Title: Financial Statement: Wacasassa River Basin
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 Material Information
Title: Financial Statement: Wacasassa River Basin
Physical Description: Book
Language: English
Publisher: Ernst & Ernst
 Subjects
Spatial Coverage: North America -- United States of America -- Florida
 Notes
Abstract: Financial Statement: Wacasassa River Basin, December 31, 1976
General Note: Box 10, Folder 4 ( LME-SWF-Waccasassa River Basin - 1976 and 1977 ), Item 1
Funding: Digitized by the Legal Technology Institute in the Levin College of Law at the University of Florida.
 Record Information
Bibliographic ID: WL00002157
Volume ID: VID00001
Source Institution: Levin College of Law, University of Florida
Holding Location: Levin College of Law, University of Florida
Rights Management: All rights reserved by the source institution and holding location.

Full Text











Audited Financial Statements

WACCASASSA RIVER BASIN (A WATERSHED BASIN OF THE
SOUTHWEST FLORIDA WATER MANAGEMENT DISTRICT)


December 31, 1976






Accountants' Report . . . .... . .. 1
Balance Sheet . . . . . . 2
Statement of Revenue, Expenditures and Encumbrances--
Estimated and Actual. . . . ... .. 3
Statement of Changes in Fund Balance. . . ..... 4
Notes to Financial Statements . . . . 5











Ernst & Ernst CERTFED PUBLIC ACCOUNTANTS


910 Flagship Bank Building Tampa, Florida 33602 Phone 813/223-4971








The Honorable Board of Governors
Southwest Florida Water Management District
Brooksville, Florida


We have examined the balance sheet of the Waccasassa River Basin (a
watershed basin of the Southwest Florida Water Management District)
as of December 31, 1976, and the related statements of revenue,
expenditures and encumbrances--estimated and actual and changes in
fund balance for the three months then ended. Our examination was
made in accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and such
other auditing procedures as we considered necessary in the
circumstances.

In our opinion, the financial statements referred to above present
fairly the financial position of the Waccasassa River Basin (a water-
shed basin of the Southwest Florida Water Management District) at
December 31, 1976, and the results of its operations and changes in
its fund balance for the three months then ended, in conformity with
generally accepted accounting principles applied on a basis consistent
with that of the preceding year.


Tampa, Florida
February 21, 1977


L~r.4


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1


1'r
I.l


Cash
Time certificates of deposit
Due from District general fund
Fixed assets:
Land and improvements
Structures and buildings
Other fixed assets


$11,999.42
5,000.00
1.00


$ 115.00
12,014.34
8,459.01


20,588.35
$37,588.77


LIABILITIES, RESERVES AND FUND BALANCE
Liabilities:
Accounts payable
Due to District general fund
"Contracts payable

Reserve for encumbrances


TOTAL LIABILITIES


$ 63,14
787.06
2,175.00
3,025.20
10,525.75


Investment in general fixed assets by
the Southwest Florida Water Management
District (no change during the period)


Fund balance


20,588.35
3,449.47
$37,588.77


A'--


See notes to financial statements


-2-


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- BALANCE SHEET
S ACCASASSA RIVER BASIN (A WATERSHED BASIN OF THE
T-iSOUTHWEST FLORIDA WATER MANAGEMENT DISTRICT)
December 31, 1976

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STATEMENT OF CHANGES IN FUND BALANCE

WACCASASSA RIVER BASIN (A WATERSHED BASIN OF THE
SOUTHWEST FLORIDA WATER MANAGEMENT DISTRICT)

Three months ended December 31, 1976


Balance at October 1, 1976

Add prior years' encumbrances cancelled
during the period

Deduct:
Excess of expenditures and encumbrances
over revenues for the period
Funds transferred to Withlacoochee River
Basin

Balance at December 31, 1976


$30,312.56


1.00



$12,617.19

14,246.90 26,864.09

$ 3,449.47


See notes to financial statements













NOTES TO FINANCIAL STATEMENTS


WACCASASSA RIVER BASIN (A WATERSHED BASIN OF THE
SOUTHWEST FLORIDA WATER MANAGEMENT DISTRICT)



NOTE A--GENERAL INFORMATION

Prior to January 1, 1977, the Waccasassa River Basin ("Basin") functioned
as a watershed basin of the Southwest Florida Water Management District
to promote the conservation, development, and proper utilization of
surface and ground waters and to prevent damage from floods, soil
erosion, and excessive drainage within the Basin.

The Basin is to be transferred from the Southwest Florida Water Manage-
ment District to the Suwannee River Water Management District effective
as of December 31, 1976. This change in boundary, along with certain
others, resulted from enactment in 1976 of Chapter 373.0693 of the
Florida Statutes.

The Statute provides for assumption of all contractual obligations with
respect to the transferred area and for the transfer of all property
interests and all equipment, vehicles, and other personal property and
records owned, located and used by a district solely within a trans-
ferred area. Accordingly, the assets, liabilities, reserves and fund
balance of the Basin as reflected on the accompanying balance sheet are
a part of the transfer between districts.


NOTE B--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fund Accounting: The financial statements include the accounts of the
watershed basin which consist of a general fund and a general fixed
assets group of accounts.

Revenue and Expense Recognition: The Basin utilizes the modified accrual
basis of accounting whereby revenues, consisting principally of ad valorem
taxes and interest on invested funds, generally are recognized when
received. Expenditures are recorded on the accrual basis as goods or
services are received. Commitments, such as purchase orders issued and
contracts into which the Basin enters, are encumbered when such commit-
ments are made. The Basin reimburses the Southwest Florida Water Manage-
ment District for salaries and other expenses related to projects within
the Basin.

Fixed Assets: Purchased fixed assets are recorded as expenditures in the
general fund at the time of purchase and are capitalized at cost in the
general fixed assets group of accounts maintained in the fund. No depre-
ciation is provided on general fixed assets.












NOTES TO FINANCIAL STATEMENTS--CONTINUED


WACCASASSA RIVER BASIN (A WATERSHED BASIN OF THE
SOUTHWEST FLORIDA WATER MANAGEMENT DISTRICT)



NOTE C--TRANSFER TO WITHLACOOCHEE RIVER BASIN

Effective as of September 30, 1976, approximately 47% of the total land
area of the Basin was transferred to the Withlacoochee River Basin of
the Southwest Florida Water Management District. A cash transfer of
$14,246.90 was also made to the Withlacoochee River Basin, representing
the transferred area's proportionate amount of the Basin's fund balance
at September 30, 1976.




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