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<br />· Efforts continue in support of a plan to redevelop segments of the U.S. Highway 17-92 business <br />corridor. Private-public partnerships with Target. Home Depot, and the Community United Methodist <br />Church should help create a central retail sector between Lemon Lane and Plumosa Avenue. <br /> <br />· Extension of the City's reuse water system into additional neighborhoods will expand the availability <br />of this valuable resource within the City. <br /> <br />· Park improvements continued with the design phase and construction of Plumosa Park. <br /> <br />· Increased emphasis on the maintenance and appearance of City buildings, properties and public <br />rights-of-way is being pursued to raise community expectations and build civic pride. <br /> <br />· A new Fire Station 21 on Seminola Boulevard was constructed. <br /> <br />· Three hurricanes hit the Casselberry area during 2004. A substantial response by the City removed <br />61,800 cubic yards of storm debris. Total estimated storm-related expenses to the City approached <br />$3,000,000. <br /> <br />CASH MANAGEMENT <br /> <br />During the current fiscal year. the City invested In a U.S. Govemment Agency Note, Public Funds Interest <br />on Checking accounts and the Florida Local Government Surplus Funds Trust Fund. The average yield <br />on these investments was approximately 1.3%. The interest Income for the 2004 fiscal year was <br />approximately $379,220. <br /> <br />RISK MANAGEMENT <br /> <br />Prior to the fiscal year ended 2004. the City set up a Self-Insurance Fund. During the fiscal year ended <br />September 30, 2004, the fund had a balance of $1,003,616. This balance represents a net of all <br />activity including interest income allocated to the fund since inception. <br /> <br />FIDUCIARY OPERATIONS <br /> <br />The City has a fiduciary responsibility for the self-directed deferred compensation plan, which allows <br />employees to defer a portion of salary for future years. The City also has a Police Officers/Firefighters <br />Pension Plan that began operations January 1, 1996. The Plan is a single-employer, defined benefit, <br />public retirement system, and a component unit (reporting as a Pension Trust fund) of the City's financial <br />reporting entity. Both the employer and the employee contribute to the Plan. Currently, there are 47 <br />participants with assets of $2,1 07,651 (FMV). <br /> <br />STATUTORY REQUIREMENTS -INDEPENDENT AUDIT <br /> <br />Florida Statutes require the City's financial statements to be subjected to an annual examination by an <br />Independent Certified Public Accountant. Those provisions have been satisfied and the opinion of the <br />independent accountant is included. <br /> <br />vii <br />