22-3298 Accepting Annual Comprehensive Financial Report for FY Ending September 30, 2021

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Seminole County, the City operates according to a Commission/Manager form of government. There are five elected City Commissioners, one of whom also serves as Mayor and Commission Chairman, and a professional, appointed City Manager. The City of Casselberry is one of seven municipal governments within Seminole County. The City provides a full range of services to its 29,571 citizens. Included in these services are traditional City functions such as police, sanitation, road maintenance, water, reclaimed water and wastewater operations, parks, recreation, planning, economic and community development, as well as support activities for City governmental programs. In terms of its physical development, the City of Casselberry is a mature and a relatively densely developed city of seven square miles. The City's infrastructure serves a stable population and requires expenditures primarily for maintenance and modernization of facilities rather than rapid growth. The City's policy is to keep its infrastructure safe and functional, and gradually improve services, while containing and limiting the financial burden to its residents. ACCOUNTING SYSTEM, INTERNAL ACCOUNTING CONTROLS, AND BUDGETARY CONTROL The City's accounting records for General, Special Revenue, Debt Service, and Capital Projects Funds are maintained on a modified accrual basis. Revenues are recognized when they become measurable and available, while expenditures are recorded at the time the related fund liabilities are incurred. Accounting records for Enterprise and Pension Trust Funds are maintained on a full accrual basis. Revisions that change the annual budget by fund require City Commission approval. Object level expenditure transfers within the department may be made upon approval of the City Manager. Each department has various divisions within its structure. Budget may be transferred within the department upon City Manager approval as long as it is within the same fund. Departments within the City include Administration, Administrative Services, Community Development, Finance, Police and Public Works. Budgets are not legally adopted for Justice Equity Sharing, Treasury Equity Sharing, Summerset Wall, and Police and Firefighters' Premium Tax Trust Fund. The Golf Club Fund's budget is legally adopted for capital lease payments and capital purchases only. The American Rescue Plan Act Fund was not budgeted for in fiscal year 2021. These funds will be budgeted in fiscal year 2022 prior to any spending. All other funds are budgeted annually. In designing and developing the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: 1. The safeguarding of assets against loss from unauthorized use or disposition; and 2. The reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: 1. The cost of a control should not exceed the benefits likely to be derived; and 2. The evaluation of cost and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls adequately safeguard assets. Budgetary control, in conformance with the City Charter and Florida Statutes, is maintained through constant review by the Finance Director. Budgetary responsibility for the General, Special Revenue, Debt Service, Capital Projects and Enterprise Funds is established at the fund level. Detailed monthly revenue and expenditure/expense reports are prepared for each department.