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1. The safeguarding of assets against loss from unauthorized use or disposition; and <br />2. The reliability of financial records for preparing financial statements and <br />maintaining accountability for assets. <br />The concept of reasonable assurance recognizes that: <br />1. The cost of a control should not exceed the benefits likely to be derived; and <br />2. The evaluation of cost and benefits requires estimates and judgments by <br />management. <br />All internal control evaluations occur within the above framework. We believe that the <br />City's internal accounting controls adequately safeguard assets. <br />Budgetary control, in conformance with the City Charter and Florida Statutes, is <br />maintained through constant review by the Finance Director. Budgetary responsibility for <br />the General, Special Revenue, Debt Service, Capital Projects, and Enterprise Funds is <br />established at the fund level. Detailed monthly revenue and expenditure/expense reports <br />are prepared for each department. <br />THE REPORTING ENTITY AND ITS SERVICES <br />The funds and entities related to the City of Casselberry that are included in the Annual <br />Comprehensive Financial Report are controlled by or dependent on the City. <br />Determination of "controlled by or dependent on" is based on criteria and disclosure <br />requirements of Governmental Accounting Standards Board Statement (GASB) Number <br />61 The Financial Reporting Entity, as amended by GASB Number 80, Blending <br />Requirements for Certain Component Units and GASB Number 84, Fiduciary Activities. <br />The criteria deal with the selection of governing authority, designation of management, <br />and ability to significantly influence operations and accountability for fiscal matters. <br />Based on these criteria, the various funds shown in the Table of Contents are included in <br />this report. This report, together with the accounting and budgeting systems, have been <br />designed to conform to the standards set forth by the Governmental Accounting <br />Standards Board and the American Institute of Certified Public Accountants. The fund <br />structure has also been designed to comply with the legal requirements of the various <br />revenue bond covenants and resolutions. <br />MAJOR INITIATIVES <br />During fiscal year 2022, several significant actions occurred within the City that will have <br />lasting impacts going forward. <br />Public Works Complex — The City of Casselberry is completely refurbishing the Public <br />Works facility on Seventh Street. These facilities share space to house those divisions <br />that generally do field work throughout Casselberry. They include maintenance teams <br />that serve Parks, Streets, Lakes, Stormwater, Trees, Fleet, Water and Sewer Lift <br />Stations, and Distribution and Collection. Also located there are the fuel depot and <br />Inventory Control. This a multi-year project and during 2022 the 30,000 square feet <br />"Operations" building opened, and the 15,000 square feet fleet and inventory building <br />was underway. This is a major renovation that may eventually exceed $15,000,000 <br />million in projected cost. <br />Vi <br />