed a handout of Financial Highlights which is, according to Mr. Bennett, a 5 year trend summary and a document explaining the standards that were applied in the preparation of the audit as set out in the Government Auditing Standards. In answer to a question from Commissioner Lyons, Mr. Bennett said that the financial Minutes of Town Commission Regular Meeting & Public Hearing April 13, 2018 @ 9:00 A.M. condition of Gulf Stream as compared to other towns is in terrific shape and that he didn't know of any other town that has 800 of fund balance unassigned, but that most likely some of that will be used when implementing the CPI that is under review. Commissioner White asked if the reserve in the water fund is included in the Fund Balance to which Mr. Bennett replied that it is shown separately in the Enterprise Fund under Net position in the amount of $1,000,814.81. Mayor Morgan complemented Mr. Bennett on this new type of presentation entitled Financial Highlights and the audit and reports for fiscal year 2016/2017 were accepted as presented. B. Capital Improvements Plan -Mathews Engineering Joe Kinney of Mathews Engineering explained that this 10 year plan takes into consideration that the replacement of the water lines is of the highest priority and that they are proposing a holistic approach by incorporating drainage and road improvements where needed at the same time as the water distribution system is replaced. He believed this would cause the least disruption for the residents rather than having a larger number of small disruptions. He further noted that there would be a larger bid pool to select from if the projects were a larger scale. He explained that drawings would be completed during the season along with the bidding process so that work would commence on May 1 and be completed by December 1. The following year there would be no project after which this cycle would be repeated until the improvements have been completed. Rebecca Tew presented spread sheets that incorporate this 10 year CIP into the future budgets based on using the rolled back tax rates to estimate tax revenues, the Fund Balance and estimated expenditures based on previous audits and experience. Based on this over a 10 year period, it would not be necessary to seek outside funding to cover the work outlined in the 10 year CIP. Ms. Tew pointed out that there is no inflation factored into the construction costs or in the initial financial calculations. However, a 3% inflation factor has been included and at the end of the 10 years, the total of the Fund Balance in the General Fund and the Water Fund Reserves is estimated to be just under 5 million dollars. It should be noted that monies from the General Fund may be used for expenditures in the Water Fund. She further noted that by spacing the projects with the north one half of the Core done first, Place Au Soleil done next and the south of the Core done third, it gives an opportunity for the funds for the project to grow. Since the cost for improvements in the Core are the greatest, it would be necessary to borrow money if the Core were to be done all at one time, she said. C. Town Manager 1. Utility Undergrounding 2 Minutes of Town Commission Regular Meeting & Public Hearing April 13, 2018 @ 9:00 A.M. Mr. Dunham reported that approximately 800 of the homes are connected to the'underground electric service and there are still some of the street lights to be connected. He further said that he and Mr. Brannon will very soon be meeting with AT&T and Comcast and planning for the switching of the project from FP&L to them. 2. Town Hall Addition The Town Manager said the project is moving along as was expected with the roof tile to be put into place and the door to be cut open into the building next week. 3. Construction Sites -Parking & Work Hours Enforcement Town Manager Dunham reported that staff is working with these problems and so far consideration is being given to issuing the handbook and enforcing it's restrictions with every permit that is issued, not just for new construction, and issuing all citations to the general contractor which would result in stopping the work if more than 2 citations were issued. Requiring any vehicle over 9 tons to have a police escort, changing the restrictions to read that the arrival time at the work site shall be 8 A.M. and possibly imposing an impact fee are under consideration. D. Architectural Review & Planning Board 1. Meeting Dates a. April 25, 2018 at 8:30 A.M. b. May 24, 2018 at 8:30 A.M. C. June 28,2018 at 8:30 A.M. d. July 26, 2028 at 8:30 A.M. e. No August Meeting f. September 27, 2018 at 8:30 A.M. 2. Review & Evaluation of "discouraged" items -Chap. 70 of the Code of Ordinances -Chairman of ARPB, Hewlett Kent Mr. Kent said that Code changes have been made in the past to to control massing but it still exists. He pointed out that nearly every new house is being designed using the eave heights that are listed in the discouraged range. He further said that if the same houses had been designed with the eave heights that are listed in the preferred range the massing problem would be eliminated. The amount of glass, especially on the rear elevation also adds to the massing, he said, but added that by reducing the eave there would be less wall surface and the amount of glass would be reduced. Mr. Kent stated that the ARPB is recommending that all "discouraged items" be moved into the prohibited range with the exception of the following: Sec. 70-101 add under "Prohibited", 250 or more of total window opening on the sides and front elevation and 500 or more of total window opening on the rear elevation composed of undivided panes larger than 8 sq. ft. and "shutters" painted the same color as the principal building is to be eliminated entirely. Sec. 70-238 when moved to "Prohibited", modify "Gable" to Gables on side elevations and Gables on 2nd story elevations. Sec. 70-240 eliminate "No Shutters" from the Code so it is not in either preferred or prohibited category. Sec. 70- 266 eliminate all 5 items under "discouraged" from the Code and insert under "Prohibited", all satellite dishes greater than 18" in diameter, and all satellite dishes not screened from off -premise views, unless 3 Minutes of Town Commission Regular Meeting & Public Hearing April 13, 2018 @ 9:00 A.M. absolutely necessary to ensure adequate reception. Mayor Morgan thanked Mr. Kent for all his work over the past 20 or so years, announcing that Mr. Kent is moving from the Town later this month. E. Finance Director 1. Financial Report for March 2018 ( 2. Water Usage as of March 31, 2018 There was no comment or questions with regard to each of these reports and they were declared approved as presented. F. Police Chief 1. Activity for March 2018 Chief Allen presented his report and further reported that he and members of his department had conducted training and inspections at the Gulf Stream School this past week. The report was approved as presented. IX. Items for Commission Action. A. Items by Mayor & Commissioners 1. Appointment of one ARPB Member. Mayor Morgan advised that Robert Dockerty's first 3 -year term on the ARPB has ended and it is necessary to have an appointment or a reappointment made to fill this opening. Commissioner Orthwein moved to reappoint Mr. Dockerty to another 3 -year term on the ARPB. The motion was seconded by Commissioner Lyons and all voted AYE at roll call. 2. Adjustment to the FAR in the Code -Commissioner Lyons. Commissioner Lyons reminded that several efforts have been made to control the massing on new construction. He believed that perhaps there should be a reduction in the FAR which would decrease the size of the entire building. A brief discussion was held and the Mayor suggested that this matter be referred to the ARPB for analysis and a recommendation. There was no objection to this suggestion. X. Adjournment. Mayor Morgan adjourned the meeting at 11:30 A.M. r (2 Rita L. Taylor Town Clerk 2 MINUTES OF THE REGULAR MEETING AND PUBLIC HEARING HELD BY THE TOWN COMMISSION OF THE TOWN OF GULF STREAM ON FRIDAY, MARCH 9, 2018 AT 9:00 A.M. IN THE WILLIAM F. KOCH, JR. COMMISSION CHAMBERS OF THE TOWN HALL, 100 SEA ROAD, GULF STREAM, FLORIDA. I II III Call to Order. Mayor Morgan called the meeting to order at 9:00 A.M. Pledge of Allegiance. The Mayor led the Pledge of Roll Call. Present & Participating Also Present Participating Absent W/Noti IV. Minutes. A. Regula Comm' i February 9, 20 and voting AYE at c V. A ns, wi er cabin & carpe for s peed zon server. VI ts. Scott W. Mo Thomas W. S Joan K.Aaz Donna S Gregory Edward Edward Alle Ruta Taylor 'ce or C issioner Cosinner Town g Haer Staff e Police f Town C k Commissioner Town Attorney __ the Minutes of the motion with all arrangement of agenda items. add items VIII.B.3. Bids for , VIII.B.4.Town letter of support and VIII.B.5. Bids for a new A. Reg r Meet' gs and Public Hearings 1. A 1 13, 018 at 9:00 A.M. 2. May 8 at 9:00 A.M. 3. June 018 at 9:00 A.M. 4. July , 2018 at 9:00 A.M. 5. August 10, 2018 at 9:00 A.M. 6. September 14, 2018 at 9:00 A.M. The Mayor called attention to the B. Proclamations by the Mayor future meeting dates. 1. Proclaiming April 2018 Water Conservation Month 2. Proclaiming May 14 thru May 18, 2018 Water Reuse The Town Clerk briefly explained that these two Proclamations are being submitted to support the efforts of the Water Works Association and the South Florida Water Management with regard to water conservation and expansion of water reuse. week American District Town Commission Regular Meeting & Public Hearing March 9, 2018 @ 9:00 A.M. VII. Communication from the Public (3 min. maximum) Kristine de Haseth, on behalf of the Florida Coalition, reported that they have been, and still are, working to determine what impact the expansion of the downtown areas in Boynton Beach and Delray Beach will have on the Barrier Island since these will be impacting the bridges across the Intracoastal. She said they are especially concerned what this will do to emergency response times and public safety. She reminded that the study that was completed two years ago with regard to establishing fire & EMS Service on the Barrieand had proven that it would not be financially feasible and that n are exploring the th possibility of having a roving EMS Unit th uld in the area around the clock. She said there are other area ey e exploring and she hopes to be back with more informationipri to qet time. VIII. Reports. I A. Capital Improvements <neer. thi Joe Kenney of Mathews summary of a Ten -Year Capital Imnt following: 1) Analysis of potable wat s and storm sewer systems 3) ecommended consider for ten-year CI ther storm Implementation plan. A a e opy of th member of the Commission. He ai order this study it would cost appr imat one of ten million doh&,at 2018 is Mayor Morgan need time to meeting. Town M er desig the Drive a n actually the same ti out esti mall as Engineer 7' presented a ow point an (CIP) consg of the cB2) Analys' f roadway s with cost estimates to er recommendations 5) lan was presented to each 0 aAg of what is shown in it per year for a total y and the Commission will will continue at the next Hiscock, who was present, has be p ed in the easement at 3140 Polo $65,000. Mr. Hiscock said that this is 0t would be less if it could be done at nts are made if that is possible. Mayor Morgan no that n original cost estimate had been at $25,000 before the desig ad b n done. Town Manager Dunham said that a request for bids will be ped very soon which will provide more information. B. Town Manager 1. Utility Undergrounding The Town Manager reported that more than one half of the homes in Phase 2 have been connected to the underground electric service and good progress is being made. 2. Town Hall Addition Mr. Dunham said that the addition is moving right along and it is expected that in 2 weeks they will be constructing the opening between the new addition and the existing building. He further advised 2 Town Commission Regular Meeting & Public Hearing March 9, 2018 @ 9:00 A.M. that some employees may have to be working out of the Commission Chambers temporarily. 3. Bids for carpentry in the addition. The Town Manager said that moving the library had not been included in the cost of the addition. In view of this, there will be an additional cost to construct shelving in the new location which he did not believe would be over his $10,000 limit. He said bids are being sought and if it is over the $10,000 Commission action would be necessary and the Commission would not be mee for another month. He requested a motion from the Commission to au ri the Town Manager to execute an agreement for library shelving he f Stream Library utilizing a competitive bidding process t award being made to the lowest responsive and responsible bidd n to eed $15,000. Commissioner Orthwein made this motio ch as s onded by Vice Mayor Stanley with all voting AYE. 4. Town letter of sup for s ow speed e in Intracoastal Wate Mr. Dunham advised t Mr. ouaid, a Gul am resident, has asked him to write such 1 to the pr agency of the State of Florida. Kris 'ne de Haset th he Florida oalition said the Coalition has been a g Mr. Gros who lives directly across the Waterway, with this o c 5. Bids for a ne se The Town Manag ask ebecca o explain what is needed. She said rver th haubli ccess to the town Records has fai . Th is an of e of equipment. In addition, the ver tha handles -mail i ort of capacity. It is planned to pur a lar enough erver fill both of these needs. Town which $9,99 answer'4 d there make the N&tallat maximum of ,000 be covered. Oftn that $20,000 be costs. All votec C. Archi s $ rl thori aveo ed three proposals, two of li ,000 and $16,000) and the other at tion fr Vice Mayor Stanley, the Town extra costs to purchase the software and e ipment. Mayor Morgan believed that a e horized so that unforeseen costs would t ein moved and Vice Mayor Stanley seconded for the purchase of a new server and related roll call. view & Planning Board 1. Meetlw uates a. April 26, 2018 at 8:30 A.M. b. May 24, 2018 at 8:30 A.M. c. June 28,2018 at 8:30 A.M. d. July 26, 2028 at 8:30 A.M. e. No August Meeting f. September 27, 2018 at 8:30 A.M. Mayor Morgan called attention to these meeting dates. D. Finance Director 1. Financial Report for February 2018 3 Town Commission Regular Meeting & Public Hearing March 9, 2018 @ 9:00 A.M. Mr. Dunham said this report represents 42% of the budget and he found nothing outstanding that he needed to report. There were no questions and the Mayor declared the report accepted as presented. E. Police Chief 1. Activity for February 2018 Chief Allen said there are no additions and asked that the report be accepted as presented absent of any questions and Mayor Morgan so declared. IX. Items for Commission Action. A. Ordinances 1. No. 18/1; AN ORDINANCE TOWN OF GULF STREAM, P. CHAPTER 22, NUISANCES, UNSANITARY CONDITION PROVIDING FOR SEVE ORDINANCES IN CON LIP PROVIDING AN EFFECTIV Town Clerk Taylor read and Commissioner Orthwein ved its seconded the motion and ted AYE at 11 call. 2. No. 18/2; R NCE OF TH TOWN COMMISSION OF THE TOWN OF GULF STREA PA EACH COUY, ORIDA, AMENDING CHAPTER 66 OF T TO ODE OF NCES AT SECTION 66- 72, MEMBER IP, BPARA PH (C) TERMS OF O E, GRAPH ERE RESCIND THE LANGUAGE REIN PR IDING TERM L S; PROVIDING FOR RABILI POVID FOR EAL OF ORDINANCES IN CON CT; VIDING DIFICATION; PROVIDING AN EFFEC E 2nd re g and adoption) Tow erk r O nance No. 18/2 by title. Commi oner Orth n m d to ado Ordinance 18/2 and Commissioner White s nded the tion th all voting AYE at roll call. B. pointmen of 2 rs for ARPB or Morga advi that the ARPB terms of Thomas Smith and Malcolm Murph are expi 'ng the end of March 2018. He said that they are both very uable mbers who have served well over the years and his recommendati is t t they both be reappointed to the ARPB. All agreed with this o ion. Vice Mayor Stanley moved to reappoint Thomas Smith and Ma m Murphy to the ARPB and Commissioner Orthwein seconded the motion with all voting AYE at the roll call. C. Items by Mayor & Commissioners There were no items from the Mayor or the Commissioners. ISSION OF THE FLORIDA, AMENDING GHTLY, UNSAFE OR OHIBITED; REPEAL OF N; )tion) a only X. Adjournment. Mayor Morgan adjourned the meeting at 10:40 A.M. Rita L. Taylor, Town Clerk 4 TOWN OF GULF STREAM, FLORIDA SEPTEMBER 30, 2017 TABLE OF CONTENTS Pages Independent Auditor's Report 1-3 Management's Discussion and Analysis (required supplementary information) 4-13 Basic Financial Statements Government -wide Financial Statements Statement of Net Position 14 Statement of Activities 15-16 Fund Financial Statements Balance Sheet — Governmental Funds 17 Reconciliation of the Balance Sheet — Governmental Funds to the Statement of Net Position 18 Statement of Revenues, Expenditures, and Changes in Fund Balance - Governmental Funds 19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of the Governmental Funds to the Statement of Activities 20 Statement of Net Position — Proprietary Fund 21 Statement of Revenues, Expenses, and Changes in Fund Net Position — Proprietary Fund 22 Statement of Cash Flows — Proprietary Fund 23 Notes to the Financial Statements 24-47 Required Supplemental Information Other Than MD&A Schedule of Revenues, Expenditures, and Changes in Fund Balance — Budget and Actual — General Fund 48-49 Notes to the Budgetary Required Supplemental Information 50 Other Reports Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 51-53 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 54-56 Independent Accountant's Report on Compliance with Section 218.415, Florida Statutes 57 NH NOWLEN, HOLT & MINER, P.A. CERTIFIED PUBLIC ACCMNTAN TS EVERETT B. NOWLEN (1939.1984), CPA EDWARD T. HOLT, CPA WILLIAM S. MINER, RETIRED ROBERT W. HENDRIX, JR., CPA WEST PALM BEACH OFFICE JANET R. SARICEVICH. RETIRED, CPA NORTE IRIDGF CENTRE. TERRY L. MORTON, JR., CPA 515 N- F1,AGLER DRIVE, SUITE 1701)N. RONALD SENNETT. CVA, ABV, CFF, CPA ALEXIA G. VARGA, CFE, CPA POST OFFICF. BOX 347 EDWARD T HOLT, JR., PFS, CPA WEST PALM BEACH, FLORIDA 33407-0347 BRIAN J. BRESCIA, CFP", CPA TELEPHONE (%,1)659-3%0 FAX I96I 1335-062 W W W.NHMiCPA.COM MARK J. BYMASTER. CFE, CPA RYAN M. SHORE, CFP*, CPA L4EI PAN, CPA WILLEAM C. KISKER, CPA RICHARD E. BOTTS, CPA INDEPENDENT AUDITOR'S REPORT BELLE GLADE OFFICE 333 S.E. 2nd STREET POST OFFICE BOX 338 BELLE GLADE, FLORIDA 33430.0338 The Honorable Mayor and Members of the Town Commission TELEPHONE (561) 996-5612 Town of Gulf Stream, Florida FAx (563) 996.6246 Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business - type activities, and each major fund, of the Town of Gulf Stream, Florida, as of and for the year ended September 30, 2017, and the related notes to the financial statements, which collectively comprise the Town's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS - FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • CPAMERICA INTERNATIONAL Basis for Qualified Opinions The Town has not recognized the other postemployment benefits (OPEB) expense and obligation in the financial statements of the governmental activities, business -type activities, and the Enterprise Fund as required in accordance with accounting principles generally accepted in the United States of America as provided in Governmental Accounting Standards Board Statement No. 45. The effects of that departure on the financial statements are not reasonably determinable. The Town also has not disclosed the descriptive information about other postemployment benefits required by standards. Qualified Opinions In our opinion, except for the effects of the matter described in the "Basis for Qualified Opinions" paragraph, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, business -type activities, and Enterprise Fund of the Town of Gulf Stream, Florida, as of September 30, 2017, and the respective changes in financial position, and where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Unmodified Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the General Fund and the Special Assessment Fund of the Town of Gulf Stream, Florida, as of September 30, 2017, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information on pages 4 through 13 and 48 through 50 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Management has omitted the Schedule of Funding Progress for Other Postemployment Benefits that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 8, 2018, on our consideration of the Town of Gulf Stream, Florida's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town of Gulf Stream, Florida's internal control over financial reporting and compliance. West Palm Beach, Florida March 8, 2018 3 q"X, PA, Management's Discussion and Analysis The Town of Gulf Stream's (the "Town") discussion and analysis is designed to: ➢ Assist the reader in focusing on significant financial issues ➢ Provide an overview of the Town's financial activity ➢ Identify changes in the Town's financial position ➢ Identify any material deviations from the financial plan (approved budget) ➢ Identify individual fund issues or concerns Since the Management's Discussion and Analysis (MD&A) is designed to focus on the current year's activities, resulting changes and currently known facts, please read it in conjunction with the Town's financial statements, which follow this section. FINANCIAL HIGHLIGHTS ➢ The assets plus deferred outflows of resources of the Town of Gulf Stream exceeded its liabilities plus deferred inflows of resources at the close of the most recent fiscal year by $10,623,369 (net position). ➢ The governmental activities revenues were $5,965,785 at the close of fiscal year 2017. ➢ The business -type activities revenues were $1,303,537 at the close of fiscal year 2017. ➢ The total cost of all Town programs was $7,410,877 during the fiscal year 2017. ➢ At the end of the 2017 fiscal year, unassigned fund balance for the General Fund was increased by $1,211,382 and ending Fiscal Year 2017 with a total of $3,783,058 or 81% of total General Fund expenditures which totaled $4,666,712 at the end of Fiscal Year 2017. USING THIS REPORT As the Town of Gulf Stream strives for transparency in government, the following graphic is provided for your review to help you navigate this document. MD&A BASIC FINANCIAL STATEMENTS REQUIRED SUPPLEMENTAL INFORMATION Management's Discussion & Analysis (Required supplemental information) (pages 4-13) Government -wide Financial Fund Financial Statements Statements (pages 14-16) (Pages 17-23) Notes to the Financial Statements (Pages 24-47) Required supplementary information (Other than MD&A) (Pages 48-50) 4 Management's Discussion and Analysis The financial statement's focus is on both the Town as a whole (government -wide) and on the major individual funds. Both perspectives (government -wide and major fund) allow the user to address relevant questions, broaden a basis for comparison (year to year or government to government), and enhance the Town's accountability. Government -Wide Financial Statements The government -wide financial statements are designed to provide readers with a broad overview of the Town of Gulf Stream's finances, in a manner similar to a private -sector business. The Statement of Net Position includes all of the government's assets, deferred outflows of resources, liabilities, and deferred inflows of resources. All of the current year's revenues and expenses are accounted for in the Statement of Activities regardless of when cash is received or paid. The two government -wide statements report the Town's net position and how it has changed. Net position is the difference between the Town's (a) assets plus deferred outflows of resources and (b) liabilities plus deferred inflows of resources. It is one way to measure the Town's financial health or financial position. Over time, increases or decreases in the Town's net position are indicators of whether its financial health is improving or deteriorating. You will need to consider other non-financial factors, however, such as changes in the Town's property tax base and the condition of the Town's infrastructure, to assess the overall health of the Town. In the Statement of Net Position and the Statement of Activities, we divide the Town into two kinds of activities: ➢ Governmental activities — Most of the Town's basic services are reported here, including the police, public services and general administration. Property taxes, franchise fees and state shared revenue finance most of these activities. ➢ Business -type activities — The Town charges a fee to customers to help it cover all or most of the cost of certain services it provides. Fund Financial Statements Our analysis of the Town's major funds begins on page 11. The fund financial statements provide detailed information about the most significant funds — not the Town as a whole. Funds are accounting devices that the Town uses to keep track of specific sources of funding and spending for a particular purpose. ➢ Governmental Funds — Most of the Town's basic services are included in governmental funds, which focus on (1) how cash and other financial assets can be readily converted to cash flow and (2) the balances left at year-end that are available for spending. Consequently, the governmental fund statements provide a short-term view that helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the Town's programs. 5 Management's Discussion and Analysis ➢ Proprietary Funds — Services for which the Town charges customers a fee are generally reported in proprietary funds. Proprietary funds, like the government -wide statements, provide both long and short-term financial information. ■ The Town's enterprise fund (one type of proprietary fund) is the same as its business type activities, but provides more detail and additional information, such as cash flows. FINANCIAL ANALYSIS OF THE TOWN AS A WHOLE Net Position The Town's combined net position for the fiscal year ending 2017 is reported at $10,623,369. Net position of the Town's governmental activities for the fiscal year ending 2017 is $7,118,386. The net position of our business -type activities is reported at $3,504,983 for the fiscal year ending 2017. Overall the financial position of the total primary government decreased $141,555 during the current fiscal year. Net position for the governmental activities decreased $490,496 and net position for the business -type activities increased $384,941. Town of Gulf Stream Net Position September 30, 2016 and 2017 Deferred Inflows of Resources Net Investment in Capital Assets Restricted - Dredging Projects Restricted - Underground Utilities Restricted - Infrastructure Projects Restricted - Repairs & replacements Unrestricted Total Net Position 5,286 - 2,098,515 2,317,865 17,820 17,820 2,364,841 1,053,142 43,546 1,755,043 1,690,172 - 370,379 392,185 3,127,706 3,686,013 1,030,620 1,422,626 $ 7,608,882 $ 7,118,386 $ 3,156,042 $ 3,504,983 2 5,286 - 3,853,558 Governmental Activities Business -type Activities Total 2,364,841 1,053,142 2016 2017 2016 2017 2016 2017 Current and Other Assets $ 7,366,745 $ 6,658,737 $ 1,446,101 $ 1,830,482 $ 8,812,846 $ 8,489,219 Capital Assets 2,098,515 2,317,865 1,755,043 1,690,172 3,853,558 4,008,037 Total Assets 9,465,260 8,976,602 3,201,144 3,520,654 12,666,404 12,497,256 Current and Other Liabilities 244,498 506,258 43,985 40,110 288,483 546,368 Long Term Liabilities 1,606,594 1,351,958 1,117 2,302 1,607,711 1,354,260 Total Liabilities 1,851,092 1,858,216 45,102 42,412 1,896,194 1,900,628 Deferred Inflows of Resources Net Investment in Capital Assets Restricted - Dredging Projects Restricted - Underground Utilities Restricted - Infrastructure Projects Restricted - Repairs & replacements Unrestricted Total Net Position 5,286 - 2,098,515 2,317,865 17,820 17,820 2,364,841 1,053,142 43,546 1,755,043 1,690,172 - 370,379 392,185 3,127,706 3,686,013 1,030,620 1,422,626 $ 7,608,882 $ 7,118,386 $ 3,156,042 $ 3,504,983 2 5,286 - 3,853,558 4,008,037 17,820 17,820 2,364,841 1,053,142 - 43,546 370,379 392,185 4,158,326 5,108,639 $ 10,764,924 $ 10,623,369 Management's Discussion and Analysis Changes in Net Position The Statement of Activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in the future fiscal periods (i.e., uncollected taxes and earned but unused vacation leave). ➢ At the end of Fiscal Year 2017, there was a decrease in the total net position from Fiscal Year 2016 for governmental activities which totaled $490,496. The 2017 net position total for governmental activities, which includes the General Fund and the Special Assessment Fund, was $7,118,386. Overall, the Town incurred an increase of $2,126,055 in expenses for governmental activities from Fiscal Year 2016 to Fiscal Year 2017. The majority of this increase was due to Phase II of the Undergrounding Utilities project getting underway and committing funds that had been reserved in prior fiscal years to the contracts associated with Phase II. By the end of 2017, the majority of Phase II of the Undergrounding Utilities project financial obligations had been fulfilled. This increase in construction expense and use of designated undergrounding funds was the primary contributing factor for the decrease in net position. ➢ The increase in business -type net position was $348,941. The increase in net position was due to the slight increase in water consumption. 7 Revenues Program Revenues Charges for Services Operating Grants & Contributions Capital Grants and Contributions General Revenues Property Taxes Infrastructure Surtax Comniunications Taxes Gas Taxes Utility Service Taxes Franchise Fees Unrestricted Investment Earnings Intergovernmental Revenues Other Total Revenues Expenses Governmental Activities General Government Police Department Fire Protection Streets Sanitation Physical Environment Interest on Long -Term Debt Business -Type Activities Water Total Expenses Change in Net Position Net Position - Beginning Net Position - Ending Management's Discussion and Analysis Town of Gulf Stream Changes in Net Position For the Fiscal Years Ended September 30, 2016 and 2017 Governmental Activities Business -type Activities Total 2016 2017 2016 2017 2016 2017 $ 768,568 $ 755,066 $ 1,071,387 $ 1,156,751 $ 1,839,955 $ 1,911,817 26,194 63,508 26,194 63,508 114,079 135,885 114,079.00 135,885.00 4,651,641 4,431,500 4,651,641 4,431,500 43,546 - 43,546 56,632 55,590 56,632 55,590 35,531 37,214 35,531 37,214 212,626 219,755 212,626 219,755 142,398 154,795 142,398 154,795 46,321 47,114 2,151 10,901 48,472 58,015 112,114 113,593 112,114 113,593 43,935 44,104 43,935 44,104 6,095,960 5,965,785 1,187,617 1,303,537 7,283,577 7,269,322 1,916,345 2,149,640 1,916,345 2,149,640 1,477,923 1,453,134 1,477,923 1,453,134 429,464 450,937 429,464 450,937 247,853 238,086 247,853 238,086 137,602 138,670 137,602 138,670 87,085 1,996,876 87,085 1,996,876 33,954 28,938 33,954 28,938 901,751 954,596 901,751 954,596 4,330,226 6,456,281 901,751 954,596 5,231,977 7,410,877 1,765,734 (490,496) 285,866 348,941 2,051,600 (141,555) 5,843,148 7,608,882 2,870,176 3,156,042 8,713,324 10,764,924 $ 7,608,882 $ 7,118,386 $ 3,156,042 $ 3,504,983 $ 10,764,924 $ 10,623,369 M Management's Discussion and Analysis ➢ Approximately three fourths of the Town's revenue comes from Property Taxes. Please see chart below. Revenues — Governmental Revenues by Source ■ Gas Taxes - $37,214 ■ Other - ' 44,104 ■ Comm unicati ons Taxes - $55,590 ■ 1mtergovernment41Revenues- $113,503 ■ Utility Service Taxes - $214;755 III Property Taxes - $4,4:31,'500 ■ Infrastructure Surtax - $43,S-4f� 0 Unrestricted Investment Earnings - $ 47,114 E Operating Gra nits, &Contributions - $63.508 0 Fran -chile Fees - $15.4,7+)5 ■ C harges for Services - S755,0,66 0 Management's Discussion and Analysis The Town's expenses cover a range of services, with 30% related to public safety. Please see chart on the next page. Governmental Expenses by Function r Interest on Long•Term Debt - $28,938 ■ St reg is - $2 38,G86 ■ Police Department - $11.453,134 ■General Government - $2,149,640 ■ 52nit.atiOn - $138,670 0 Fire Protection - $450,937 ■ Physical Environment - $1,996,876 10 Management's Discussion and Analysis Financial Analysis of the Governmental Funds As the Town of Gulf Stream completed the year, the General Fund reported a fund balance of $3,847,128, an increase of $582,480 from the previous fiscal year. The increase was due primarily to an intentional effort to increase the fund balance through budgeting to continue to restore the Town's fund balance. The General Fund ended the 2017 fiscal year with $2,704 in non -spendable fund balance, $61,366 in restricted fund balance, which consisted of $17,820 reserved for dredging projects and $43,546 for infrastructure projects, with $3,783,058 in unassigned fund balance. Though the revenues exceeded the expenditures for the current fiscal year, the Town's financial reserves have been restored to the commission's desired level to help minimize the necessity of incurring long term debt for planned future infrastructure projects. Financial Analysis of the Proprietary Fund Total net position of the water fund at the end of the fiscal year 2017 was $3,504,983. The net position of the water fund has increased slightly from last year. Water rates were not increased during Fiscal Year 2017, however water usage increased from the 2016 usage amounts. The Town also opened a new savings account for the reserve funds that accrued more interest than previous fiscal years. General Fund Budgetary Highlights At the beginning of Fiscal Year 2017, the Town Commission voted to create a staff attorney position and an internal legal department in an effort to improve efficiency and effectiveness of legal services as the Town continued to be embroiled in on-going litigation surrounding public records. Resolution 16-10 created the new legal department and budget by reallocating $133,483 from budgeted administrative contractual legal expense. The Town Commission increased by resolution the budget for revenues and expenditures one time by Resolution No. 17-013. This adjustment for $96,134 was to account for the increase in building permit inspection revenue and expenditure with the City of Delray Beach which contractually performs the Town of Gulf Stream's building inspections. The budgeted capital expenditures for Fiscal Year included $757,500 for the Roads and Streets Department, at the end of 2017 only $238,086 of the budgeted expense, a difference of $519,414, for streets infrastructure had been spent due to construction delays. The Town had also budgeted $338,602 for Contingency -Miscellaneous expenses in general administration, of which $238,087 remained unspent at the end of Fiscal Year 2017. These monies were intentionally budgeted in a Contingency - Miscellaneous expense account in anticipation of additional contractual legal expense, but in hope of being able to add any unused allocated expense to the unreserved fund balance at the end of 2017. The Police Department also had a large variance of budgeted expense versus actual expenditures by the end of Fiscal Year 2017 totaling $223,727. Two major factors contributed to this amount. There was a balance of unused budget funds for police salaries totaling $71,466 due to the retirement of two senior police officers, one of which was the police chief. In addition, due to Hurricane Irma at the end of Fiscal Year 2017, the purchase of two police vehicles were delayed resulting in $82,485 in police capital expenditures not being spent during the fiscal year. Collectively, the delay in infrastructure construction 11 Management's Discussion and Analysis and other capital purchases, changes in personnel, and the lack of additional contractual legal expense contributed largely to the $1,480,289 difference in budgeted expense and actual expense for 2017. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At the end of fiscal year 2017, the Town had invested $4,008,037 in a broad range of capital assets including police equipment, buildings, and infrastructure and water improvements. Additional information can be found in Note 4 to the financial statements. Town of Gulf Stream Capital Assets (Net of Depreciation) September 30, 2016 and 2017 Long -Term Liabilities As of September 30, 2017 the Town had $1,353,996 in long-term liabilities as shown in the following table. Additional information can be found in Note 5 to the financial statements. Town of Gulf Stream Long -Term Liabilities September 30, 2016 and 2017 Governmental Activities Governmental Activities Business -type Activities Total 2017 2016 2017 2016 2017 2016 2017 Net Capital Assets 86,562 1,117 2,302 Total Long -Tenn Liabilities $ 1,606,594 $ 1,351,958 $ 1,117 Land $ 376,523 $ 376,523 $ - $ - $ 376,523 $ 376,523 Construction in Progress 15,212 409,278 15,212 409,278 Buildings & Improvements 186,008 159,750 1,749,659 1,686,688 1,935,667 1,846,438 Equipment 215,929 158,700 5,384 3,484 221,313 162,184 Infrastructure 1,304,843 1,213,614 1,304,843 1,213,614 Total Net Capital Assets $ 2,098,515 $ 2,317,865 $ 1,755,043 $ 1,690,172 $ 3,853,558 $ 4,008,037 Long -Term Liabilities As of September 30, 2017 the Town had $1,353,996 in long-term liabilities as shown in the following table. Additional information can be found in Note 5 to the financial statements. Town of Gulf Stream Long -Term Liabilities September 30, 2016 and 2017 Governmental Activities Business -type Activities 2016 2017 2016 2017 Promissory Note $ 1,503,137 $ 1,265,396 $ - $ - Compensated Absences 103,457 86,562 1,117 2,302 Total Long -Tenn Liabilities $ 1,606,594 $ 1,351,958 $ 1,117 $ 2,302 12 Total 2016 2017 $ 1,503,137 $ 1,265,396 104,574 88,864 $ 1,607,711 $ 1,354,260 Management's Discussion and Analysis ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES For the 2018 fiscal year, General Fund revenue projections are decreased. ➢ The millage rate was decreased to 4.360 mills from 4.490 mills, which is less than the rolled -back rate by 0.30%. CONTACTING THE TOWN'S FINANCIAL MANAGEMENT This financial report is designed to provide our residents and creditors with a general overview of the Town's finances and demonstrates the Town's accountability for the money it receives and disburses. If you have any questions about this report or need additional information, please contact the Town of Gulf Stream, 100 Sea Road, Gulf Stream, FL 33483. 13 TOWN OF GULF STREAM, FLORIDA Statement of Net Position September 30, 2017 Primary Government Governmental Business -type Activities Activities Total Assets Cash and cash equivalents $ 219,471 $ 1,213,052 $ 1,432,523 Investments 1,191,237 32,414 1,191,237 Equity in pooled investments 3,833,105 16,265 3,849,370 Accounts receivable 81,730 229,253 310,983 Assessments receivable 1,265,490 $ 7,118,386 1,265,490 Inventories 2,062 3,096 5,158 Prepaid expenses 642 3,372 4,014 Restricted assets 5,771 5,771 Equity in pooled investments 65,000 365,444 430,444 Accounts receivable 258,093 26,741 26,741 Capital assets 1,093,865 1,151 1,095,016 Non -depreciable 785,801 42,412 785,801 Depreciable (net of depreciation) 1,532,064 1,690,172 3,222,236 Total assets 8,976,602 3,547,395 12,523,997 Liabilities 1,690,172 4,008,037 17,820 Accounts payable 140,616 32,414 173,030 Contracts payable 219,695 219,695 Accrued liabilities 67,760 1,925 69,685 Accrued interest payable 13,187 $ 7,118,386 13,187 Payable from restricted assets Damage deposit bonds 65,000 65,000 Unearned revenue 5,771 5,771 Long-term liabilities Payable within one year 258,093 1,151 259,244 Payable after one year 1,093,865 1,151 1,095,016 Total liabilities 1,858,216 42,412 1,900,628 Net position Net investment in capital assets Restricted for dredging Restricted for underground utilities Restricted for infrastructure projects Restricted for repairs, replacements and improvements Unrestricted Total net position 2,317,865 1,690,172 4,008,037 17,820 17,820 1,053,142 1,053,142 43,546 43,546 392,185 392,185 3,686,013 1,422,626 5,108,639 $ 7,118,386 $ 3,504,983 $ 10,623,369 See notes to the financial statements 14 TOWN OF GULF STREAM, FLORIDA Statement of Activities For the Year Ended September 30, 2017 Functions/Programs Primary Government Governmental activities General government Police department Fire protection Streets Sanitation Physical environment Interest on long-term debt Total governmental activities Business -type activities Water Total primary government 15 Charges for Expenses Services $ 2,106,299 $ 597,975 1,496,475 2,419 450,937 238,086 138,670 141,268 1,996,876 13,404 28,938 6,456,281 755,066 954,596 1,156,751 $ 7,410,877 $ 1,911,817 135,885 338,040 338,040 $ 63,508 $ 135,885 (5,637,707) 338,040 (5,299,667) General revenues Property taxes Net (Expense) Revenue and Program Revenues Changes in Net Position Operating Capital Primary Government Grants and Grants and Governmental Business -type Contributions Contributions activities activities Total Franchise taxes $ 12,166 $ $ (1,496,158) $ $ (1,496,158) 19,153 (1,474,903) (1,474,903) 47,114 (450,937) (450,937) 44,104 (238,086) (238,086) 5,147,211 2,598 2,598 32,189 (1,951,283) (1,951,283) 7,608,882 (28,938) (28,938) 63,508 (5,637,707) (5,637,707) 135,885 338,040 338,040 $ 63,508 $ 135,885 (5,637,707) 338,040 (5,299,667) General revenues Property taxes 4,431,500 Infrastructure surtax 43,546 Communications services taxes 55,590 Gas taxes 37,214 Utility service tax 219,755 Franchise taxes 154,795 Intergovernmental shared revenues 113,593 Unrestricted investment earnings 47,114 10,901 Miscellaneous revenues 44,104 Total general revenues 5,147,211 10,901 Change in net position (490,496) 348,941 Net position - beginning 7,608,882 3,156,042 Net position - ending $ 7,118,386 $ 3,504,983 See notes to the financial statements. 16 4,431,500 43,546 55,590 37,214 219,755 154,795 113,593 58,015 44,104 5,158,112 (141,555) 10,764,924 $ 10,623,369 TOWN OF GULF STREAM, FLORIDA Balance Sheet - Governmental Funds September 30, 2017 Liabilities, deferred inflows of resources, and fund equity Liabilities Special Total Accounts payable General Assessment Governmental Contracts payable Fund Fund Funds Assets 67,760 17,820 67,760 Cash and cash equivalents $ 173,910 $ 45,561 $ 219,471 Investments 65,000 1,191,237 1,191,237 Equity in pooled investments 3,833,105 185,376 3,833,105 Accounts receivable 80,104 1,626 81,730 Assessments receivable 1,265,490 1,265,490 Inventories 2,062 1,265,490 2,062 Prepaid expenditures 642 642 Restricted assets Equity in pooled investments 65,000 65,000 Total assets $ 4,154,823 $ 2,503,914 $ 6,658,737 Liabilities, deferred inflows of resources, and fund equity Liabilities Inventories Accounts payable $ 140,616 $ $ 140,616 Contracts payable 34,319 185,376 219,695 Accrued liabilities 67,760 17,820 67,760 Payable from restricted assets 43,546 Underground utilities 1,053,048 Deposits payable 65,000 3,783,058 65,000 Total liabilities 307,695 185,376 493,071 Deferred inflows of resources and fund equity $ 4,154,823 $ 2,503,914 Unavailable revenue 1,265,490 1,265,490 Total deferred inflows of resources 1,265,490 1,265,490 Fund equity Nonspendable Inventories 2,062 2,062 Prepaids 642 642 Restricted for Dredging projects 17,820 17,820 Infrastructure projects 43,546 43,546 Underground utilities 1,053,048 1,053,048 Unassigned 3,783,058 3,783,058 Total fund equity 3,847,128 1,053,048 4,900,176 Total liabilities, deferred inflows of resources, and fund equity $ 4,154,823 $ 2,503,914 $ 6,658,737 See notes to the financial statements 17 TOWN OF GULF STREAM, FLORIDA Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position September 30, 2017 Fund balance of governmental funds Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not financial resources and therefore, are not reported in the governmental fund. Governmental capital assets Less accumulated depreciation Revenue is recognized when earned in the govermnent wide statements regardless of when it is collected. Governmental funds recognize revenue when it is both measurable and available. $ 4,900,176 $ 5,076,854 (2,758,989) 2,317,865 Unavailable revenue 1,265,490 Long-term liabilities, including accrued interest payable, are not due and payable in the current period and therefore, are not reported in governmental funds. Note payable (1,265,396) Accrued interest payable (13,187) Compensated absences (86,562) Net position of governmental activities $ 7,118,386 See notes to the financial statements TOWN OF GULF STREAM, FLORIDA Statement of Revenues, Expenditures, and Changes in Fund Balance Governmental Funds For the Year Ended September 30, 2017 See notes to the financial statements 19 Special Total General Assessment Governmental Fund Fund Funds Revenues Taxes $ 4,800,946 $ $ 4,800,946 Intergovernmental revenue 172,446 172,446 Licenses and permits 722,688 722,688 Charges for services 143,078 143,078 Fines and forfeits 2,419 2,419 Investment earnings 47,114 32,189 79,303 Special assessments 236,795 236,795 Miscellaneous 31,501 13,404 44,905 Total revenues 5,920,192 282,388 6,202,580 Expenditures Current General and administrative 2,043,941 2,043,941 Police department 1,472,367 1,472,367 Fire protection 450,937 450,937 Streets 157,885 157,885 Sanitation 138,670 138,670 Physical environment 1,996,876 1,996,876 Capital outlay 402,912 402,912 Debt service Principal 237,741 237,741 Interest 31,416 31,416 Total expenditures 4,666,712 2,266,033 6,932,745 Excess (deficiency) of revenues over (under) expenditures 1,253,480 (1,983,645) (730,165) Other financing sources (uses): Transfers in 671,000 671,000 Transfers out (671,000) (671,000) Total other financing sources (uses) (671,000) 671,000 Net change in fund balance 582,480 (1,312,645) (730,165) Fund balance - beginning of the year 3,264,648 2,365,693 5,630,341 Fund balance - end of the year $ 3,847,128 $ 1,053,048 $ 4,900,176 See notes to the financial statements 19 TOWN OF GULF STREAM, FLORIDA Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of the Governmental Funds to the Statement of Activities For the Year Ended September 30, 2017 Net change in fund balance of governmental funds $ (730,165) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is depreciated over their estimated useful life. Expenditures for capital assets Less current year depreciation Governmental funds include revenues collected within 60 days of year end as deferred revenue. Government -wide reporting recognizes revenues when they are earned, regardless of when they are collected. Special assessments $ 402,912 (183,562) 219,350 (236,795) The repayment of the principal of long term debt consumes financial resources of governmental funds, but it does not have any effect on net position Principal payments on debt 237,741 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore, are not reported as expenditures of governmental funds. Change in accrued interest payable Change in long-term compensated absences Change in net position of governmental activities 2,478 16,895 $ (490,496) See notes to the financial statements 20 TOWN OF GULF STREAM, FLORIDA Statement of Net Position Proprietary Fund September 30, 2017 Noncurrent assets Depreciable capital assets 2,730,300 Less acumulated depreciation (1,040,128) Total noncurrent assets 1,690,172 Total assets 3,547,395 Liabilities Current liabilities Enterprise Accounts payable Fund Assets 1,925 Current assets 1,151 Cash and cash equivalents $ 1,213,052 Equity in pooled investments 16,265 Accounts receivable, net 229,253 Prepaid expenses 3,372 Inventories 3,096 Restricted assets Equity in pooled investments 365,444 Accounts receivable 26,741 Total current assets 1,857,223 Noncurrent assets Depreciable capital assets 2,730,300 Less acumulated depreciation (1,040,128) Total noncurrent assets 1,690,172 Total assets 3,547,395 Liabilities Current liabilities Accounts payable 32,414 Accrued liabilities 1,925 Compensated absences payable 1,151 Unearned revenue 5,771 Total current liabilities 41,261 Noncurrent liabilities Compensated absences payable 1,151 Total noncurrent liabilities 1,151 Total liabilities 42,412 Net position Net investment in capital assets 1,690,172 Restricted for repairs, replacements and improvements 392,185 Unrestricted 11422,626 Total net position $ 3,504,983 See notes to the financial statements 21 TOWN OF GULF STREAM, FLORIDA Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Fund For the Year Ended September 30, 2017 Operating revenues Charges for services Total operating revenues Operating expenses Personnel Water purchases Repairs and maintenance Management fees Depreciation expense Payment in lieu of taxes Other expenses Total operating expenses Operating income Nonoperating revenues Interest income Total nonoperating revenues Income before capital contributions Capital contributions Connection fees Reserve fees Total capital contributions Change in net position Net position - beginning of the year Net position - end of the year Enterprise 1,156,751 83,405 608,631 15,945 90,000 64,871 39,700 954,596 10,901 10,901 213,056 530 135,355 135,885 348,941 3,156,042 $ 3,504,983 See notes to the financial statements 22 TOWN OF GULF STREAM, FLORIDA Statement of Cash Flows - Proprietary Fund For the Year Ended September 30, 2017 Cash flows from operating activities: Receipts from customers Payments to employees Payments to suppliers Internal activity - payments to other funds Net cash provided by operating activities Cash flows from capital financing activities: Reserve fees received Connection fees received Net cash provided by capital financing activities Cash flows from investing activities: Interest and dividents on investments Sale of investments Net cash used by investing activities Net increase in cash and cash equivalents Cash and cash equivalents - beginning of the year Cash and cash equivalents - end of the year Cash flows from operating activities: Operating income Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation Changes in assets and liabilities: Decrease (increase) in: Accounts receivable Increase (decrease)in: Accounts payable Accrued liabilities Total adjustments Net cash provided by operating activities See notes to the financial statements 23 Enterprise $ 1,126,990 (82,530) (680,185) (129,700) 234,575 132,708 530 133,238 10,901 82,187 93,088 460,901 752,151 $ 1,213,052 $ 202,155 64,871 (29,761) (3,565) 875 32,420 $ 234,575 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Town of Gulf Stream, Florida (the "Town") have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The Town's significant accounting policies are described below. Reporting Entity The Town of Gulf Stream, Florida is a municipal corporation organized pursuant to Chapter 31276, 1955 Laws of Florida. The Town operates under the Commission/Mayor form of government. The Town's major operations include general government, public safety, streets, sanitation, physical environment, and water services. As required by generally accepted accounting principles, these financial statements include the Town (the primary government) and its component units. Component units are legally separate entities for which the Town is financially accountable. The Town is financially accountable if a) The Town appoints a voting majority of the organization's governing board and (1) the Town is able to impose its will on the organization or (2) there is a potential for the organization to provide specific financial benefits to or impose specific financial burdens on the Town, or b) the organization is fiscally dependent on the Town and (1) there is a potential for the organization to provide specific financial benefits to the Town or (2) impose specific financial burdens on the Town. Organizations for which the Town is not financially accountable are also included when doing so is necessary in order to prevent the Town's financial statements from being misleading. Based upon application of the above criteria, management of the Town of Gulf Stream has determined that no component units exist which would require inclusion in this report. Further, the Town is not aware of any entity that would consider the Town to be a component unit. 24 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Government -wide and Fund Financial Statements The basic financial statements include both government -wide and fund financial statements. The government -wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non -fiduciary activities of the primary government. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business -type activities, which rely on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds and proprietary funds. Major individual governmental and enterprise funds are reported as separate columns in the fund financial statements. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government -wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses recorded when a liability is incurred, regardless of the timing of related cash flows. The Town does not accrue property tax revenues since the collection of these taxes coincides with the fiscal year in which levied, and since the Town consistently has no material uncollected property taxes at year end. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. When both restricted and unrestricted resources are available for use, it is the Town's policy to use restricted resources first, then unrestricted resources as they are needed. As a general rule the effect of inter -fund activity has been eliminated from the government -wide financial statements. Exceptions to this general rule are payments -in -lieu of taxes and other charges between the Town's water and sewer function and various other functions of the Town. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. 25 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Governmental Funds Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough afterwards to pay liabilities of the current period. The Town considers revenues collected within 60 days of the year end to be available to pay liabilities of the current period. Expenditures are generally recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures relating to compensated absences and claims and judgments are recorded only when payment is due. Fines and permit revenues are not susceptible to accrual because generally, they are not measurable until received in cash. Property taxes, franchise taxes, licenses, interest revenue, intergovernmental revenues, and charges for services associated with the current fiscal period are all considered to be susceptible to accrual and have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received. The Town reports the General Fund and The Special Assessment Fund as major governmental funds. The General Fund is the general operating fund of the Town, and it is used to account for all financial resources except those required to be accounted for in another fund. The Special Assessment Fund is a special revenue fund used to account for financial resources relating to the underground utility project. Proprietat;y Funds Proprietary Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. Operating expenses report on the costs to maintain the proprietary systems, the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. 26 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Proprietary Funds (Continued) The Town reports the Municipal Water Fund as a major proprietary fund. The Municipal Water Fund was established to account for the provision of water services to Town residents. Cash and Cash Equivalents Cash and cash equivalents include amounts on deposit in demand accounts. For the purposes of the statement of cash flows, the Town considers amounts on deposit in demand accounts to be cash equivalents. Investments Investments are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement, not an entity -specific measurement. For some assets and liabilities, observable market transactions or market information might be available; for others, it might not be available. However, the objective of fair value measurement in both cases is the same, that is, to determine the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Fair value is an exit price at the measurement date from the perspective of a market participant that controls the asset or is obligated for the liability. The Town categorizes investments reported at fair value in accordance with the fair value hierarchy established by GASB Statement No. 72, Fair Value Measurement and Application. Accounts Receivable Trade and other receivable are shown net of an allowance for estimated uncollectible amounts. Charges for solid waste collection and water usage are billed on a bi-monthly cycle. The Town recognizes revenue and the related receivables for the estimated unbilled usage at year end. 27 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Capital Assets Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads, bridges, and sidewalks) are reported in the applicable governmental or business -type activities columns in the governmental -wide financial statements and in the Water Enterprise Fund. Capital assets are defined by the Town as assets with an estimated life in excess of one year and an initial value in excess of the capitalization thresholds presented below. Purchased capital assets are recorded at fair value on the acquisition date. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are reported at acquisition value rather than fair value. Effective October 1, 2011, the Town increased the capitalization threshold from $1,000 for all classes of capital assets to the following amounts: Buildings $5,000 Equipment 5,000 Infrastructure 10,000 Water Infrastructure 10,000 The change was made prospectively, and all capital assets placed into service prior to October 1, 2011 will remain capitalized. The Town is a Phase 3 government under GASB 34 and has elected not to report major general infrastructure assets retroactively. Depreciation has been provided over the useful lives using the straight line method. The estimated useful lives are as follows: Buildings 10-30 years Equipment 3-15 years Infrastructure 25-50 years Water Infrastructure 40-50 years Inventory Inventories consist of expendable supplies held for consumption which are carried at cost (first -in, first -out). The Town accounts for inventories using the consumption method, under which expenditures are recognized only when inventory items are used. Reported inventory is equally offset by nonspendable fund balance which indicates that it does not constitute "available spendable resources" even though it is a component of net current assets. TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Compensated Absences Compensated absences are absences for which employees will be paid, such as vacation, sick leave, and sabbatical leave. A liability for compensated absences that is attributable to services already rendered and that is not contingent on a specific event that is outside the control of the government and its employees is accrued as employees earn the rights to the benefits. Compensated absences that relate to future services or that are contingent on a specific event that is outside the control of the government and its employees are accounted for in the period in which such services are rendered or such events take place. All vacation, sick leave, and sabbatical leave is accrued when incurred in the government -wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements. Town employees may accumulate up to 5 days of vacation leave and 120 days of sick leave. Accumulated vacation is payable to employees upon termination or retirement at the rate of pay on that date. Sick leave can only be used for paid time off and is not paid to any employee upon termination. Interest Cost Interest costs in governmental funds are charged to expenditures as incurred. Construction period interest incurred in governmental funds is not capitalized. Construction period interest incurred in proprietary funds is capitalized and included in the cost of the assets in accordance with generally accepted accounting principles. Interfund Transactions Transactions between funds consist of loans, services provided, reimbursements, or transfers. The current portion of interfund loans are reported in the fund financial statements as "due from other funds" and "due to other funds" while the non-current portion of interfund loans are reported as "advances to other funds" and "advances from other funds". Any residual balances outstanding between the governmental activities and business -type activities are reported in the government - wide financial statements as "internal balances". Services deemed to be reasonably equivalent in value, are treated as revenue and expenditures/expenses. Reimbursements occur when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related cost. All other interfund transactions are presented as transfers. 29 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Unearned Revenues The government reports unearned revenue on its government wide statement of net position, proprietary statement of net position, and governmental funds balance sheet. Unearned revenue arises when the government receives resources prior to revenue recognition. In subsequent periods, when revenue recognition criteria are met the liability for unearned revenue is removed and revenue is recognized. Unavailable Revenue The Town reports unavailable revenue on its governmental funds balance sheet for resource inflows that do not qualify for recognition as revenue in a governmental fund because they are not yet considered available. In subsequent periods when the resources are considered available the liability for unavailable revenue is removed and revenue is recognized. Deferred Outflows of Resources A deferred outflow of resources is a consumption of net position that is applicable to a future reporting period. De erred Inflows of Resources A deferred inflow of resources is an acquisition of net position that is applicable to a future reporting period. Long -Term Liabilities In the government -wide financial statements and proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business -type activities, or proprietary fund statement of net position. Fund Balance In the fund financial statements, governmental funds report fund balance classifications that comprise a hierarchy based primarily on the extent to which the Town is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Fund balance is reported under the following categories: 30 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund Balance (Continued) 1. Nonspendable fund balances — Includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The "not in spendable form" criterion includes items that are not expected to be converted to cash, for example, inventories and prepaid amounts. It also includes the long-term amount of loans and notes receivable, as well as property acquired for resale. However, if the use of the proceeds from the collection of those receivables or from the sale of those properties is restricted, committed, or assigned, then they should be included in the appropriate fund balance classification (restricted, committed, or assigned), rather than the nonspendable fund balance. The corpus (or principal) of a permanent fund is an example of an amount that is legally or contractually required to be maintained intact. 2. Restricted fund balance — Includes amounts that are restricted to specific purposes when constraints placed on the use of resources are either (a) externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments, or (b) imposed by law through constitutional provisions or enabling legislation. 3. Committed fund balance — Includes amounts that can be used only for specific purposes pursuant to constraints imposed by an ordinance, the Town's highest level of decision making authority. Those committed amounts cannot be used for any other purpose unless the Town removes or changes the specified use by taking the same type of action (an ordinance) it employed to previously commit those amounts. 4. Assigned fund balance — Includes amounts intended to be used by the Town for specific purposes, but are neither restricted nor committed. Intent should be expressed by the Town Commission or the Town Manager to which the Town Commission has delegated authority to assign amounts to be used for specific purposes. The authority for making an assignment is not required to be the Town's highest level of decision making authority. Constraints imposed on the use of assigned amounts are more easily removed or modified than those imposed on amounts classified as committed. 31 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund Balance (Continued) 5. Unassigned fund balance — Includes the residual classification for the general fund. This classification represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the general fund. The general fund should be the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it may be necessary to report a negative unassigned fund balance if expenditures incurred for specific purposes exceeded the amounts restricted, committed, or assigned to those purposes. When an expenditure is incurred for purposes for which both restricted and unrestricted (committed, assigned, or unassigned) amounts are available, it is the Town's policy to reduce restricted amounts first. When an expenditure is incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used, it is the Town's policy to reduce committed amounts first, followed by assigned amounts, and then unassigned amounts. Net Position Net position is the residual of all other elements presented in a statement of financial position. It is the difference between (a) assets plus deferred outflows of resources and (b) liabilities and deferred inflows of resources. Net position is displayed in following three components: 1. Net investment in capital assets — Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, notes or other borrowings that are attributable to the acquisition, construction or improvement of those assets. 2. Restricted net position — Consists of net position with constraints placed on the use either by: (a) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (b) law through constitutional provisions of enabling legislation. 3. Unrestricted net position — All other net position that does not meet the definition of "restricted" or "net investment in capital assets". 32 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Budgetary Data Formal budgetary integration is employed as a management control device during the year for the General Fund and the Municipal Water Fund. Appropriations are legally controlled at the department level. All budgets are legally enacted and are adopted on a basis consistent with generally accepted accounting principles. Budgeted amounts are as originally adopted, or as emended by appropriate action. The Special Assessment Special Revenue Fund is not budgeted because it is not legally required to be budgeted. Property Taxes Under Florida law, the assessment of all properties and the collection of all county, municipal, and school board property taxes are consolidated in the offices of the County Property Appraiser and County Tax Collector. The laws of the State regulating tax assessment are also designed to assure a consistent property valuation method statewide. The tax levy of the Town is established by the Town Commission prior to October 1 of each year, and the Palm Beach County Property Appraiser incorporates the Town's millages into the total tax levy, which includes Palm Beach County and Palm Beach County School Board tax requirements. All property is reassessed according to its fair market value January 1 of each year, which is also the lien date. Each assessment roll is submitted to the Executive Director of the State Department of Revenue for review to determine if the rolls meet all the appropriate requirements of state statutes. All taxes are due and payable on November 1 of each year or as soon thereafter as the assessment roll is certified and delivered to the Tax Collector. All unpaid taxes become delinquent on April lst following the year in which they are assessed. Discounts are allowed for early payment at the rate of 4% in the month of November, 3% in the month of December, 2% in the month of January and I% in the month of February. The taxes paid in March are without discount. Delinquent taxes on real property bear interest of 18% per year. On or prior, to June 1 following the tax year, certificates are sold for all delinquent taxes on real property. After the sale, tax certificates bear interest of 18% per year or any lower rate bid by the buyer. Application for a tax deed on any unredeemed tax certificates may be made by the certificate holder after a period of two years. Delinquent taxes on personal property bear interest of 18% per year until the tax is satisfied either by seizure and sale of the property or by the five year statute of limitations. 33 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Use of Estimates The financial statements and related disclosures are prepared in conformity with accounting principles generally accepted in the United States. Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the period reported. These estimates include assessing the collectibility of accounts receivable, the use and recoverability of inventory, and useful lives and impairment of tangible and intangible assets, among others. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Actual results could differ from the estimates. Implementation of Governmental Accounting Standards Board Statements The Town implemented the following Governmental Accounting Standards Board Statements during the fiscal year ended September 30, 2017: In August 2015 the GASB issued Statement No. 77, Tax Abatement Disclosures. This Statement improves financial reporting by giving users of financial statements essential information that is not consistently or comprehensively reported to the public at present. The implementation of this statement did not impact the Town's financial statements. In December 2015 the GASB issued Statement No. 78, Pensions Provided Through Certain Multiple -Employer Defined Benefit Pension Plans. This Statement addresses a practice issue regarding the scope and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions. The implementation of this statement did not impact the Town's financial statements. Recently Issued Accounting Pronouncements A brief description of new accounting pronouncements that might have a significant impact on the Town's financial statements is presented below. Management is currently evaluating the impact of adoption of these statements in the Town's financial statements. In June 2015 the GASB issued Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. This Statement will improve accounting and financial reporting by state and local governments for postemployment benefits other than pensions. It also improves information provided by state and local governmental employers about 34 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Issued Accounting Pronouncements (Continued) financial support for OPEB that is provided by other entities. This Statement is effective for the fiscal year ending September 30, 2018. In March 2016 the GASB issued Statement No. 81, Irrevocable Split -Interest Agreement. This Statement will improve accounting and financial reporting for irrevocable split -interest agreements by providing recognition and measurement guidance for situations in which a government is a beneficiary of the agreement. This Statement is effective for the fiscal year ending September 30, 2018. In November 2016 the GASB issued Statement No. 83, Certain Asset Retirement Obligations. This Statement establishes criteria for determining the timing and pattern of recognition of a liability and a corresponding deferred outflow of resources for an asset retirement obligation. This Statement is effective for the fiscal year ending September 30, 2019. In January 2017 the GASB issued Statement No. 84, Fiduciary Activities. This Statement will improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement is effective for the fiscal year ending September 30, 2020. In March 2017 the GASB issued Statement No. 85, Omnibus 2017. This Statement addresses practice issues that have been identified during implementation and application of certain GASB Statements. This Statement addresses a variety of topics including issues related to blending component units, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits). This Statement is effective for the fiscal year ending September 30, 2018. In May 2017 the GASB issued Statement No. 86, Certain Debt Extinguishment Issues. This Statement will improve consistency in accounting and financial reporting for in -substance defeasance of debt by providing guidance for transactions in which cash and other monetary assets acquired with only existing resources — resources other than proceeds of refunding debt — are placed in an irrevocable trust for the sole purpose of extinguishing debt. This Statement is effective for the fiscal year ending September 30, 2018. In May 2017 the GASB issued Statement No. 87, Leases. This Statement will increase the usefulness of governments' financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It 35 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recently Issued Accounting Pronouncements (Continued) establishes a single model for lease accounting that is based on the foundational principle that leases are financings of the right to use an underlying asset. This Statement is effective for the fiscal year ending September 30, 2021. NOTE 2 — DEPOSITS AND INVESTMENTS Deposits As of September 30, 2017, the carrying amount of the Town's deposits was $6,903,374 and the bank balances totaled $7,044,612. The Town also had cash on hand of $200. Town's deposits include checking accounts, money market checking accounts, and certificates of deposit. The certificates of deposit and money market accounts are reported as investments in the balance sheet and statement of net position. In addition to insurance provided by the Federal Depository Insurance Corporation, deposits are held in banking institutions approved by the State Treasurer of the State of Florida to hold public funds. Under Florida Statutes Chapter 280, Florida Security for Public Deposits Act, the State Treasure requires all Florida qualified public depositories to deposit with the Treasure or other banking institution eligible collateral. In the event of failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. The Town's deposits are considered insured for custodial credit risk purposes. Investments Florida statutes authorize the Town to invest in the Local Government Surplus Funds Trust Fund administered by the State Treasurer, negotiable direct obligations of or obligations unconditionally guaranteed by the U.S. Government, interest-bearing time deposits in financial institutions located in Florida and organized under Federal or Florida laws, obligations of the Federal Farm Credit Banks, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank or its district banks, or obligations guaranteed by the Government National Mortgage Association, and obligations of the Federal National Mortgage Association. 36 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 2 — DEPOSITS AND INVESTMENTS (Continued) Fair Value Hierarchy GASB Statement No. 72, Fair Value Measurement and Application, requires governments to disclose the fair value hierarchy for each type of asset or liability measured at fair value in the notes to the financial statements. The standard also requires governments to disclose a description of the valuation techniques used in the fair value measurement and any significant changes in valuation techniques. GASB 72 establishes a three-tier fair value hierarchy. The hierarchy is based on valuation inputs used to measure the fair value as follows: Level l: Inputs are directly observable, quoted prices in active markets for identical assets or liabilities. Level 2: Inputs are other than quoted prices included within Level 1 that are for the asset or liability, either directly or indirectly. These inputs are derived from or corroborated by observable market data through correlation or by other means. Level 3: Inputs are unobservable inputs used only when relevant Level 1 and Level 2 inputs are unavailable. The level in which an asset is assigned is not indicative of its quality but an indication of the source of valuation inputs. Certificates of deposit are exempt from reporting under the fair value hierarchy, and their fair value is measured at cost. As of September 30, 2017, the Town held the following certificates of deposit: Description Cost Days to Maturity Flagler Bank CD $ 259,785 183 Legacy Bank CD 270,307 353 $ 530,092 37 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 2 — DEPOSITS AND INVESTMENTS (Continued) Credit Risk Credit risk is the risk that an issuer or other counter party to an investment will not fulfill their obligations. The Town's investment policies limit its investments to high quality investments to control credit risk. Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The Town does not have a formal investment policy that limits investment maturities as a means of managing exposure to fair value losses arising from increasing interest rates. NOTE 3 — RECEIVABLES As of September 30, 2017, the Town's receivables for the individual major funds, including applicable allowances for uncollectible accounts, are as follows: Special General Assessment Water Fund Fund Fund Total Taxes $ 28,549 $ $ $ 28,549 Accounts - billed 29,844 280,994 310,838 Other 1,626 1,626 Due from other governments 21,711 21,711 Special assessments 1,265,490 1,265,490 Subtotal 80,104 1,267,116 280,994 1,628,214 Allowance for uncollectibles (25,000) (25,000) Net receivables $ 80,104 $ 1,267,116 $ 255,994 $ 1,603,214 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 4 — CAPITAL ASSETS Capital asset activity for the year ended September 30, 2017, was as follows: Assets being depreciated Buildings Beginning Ending Governmental Activities Balance Additions Deletions Balance Assets not being depreciated 2,680,639 2,680,639 Land $ 376,523 $ $ $ 376,523 Construction in progress 15,212 394,066 409,278 Total not being depreciated 391,735 394,066 785,801 Assets being depreciated Buildings 933,480 933,480 Equipment 668,088 8,846 676,934 Infrastructure 2,680,639 2,680,639 Total being depreciated 4,282,207 8,846 4,291,053 Total at historical cost 4,673,942 402,912 5,076,854 Accumulated depreciation Buildings 747,472 26,258 773,730 Equipment 452,159 66,075 518,234 Infrastructure 1,375,796 91,229 1,467,025 Total accumulated depreciation 2,575,427 183,562 2,758,989 Governmental activities, net $2,098,515 $ 219,350 $ $2,317,865 39 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 4 — CAPITAL ASSETS (Continued) Business -Type Activities Assets being depreciated Water system improvements Equipment Total at historical cost Accumulated depreciation Water system improvements Equipment Total accumulated depreciation Business -type activities, net Beginning Balance Additions $2,658,922 $ 71,378 2,730,300 909,263 62,971 65,994 1,900 975,257 64,871 $1,755,043 $(64,871) Ending Deletions Balance $ $2,658,922 71,378 2,730,300 972,234 67,894 1,040,128 $ $1,690,172 Depreciation expense was charged to functions and programs of the primary government as follows: Governmental activities: General government $ 62,396 Police department 40,965 Streets 80,201 Total governmental activities $ 183,562 Business -type activities: Municipal water $ 64,871 M TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 5 — LONG-TERM LIABILITIES Governmental Activities On September 6, 2012, the Town issued its Promissory Note, Undergrounding Project in the principal amount of $2,427,895 to provide funds for the project of undergrounding the electric, cable television, and telephone utility facilities serving the municipality. Such debt shall not be a general obligation of the Town. The Town covenants that, so long as the Note shall remain unpaid or any other amounts are owed by the Town under the Note, it will appropriate in its annual budget, by amendment, if required, from pledged funds and available non ad valorem revenues, amounts sufficient to pay principal and interest on the Note as they become due. The covenant to budget and appropriate does not create a lien upon or pledge of the available non ad valorem revenues. Pledged funds consist of amounts on deposit in the note proceeds fund and the payment fund and special assessments. Principal and interest payments on the Note are due in annual installments commencing on April 1, 2013 and on each April 1 thereafter until final maturity on April 1, 2022. The Note bears interest at the rate of 2.09%. At September 30, 2017, principal and interest to maturity on April 1, 2022 to be paid from pledged funds totaled $1,345,720. Principal and interest paid for the current fiscal year was $269,157 and pledged special assessments were $236,795. Annual debt service requirements to maturity are as follows: Year Ended September 30 Principal Interest Payment 2018 $ 242,710 $ 26,447 $ 269,157 2019 247,783 21,374 269,157 2020 252,961 16,196 269,157 2021 258,248 10,909 269,157 2022 263,694 5,398 269,092 $ 1,265,396 $ 80,324 $ 1,345,720 41 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 5 — LONG-TERM LIABILITIES (Continued) Changes in the Town's long-term liabilities for the year ended September 30, 2017 are summarized as follows: Governmental Activities Promissory Note Compensated absences Total Governmental Activities Business -type Activities Beginning Ending Due Within Balance Additions Deletions Balance One Year $1,503,137 $ $237,741 $1,265,396 $242,710 103,457 92,317 109,212 86,562 15,383 $1,606,594 $92,317 $346,953 $1,351,958 $258,093 Beginning Ending Due Within Balance Additions Deletions Balance One Year Compensated absences $1,117 $3,223 $2,038 $2,302 $1,151 Compensated absences of the governmental activities are liquidated by the General Fund. Interest Expense The total interest cost incurred on all Town debt for the year ended September 30, 2017, was $28,938 and total interest paid during the year was $31,416. No interest was capitalized in the Enterprise Fund during the year. NOTE 6 — DEFINED CONTRIBUTION EMPLOYEE RETIREMENT PLAN On November 28, 1990, the Town passed Resolution No. 90-8, authorizing the establishment of a 401(a) plan (the "Plan"). All full-time employees are eligible to participate in the Plan upon completion of six months of service and attaining age 18. This defined contribution pension plan is administered by the International City Management Association Retirement Corporation. In a defined contribution plan, benefits depend solely on amounts contributed to the Plan plus investment earnings. The plan requires that the Town and the employees contribute an amount equal to 20.92% and 8.0%, respectively, of the employee's base salary each month. The Town's contribution for each employee and investment earnings allocated to the employee's account vest at a rate of 20% per year of service completed. Employees are eligible for normal retirement upon attainment of the age of 59-1/2. Town contributions and interest forfeited by employees who leave employment before satisfying the vesting requirement are used to reduce the Town's current -period contribution requirement. 42 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 6 — DEFINED CONTRIBUTION EMPLOYEE RETIREMENT PLAN (Continued) For the fiscal year ended September 30, 2017, the Town recognized pension expense of $272,621 for the Plan, and as of the fiscal year end, the Town reported a payable in the amount of $9,693 for outstanding contributions to the Plan. There were no forfeitures for the fiscal year. Because the Town does not hold or administer funds for the Plan, it does not meet the criteria for inclusion in the Town's financial statements as a fiduciary fund. The Plan does not issue a stand alone financial report. NOTE 7 — DEFERRED COMPENSATION PLAN The Town offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Town 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. Assets of the plan are invested in either mutual funds or insurance contracts. In 1998, the Plan was amended to conform to changes in the Internal Revenue Code brought about by the Small Business Job Protection Act of 1996 (the "Act"). The Act requires that eligible deferred compensation plans established and maintained by governmental employers be amended to provide that all assets of the plan be held in trust, or under one or more appropriate annuity contracts or custodial accounts, for the exclusive benefit of plan participants and their beneficiaries. As a result of this change, plan assets are no longer subject to the claims of the Town's general creditors. Because the Town has little administrative involvement and does not perform the investing function for funds in the Plan, the Town's activities do not meet the criteria for inclusion in the fiduciary funds of a government. NOTE 8 — OTHER POSTEMPLOYMENT BENEFITS (OPEB) The Town was required to implement Governmental Accounting Standards Board Statement 45 (GASB 45), Accounting and Financial Reporting by Employers for Postemployment Benefits Other than Pensions for fiscal year ending September 30, 2010. Retirees of the Town pay an amount equal to the actual premium for health insurance charged by the carrier, but there is an implied subsidy in the healthcare insurance premium charged for active employees, who are younger than retirees on average. This implied subsidy constitutes other postemployment benefits under GASB Statement 45. The Town elected not to apply GASB 45. The effects of that departure on the financial statements are not reasonably determinable. The Town also has not disclosed the descriptive information about other postemployment benefits required by standards. 43 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 9 — INTERLOCAL AGREEMENTS Interlocal Agreement for Fire and EMS Service - City ofDelrav Beach On July 14, 2009, the Town entered into an agreement with the City of Delray Beach whereby the City will provide the Town with fire and emergency medical services. The term of the agreement is for 10 years beginning on October 1, 2009, and extending through September 30, 2019. On October 4, 2011, the agreement was amended to increase the service fee for additional areas annexed into the Town. The Town paid an annual service fee of $450,937 for the fiscal year ended September 30, 2017. The annual service fees for future years will be the current year fee adjusted annually based on the "All Urban Customers — United States April Consumer Price Index" or an increase of five percent (5.0%), whichever is greater. The annual service for the fiscal year ending September 30, 2018 will be $473,484. Interlocal Agreement for Dispatch Service - City o Delra By each On October 1, 2012, the Town entered into an agreement with the City of Delray Beach for dispatch services. The basic service fee under the agreement was $54,036 for the initial contract year. Each year thereafter the basic service fee was adjusted from the previous year in an amount based upon the All Urban Consumers -United States Consumer Price Index for April. For the year ended September 30, 2017, the Town paid $55,101 pursuant to the agreement. The agreement expired on September 30, 2017. On October 30, 2017, the Town entered into a new agreement with the City of Delray Beach for dispatch services. The term of the agreement is for five years beginning October 1, 2017 and ending September 30, 2022. Under the terms of the agreement the service fee for the fiscal year ending September 30, 2018 will be $55,961. Each year thereafter the basic service fee shall be adjusted from the previous year in an amount based upon the All Urban Consumers -United States Consumer Price Index for April. Interlocal Agreement for Water Purchase - City ofDelrav Beach In June 1998, the Town entered into an agreement with the City of Delray Beach for the purchase of treated, potable water. The term of the agreement is for a period of twenty-five years. Under the terms of the agreement, the Town is to pay the City the prevailing water rate charged by the City to non-residential users plus a surcharge of 25%. For the year ended September 20, 2017, the Town paid $608,631 pursuant to the agreement. TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 9 — INTERLOCAL AGREEMENTS (Continued) Interlocal Agreement for Permitting and Inspection Services - City of Delray Beach In November 2009, the Town entered into an agreement with the City of Delray Beach to provide the Town with the expertise and assistance of the City of Delray Beach Community Improvement Department (the "Department") for the inspection and permitting of certain construction projects within the Town's limits for compliance with the Florida Building Code ( the "Code"). Under the terms of the agreement the Department shall review and process all plans, checking for compliance with the Code and to determine the subsidiary permits necessary and the amount of fees. For processing and the inspection service, the City shall receive one hundred percent of the permit fee. The fees shall be collected by the City. The agreement shall be of a continuing nature unless cancelled by either party for any reason and without penalty, on not less than sixty days written notice. In March 2010, the agreement was amended to add that the City shall collect the appropriate County impact fees for Town permits issued by the City. The City shall retain a 3.4% administrative fee for all Town impact fee assessments. For the year ended September 30, 2017, the Town paid $493,133 pursuant to the agreement. NOTE 10 — COMMITMENTS Solid Waste and Recycling Collection Franchise Agreement On September 13, 2013, the Town amended the solid waste and recycling collection franchise agreement with Waste Management Inc. of Florida (WMI). The amendment extended the term of the agreement until September 30, 2018, and eliminated the fuel surcharge provision. Under the terms of the agreement, the Town informs WMI of the total number of residential and multi -family units that have a Certificate of Occupancy each year on September 1. WMI bills all multi -family units that are serviced by a container. The monthly charges for the remainder of the units that are serviced by means other than by containers are paid by the Town. WMI bills the Town monthly for these services at the then current rate as adjusted from time to time by the terms and conditions of the agreement. For the year ended September 30, 2017, the Town made payments of $138,670 pursuant to the agreement. 45 TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 10 — COMMITMENTS (Continued) Construction Commitments Proj ect Undergrounding — Phase II, Wilco Undergrounding — Phase 11, Comcast Undergrounding — Phase II, AT&T Project Management and Support Town Hall Addition Paving Repairs NOTE 11— RISK MANAGEMENT $4,128,737 $2,365,501 $1,763,236 The Town is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees, and natural disasters for which the Town carries commercial insurance. The Town purchases commercial insurance to cover the various risks. Retention of risks is limited to those risks that are uninsurable and deductibles ranging from $250 to $2,500 per occurrence. The Town has not significantly reduced insurance coverage during the past three fiscal years. There were no settled claims which exceeded insurance coverage during the fiscal years ended September 30, 2015, 2016, and 2017. Florida Statues limit the Town's maximum loss for most liability claims to $200,000 per person and $300,000 per occurrence under the Doctrine of Sovereign Immunity. However, under certain circumstances, a plaintiff can seek to recover damages in excess of statutory limits by introducing a claims bill to the Florida Legislature. The limits addressed in Florida Statutes do not apply to claims filed in Federal courts. The Town is involved in various litigation and claims arising in the course of operations. The Town is a defendant in several lawsuits alleging violation by the Town of the State of Florida's Public Records Law. In the event of success in these cases, plaintiffs would be entitled to attorney's fees. The likelihood of unfavorable outcomes and the amounts of potential losses cannot be reasonably determined at this time. Accordingly, no provision for any liability that may result has been made in the accompanying financial statements. .R Amount Balance to Authorized Completed Complete Amount at 09/30/17 at 09/30/17 $2,890,597 $1,853,764 $1,036,833 160,312 80,156 80,156 420,582 25,000 395,582 408,206 406,581 1,625 224,900 224,900 24,140 24,140 $4,128,737 $2,365,501 $1,763,236 The Town is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees, and natural disasters for which the Town carries commercial insurance. The Town purchases commercial insurance to cover the various risks. Retention of risks is limited to those risks that are uninsurable and deductibles ranging from $250 to $2,500 per occurrence. The Town has not significantly reduced insurance coverage during the past three fiscal years. There were no settled claims which exceeded insurance coverage during the fiscal years ended September 30, 2015, 2016, and 2017. Florida Statues limit the Town's maximum loss for most liability claims to $200,000 per person and $300,000 per occurrence under the Doctrine of Sovereign Immunity. However, under certain circumstances, a plaintiff can seek to recover damages in excess of statutory limits by introducing a claims bill to the Florida Legislature. The limits addressed in Florida Statutes do not apply to claims filed in Federal courts. The Town is involved in various litigation and claims arising in the course of operations. The Town is a defendant in several lawsuits alleging violation by the Town of the State of Florida's Public Records Law. In the event of success in these cases, plaintiffs would be entitled to attorney's fees. The likelihood of unfavorable outcomes and the amounts of potential losses cannot be reasonably determined at this time. Accordingly, no provision for any liability that may result has been made in the accompanying financial statements. .R TOWN OF GULF STREAM, FLORIDA Notes to the Financial Statements September 30, 2017 NOTE 12 — OPERATING LEASE On May 31, 2013, the Town entered into an operating lease for a copier for use in Town Hall. The lease is for a term of 60 months and requires minimum monthly payments of $501 that commenced in July 2013. For the year ended September 30, 2017, the Town made payments of $10,640 pursuant to the lease. The following is a schedule of the Town's required future minimum lease payments under the agreement: Minimum Year Ended Lease September 30 Payments 2018 $4,509 $4,509 NOTE 13 — SPECIAL ASSESSMENT On June 30, 2011, the Town adopted Resolution 011-11 levying non -ad valorem special assessments on properties specially benefitted by a capital improvement project to place underground the overhead electric, cable television, and telephone utility facilities that serve a portion of the Town and its inhabitants. The special assessments were calculated using a methodology that fairly and reasonably apportions the cost of the project among the benefitted parcels in proportion to the benefits to such parcels. The calculation methodology used an equivalent benefit unit assigned for three categories: (1) improved safety (2) improved reliability and (3) improved aesthetics. Property owners were given the option to pay the entire amount of the assessment in advance of the Town obtaining financing for the project. The special assessments are subject to prepayment only on or before November 1, 2011. Assessments that are not prepaid shall be payable in not less than 10 and not more than 20 yearly installments. The special assessments shall bear interest not exceeding 10% per annum over the term of the financing obtained by the Town and will include annual costs related to administration and collection not to exceed 5%. The total assessable cost was $5,518,144, and the Town received prepayments in the amount of $2,885,049. See Note 5 for a discussion of the related financing for the project. 47 TOWN OF GULF STREAM, FLORIDA Required Supplemental Information Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual General Fund For the Year Ended September 30, 2017 Licenses and permits Inspecction Fees 90,000 90,000 71,760 Variance with Franchise fees 138,000 138,000 154,795 Final Budget Building permits Budgeted Amounts Actual Positive Total licenses and permits Original Final Amounts (Negative) Taxes 1,800 1,800 2,419 619 Ad valorem taxes $ 4,422,064 $ 4,422,064 $ 4,431,500 $ 9,436 Infrastructure surtax 7,886 7,886 43,546 43,546 Local option fuel taxes 34,500 34,500 37,214 2,714 Utility service taxes 213,000 213,000 219,755 6,755 Communications services taxes 59,568 59,568 55,590 (3,978) Local business tax 19,114 19,114 13,341 (5,773) Total taxes 4,748,246 4,748,246 4,800,946 52,700 Licenses and permits Inspecction Fees 90,000 90,000 71,760 (18,240) Franchise fees 138,000 138,000 154,795 16,795 Building permits 400,000 496,134 496,133 (1) Total licenses and permits 628,000 724,134 722,688 (1,446) Intergovernmental revenue 1,800 1,800 2,419 619 State revenue sharing proceeds 107,610 107,610 105,246 (2,364) Shared revenue from other local units 7,886 7,886 8,347 461 Payment in lieu of taxes 39,700 39,700 39,700 Grants 19,153 19,153 Total intergovernmental revenue 155,196 155,196 172,446 17,250 Charges for services Solid waste collection fees 148,000 148,000 141,268 (6,732) Other 15,000 15,000 1,810 (13,190) Total charges for services 163,000 163,000 143,078 (19,922) Judgments, fines and forfeits Judgments and fines 1,800 1,800 2,419 619 Total judgments, fines, and forfeits 1,800 1,800 2,419 619 Investment earnings 4,000 4,000 47,114 43,114 Miscellaneous revenues Contributions 12,166 12,166 Other 19,335 19,335 Total miscellaneous revneues 31,501 31,501 Total revenues 5,700,242 5,796,376 5,920,192 123,816 continued See notes to the budgetary comparison schedule .• TOWN OF GULF STREAM, FLORIDA Required Supplemental Information Schedule of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual General Fund For the Year Ended September 30, 2017 Excess (deficiency) of revenues over (under) expenditures $ $ 1,253,480 $ 1,253,480 Other financing sources (uses) Transfers out (671,000) (671,000) (671,000) Total other financing sources (uses) (671,000) (671,000) (671,000) Excess (deficiency) or revenues and other financing sources over (under) expenditures $ (671,000) $ (671,000) 582,480 $ 1,253,480 Fund balance, beginning of year 3,264,648 Fund balance, end of year $ 3,847,128 See notes to the budgetary comparison schedule .• Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) Expenditures General and administrative 2,472,065 2,568,199 2,075,043 493,156 Police 1,704,017 1,704,017 1,487,881 216,136 Fire 451,937 451,937 450,937 1,000 Streets 923,223 923,223 514,181 409,042 Sanitation 149,000 149,000 138,670 10,330 Total expenditures 5,700,242 5,796,376 4,666,712 1,129,664 Excess (deficiency) of revenues over (under) expenditures $ $ 1,253,480 $ 1,253,480 Other financing sources (uses) Transfers out (671,000) (671,000) (671,000) Total other financing sources (uses) (671,000) (671,000) (671,000) Excess (deficiency) or revenues and other financing sources over (under) expenditures $ (671,000) $ (671,000) 582,480 $ 1,253,480 Fund balance, beginning of year 3,264,648 Fund balance, end of year $ 3,847,128 See notes to the budgetary comparison schedule .• TOWN OF GULF STREAM, FLORIDA Notes to the Budgetary Required Supplemental Information (RSI) General Fund September 30, 2017 NOTE 1 - BUDGETS AND BUDGETARY ACCOUNTING A budget is legally adopted for the General Fund. The Special Assessment Special Revenue Fund is not legally required to be budgeted and is not budgeted. A budgetary comparison schedule is presented for the General Fund. The procedures for establishing budgetary data reflected in the budgetary comparison schedule are as follows: 1. Prior to August 1 st, the Town Manager submits to the Town Commission a proposed operating budget for the fiscal year commencing the next October 1st. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted to obtain taxpayer comments. 3. Prior to October 1 st, the budget is legally enacted through the passage of a resolution. 4. The Town Manager is authorized to transfer budgeted amounts within any department. However, any revisions that alter the total expenditures of any department must be approved by the Town Commission by a legally enacted ordinance. 5. Budgets are adopted on a basis consistent with generally accepted accounting principles. 6. Appropriations along with encumbrances lapse at September 30th. NOTE 2 - BUDGET AND ACTUAL COMPARISONS Formal budgetary integration is employed within the accounting system as a management control device. Appropriations are legally controlled at the department level and expenditures may not legally exceed appropriations at that level. For the year ended September 30, 2017, no departments had an excess of expenditures over appropriations. 50 NH NOWLEN, HOLT & MINER, P.A. MCERTIFIED PUBLIC ACCOUNTANTS EVERETTB. NOWLEN 11WJO-19847. CPA EDWARD T. HOLT. CPA WILLIAM B. MINER, RETIRED ROBERT W. HENDRIX. JR., CPA WEST PALM BEACH OFFICE JANET R. BARICEVICH, RETIRED. CPA NORTHBRIDOE CENTRE TERRY L. MORTON, JR., CPA S l5 N. FLAOLEA DRIVE. SUfTE ] 7011 N. RONALD BEN NETT, CVA. ABV. CFF. CPA ALEXIA G. VARGA. CFE. CPA POST OFFICE BOX 347 EDWARD T. HOLT, JR.. PFS. CPA WEST PALM BEACH. FLORIDA 33402-0.147 BRIAN J. BRESCIA. CFP", CFA TELEPHONE 061) 659-3060 FAX (561) 835.0628 W W W.N H MCPA.COM MARK J. BYMASTER, CFE, CPA RYAN M. SHORE, CFP, CFA WEI PAN, CPA WILLIAMC. KISKER, CPA RICHARD E. BOTTS. CPA BELLE GLADE OFFICE 333 S.E. 2nd STREET POST OFFICE BOX 338 BELLE GLADE, FLORIDA 33430.OSM TELEPHONE (561) 996-5612 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL FAX (561) 996-6248 OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT A UDITING STANDARDS The Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business -type activities, and each major fund of the Town of Gulf Stream, Florida, as of and for the year ended September 30, 2017, and the related notes to the financial statements, which collectively comprise the Town of Gulf Stream's basic financial statements and have issued our report thereon dated March 8, 2018. The opinions on the governmental activities, business -type activities, and Enterprise Fund were qualified because the Town has not recognized the other postemployment benefits (OPEB) expense and obligation which is required in accordance with U.S. generally accepted accounting principles as provided in Governmental Accounting Standards Board Statement No. 45. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Town of Gulf Stream, Florida's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town of Gulf Stream, Florida's internal control. Accordingly, we do not express an opinion on the effectiveness of the Town of Gulf Stream, Florida's internal control. 51 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS - FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • CPAMERICA INTERNATIONAL A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described below, we identified a deficiency in internal control that we consider to be a material weakness. Finding 2017-1 Condition: The Town did not reconcile the general ledger accounts for accounts receivable, accounts payable, and payroll liabilities to the subsidiary ledgers on a monthly basis. Criteria: Asset and liability accounts should be reconciled monthly. Effect: Because monthly reconciliations were not performed for all asset and liability accounts, significant differences between the general ledger and subsidiary ledgers were not detected and corrected on a timely basis. Recommendation: We recommend that the Town reconcile the accounts receivable, accounts payable, and payroll liabilities general ledger accounts to the subsidiary ledgers on a monthly basis. Management Response: We agree with the auditors' comments regarding reconciliation of the general ledger accounts for accounts receivable, accounts payable and payroll liabilities to the subsidiary ledgers. The following actions have been added to improve our internal procedures. To ensure we have an accurate representation of our utility aged accounts receivables, a new procedure has been added to our monthly reconciliation processes. We will produce the aged accounts receivable report in our utility billing software on the final day of the fiscal period and reconcile to the general ledger. A new step to payroll processing was added in response to an unusual situation that arose during Fiscal Year 2017 that impacted the fiscal period allocation of payroll liabilities and the associated accounts payable liability transactions. Prior to posting the payroll liabilities and the associated payroll accounts payable liabilities to the general ledger, we now create a validation report as part of our biweekly payroll procedures to ensure all data has been entered correctly. The staff will be advised of all revisions and additions to internal procedures. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town of Gulf Stream, Florida's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do 52 not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Town of Gulf Stream, Florida's Response to Findings The Town of Gulf Stream, Florida's response to the findings identified in our audit is described above. The Town of Gulf Stream, Florida's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. West Palm Beach, Florida March 8, 2018 53 Al..r�; J� 4Itil/L PAL NOWLEN, HOLD' & MINER, P.A. CERTIFIED PUBLIC ACCOUNTANTS EVERETT B. NOWLEN (t981 IN4). CPA EDWARD T HOLT CPA WILL" B. MINER, RETIRED ROBERT W. HENDRIX, JR., CPA WEST PA LAI BEACH OFFICE JANET R- BARICEVICH, RETIRED, CPA NORTHBRIDGE CENTRE TERRY MORTON. JR . CPA 515 N. FI.AGLER DRIVE, SUITE 1700 N. RONALD SENNETT, CVA. ABV. CFF. CPA ALEXIA G. VARGA, CFE, CPA POST OFFICE BOX 347 EDWARD T. HOLT, JR , PFS. CPA WEST PALM BEACFI, FLORIDA 33402.0347 BRIAN J. BRESCIA,CFP•, CPA TELEPHONE 4561) 659-3060 FAX 4561) 835-0628 WW W NHMCPA.COM MARK J. SYMASTER. CFE. CPA RYAN M. SHORE. CF P'. CPA WEI PAN, CPA WILLIAM C. KISKER. CPA RICHARD E. $OTTS. CPA BELLE GLADE OFFICE 333 S.E. 2nd STREET POST OFFICE BOX 338 BELLE GLADE. FLORIDA 33430-0338 TELEPHONE (561) 9WS612 FAX (561) 996-6248 MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA To the Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida Report on the Financial Statements We have audited the financial statements of the Town of Gulf Stream, Florida, as of and for the fiscal year ended September 30, 2017, and have issued our report thereon dated March 8, 2018. The opinions on the governmental activities, the business -type activities, and the Enterprise Fund were qualified because the Town has not recognized the other postemployment benefits (OPEB) expense and obligation as required in accordance with accounting principles generally accepted in the United States of America, as provided in Governmental Accounting Standards Board Statement No. 45. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General. 54 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • CPAMERICA INTERNATIONAL Other Reporting Requirements We have issued our Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountant's Report on an examination conducted in accordance with AICPA Professional Standards, AT -C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated March 8, 2018, should be considered in conjunction with this Management Letter. Prior Audit Findings Section 10.554(1)(i) l ., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no findings or recommendations made in the preceding financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this Management Letter, unless disclosed in the notes to the financial statements. This information is disclosed in Note 1 to the financial statements. There are no component units included in the Town of Gulf Stream, Florida's financial statements. Financial Condition and Management Section 10.554(1)(1)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the Town of Gulf Stream, Florida has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the Town of Gulf Stream, Florida did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the Town of Gulf Stream, Florida. It is management's responsibility to monitor the Town of Gulf Stream, Florida's financial condition, and our financial condition assessment was based in part on representations made by management and review of financial information provided by same. Our assessment was done as of the fiscal year end. The results of our procedures did not disclose any matters that are required to be reported. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendation to improve financial management. In connection with our audit, we did not have any such recommendations. 55 Annual Financial Report Section 10.554(1)(i)5.b. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether the annual financial report for the Town of Gulf Stream, Florida for the fiscal year ended September 30, 2017, filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes, is in agreement with the annual financial audit report for the fiscal year ended September 30, 2017. In connection with our audit, we determined that these two reports were in agreement. Special District Component Units Section 10.554(1)(i)5.d, Rules of the Auditor General, requires, if appropriate, that we communicate the failure of a special district that is a component unit of a county, municipality, or special district, to provide the financial information necessary for proper reporting of the component unit, within the audited financial statements of the county, municipality, or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we did not note any special district component units that failed to provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida Statues. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Single Audits The Town of Gulf Stream, Florida expended less than $750,000 of federal awards and less than $750,000 of state financial assistance for the fiscal year ended September 30, 2017, and was not required to have a federal single audit or a state single audit. Purpose of this Letter Our Management Letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, the Town Commission, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. West Palm Beach, Florida March 8, 2018 56 nil NH &M NOWLEN, HOLT & MINER, P.A. CERTIFIED PUBLIC ACCOUNTANTS WEST PALM BEACH OFFICE NORTH FIR I VCE CENTRE 515 N, FLAOLFR DRIVE. SUITE 1709 POST OFFICE BOX 347 WFST PALM BEACI I. FLORIDA 33492-0W TELEPHONE 1541) 659-30150 FAX 45611 835.9628 W W W.N II MCPA.COM INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES The Honorable Mayor and Members of the Town Commission Town of Gulf Stream, Florida EVERETT B. NOWLEN (1WO-19841. CPA EDWARD T. HOLT. CPA WILLIAM B. MINER, RETIRED ROBERT W. HENDRIX, JR., CPA JANET R_ 6ARICEVICH, RETIRED. CPA TERRY L. MORTON, JR., CPA N. RONALD SENNETT, CVA, ABV. CFF. CPA ALEXIA G. VARGA, CFE. CPA EDWARD T. HOLT, JR.. PFS. CPA BRIAN J. BRESCIA, CFP-, CPA MARK J. BYMASTER, CM CPA RYAN M. SHORE, CFP-, CPA W EI PAN, CPA WILLIAM C. KISKER, CPA RICHARD E. BOTTS. CPA BELLE GLADE OFFICE 333 S.E. 2nd STREET POST OFFICE BOX 338 BELLE GLADE. FLORIDA 33430-0338 TELEPHONE (561) 996-5612 FAX (561) 996-6248 We have examined the Town of Gulf Stream, Florida's compliance with Section 218.415, Florida Statutes during the year ended September 30, 2017. Management of the Town of Gulf Stream, Florida is responsible for the Town of Gulf Stream, Florida's compliance with the specified requirements. Our responsibility is to express an opinion on the Town of Gulf Stream, Florida's compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the Town of Gulf Stream, Florida complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the Town of Gulf Stream, Florida complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgement, including an assessment of the risk of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the Town of Gulf Stream, Florida's compliance with the specified requirements. In our opinion, the Town of Gulf Stream, Florida complied, in all material respects, with Section 218.415, Florida Statutes for the year ended September 30, 2017. This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and Florida House of Representatives, the Florida Auditor General, applicable management, and the Town Commission, and is not intended to be and should not be used by anyone other than these specified parties. West Palm Beach, Florida March 8, 2018 57 AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • CPAMERICA INTERNATIONAL MEMORANDUM TOWN OF GULP STREAM, FLORIDA OFFICE OF THE TOWN CLERK R1TA TAYLOR DATE: April 7, 2018 TO: Mayor and Commissioners RE: Written Detail Re: Capital Improvement Plan We will be delivering a draft implementation schedule and a cash management spread sheet related to the CIP prior to the meeting of April 13, 2018. IIENIORANDUAI TONVN OF GULF STREAIII, FLORIDA OFFICE OF THE TOWN CLERK R]TA TAYLOR DATE: April 7, 2018 TO: Mayor and Commissioners RE: Recommendations from the ARPB study "Discouraged Items" Following is a summary of the recommendations from the ARPB that Chairman Kent will present at the meeting on April 13, 2018. The lists of "Discouraged Items" in each section of the Code were discussed. Malcolm Murphy then moved and Robert Dockerty seconded that all discouraged items be moved to the "prohibited" section with the exception of the following list. Section 70 -101 -Windows. Add under "Prohibited"; 25 percent or more of total window opening on the sides and front elevation and 50 percent or more of total window opening on the rear elevation composed of undivided panes larger than 8 square feet. All voted Shutters painted the same color as principal building to be eliminated so it is neither mentioned in "preferred or in prohibited". Section 70 -238 -Roofs. When moved to "prohibited", modify "Gable" to Gables on side elevations and Gables on 2nd story elevations. Section 70 -290 -Shutters. Eliminate "No shutters" from the Code so it is not in either preferred or prohibited category. Section 70 -266 -Television antennas; satellite dishes. Eliminate all 5 items under "discouraged" from the code and insert under "Prohibited", All satellite dishes greater than 18 inches in diameter, and all satellite dishes not screened from off -premise views, unless absolutely necessary to ensure adequate reception. AYE to these recommendations at the roll call. TOWN OF GULF STREAM BALANCE SHEET & CASH & BUDGET REPORT Unaudited As of March 31, 2018 TABLE OF CONTENTS SECTION PAGE(S) CashBalance Sheet..................................................................................................................... 1-2 BudgetReport, General Fund............................................................................................................... 3-8 BudgetReport, Water Fund................................................................................................ 9-10 Budget Report, Undergrounding Fund.................................................................................. 11-12 Town of Gulf Stream Balance Sheet March 2015 General Fund 001 Water Fund 401 Underground Fund 155 Assets Penny Sales Tax Checking Account 555,338.86 50.00 50.00 Cash - Oper Account ($26,900.92) 50.00 $0.00 Cash - P/R Account 58,120.35 SO.Go 50.00 Cash - Operating MMA $5,587,425.01 S(),I10 $0.00 Cash - Flaglcr Bank CD $261,083.37 S(1.00 $0.00 Legacy Bank CD $270,000.00 $0.00 $0.00 Florida Community Bank CD S240,104.21 50.00 $0.00 -ash - Petty Cash S201L00 50.00 $0.00 4ccounts Receivable - Garbage 533,117.29 $0.00 $0.00 nventorics $6,053.81 S0.00 $0.00 Jndergmund Pmj Pyml Fund - Checking 50.00 SO.OU 5141,014.76 ,ash - Suntrust MMA $0.00 SO.00 51,321-151.93 Wessment Receivable 50.00 $0.00 51,008,453.85 klinq. Assessment Recicvable $0,00 S0.00 SO.04 'ash-Flagler Bank Water Utility Savings 50.00 S1,670,559.64 50.00 accounts Receivable - Water 50.00 $242-172.07 50.00 .ccounls Receivable- Resines 50.00 528,310.87 S(),00 ass: Allowance - Water $0.00 S25,000.00 $0.00 vc From General Fund $0.(8) S 102,456.58 $0.00 repaid Water Meters $Q.00 $3,372.66 $0.00 venmry S0.00 $3,095.68 50.0() tpmvements Other Than Bldg. $0.00 52,658,921.72 $0.00 :cum. Depnc:imp OtherT Bid 50.00 ($927-163.36) 50.00 luipment and Furniture 50.00 $71,378.00 50.00 ;cumulated Dcpr- Equip/Fum SO.00 (565,994.00) 50.00 rtal Assets $6,434,541.98 $3,762,I0.86 $2,4711,720.58 abilities and Fund Balance Liabilities Town of Gulf Stream Balance Sheet March 2018 Fund Balance 4scrve for Dredging General Fund 001 Water Fund 401 Underground Fund 155 Accounts Payable $41,899.63 50.00 S0,00 Due to Water Fund SI02,456.58 $0.00 50,00 Accrued Compensated Absences $0.48 $3,303,475.46 $0.00 etained Earnings - Reserved $0.00 $0.00 50.00 Other Insurance Deductions S40.01 $0.()) $0.00 Dcpasit:Damage Bond/Plans 542,500.00 50.00 SO.00 Deferred Revenue SO.00 511.00 S1,012,430.33 Accounts Payable 50.00 $36,928.22 50.00 Watcr Acerucd Wages Payable $0.00 $0.13 SO.00 Accrued Compensalcd Absences $0.00 $2,301.91 $0.00 Deferred Revenue 50.00 $5,771.00 $0.00 Total Liabilities $186,896.70 $45,001.26 $1,012,43033 Fund Balance 4scrve for Dredging $17,820.00 $0.00 50.00 'and Balance S6,7.29,825.28 SO.00 SO.00 and Balance $0.00 $0.00 $1,458,290.25 .ctained Earnings - Unreserved $0.00 $3,303,475.46 $0.00 etained Earnings - Reserved $0.00 ($124-182.94) SO.00 /E R�Ncrvcd For D/5 and R S R $0.00 5537,915.98 $0.00 Total Fund Balance $6,247,645.28 $3,717,1118.60 $1,458,290.25 atnl Liabilities mW Fmul Balance $6,434,54198r $3,76..+ ,111).Nfi $2,4711,7211.58 Town of Gulf Stream Income Statement General Fund as of March 31, 2018 3 Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent Revenues Property Taxes Ad Valorem Taxes- Current $67,433.21 $382,572.00 (5315,138.79) 54,179,122.09 S4,590,871.00 ($411,748.91) 54,590,871.00 91.03^"% Ad Valorem Taxes - Delinquent $4,245.97 $400 $4,245.97 54,245.97 $0.00 $4245.97 $0.00 0.00 Early Payment Discount -Ad Vale (SI,042.75) (514,166.00) $13,123.25 (5161,579.90) ($170,000.00) S8,420.10 ($170,000.00) 95.05% Interest on Tax Collection $501.56 $0.00 5501.56 $501.56 $0.00 $501.56 $0.00 0.00% Total property Taxes $71,137.99 $368,406.00 (5297,268.01) 54,022,289.72 34,420,87100 ($398,581.28) $4,420,871.00 90.98% Fines udgernens and Fines $103.47 S150.00 ($46.53) 5870.02 51,800.(81 ($929.98) $1,800.00 48.33 % liolations of Local Ordinances $25.00 $0.00 $25.00 $25.00 50.00 $25.00 50.00 0.00% $128.47 S150.00 ($21.53) $895.02 S1,800.00 ($904.98) $1,800.00 49.72% perrnits :oning/Code Review Pees $4,185.00 $5,308.00 (SI,123.00) 543,815.00 563,700.00 ($19,885.00) $63,700.00 68.78% upection Fero $43,325.00 $29,166.00 $14,159.00 5192,097.05 $350,000.00 ($157,902.95) $350,000.00 54.88% $47,510.00 534,474.00 $13,036.00 $235,912.05 $413,700.00 ($177,787.95) $413,700.00 57.02% Registrations Deal Business Tax - Registrations $0.00 $0.00 $0.00 $0.00 $0.00 50.00 S0.00 0.00% ounly Business Tax $98.17 50.00 598.17 S1,359.78 $0.00 $1,359.78 $0.00 0.00% $98.17 50.00 598.17 51,359.78 50.00 $1,359.78 5400 0.00% State & County roal Option Fuel Tax R&S $2,974.35 $2,875.00 599.35 $14.828.25 534,500.00 ($19,671.75) $34,500.00 42.98 % =1 Alternate Fuel Decal Tax $0.00 $0.00 50.00 50.00 50.00 50.00 50.00 0.00% Ise. Infrastructure Tax $5,567.72 $2,500.00 S3,067.72 $30,866.58 $30,000.00 $866.58 $30,000.00 102.89 % ofessional/ Occupational Lie $0.00 $0.00 SO.00 $0.00 50.00 50.00 $0.00 0.00% garctte Tax $0.00 50.00 $0.00 $0.00 $0.00 $0.00 50.00 0.00% . Revenue Sharing 51,914.32 51,808.00 $106.32 $9.571.04 $21,700.00 ($12,128.96) $21,700.00 44.11 % . Rev Sharing -Alcoholic Bev $400 $66.00 (566.00) $0.00 $800.00 (5800.00) 5800.00 0.00% cal Government 12c Sales Tx $6,958.24 S5,9I6.00 S1,042.24 $34,557.14 $71,000.00 (536,442.86) 571,000.00 49.67% her General Government $0.00 $0.00 $0.00 50.00 50.00 $0.00 $0.00 0.00% el Tax Refund 50.00 5125.00 (5125.00) $459.49 $1,500.00 ($1,040.51) $1,500.00 30.6300/^ cycle Revenue Sharing 50.00 $125.00 (5125.00) 5476.19 51,500.00 (SI,023.8I) $1,500.00 31.75 3 Franchises Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent $17,414.63 $13,415.00 $3,999.63 $90,758.69 $161,000.00 ($70,241.31) $161,000.00 56.37% Interest 50.00 0.00% Franchise Fees -Gas 50.00 51-175.00 (51-175-00) $4,588.11 Interest On Inwstmenl $4,798.75 $333.00 54,465.75 524,106.52 54,000.00 520,106.52 S4,000.00 602.66% $4,798.75 $333.00 54,465.75 524,106.52 54,000.00 $20,106.52 $4,000.0(1 602.66% Franchises Franchise Fem - FPL $10,186.27 $9,417.00 $769.27 543,877.84 5113,000.00 ($69,122.16) $113,000.00 38.83 % Franchise Fees - Southern Bell $0.00 50.00 50.00 50.00 50.00 $0.00 50.00 0.00% Franchise Fees -Gas 50.00 51-175.00 (51-175-00) $4,588.11 $15,300.00 ($10,711.89) $15,300.00 29.99% Franchise Fees - Cable 50.00 50.00 $0.00 $(1.(10 50.00 50.00 50.00 0.00% $10,186.27 SI0,692.0O ($505.73) 548,465.05 $128,300.00 (579,834.05) S128,300.(l(1 37.78 Local Communication Svc Tax Communications Services Tax $5,217.54 53,975.00 $1;242.54 $31,098.29 547,700.00 ($16,601.71) 547,700.00 65.20 % $5,217.54 $3,975.00 51,242.54 $31,098.29 $47,700.00 ($16,(,01.71) $47,700.00 65.20% Garbage Collection Fees 3arbagc Collection Fec $23,649.12 $11,766.00 $11,883.12 $70,76820 $141,200.00 ($70,431.80) $141,200.00 50.12"/ $23,649.12 $11,766.00 $11,883.12 570,76820 5141-100.00 ($70,431.80) $141,200.00 50.12% Utility Service Tax ltility Service Tax - Electric 513,993.68 $13,500.00 $493.68 $62,865.36 $162,000.00 ($99,134.64) $162,000.00 38.81 °% ltility, Service Tax - Telecomm $0.00 50.00 50.00 50.00 SO.00 $0.00 50.00 0.00% ltility, Service Tax - Gas $1,717.38 51,341.00 5376.38 $8,823.61 516,100.00 ($7,276.39) $16,100.00 54.81 % ltility, Service Tax - Propane $1,67520 $1,041.00 $634.20 59,46322 $12,500.00 ($3,036.78) 512,500.00 75.71 % $17,386.26 $15,882.00 SI,504.26 $81,152.19 5190,600.00 ($109,447.81) $190,600.00 42.58 % Contributions and Donations !onlribulions-Civic Assoc. $0.00 50.00 50.00 50.00 50.00 $0.00 50.00 0.00% 'ontribulions- Community $0.00 $0.00 $0.00 512-114.95 50.00 512-114.95 $0.00 0.00% $0.00 SO.00 SO.00 $12,214.95 50.00 512-114.95 $0.00 0.00 Federal Grants edeml Grants - Other $0.00 $0.00 SO.00 $0.00 $0,00 $0.00 $0.00 0.00% $0.00 $000 50.00 50.00 $0.0(1 50.00 50.00 0.00% Other ryment in Lieu of Tuxes -Water $9,925.00 $2,475.00 57,450.00 519,850.00 $29,700.00 ($9,850.00) $29,700.00 66.84 % des of Maps and Publications $0.00 50.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% edification, Copies, Misc Ot 5117.85 $0.00 5117.85 5591.30 $0.00 5591.30 50.00 0.00% iscellanenus Services 50.00 $1,250.00 ($1-150.00) 50.00 $15,000.00 ($15,000.00) $15,000.00 0.00 Jerk's Charges & Fees $0.00 SO.00 $0.00 575.00 $0.00 $75.00 50.00 0.00% rblic Safety - Other Chrg/Fee $0.00 $0.00 50.00 50.00 50.00 $0.00 50.00 0.0000% 4 5 Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent Lot Mowing and Clearing $0.00 50.00 50.00 50.00 50.00 50.00 50.00 Snlc of Fixed Assets $0.00 $0.00 50.00 50.00 50.00 $0.00 $0.00 0.00% Management Fen 50.00 $0.00 50.00 $0.00 50.00 SO.00 0.00% Other Contractual Agreemems SO.00 51-183.00 (51-183.00) $0.00 515,400,00 ($15,400.00) 50.00 $15,400.00 0.00 % Other Miscellaneous Revenue $0.00 50.00 50.00 52,711.00 50.00 $2,711.00 50.00 0,00% Operating Transfer SO.00 50.00 $0.00 50.00 $0.00 $0.00 $0.00 0.00% Operating Trans - Water Fund $0.00 SO.00 50.00 $000 $0.00 $0.00 $0.00 0.00% Debt PmcaLds $0.00 $0.00 50.00 50.00 $0.00 50.(10 $0.00 0.00% $10,042.85 S5,70H.00 55,034.85 523-127.3(1 $60,100.00 (536,872.70) 560,100.(1(1 0.00% 38.65 % Total Revenues $207,570.05 5464,1111.1111 ($25(-1,5311.95) $4,6 22,248.66 $5,569,271.1111 r ($)27,022.34) r $5,.56),271.00 $3.35 "/„ Expenditures Admin & General Executive Salaries $8,319.24 $9,012.00 $692.76 554,075.06 $108,150.00 $54,074.94 $108,150.00 50.00% tegular Safaris - Admin $20,884.90 $25,912.00 55,027.10 5135,751.85 $310,951.00 $175,199.15 $310,951.00 43.66"^% )then Salaries - Pan Time $0.00 $0.00 $0.00 50.00 50.00 $0.00 50.00 0.00% .onlingency- Miscellaneous 50.00 $29,166.00 $29,166.00 53,007.16 $350,000.00 $346,992.84 $350,000.00 0.86% )vertinte-Admin $420.06 $416.00 (54.06) 51,713.13 $5,000.00 $3,286.87 $5,000.00 34.26% 'ICA Taxes $2,266.25 52,863.00 $596.75 513,563.58 $34,356.00 520,792.42 $34,356.00 39.48 % :elimmenl Contributions $5,640.90 $6,363.00 5722.10 534,852.54 576,358.00 $41,505.46 576,358.00 45,64 % ire and Health Insurance $4,993.54 $7,759.00 $2,765.46 $38,859.75 $93,117.00 $54,25725 $93,117.00 41.73 % ✓orkers' Compensation $0.00 5000 50.00 50.00 $0.00 50.00 $0.00 0.00% unemployment Compensation 50.00 $0.00 $0.00 50.00 SO.00 $0.00 $000 egal Services - Admin $29,429.35 $33,333.00 $3,903.65 5192,195.63 5400,000.00 $207,804.37 $400,000.00 0.00% 48.05% egal Services -Planning Board $0.00 S416.00 5416.00 50.00 $5,000.00 $5,000.00 $5,000.00 0.00% agincering Fees $0.00 $83.00 583.00 50.00 $1,000.0() 51,000.00 SI,O()().00 0.00% isc. Prof Svcs: Building Inspections $43,325.00 $28,787.00 ($14,538.00) 5192,097.05 $350,000.00 $157,902.95 $350,000.00 54,88 % isc PmrSves-TH ($33,196.76) 59,583.00 542,779.76 53,439.69 $115,000.00 $111,560.31 $115,000.00 2.99 % ;counting and Auditing Fos $1,633.46 $1-191.00 (5342.46) 514,208.31 $15.500.00 $1,291.69 515,500.00 91.67 % operty Trash Removal/ Mowing $0.00 5208.00 $208.00 $1,965.54 52,500.00 $534.46 $2,500.00 78.62% avel and Per Diem -TH 50.00 $477.00 $477.00 SO.W 55,500.00 55,500.00 $5,500.00 0.00% rmmunication-T11 $607.55 $958.00 $350.45 $4,240.69 511,500.00 $7-159.31 511,500.00 36.88 % stage $172.67 $375.00 $202.33 $47695 $4,500.00 54,023.05 $4,500.00 10.60 % xlric -TII 5499.78 $750.00 $25022 53-134.21 $9,000.00 S5,765.79 59,000.00 35.94 %" iter $3,154.03 $1,666.00 ($1,488.03) $9,146.71 520,000.00 $10,853.29 $20,000.00 45.73 % Mal and Lease Expense $1,892.88 5700.00 ($1,192.88) 54,486.89 $8,400.00 S3,9I3.11 $8,400.00 53.42% urance- Liab/Pmp/WC $33,53426 $7,500.00 (526,034.26) SH9,044.04 590,000.00 5955.96 590,000.00 98.94 % 5 6 Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent Insurance -Property 50.00 5500.00 $500.00 55,851.00 56,000.00 5149.00 $6,000.00 97,52 % Insurance - Errors & Omission $0.00 50.00 50.00 50.00 50.00 50.00 50.00 Building Maintenance -TH $518.38 SI 150.00 5731.62 $5,057.00 515,000.00 $9,943.00 $15,000.00 0.00 % 33.71 % Lawn Maintenance $1,510.63 5791.00 (5719.63) 56,665.67 59,500.00 52,834.33 $9,500.00 70,16 % Bird Sanctuary Maintenance $0.00 S454.00 $454.00 30.00 55,000.00 55,000.00 55,000.00 0.00% OMcc Eq/Supp/Compuier-TIi 51,758.99 $2,121.00 5362.01 S?12,542.38 525,000.00 52,457.62 525,000.00 90.17% Printing and Binding -TIi $750.34 $541.00 (5209.34) 54,461.44 $6,500.00 $2,038.56 S6,500.00 68.64% Ugal Advertisement & Other $887.52 5416.00 ($471.52) 57,799.12 $5,000.00 53,200.88 $5,000.00 35.98 % Uniforat Cleaning S100 SO.00 $0.00 5090 50.00 50.00 $0,00 0.00% Contra for W/F Mgml Fees $0.00 (57,500.00) (57,500.00) (522,500.00) ($90,000.00) ($67,500.00) ($90,OOO,m) 25.00% Misc. Olhcr-TH $0.00 50.00 50.00 $0.00 $0.00 $0.00 $0.00 0.00% Office Supplies $41.96 5208.00 5166.04 $1,149.91 $2,500.00 $1,350.09 $2,500.00 46.00% Books, Membership, Training -TIi $1,37820 $977.00 ($401.20) 56,108.08 $11,500.0() 55,391.92 511,500.00 53.11% Contributions & Special Events $0.00 $125.00 5725.00 50,01 $1,500.00 SI,5()().00 $1,500.00 0.00% Capital Outlay -TH $118,701.00 $30,004.00 (588,697.00) 5169,145.36 $356,871.00 $187,725.64 5356,871.00 47.40 $249,124.13 $197,5(15.(10 (551,619.13) 5996,638.74 ----FI,-373,564.26 52,370,203.0(1 $2,370,203.00 42.05%F2,370,203.00 Fire Fire Control Contract Services $39,456.99 $39,458.00 51.01 S236,741.94 5473,500.00 $236,758.06 $473,500.00 50.00% Mise. Repainmd Maintenance $0.00 583.00 583.00 $0.00 SI,000.00 $1,000.0() $1,0()0.00 0.00% $39,456.99 $39,541.00 $84.015236,74194 $474,500.0(1 $237,758.06 $474,500.00 49.89 Police 3xeculive Salaries $8,971.54 59,719.00 $747.46 $58,315.01 $116,630.00 $58,314.99 SI 16,630.00 50.00% iegular Salaries- Pnlicc OM $58,383.60 $70,594.00 $12.210.40 $385,525.24 $847,138.00 $461,612.76 $847,138.00 45.51 % lvcrlimc- Pnlicc $1,488.25 SI.250.00 ($23825) $2,714.84 515,000.00 $12,285.16 $15,0(10.0(1 18.10% ncentive pay $932.28 5990.00 557.72 $5,967.52 511,880.00 $5,912.48 $11,880.00 5023% 'ICA Taxes $5,337.84 $6,241.00 5903.16 $34,248.80 374,900.00 $40,651.20 $74,900.00 45.73 % Lelirement Contributions 514,090.70 $15,411.00 51,320.30 $88,593.66 $184,935.00 596,341.34 5184,935.00 47.91 % .ife and Health Insurance 50.00 50.00 50.00 50.00 $0.00 $0.00 $0.00 0.00% ire and I lealth Insurance $13,565.48 518,609.00 $5,043.52 $113,969.11 $223,305.00 $109,335.89 $223,305.00 51.04% Vorkers' Compensation $0.00 $0.00 $0.00 50.00 $0.00 $0.00 $0.00 0.00% Inemployment Compensation $0.00 $0.00 50.00 $0.00 50.00 $0.00 50.00 0.00% egal Services - PD $0.00 541.00 541.00 $0.00 5500.00 $500.00 $500.00 0.00% I Ise Prof Svcs - PD 525.00 583.00 S58.00 $310.00 51,00090 5690.00 $1,000.00 31.00% ispalch Service Contract $0.00 $5,416.00 $5,416.00 $55,961.00 $65,000.00 $9,039.00 $65,000.00 86.09% ravel and Per Dian - PD SOHO $166.00 $166.00 $0.00 52,000.00 $2,000.00 $2,000.00 0.00 ommunication - PD $236.43 $291.00 $54.57 $1.200.68 $3,500.00 32,299.32 $3,500.00 34.31 % Iectric - PD $197.19 $250.00 652.81 S1.260.53 53,000.00 S1,739.47 $3,000.00 42.02% 6 7 Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent Building Maintenance - PD $534.96 5250.00(S284.96) 53,778.73 53,000.00 ($778.73) S3,000.00 Vehicle Maintenance $761.64 $666.00 (595.64) 52,627.93 58,000.00 $5,372.07 S8,000.00 125.96% Once Eq/Supp/Computer - PD 51,174.25 S375.00 (5799.25) S4,558.?12 54,500.00 (558.22) $4,500.00 32.85% Printing and Binding - PD $0.00 $41.00 $41.00 101.29 "/ 1 -'gal Advertisement S other $0.00 S294,00 $500.00 5206.00 S500.005.0 " /" Uniform Cleaning 50.00 $0.00 311.00 SO.00 $0.00 $0.00 0.00% 5148.00 5275.00 5127.00 $868.00 $3,300.00 $2,432.00 53,300.00 26.30% Fuel $2,64223 $4,583.00 $1,940.77 515,986.05 555,000.00 S39,013.95 555,000.00 29.07% Uniforms; &Equipment 5234.83 5541.00 S306.17 51,335.06 $6,500.00 $5,164.94 S6,500.00 Books, Memberships, Training - PD $159.00 51,333.00 $1,174.00 $609.00 $16,000.00 Sl5,391.U0 516,000.00 20.54% Continued Education - CPE 50.00 50.00 SO.()() 50.00 50.00 $0.00 3,81 % Capital Outlay - PD $0.00 $8,083.00 SN,083.00 $55,522.05 $97,000.00 S41,477.95 50.00 597,000.00 0.00% $1011,8113.22 S145r08.00 536,324.78 $833,645.43$1,742,588.00 $908,942,57 $1,742,588.(1(1 57.24% 47,84 "/ Streets Regular Salaries - Streets $5,059.32 $5,814.00 $754.68 $32,883.78 $69,771.00 536,887.22 $69,771.00 47.13 % 3vcnimc-Strects $0.00 $166.00 SI66.00 $332.00 S2,000.00 $1,668.00 $2,000.00 16.60"" 'ICA Taxes $387.04 5457.00 S69.96 $2,541.05 $5,491.00 $2,949.95 $5,491.00 46.28 "/ tedirement Contributions 51,058.40 $1,146.00 $87.60 S6,87924 513,759.00 56,879.76 $13,759.00 50.00 % .ife and Health Insurance $1,547.41 $1,551.00 53.59 510,832.57 $18,620.00 $7,787.43 $18,620.00 4isc Prof Svcs - Strects S40,518.94 $4,545.00 (535,973.94) S42,129.63 S50,000.00 $7,870.37 550,000.00 58.18 % :ammunication- Strects $18.31 $41.00 $22.69 5217.10 $500.00 $282.90 S500.00 84.26% !lectric- Strects $1,5111.38 $1250.00 ($268.38) S8.256.47 515,000.00 $6,743.53 $15,000.00 43.42% '.ental and Lease Expense $0.00 533.00 $33.00 50.00 $400.00 $400.00 55.04% 'chicle Maintenance -Streets 5554.20 5416.00 ($13820) 54.027.56 $5,000.00 $972.44 5400.00 0.00% list. Repairand Maintenance S262.00 $2,833.00 $2.571.00 $5,136.87 $34,(8)0.00 $28,863.13 $5,000.00 80.55% fisc. Other -NPDES S0.00 $625.00 5625.00 56,882.00 $7,500.00 $618.00 $34,000.00 S7,500.00 15.11 % rater Fund Labor Fccs 50.00 SO.00 50.00 $0.00 $13.00 $0.00 91.76"" Pending Supplies 525191 $41.00 (S210.9I) $1,299.69 $500.00 ($799.69) SO.00 S500.00 0.00 % 259.94% nifonms & Equipment $0.00 $41.00 $41.00 $240.00 $500.00 5260.00 5500.00 48.00% and Materials and Supplies $0.00 $100.00 $100.00 50.00 S1,200.00 S1,200.00 $1,200.00 0.00% rpiml Outlay - Strects 525,267.50 537,537.00 S12r69.50 $46,416.64 5455,000.00 5408,583.36 $455,000.00 1010% instruction in Progress SO.00 50.00 50.00 S0.00 50.00 $0.00 50.00 0.00 % 576,443.41 556,596.00 (519,847.41) $168,074.60 $679,241.00 5511,166.40 S679,241.00 24.74 Legal ,gular Salaries - Legal $7,440.76 $8,060.00 5619.24 $48,364.94 596,730.00 $48,365.06 $96,730.00 50.00 % 'A Taxes -Legal 5569.22 5616.00 546.78 $3,699.93 57,400.00 S3,7DO.07 $7,400.00 50.00 % dremcnt Contributions - legal $1,556.60 SI,686.00 5129.40 $10,117.90 S217_36.DO $10,118.10 $20,236.00 50.00% c and Health insurance - Legal $1,290.17 $1,551.00 S260.83 S10,575.33 518,623.00 S8,047.67 $18,623.00 56.79% 7 Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent WorALm' Compensation- Legal 50,00 S0.00 50.00 50.00 SO.00 $0.00 50.00 0.00 "% Unemployment Compensation - Legal $0.00 SO.00 SO.00 $0.00 $0.00 $0.00 50.00 0.00% Travel and Per Diem -Legal 50.00 583.00 $83.00 5111.98 51.000.00 $888.02 51,000.00 11.20% Communication - Legal $52.33 562.00 59.67 5329A I $750.00 5420.39 $750.00 43.95% Postage -Legal $0.00 S41.00 541.00 SOM S500.00 5500.00 S500.00 0.00% Printing and Binding - Legal $0.00 $41.00 $41.00 $0.00 $500.00 $500.00 $500.00 0.00% Office supplies - Legal 50.00 $41.00 $41.00 $0.00 5500.00 $500.00 5500.00 0.00% Boole, Membemhip, Training - legal $845.00 $625.00 (5220.00) $2,131.77 $7,500.00 $5,368.23 $7,500.00 28.42% Total $11,754.08 512,806.00 51,051.92 575,331.46 $153,73200 $78,407.54 5153,739.00 -49.00% Sanitation 3arbage Contract Services $11,729.97 $11,715.00 ($14.97) $70,379.82 S141,200.00 570,820.18 $141,200.00 49.84 % Nisc. Trash Disposal SO.D0 S701.00 $701.00 $0.00 $7,800.00 $7,800.00 S7,800.00 0.00% Total Sanitation $11,729.97 $12,416.0(1 $686.03 570,379.82 5149,000,00 $78,620.18 5149,0(10.(111 47.23 % Total Expenditures $497,391.80 $464,1172.1111 ($33,119.80) S2,180,811.99 $.5,569,271.00 53,188,459.01 $5,569,271.00 42.75 % 1ct Revenue (Derici) ($289,821.75) $29.1111 (5289,8511.75) $2,261,436.67 $0.00 $2,261,436.67 $11.00 0.1111 % IET SURPLUS/(DEFICIT) ($289,821.75) $29,1111 ($289,8511.75) $2,261,436.67 $0.00 $2,261,436.67 $0.00 0.00 % Town of Gulf Stream Income Statement Water Fund as of March 31, 2018 Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent Revenues Water Sales Water Sales $186,150.85 586,666.00 $99,484.85 $513,416.94 51,040,000.00 ($526,5113.06) $1,040,000.00 49.37% Total Water Sales $186,150.85 586,666.00 $99,484.85 $513,416.94 $1,040,000.00 (5526,583.06) $1,040,000.00 49.37 % Reserve rem $2,022.05 $2,500.00 S477.95 $10,645.30 $30,000.00 $19,354.70 $30,000.00 35.48 % Reserves Fees $22,620.00 $11,250.00 $11,370.00 $67,800.00 $135,000.00 ($67,200.00) $135,000.00 50.22% Total Reserve Fees $22,620.00 $11_5(1.00 $11,370.00 $67,800.00 5135,000.00 ($67,201.00) 5135,000.00 50.22% Interest Merest On Investment $1,35890 $0.00 $1,35890 57,507.41 50.00 $7,507.41 $0.00 0.00% venime - Water $1,35890 $0.00 S1,358.90 S7,5O7.41 $11.00 $7,507.41 $0.00 0.00% Total Revenues $210,129.75 $97,916.1111 $112,213.75 $588,724.35 $1,175,000,00 ($586,275.65) 7175,1100.00 50-10 %^ Expenditures Water Purchased Vuler Purchased - Commodity 549,836.87 $53,333.00 53,496.13 S217,157.67 $640,000.00 5422,842.33 S640,000.00 33.93% Vater - Capacity $2,022.05 $2,500.00 S477.95 $10,645.30 $30,000.00 $19,354.70 $30,000.00 35.48 % Vater Purebased-Meter Charge $7.36 $9.00 51.64 538.66 $110.00 $71.34 $110.00 35.15% Total Water Purchased $51,866.28 $55,842.011 53,975.72 7227,841.63 $670,110.00 5442-8.37 $670,110.00 34.00% Other Expenses egular Salaries - Witter $3,688.20 34,078.00 $389.80 523,971.86 548,946.00 $24,974.14 $48,946.00 48.98 % venime - Water 50.00 $416.00 $416.00 $69.15 55,000.00 $4,930.85 $5,000.00 1.38% ICA Taxes $282.14 $312.00 529.86 51,839.11 S3,745.00 51,905.89 $3,74590 49.11 % etirernenl Contributions $771.58 $835.00 563.42 55,014.91 $10,030.00 $5,015.09 $10,030.00 50.00% ire and Health Insurance $1,183.86 SI,555.00 5371.14 S9,834.44 518,669.00 $8,834.56 $18,669.00 52.68% IS/Mopping 50.00 $541.00 $541.00 $3,846.30 $6,500.00 $2,653.70 $6,500.00 59.17% 'ater Sarnp ling & Testi ng $105.00 $333.00 $228.00 $630.00 $4,000.00 $3,370.00 54,000.00 15.75% .pair Services $80.00 $833.00 S753.00 $3,505.00 510,(100.00 $6,495.00 $10,000.00 35.05 % xncrnl Management Fees $22,500.00 $7,500.00 (S 15,000.00) 345,000.00 $90,000.00 $45,000.00 $90,000.00 50.00 % iRware Maintenance Contract S624.85 $416.00 ($208.85) $7,601.17 55,000.00 (52,601.17) $5,000.00 152.02% rmmunication $72.73 S41.00 (S31.73) 5222.81 S500.00 $277.19 $500.00 44.56% ,stage S105.00 S83.00 ($22.00) 5513.00 $1,000.00 5487.00 $1,000.00 51.30% 9 Town of Gulf" Stream Income Statement Water Fund as of March 31, 2018 IET SURPLUS/(DEFICn) $113,076.20 $11.1111 $113,065.20 $170,178.61) $0.111) $170,178.60 $0.00 0.00% 10 Current Month YTD Actual Budget Variance Actual Budget Variance 2017 Budget Percent Electric - Chlorinator $28.68 S45.00 S16.32 S157.61 5550.00 5392.39 $550.00 Insurance - General Liability SO.00 SI.250.00 $1.250.00 $14,900.00 515,000.00 $100.00 515,000.00 28,66 % Printing and Binding SO.00 $12.00 $12.00 552.75 5150,00 $97.25 $150.00 99.33 % Provision for Bad Debt $0.00 $166.00 5166.00 $0.00 $2,000.00 S2,000.GO $2,000.00 35.17% Payment In Lieu ofTaxm $9,925.00 $3,308.00 ($6,617.00) 519,850.00 S39,700.00 $19,850.()0 $39,700.00 0.00% 50.00% Misc. Operating Supplies $2,820.23 $416.00 (52,40423) S3,868.14 55,000.00 51,131.86 $5,000.00 77.36 % General Office Supplies $0.00 S41.00 S41.00 $0.(1(1 S500,00 $500.00 $500.00 Uniforms & Equipment $0.00 $16.00 SI6.00 5240.00 5200.00 ($40.00) $200.00 0.00 % Books, Membership, Tmining-Water $0.00 $33.00 533.00 50.00 S400.00 S400.00 120.00% Deprmintion Expense $3,000.00 $1,000.00 (52,(1(8).00 $6,000.00 $12,000.00 56,000.00 $400.00 $12,000.00 0.00% Renewal& Replacement Expense $0.(X) SI.250.00 S1,250.00 $9,287.09 $15,000.00 55,712.91 $15,000.00 50.00% :apilal Outlay -Water $0.00 $17,583.00 $17,583.00 $34,300.78 5211,000.00 $176,69922 5211,000.00 61.91 % 16.26% Total Other Expenses $45,187.27 $42,063.00 ($3,12427) SI90,704.12 S504,890.00 $314,185.88 $504,890.00 37.77 Total Expenditures $97,053.55 $97,9115.011 $851.-05 $418,545.75 $1,175,000.110 $756,454.25 $1,175,000.00 35.62 -A 4et Revenue (Deficit) $113,076.21) $11.011 $113,065.20 $170,178.60 $0.00 $170,178.60 $11.1111 0.00 % IET SURPLUS/(DEFICn) $113,076.20 $11.1111 $113,065.20 $170,178.61) $0.111) $170,178.60 $0.00 0.00% 10 Revenues Non -Ad Velorcm Taxes Ad Valorem Taxes - Current Early Payment Discount -Ad Valli NAV Taxes - Fees Total Non- Ad Velorcm Taxes Interest Interest On Investment Other Assessment Revenues nterest On Investment menst Revenue on Assessment Wmin Fec Revenue tefund Prior Yr Expenditure 4iscellancous Revenue Total Revenues Cxpenditures All Expenses 'IS/Mapping ngincering Fetis mf Svcs - Design Survey Work of Svcs - Project Management of Svcs - Const Survey Work of Svcs - Prejecl Admin orsvcs - AssuNsmenl Consult :counting and Auditing Fees- UG ret Svcs - FPL Fees ret Svcs - Street Light Syste Town of Gulf Stream Income Statement Undergrounding Fund as of March 31, 2018 Current Month YTD Actual Actual $0.00 $0.00 30.00 50.00 $0.00 50.00 5090 S0.00 $47.18 5261.86 S47.I8 $261.86 $9,797.73 3250,367.75 547.18 5261.86 $0.00 50.00 50.00 50.00 50.00 SO.00 $0.00 $1,626.02 $9,844.91 S252,255.63 $9,892.()9 $252,517.49 $0.00 50.00 $0.00 5786.25 $0.00 50.00 50.00 50.00 50.00 50.00 50.00 $0.00 50.00 52,045.99 51,169.50 58,998.95 SO.00 S30.00 $0.00 50.00 Town of Gulf Stream Income Statement Undergrounding Fund as of March 31, 2018 Vel Revenue (Deficit) $8,846.05 $225,731.16 JET SURPLUS/(DEFICIT) $8,846.115 $225,731.16 12 Current Month YTD Actual Actual Cont Svcs - UG Construction $0.00 91.1111 Cont Svcs - Pre Const Landscap SO.00 5(1.11(1 Cant Svcs - Post Const Gmdsca $0.00 S2,800.00 Cant Svcs - AT&T Fees 50.00 SO.00 Cont Svcs - Comcast Fem S().00 50.00 Legal Advertisement & Other SO.00 50.00 Discount 5163.45 59,331.53 County Admin Fee $96.34 $2,410.36 Mise. Expanses SO,00 $0.00 Debt Service - Principal 50.00 $0.00 Debt Service - Interest 50.00 $0.00 Total Other Expenses $1,046.04 $26,786.33 Total Expenditures S1,046.04 $26,786.33 Vel Revenue (Deficit) $8,846.05 $225,731.16 JET SURPLUS/(DEFICIT) $8,846.115 $225,731.16 12 MEMORANDUM TOWN OF GULF STREAM, FLORIDA OFFICE OF THE TOWN CLERK RTA TAYLOR DATE: April 7, 2018 TO: Mayor and.Commissioners RE: Water Usage Report The Water Usage Report will be delivered under separate cover prior to the meeting being held on April 13, 2019. Gulf Stream Police Department Activity Report 0 From 3/12018 Through 3/31/2018 Activity Count ALARMS 18 ASSIST OTHER DEPARTMENT 18 BURGLARY AUTO 1 DIRECTED PATROL 131 DISTURBANCE 1 IDENIITY THEFT / FRAUD 2 POLICE SERVICE 13 SUSPICIOUS INCIDENT 1 SUSPICIOUS PERSON 1 SUSPICIOUS VEHICLE 1 TOWN ORDINANCE VIOLATION 29 TOWN ORDINANCE VIOLATION (DOG) 1 TRAFFIC COMPLAINT 2 TRAFFIC CRASH 1 TRESPASSING 1 TRAFFIC CONTACTS 120 Gulf Stream Police Department RA. Activity Report From 3/1/2017 Through 3/31/2017 Activity Count ALARMS 16 ASSIST OTHER DEPARTMENT 8 DIRECTED PATROL 125 DISTURBANCE 3 FOUND PROPERTY 3 IDENTITY THEFT 2 POLICE SERVICE 13 SUSPICIOUS INCIDENT I TOWN ORDINANCE VIOLATION 26 TOWN ORDINANCE VIOLATION (DOG) 3 TRAFFIC COMPLAINT 3 TRAFFIC CRASH I VERBAL DISPUTE I TRAFFIC CONTACTS 108 AlEMORANTUD'I TOM\ OF GULF STREADI, FLORIDA OFFICE OF THE TOWN CLERK R[TA TAYLOR DATE: April 6, 2018 TO: Mayor .and Commissioners RE: Appointment of ARPB Member Mr. Dockerty's first 3 -year term on the ARPB has ended. It is therefor necessary that there be an appointment or re- appointment made.