Page 1

RANGER DRAINAGE DISTRICT FINANCIAL STATEMENTS

September 30. 1977 and 1976

"R"'N" M. gu'''.... ''''E. ~R. .. ..CCDUNT....T

c~..,.'

'~D

~U.~'"


R~~GER

OR~INAGE

DISTRICT

FINANCIAL STATEMENTS

September 30, 1977 and 1976


INDEX

ACCOUNTANTS'

REPORT

1

FItlANCIAL STATEMENTS;

Balance sheets; Special assessment fund Fixed asset fund Statement of revenues. expenses and fund balance - Special assessment fund

2

3

Statement of chanqes in fixed assets

,•

NOtes to financial stateoents

6


FRANK M

DURRANCE. JR. Accomrr""'T

C~I'-""".P Puouc

..........

s:u >1<>1'-'" H"""""",

......." " " ' " "'..,.",.. CO'

O>.J.A><<>O. Fcol'-J"""-'

co'"""'''' """"" """"""""'" fi.OI'-J"" " ' ' ' ' ' ' ' ' ' CO' <>"'''IID """"" """"""'"""'"

May 26, 1978

Board of Supervisors Ranger Drainage District Orlando, Florida We have examined the financial statements of Ranger Drainage District for the year ended September 30, 1977 as listed in the foregoing index. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The financial statements of Ranger Drainage District for the year ended September 30, 1976, were examined by other auditors whose report dated September 27, 1977, expressed an unqualified opinion on those statements. AS more fully described in Notes 5 and 6 there are uncertainties relating to the estimated cost to complete the improvements in compliance with the Plan of Reclamation and with the District's ability to fully implement the Plan of Reclamation for an amount not to exceed the $9,797,500 in benefits assessed against the lands within the District. In our opinion, subject to the effects on the 1977 financial statements, if any, of the ultimate reSOlution of the uncertainties discussed in the preceding paragraph, the above-mentioned financial statements present fairly the financial position of Ranger Drainage District as of September 30, 1977 and the result of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the precec.ing year.

frank M. Durrance, Jr.


2 ~~GER

DRAINAGE DISTRICT BALANCE SHEET

September 30, 1977 and 1976 SPECIAL ASSESSMENT FUND ASSETS 1977 Cash - unrestricted Cash - restricted (Note 2) Bond Sinking Fund Construction Fund Accounts Receivable (Note 3) Investments Savings Account Other (at cost) Special Assessments Receivable Current Prior Year (~ote 2) Deferred Deferred Bond COSt, net of amortization (Note 1) TOTAL ASSETS

S

1976

19,179

S

13,316

172

172

759

123 119,130

119,130 114,661 3,000 10,000 67,322 1,363,000

10,000 67,322 1,363,000

33,899

35,891

S1,731,122

S1,608,954

LIABILITIES AND FUND BALANCE (DEFICIT) Notes Payable: Bankers Life and Casualty Company Cape Orlando Corporation

Sl,276,825

S

206,758 378,299

1,276,8:<:5

585,057

45,024 69,237

40,f40 78,314

1,312,151

1,309,031

2,703,237

2.C13,C42

Total Notes Payable Accounts Payable Accrued Interest Drainage Bonds - Face amount Sl,373,000,net of unamortized bond discount of S63,969 in 1976 and S60,849 in 1977 Total Liabilities Fund Balance (deficit) TOTAL LIABILITIES BALANCE (DEFICIT)

(972,115) A.~D

(404,088)

FUND S1,731,122

The accompanying notes are an integral part

o~

51,608,954

these statements.


3

RANGER DRAINAGE OISTRICT BALANCE SHEET

September 30, 1977 and 1976 FIXED ASSET FUND ASSETS 1976

1977 S

Land

209,BOO

S

209,BOO

2,670,997

2,156,696

Total Fixed Asset Fund

S2,BBO,797

S2,366,496

Investment

S2,B80,797

S2,366,496

Construction in Progress (Note 1)

~n

Fixed Assets

The accompanying notes are an

integ~al par~

of these statements.


â&#x20AC;˘

RANGER DRAINACZ OISTRICT STATEMENT OF REVENUES, EXPENSES ....... 0 FUND BALANCE (DEFICIT)

For the years ended September 30, 1917 and 1976 SPECIAL ASSESSMENT FUND

1977

1976

REVENUES;

Assessments - current operations Interest income Miscellaneous

Total Revenue

$ 133,876

1,552 850

$ 129.559 3,740 75B

136,278

134,057

514,301

522,563

82,380 66,218 9,606 26,688

82.380 33,640

12,583

3,120 1,992

1, 738

704,305

659,838

(568,027)

(S2S,7S1)

(404,088)

121,693

EXPENSES:

Project costs

(Note

11

Interest: Orainage bonds Notes payable Maintenance Operations Amortization (Note 1) : Bond discount Deferred bond costs

Total Expenses EXCESS OF EXPENSES OVER REVENUES FtmD BALANCE

(DEFICIT) , October 1

FUNO BALANCE (DEFICIT) , September 30

5(972,115)

3,814 3,120

$(404,088)

The accompanying notes are an integral part of these statements.


5

RANGER DRAINAGE DISTRICT STATEMENT OF CHANGES IN FIXED ASSETS

For the years ended September 30. 1977 and 1976 1977

1976

$2,156,696

$1,843,933

514,301

312,763

2,670,997

2,156,696

209,800

209,800

$2,880,797

$2,366,496

Construcr.ion in process: Balance, beginning of period Additions Balance, end of period Land TOTAL

The accompanying notes are an integral part of these statements.


6

RANGER DRAI!IAGE: DISTRICT

NOTES TO FINANCIAL STAT!.MESTS September 30. 1977 and 1916

SOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES;

PURPOSE: OF DISTRICT Ranger Drainage District was created by order of the Circuit Court of the Ninth Judicial Circuit in and for Orange County, Florida, on April 9, 1970 in accordance with Chapter 298 of the Florida Statutâ&#x20AC;˘â&#x20AC;˘ to effect the reclamation of the lands within the Cistrict. On March 10. 1971, the Circuit Court of Orange County, Florida, entered its judgment confirming the benefits against the lands within the District in ~~e aggregate amount of 59.797,500. RECOGNITION OF REVENUES A..'1D EXPENSES

A modified

accrua~

basis of accounting is used in Which

expenditures are recorded at ~~e time liabilities ara incurred and revenues are reeorde~ sene rally when due. CONSTRUC':'ION IN PROGRESS

All eX?enditures directly related to the construction of t~e drainage system have been capitalized as part of construction in progress. DRAINAGE BONDS Bond discount and deferred bond costs are being amortized on a straight-line basis over the life of the bonds. NOTE 2 - CASH -

RESTRICTED

The ~esolution related to the Oistrict's Drainage BQnds provides for ~~e establiShment of a sinking fund into which collections of annual debt service assessments shall be deposited. Such fu.,ds are to be used for debt service payt:lllnts and de;>osits to a reserve fund. The resolution requires annual deposits of $10,000 to a reserve fund to ~etire the bonds. Deposits to the reserve fu.,d ware made during the year ended September 30, 1977; however, due to an error in levying 1975 assessments, fu.,ds on deposit in the sinking fund were insufficient to meet the semiannual bo~d interest payme~ts. These requirements were met by the issuance of a note. Subsequent to September 30, 1977 the 1975 unde~-assess~nt was COllected and deposited to the sinking fund.


7

R}l~GER

DRAINAGE DISTRICT

NOTES TO FINANCIAL STATEMENTS

September )0, 1977 and 1976

The bond resolution also provides for the establishment of a construction fund through which all receipts and expenditures for project costs are to be processed. !'lOTE 3 -

OUE FROM CAPE ORLANDO CORPORATION

Amounts receivable from Cape Orlando Corporation, a major property owner controlling approximately eighty percent of tr.e voting rights within the District, consist of the following:

COrrection of prior year's assessment Interest receivable on late payment of assessaent due July 1, 1972

$ 67,322

119,130 $186,452

The prior year's assessment was collected subsequent to

September )0, 1977 and, in the opinion of the District's legal counsel, the interest receivable i5 fully collectible through the right of off-set again5t notes payable to Cape OrlandO Corporation.

NOTE 4 - DRAINAGE BONDS On July 6, 1972, the Board of Supervi50rs of Ranger Drainage District adopted a resolution authorizing issuance of Drainage Bonds in the amount of $2,000,000 to finance the construction of pUblic drainage improvements within the District. Bonds amounting to Sl,373,000 路...ere issued on April 1, 1975, and sold on August 6, 1975. The difference between the a~ount authorized and the bonds issued of $627,000 represents assessments paid by Cape Orlando Corporation, a major property owner within the District, for its share of the budgeted project cost related to a specific portion of the property within the District. The resolution related to these bonds provides for early redemption at the option of the District with premiums to bondholders ranging from 3\ to 4\ of par value for redeQption made on or after OctOber 1, 1983 and prior to maturity. The payment


8

RANGER DRAINAGE DISTRICT

NOTES TO FINANCIAL STATEMENTS

September 30, 1977 and 1976

of principal and interest on the bonds is cOllateralized by the District's pledge of the total drainage tax levied and collected against all property within the Oistrict. The bonds bear an interest rate of 6% per annum and are due in total on April 1, 1997. l>OTE 5 -

FtiNO B}ILANCE

Fund balance (deficit) at September 30, 1977 consist of the following;

Accumulated project costs in excess of

assessments levied

I

Accumulated operating expenses in excess of revenues Fund balance (deficit)

$(880,797}

( 91,318) 5(972,115)

The estimated remaining cost to complete construction of improvements on those lands lying east of the Econlockhatchee

River is approximately $1.6 million at September 30, 1977. The District's consulting engineer has indicated that no estimate can be made for completing the construction of improvements on those lands lying west of the Econlockhatchee River since these lands have not been platted and the design proposed in the Plan of Reclamation is no longer acceptable to regulatory authorities. Until such time as these lands are platted and the design is approved by the various regulatory authorities it cannot be determined if the Plan of Reclamation can be fully implemented for an amount not exceeding the $9,797,500 in benefits assessed against the lands within the District as noted in Note 1. It is anticipated that additional assessments, not to exceed $7,797,500 will be levied to fund the amount by which project costs exceed the original $2,000,000 levy. NOTE 6 - PROPOSED LEGISLATION During the year ended September 30, 1977 the District proposed legislation which would have divided the District into two separate taxing units. The legislation was approved by the Orange County Legislative Delegation and assigned to the Community Affairs Commitee of the Florida Legislature where


, RANGER DRAINAGE DISTRICT NOTES TO FINANCIAL

STAm~"TS

Septe.!llber 30. 1977 &nCo 1916

it tailed to pass. Subsequent to Septe~r 30. 1977 the 18q11lation was proposed for consideration by ~~e 1978 leqislaeure but was with4ra~n at ~~e local level. ~anageoent has not =ade a det.~nation 45 to whether or not the proposal will be resubmitted to the leqislature in the future.


1976 - 1977 Ranger Drainage District Financials  

1976 - 1977 Ranger Drainage District Financials