07-1784 Comprehensive Annual Financial Report (CAFR) - FY 2006

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In order to protecl the water quality of its numerous lakes, Casselberry took steps in 2006 10 establish a Lake Management Plan that Includes regular monitOring of waler quality as well as closer inspection at activllies impacting water quality This Management Plan was completed in close concert wllh tile St. John's Water Management D,slrlct and takes advantage of citizens wilo have stepped up and volunteered to assist wIth this important initiatIve. CASH MANAGEMENT DUring the current tlscat year. the City invested in a U.S. Governmenf Agency Note. a Bank Certilicale 01 Deposit, Interest bearing checking account wiltljn a secured Public Depository and the trust fund of the Florida Local Government Surplus Funds. The average yield on these investments was approximately 5.00.". The inlerestlncome lor the 2006 liscal year was approxImately $1 ,449,275. RISK MANAGEMENT For tile fiscal year ended September 30. 2006, tile fund had a balance of 5966,007 This balance represents a net 01 all activity including interest Income allocated to the fund since inceptIon. FIDUCIARY OPERATIONS The City has a fidUCiary responsibility tor a sell-directed deferred compensation plan, which allows employees to deier a portion of salary for lu!ure years. The City also has a fiduciary responsibility for a Police Ollicers/F"eltghters Pension Plan orgalllzed under F.S. Chapters 175 and 185. that began operations January 1. 1996. This Plan 1$ a single-employer, defined benefit, public retirement system, and a component unit (reporting as a Pension Trust lund) ollhe City's financial reporting entity. 80th the employer and the employee contribute to this Plan. Currently, there are 62 participants with assets 01 53.422.571 (FMV) in this plan. 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 accountan1 is included. CERTIFICATE OF ACHIEVEMENT PROGRAM Tile Government Finance Otlicers Association of the United States and Canada (GFOA) awarded a Certificate of AchIevement for Excellence in Financial Reporting to the City of Casselberry. Florida for its financial report lor the fiscal year ended September 30, 2005 In order to be awarded a Certificate 01 Achievement, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report. whose contents conform to program standards. Such reports musl salisty both generally accepted accounting principles and applicable legal requirements. A Certificate 01 Achievement is valid for a periOd of one year only. We believes our current report continues to conform to Certificate of Achievement Program requirements. and we are submitting it 10 the GFOA vii