Popular Annual Financial Report FY2023

FY2023

POPULAR

ANNUAL

FINANCIAL REPORT

an unaudited summary report of the financial activities of the City of Winter Park, Florida fiscal year ending 09.30.2023

Winter Park is the city of arts and culture, cherishing its traditional scale and charm while building a healthy and sustainable future for all generations.

table of contents

about this report

2

budget at a glance

profile + services

3

general fund revenues & expenditures

14

active citizen boards

4

property taxes & annual cycle

16

services in review

5

economic stability

6

financial activity

13

19

statement of net position

19

statement of activities

20

goals + initiatives + accolades

8

capital improvement plan

8

investments

22

major initiatives

10

debt service

22

awards + grants + accreditations

12

reserves

23

looking to the future

24

online services + contacts

25

about this report The Popular Annual Financial Report [PAFR] provides citizens and stakeholders with a basic overview of the city’s financial position.

The PAFR summarizes and condenses the financial activities of the city’s governmental and business-type activities in a more digestible fashion than the audited Annual Comprehensive Financial Report [ACFR] or budget document from the year prior.

from the city manager

Because of this, the PAFR conforms less to generally accepted accounting principles and reporting requirements for government entities. For those interested in reviewig the ACFR, it can be accessed from the Florida Auditor General website via the city’s website at cityofwinterpark.org/departments/finance. Budget documents are also located on this page.

2

It is my pleasure to present the city’s inaugural PAFR. Also known as the Citizens’ Report, it provides the residents of Winter Park an overview of the city’s revenues, expenditures and other noteworthy indicators such as demographics, housing, capital spending and more, for the fiscal year ending September 30, 2023. The PAFR’s purpose is to summarize in an easy to read context.

We are additionally pleased to share that the city has received the Certificate of Achievement for Excellence in Financial Reporting for over 25 years and are looking to build on this excellence by adding the PAFR to the city’s repertoire of transparent, comprehensive and holistic reporting.

Thank you for taking the time to read this report. We welcome the opportunity to answer any questions you might have.

Randy Knight City Manager

profile + services a little history Developed in the late 1800s as a winter resort for northerners seeking warmer climates and mild weather, Winter Park has become a thriving community. It is home to 29,795 residents and a popular year-round destination for guests from around the world.

the governing body

Described by some as a small New England village with a European flavor with quaint shops and scrumptious restaurants, Winter Park is as beautiful as it is unique. In addition to its town-and-gown relationship with Rollins College, the oldest private college in Florida, the city has developed significant partnerships among area businesses, schools, cultural organizations, civic groups and neighborhood associations.

Winter Park boasts a favorable taxing structure and one of the lowest property tax rates in the region at just 4.0923 mills.

Winter Park was first chartered in 1887, and the present Commission-Manager form of government was adopted in 1949. The governing body is composed of four Commissioners and a Mayor who are elected for three-year terms by a city-wide non-partisan election.

The City Commission appoints the City Attorney, City Manager and advisory board members. The city is well represented through its 23 boards and committees comprised of volunteer citizens which when at full capacity, houses 161 members all looking to better the community.

The City Manager appoints department heads, subject to Commission confirmation and also approves all other employees. The City Manager is the Chief Executive Officer and is responsible for carrying out Commission policies through the professionally trained and experienced staff.

left to right

Commissioner Marty Sullivan Commissioner Sheila DeCiccio Mayor Phil Anderson Commissioner Kris Cruzada Commissioner Todd Weaver [FY2023]

3

active citizen boards [FY2023] listed by their city department liaisons

Building & Permitting Services Board of Adjustments

Parks & Recreation Advisory Board

Code Compliance Board

Tree Preservation Board

Construction Board of Adjustments & Appeals

Winter Pines Golf Course Advisory Board

Communications Public Art Advisory Board

Information Technology Broadband & Smart City Ad Hoc Committee

Natural Resources & Sustainability Keep Winter Park Beautiful (KWPB) & Sustainable Advisory Board

Planning & Zoning Historic Preservation Board Orange Avenue Overlay Appearance Review Advisory Board Planning & Zoning Board Winter Park Housing Board

Public Safety [police & fire-rescue] Civil Service Board

Lake Killarney Board

Winter Park Firefighters’ Pension Board

Lakes & Waterways Board

Winter Park Police Officers’ Pension Board

Office of Management & Budget Community Redevelopment Agency (CRA) Board [City Commission + Orange County Rep] Community Redevelopment Advisory Board Economic Development Advisory Board

4

Parks & Recreation

Public Works & Transportation Transportation Advisory Board Utilities Advisory Board

services in review [FY2023] CITYWIDE BUDGET Winter Park provides a full range of services, including GENERAL as well FUND as recreational activitiesELECTRIC and cultural UTILITY events.

FISCALconstruction YEAR 2023 police and fire-rescue; and maintenance of In addition, the city operates two $ enterprises: 10.01.2022 thru 09.31.2023 million reserves streets, sidewalks and infrastructure; engineering; water & wastewater service as well as electric utility. planning and community development; code compliance; [Solid waste collection services for the city is contracted goal reached undergrounding $ million investment general admin, communications and support services; with a private firm.]

30%

198.6 CIP

CAPITAL IMPROVEMENT PROJECTS

FACILITIES & INFRASTRUCTURE $ million

14.1

6.7

PARKS & RECREATION $ million

2.75

improvements made to buildings, storm drains, sanitary sewers, community development, etc. | does not include admin & operational costs

RESPONSE TIMES

911 CALLS

EMS RESPONSES

police priority 1 calls

received by call center

90% calls for service

<2 minutes

AFFORDABLE HOUSING $ thousand

320

CRA+city+direct investment

new homes, rehabs & assistance

GREENSPACES

16.3 acres

per 1,000 residents

23,408

<7 minutes

WP9 & WP18

PUBLIC WORKS

rounds played at 2 city golf courses

sidewalks replaced

89 thousand

LAKE CLARITY

7 feet

visibility depth

55,000 sq. ft. equal to 36 football fields

URBAN FORESTRY

279 trees planted

5

Strong signs of economic stability While the city’s population has remained steady, growing less than 1% per year, unemployment came in at 2.1% and median average household income is at just over $93,000. These demographics are also indicative of the diverse employment base that supports the city.

MEDIAN AVERAGE HOUSEHOLD INCOME

93thousand

OFFICEVS. VS. RETAIL OCCUPANCY OFFICE RETAIL OCCUPANCY October 2022-September 2023 October 2022-September 2023

$

93.7% 93.7%

97% 97%

OFFICE OFFICE

TOTAL JOBS

32thousand

RETAIL RETAIL

100.0%

100.0%

98.0%

98.0%

96.0%

96.0%

94.0%

30%

financial & business services

20%

leisure & hospitality

94.0%

92.0%

92.0% 90.0% 90.0% 88.0%

ct N obe obov r N e re m ov e mDe be bec em r D ec r em J be r b an Ja Fe r uary n u eb ar ru Fe y a ry br ua Ma ry rch M ar Ap ch ri l A M pr ay il Ju M ay ne Ju Ju l y nA eu g Se Jupt us t lyem A be ug r Se us pt t em be r

86.0% 88.0%

19% transportation, trade & utility

O

O

ct

86.0%

Retail

Office

Retail

Office

& 17% education health services

Office

building

6

Office

Winter Park

Orlando MSA Retail Winter Park Area] [Metropolitan Statistical Retail

Orlando MSA

[Metropolitan Statistical Area]

Winter Park Owner LLC [Bainbridge Apartments]

YEAR BUILT

[Winter Park Village]

HOUSING

Winter Park Town Center LTD

HOME OWNERSHIP

TOP 10 TAXPAYERS

BCDPF JUNO Winter Park LLC [Broadstone Apartments]

Holt Properties LLC & Langford RCI LLC [Rollins College]

NP Winter Park LLC

< 1939

1940-49

1950-59

1960-69

1970-79

1980-89

1990-99

2000-09

2010-19

66.3% own 33.7% rent

≥ 2020

[Center of Winter Park Shopping Center]

Mayflower Retirement Center, Inc.

Westmount at Winter Park LLC [Lee Road Apartments]

Village Lane Property LP

MINUTES

IVT Lakeside Crossing Winter Park LLC

EDUCATION

[Paseo Apartments]

COMMUTE TIME

Winter Park Town Center Development LLC

[Winter Park Village Apartments]

673million

$

< 9thGrade

No Diploma

<5

5-9

10-14

HS Diploma

GED

15-19

20-24

25-29

Source: Orange County Property Appraiser’s Office

Some College

Assoc Degree

30-34

35-39

40-44

Bach Degree

Grad Degree

45-59

60-89

90+

goals + initiatives + accolades our vision

Winter Park is the city of arts and culture, cherishing its traditional scale and charm while building a healthy and sustainable future for all generations.

This guiding statement helps shape the policies, strategy and actions developed by the city.

OUR VISION

FRAMEWORK

5

core objectives

Exceptional Quality of Life Intelligent Growth & Development Fiscal Stewardship Public Health & Safety Public Assets & Infrastructure Investment

Every city department contributes to achieving these core objectives. Through strategic planning, goal setting, benchmarking and hard work, city staff uses these guides to carry out and implement the budget, approved by the City Commission each year.

capital improvement plan [FY2023] Capital Improvement Plan (CIP) projects cover larger, long-term investments in facilities and infrastructure.

A project can be an addition of a permanent structural change or the restoration of some aspect of a property that will either enhance the property’s overall value, prolong its useful life, or adapt it to new uses.

Examples include construction of transportation, stormwater, water and wastewater projects, along with buildings such as fire stations, libraries and recreation centers. These investments can often take more than a year to complete and their costs may be distributed over time.

Please note the city’s FY2023 projects that have been highlighted on the following page.

8

Shady Park spray ground removal in anticipation for new upgrades

$50,000

Dinky Dock Park renovations

111,416

Mead Botanical Gardens capital improvements including addition of new pavilion

119,134

cemetery & golf storage improvements

124,441

public facility solar awning project

128,791

Fire-Rescue Station 61 physical improvements

139,150

Central Park Main Stage final improvements

139,905

Seven Oaks Park construction investment [not including design]

180,717

Information Technology infrastructure upgrades

198,345

stormwater infrastructure improvements

215,905

Martin Luther King, Jr. Park improvements

242,512

Golf Course [WP9] & Pines Golf Club [WP18] minor improvements

286,338

Ironbridge wastewater treatment facility [shared with Orlando] improvements

416,176

public facilities replacement & repairs

651,452

sewer mains rehabilitation

874,877

water mains replaced

1,054,040

water & wastewater treatment plants improvements

1,157,393

Showalter Stadium & Ward Park reinvestment

1,158,295

new fire training facility on land contributed to the city

2,424,056

electric utility lines undergrounding

7,459,481

FUNDING TOTAL

*does not include contractual services, small equipment & general operations costs

HIGHLIGHTED CIP FUNDING ACTUALS [FY2023]*

$17,132,424

9

major initiatives The city’s 13 departments work diligently across its organization to better improve the infrastructure, utility and level of service for the citizenry in which its serves. The list below provides highlighted capital expenditures for physical improvements to the city, not including operations, to showcase the volume and dedication to investment, ensuring the city’s commitment to a high level of service.

Seven Oaks Park

Work began in 2022 on this new park at Orange Avenue and Denning Drive. Funding for this new park will come from the city’s allocation of American Rescue Plan Act dollars. The grand opening of this 2.4-acre park is expected early 2025.

West Meadow Restroom & Storage

Funded by the city’s Community Redevelopment Agency, this project will bring restrooms in the City Business District that will enhance the experience of the Saturday Farmers’ Market as well as provide a needed amenity for guests.

Mead Botanical Garden & Ward Park

The city has funded $2.8 million in improvements which include parking and accessibility enhancements at Mead Botanical Garden along with upgrades to fields, accessibility and infrastructure at Ward Park.

Undergrounding Power Lines

Placing overhead power lines underground continues to be a major priority of the city with a goal of completing five miles of undergrounding each year. This effort is being funded by current operating revenues of the electric utility.

Sustainability Action Plan

The city has adopted a Sustainability Action Plan that calls for reducing greenhouse gas emissions and includes targets of achieving an 80% renewable power supply by 2035 and 100% by 2050. This plan also calls for periodic evaluation of the feasibility of reaching these targets without allowing the city’s electric rates to exceed 105% of the Florida municipal average.

Swoope Parks Facility Building

This facility located next to the Winter Park WP9 Golf Course will provide storage and maintenance space for all downtown parks and greenspaces.

Fire Training Facility

Property was contributed to the city which will be used to add a new fire training facility off Wymore Road.

Building & Permitting Facility

The city is in the process of renovating a building located next to the city’s operational compound on Howell Branch Road. The new location will provide adequate office and visitor space to handle all Winter Park’s permitting needs.

Stormwater Improvements

The city has four major stormwater studies/evaluations which are anticipated to be completed within the next fiscal year. The first three will be comprehensive studies which will focus on roughly a third, each, of the city’s geographic boundaries. All three of these studies will include coordination with upstream and downstream jurisdictions, as well as with the St. Johns River Water Management District.

At completion, the resulting models will be consolidated into a single urban stormwater model for various types of storm events. This will facilitate easier periodic updates as the city will be conducting ongoing data collection, implementing instrumentation of surface water bodies, and including ongoing public and private land development in its model. The fourth study will be a professional, independent review of the Federal Emergency Management Agency (FEMA) Community Rating System (CRS). This study will evaluate the costs and benefits of the city joining the National Flood Insurance Program and allow the city to make an informed decision about participating in the CRS program.

11

awards + grants + accreditations Government Finance Officers Association [GFOA] With 20,000+ members representing federal, state/provincial, and local finance officials, participants are deeply involved in planning, financing and implementing thousands of governmental operations in each of their jurisdictions. GFOA’s mission is to advance excellence in public finance.

Government Finance Officers Association

GOVERNMENT FINANCE OFFICERS ASSOCIATION

Distinguished Budget Presentation Award

Certificate of Achievement for Excellence in Financial Reporting

PRESENTED TO

Presented to

City of Winter Park

City of Winter Park Florida

For the Fiscal Year Beginning

For its Annual Comprehensive Financial Report For the Fiscal Year Ended

Florida

October 01, 2022

September 30, 2022

Executive Director

Executive Director/CEO

$

119thousand grant

$

4million grant

The Community Development Block Grant Program supports community development activities to build stronger and more resilient communities by addressing infrastructure, economic development projects, housing rehabilitation, homeowner assistance, etc.

The NRCS vision is a world of clean and abundant water, healthy soils, resilient landscapes, and thriving agricultural communities through voluntary conservation.

CAPRA is the only national accreditation of park and recreation departments and a valuable measure of a department’s overall quality of operation, management and service to its community. It is considered the gold standard.

The city’s Fire-Rescue and Police departments both carry exemplary accreditations.

Fire-Rescue maintains premier status through its dual-accreditation with the Commission on Fire Accreditation International and Commission for Accreditation of Ambulance Services, as well as a Class 1 rating through the Insurance Service Office.

Police holds the honorary distinction of EXCELSIOR recognition through the Florida Department of Law Enforcement.

budget at a glance [FY2023] ACTUAL EXPENDITURES

FUND BY TYPE MILLION

$100 $ 80 $ 60 $ 40

CAPITAL PROJECTS

ENTERPRISE

INTERNAL SERVICE

198.6million

$

DEBT SERVICE

CITYWIDE BUDGET

0

SPECIAL REVENUE

$

GENERAL FUND

$ 20

39.1%

8.6%

1.4%

2.5%

39.5%

8.9%

2019

n The GENERAL FUND is the primary operating fund that supports the majority of operations to residents, businesses and guests. This includes service and operations for all 13 departments including salaries/benefits, capital outlay, transfers and nondepartmental uses such as non-profit support. n The SPECIAL REVENUE FUNDS account for specific revenue sources that are restricted by law or administrative action to expenditures for specific purposes. n The DEBT SERVICE FUND is designed to holds funds to pay for principal and interest for long-term debt.

2020

2021

2022

2023

n The CAPITAL PROJECTS FUNDS include money for major projects such as roads, parks and general “brick and mortar” obligations. n The ENTERPRISE FUNDS account for revenueproducing operations with charges to customers for sales and services, such as utilities. The Enterprise Funds consist of the electric services and water & sewer funds. n The INTERNAL SERVICE FUNDS are established for the financing of goods or services provided by one department to other departments within the city on a cost-reimbursement basis.

13

general fund revenues & expenditures The city is required to account for its finances using fund accounting. This method separates revenues and expenses into different funds based on the source of the revenue and intended use. The most notable is the city’s general fund. These include property taxes, utility taxes, franchise fees, licenses & permits, intergovernmental revenues, charges for services, fines, transfers and other revenue.

Expenditures for these items are broken down on the next page.

intergov’t

13%

19%

4% franchise fees 1% license+permits

charges for services

10%

2% fines

utility taxes

9% transfers 1% investment earnings other 1% revenue

40%

property taxes

GENERAL FUND REVENUES

FY2019

FY2020

FY2021

FY2022

FY2023

PROPERTY TAXES

$22,531,341

$24,313,515

$26,155,260

$27,511,689

$30,400,941

UTILITY TAXES

6,610,204

6,665,189

6,791,257

7,006,666

7,533,817

FRANCHISE FEES

935,492

862,173

823,954

845,243

682,947

LICENSES + PERMITS

3,938,661

3,262,11 8

3,684,484

3,667,915

2,890,770

INTERGOVERNMENTAL

8,357,430

7,307,153

7,575,680

9,284,363

9,612,546

CHARGES FOR SERVICES

9,796,638

8,860,037

9,712,719

11,665,578

13,872,437

FINES

1,397,330

1,047,091

830,204

1,180,220

1,505,884

TRANSFERS

5,303,292

5,224,645

5,346,469

7,488,744

6,291,728

INVESTMENT EARNINGS

1,107,060

620,102

(24,837)

(2,495,309)

678,400

OTHER REVENUE

231,923

434,621

287,582

286,121

484,638

TOTAL

$60,209,371

$58,596,644

$61,182,772

$66,441,230

$73,954,108

d es

The largest increase in total value was in property taxes at over $2.9 million or 10.5% from last year. Charges for services also saw significant growth from 19% in 2023 and 20% in 2022. Expenditures rose in parks & recreation due to

GENERAL FUND EXPENDITURES

FY2019

the purchase of the Winter Park Pines Golf Club. Transfers also saw an increase as the uptick out of COVID has grown the total number of Capital Improvement Plan (CIP) projects. Transfers out to the CRA also still remain healthy.

FY2020

FY2021

FY2022

FY2023

GENERAL ADMINISTRATION

$1,502,324

$1,754,007

$1,830,850

$2,218,901

$2,627,867

INFORMATION TECHNOLOGY

594,524

572,889

495,973

767,303

844,615

FINANCIAL SERVICES

392,858

419,202

446,235

440,836

535,551

COMMUNICATIONS

382,158

191,381

233,418

520,949

357,671

PLANNING + COMMUNITY DEVELOPMENT

550,958

871,964

1,034,432

1,225,552

1,002,759

BUILDING & PERMITTING SERVICES

2,023,916

2,363,024

2,045,153

1,982,704

2,240,579

PUBLIC WORKS & TRANSPORTATION

9,429,907

8,977,049

8,505,929

9,867,266

11,337,985

POLICE

14,504,784

14,901,031

15,235,458

16,338,467

16,221,951

FIRE-RESCUE

12,785,748

13,204,252

13,319,849

13,626,554

13,666,042

PARKS & RECREATION

8,654,415

8,563,143

8,712,096

10,731,167

12,442,308

CULTURAL + COMMUNITY SERVICES

1,556,772

1,717,339

1,657,004

1,656,999

1,840,000

TRANSFERS OUT

5,344,129

5,316,947

5,357,606

7,492,780

8,709,855

TOTAL

$57,722,493

$58,852,228

$58,874,003

$66,869,478

$71,827,183

EXAMPLE OF BUDGET EXPENDITURE BREAKDOWNS Organizational Support 0.3% Debt Service 0.6% Contingency 0.7% Library 2.5% CIP 3.8% Transfer to CRA 5.7%

11.5% General Government 15.6% Public Works 16.5% Parks 19.1% Fire-Rescue 23.7% Police

15

property taxes & annual cycle Property taxes account for approximately 43% of the city’s total budget, and is primarily supported by the residential properties in the tax base [80%].

Q How do changes in property values affect my taxes?

A Under Florida law, each year the value of a homesteaded property cannot increase by more than 3% or by the percent change of the Consumer Price Index, whichever is less.

Park 26% Winter Services

Q How much of property taxes actually go to the City of Winter Park?

29%

Orange County Services

A Only 26% of the mills applied for the City of Winter Park are collected for the city.

Q How are property taxes calculated?

A Each taxing authority sets a rate on real and personal

2% Voted Debt St. Johns River 1% Water Management

County 42% Orange Public Schools

property annually, which is expressed in mills. Each ‘mill’ generates $1 for every $1,000 of assessed valuation of taxable property. Here’s a simplified equation to help calculate your property taxes: assessed value of your property – exemption(s) = your property’s taxable value

16

taxable value / 1,000 x total millage rates = total property tax

Q How much am I being taxed

8

compared to the region?

A Winter Park has the 2nd lowest

7

[OPERATING, LIBRARY, DEBT SERVICE]

5 4 3 2 1

WINTER PARK MILLAGE RATE

Operating

U

nd o Ea to nv ill e

rla

nd O

ak

la

d

Library

O

e

ew oo

co e

Ed g

O

n ar de

le

te r

W in

O N C

G

lle

Is

nd Be

tla

M

po A

ai

pk a

y nt

k

C ou

Pa r

ge

te r ra n

de

rm

er e

0

W in

2nd lowest

6

W in

$

MILLAGE COMPARISONS ORANGE COUNTY 2022

MILLAGE RATE

millage rate in Orange County.

Voted Debt

Q Where does my money go for each property tax dollar?

A Each dollar gets divided up amongst four agencies »

1¢

St. Johns River Water Management

28¢

City of Winter Park services & voted debt service

29¢

Orange County

42¢

Orange County Public Schools

BREAKDOWN FOR EVERY

1 dollar

17

DEVELOPMENT

•

PREPARATION & REVIEW

revenues based on historical • Tinformation, he city projects estimates of taxable value from Orange

he Office of Management & Budget and T Finance departments develop preliminary revenue estimates.

County Property Appraiser, projections received by the state as well as projections received from city departments. Revenue sources are compared to the budget requests and adjustments are made based upon review of priorities and the need to provide essential services.

ity Management prepares proposed budget • Cgoals for City Commission review and refinement. Expectations are set.

FE

AY

LY

preliminary budget and • D5-year eliverCapital Improvement Plan

ANNUAL PROPERTY TAX CYCLE

to the Mayor and City Commission.

The city reviews each department budget and gives •tentative approval pending review of the overall

budget. Any non-profit organization that desires to request city funding support for their activities may apply during this time for funding consideration with the City Manager’s office.

A balanced budget as required by the State of •Florida is produced. A 5-year Capital Improvement

Plan and 10-year General Fund, Water Utility, Electric Utility, and CRA projection are also prepared.

T P E

JU

PROPOSE & DELIVER

M

regarding the service level expectations, shared costs, and estimated available resources among all departments.

B

reliminary budget requests are • Pdeveloped with special attention

S

• C ontinue gathering resident input. he Florida Truth in Millage (TRIM) Bill • T requires that the proposed millage must be certified to the Orange

County Property Appraiser in early August. Before the end of the budget work session, the City Commission agrees on a proposed millage rate for taxing purposes. When the millage certification is delivered to the Property Appraiser, the date, time and place of the first public hearing is provided for advertisement to the residents.

PUBLIC HEARINGS (PH) required by Florida TRIM Bill

“Notice of Proposed Taxes” provided to • Peach H1 property owner by the Orange County Property Appraiser.

H2 Public hearing date, time and place is • P advertised by the taxing agency and must denote

any increase in the proposed millage rate over the roll-back millage rate and increases in expenditures [if applicable] from the prior year.

JULY 1

+35 DAYS

+55 DAYS

+65-80 DAYS

+2-5 DAYS*

Property Appraiser (PA) certifies tax roll

Dates & rates for millage contemplated

“Notice of Proposed Taxes” mailed

Budget hearing dates launched & advertised

*from advertised

OCT 13*

30 DAYS*

*July 1 + 104 days

*from adoption

Budget adoption

PA sets final adjusted tax roll

City certifies compliance

financial activity statement of net position The following financial summary is based upon a condensed view of the city’s assets and liabilities for all governmental and business-type funds as of September 30, 2023.

A statement of net position is a summary of what the city owns (assets) versus what they owe (liabilities). That difference is what is called a net position. Year over year, the city uses this value as an indicator of its financial position and whether it is improving or waning.

GOVERNMENTAL ACTIVITIES

BUSINESS-TYPE ACTIVITIES

2023

2022

2023

Current & Other Assets

$72,136,163

$69,129,751

$69,258,196

Capital Assets

145,464,211

142,839,652

TOTAL ASSETS

217,600,374

Deferred Outflows of Resources

2022

TOTALS 2023

2022

$71,467,711

$141,394,359

$140,597,462

204,047,021

199,299,548

349,511,232

342,139,200

211,969,403

273,305,217

270,767,259

490,905,591

482,736,662

26,985,842

12,332,914

6,222,112

7,137,864

33,207,954

19,470,778

Current & Other Liabilities

16,828,885

19,813,548

10,551,591

15,369,105

27,380,476

35,182,653

Long-term Liabilities

75,217,581

55,766,368

91,872,378

100,184,405

167,089,959

155,950,773

TOTAL LIABILITIES

92,046,466

75,579,916

102,423,969

115,553,510

194,470,435

191,133,426

Deferred Inflows of Resources

12,082,677

18,917,629

2,118,762

605,917

14,201,439

19,523,546

110,203,698

105,266,759

119,875,352

109,186,106

230,079,050

214,452,865

Restricted

17,457,729

12,620,220

19,170,211

21,948,734

36,627,940

34,568,954

Unrestricted

12,795,646

11,917,793

35,939,035

30,610,856

48,734,681

42,528,649

$140,457,073

$129,804,772

$174,984,598

$161,745,696

$315,441,671

$291,550,468

ASSETS

LIABILITIES

NET POSITION Net Investment in Capital Assets

TOTAL NET POSITION

definitions Capital Assets Tangible property or equipment used for operations, expected to have a service life of more than three years and a cost of more than $5,000.

Governmental Activities Functions supported by taxes and intergovernmental revenue.

Business-Type Activities Functions that can recover some or all their cost through fees and charges.

Examples include electric, water & wastewater.

Net Position The difference between total assets and total liabilities.

Deferred Outflows The depletion of net position that applies to a coming period (expenditure), and does not get applied until a future time.

Deferred Inflows The addition of net position that applies to an upcoming revenue period, and does not get applied until a future time.

statement of activities The purpose of the statement of activities section presents information regarding the change in the city’s net position during the most recent fiscal year. More plainly, the intent of the report provides for when the transaction occurs rather than when the transaction cash flows giving a different lens to the city’s financial viability.

GOVERNMENTAL ACTIVITIES 2023

BUSINESSTYPE ACTIVITIES 2023

TOTALS

2023 vs. 2022

2023

2022

+ or (–)

% change

REVENUES Program Revenues Charges for Services

$24,767,141

$84,071,885

$108,839,026

$115,148,236

(6,309,210)

-5.5%

Operating Grants & Contributions

4,972,533

–

4,972,533

7,348,472

(2,375,939)

-32.3%

Capital Grants & Contributions

2,663,105

696,960

3,360,065

714,969

2,645,096

370.0%

Property Taxes

32,365,312

–

32,365,312

29,453,015

2,912,297

9.9%

Other Taxes

8,216,764

–

8,216,764

7,851,909

364,855

4.6%

Intergovernmental Revenues

10,830,372

–

10,830,372

10,346,248

484,124

4.7%

Miscellaneous & Other

4,583,315

1,334,267

5,917,582

(7,946,879)

13,864,461

-174.5%

$88,398,542

$86,103,112

$174,501,654

$162,915,970

$11,585,684

7.1%

General Revenues

TOTAL REVENUES

continued »

GOVERNMENTAL ACTIVITIES 2023

BUSINESSTYPE ACTIVITIES 2023

TOTALS

2023 vs. 2022

2023

2022

+ or (–)

% change

EXPENSES General Government

$6,006,231

–

$6,006,231

$4,782,629

$1,223,602

25.6%

Planning & Zoning

1,854,960

–

1,854,960

1,717,084

137,876

8.0%

Building & Permitting Services

2,305,014

–

2,305,014

2,078,059

226,955

10.9%

Community Redevelopment Agency

2,012,643

–

2,012,643

1,578,613

434,030

27.5%

Public Works

18,717,450

–

18,717,450

15,093,256

3,624,194

24.0%

Police

18,336,112

–

18,336,112

16,004,488

2,331,624

14.6%

Fire-Rescue

16,230,594

–

16,230,594

12,501,507

3,729,087

29.8%

Parks & Recreation

15,324,465

–

15,324,465

12,391,441

2,933,024

23.7%

Cultural & Community Services

2,190,000

–

2,190,000

3,216,999

(1,026,999)

-31.9%

Interest & Charges

963,784

–

963,784

1,018,833

(55,049)

-5.4%

Water & Sewer

–

28,879,822

28,879,822

27,790,480

1,089,342

3.9%

Electric Services

–

37,789,376

37,789,376

46,323,346

(8,533,970)

-18.4%

TOTAL EXPENSES

83,941,253

66,669,198

150,610,451

144,496,735

6,113,716

4.2%

6,195,012

(6,195,012)

–

–

–

–

CHANGE IN NET POSITION

10,652,301

13,238,902

23,891,203

18,419,235

5,471,968

29.7%

Net position » Beginning

129,804,772

161,745,696

291,550,468

273,131,233

18,419,235

6.7%

$140,457,073

$174,984,598

$315,441,671

$291,550,468

$23,891,203

8.2%

TRANSFERS

TERMS

Net position » Ending

PROGRAM REVENUES Revenues include charges for services, operating grants and capital grants.

GENERAL REVENUES The revenues of a government other than those derived from and retained in Enterprise and Internal Service funds.

21

investments The city is responsible for investing funds until they are needed for paying expenses. In general, the investment philosophy is safety, liquidity and return – in that order of priority.

The city will: • consolidate cash balances from all funds for investment purposes and allocate investment earnings according to generally accepted accounting principles.

• collect revenues, including past due bills of any type, and may utilize an outside collection agency when deemed appropriate.

• deposit all funds within 24 hours of receipt.

• pay all bills within 30 days of verifying obligation.

35% federal home loan bank 23% federal farm credit bank 19% u.s. treasuries 9% federal national mortgage association 9% federal home loan mortgage corp 4% local government investment pools 1% government national mortgage association

The full investment policy can be accessed at cityofwinterpark.org/departments/finance.

TOTAL

long-term debt outstanding

HIGHLIGHTED

PRINCIPLES

The city follows an adopted debt policy when managing or issuing debt.

Access the debt policy at cityofwinterpark.org/departments/finance.

BUSINESSTYPE ACTIVITIES 2023

GOVT. ACTIVITIES 2023

obtain voter approval for specific bond types such as general obligation debt.

TOTALS 2023

2022

DEBT General Obligation

$21,785,000

–

$21,785,000

$22,925,000

Non-ad Valorem General Revenue

8,475,000

–

8,475,000

8,820,000

Water & Wastewater Revenue

–

42,075,000

42,075,000

45,695,000

Electric Revenue

–

46,895,000

46,895,000

50,020,000

2,690,000

–

2,690,000

4,040,000

$32,950,000

$88,970,000

$121,920,000

$131,500,000

CRA TOTAL DEBT

22

$99,417,039

maintain its net general obligation bonded debt at a level not to exceed 2% of the assessed valuation of taxable property. maintain or improve its current bond ratings to minimize borrowing costs. review & evaluate its existing debt obligations annually. limit the debt level so as not to adversely affect its credit rating.

$10 million

reserves

10.00% Governments hold cash in reserve for a variety of reasons. Often money is set aside to prepare for emergencies, such as natural disasters or unrealized revenues. Reserves may also be accumulated to fund specific projects or to position the city $5 million to take advantage of matching grants or land purchase opportunities. The city has an aspirational policy goal of reaching fund balance equal to 30% of recurring General Fund expenditures. For FY2023, the city hovered just around this goal.

5.00% The Commission also has adopted goals for the water and wastewater utility and electric utility.

$0

2014

2015

general fund reserves

2016

2017

2018

Unassigned General Fund balance

2019

2020

2021

2022

0.00%

Expenditures & Transfers for recurring costs reported in Other Funds

$25 million

35.00%

31.23% 29.90%

29.52%

$20 million

2023

28.40%

28.54%

30.00%

29.28%

25.81%

25.00%

24.61%

$15 million

20.00%

19.37%

17.26%

ENTERPRISE

FUNDS

goal

45 days

working capital for operation less amortization

15.00%

$10 million

10.00%

$5 million 5.00%

fund & actual ELECTRIC UTILITY

188 days WATER & WASTEWATER

$0

2014

2015

2016

2017

2018

Unassigned General Fund balance

2019

2020

2021

2022

Expenditures & Transfers for recurring costs reported in Other Funds

2023

0.00%

155 days

23

looking to the future [FY2024] Winter Park is the city of arts and culture, cherishing its traditional scale and charm while building a healthy and sustainable future for all generations.

As the city continues to diligently balance the multifunctional responsibilities of its roles, including but not limited to:

environmental stewardship

quality of life

preserving culture & heritage

economic growth

public health & infrastructure

Looking ahead, the city continues to pursue opportunities to reinvest in itself as well as discover new ways to innovate and create value for its residents.

going forward, the city seeks to Provide for infrastructure support for

Keep the millage rate the same for FY2024.

Increase capital project spending over all departments.

» pavement, bikepath, curbing

Increase public safety positions.

» parks & public facilities improvements

Maintain employee service-based organization.

» information technology infrastructure

Provide additional funds for community support including the city’s nonprofit partners and city/CRA historic and home rehabilitation programs.

24

& brick road repairs

» water & wastewater, electric utility and energy conservation through natural resources & sustainability

To follow City of Winter Park priorities and actions, please access board meeting agendas at cityofwinterpark.org/meetings.

online services + contacts @YourRequest Submit city service requests, report outages, tree & code issues or ask questions.

City Hall & City Manager’s Office

407-599-3245

City Clerk

407-599-3277

cityofwinterpark.org/atyourrequest

Boat Permits Purchase daily or annual motor boat permits. cityofwinterpark.org/boating

ePayments

Building & Permitting Services

407-599-3237 permitting@ cityofwinterpark.org

Safety & Code Compliance Complaint Line

407-599-3600

Fire-Rescue Non-Emergency

407-644-1212

Make payments online. cityofwinterpark.org/services under Online Services

Electric Utility Report an Outage

Permitting Self Service

Police Non-Emergency

407-644-1313

Tree-related Inquiries

407-599-3325

Utility Services Customer Service

407-599-3220

Apply for permits, business certificates & tree removals.

407-599-3294 1-877-81 1 -8700

cityofwinterpark.org/selfservice

Public Records Request Requests for city-related public information. cityofwinterpark.org/public-records

Water & Wastewater Utilities Report an Outage

407-599-3 2 1 9 407-599-3566

25

FY2023

POPULAR

cityofwinterpark.org/departments/finance

FINANCIAL REPORT

an unaudited summary report of the financial activities of the City of Winter Park, Florida

ANNUAL

access financial reporting documents at

fiscal year ending 09.30.2023