2015-02-28 Financial Statement and Accountants Report

COQUINA WATER CONTROL DISTRICT
Okeechobee, Florida
Financial Statements and Accountant's
Compilation Report
(Unaudited)
February 28, 2015
I
Certified Public Accountants
----1~
Charles F. Wicks, C.P.A. (1911 -1996)
J. Richard Brown, C.P.A. (1940 -1997)
W. Bruce Stratton, C.P.A.,P.A.
Cheryl M. Williams, C.P.A., P.A.
C. Mark Cox, C.P.A., P.A.
John W. Davis, C.P.A., P.A.
WlCks.Brown.WllliamS&.~ )1---504 Northwest Fifth Avenue, Okeechobee, Florida 34912-2570
(863) 763-2354 • Fax: (863) 467-4519
Lake Placid
(863) 699-5544
Sebring
(863) 382-1157
Corey A. Wheeler, C.P.A.
Charles P. Cox, C.P.A.
ACCOUNTANT'S
COMPll,ATION
REPORT
To the Supervisors
Coquina Water Control District
Okeechobee,: Florida
We have compiled the accompanying balance sheet - governmental funds of Coquina Water Control District as of
February 28, 2015, and the related statement of revenues and expenditures - governmental funds for the Five Months
then ended. We have not audited or reviewed the accompanying fmancial statements and, accordingly, do not express an
opinion or provide any assurance about whether the fmancial statements are in accordance with accounting principles
generally accepted in the United States of America.
Management is responsible for the preparation and fair presentation of the fmancial statements in accordance with
accounting principles generally accepted in the United States of America and for designing, implementing, and
maintaining internal control relevant to the preparation and fairpresentation ofthe fmancial statements.
Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist
management in presenting financial information in the form of financial statements without undertaking to obtain or
provide any assurance that there are no material modifications that should be made to the fmancial statements. During
our compilation, we did become aware of the departure from generally accepted accounting principles that is described
in the following paragraph.
The District has not recorded accounts payable or accrued expenses currently in accordance with generally accepted
accounting principles. The effects of this departure from generally accepted accounting principles on the accompanying
financial statements has not been determined.
The accompanying annual budget of Coquina Water Control District for the year ended September 30, 2015, has not
been compiled or examined by us, and, accordingly, we do not express an opinion or any other form of assurance on it.
Management has elected to omit substantially all of the disclosures required by accounting principles generally accepted
in the United States of America. If the omitted disclosures were included in the fmancial statements, they might
influence the user's conclusions about the District's fmancial position, results of operations, and cash flows. Accordingly,
the financial statements are not designed for those who are not irformed about such matters.
The District was incorporated on June 23, 1971, under the provisiions of Chapter 298, Florida Statutes, as a governmental
unit. Therefore, no provision or liability for income taxes has been included in these fmancial statements.
We are not independent with respect to Coquina Water Control District.
Ylii!JJl2lLruh:;u)IJt~s\6
Wicks, Brown, Williams & Co.
Certified Public Accountants
"
March 9, 2015
MEMBERS American Institute of C.P.A. 's • Florida Institute of C.P.A. 's
COQUINA WATER CONTROL DISTRICT
Balance Sheet Governmental
Funds
February 28, 2015
ASSETS
GENERAL
~eacoast
National
•....
Seacoast National
-Seacoast National
-Seacoast National
v$eacoast National
~repaid
insurance
'.Anventories
Bank-MM
Bank-Operating
Bank-CD 5/12/16 (0.05%)
Bank-CD 4/15/16 (0.50%)
Bank-CD 11/8/18 (1.00%)
$
GENERAL FIXED ASSETS
...,(and & non-depreciable assets
'1uildingS
& improvements
, Equipment
,....•.
-tnfrastru ctu re
2,608,106
3136,111
551,259
3,716,123
$
TOTAL ASSETS
402,445
2130,086
219,570
133,223
132,094
'12,118
9,936
8,341.071
LIABILITIES AND FUND BALANCE
LI~BILITIES
;::/Accounts payable
/payroll
taxes payable
$
FUND BALANCE
Investment-general fixed assets
Fund balance-unrestricted
EXCESS REVENUE (EXPENSE)
TOTAL LIABILITIES AND FUND BALANCE
The Accountant's Compilation Report Should Be
Read With This Financial Statement .. Unaudited
'7,867
2,482
7,241,598
668,810
420,314
$
8,341,071
COQUINA WATER CONTROL DISTRICT
Statement of Revenues
Governmental
& Expenditures Funds
For The Five Months Ended February 28, 2015
Y-T-D
Actual
REVENUES
Property taxes-prior
Property taxes-current
Discounts & commissions
Interest income
Total Revenues
$
189,875
480,322
(14,771)
663
656,089
Y-T-D
Variance
Y-T-D
Budget
$
0
696,000
(16,000)
5,000
685,000
$
(189,875)
215,678
(1,229)
4,337
28,911
EXPENDITURES-ADMINISTRATIVE
Supervisor's fees
Legal & consulting fees
Auditing
Clerical fees
Accounting
Telephone
Office
Undocumented disbursements
Total Expenditures-Administrative
939
16,831
10,500
10,860
5,940
1,224
1,815
2,556
50,665
9,750
24,000
10,500
18,120
11,880
4,000
4,000
0
82,250
8,811
7,169
0
7,260
5,940
2,776
2,185
(2,556)
31,585
EXPENDITURES-FIELD
SALARIES
Supervisor
Laborer 2
Laborer 3
Labor-Infrastructure contra
Labor-Uniforms contra
Mowing
Total Expenditures-Field Salaries
17,117
12,436
14,076
(18)
(1,000)
19,196
61,807
40,705
29,155
46,000
0
0
59,000
174,860
23,588
16,719
31,924
18
1,000
39,804
113,053
EXPENDITURES-FIELD
OTHER
Payroll taxes
Health, disability & dental insurance
Engineering
Utilities
Insurance
Total Expenditures-Field Other
5,116
6,115
12,431
1,650
12,292
37,604
14,325
22,000
30,000
3,000
26,000
95,325
9,209
15,885
17,569
1,350
13,708
57,721
EXPENDITURES-FIELD
MAINTENANCE
Uniforms
Fuel
Canal maintenance/herbicide
Repairs & maintenance
Total Expenditures-Field Maintenance
1,000
10,874
0
14,225
26,099
1,500
48,750
12,000
150,000
212,250
500
37,876
12,000
135,775
186,151
The AccLntant's
Compilation Report Should Be
Read With This Financial Statement - Unaudited
COQUINA WATER CONTIROL DISTRICT
Statement of Revenues
Governmental
& Expenditure~j; Funds
For The Five Months Ended February 28, :W15
Y-T-D
Budget
Y-T-['
Actual
OTHER (REVENUES) EXPENDITURES
Equipment/major repairs/bldg
Infrastructu re
Total Other (Revenues) Expenditures
Y-T-D
Variance
3ei,521
24,079
5~I,600
50,000
225,000
275,000
14,479
200,921
215,400
(REVENUES) EXPENDITURES-EASEMENTS
Title search & surveyor
Total (Revenues) Expenditures-Easements
0
0
10,000
10,000
10,000
10,000
FUND BALANCE
Total Fund Balance
0
0
0
236,775
849,685
613,910
TOTAL EXPENDITURES
REVENUE (EXPENDITURE)
$
420,314
$
(164,685)
$
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The Accbuntant's Compilation Report Should Be
Read With This Financial Statement - Unaudited
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(584,999)