06-1659 Comprehensive Annual F - Laserfiche WebLink

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. The Antiqua Bay project commenced on Seminola Boulevard, a sixteen-unit development featuring elegant three-bedroom, two-car garage town homes. . The Seminola Boulevard East Small Area Study was initiated and is a small area study of Seminola Boulevard east of Winter Park Drive to Murphy Road. It includes a traffic study, market-based study, and land use analysis of subject properties. The result will be a small area plan that will guide the redevelopment of the roadway corridor relative to its economic viability and physical appearance. The study will also address reduction of existing and potential land use conflicts in the general area. . After extensive renovations, the new Super WalMart opened for business in the City. Other new retail businesses that opened this year included Stein Mart, Starbucks Coffee, Office Depot, and Floors Direct. . After a decade of planning, the Summerset North subdivision wall was installed, an aesthetic improvement which greatly enhances the appearance of the community and offers a pleasant sight for both residents and visitors entering the City from Red Bug Lake Road. . Two major relief efforts were orchestrated by Police and Fire personnel to assist Hurricane Katrina victims in Biloxi, Mississippi. . Sanitary Sewer lines were installed on Cypress Way, Lotus Lane, Lotus Lake Drive and Concord Road, as well as water and sewer extension lines on Marion Lane. CASH MANAGEMENT During the current fiscal year, the City invested in a U.S. Government Agency Note, a Bank Certificate of Deposit, Public Funds Interest on Checking accounts and the Florida Local Government Surplus Funds Trust Fund. The average yield on these investments was approximately 2.8%. The interest income for the 2005 fiscal year was approximately $792,333. RISK MANAGEMENT Prior to the fiscal year ended 2005, the City set up a Self-Insurance Fund. During the fiscal year ended September 30, 2005, the fund had a balance of $1,031,930. This balance represents a net of all activity including interest income allocated to the fund since inception. FIDUCIARY OPERATIONS The City has a fiduciary responsibility for the self-directed deferred compensation plan, which allows employees to defer a portion of salary for future years. The City also has a Police Officers/Firefighters Pension Plan that began operations January 1, 1996. The Plan is a single-employer, defined benefit, public retirement system, and a component unit (reporting as a Pension Trust fund) of the City's financial reporting entity. Both the employer and the employee contribute to the Plan. Currently, there are 61 participants with assets of $2,728,183 (FMV). STATUTORY REQUIREMENTS -INDEPENDENT AUDIT Florida Statutes require the City's financial statements to be subjected to an annual examination by an independent Certified Public Accountant. Those provisions have been satisfied and the opinion of the Independent accountant is included. VB