05-1568 Annual Financial Report - Laserfiche WebLink

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~ THE REPORTING ENTITY AND ITS SERVICES The funds and entities related to the City of Casseiberry, included in the Comprehensive Annual Financial Report. are controlled by or dependent on the City. Determination of "controlled by or dependent on" is based on criteria and disclosure requirements of Governmental Accounting Standards Board Statement Number 14 Defining the Reporting Entity. The criteria deal with the selection of governing authority, designation of management, and abiiity to significantly influence operations and accountabiiity for fiscal matters. Based on these criteria, the various funds shown in the Table of Contents are included in this report. This report, together with the accounting and budgeting systems, have been designed to conform to the standards set forth by the Govemmental Accounting Standards Board and the American Institute of Certified Pubiic Accountants. Fund structure has also been designed to comply with the legal requirements of the various revenue bond covenants and resolutions. ECONOMIC CONDITION AND OUTLOOK Casselberry's geographic location, served by two six-lane highways (State Road 436 and U.S. Highway 17-92) ensures ongoing viability as a significant retail and business center. Challenges created by the changing business climate, fluctuations in commercial real estate, and shifting retail trends are buffered by the fact that most viable retailers are drawn to the higher vehicle traffic volumes on 17-92 and 436. As the market changes, retailers will enter and leave the Casselberry area. Comfort can be taken in the fact that retail properties continue to grow in value. The proposed U.S. Highway 17-92 overpass, which will cross over State Road 436, will change that intersection dramatically. A similar project is proposed for S.R. 436 and Red Bug Lake Road. Although construction is several years off, the proposed modifications to these intersections create some near-term deveiopment uncertainties. However, several properties in the areas are of dated construction and the coming highway projects may help stimulate assimilation of smaller properties into larger tracts to encourage redevelopment. MAJOR INITIATIVES During fiscal year 2004, several significant actions occurred within the City that will impact the community going forward. Items of interest are highlighted below: · The development of Legacy Park (400+ homes) moved forward through various planning and permitting stages. · Wal-Mart on State Road 436 in Casselberry began its expansion to a Wal-Mart Super Center store. · L.A. Fitness completed renovations to the old Levitz Fumiture store property on State Road 436. · Several smaller scale redevelopment projects were begun within the City's prime commercial corridors. · The City financed its share of the Iron Bridge Wastewater Treatment Plant expansion (Orlando). guaranteeing future wastewater capacity as the City's needs grow. · Right-of-way acquisition for the north-end extension of Winter Park Drive was substantially obtained. A short section near Gee Creek is still required. · The City purchased 14.7 acres from Casselberry Investment Properties (southeast comer of U.S. Highway 17-92 and Triplet Lake Drive) as the site of a future City Community Center and commercial outparcel development. · The redesign of Triplet Lake Drive and Melody Lane at U.S. Highway 17-92 began in 2004. vi