04-1478 Annual Financial Report - Laserfiche WebLink

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THE REPORTING ENTITY AND ITS SERVICES The funds and entitles related to the City of Casselberry, included in the Comprehensive Annual Financial Report, are controlled by or dependent en the City. Determination of 'controlled by or dependent on" is based on cdteda 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 ability to significantly influence operations and accountability 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 Governmental Accounting Standards Board and the American Institute of Certified Public Accountants. Fund structure has also been designed to comply with the lega~ requirements of the various revenue bond covenants and resolutions. ECONOMIC CONOITION 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 vehicle traffic volurnes 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 cress over Stste Road 436, will change that intersection dramatically. Although construction is several years off, the proposed modifications to the intersection creates some near-term development uncertainties. However, several properties in the area are of dated construction and the coming highway project may help stimulate assimilation of smaller properties into larger tracts to encourage redevelopment. MA}OR INITIATIVES During fiscal year 2003, several significant actions occurred within the City that will Impact the community going forward. Items of interest are highlighted below: * The City resolved on-going issues with Progress Energy Flodda and entered into a 30-year franchise agreement for local electric distribution sewica. · Northland Church pumhesed the former Seminole Greyhound Park property at the east end of Seminole Boulevard and contracted with Centex Homes for a 400+/- residential subdivision and associated neighborhood commercial development. · Wal-Mart on S.R. 436 in Casseiberry was approved for expansion to a Wal-Mart Super Center store. · L.A. Fitness began renovations to the old Levitz Furniture store property on State Road 436. · Several smaller scale redevelopment projects were begun within the City's pdme 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. vi