Popular Annual Financial Report FY2024

FY2024

POPULAR

ANNUAL

FINANCIAL REPORT

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

fiscal year ending 09.30.2024

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 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, 2024.

The PAFR’s purpose is to summarize in an easy to read context.

The city has received the Certificate of Achievement for Excellence in Financial Reporting for 44 years and Distinguished Budget Presentation Award for 25 years. We received our first Outstanding Achievement Award for the Fiscal Year 23 PAFR making the city a "triple crown" recipient – a superior achievement for municipalities. In addition to the financial reporting award, the PAFR award provides third-party review by the Government Finance Officers Association of our commitment to financial excellence, transparency and authentication.

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 Winter Park

H

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 just over 30,000 residents and a popular year-round destination for guests from around the world.

the governing body

Today, Winter Park is celebrated for its world-renowned shopping and long-standing commitment to arts and culture. Local businesses, established and preserved through generations, have become a complement to new companies relocating to this distinctive community. The city boasts a favorable taxing structure and one of the lowest property tax rates in the region at 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 24 boards and committees comprised of volunteer citizens which when at full capacity, houses 168 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 responsible for carrying out Commission policies through the professionally trained and experienced staff.

left to right

Commissioner Craig Russell Commissioner Marty Sullivan Mayor Sheila DeCiccio Commissioner Kris Cruzada Commissioner Todd Weaver [FY2024]

3

active citizen boards [FY2024] listed by their city department liaisons

Administration Community Redevelopment Agency (CRA) Board [City Commission + Orange County Rep]

Building & Permitting Services Code Compliance Board Construction Board of Adjustments & Appeals

Communications Public Art Advisory Board

Parks & Recreation Parks & Recreation Advisory Board Tree Preservation Board Winter Pines Golf Course Advisory Board

Planning & Zoning Board of Adjustments Historic Preservation Board Orange Avenue Overlay Appearance Review Advisory Board Planning & Zoning Board

Electric Utility + Water & Wastewater Utilities

Winter Park Housing Authority

Utilities Advisory Board

Public Safety [police & fire-rescue] Natural Resources & Sustainability Keep Winter Park Beautiful (KWPB) & Sustainable Advisory Board Lake Killarney Board Lakes & Waterways Board

Office of Management & Budget Community Redevelopment Advisory Board Economic Development Advisory Board

4

Civil Service Board Winter Park Firefighters’ Pension Board Winter Park Police Officers’ Pension Board

Public Works & Transportation Transportation Advisory Board

services in review [FY2024] CITYWIDE BUDGET Winter Park provides a full range of services, including GENERAL as well FUND as recreational activitiesELECTRIC and cultural UTILITY events.

FISCALconstruction YEAR 2024 police and fire-rescue; and maintenance of In addition, the city operates two $ enterprises: $ 10.01.2023 thru 09.31.2024 million million 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 29% reserves 81% undergrounding $ million completed citywide general admin, communications and support services; with a private firm.]

22

208.2 CIP

CAPITAL IMPROVEMENT PROJECTS

FACILITIES & INFRASTRUCTURE $ million

16.6

9.3

PARKS & RECREATION $ million

6

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

quarterly as of 09/30/24

2min 23sec GRANTS AWARDED $ million+

9

CRA+citywide

GREENSPACES

16.3 acres

per 1,000 residents

19,803 WP9 & WP18

85 thousand

rounds played at 2 city golf courses

LAKE CLARITY

7.3 feet

visibility depth

5min 52sec PUBLIC WORKS

38,332 sq. ft. sidewalks replaced roads 32,541 sq. ft. brick repaired URBAN FORESTRY

3,534 trees planted

5

strong signs of economic stability While the city’s population has remained steady, growing less than 3%, unemployment came in at approximately 2.8%, and the median average household income is at just over $104,000. These demographics are also indicative of the diverse employment base that supports the city.

MEDIAN AVERAGE

OFFICE VS. RETAIL OCCUPANCY

104thousand

October 2023-September 2024

HOUSEHOLD INCOME

OctoberOFFICE 2023-September 2024OCCUPANCY VS. RETAIL

$

94.3% 94.3%

97.5% 97.5%

OFFICE

TOTAL JOBS

100.0%

98.0%

98.0%

94.0%

94.0%

92.0%

92.0%

6

Retail

Winter Park

Office

Retail

Orlando MSA

e

ug

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Office

[Metropolitan Statistical Area]

Office

Retail

Winter Park

Office

Retail

Orlando MSA

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14% transportation, trade & utility

ec

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to

86.0%

M

86.0%

pr il

88.0%

A

88.0%

be em N r beove r mb Ja D er nu e c ar em y b Fe er br Ja ua n u ry ar y Fe M br ar ua ch ry

90.0%

O

14%

leisure & hospitality

90.0%

ct ob e

& 26% education health services

RETAIL

96.0%

96.0%

m be O rc

& 30% financial business services

100.0%

D

34thousand+

RETAIL

OFFICE

[Metropolitan Statistical Area]

Holt Properties LLC & Langford RCI LLC [Rollins College]

YEAR BUILT

[Winter Park Village]

HOUSING

Winter Park Town Center LTD

HOME OWNERSHIP

TOP 10 TAXPAYERS

Mayflower Retirement Center, Inc. Winter Park Owner LLC [Bainbridge Apartments]

BCDPF JUNO Winter Park LLC

< 1939

1940-49

1950-59

1960-69

1970-79

1980-89

1990-99

2000-09

2010-19

62.8% own 37.2% rent

≥ 2020

[Broadstone Apartments]

Winter Park Town Center Development LLC

[Center of Winter Park Shopping Center]

Westmount at Winter Park LLC [Lee Road Apartments]

Village Lane Property LP

MINUTES

NP Winter Park LLC

EDUCATION

Presbyterian Retirement Communities, Inc.

COMMUTE TIME

[Paseo Apartments]

[Winter Park Village Apartments]

678.4million

$

< 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 [FY2024] 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 FY2024 projects that have been highlighted on the following page.

8

golf course enhancements

$ 20,000

IT infrastructure upgrades

20,453

West Fairbanks Avenue stormwater

105,974

stormwater infrastructure rehab & replacements

108,495

Denning Drive & Webster Avenue multimodal path

119,827

facility replacement

159,532

parks major improvements

175,750

safety equipment for fire-rescue

178,764

fire training facility

179,797

Ravaudage sewer extention

187,195

Shady Park at Hannibal Square improvements

193,160

Mead Botanical Garden enhancements

268,637

Nicolet Avenue drainage improvements

270,276

Howell Creek stabilization

327,923

sewer main improvements

329,366

water treatment plant upgrades

333,726

cemetery improvements

351,385

Winter Park sports complex improvements

390,515

Martin Luther King, Jr. Park enhancements

399,186

lift station upgrades

589,518

Denning Drive & Fairbanks Avenue intersection improvements

647,215

Iron Bridge Wastewater Treatment Facility (shared with orlando) improvements

988,536

upgrade water mains

1,075,514

Seven Oaks Park

3,286,639

citywide electric line undergrounding

9,577,580

FUNDING TOTAL

$20,284,963

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

HIGHLIGHTED CIP FUNDING ACTUALS [FY2024]*

9

major initiatives The city’s 15 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.

Shady Park Pioneer Memorial

Dedicated in August of 2024, the memorial includes a timeline of the community’s history with biographies of each pioneer presented adjacent to the busts on a ceramic tile history wall. Featured pioneers include: n Mary Lee Depugh (1878-1949) » founder of the Ideal Woman’s Club n Gustavus Christopher “Gus” Henderson (1862-1917) »

activist and founder of The Advocate

n Frank R. Israel (1848-1925) and Walter B. Simpson (1859-1915) »

both Town Aldermen from 1887-1893

The memorial is a true community effort by the members of MLK Shady Park Committee that included neighbors, residents, city staff and stakeholders.

Park Avenue Refresh Project

Park Avenue is the epicenter of Winter Park’s culture, charm and economic vitality. The last streetscape restoration occurred between 1996 and 1999. Now, almost 30 years later, the city’s main street will be undergoing a refresh to provide for both today and tomorrow’s needs.

project goals

n maintain charm and warm, inviting environment n enhance safety and aesthetics n strengthen infrastructure [electric, smart city & irrigation] n provide consistent look for hardscape, landscape &

architectural elements along the Avenue

10

Construction is expected to start summer of 2025.

Expansion of the Community Redevelopment Agency

Winter Park Playhouse

Orange County approved $8M in Tourist Development Tax dollars which will allow the city to acquire the Winter Park Playhouse property and renovate the facilities for continued operations as a musical theatre. The renovations will expand the seating from 123 seats to 185 seats – a 50% increase in capacity – and enable 10,000+ more residents and guests to attend the popular shows.

On October 29, 2024, Orange County approved expansion of the boundaries of the Community Redevelopment Area (CRA), extension of the CRA’s operational period for 10 years from 2027 to 2037, and an update to the CRA Plan.

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N De nning Dr N Denning Dr N De nning Dr

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142 142 acres

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175 175 acres

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CRA I CRA I acres rst A

751 acres collectively 751 acres collectively form the Winter Park CRA ra

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17

S Knowles Av e

W Fairba nk s Ave

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B alch A ve

17

E New E ngland Ave

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W Coms tock Ave

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Azalea Ln

M innesota A ve

S Knowles Av e

Holt A ve

E Morse Bl

E Morse Bl

W Lyman Ave

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Ward Av e

W Fa ir bank s Ave

W Park Ave

Ward Av e

W Fa ir bank s Ave W Comstoc k Ave

Lake 426Midget

Winter Park Station

W Lyman Ave

N Knowles Av e

S N ew Y ork Ave S N ew Y ork Ave

W Welbourne A ve

Hann ibal S q

S Cape n Ave

W Comstoc k Ave

S V i rg ini a Ave S V i rg ini a Ave

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S Cape n Ave

S Denni ng Dr

W Lym an Ave

527

Aragon Ave

N Knowles Av e

W Park Ave

W Welbourne A ve

Pennsylvania Ave S PennsylvaniaSAve

W Morse Blvd

426

17

N P ar k A ve

Winter Park Station

Central Park

Lake Midget

Aragon Ave

E Sw oope Ave

Central Park

Carolina Ave

S Denni ng Dr

S Orlando A ve

Harpe r St

434 434 acres s E

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426

Ha rmo n AveInd ia na Ave

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W F airba nk s A ve

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Ha rmo n Ave

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Martin Luther King, Jr. Park

426

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Cole Ave

Carolina Ave Garfield Ave

Symonds Ave W Morse Blvd

Cole Ave

CRA I CRA I Garfield Ave

W Lym an Ave

Schultz Ave

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Martin Luther Lake King, Jr. Park

Gene St

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Symonds Ave

English Ct

E Sw oope Ave

W S woope Av e

Lake Mensden

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W Webst er Ave

W S woope Av e

Winter Park Country Club

Dun bar St Depugh S t

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M innesota A ve

Michigan A ve

Minnesota A ve

Illino i s St

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W

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87

87

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E Webst er Ave

W Webst er Ave

St Swoope Ave W Callahan

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N P ar k A ve

N Orla n do Ave

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Dubsdread Country Club Pond

Winter Park Village

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W Webster Ave Dun bar St

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Nicolet A ve

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Jack son Ave

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426

Oglesb y Ave Kent ucky Av e

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Oglesby Ave

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North St

Main St

W F airba nk s A ve

Karolina Ave

Karolin a Ave

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W Fa i rbanks Av e

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Lake Killarney

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D ub sd re ad

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 funded by current operating revenues of the utility. Currently, approximately 81% of the system is underground.

Roxbury Rd

Juli an S t

Undergrounding Power Lines

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D ub sd re ad

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

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Eus ton Rd

Over spin Dr

Swoope Parks Facility Building

La

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Over spin Dr

In 2023, property was contributed to the City which will be used to add a new fire training facility off Wymore Road. Groundbreaking for construction of the new facility is expected to begin in fiscal year 2025.

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This project will provide restrooms in the City Business District and will include storage areas that will greatly enhance the experience of the Farmers’ Market in the West Meadow and provide a needed amenity to serve visitors to downtown.

Lee Rd

R C

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Keyes Ave

Lee R d

423

W Sto

Belo it Ave

Keyes Ave

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423

423

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423

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Be l oi t Ave

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Lee Rd

Webs te r Ave

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423

D ixon Ave

Lee Rd

Lee R d Co

Be l oi t Ave

N P ar

423 Alber t Lee Pkwy 423

423

423

423

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N New York Ave

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The Playhouse is the only professional musical theater in central Florida and entertains over 30,000 people annually. They are an important player in the city’s arts and culture scene.

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West Meadow Restroom & Storage

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form the Winter Park CRA 10-year to 2037 10-year extension extension to 2037

23% of CRA area 23% expansion expansion of CRA area $57 estimated $57 million million estimated additional for additional revenue revenue for infrastructure infrastructure improvements improvements

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

Certificate of Achievement for Excellence in Financial Reporting

Government Finance Officers Association

GOVERNMENT FINANCE OFFICERS ASSOCIATION

Award for Outstanding Achievement in Popular Annual Financial Reporting

Distinguished Budget Presentation Award PRESENTED TO

Presented to

Presented to

City of Winter Park

City of Winter Park Florida

City of Winter Park Florida

Florida

For the Fiscal Year Beginning

For its Annual Comprehensive Financial Report For the Fiscal Year Ended

For its Annual Financial Report For the Fiscal Year Ended

October 01, 2023

September 30, 2023

September 30, 2023

Executive Director

Executive Director/CEO

Executive Director/CEO

Certified WCAG 2.1 Level AA compliant and usable with JAWS and NVDA by SWH

500thousand

4million grant

$

$

This affordable housing grant, awarded by Congressman Maxwell Frost, supports the City of Winter Park's attainable housing initiatives in conjunction with existing efforts.

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

12

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.

25

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 [FY2024] ACTUAL EXPENDITURES

FUND BY TYPE MILLION

$100 $ 80 $ 60 $ 40

CAPITAL PROJECTS

ENTERPRISE

INTERNAL SERVICE

208.1million

$

DEBT SERVICE

CITYWIDE BUDGET

0

SPECIAL REVENUE

$

GENERAL FUND

$ 20

37.9%

10.0%

1.4%

2.1%

40.0%

8.6%

2020

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 15 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.

2021

2022

2023

2024

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.

The largest increase in 2024 was $3.4 million or 11% as a result of the higher taxable valuation of property.

Charges for Services increased to offset additional costs for solid waste collection and disposal. Rates were increased $1.6 million or 12% compared to the previous year. Expenditures also rose in public works & transportation due to the same collection and »»

GENERAL FUND REVENUES

14

license+permits

franchise fees

10%

1%

4%

12% intergovernmental 19%

utility taxes

charges for services

& 2% fines forfeitures

7% transfers in 2% investment earnings other 1% revenue

42%

property taxes

FY2020

FY2021

FY2022

FY2023

FY2024

PROPERTY TAXES

$24,313,515

$26,155,260

$27,511,689

$30,400,941

$33,818,498

UTILITY TAXES

6,665,189

6,791,257

7,006,666

7,533,817

7,775,483

FRANCHISE FEES

862,173

823,954

845,243

682,947

654,705

FINES & FORFEITURES

1,047,091

830,204

1,180,220

1,505,884

2,102,642

LICENSES + PERMITS

3,262,118

3,684,484

3,667,915

2,890,770

3,147,947

INTERGOVERNMENTAL

7,307,153

7,575,680

9,284,363

9,612,546

9,565,061

CHARGES FOR SERVICES

8,860,037

9,712,719

11,665,578

13,872,437

15,518,628

INVESTMENT EARNINGS

620,102

(24,837)

(2,495,309)

678,400

1,857,563

OTHER REVENUE

434,621

287,582

286,121

484,638

663,640

TRANSFERS IN

5,224,645

5,346,469

7,488,744

6,291,728

5,623,699

TOTAL

$58,596,644

$61,182,772

$66,441,230

$73,954,108

$80,723,866

disposal of solid waste increases, paired with spending of American Rescue Plan Act dollars for sediment removal in city waterways and preparation of a stormwater master plan. Transfers also saw an increase for Capital Improvement Plan (CIP) projects. Transfers out to the CRA also still remain healthy.

GENERAL FUND EXPENDITURES

FY2020

FY2021

FY2022

FY2023

FY2024

GENERAL ADMINISTRATION

$1,754,007

$1,830,850

$2,218,901

$2,627,867

$2,208,454

INFORMATION TECHNOLOGY

572,889

495,973

767,303

844,615

1,026,676

FINANCE

419,202

446,235

440,836

535,551

574,857

COMMUNICATIONS

191,381

233,418

520,949

357,671

401,884

PLANNING & ZONING

871,964

1,034,432

1,225,552

1,002,759

1,015,296

BUILDING & PERMITTING SERVICES

2,363,024

2,045,153

1,982,704

2,240,579

2,431,855

PUBLIC WORKS & TRANSPORTATION

8,977,049

8,505,929

9,867,266

11,337,985

13,647,227

NATURAL RESOURCES & SUSTAINABILITY**

–

–

–

–

450,558

POLICE

14,901,031

15,235,458

16,338,467

16,221,951

17,596,331

FIRE-RESCUE

13,204,252

13,319,849

13,626,554

13,666,042

15,303,877

PARKS & RECREATION

8,563,143

8,712,096

10,731,167

12,442,308

13,387,161

CULTURAL + COMMUNITY SERVICES

1,717,339

1,657,004

1,656,999

1,840,000

1,932,000

DEBT**

–

–

–

–

56,175

TRANSFERS OUT

5,316,947

5,357,606

7,492,780

8,709,855

9,779,789

TOTAL

$58,852,228

$58,874,003

$66,869,478

$71,827,183

$79,812,140

**previously included with General Administration and Public Works & Transportation, debt is new.

l Fund ditures 4

EXAMPLE OF BUDGET EXPENDITURE BREAKDOWNS Organizational Support 0.3% Debt Service 0.7% Contingency 0.8% Library 2.5% CIP 4.5% Transfer to CRA 5.9%

10.4% General Government 16.0% Public Works 16.5% Parks 19.4% Fire-Rescue 23.0% Police

15

property taxes & annual cycle Property taxes account for approximately 42% 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 27% Winter Services

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

29%

Orange County Services

A Only 27% 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

Winter Park

1% Voted Debt Johns River 1% St. 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

Operating

compared to the region?

Library

Voted Debt

8

A Winter Park has the 2nd lowest

7

$

6

MILLAGE COMPARISONS ORANGE COUNTY 2024 [OPERATING+LIBRARY+VOTED DEBT SERVICE]

MILLAGE RATE

millage rate in Orange County.

5 4 3 2 1

WINTER PARK MILLAGE RATE

U

N C

W in

W in d

er

m

er e

LOWEST

te O rP ra ar ng k e C ou nt y A po pk a M ai tla nd Be lle W Is in le te rG ar de n O co ee Ed ge w oo d O ak la nd O rla nd o Ea to nv ill e

0

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.

ity Management prepares proposed • Cbudget goals for City Commission

FE

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

T P E

JU

PROPOSE & DELIVER

AY

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

M

budget requests • Parereliminary developed with special

B

review and refinement.

Expectations are set.

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.

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.

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

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

*July 1 + 104 days

*from adoption

Budget adoption

PA sets final adjusted tax roll

City certifies compliance

18

OCT 13*

30 DAYS*

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, 2024.

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 [values calculated in thousands]

2024

2023

BUSINESS-TYPE ACTIVITIES 2024

2023

TOTALS 2024

2023

ASSETS Current & Other Assets

$88,013

$72,136

$73,117

$69,258

$161,130

$141,394

Capital Assets

148,602

145,464

209,889

204,047

358,491

349,511

TOTAL ASSETS

$236,615

$217,600

$283,006

$273,305

$519,621

$490,905

22,411

26,986

5,338

6,222

27,749

33,208

Current & Other Liabilities

14,423

16,829

11,655

10,552

26,078

27,381

Long-term Liabilities

74,195

75,217

85,045

91,872

159,240

167,089

TOTAL LIABILITIES

$88,618

$92,046

$96,700

$102,424

$185,318

$194,470

Deferred Inflows of Resources

17,397

12,083

1,906

2,119

19,303

14,202

Net Investment in Capital Assets

116,245

110,204

131,903

119,875

248,148

230,079

Restricted

22,097

17,457

19,623

19,170

41,720

36,627

Unrestricted

14,669

12,796

38,212

35,939

52,881

48,735

$153,011

$140,457

$189,738

$174,984

$342,749

$315,441

Deferred Outflows of Resources LIABILITIES

NET POSITION

TOTAL NET POSITION

19

definitions Capital Assets Tangible property or equipment used for operations, expected to have a service life of more than two 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 the sum of total assets and deferred outflows and the sum of total liabilities and deferred inflows.

Deferred Outflows The depletion of net assets that applies to an upcoming expenditure period, and does not get applied until a future time.

Deferred Inflows The addition of net assets 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 2024

BUSINESSTYPE ACTIVITIES 2024

TOTALS 2024

2024 vs. 2023 2023

+ or (–)

% change

REVENUES [calculated in thousands] Program Revenues Charges for Services

$28,212

$85,508

$113,720

$108,839

4,881

4.5%

Operating Grants & Contributions

7,118

–

7,118

4,973

2,145

43.1%

Capital Grants & Contributions

3,224

434

3,658

3,360

298

8.9%

Property Taxes

35,784

–

35,784

32,365

3,419

10.6%

Other Taxes

8,427

–

8,427

8,217

210

2.6%

Intergovernmental Revenues

10,967

–

10,967

10,830

137

1.3%

Miscellaneous & Other

6,377

2,298

8,675

5,917

2,758

46.6%

$100,109

$88,240

$188,349

$174,501

$13,848

7.9%

General Revenues

TOTAL REVENUES

20

continued »

GOVERNMENTAL ACTIVITIES 2024

BUSINESSTYPE ACTIVITIES 2024

TOTALS 2024

2024 vs. 2023 2023

+ or (–)

% change

EXPENSES [calculated in thousands] General Government

$4,780

–

$4,780

$6,006

($1,226)

-20.4%

Planning & Zoning

1,824

–

1,824

1,855

(31)

-1.7%

Building & Permitting Services

2,406

–

2,406

2,305

101

4.4%

Community Redevelopment Agency

3,878

–

3,878

2,013

1,865

92.7%

Public Works & Transportation

19,404

–

19,404

18,717

687

3.7%

Natural Resources & Sustainability**

2,637

-

2,637

-

2,637

100%

Police

20,791

–

20,791

18,336

2,455

13.4%

Fire-Rescue

18,664

–

18,664

16,231

2,433

15.0%

Parks & Recreation

15,924

–

15,924

15,324

600

3.9%

Cultural & Community Services

2,307

–

2,307

2,190

117

5.3%

788

–

788

964

(176)

-18.2%

Water & Sewer

–

30,935

30,935

28,880

2,055

7.1%

Electric Services

–

36,703

36,703

37,789

(1,086)

-2.9%

TOTAL EXPENSES

93,403

67,638

161,041

150,610

10,431

6.9%

TRANSFERS

5,848

(5,848)

–

–

–

–

CHANGE IN NET POSITION

12,554

14,754

27,308

23,891

3,417

14.3%

Net position » Beginning

140,457

174,984

315,441

291,550

23,891

8.2%

Net position » Ending

$153,011

$189,738

$342,749

$315,441

$27,308

8.7%

Interest & Other Charges

TERMS

**previously included with General Government and Public Works & Transportation

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

GENERAL REVENUES The revenues of a government other than Program Revenues.

21

investments

29% federal home loan bank 25% u.s. treasuries 20% federal farm credit bank 8% federal home loan mortgage corp 6% federal national mortgage association 7% cash & money market accounts 3% local government investment pools 2% certificates of deposit

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.

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

TOTAL

long-term debt outstanding

HIGHLIGHTED

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

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

BUSINESSTYPE ACTIVITIES 2024

GOVT. ACTIVITIES 2024

PRINCIPLES

TOTALS 2024

2023

DEBT General Obligation

$20,595,000

–

$20,595,000

$21,785,000

Non-ad Valorem General Revenue

8,020,000

–

8,020,000

8,475,000

Water & Wastewater Revenue

–

38,380,000

38,380,000

42,075,000

Electric Revenue

–

43,670,000

43,670,000

46,895,000

CRA

1,710,000

–

1,710,000

2,690,000

Other

625,981

–

625,981

793,891

$30,950,981

$82,050,000

$113,000,981

$122,713,891

TOTAL DEBT

22

$ 121,269,602

obtain voter approval for specific bond types such as general obligation debt. 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 FY2024, General Fund reserves were 28.83%.

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

$0

2015

2016

general fund reserves

2017

2018

2019

Unassigned General Fund balance

2020

2021

2022

2023

2024

0.00%

Expenditures & Transfers for recurring costs reported in Other Funds

$25 million

35.00%

31.23% 29.90%

29.52% 28.54%

$20 million

28.83%

30.00%

29.28%

25.81%

24.61%

25.00%

$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

159 days WATER & WASTEWATER

$0

2015

2016

2017

2018

2019

Unassigned General Fund balance

2020

2021

2022

2023

Expenditures & Transfers for recurring costs reported in Other Funds

2024

0.00%

158 days

23

looking to the future [FY2025] 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 Keep the millage rate the same for FY2025.

Provide for infrastructure support for

Increase capital project spending over all departments.

» pavement, bikepath, curbing

Increase public safety positions.

» parks & public facilities improvements

Maintain a service-based organization.

» information technology infrastructure

Continue support for community partners and nonprofits through its various programs such as historic preservation and housing rehabilitation.

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

Water & Wastewater Utilities

407-599-3 2 1 9

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

Report leaks, sewer back-ups, etc.

407-599-3566

25

FY2024

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 09.30.2024