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The City moved forward to purchase 14.7 acres from Cesselberry Investment Properties (southeast <br />comer of U.S. Highway 17-92 and Triplet Lake Ddve) as the site of a future City Community Center <br />and commercial outpamel development. <br /> <br />Financing for road improvements to Triplet Lake Drive and Melody Lane at U.S. Highway 17-92 was <br />completed. Design and construction should occur in 2004. <br /> <br />Efforts continue in support of a plan to redeveic~ 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 opening of Sunnytown Park west of U.S. Highway 17-92 and <br />the design phase of Plumosa Park. <br /> <br />Design standards for the City's Community Redevelopment Agency (CRA) were adopted with the <br />intent to enhance the aesthetic appearance of future construction. <br /> <br />Increased emphasis on the maintenance and appearance of City buildings, prope~es and public <br />rights-of-way is being pursued to raise community expectations and build civic pdde, <br /> <br />The City awarded a contract for construction of a new Fire Station 21 on Seminola Boulevard. It is <br />expected to be completed by Fall 2004, <br /> <br />CASH MANAGEMENT <br /> <br />Dudng the current fiscal year, the City invested in Treasury Bills, Treasury Notes, Agencies, Public Funds <br />Interest on Checking accounts and the Flodda Local Government Surplus Funds Trust Fund. The <br />average yield on these investments was approximately 1.1%. The interest income for the 2003 fiscal <br />year was approximately $273,000. <br /> <br />RiSK MANAGEMENT <br /> <br />Prier to the fiscal year' ended 2003, the City set up a Self-Insurance Fund. During the fiscal year ended <br />September 30, 2003, $1,000,000 was transferred from the General Fund to replenish the Self- <br />Insurance Fund for some of the funds expended for legal costs associated with the electric utility <br />franchise study. A~so during the fiscal year, $15,178 was transferred to the General Fund to cover <br />budget overruns of City Attorney, Labor Attorney, and Special LegaJ expenses. At the end of the fiscal <br />year, the fund had a balance of $991,823. This balance represents a net of all activity including <br />interest income allocated to the fund since inception. ~t is the City's intent to rebuild this fund over time <br />from various appropriate accounts within the City. <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 fifty <br />pa~cipants with assets of $1,567,192 (FMV). <br /> <br />vii <br /> <br /> <br />