2016 final report - urban orlando rpts... · 2019-11-03 · urban orlando community development...
TRANSCRIPT
URBAN ORLANDOCOMMUNITY DEVELOPMENT DISTRICT
ORANGE COUNTY, FLORIDAFINANCIAL REPORT
FOR THE FISCAL YEAR ENDEDSEPTEMBER 30, 2016
URBAN ORLANDO COMMUNITY DEVELOPMENT DISTRICTORANGE COUNTY, FLORIDA
TABLE OF CONTENTS
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GOVERNMENT AUDITING STANDARDS 35.36!
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INDEPENDENT AUDITOR’S REPORT!!Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Qtcpig!Eqwpv{-!Hnqtkfc!!Report on the Financial Statements
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Management’s Responsibility for the Financial Statements
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Auditor’s Responsibility
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Opinions
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3!
Other Matters
Required Supplementary Information
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Other Reporting Required by Government Auditing Standards
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Report on Other Legal and Regulatory Requirements
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STATEMENT OF NET POSITIONSEPTEMBER 30, 2016
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BALANCE SHEETGOVERNMENTAL FUNDS
SEPTEMBER 30, 2016
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URBAN ORLANDO COMMUNITY DEVELOPMENT DISTRICTORANGE COUNTY, FLORIDA
RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUNDSTO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2016
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!!!!!!!!!!
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22!
URBAN ORLANDO COMMUNITY DEVELOPMENT DISTRICTORANGE COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016
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Vqvcn!tgxgpwgu 2-735-389!!!! 2-;4;-635!!! 892-824!!!!!! 5-456-626!!!!!!
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23!
URBAN ORLANDO COMMUNITY DEVELOPMENT DISTRICTORANGE COUNTY, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016
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gzrgpug!kp!vjg!uvcvgogpv!qh!cevkxkvkgu/ )598-279*!!!!!!
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Coqtvk|cvkqp!qh!fghgttgf!coqwpv!qp!tghwpfkpi )251-215*!!!!!!
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!!!Ejcpig!kp!pgv!rqukvkqp!qh!iqxgtpogpvcn!cevkxkvkgu! 846-254%!!!!!
!!!!!!!!!!!!!!!!!
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24!
URBAN ORLANDO COMMUNITY DEVELOPMENT DISTRICTORANGE COUNTY, FLORIDA
NOTES TO FINANCIAL STATEMENTS
NOTE 1 – NATURE OF ORGANIZATION AND REPORTING ENTITY!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!)#Fkuvtkev#*!ycu!etgcvgf!qp!Fgegodgt!7-!2;;;!d{!Qtfkpcpeg!43635!qh!vjg!Ekv{!qh!Qtncpfq-!Hnqtkfc-!rwtuwcpv!vq!vjg!Wpkhqto!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Cev!qh!2;91-!qvjgtykug! mpqyp! cu! Ejcrvgt! 2;1-!Hnqtkfc!Uvcvwvgu/!Vjg!Cev!rtqxkfgu!coqpi!qvjgt! vjkpiu-! vjg!rqygt! vq!ocpcig!dcuke!ugtxkegu!hqt!eqoowpkv{!fgxgnqrogpv-!rqygt!vq!dqttqy!oqpg{!cpf!kuuwg!dqpfu-!cpf!vq!ngx{!cpf!cuuguu!pqp.cf!xcnqtgo!cuuguuogpvu!hqt!vjg!hkpcpekpi!cpf!fgnkxgt{!qh!ecrkvcn!kphtcuvtwevwtg/!Vjg!Fkuvtkev!ycu!guvcdnkujgf! hqt! vjg! rwtrqugu! qh! hkpcpekpi! cpf!ocpcikpi! vjg! ceswkukvkqp-! eqpuvtwevkqp-! ockpvgpcpeg!cpf!qrgtcvkqp!qh!c!rqtvkqp!qh!vjg!kphtcuvtwevwtg!pgeguuct{!hqt!eqoowpkv{!fgxgnqrogpv!ykvjkp!vjg!Fkuvtkev/!!!Vjg!Fkuvtkev�u!dqwpfctkgu!jcxg!dggp!cogpfgf!cv!xctkqwu!vkogu!ukpeg!hqtocvkqp/!!!!Vjg!Fkuvtkev!ku!iqxgtpgf!d{!vjg!Dqctf!qh!Uwrgtxkuqtu!)#Dqctf#*-!yjkej!ku!eqorqugf!qh!hkxg!ogodgtu/!Vjg!Dqctf!qh!Uwrgtxkuqtu!qh!vjg!Fkuvtkev!gzgtekug!cnn!rqygtu!itcpvgf!vq!vjg!Fkuvtkev!rwtuwcpv!vq!Ejcrvgt!2;1-!Hnqtkfc!Uvcvwvgu/!!!Vjg!Dqctf!jcu!vjg!tgurqpukdknkv{!hqt<!2/! !!Cuuguukpi!cpf!ngx{kpi!cuuguuogpvu/!3/! Crrtqxkpi!dwfigvu/!4/! Gzgtekukpi!eqpvtqn!qxgt!hceknkvkgu!cpf!rtqrgtvkgu/!5/! Eqpvtqnnkpi!vjg!wug!qh!hwpfu!igpgtcvgf!d{!vjg!Fkuvtkev/!6/! Crrtqxkpi!vjg!jktkpi!cpf!hktkpi!qh!mg{!rgtuqppgn/!7/! Hkpcpekpi!kortqxgogpvu/!!Vjg! hkpcpekcn! uvcvgogpvu!ygtg!rtgrctgf! kp!ceeqtfcpeg!ykvj!Iqxgtpogpvcn!Ceeqwpvkpi!Uvcpfctfu!Dqctf!)�ICUD�*!Uvcvgogpvu/!!Wpfgt!vjg!rtqxkukqpu!qh!vjqug!uvcpfctfu-!vjg!hkpcpekcn!tgrqtvkpi!gpvkv{!eqpukuvu!qh!vjg!rtkoct{!iqxgtpogpv-!qticpk|cvkqpu!hqt!yjkej!vjg!Fkuvtkev!ku!eqpukfgtgf!vq!dg!hkpcpekcnn{!ceeqwpvcdng!cpf!qvjgt!qticpk|cvkqpu! hqt!yjkej! vjg!pcvwtg!cpf!ukipkhkecpeg!qh! vjgkt! tgncvkqpujkr!ykvj! vjg!Fkuvtkev!ctg!uwej! vjcv-! kh!gzenwfgf-!vjg!hkpcpekcn!uvcvgogpvu!qh!vjg!Fkuvtkev!yqwnf!dg!eqpukfgtgf!kpeqorngvg!qt!okungcfkpi/!Vjgtg!ctg!pq!gpvkvkgu!eqpukfgtgf!vq!dg!eqorqpgpv!wpkvu!qh!vjg!Fkuvtkev=!vjgtghqtg-!vjg!hkpcpekcn!uvcvgogpvu!kpenwfg!qpn{!vjg!qrgtcvkqpu!qh!vjg!Fkuvtkev/!!!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES!Government-Wide and Fund Financial StatementsVjg!dcuke!hkpcpekcn!uvcvgogpvu!kpenwfg!dqvj!iqxgtpogpv.ykfg!cpf!hwpf!hkpcpekcn!uvcvgogpvu/!!Vjg!iqxgtpogpv.ykfg!hkpcpekcn!uvcvgogpvu!)k/g/-!vjg!uvcvgogpv!qh!pgv!rqukvkqp!cpf!vjg!uvcvgogpv!qh!cevkxkvkgu*!tgrqtv!kphqtocvkqp!qp!cnn!qh!vjg!pqp.hkfwekct{!cevkxkvkgu!qh!vjg!rtkoct{!iqxgtpogpv/!!Hqt!vjg!oquv!rctv-!vjg!ghhgev!qh!kpvgthwpf!cevkxkv{!jcu!dggp!tgoqxgf!htqo!vjgug!uvcvgogpvu/!!!!Vjg!uvcvgogpv!qh!cevkxkvkgu!fgoqpuvtcvgu! vjg!fgitgg! vq!yjkej!vjg!fktgev!gzrgpugu!qh!c!ikxgp!hwpevkqp!qt!ugiogpv!ku!qhhugv!d{!rtqitco!tgxgpwgu/!!Direct expenses!ctg!vjqug!vjcv!ctg!engctn{!kfgpvkhkcdng!ykvj!c!urgekhke!hwpevkqp!qt!ugiogpv/!!Program revenues!kpenwfg<!2*!ejctigu!vq!ewuvqogtu!yjq!rwtejcug-!wug-!qt!fktgevn{!dgpghkv!htqo!iqqfu-!ugtxkegu-!qt!rtkxkngigu!rtqxkfgf!d{!c!ikxgp!hwpevkqp!qt!ugiogpv=!qrgtcvkpi.v{rg!urgekcn!cuuguuogpvu! hqt! ockpvgpcpeg! cpf! fgdv! ugtxkeg! ctg! vtgcvgf! cu! ejctigu! hqt! ugtxkegu! cpf! 3*! itcpvu! cpf!eqpvtkdwvkqpu!vjcv!ctg!tguvtkevgf!vq!oggvkpi!vjg!qrgtcvkqpcn!qt!ecrkvcn!tgswktgogpvu!qh!c!rctvkewnct!hwpevkqp!qt!ugiogpv/!Qvjgt!kvgou!pqv!kpenwfgf!coqpi!rtqitco!tgxgpwgu!ctg!tgrqtvgf!kpuvgcf!cu!general revenues/!!
Measurement Focus, Basis of Accounting and Financial Statement PresentationVjg!iqxgtpogpv.ykfg!hkpcpekcn!uvcvgogpvu!ctg!tgrqtvgf!wukpi!vjg!economic resources measurement!hqewu!cpf!vjg!accrual basis of accounting/!!Tgxgpwgu!ctg!tgeqtfgf!yjgp!gctpgf!cpf!gzrgpugu!ctg!tgeqtfgf!yjgp!c!nkcdknkv{!ku!kpewttgf-!tgictfnguu!qh!vjg!vkokpi!qh!tgncvgf!ecuj!hnqyu/!!Cuuguuogpvu!ctg!tgeqipk|gf!cu!tgxgpwgu!kp!vjg!{gct!hqt!yjkej!vjg{!ctg!ngxkgf/!!Itcpvu!cpf!ukoknct!kvgou!ctg!vq!dg!tgeqipk|gf!cu!tgxgpwg!cu!uqqp!cu!cnn!gnkikdknkv{!tgswktgogpvu!korqugf!d{!vjg!rtqxkfgt!jcxg!dggp!ogv/!
25!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued)Iqxgtpogpvcn!hwpf!hkpcpekcn!uvcvgogpvu!ctg!tgrqtvgf!wukpi!vjg!current financial resources measurement focus!cpf!vjg!modified accrual basis of accounting/!!Tgxgpwgu!ctg!tgeqipk|gf!cu!uqqp!cu!vjg{!ctg!dqvj!ogcuwtcdng!cpf!cxckncdng/!!Tgxgpwgu!ctg!eqpukfgtgf!vq!dg!available!yjgp!vjg{!ctg!eqnngevkdng!ykvjkp!vjg!ewttgpv!rgtkqf!qt!uqqp!gpqwij!vjgtgchvgt!vq!rc{!nkcdknkvkgu!qh!vjg!ewttgpv!rgtkqf/!Hqt!vjku!rwtrqug-!vjg!iqxgtpogpv!eqpukfgtu!tgxgpwgu! vq! dg! cxckncdng! kh! vjg{! ctg! eqnngevgf! ykvjkp! 71! fc{u! qh! vjg! gpf! qh! vjg! ewttgpv! hkuecn! rgtkqf/!!Gzrgpfkvwtgu!ctg!tgeqtfgf!yjgp!c!nkcdknkv{!ku!kpewttgf-!cu!wpfgt!ceetwcn!ceeqwpvkpi/!Jqygxgt-!fgdv!ugtxkeg!gzrgpfkvwtgu!ctg!tgeqtfgf!qpn{!yjgp!rc{ogpv!ku!fwg/!!Cuuguuogpvu!Cuuguuogpvu!ctg!pqp.cf!xcnqtgo!cuuguuogpvu!qp!dgpghkvgf!ncpfu!ykvjkp!vjg!Fkuvtkev/!Cuuguuogpvu!ctg!ngxkgf!vq!rc{!hqt!vjg!qrgtcvkqpu!cpf!ockpvgpcpeg!qh!vjg!Fkuvtkev/!Vjg!hkuecn!{gct!hqt!yjkej!cppwcn!cuuguuogpvu!ctg!ngxkgf!dgikpu!qp!Qevqdgt!2!ykvj!fkueqwpvu!cxckncdng!hqt!rc{ogpvu!vjtqwij!Hgdtwct{!39!cpf!dgeqog!fgnkpswgpv!qp!Crtkn!2/!Vjg!Fkuvtkev�u!cppwcn!cuuguuogpvu!hqt!qrgtcvkqpu!cpf!fgdv!ugtxkeg!ctg!dknngf!cpf!eqnngevgf!d{!vjg!Eqwpv{!Vcz!Eqnngevqt0Eqnngevqt/!Vjg!coqwpvu!tgokvvgf!vq!vjg!Fkuvtkev!ctg!pgv!qh!crrnkecdng!fkueqwpvu!qt!hggu!cpf!kpenwfg!kpvgtguv!qp!oqpkgu!jgnf!htqo!vjg!fc{!qh!eqnngevkqp!vq!vjg!fc{!qh!fkuvtkdwvkqp/!Hqt!fgdv!ugtxkeg!cuuguuogpvu-!coqwpvu!eqnngevgf!cu!cfxcpeg!rc{ogpvu!ctg!wugf!vq!rtgrc{!c!rqtvkqp!qh!vjg!Dqpfu!qwvuvcpfkpi/!!Qvjgtykug-!cuuguuogpvu!ctg!eqnngevgf!cppwcnn{!vq!rtqxkfg!hwpfu!hqt!vjg!fgdv!ugtxkeg!qp!vjg!rqtvkqp!qh!vjg!Dqpfu!yjkej!ctg!pqv!rckf!ykvj!rtgrckf!cuuguuogpvu/!!!!Cuuguuogpvu!cpf!kpvgtguv!cuuqekcvgf!ykvj!vjg!ewttgpv!hkuecn!rgtkqf!ctg!eqpukfgtgf!vq!dg!uwuegrvkdng!vq!ceetwcn!cpf!uq!jcxg!dggp!tgeqipk|gf!cu!tgxgpwgu!qh!vjg!ewttgpv!hkuecn!rgtkqf/!!Vjg!rqtvkqp!qh!cuuguuogpvu!tgegkxcdng!fwg!ykvjkp!vjg!ewttgpv!hkuecn!rgtkqf!ku!eqpukfgtgf!vq!dg!uwuegrvkdng!vq!ceetwcn!cu!tgxgpwg!qh!vjg!ewttgpv!rgtkqf/!!
Vjg!Fkuvtkev!tgrqtvu!vjg!hqnnqykpi!oclqt!iqxgtpogpvcn!hwpfu<!
Igpgtcn!Hwpf!Vjg!igpgtcn!hwpf!ku!vjg!igpgtcn!qrgtcvkpi!hwpf!qh!vjg!Fkuvtkev/!!Kv!ku!wugf!vq!ceeqwpv!hqt!cnn!hkpcpekcn!tguqwtegu!gzegrv!vjqug!tgswktgf!vq!dg!ceeqwpvgf!hqt!kp!cpqvjgt!hwpf/!!Fgdv!Ugtxkeg!Hwpf!3118!Vjg!fgdv!ugtxkeg!hwpf!ku!wugf!vq!ceeqwpv!hqt!vjg!ceewowncvkqp!qh!tguqwtegu!hqt!vjg!rc{ogpv!qh!rtkpekrcn!cpf!kpvgtguv!qp!nqpi.vgto!fgdv-!Ugtkgu!3118/!!!Fgdv!Ugtxkeg!Hwpf!3125!Vjg!fgdv!ugtxkeg!hwpf!ku!wugf!vq!ceeqwpv!hqt!vjg!ceewowncvkqp!qh!tguqwtegu!hqt!vjg!rc{ogpv!qh!rtkpekrcn!cpf!kpvgtguv!qp!nqpi.vgto!fgdv-!Ugtkgu!3125/!!Cu!c!igpgtcn!twng-!vjg!ghhgev!qh! kpvgthwpf!cevkxkv{!jcu!dggp!gnkokpcvgf!htqo!vjg!iqxgtpogpv.ykfg!hkpcpekcn!uvcvgogpvu/!!!!Yjgp!dqvj!tguvtkevgf!cpf!wptguvtkevgf!tguqwtegu!ctg!cxckncdng!hqt!wug-!kv!ku!vjg!iqxgtpogpv�u!rqnke{!vq!wug!tguvtkevgf!tguqwtegu!hktuv!hqt!swcnkh{kpi!gzrgpfkvwtgu-!vjgp!wptguvtkevgf!tguqwtegu!cu!vjg{!ctg!pggfgf/!!
New Accounting Standards AdoptedFwtkpi!hkuecn!{gct!3127-!vjg!Fkuvtkev!cfqrvgf!vjtgg!pgy!ceeqwpvkpi!uvcpfctfu!cu!hqnnqyu<!
ICUD!83-!Fair Value Measurement and ApplicationVjg!Uvcvgogpv! kortqxgu! hkpcpekcn! tgrqtvkpi!d{!enctkh{kpi! vjg!fghkpkvkqp!qh! hckt!xcnwg! hqt! hkpcpekcn! tgrqtvkpi!rwtrqugu-!guvcdnkujkpi!igpgtcn!rtkpekrngu!hqt!ogcuwtkpi!hckt!xcnwg-!rtqxkfkpi!cffkvkqpcn!hckt!xcnwg!crrnkecvkqp!iwkfcpeg-!cpf!gpjcpekpi!fkuenquwtgu!cdqwv!hckt!xcnwg!ogcuwtgogpvu/!Vjgug!kortqxgogpvu!ctg!dcugf!kp!rctv!qp! vjg!eqpegrvu!cpf!fghkpkvkqpu!guvcdnkujgf! kp!Eqpegrvu!Uvcvgogpv!Pq/!7-!Measurement of Elements ofFinancial Statements, cpf!qvjgt!tgngxcpv!nkvgtcvwtg/!!!
26!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
New Accounting Standards Adopted (Continued)ICUD!87!.!The Hierarchy of Generally Accepted Accounting Principles for State and Local GovernmentsVjg!Uvcvgogpv!kfgpvkhkgu�kp!vjg!eqpvgzv!qh!vjg!ewttgpv!iqxgtpogpvcn!hkpcpekcn!tgrqtvkpi!gpxktqpogpv�vjg!uqwtegu!qh!ceeqwpvkpi!rtkpekrngu!wugf!vq!rtgrctg!hkpcpekcn!uvcvgogpvu!qh!uvcvg!cpf!nqecn!iqxgtpogpvcn!gpvkvkgu!kp!eqphqtokv{!ykvj!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu!)ICCR*!cpf!vjg!htcogyqtm!hqt!ugngevkpi!vjqug!rtkpekrngu/!!ICUD!8;!.!Certain External Investment Pools and Pool ParticipantsVjku!Uvcvgogpv!guvcdnkujgu!ceeqwpvkpi!cpf!hkpcpekcn!tgrqtvkpi!uvcpfctfu!hqt!swcnkh{kpi!gzvgtpcn!kpxguvogpv!rqqnu!vjcv!gngev!vq!ogcuwtg!hqt!hkpcpekcn!tgrqtvkpi!rwtrqugu!cnn!qh!vjgkt!kpxguvogpvu!cv!coqtvk|gf!equv/!Vjku!Uvcvgogpv!cnuq!guvcdnkujgu!ceeqwpvkpi!cpf!hkpcpekcn!tgrqtvkpi!uvcpfctfu!hqt!uvcvg!cpf!nqecn!iqxgtpogpvu!vjcv!rctvkekrcvg!kp!c!swcnkh{kpi!gzvgtpcn!kpxguvogpv!rqqn!vjcv!ogcuwtgu!hqt!hkpcpekcn!tgrqtvkpi!rwtrqugu!cnn!qh!kvu!kpxguvogpvu!cv!coqtvk|gf!equv/!
Assets, Liabilities and Net Position or Equity!Tguvtkevgf!Cuugvu!Vjgug!cuugvu!tgrtgugpv!ecuj!cpf!kpxguvogpvu!ugv!cukfg!rwtuwcpv!vq!Dqpf!eqxgpcpvu!qt!qvjgt!eqpvtcevwcn!tguvtkevkqpu/!!!Fgrqukvu!cpf!Kpxguvogpvu!Vjg!Fkuvtkev�u!ecuj!cpf!ecuj!gswkxcngpvu!ctg!eqpukfgtgf!vq!dg!ecuj!qp!jcpf!cpf!fgocpf!fgrqukvu!)kpvgtguv!cpf!pqp.kpvgtguv!dgctkpi*/!!Vjg!Fkuvtkev!jcu!gngevgf!vq!rtqeggf!wpfgt!vjg!Cnvgtpcvkxg!Kpxguvogpv!Iwkfgnkpgu!cu!ugv!hqtvj!kp!Ugevkqp!329/526!)28*!Hnqtkfc!Uvcvwvgu/!!Vjg!Fkuvtkev!oc{!kpxguv!cp{!uwtrnwu!rwdnke!hwpfu!kp!vjg!hqnnqykpi<!!
c*! Vjg!Nqecn!Iqxgtpogpv!Uwtrnwu!Vtwuv!Hwpfu-!qt!cp{!kpvgtiqxgtpogpvcn!kpxguvogpv!rqqn!cwvjqtk|gf!rwtuwcpv!vq!vjg!Hnqtkfc!Kpvgtnqecn!Eqqrgtcvkqp!Cev=!
d*! Ugewtkvkgu!cpf!Gzejcpig!Eqookuukqp!tgikuvgtgf!oqpg{!octmgv!hwpfu!ykvj!vjg!jkijguv!etgfkv!swcnkv{!tcvkpi!htqo!c!pcvkqpcnn{!tgeqipk|gf!tcvkpi!cigpe{=!
e*! Kpvgtguv!dgctkpi!vkog!fgrqukvu!qt!ucxkpiu!ceeqwpvu!kp!swcnkhkgf!rwdnke!fgrqukvqtkgu=!f*! Fktgev!qdnkicvkqpu!qh!vjg!W/U/!Vtgcuwt{/!
!Ugewtkvkgu!nkuvgf!kp!rctcitcrju!e!cpf!f!ujcnn!dg!kpxguvgf!vq!rtqxkfg!uwhhkekgpv!nkswkfkv{!vq!rc{!qdnkicvkqpu!cu!vjg{!eqog!fwg/!!Kp!cffkvkqp-!uwtrnwu!hwpfu!oc{!dg!fgrqukvgf!kpvq!egtvkhkecvgu!qh!fgrqukv!yjkej!ctg!kpuwtgf/!!Vjg!Fkuvtkev!tgeqtfu!cnn!kpvgtguv!tgxgpwg!tgncvgf!vq!kpxguvogpv!cevkxkvkgu!kp!vjg!tgurgevkxg!hwpfu/!Kpxguvogpvu!ctg!ogcuwtgf! cv!coqtvk|gf!equv!qt! tgrqtvgf!cv! hckt! xcnwg!cu! tgswktgf!d{!igpgtcnn{!ceegrvgf! ceeqwpvkpi!rtkpekrngu/!!Kpxgpvqtkgu!cpf!Rtgrckf!Kvgou!Kpxgpvqtkgu!qh!iqxgtpogpvcn!hwpfu!ctg!tgeqtfgf!cu!gzrgpfkvwtgu!yjgp!eqpuwogf!tcvjgt!vjcp!yjgp!rwtejcugf/!!Egtvckp!rc{ogpvu!vq!xgpfqtu!tghngev!equvu!crrnkecdng!vq!hwvwtg!ceeqwpvkpi!rgtkqfu!cpf!ctg!tgeqtfgf!cu!rtgrckf!kvgou!kp!dqvj!iqxgtpogpv.ykfg!cpf!hwpf!hkpcpekcn!uvcvgogpvu/!
Ecrkvcn!Cuugvu!Ecrkvcn!cuugvu!yjkej!kpenwfg!rtqrgtv{-!rncpv!cpf!gswkrogpv-!cpf!kphtcuvtwevwtg!cuugvu!)g/i/-!tqcfu-!ukfgycnmu!cpf! ukoknct! kvgou*! ctg! tgrqtvgf! kp! vjg! iqxgtpogpv! cevkxkvkgu! eqnwopu! kp! vjg! iqxgtpogpv.ykfg! hkpcpekcn!uvcvgogpvu/!Ecrkvcn!cuugvu!ctg!fghkpgf!d{!vjg!iqxgtpogpv!cu!cuugvu!ykvj!cp!kpkvkcn-!kpfkxkfwcn!equv!qh!oqtg!vjcp!%6-111!)coqwpv!pqv!tqwpfgf*!cpf!cp!guvkocvgf!wughwn!nkhg!kp!gzeguu!qh!vyq!{gctu/!!Uwej!cuugvu!ctg!tgeqtfgf!cv!jkuvqtkecn!equv!qt!guvkocvgf!jkuvqtkecn!equv!kh!rwtejcugf!qt!eqpuvtwevgf/!!Fqpcvgf!ecrkvcn!cuugvu!ctg!tgeqtfgf!cv!guvkocvgf!hckt!octmgv!xcnwg!cv!vjg!fcvg!qh!fqpcvkqp/!!!!!!
27!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued)
Ecrkvcn!Cuugvu!)Eqpvkpwgf*!Vjg!equvu!qh!pqtocn!ockpvgpcpeg!cpf!tgrcktu!vjcv!fq!pqv!cff!vq!vjg!xcnwg!qh!vjg!cuugv!qt!ocvgtkcnn{!gzvgpf!cuugvu!nkxgu!ctg!pqv!ecrkvcnk|gf/!!Oclqt!qwvnc{u!hqt!ecrkvcn!cuugvu!cpf!kortqxgogpvu!ctg!ecrkvcnk|gf!cu!rtqlgevu!ctg!eqpuvtwevgf/!!Rtqrgtv{-!rncpv!cpf!gswkrogpv!qh!vjg!Fkuvtkev!ctg!fgrtgekcvgf!wukpi!vjg!uvtckijv.nkpg!ogvjqf!qxgt!vjg!hqnnqykpi!guvkocvgf!wughwn!nkxgu<!!
Cuugvu! [gctu!
Kortqxgogpvu! 8!.!4;!
Kphtcuvtwevwtg! 31!.!51!
Gswkrogpv! 8!
Kp! vjg!iqxgtpogpvcn! hwpf!hkpcpekcn!uvcvgogpvu-!coqwpvu! kpewttgf!hqt! vjg!ceswkukvkqp!qh!ecrkvcn!cuugvu!ctg!tgrqtvgf!cu! hwpf!gzrgpfkvwtgu/!Fgrtgekcvkqp!gzrgpug! ku!pqv! tgrqtvgf! kp! vjg!iqxgtpogpvcn! hwpf! hkpcpekcn!uvcvgogpvu/!!!Tghwpfkpiu!qh!Fgdv!!!!Hqt!ewttgpv!tghwpfkpiu!cpf!cfxcpeg!tghwpfkpiu!tguwnvkpi!kp!vjg!fghgcucpeg!qh!fgdv-!vjg!fkhhgtgpeg!dgvyggp!vjg!tgceswkukvkqp!rtkeg!cpf!vjg!pgv!ectt{kpi!coqwpv!qh!vjg!qnf!fgdv!ku!tgrqtvgf!cu!c!fghgttgf!qwvhnqy!qh!tguqwtegu!cpf!tgeqipk|gf!tcvcdn{!cu!c!eqorqpgpv!qh!kpvgtguv!gzrgpug!qxgt!vjg!tgockpkpi!nkhg!qh!vjg!qnf!fgdv!qt!vjg!nkhg!qh!vjg! pgy! fgdv-! yjkejgxgt! ku! ujqtvgt/! Kp! eqppgevkqp! ykvj! vjg! tghwpfkpi-! %251-215! ycu! tgeqipk|gf! cu! c!eqorqpgpv!qh!kpvgtguv!gzrgpug!kp!vjg!ewttgpv!hkuecn!{gct/!!!
!Wpgctpgf!Tgxgpwg!Iqxgtpogpvcn!hwpfu!tgrqtv!wpgctpgf!tgxgpwg!kp!eqppgevkqp!ykvj!tguqwtegu!vjcv!jcxg!dggp!tgegkxgf-!dwv!pqv!{gv!gctpgf/!
!
Nqpi.Vgto!Qdnkicvkqpu!!!Kp!vjg!iqxgtpogpv.ykfg!hkpcpekcn!uvcvgogpvu!nqpi.vgto!fgdv!cpf!qvjgt!nqpi.vgto!qdnkicvkqpu!ctg!tgrqtvgf!cu!nkcdknkvkgu!kp!vjg!uvcvgogpv!qh!pgv!rqukvkqp/!Dqpf!rtgokwou!cpf!fkueqwpvu!ctg!fghgttgf!cpf!coqtvk|gf!tcvcdn{!qxgt! vjg! nkhg! qh! vjg! Dqpfu/! Dqpfu! rc{cdng! ctg! tgrqtvgf! pgv! qh! crrnkecdng! rtgokwou! qt! fkueqwpvu/! Dqpf!kuuwcpeg!equvu!ctg!gzrgpugf!yjgp!kpewttgf/!!!!Kp!vjg!hwpf!hkpcpekcn!uvcvgogpvu-!iqxgtpogpvcn!hwpf!v{rgu!tgeqipk|g!rtgokwou!cpf!fkueqwpvu-!cu!ygnn!cu!kuuwcpeg!equvu-!fwtkpi!vjg!ewttgpv!rgtkqf/!Vjg!hceg!coqwpv!qh!fgdv!kuuwgf!ku!tgrqtvgf!cu!qvjgt!hkpcpekpi!uqwtegu/!!Rtgokwou!tgegkxgf!qp!fgdv!kuuwcpegu!ctg!tgrqtvgf!cu!qvjgt!hkpcpekpi!uqwtegu!yjkng!fkueqwpvu!qp!fgdv!kuuwcpegu!ctg!tgrqtvgf!cu!qvjgt!hkpcpekpi!wugu/!!Kuuwcpeg!equvu-!yjgvjgt!qt!pqv!ykvjjgnf!htqo!vjg!cevwcn!fgdv!rtqeggfu!tgegkxgf-!ctg!tgrqtvgf!cu!fgdv!ugtxkeg!gzrgpfkvwtgu/!!Fghgttgf!Qwvhnqyu0Kphnqyu!qh!Tguqwtegu!!!Fghgttgf! qwvhnqyu! qh! tguqwtegu! tgrtgugpv! c! eqpuworvkqp! qh! pgv! rqukvkqp! vjcv! crrnkgu! vq! hwvwtg! tgrqtvkpi!rgtkqf)u*/!Hqt!gzcorng-! vjg!Fkuvtkev!yqwnf! tgeqtf!fghgttgf!qwvhnqyu!qh! tguqwtegu!qp! vjg!uvcvgogpv!qh!pgv!rqukvkqp!tgncvgf!vq!fgdkv!coqwpvu!tguwnvkpi!htqo!ewttgpv!cpf!cfxcpeg!tghwpfkpiu!tguwnvkpi!kp!vjg!fghgcucpeg!qh!fgdv!)k/g/!yjgp!vjgtg!ctg!fkhhgtgpegu!dgvyggp!vjg!tgceswkukvkqp!rtkeg!cpf!vjg!pgv!ectt{kpi!coqwpv!qh!vjg!qnf!fgdv*/!!Fghgttgf!kphnqyu!qh!tguqwtegu!tgrtgugpv!cp!ceswkukvkqp!qh!pgv!rqukvkqp!vjcv!crrnkgu!vq!hwvwtg!tgrqtvkpi!rgtkqf)u*/!Hqt!gzcorng-!yjgp!cp!cuugv!ku!tgeqtfgf!kp!vjg!iqxgtpogpvcn!hwpf!hkpcpekcn!uvcvgogpvu-!dwv!vjg!tgxgpwg!ku!wpcxckncdng-!vjg!Fkuvtkev!tgrqtvu!c!fghgttgf!kphnqy!qh!tguqwtegu!qp!vjg!dcncpeg!ujggv!wpvkn!uwej!vkogu!cu!vjg!tgxgpwg!dgeqogu!cxckncdng/!!!!!!!
28!
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Assets, Liabilities and Net Position or Equity (Continued)!Hwpf!Gswkv{0Pgv!Rqukvkqp!!!Kp!vjg!hwpf!hkpcpekcn!uvcvgogpvu-!iqxgtpogpvcn!hwpfu!tgrqtv!pqp!urgpfcdng!cpf!tguvtkevgf!hwpf!dcncpeg!hqt!coqwpvu!vjcv!ctg!pqv!cxckncdng!hqt!crrtqrtkcvkqp!qt!ctg!ngicnn{!tguvtkevgf!d{!qwvukfg!rctvkgu!hqt!wug!hqt!c!urgekhke!rwtrqug/!!Cuukipogpvu!qh!hwpf!dcncpeg!tgrtgugpv!vgpvcvkxg!ocpcigogpv!rncpu!vjcv!ctg!uwdlgev!vq!ejcpig/!!Vjg!Fkuvtkev!ecp!guvcdnkuj!nkokvcvkqpu!qp!vjg!wug!qh!hwpf!dcncpeg!cu!hqnnqyu<!!!
Eqookvvgf!hwpf!dcncpeg!�!Coqwpvu!vjcv!ecp!dg!wugf!qpn{!hqt!vjg!urgekhke!rwtrqugu!fgvgtokpgf!d{!c!hqtocn!cevkqp!)tguqnwvkqp*!qh!vjg!Dqctf!qh!Uwrgtxkuqtu/!Eqookvogpvu!oc{!dg!ejcpigf!qt!nkhvgf!qpn{!d{!vjg!Dqctf!qh!Uwrgtxkuqtu!vcmkpi!vjg!ucog!hqtocn!cevkqp!)tguqnwvkqp*!vjcv!korqugf!vjg!eqpuvtckpv!qtkikpcnn{/!!Tguqwtegu!ceewowncvgf!rwtuwcpv!vq!uvcdknk|cvkqp!cttcpigogpvu!uqogvkogu!ctg!tgrqtvgf!kp!vjku!ecvgiqt{/!!!!Cuukipgf!hwpf!dcncpeg!!Kpenwfgu!urgpfcdng!hwpf!dcncpeg!coqwpvu!guvcdnkujgf!d{!vjg!Dqctf!qh!Uwrgtxkuqtu!vjcv!ctg!kpvgpfgf!vq!dg!wugf!hqt!urgekhke!rwtrqugu!vjcv!ctg!pgkvjgt!eqpukfgtgf!tguvtkevgf!pqt!eqookvvgf/!Vjg!Dqctf!oc{!cnuq!cuukip!hwpf!dcncpeg!cu!kv!fqgu!yjgp!crrtqrtkcvkpi!hwpf!dcncpeg!vq!eqxgt!fkhhgtgpegu!kp!guvkocvgf!tgxgpwg!cpf!crrtqrtkcvkqpu!kp!vjg!uwdugswgpv!{gct�u!crrtqrtkcvgf!dwfigv/!!Cuukipogpvu!ctg!igpgtcnn{!vgorqtct{!cpf!pqtocnn{!vjg!ucog!hqtocn!cevkqp!pggf!pqv!dg!vcmgp!vq!tgoqxg!vjg!cuukipogpv/!
!Vjg!Fkuvtkev!hktuv!wugu!eqookvvgf!hwpf!dcncpeg-!hqnnqygf!d{!cuukipgf!hwpf!dcncpeg!cpf!vjgp!wpcuukipgf!hwpf!dcncpeg!yjgp!gzrgpfkvwtgu!ctg! kpewttgf! hqt!rwtrqugu! hqt!yjkej!coqwpvu! kp!cp{!qh! vjg!wptguvtkevgf! hwpf!dcncpeg!encuukhkecvkqpu!eqwnf!dg!wugf/!!!Pgv!rqukvkqp!ku!vjg!fkhhgtgpeg!dgvyggp!cuugvu!cpf!fghgttgf!qwvhnqyu!qh!tguqwtegu!nguu!nkcdknkvkgu!cpf!fghgttgf!kphnqyu! qh! tguqwtegu/! Pgv! rqukvkqp! kp! vjg! iqxgtpogpv.ykfg! hkpcpekcn! uvcvgogpvu! ctg! ecvgiqtk|gf! cu! pgv!kpxguvogpv!kp!ecrkvcn!cuugvu-!tguvtkevgf!qt!wptguvtkevgf/!Pgv!kpxguvogpv!kp!ecrkvcn!cuugvu!tgrtgugpvu!pgv!rqukvkqp!tgncvgf!vq!kphtcuvtwevwtg!cpf!rtqrgtv{-!rncpv!cpf!gswkrogpv/!!Tguvtkevgf!pgv!rqukvkqp!tgrtgugpvu!vjg!cuugvu!tguvtkevgf!d{!vjg!Fkuvtkev�u!Dqpf!eqxgpcpvu!qt!qvjgt!eqpvtcevwcn!tguvtkevkqpu/!Wptguvtkevgf!pgv!rqukvkqp!eqpukuvu!qh!vjg!pgv!rqukvkqp!pqv!oggvkpi!vjg!fghkpkvkqp!qh!gkvjgt!qh!vjg!qvjgt!vyq!eqorqpgpvu/!!!
Other Disclosures!Wug!qh!GuvkocvguVjg!rtgrctcvkqp!qh!hkpcpekcn!uvcvgogpvu!kp!eqphqtokv{!ykvj!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu!tgswktgu!ocpcigogpv!vq!ocmg!guvkocvgu!cpf!cuuworvkqpu!vjcv!chhgev!vjg!tgrqtvgf!coqwpvu!qh!cuugvu!cpf!nkcdknkvkgu-!cpf!fkuenquwtg!qh!eqpvkpigpv!cuugvu!cpf!nkcdknkvkgu!cv!vjg!fcvg!qh!vjg!hkpcpekcn!uvcvgogpvu-!cpf!vjg!tgrqtvgf!coqwpvu!qh!tgxgpwgu!cpf!gzrgpfkvwtgu!fwtkpi!vjg!tgrqtvkpi!rgtkqf/!Cevwcn!tguwnvu!eqwnf!fkhhgt!htqo!vjqug!guvkocvgu/!
NOTE 3 – BUDGETARY INFORMATION!Vjg!Fkuvtkev!ku!tgswktgf!vq!guvcdnkuj!c!dwfigvct{!u{uvgo!cpf!cp!crrtqxgf!Cppwcn!Dwfigv/!!Cppwcn!Dwfigvu!ctg!cfqrvgf!qp!c!dcuku!eqpukuvgpv!ykvj!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu!hqt!vjg!igpgtcn!hwpf/!!Cnn!cppwcn!crrtqrtkcvkqpu!ncrug!cv!hkuecn!{gct.gpf/!!Vjg!Fkuvtkev!hqnnqyu!vjgug!rtqegfwtgu!kp!guvcdnkujkpi!vjg!dwfigvct{!fcvc!tghngevgf!kp!vjg!hkpcpekcn!uvcvgogpvu/!!c*! Gcej!{gct!vjg!Fkuvtkev!Ocpcigt!uwdokvu!vq!vjg!Fkuvtkev!Dqctf!c!rtqrqugf!qrgtcvkpi!dwfigv!hqt!vjg!hkuecn!
{gct!eqoogpekpi!vjg!hqnnqykpi!Qevqdgt!2/!!d*! Rwdnke!jgctkpiu!ctg!eqpfwevgf!vq!qdvckp!rwdnke!eqoogpvu/!e*! Rtkqt!vq!Qevqdgt!2-!vjg!dwfigv!ku!ngicnn{!cfqrvgf!d{!vjg!Fkuvtkev!Dqctf/!f*! Cnn!dwfigv!ejcpigu!owuv!dg!crrtqxgf!d{!vjg!Fkuvtkev!Dqctf/!g*! Vjg!dwfigvu!ctg!cfqrvgf!qp!c!dcuku!eqpukuvgpv!ykvj!igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu/!h*! Wpwugf!crrtqrtkcvkqp!hqt!cppwcnn{!dwfigvgf!hwpfu!ncrug!cv!vjg!gpf!qh!vjg!{gct/!!!!
29!
NOTE 4 – DEPOSITS AND INVESTMENTS!!Deposits!Vjg!Fkuvtkev�u!ecuj!dcncpegu!kpenwfkpi!egtvkhkecvgu!qh!fgrqukv!cu!ujqyp!dgnqy!ygtg!gpvktgn{!eqxgtgf!d{!hgfgtcn!fgrqukvqt{!kpuwtcpeg!qt!d{!c!eqnncvgtcn!rqqn!rngfigf!vq!vjg!Uvcvg!Vtgcuwtgt/!Hnqtkfc!Uvcvwvgu!Ejcrvgt!391-!#Hnqtkfc!Ugewtkv{!hqt!Rwdnke!Fgrqukvu!Cev#-!tgswktgu!cnn!swcnkhkgf!fgrqukvqtkgu!vq!fgrqukv!ykvj!vjg!Vtgcuwtgt!qt!cpqvjgt!dcpmkpi!kpuvkvwvkqp!gnkikdng!eqnncvgtcn!gswcn!vq!xctkqwu!rgtegpvcigu!qh!vjg!cxgtcig!fckn{!dcncpeg!hqt!gcej!oqpvj!qh!cnn!rwdnke!fgrqukvu! kp!gzeguu!qh!cp{!crrnkecdng!fgrqukv! kpuwtcpeg!jgnf/!Vjg!rgtegpvcig!qh!gnkikdng!eqnncvgtcn!)igpgtcnn{-!W/U/!Iqxgtpogpvcn!cpf!cigpe{!ugewtkvkgu-!uvcvg!qt!nqecn!iqxgtpogpv!fgdv-!qt!eqtrqtcvg!dqpfu*!vq!rwdnke!fgrqukvu!ku!fgrgpfgpv!wrqp!vjg!fgrqukvqt{(u!hkpcpekcn!jkuvqt{!cpf!kvu!eqornkcpeg!ykvj!Ejcrvgt!391/!!Kp!vjg!gxgpv!qh!c!hcknwtg!qh!c!swcnkhkgf!rwdnke!fgrqukvqt{-!vjg!tgockpkpi!rwdnke!fgrqukvqtkgu!yqwnf!dg!tgurqpukdng!hqt!eqxgtkpi!cp{!tguwnvkpi!nquugu/!
Investments!Vjg!Fkuvtkev�u!kpxguvogpvu!ygtg!jgnf!cu!hqnnqyu!cv!Ugrvgodgt!41-!3127<!!!
Coqtvk|gf!equv Etgfkv!Tkum Ocvwtkvkgu
W/U/!Dcpm!Qrgp!Eqoogtekcn!Rcrgt 2-71;-864%!!!!!!! U'R!C.2!, Qrgp!gpfgf
Egtvkhkecvgu!qh!Fgrqukv 2-757-551 P0C 1901;028!vq!210;028
!!!!!!!!!Vqvcn!Kpxguvogpvu 4-367-2;4%!!!!!!!
!Credit risk – Hqt!kpxguvogpvu-!etgfkv!tkum!ku!igpgtcnn{!vjg!tkum!vjcv!cp!kuuwgt!qh!cp!kpxguvogpv!yknn!pqv!hwnhknn!kvu!qdnkicvkqp!vq!vjg!jqnfgt!qh!vjg!kpxguvogpv/!Vjku!ku!ogcuwtgf!d{!vjg!cuukipogpv!qh!c!tcvkpi!d{!c!pcvkqpcnn{!tgeqipk|gf!uvcvkuvkecn!tcvkpi!qticpk|cvkqp/!!Kpxguvogpv!tcvkpiu!d{!kpxguvogpv!v{rg!ctg!kpenwfgf!kp!vjg!rtgegfkpi!uwooct{!qh!kpxguvogpvu/!
Concentration risk – Vjg!Fkuvtkev!rncegu!pq!nkokv!qp!vjg!coqwpv!vjg!Fkuvtkev!oc{!kpxguv!kp!cp{!qpg!kuuwgt/!!!!Interest rate risk – Vjg!Fkuvtkev!fqgu!pqv!jcxg!c!hqtocn!rqnke{!vjcv!nkokvu!kpxguvogpv!ocvwtkvkgu!cu!c!ogcpu!qh!ocpcikpi!gzrquwtg!vq!hckt!xcnwg!nquugu!ctkukpi!htqo!kpetgcukpi!kpvgtguv!tcvgu/!!!!Jqygxgt-!vjg!Dqpf!Kpfgpvwtg!nkokvu!vjg!v{rg!qh!kpxguvogpvu!jgnf!wukpi!wpurgpv!rtqeggfu/!
Fair Value Measurement – Yjgp!crrnkecdng-!vjg!Fkuvtkev!ogcuwtgu!cpf!tgeqtfu!kvu!kpxguvogpvu!wukpi!hckt!xcnwg!ogcuwtgogpv!iwkfgnkpgu!guvcdnkujgf!kp!ceeqtfcpeg!ykvj!ICUD!Uvcvgogpvu/!!Vjg!htcogyqtm!hqt!ogcuwtkpi!hckt!xcnwg!rtqxkfgu!c!hckt!xcnwg!jkgtctej{!vjcv!rtkqtkvk|gu!vjg!kprwvu!vq!xcnwcvkqp!vgejpkswgu/!!!Vjgug!iwkfgnkpgu!tgeqipk|g!c!vjtgg.vkgtgf!hckt!xcnwg!jkgtctej{-!kp!qtfgt!qh!jkijguv!rtkqtkv{-!cu!hqnnqyu<!!
"! Level 1: Kpxguvogpvu!yjqug!xcnwgu!ctg!dcugf!qp!wpcflwuvgf!swqvgf!rtkegu!hqt!kfgpvkecn!kpxguvogpvu!kp!cevkxg!octmgvu!vjcv!vjg!Fkuvtkev!jcu!vjg!cdknkv{!vq!ceeguu=!
"! Level 2:!!Kpxguvogpvu!yjqug!!kprwvu!.!qvjgt!vjcp!swqvgf!octmgv!rtkegu!.!ctg!qdugtxcdng!gkvjgt!fktgevn{!qt!kpfktgevn{=!cpf-!
"! Level 3:!!Kpxguvogpvu!yjqug!kprwvu!ctg!wpqdugtxcdng/!!Vjg!hckt!xcnwg!ogcuwtgogpv!ngxgn!ykvjkp!vjg!hckt!xcnwg!jkgtctej{!ku!dcugf!qp!vjg!nqyguv!ngxgn!qh!cp{!kprwv!vjcv!ku!ukipkhkecpv! vq! vjg!gpvktg! hckt!xcnwg!ogcuwtgogpv/!Xcnwcvkqp! vgejpkswgu!wugf!ujqwnf!oczkok|g! vjg!wug!qh!qdugtxcdng!kprwvu!cpf!okpkok|g!vjg!wug!qh!wpqdugtxcdng!kprwvu/!!Pqp.pgiqvkcdng-!pqp.vtcpuhgtcdng!egtvkhkecvgu!qh!fgrqukvu!vjcv!fq!pqv!eqpukfgt!octmgv!tcvgu!ctg!tgswktgf!vq!dg!tgrqtvgf!cv!coqtvk|gf!equv/!Kp!cffkvkqp-!oqpg{!octmgv!kpxguvogpvu!vjcv!jcxg!c!ocvwtkv{!cv!vjg!vkog!qh!rwtejcug!qh!qpg!{gct!qt!nguu!cpf!ctg!jgnf!d{!iqxgtpogpvu!qvjgt!vjcp!gzvgtpcn!kpxguvogpv!rqqnu!ujqwnf!dg!ogcuwtgf!cv!coqtvk|gf!equv/!Cu!uwej-!vjg!Fkuvtkev�u!kpxguvogpvu!jcxg!dggp!tgrqtvgf!cv!coqtvk|gf!equv!cdqxg/!
2;!
NOTE 5 – CAPITAL ASSETS!!Ecrkvcn!cuugv!cevkxkv{!hqt!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127!ycu!cu!hqnnqyu<!!!
Dgikppkpi!
Dcncpeg Cffkvkqpu Tgfwevkqpu
Gpfkpi!!!!!!
Dcncpeg!!!!!!!
Iqxgtpogpvcn!cevkxkvkgu
Ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf
Kphtcuvtwevwtg! 4-364-111%!!!!! .%!!!!!!!!!!!!!!! .%!!!!!!!!!!!!!!! 4-364-111%!!!!!
Kortqxgogpvu!qvjgt!vjcp!dwknfkpiu 8-1;2-86;!!!!!!! .!!!!!!!!!!!!!!!!! .!!!!!!!!!!!!!!!!! 8-1;2-86;!!!!!!!
Gswkrogpv ;-771!!!!!!!!!!!!! .!!!!!!!!!!!!!!!!! .!!!!!!!!!!!!!!!!! ;-771!!!!!!!!!!!!!
Vqvcn!ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf 21-465-52;!!!!! .!!!!!!!!!!!!!!!!! .!!!!!!!!!!!!!!!!! 21-465-52;!!!!!
Nguu!ceewowncvgf!fgrtgekcvkqp!hqt<
Kphtcuvtwevwtg!.!tqcfu-!uvtggvu!cpf!tgncvgf 2-291-911!!!!!!! 242-311!!!!!!!!!! .!!!!!!!!!!!!!!!!! 2-423-111!!!!!!!
Kortqxgogpvu!qvjgt!vjcp!dwknfkpiu 3-;;4-851!!!!!!! 465-699!!!!!!!!!! .!!!!!!!!!!!!!!!!! 4-459-439!!!!!!!
Gswkrogpv 6-171!!!!!!!!!!!!! 2-491!!!!!!!!!!!!! .!!!!!!!!!!!!!!!!! 7-551!!!!!!!!!!!!!
Vqvcn!ceewowncvgf!fgrtgekcvkqp 5-28;-711!!!!!!! 598-279!!!!!!!!!! .!!!!!!!!!!!!!!!!! 5-777-879!!!!!!!
Vqvcn!ecrkvcn!cuugvu-!dgkpi!fgrtgekcvgf-!pgv 7-285-92;!!!!!!! )598-279*!!!!!!!!! .!!!!!!!!!!!!!!!!! 6-798-762!!!!!!!
Iqxgtpogpvcn!cevkxkvkgu!ecrkvcn!cuugvu 7-285-92;%!!!!! )598-279*%!!!!!!! .%!!!!!!!!!!!!!!! 6-798-762%!!!!!
Fgrtgekcvkqp!gzrgpug!ycu!ejctigf!vq!vjg!ockpvgpcpeg!cpf!qrgtcvkqpu!hwpevkqp/!
NOTE 6 – LONG-TERM LIABILTIES!!Series 2007Qp!Pqxgodgt!2-!3118-!vjg!Fkuvtkev!kuuwgf!%3;-626-111!qh!Ecrkvcn!Kortqxgogpv!Tghwpfkpi!Tgxgpwg!Dqpfu-!Ugtkgu!3118!eqpukuvkpi!qh!%27-526-111!Ugtkcn!Dqpfu!fwg!Oc{!2-!3144!ykvj!kpvgtguv!tcvgu!tcpikpi!htqo!4/6&!vq!5/86&-!%7-631-111!Vgto!Dqpfu!fwg!qp!Oc{!2-!3138!ykvj!c!hkzgf!kpvgtguv!tcvg!qh!5/86&-!%4-176-111!Vgto!Dqpfu!fwg!qp!Oc{!2-!313;!ykvj!c!hkzgf!kpvgtguv!tcvg!qh!5/6&!cpf!%4-626-111!Vgto!Dqpfu!fwg!Oc{!2-!3143!ykvj!c!hkzgf!kpvgtguv!tcvg!qh!5/86&/!Vjg!Dqpfu!ygtg!kuuwgf!vq!tghwpf!c!rqtvkqp!qh!vjg!Fkuvtkev�u!qwvuvcpfkpi!Ecrkvcn! Kortqxgogpvu! Tgxgpwg! Dqpfu-! Ugtkgu! 3112C! )vjg! �Tghwpfgf! Dqpfu�*=! cpf! rc{! egtvckp! equvu!cuuqekcvgf!ykvj!vjg!kuuwcpeg!qh!vjg!Dqpfu/!Kpvgtguv!ku!vq!dg!rckf!ugokcppwcnn{!qp!gcej!Oc{!2!cpf!Pqxgodgt!2/!Rtkpekrcn!qp!vjg!Ugtkcn!Dqpfu!ku!vq!dg!rckf!eqoogpekpi!Oc{!2-!3119!vjtqwij!Oc{!2-!3144/!!Vjg!Ugtkgu!3118!Dqpfu!ctg!uwdlgev!vq!tgfgorvkqp!cv!vjg!qrvkqp!qh!vjg!Fkuvtkev!rtkqt!vq!vjgkt!ocvwtkv{!cu!qwvnkpgf!kp! vjg!Dqpf! Kpfgpvwtg/!Vjg!Dqpfu!ctg!cnuq!uwdlgev! vq!gzvtcqtfkpct{!ocpfcvqt{! tgfgorvkqp!rtkqt! vq! vjgkt!ugngevgf!ocvwtkv{!kp!vjg!ocppgt!qwvnkpgf!kp!vjg!Dqpf!Kpfgpvwtg/!!!Kp!cffkvkqp-!c!ODKC!hkpcpekcn!iwctcpv{!kpuwtcpeg!rqnke{!ycu!rwtejcugf!ykvj!vjg!rtqeggfu!qh!vjg!Ugtkgu!3118!Dqpfu/!!Vjg!Dqpf!Kpfgpvwtg!guvcdnkujgf!c!fgdv!ugtxkeg!tgugtxg!tgswktgogpv/!!Cv!Ugrvgodgt!41-!3127!vjg!Fkuvtkev!jcu!c!fgdv!ugtxkeg!tgugtxg!uwtgv{!dqpf!rqnke{!ykvj!c!octmgv!xcnwg!qh!%2-;46-364/!Kp!cffkvkqp-!vjg!Dqpf!Kpfgpvwtg!jcu!egtvckp! qvjgt! tguvtkevkqpu! cpf! tgswktgogpvu! kpenwfkpi! vjg! rtqegfwtgu! vq! dg! hqnnqygf! d{! vjg! Fkuvtkev! qp!cuuguuogpvu!vq!rtqrgtv{!qypgtu/!Vjg!Fkuvtkev!citggu!vq!ngx{!urgekcn!cuuguuogpvu!kp!cppwcn!coqwpvu!cfgswcvg!vq!rtqxkfg!rc{ogpv!qh!fgdv!ugtxkeg!cpf!vq!oggv!vjg!tgugtxg!tgswktgogpvu/!Vjg!Fkuvtkev!ku!kp!eqornkcpeg!ykvj!vjqug!tgswktgogpvu!cv!Ugrvgodgt!41-!3127/!!
31!
NOTE 6 – LONG-TERM LIABILTIES (Continued)
Series 2014Qp!Cwiwuv!2-!3125-!vjg!Fkuvtkev!kuuwgf!%24-466-111!qh!Ecrkvcn!Kortqxgogpv!Tgxgpwg!Tghwpfkpi!Dqpfu-!Ugtkgu!3125-!fwg!qp!Oc{!2-!3145!ykvj!c!hkzgf!kpvgtguv!tcvg!qh!5/61&/!Vjg!Dqpfu!ygtg!kuuwgf!vq!tghwpf!vjg!Ugtkgu!3115!Ecrkvcn!Kortqxgogpv!Tgxgpwg!Dqpfu/!Kpvgtguv!ku!vq!dg!rckf!ugokcppwcnn{!qp!gcej!Oc{!2!cpf!Pqxgodgt!2/!Rtkpekrcn!qp!vjg!Dqpfu!ku!vq!dg!rckf!ugtkcnn{!eqoogpekpi!Oc{!2-!3126!vjtqwij!Oc{!2-!3145/!!Vjg!Ugtkgu!3125!Dqpfu!ctg!uwdlgev!vq!tgfgorvkqp!cv!vjg!qrvkqp!qh!vjg!Fkuvtkev!rtkqt!vq!ocvwtkv{/!Vjg!Dqpfu!ctg!uwdlgev! vq!gzvtcqtfkpct{!ocpfcvqt{! tgfgorvkqp!rtkqt! vq! ocvwtkv{! kp! vjg! ocppgt! fgvgtokpgf!d{! vjg! Dqpf!Tgikuvtct!cu!qwvnkpgf!kp!vjg!Hqwtvj!Uwrrngogpvcn!Dqpf!Kpfgpvwtg/!Vjku!qeewttgf!fwtkpi!vjg!ewttgpv!hkuecn!{gct!cu!vjg!Fkuvtkev!eqnngevgf!cuuguuogpvu!htqo!nqv!enqukpiu!cpf!rtgrckf!%4-371-111!qh!vjg!Ugtkgu!3125!Dqpfu/!!!Vjg! Dqpf! Kpfgpvwtg! guvcdnkujgf! c! fgdv! ugtxkeg! tgugtxg! tgswktgogpv! cu! ygnn! cu! qvjgt! tguvtkevkqpu! cpf!tgswktgogpvu!tgncvkpi!rtkpekrcnn{!vq!vjg!wug!qh!rtqeggfu!vq!rc{!hqt!vjg!kphtcuvtwevwtg!kortqxgogpvu!cpf!vjg!rtqegfwtgu!vq!dg!hqnnqygf!d{!vjg!Fkuvtkev!qp!cuuguuogpvu!vq!rtqrgtv{!qypgtu/!!Vjg!Fkuvtkev!citggu!vq!ngx{!urgekcn!cuuguuogpvu!kp!cppwcn!coqwpvu!cfgswcvg!vq!rtqxkfg!rc{ogpv!qh!fgdv!ugtxkeg!cpf!vq!oggv!vjg!tgugtxg!tgswktgogpvu/!Vjg!Fkuvtkev!ycu!kp!eqornkcpeg!ykvj!vjg!tgswktgogpvu!cv!Ugrvgodgt!41-!3127/!!Long-term debt activityEjcpigu!kp!nqpi.vgto!nkcdknkv{!cevkxkv{!hqt!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127!ygtg!cu!hqnnqyu<!!
Dgikppkpi!
Dcncpeg Cffkvkqpu Tgfwevkqpu
Gpfkpi!!!!!
Dcncpeg
Fwg!Ykvjkp!
Qpg
32!
NOTE 8 – INTERLOCAL AGREEMENT!Vjg!Fkuvtkev!jcu!cp!kpvgtnqecn!citggogpv!ykvj!vjg!Ekv{!qh!Qtncpfq!)�Ekv{�*!hqt!vjg!ockpvgpcpeg!qh!Jctdqt!Rctm!vjcv!ku!nqecvgf!ykvjkp!vjg!Fkuvtkev/!Kp!eqppgevkqp!ykvj!vjg!citggogpv-!vjg!Fkuvtkev!tgegkxgf!%25-911!htqo!vjg!Ekv{!fwtkpi!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127!hqt!egtvckp!ockpvgpcpeg!equvu!kpewttgf!hqt!vjg!rctm/!
NOTE 9 – MANAGEMENT COMPANY!!Vjg!Fkuvtkev!jcu!eqpvtcevgf!ykvj!c!ocpcigogpv!eqorcp{!vq!rgthqto!ocpcigogpv!cfxkuqt{!ugtxkegu-!yjkej!kpenwfg!hkpcpekcn!cpf!ceeqwpvkpi!ugtxkegu/!Egtvckp!gornq{ggu!qh!vjg!ocpcigogpv!eqorcp{!cnuq!ugtxg!cu!qhhkegtu! qh! vjg! Fkuvtkev/! Wpfgt! vjg! citggogpv-! vjg! Fkuvtkev! eqorgpucvgu! vjg! ocpcigogpv! eqorcp{! hqt!ocpcigogpv-!ceeqwpvkpi-!hkpcpekcn!tgrqtvkpi-!cpf!qvjgt!cfokpkuvtcvkxg!equvu/!
NOTE 10 – RISK MANAGEMENT!!Vjg!Fkuvtkev!ku!gzrqugf!vq!xctkqwu!tkumu!qh!nquu!tgncvgf!vq!vqtvu=!vjghv!qh-!fcocig!vq-!cpf!fguvtwevkqp!qh!cuugvu=!gttqtu!cpf!qokuukqpu=!cpf!pcvwtcn!fkucuvgtu/!Vjg!Fkuvtkev!jcu!qdvckpgf!eqoogtekcn!kpuwtcpeg!htqo!kpfgrgpfgpv!vjktf!rctvkgu!vq!okvkicvg!vjg!equvu!qh!vjgug!tkumu=!eqxgtcig!oc{!pqv!gzvgpf!vq!cnn!ukvwcvkqpu/!Vjgtg!ygtg!pq!ugvvngf!enckou!fwtkpi!vjg!rcuv!vjtgg!{gctu/
33!
URBAN ORLANDO COMMUNITY DEVELOPMENT DISTRICTORANGE COUNTY, FLORIDA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE - BUDGET AND ACTUAL – GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016
Dwfigvgf !
Coqwpvu Cevwcn
Coqwpvu
TGXGPWGU
Cuuguuogpvu 2-695-3;8%!!!!!! 2-69;-354%!!!! 5-;57%!!!!!!!!!!!
Kpvgtguv 7-111!!!!!!!!!!!!!!! 2;-587!!!!!!!!!!! 24-587!!!!!!!!!!!
Qvjgt!tgxgpwg 25-911!!!!!!!!!!!!! 26-66;!!!!!!!!!!! 86;!!!!!!!!!!!!!!!
Vqvcn!tgxgpwgu 2-716-1;8!!!!!!!! 2-735-389!!!!!! 2;-292!!!!!!!!!!!
GZRGPFKVWTGU
Ewttgpv<
Igpgtcn!iqxgtpogpv 285-;59!!!!!!!!!!! 267-267!!!!!!!!! 29-8;3
Ockpvgpcpeg!cpf!qrgtcvkqpu 2-541-25;!!!!!!!! 2-42;-231!!!!!! 222-13;
Vqvcn!gzrgpfkvwtgu 2-716-1;8!!!!!!!! 2-586-387!!!!!! 23;-932!!!!!!!!!
Gzeguu!)fghkekgpe{*!qh!tgxgpwgu
!!!!!!!!!!!!qxgt!)wpfgt*!gzrgpfkvwtgu .%!!!!!!!!!!!!!!!! 25;-113!!!!!!!!! 25;-113%!!!!!!!
Hwpf!dcncpeg!.!dgikppkpi 3-427-6;5!!!!!!
Hwpf!dcncpeg!.!gpfkpi 3-576-6;7%!!!!
Qtkikpcn!'!Hkpcn
Xctkcpeg!ykvj!
Hkpcn!Dwfigv!.!
Rqukvkxg!
)Pgicvkxg*
!!!!!!!!!!!!!!!!!!!!!!!!!
Ugg!pqvgu!vq!tgswktgf!uwrrngogpvct{!kphqtocvkqp!
34!
URBAN ORLAND OCOMMUNITY DEVELOPMENT DISTRICTORANGE COUNTY, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
!Vjg!Fkuvtkev!ku!tgswktgf!vq!guvcdnkuj!c!dwfigvct{!u{uvgo!cpf!cp!crrtqxgf!Cppwcn!Dwfigv!hqt!vjg!igpgtcn!hwpf/!Vjg!Fkuvtkev�u!dwfigvkpi!rtqeguu!ku!dcugf!qp!guvkocvgu!qh!ecuj!tgegkrvu!cpf!ecuj!gzrgpfkvwtgu!yjkej!ctg!crrtqxgf!d{!vjg!Dqctf/!!Vjg!dwfigv!crrtqzkocvgu!c!dcuku!eqpukuvgpv!ykvj!ceeqwpvkpi!rtkpekrngu!igpgtcnn{!ceegrvgf!kp!vjg!Wpkvgf!Uvcvgu!qh!Cogtkec!)igpgtcnn{!ceegrvgf!ceeqwpvkpi!rtkpekrngu*/!!Vjg! ngicn! ngxgn! qh! dwfigvct{! eqpvtqn-! vjg! ngxgn! cv! yjkej! gzrgpfkvwtgu! oc{! pqv! gzeggf! dwfigv-! ku! kp! vjg!ciitgicvg/!Cp{!dwfigv!cogpfogpvu!vjcv!kpetgcug!vjg!ciitgicvg!dwfigvgf!crrtqrtkcvkqpu!owuv!dg!crrtqxgf!d{!vjg!Dqctf!qh!Uwrgtxkuqtu/!Cevwcn!igpgtcn!hwpf!gzrgpfkvwtgu!fkf!pqv!gzeggf!crrtqrtkcvkqpu!hqt!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127/!!!Vjg!xctkcpeg!dgvyggp!dwfigvgf!cpf!cevwcn!igpgtcn! hwpf!tgxgpwgu!ycu!ockpn{! vjg!tguwnv!qh!jkijgt! vjcp!cpvkekrcvgf!kpvgtguv!gctpkpiu/!Vjg!cevwcn!igpgtcn!hwpf!gzrgpfkvwtgu!hqt!vjg!ewttgpv!hkuecn!{gct!ygtg!nqygt!vjcp!dwfigvgf!coqwpvu!fwg!rtkoctkn{!vq!cpvkekrcvgf!equvu!yjkej!ygtg!pqv!kpewttgf!kp!vjg!ewttgpv!hkuecn!{gct/!!!!!!!!!!
!!
3811!Pqtvj!Oknkvct{!Vtckn!#!Uwkvg!461!!!!Dqec!Tcvqp-!Hnqtkfc!!!44542!!!!)672*!;;5.;3;;!#!)911*!3;;.5839!!!!Hcz!!)672*!;;5.6934!!!!yyy/itcwerc/eqo!
35!
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITHGOVERNMENT AUDITING STANDARDS
Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Qtcpig!Eqwpv{-!Hnqtkfc!!!Yg!jcxg!cwfkvgf-! kp!ceeqtfcpeg!ykvj! vjg!cwfkvkpi!uvcpfctfu!igpgtcnn{!ceegrvgf! kp! vjg!Wpkvgf!Uvcvgu!qh!Cogtkec!cpf!vjg!uvcpfctfu!crrnkecdng!vq!hkpcpekcn!cwfkvu!eqpvckpgf!kp!Government Auditing Standards!kuuwgf!d{!vjg!Eqorvtqnngt!Igpgtcn!qh!vjg!Wpkvgf!Uvcvgu-!vjg!hkpcpekcn!uvcvgogpvu!qh!vjg!iqxgtpogpvcn!cevkxkvkgu!cpf!gcej!oclqt!hwpf!qh!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Qtcpig!Eqwpv{-!Hnqtkfc!)�Fkuvtkev�*!cu!qh!cpf!hqt!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127-!cpf!vjg!tgncvgf!pqvgu!vq!vjg!hkpcpekcn!uvcvgogpvu-!yjkej!eqnngevkxgn{!eqortkug!vjg!Fkuvtkev�u!dcuke!hkpcpekcn!uvcvgogpvu-!cpf!jcxg!kuuwgf!qwt!qrkpkqp!vjgtgqp!fcvgf!Hgdtwct{!39-!3128/!!Internal Control Over Financial Reporting
Kp!rncppkpi!cpf!rgthqtokpi!qwt!cwfkv!qh!vjg!hkpcpekcn!uvcvgogpvu-!yg!eqpukfgtgf!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn!qxgt! hkpcpekcn! tgrqtvkpi! )kpvgtpcn! eqpvtqn*! vq! fgvgtokpg! vjg! cwfkv! rtqegfwtgu! vjcv! ctg! crrtqrtkcvg! kp! vjg!ektewouvcpegu!hqt!vjg!rwtrqug!qh!gzrtguukpi!qwt!qrkpkqpu!qp!vjg!hkpcpekcn!uvcvgogpvu-!dwv!pqv!hqt!vjg!rwtrqug!qh!gzrtguukpi!cp!qrkpkqp!qp!vjg!ghhgevkxgpguu!qh!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn/!Ceeqtfkpin{-!yg!fq!pqv!gzrtguu!cp!qrkpkqp!qp!vjg!ghhgevkxgpguu!qh!vjg!Fkuvtkev�u!kpvgtpcn!eqpvtqn/!!!
C!deficiency in internal control!gzkuvu!yjgp!vjg!fgukip!qt!qrgtcvkqp!qh!c!eqpvtqn!fqgu!pqv!cnnqy!ocpcigogpv!qt!gornq{ggu-!kp!vjg!pqtocn!eqwtug!qh!rgthqtokpi!vjgkt!cuukipgf!hwpevkqpu-!vq!rtgxgpv-!qt!fgvgev!cpf!eqttgev!okuuvcvgogpvu!qp!c!vkogn{!dcuku/!C!material weakness!ku!c!fghkekgpe{-!qt!c!eqodkpcvkqp!qh!fghkekgpekgu-!kp!kpvgtpcn!eqpvtqn-!uwej!vjcv!vjgtg!ku!c!tgcuqpcdng!rquukdknkv{!vjcv!c!ocvgtkcn!okuuvcvgogpv!qh!vjg!gpvkv{�u!hkpcpekcn!uvcvgogpvu!yknn!pqv!dg!rtgxgpvgf-!qt!fgvgevgf!cpf!eqttgevgf!qp!c!vkogn{!dcuku/!C!significant deficiency!ku!c!fghkekgpe{-!qt!c!eqodkpcvkqp!qh!fghkekgpekgu-!kp!kpvgtpcn!eqpvtqn!vjcv!ku!nguu!ugxgtg!vjcp!c!ocvgtkcn!ygcmpguu-!{gv!korqtvcpv!gpqwij!vq!ogtkv!cvvgpvkqp!d{!vjqug!ejctigf!ykvj!iqxgtpcpeg/!!
Qwt!eqpukfgtcvkqp!qh!kpvgtpcn!eqpvtqn!ycu!hqt!vjg!nkokvgf!rwtrqug!fguetkdgf!kp!vjg!hktuv!rctcitcrj!qh!vjku!ugevkqp!cpf!ycu!pqv!fgukipgf!vq!kfgpvkh{!cnn!fghkekgpekgu!kp!kpvgtpcn!eqpvtqn!vjcv!okijv!dg!ocvgtkcn!ygcmpguugu!qt-!ukipkhkecpv!fghkekgpekgu/!Ikxgp!vjgug!nkokvcvkqpu-!fwtkpi!qwt!cwfkv!yg!fkf!pqv!kfgpvkh{!cp{!fghkekgpekgu!kp!kpvgtpcn!eqpvtqn!vjcv!yg!eqpukfgt!vq!dg!ocvgtkcn!ygcmpguugu/!Jqygxgt-!ocvgtkcn!ygcmpguugu!oc{!gzkuv!vjcv!jcxg!pqv!dggp!kfgpvkhkgf/!!!
Compliance and Other Matters
Cu!rctv!qh!qdvckpkpi!tgcuqpcdng!cuuwtcpeg!cdqwv!yjgvjgt!vjg!Fkuvtkev�u!hkpcpekcn!uvcvgogpvu!ctg!htgg!htqo!ocvgtkcn!okuuvcvgogpv-!yg!rgthqtogf!vguvu!qh! kvu!eqornkcpeg!ykvj!egtvckp!rtqxkukqpu!qh! ncyu-!tgiwncvkqpu-!eqpvtcevu-! cpf! citggogpvu-! pqpeqornkcpeg! ykvj! yjkej! eqwnf! jcxg! c! fktgev! cpf! ocvgtkcn! ghhgev! qp! vjg!fgvgtokpcvkqp! qh! hkpcpekcn! uvcvgogpv! coqwpvu/! Jqygxgt-! rtqxkfkpi!cp! qrkpkqp!qp! eqornkcpeg!ykvj! vjqug!rtqxkukqpu!ycu!pqv!cp!qdlgevkxg!qh!qwt!cwfkv-!cpf!ceeqtfkpin{-!yg!fq!pqv!gzrtguu!uwej!cp!qrkpkqp/!Vjg!tguwnvu!qh!qwt!vguvu!fkuenqugf!pq!kpuvcpegu!qh!pqpeqornkcpeg!qt!qvjgt!ocvvgtu!vjcv!ctg!tgswktgf!vq!dg!tgrqtvgf!wpfgt!Government Auditing Standards/!!!
36!
Purpose of this Report
Vjg!rwtrqug!qh!vjku!tgrqtv!ku!uqngn{!vq!fguetkdg!vjg!ueqrg!qh!qwt!vguvkpi!qh!kpvgtpcn!eqpvtqn!cpf!eqornkcpeg!cpf!vjg!tguwnvu!qh!vjcv!vguvkpi-!cpf!pqv!vq!rtqxkfg!cp!qrkpkqp!qp!vjg!ghhgevkxgpguu!qh!vjg!gpvkv{�u!kpvgtpcn!eqpvtqn!qt!qp!eqornkcpeg/!Vjku!tgrqtv!ku!cp!kpvgitcn!rctv!qh!cp!cwfkv!rgthqtogf!kp!ceeqtfcpeg!ykvj!Government AuditingStandards!kp!eqpukfgtkpi!vjg!gpvkv{�u!kpvgtpcn!eqpvtqn!cpf!eqornkcpeg/!Ceeqtfkpin{-!vjku!eqoowpkecvkqp!ku!pqv!uwkvcdng!hqt!cp{!qvjgt!rwtrqug/!!!
!
Hgdtwct{!39-!3128!!!
#
3811!Pqtvj!Oknkvct{!Vtckn!#!Uwkvg!461!!!!Dqec!Tcvqp-!Hnqtkfc!!!44542!!!!)672*!;;5.;3;;!#!)911*!3;;.5839!!!!Hcz!!)672*!;;5.6934!!!!yyy/itcwerc/eqo!
37!
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THEREQUIREMENTS OF SECTION 218.415, FLORIDA STATUTES, REQUIRED BYRULE 10.556(10) OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA
!Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Qtcpig!Eqwpv{-!Hnqtkfc!!
Yg!jcxg!gzcokpgf!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Qtcpig!Eqwpv{-!Hnqtkfc�u!)�Fkuvtkev�*!eqornkcpeg!ykvj!vjg!tgswktgogpvu!qh!Ugevkqp!329/526-!Hnqtkfc!Uvcvwvgu-!kp!ceeqtfcpeg!ykvj!Twng!21/667)21*!qh!vjg!Cwfkvqt!Igpgtcn!qh!vjg!Uvcvg!qh!Hnqtkfc!fwtkpi!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127/!Ocpcigogpv!ku!tgurqpukdng!hqt!vjg!Fkuvtkev�u!eqornkcpeg!ykvj!vjqug!tgswktgogpvu/!Qwt!tgurqpukdknkv{!ku!vq!gzrtguu!cp!qrkpkqp!qp!vjg!Fkuvtkev�u!eqornkcpeg!dcugf!qp!qwt!gzcokpcvkqp/!!Qwt! gzcokpcvkqp! ycu! eqpfwevgf! kp! ceeqtfcpeg! ykvj! cvvguvcvkqp! uvcpfctfu! guvcdnkujgf! d{! vjg! Cogtkecp!Kpuvkvwvg!qh!Egtvkhkgf!Rwdnke!Ceeqwpvcpvu!cpf-!ceeqtfkpin{-!kpenwfgf!gzcokpkpi-!qp!c!vguv!dcuku-!gxkfgpeg!cdqwv!vjg!Fkuvtkev�u!eqornkcpeg!ykvj!vjqug!tgswktgogpvu!cpf!rgthqtokpi!uwej!qvjgt!rtqegfwtgu!cu!yg!eqpukfgtgf!pgeguuct{!kp!vjg!ektewouvcpegu/!Yg!dgnkgxg!vjcv!qwt!gzcokpcvkqp!rtqxkfgu!c!tgcuqpcdng!dcuku!hqt!qwt!qrkpkqp/!Qwt!gzcokpcvkqp!fqgu!pqv!rtqxkfg!c!ngicn!fgvgtokpcvkqp!qp!Fkuvtkev�u!eqornkcpeg!ykvj!urgekhkgf!tgswktgogpvu/!!Kp!qwt!qrkpkqp-!vjg!Fkuvtkev!eqornkgf-!kp!cnn!ocvgtkcn!tgurgevu-!ykvj!vjg!chqtgogpvkqpgf!tgswktgogpvu!hqt!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127/!!Vjku!tgrqtv!ku!kpvgpfgf!uqngn{!hqt!vjg!kphqtocvkqp!cpf!wug!qh!vjg!Ngikuncvkxg!Cwfkvkpi!Eqookvvgg-!ogodgtu!qh!vjg!Hnqtkfc!Ugpcvg!cpf!vjg!Hnqtkfc!Jqwug!qh!Tgrtgugpvcvkxgu-!vjg!Hnqtkfc!Cwfkvqt!Igpgtcn-!ocpcigogpv-!cpf!vjg Dqctf!qh!Uwrgtxkuqtu!qh!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Qtcpig!Eqwpv{-!Hnqtkfc cpf!ku!pqv!kpvgpfgf!vq!dg!cpf!ujqwnf!pqv!dg!wugf!d{!cp{qpg!qvjgt!vjcp!vjgug!urgekhkgf!rctvkgu/!!!
Hgdtwct{!39-!3128!#
3811!Pqtvj!Oknkvct{!Vtckn!#!Uwkvg!461!!!!Dqec!Tcvqp-!Hnqtkfc!!!44542!!!!)672*!;;5.;3;;!#!)911*!3;;.5839!!!!Hcz!!)672*!;;5.6934!!!!yyy/itcwerc/eqo!
38!
MANAGEMENT LETTER PURSUANT TO THE RULES OFTHE AUDITOR GENERAL FOR THE STATE OF FLORIDA!
!Vq!vjg!Dqctf!qh!Uwrgtxkuqtu!!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev!Qtcpig!Eqwpv{-!Hnqtkfc!!!Report on the Financial Statements!Yg!jcxg!cwfkvgf!vjg!ceeqorcp{kpi!dcuke!hkpcpekcn!uvcvgogpvu!qh!Wtdcp!Qtncpfq!Eqoowpkv{!Fgxgnqrogpv!Fkuvtkev-!Qtcpig!Eqwpv{-!Hnqtkfc!)#Fkuvtkev#*!cu!qh!cpf!hqt!vjg!hkuecn!{gct!gpfgf!Ugrvgodgt!41-!3127-!cpf!jcxg!kuuwgf!qwt!tgrqtv!vjgtgqp!fcvgf!Hgdtwct{!39-!3128/!!Auditor’s Responsibility!Yg!eqpfwevgf!qwt!cwfkv!kp!ceeqtfcpeg!ykvj!cwfkvkpi!uvcpfctfu!igpgtcnn{!ceegrvgf!kp!vjg!Wpkvgf!Uvcvgu!qh!Cogtkec=!vjg!uvcpfctfu!crrnkecdng!vq!hkpcpekcn!cwfkvu!eqpvckpgf!kp!Iovernment Auditing Standards, kuuwgf!d{!vjg!Eqorvtqnngt!Igpgtcn!qh!vjg!Wpkvgf!Uvcvgu=!cpf!Ejcrvgt!21/661-!Twngu!qh!vjg!Hnqtkfc!Cwfkvqt!Igpgtcn/!!!!Other Reports and Schedule!Yg! jcxg! kuuwgf! qwt! Kpfgrgpfgpv! Cwfkvqt�u! Tgrqtv! qp! Kpvgtpcn! Eqpvtqn! qxgt! Hkpcpekcn! Tgrqtvkpi! cpf!Eqornkcpeg!cpf!Qvjgt!Ocvvgtu!dcugf!qp!cp!cwfkv!qh!vjg!hkpcpekcn!uvcvgogpvu!rgthqtogf!kp!ceeqtfcpeg!ykvj!Government Auditing Standards;! cpf! Kpfgrgpfgpv! Cwfkvqt�u! Tgrqtv! qp! cp! gzcokpcvkqp! eqpfwevgf! kp!ceeqtfcpeg! ykvj! AICPA Professional Standards-! Ugevkqp! 712-! tgictfkpi! eqornkcpeg! tgswktgogpvu! kp!ceeqtfcpeg!ykvj!Ejcrvgt!21/661-!Twngu!qh!vjg!Cwfkvqt!Igpgtcn/!Fkuenquwtgu!kp!vjqug!tgrqtvu-!yjkej!ctg!fcvgf!Hgdtwct{!39-!3128-!ujqwnf!dg!eqpukfgtgf!kp!eqplwpevkqp!ykvj!vjku!ocpcigogpv!ngvvgt/!!!Purpose of this Letter!Vjg!rwtrqug!qh!vjku!ngvvgt!ku!vq!eqoogpv!qp!vjqug!ocvvgtu!tgswktgf!d{!Ejcrvgt!21/661!qh!vjg!Twngu!qh!vjg!Cwfkvqt!Igpgtcn!hqt!vjg!Uvcvg!qh!Hnqtkfc/!!Ceeqtfkpin{-!kp!eqppgevkqp!ykvj!qwt!cwfkv!qh!vjg!hkpcpekcn!uvcvgogpvu!qh!vjg!Fkuvtkev-!cu!fguetkdgf!kp!vjg!hktuv!rctcitcrj-!yg!tgrqtv!vjg!hqnnqykpi<!!I. Current year findings and recommendations.II. Status of prior year findings and recommendations.III. Compliance with the Provisions of the Auditor General of the State of Florida.
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!!!Hgdtwct{!39-!3128
#
39
REPORT TO MANAGEMENT
I. CURRENT YEAR FINDINGS AND RECOMMENDATIONS! !
Pqpg!!II. PRIOR YEAR FINDINGS AND RECOMMENDATIONS !!!
Pqpg!!III. COMPLIANCE WITH THE PROVISIONS OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA!!
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