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.