FY2024
POPULAR
ANNUAL
FINANCIAL REPORT
an unaudited summary report of the financial activities of the City of Winter Park, Florida
fiscal year ending 09.30.2024
Winter Park is the city of arts and culture, cherishing its traditional scale and charm while building a healthy and sustainable future for all generations.
table of contents
about this report
2
budget at a glance
profile + services
3
general fund revenues & expenditures
14
active citizen boards
4
property taxes & annual cycle
16
services in review
5
economic stability
6
financial activity
13
19
statement of net position
19
statement of activities
20
goals + initiatives + accolades
8
capital improvement plan
8
investments
22
major initiatives
10
debt service
22
awards + grants + accreditations
12
reserves
23
looking to the future
24
online services + contacts
25
about this report The Popular Annual Financial Report [PAFR] provides citizens and stakeholders with a basic overview of the city’s financial position. The PAFR summarizes and condenses the financial activities of the city’s governmental and business-type activities in a more digestible fashion than the audited Annual Comprehensive Financial Report [ACFR] or budget document from the year prior.
from the city manager
Because of this, the PAFR conforms less to generally accepted accounting principles and reporting requirements for government entities. For those interested in reviewig the ACFR, it can be accessed from the Florida Auditor General website via the city’s website at cityofwinterpark.org/departments/finance. Budget documents are also located on this page.
2
It is my pleasure to present the city’s PAFR. Also known as the Citizens’ Report, it provides the residents of Winter Park an overview of the city’s revenues, expenditures and other noteworthy indicators such as demographics, housing, capital spending and more, for the fiscal year ending September 30, 2024. The PAFR’s purpose is to summarize in an easy to read context. The city has received the Certificate of Achievement for Excellence in Financial Reporting for 44 years and Distinguished Budget Presentation Award for 25 years. We received our first Outstanding Achievement Award for the Fiscal Year 23 PAFR making the city a "triple crown" recipient – a superior achievement for municipalities. In addition to the financial reporting award, the PAFR award provides third-party review by the Government Finance Officers Association of our commitment to financial excellence, transparency and authentication. Thank you for taking the time to read this report. We welcome the opportunity to answer any questions you might have.
Randy Knight City Manager
profile + services a little history Winter Park
H
Developed in the late 1800s as a winter resort for northerners seeking warmer climates and mild weather, Winter Park has become a thriving community. It is home to just over 30,000 residents and a popular year-round destination for guests from around the world.
the governing body
Today, Winter Park is celebrated for its world-renowned shopping and long-standing commitment to arts and culture. Local businesses, established and preserved through generations, have become a complement to new companies relocating to this distinctive community. The city boasts a favorable taxing structure and one of the lowest property tax rates in the region at 4.0923 mills.
Winter Park was first chartered in 1887, and the present Commission-Manager form of government was adopted in 1949. The governing body is composed of four Commissioners and a Mayor who are elected for three-year terms by a city-wide non-partisan election. The City Commission appoints the City Attorney, City Manager and advisory board members. The city is well represented through its 24 boards and committees comprised of volunteer citizens which when at full capacity, houses 168 members all looking to better the community. The City Manager appoints department heads, subject to Commission confirmation and also approves all other employees. The City Manager is the Chief Executive Officer and responsible for carrying out Commission policies through the professionally trained and experienced staff.
left to right
Commissioner Craig Russell Commissioner Marty Sullivan Mayor Sheila DeCiccio Commissioner Kris Cruzada Commissioner Todd Weaver [FY2024]
3
active citizen boards [FY2024] listed by their city department liaisons
Administration Community Redevelopment Agency (CRA) Board [City Commission + Orange County Rep]
Building & Permitting Services Code Compliance Board Construction Board of Adjustments & Appeals
Communications Public Art Advisory Board
Parks & Recreation Parks & Recreation Advisory Board Tree Preservation Board Winter Pines Golf Course Advisory Board
Planning & Zoning Board of Adjustments Historic Preservation Board Orange Avenue Overlay Appearance Review Advisory Board Planning & Zoning Board
Electric Utility + Water & Wastewater Utilities
Winter Park Housing Authority
Utilities Advisory Board
Public Safety [police & fire-rescue] Natural Resources & Sustainability Keep Winter Park Beautiful (KWPB) & Sustainable Advisory Board Lake Killarney Board Lakes & Waterways Board
Office of Management & Budget Community Redevelopment Advisory Board Economic Development Advisory Board
4
Civil Service Board Winter Park Firefighters’ Pension Board Winter Park Police Officers’ Pension Board
Public Works & Transportation Transportation Advisory Board
services in review [FY2024] CITYWIDE BUDGET Winter Park provides a full range of services, including GENERAL as well FUND as recreational activitiesELECTRIC and cultural UTILITY events. FISCALconstruction YEAR 2024 police and fire-rescue; and maintenance of In addition, the city operates two $ enterprises: $ 10.01.2023 thru 09.31.2024 million million streets, sidewalks and infrastructure; engineering; water & wastewater service as well as electric utility. planning and community development; code compliance; [Solid waste collection services for the city is contracted 29% reserves 81% undergrounding $ million completed citywide general admin, communications and support services; with a private firm.]
22
208.2 CIP
CAPITAL IMPROVEMENT PROJECTS
FACILITIES & INFRASTRUCTURE $ million
16.6
9.3
PARKS & RECREATION $ million
6
improvements made to buildings, storm drains, sanitary sewers, community development, etc. | does not include admin & operational costs
RESPONSE TIMES
911 CALLS
EMS RESPONSES
police priority 1 calls
received by call center
quarterly as of 09/30/24
2min 23sec GRANTS AWARDED $ million+
9
CRA+citywide
GREENSPACES
16.3 acres
per 1,000 residents
19,803 WP9 & WP18
85 thousand
rounds played at 2 city golf courses
LAKE CLARITY
7.3 feet
visibility depth
5min 52sec PUBLIC WORKS
38,332 sq. ft. sidewalks replaced roads 32,541 sq. ft. brick repaired URBAN FORESTRY
3,534 trees planted
5
strong signs of economic stability While the city’s population has remained steady, growing less than 3%, unemployment came in at approximately 2.8%, and the median average household income is at just over $104,000. These demographics are also indicative of the diverse employment base that supports the city.
MEDIAN AVERAGE
OFFICE VS. RETAIL OCCUPANCY
104thousand
October 2023-September 2024
HOUSEHOLD INCOME
OctoberOFFICE 2023-September 2024OCCUPANCY VS. RETAIL
$
94.3% 94.3%
97.5% 97.5%
OFFICE
TOTAL JOBS
100.0%
98.0%
98.0%
94.0%
94.0%
92.0%
92.0%
6
Retail
Winter Park
Office
Retail
Orlando MSA
e
ug
Se p
Office
[Metropolitan Statistical Area]
Office
Retail
Winter Park
Office
Retail
Orlando MSA
pt te em m be be r r
us ug u st St
ly
ly Ju
ne Ju
M
ay
A
Ju
ne Ju
ay M
pr il A
ch ar
A
ov e
N
14% transportation, trade & utility
ec
r
to
86.0%
M
86.0%
pr il
88.0%
A
88.0%
be em N r beove r mb Ja D er nu e c ar em y b Fe er br Ja ua n u ry ar y Fe M br ar ua ch ry
90.0%
O
14%
leisure & hospitality
90.0%
ct ob e
& 26% education health services
RETAIL
96.0%
96.0%
m be O rc
& 30% financial business services
100.0%
D
34thousand+
RETAIL
OFFICE
[Metropolitan Statistical Area]
Holt Properties LLC & Langford RCI LLC [Rollins College]
YEAR BUILT
[Winter Park Village]
HOUSING
Winter Park Town Center LTD
HOME OWNERSHIP
TOP 10 TAXPAYERS
Mayflower Retirement Center, Inc. Winter Park Owner LLC [Bainbridge Apartments]
BCDPF JUNO Winter Park LLC
< 1939
1940-49
1950-59
1960-69
1970-79
1980-89
1990-99
2000-09
2010-19
62.8% own 37.2% rent
≥ 2020
[Broadstone Apartments]
Winter Park Town Center Development LLC
[Center of Winter Park Shopping Center]
Westmount at Winter Park LLC [Lee Road Apartments]
Village Lane Property LP
MINUTES
NP Winter Park LLC
EDUCATION
Presbyterian Retirement Communities, Inc.
COMMUTE TIME
[Paseo Apartments]
[Winter Park Village Apartments]
678.4million
$
< 9thGrade
No Diploma
<5
5-9
10-14
HS Diploma
GED
15-19
20-24
25-29
Source: Orange County Property Appraiser’s Office
Some College
Assoc Degree
30-34
35-39
40-44
Bach Degree
Grad Degree
45-59
60-89
90+
goals + initiatives + accolades our vision
Winter Park is the city of arts and culture, cherishing its traditional scale and charm while building a healthy and sustainable future for all generations. This guiding statement helps shape the policies, strategy and actions developed by the city.
OUR VISION
FRAMEWORK
5
core objectives
Exceptional Quality of Life Intelligent Growth & Development Fiscal Stewardship Public Health & Safety Public Assets & Infrastructure Investment
Every city department contributes to achieving these core objectives. Through strategic planning, goal setting, benchmarking and hard work, city staff uses these guides to carry out and implement the budget, approved by the City Commission each year.
capital improvement plan [FY2024] Capital Improvement Plan (CIP) projects cover larger, long-term investments in facilities and infrastructure. A project can be an addition of a permanent structural change or the restoration of some aspect of a property that will either enhance the property’s overall value, prolong its useful life, or adapt it to new uses. Examples include construction of transportation, stormwater, water and wastewater projects, along with buildings such as fire stations, libraries and recreation centers. These investments can often take more than a year to complete and their costs may be distributed over time. Please note the city’s FY2024 projects that have been highlighted on the following page.
8
golf course enhancements
$ 20,000
IT infrastructure upgrades
20,453
West Fairbanks Avenue stormwater
105,974
stormwater infrastructure rehab & replacements
108,495
Denning Drive & Webster Avenue multimodal path
119,827
facility replacement
159,532
parks major improvements
175,750
safety equipment for fire-rescue
178,764
fire training facility
179,797
Ravaudage sewer extention
187,195
Shady Park at Hannibal Square improvements
193,160
Mead Botanical Garden enhancements
268,637
Nicolet Avenue drainage improvements
270,276
Howell Creek stabilization
327,923
sewer main improvements
329,366
water treatment plant upgrades
333,726
cemetery improvements
351,385
Winter Park sports complex improvements
390,515
Martin Luther King, Jr. Park enhancements
399,186
lift station upgrades
589,518
Denning Drive & Fairbanks Avenue intersection improvements
647,215
Iron Bridge Wastewater Treatment Facility (shared with orlando) improvements
988,536
upgrade water mains
1,075,514
Seven Oaks Park
3,286,639
citywide electric line undergrounding
9,577,580
FUNDING TOTAL
$20,284,963
*does not include contractual services, small equipment & general operations costs
HIGHLIGHTED CIP FUNDING ACTUALS [FY2024]*
9
major initiatives The city’s 15 departments work diligently across its organization to better improve the infrastructure, utility and level of service for the citizenry in which its serves. The list below provides highlighted capital expenditures for physical improvements to the city, not including operations, to showcase the volume and dedication to investment, ensuring the city’s commitment to a high level of service.
Shady Park Pioneer Memorial
Dedicated in August of 2024, the memorial includes a timeline of the community’s history with biographies of each pioneer presented adjacent to the busts on a ceramic tile history wall. Featured pioneers include: n Mary Lee Depugh (1878-1949) » founder of the Ideal Woman’s Club n Gustavus Christopher “Gus” Henderson (1862-1917) »
activist and founder of The Advocate
n Frank R. Israel (1848-1925) and Walter B. Simpson (1859-1915) »
both Town Aldermen from 1887-1893
The memorial is a true community effort by the members of MLK Shady Park Committee that included neighbors, residents, city staff and stakeholders.
Park Avenue Refresh Project
Park Avenue is the epicenter of Winter Park’s culture, charm and economic vitality. The last streetscape restoration occurred between 1996 and 1999. Now, almost 30 years later, the city’s main street will be undergoing a refresh to provide for both today and tomorrow’s needs.
project goals
n maintain charm and warm, inviting environment n enhance safety and aesthetics n strengthen infrastructure [electric, smart city & irrigation] n provide consistent look for hardscape, landscape &
architectural elements along the Avenue
10
Construction is expected to start summer of 2025.
Expansion of the Community Redevelopment Agency
Winter Park Playhouse
Orange County approved $8M in Tourist Development Tax dollars which will allow the city to acquire the Winter Park Playhouse property and renovate the facilities for continued operations as a musical theatre. The renovations will expand the seating from 123 seats to 185 seats – a 50% increase in capacity – and enable 10,000+ more residents and guests to attend the popular shows.
On October 29, 2024, Orange County approved expansion of the boundaries of the Community Redevelopment Area (CRA), extension of the CRA’s operational period for 10 years from 2027 to 2037, and an update to the CRA Plan.
d R h d is en av
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N Cap en Av e
N New Y ork A ve
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N De nning Dr N Denning Dr N De nning Dr
Ol d E ng land Ave Ol d E ng land Ave
N Center S t N Center S t
S Cent e r S t
N D ennin g Dr N D ennin g Dr
S Cent e r S t
S P ar k A v e
Gal low ay D r
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N O rlando A ve
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Ohi o St
For m osa Av e
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For m osa Av e
Av
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S t ir l i ng Ave
V ir gin
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Mead Botanical Garden
Highl and R
Highl and R
142 142 acres
Hillc r es t A
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175 175 acres
Orchid Av e
Pin ehu
Hillc r es t A
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Mead Botanical
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CRA CRAIIII acres CRA CRAIII III acres
Orchid Av e
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CRA I CRA I acres rst A
751 acres collectively 751 acres collectively form the Winter Park CRA ra
C ha s e Ave C ha s e Ave
S Pa rk Ave
ch
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Fai rfa x A ve H o well Cr
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Fai rfa x A ve H o well Cr
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Mea d Ave
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e
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C la ren don A ve
Winter Park 9Th Grade Center
R ic
Melr o
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Melr o s
Av
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Rollins College
en
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A
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Av
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Rollins College
Fr
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Winter Park 9Th Grade Center
M el rose Ave
A
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n sylva n ia A ve A ve S Penn sylva nSiaPen
ra O
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Azalea Ln
B alch A ve
527
E Lym an A ve
S Pa rk Ave
W Coms tock Ave
Ho lt Av e W Fairba nk s Ave
426
Holt A ve
e ng
527
17
S Knowles Av e
W Fairba nk s Ave
426
527
A rag on A ve
B alch A ve
17
E New E ngland Ave
E New E ngland Ave
W Coms tock Ave
A rag on A ve
Azalea Ln
M innesota A ve
S Knowles Av e
Holt A ve
E Morse Bl
E Morse Bl
W Lyman Ave
Fr
Ward Av e
W Fa ir bank s Ave
W Park Ave
Ward Av e
W Fa ir bank s Ave W Comstoc k Ave
Lake 426Midget
Winter Park Station
W Lyman Ave
N Knowles Av e
S N ew Y ork Ave S N ew Y ork Ave
W Welbourne A ve
Hann ibal S q
S Cape n Ave
W Comstoc k Ave
S V i rg ini a Ave S V i rg ini a Ave
Hann ibal S q
S Cape n Ave
S Denni ng Dr
W Lym an Ave
527
Aragon Ave
N Knowles Av e
W Park Ave
W Welbourne A ve
Pennsylvania Ave S PennsylvaniaSAve
W Morse Blvd
426
17
N P ar k A ve
Winter Park Station
Central Park
Lake Midget
Aragon Ave
E Sw oope Ave
Central Park
Carolina Ave
S Denni ng Dr
S Orlando A ve
Harpe r St
434 434 acres s E
ck Way
426
Ha rmo n AveInd ia na Ave
pre s
S tym i e Pl N i bli
W F airba nk s A ve
na Ave Ind iaMille r A ve
Ha rmo n Ave
Harpe r St
e
Martin Luther King, Jr. Park
426
Schultz Ave
Av
I -4 Ex
S tym i e Pl
y
s E
r ck Wa N i bli e D B ra ssi
S Orlando A ve
C ir
st
Mensden
Cole Ave
Carolina Ave Garfield Ave
Symonds Ave W Morse Blvd
Cole Ave
CRA I CRA I Garfield Ave
W Lym an Ave
Schultz Ave
d
e
Martin Luther Lake King, Jr. Park
Gene St
pre s
ea
Av
Symonds Ave
English Ct
E Sw oope Ave
W S woope Av e
Lake Mensden
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r A ve Michigan Mille A ve
Illino i s St
dr
st
ur
I -4 Ex
Dr ssiee Ln B rashi Ma
ur
Midiron Dr
C ir
Du bs
Depugh S t
E Webst er Ave
W Webst er Ave
W S woope Av e
Winter Park Country Club
Dun bar St Depugh S t
W Swoope Ave
W Coms tock Av e
M innesota A ve
Michigan A ve
Minnesota A ve
Illino i s St
Midiron Dr
Dubsdread Country Club Pond
ker P l
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Grov e Av e
W
ea
Grov e Av e
s
dr
Minnesota A ve C randon Ave
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87
Palm Cemetery Winter Park Country Club
Callahan S t
Pa lm er Av
E Webst er Ave
W Webst er Ave
St Swoope Ave W Callahan
English Ct
ve
N P ar k A ve
N Orla n do Ave
Gay R d
s
Dubsdread Country Club Pond
Winter Park Village
Palm Cemetery
W Webster Ave Dun bar St
W Coms tock Av e
Nicolet A ve
re
87
Jack son Ave
xp
rn
Gene St
Nicolet A ve
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Cherry St
W 4
Minnesot a Ave
Bun
O gl es by Ave Kent uc ky Ave
C randon Ave O gl es by Ave
Oglesb y Ave
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CRA III CRA III
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Har old Ave
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Har old Ave
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I-
Juli an S t
Du bs Ma shi
xp
Jack son Ave
E
Cherry St
4
Minnesot a Ave
ker P l
Clay St
I-
W Fa i rbanks Av e
426
Oglesb y Ave Kent ucky Av e
4
Oglesby Ave
Bun
Clay St
Oglesby Ave
Kent uc ky Ave
426
North St
Main St
W F airba nk s A ve
Karolina Ave
Karolin a Ave
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W Fa i rbanks Av e
426
426
W Fa irban k s A ve
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N Pe nnsylv a n i a Ave N Pe nnsylv a n i a Ave
N Orla n do Ave
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B i scayne Dr
Kent ucky Av e
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N Int erlachen A ve N Int erlachen A ve
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Gay R d
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Staunton Ave
Karolina Ave
Karolin a Ave
K il
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Ba
La
F ormosa Ave
on Blv d
Staunton Ave
B i scayne Dr
Main St
N O rlando A ve
Dr
r
W e llin gt
Killarney Dr
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N New Y ork A ve
N Or l ando Av e
Ben
N Or l ando Av e
Exe cu tive Dr Exe cu tive Dr
D
on Blv d
Killarney Elementary School
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F ormosa Ave
W e llin gt
S
Pa lm er Av Belo it Ave
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Dr
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Killarney Dr
Killarney Roxbury Rd Elementary School
North St Winter Park Village
CRA II CRA II
Lake Killarney
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Lak e
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Ga y Rd
Lake Killarney
K i ll
Salisbur y Blvd
D ub sd re ad
Placing overhead power lines underground continues to be a major priority of the city with a goal of completing five miles of undergrounding each year. This effort is funded by current operating revenues of the utility. Currently, approximately 81% of the system is underground.
Roxbury Rd
Juli an S t
Undergrounding Power Lines
un Ave
D ub sd re ad
This facility located next to the Winter Park WP9 Golf Course will provide storage and maintenance space for all downtown parks and greenspaces.
ke
Eus ton Rd
Over spin Dr
Swoope Parks Facility Building
La
un Ave
Over spin Dr
In 2023, property was contributed to the City which will be used to add a new fire training facility off Wymore Road. Groundbreaking for construction of the new facility is expected to begin in fiscal year 2025.
Ga y Rd
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R ai lr oa Ave C W Webster d a rv A ve er S t
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Webs te r Ave
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a r ney D r
Fire Training Facility
L
r B l ossom
Rip plin
Salisbur y Blvd Eus ton Rd
Lake Francis
D Co
K i ll
This project will provide restrooms in the City Business District and will include storage areas that will greatly enhance the experience of the Farmers’ Market in the West Meadow and provide a needed amenity to serve visitors to downtown.
Lee Rd
R C
vin A
Keyes Ave
Lee R d
423
W Sto
Belo it Ave
Keyes Ave
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Rd
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g Ln
Be l oi t Ave
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Lak e
Lee Rd
Webs te r Ave
B l ossom
423
D ixon Ave
Lee Rd
Lee R d Co
Be l oi t Ave
N P ar
423 Alber t Lee Pkwy 423
423
423
423
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N P en nsylv a n i a AveN P en nsylv a n ia Ave
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Dup ont A v e
423
Lee Rd
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D ixon Ave
Alber t Lee Pkwy
S P ar k A v e
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N New York Ave
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The Playhouse is the only professional musical theater in central Florida and entertains over 30,000 people annually. They are an important player in the city’s arts and culture scene.
ark Av e
N Park A
lD
Tu
West Meadow Restroom & Storage
ark Av e
N Park A
form the Winter Park CRA 10-year to 2037 10-year extension extension to 2037
23% of CRA area 23% expansion expansion of CRA area $57 estimated $57 million million estimated additional for additional revenue revenue for infrastructure infrastructure improvements improvements
11
awards + grants + accreditations Government Finance Officers Association [GFOA] With 20,000+ members representing federal, state/provincial, and local finance officials, participants are deeply involved in planning, financing and implementing thousands of governmental operations in each of their jurisdictions. GFOA’s mission is to advance excellence in public finance.
Government Finance Officers Association
Certificate of Achievement for Excellence in Financial Reporting
Government Finance Officers Association
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Award for Outstanding Achievement in Popular Annual Financial Reporting
Distinguished Budget Presentation Award PRESENTED TO
Presented to
Presented to
City of Winter Park
City of Winter Park Florida
City of Winter Park Florida
Florida
For the Fiscal Year Beginning
For its Annual Comprehensive Financial Report For the Fiscal Year Ended
For its Annual Financial Report For the Fiscal Year Ended
October 01, 2023
September 30, 2023
September 30, 2023
Executive Director
Executive Director/CEO
Executive Director/CEO
Certified WCAG 2.1 Level AA compliant and usable with JAWS and NVDA by SWH
500thousand
4million grant
$
$
This affordable housing grant, awarded by Congressman Maxwell Frost, supports the City of Winter Park's attainable housing initiatives in conjunction with existing efforts.
The NRCS vision is a world of clean and abundant water, healthy soils, resilient landscapes, and thriving agricultural communities through voluntary conservation.
12
CAPRA is the only national accreditation of park and recreation departments and a valuable measure of a department’s overall quality of operation, management and service to its community. It is considered the gold standard.
25
The city’s Fire-Rescue and Police departments both carry exemplary accreditations. Fire-Rescue maintains premier status through its dual-accreditation with the Commission on Fire Accreditation International and Commission for Accreditation of Ambulance Services, as well as a Class 1 rating through the Insurance Service Office. Police holds the honorary distinction of EXCELSIOR recognition through the Florida Department of Law Enforcement.
budget at a glance [FY2024] ACTUAL EXPENDITURES
FUND BY TYPE MILLION
$100 $ 80 $ 60 $ 40
CAPITAL PROJECTS
ENTERPRISE
INTERNAL SERVICE
208.1million
$
DEBT SERVICE
CITYWIDE BUDGET
0
SPECIAL REVENUE
$
GENERAL FUND
$ 20
37.9%
10.0%
1.4%
2.1%
40.0%
8.6%
2020
n The GENERAL FUND is the primary operating fund that supports the majority of operations to residents, businesses and guests. This includes service and operations for all 15 departments including salaries/benefits, capital outlay, transfers and nondepartmental uses such as non-profit support. n The SPECIAL REVENUE FUNDS account for specific revenue sources that are restricted by law or administrative action to expenditures for specific purposes. n The DEBT SERVICE FUND is designed to holds funds to pay for principal and interest for long-term debt.
2021
2022
2023
2024
n The CAPITAL PROJECTS FUNDS include money for major projects such as roads, parks and general “brick and mortar” obligations. n The ENTERPRISE FUNDS account for revenueproducing operations with charges to customers for sales and services, such as utilities. The Enterprise Funds consist of the electric services and water & sewer funds. n The INTERNAL SERVICE FUNDS are established for the financing of goods or services provided by one department to other departments within the city on a cost-reimbursement basis.
13
general fund revenues & expenditures The city is required to account for its finances using fund accounting. This method separates revenues and expenses into different funds based on the source of the revenue and intended use. The most notable is the city’s general fund. These include property taxes, utility taxes, franchise fees, licenses & permits, intergovernmental revenues, charges for services, fines, transfers and other revenue. Expenditures for these items are broken down on the next page. The largest increase in 2024 was $3.4 million or 11% as a result of the higher taxable valuation of property. Charges for Services increased to offset additional costs for solid waste collection and disposal. Rates were increased $1.6 million or 12% compared to the previous year. Expenditures also rose in public works & transportation due to the same collection and »»
GENERAL FUND REVENUES
14
license+permits
franchise fees
10%
1%
4%
12% intergovernmental 19%
utility taxes
charges for services
& 2% fines forfeitures
7% transfers in 2% investment earnings other 1% revenue
42%
property taxes
FY2020
FY2021
FY2022
FY2023
FY2024
PROPERTY TAXES
$24,313,515
$26,155,260
$27,511,689
$30,400,941
$33,818,498
UTILITY TAXES
6,665,189
6,791,257
7,006,666
7,533,817
7,775,483
FRANCHISE FEES
862,173
823,954
845,243
682,947
654,705
FINES & FORFEITURES
1,047,091
830,204
1,180,220
1,505,884
2,102,642
LICENSES + PERMITS
3,262,118
3,684,484
3,667,915
2,890,770
3,147,947
INTERGOVERNMENTAL
7,307,153
7,575,680
9,284,363
9,612,546
9,565,061
CHARGES FOR SERVICES
8,860,037
9,712,719
11,665,578
13,872,437
15,518,628
INVESTMENT EARNINGS
620,102
(24,837)
(2,495,309)
678,400
1,857,563
OTHER REVENUE
434,621
287,582
286,121
484,638
663,640
TRANSFERS IN
5,224,645
5,346,469
7,488,744
6,291,728
5,623,699
TOTAL
$58,596,644
$61,182,772
$66,441,230
$73,954,108
$80,723,866
disposal of solid waste increases, paired with spending of American Rescue Plan Act dollars for sediment removal in city waterways and preparation of a stormwater master plan. Transfers also saw an increase for Capital Improvement Plan (CIP) projects. Transfers out to the CRA also still remain healthy.
GENERAL FUND EXPENDITURES
FY2020
FY2021
FY2022
FY2023
FY2024
GENERAL ADMINISTRATION
$1,754,007
$1,830,850
$2,218,901
$2,627,867
$2,208,454
INFORMATION TECHNOLOGY
572,889
495,973
767,303
844,615
1,026,676
FINANCE
419,202
446,235
440,836
535,551
574,857
COMMUNICATIONS
191,381
233,418
520,949
357,671
401,884
PLANNING & ZONING
871,964
1,034,432
1,225,552
1,002,759
1,015,296
BUILDING & PERMITTING SERVICES
2,363,024
2,045,153
1,982,704
2,240,579
2,431,855
PUBLIC WORKS & TRANSPORTATION
8,977,049
8,505,929
9,867,266
11,337,985
13,647,227
NATURAL RESOURCES & SUSTAINABILITY**
–
–
–
–
450,558
POLICE
14,901,031
15,235,458
16,338,467
16,221,951
17,596,331
FIRE-RESCUE
13,204,252
13,319,849
13,626,554
13,666,042
15,303,877
PARKS & RECREATION
8,563,143
8,712,096
10,731,167
12,442,308
13,387,161
CULTURAL + COMMUNITY SERVICES
1,717,339
1,657,004
1,656,999
1,840,000
1,932,000
DEBT**
–
–
–
–
56,175
TRANSFERS OUT
5,316,947
5,357,606
7,492,780
8,709,855
9,779,789
TOTAL
$58,852,228
$58,874,003
$66,869,478
$71,827,183
$79,812,140
**previously included with General Administration and Public Works & Transportation, debt is new.
l Fund ditures 4
EXAMPLE OF BUDGET EXPENDITURE BREAKDOWNS Organizational Support 0.3% Debt Service 0.7% Contingency 0.8% Library 2.5% CIP 4.5% Transfer to CRA 5.9%
10.4% General Government 16.0% Public Works 16.5% Parks 19.4% Fire-Rescue 23.0% Police
15
property taxes & annual cycle Property taxes account for approximately 42% of the city’s total budget, and is primarily supported by the residential properties in the tax base [80%].
Q How do changes in property values affect my taxes? A Under Florida law, each year the value of a homesteaded property cannot increase by more than 3% or by the percent change of the Consumer Price Index, whichever is less.
Park 27% Winter Services
Q How much of property taxes actually go to the City of Winter Park?
29%
Orange County Services
A Only 27% of the mills applied for the City of Winter Park are collected for the city.
Q How are property taxes calculated? A Each taxing authority sets a rate on real and personal
Winter Park
1% Voted Debt Johns River 1% St. Water Management
County 42% Orange Public Schools
property annually, which is expressed in mills. Each ‘mill’ generates $1 for every $1,000 of assessed valuation of taxable property. Here’s a simplified equation to help calculate your property taxes: assessed value of your property – exemption(s) = your property’s taxable value
16
taxable value / 1,000 x total millage rates = total property tax
Q How much am I being taxed
Operating
compared to the region?
Library
Voted Debt
8
A Winter Park has the 2nd lowest
7
$
6
MILLAGE COMPARISONS ORANGE COUNTY 2024 [OPERATING+LIBRARY+VOTED DEBT SERVICE]
MILLAGE RATE
millage rate in Orange County.
5 4 3 2 1
WINTER PARK MILLAGE RATE
U
N C
W in
W in d
er
m
er e
LOWEST
te O rP ra ar ng k e C ou nt y A po pk a M ai tla nd Be lle W Is in le te rG ar de n O co ee Ed ge w oo d O ak la nd O rla nd o Ea to nv ill e
0
Q Where does my money go for each property tax dollar?
A Each dollar gets divided up amongst four agencies »
1¢
St. Johns River Water Management
28¢
City of Winter Park services & voted debt service
29¢
Orange County
42¢
Orange County Public Schools
BREAKDOWN FOR EVERY
1 dollar
17
DEVELOPMENT
•
PREPARATION & REVIEW
revenues based on historical • Tinformation, he city projects estimates of taxable value from Orange
he Office of Management & Budget and T Finance departments develop preliminary revenue estimates.
ity Management prepares proposed • Cbudget goals for City Commission
FE
LY
preliminary budget and • D5-year eliverCapital Improvement Plan
ANNUAL PROPERTY TAX CYCLE
to the Mayor and City Commission.
The city reviews each department budget and •gives tentative approval pending review of the overall
budget. Any non-profit organization that desires to request city funding support for their activities may apply during this time for funding consideration with the City Manager’s office. A balanced budget as required by the State of •Florida is produced. A 5-year Capital Improvement
T P E
JU
PROPOSE & DELIVER
AY
attention regarding the service level expectations, shared costs, and estimated available resources among all departments.
M
budget requests • Parereliminary developed with special
B
review and refinement. Expectations are set.
County Property Appraiser, projections received by the state as well as projections received from city departments. Revenue sources are compared to the budget requests and adjustments are made based upon review of priorities and the need to provide essential services.
S
• C ontinue gathering resident input. he Florida Truth in Millage (TRIM) Bill • T requires that the proposed millage must be certified to the Orange
County Property Appraiser in early August. Before the end of the budget work session, the City Commission agrees on a proposed millage rate for taxing purposes. When the millage certification is delivered to the Property Appraiser, the date, time and place of the first public hearing is provided for advertisement to the residents.
Plan and 10-year General Fund, Water Utility, Electric Utility, and CRA projection are also prepared.
PUBLIC HEARINGS (PH) required by Florida TRIM Bill
“Notice of Proposed Taxes” provided to • Peach H1 property owner by the Orange County Property Appraiser.
H2 Public hearing date, time and place is • P advertised by the taxing agency and must denote
any increase in the proposed millage rate over the roll-back millage rate and increases in expenditures [if applicable] from the prior year.
JULY 1
+35 DAYS
+55 DAYS
+65-80 DAYS
+2-5 DAYS*
Property Appraiser (PA) certifies tax roll
Dates & rates for millage contemplated
“Notice of Proposed Taxes” mailed
Budget hearing dates launched & advertised
*from advertised
*July 1 + 104 days
*from adoption
Budget adoption
PA sets final adjusted tax roll
City certifies compliance
18
OCT 13*
30 DAYS*
financial activity statement of net position The following financial summary is based upon a condensed view of the city’s assets and liabilities for all governmental and business-type funds as of September 30, 2024. A statement of net position is a summary of what the city owns (assets) versus what they owe (liabilities). That difference is what is called a net position. Year over year, the city uses this value as an indicator of its financial position and whether it is improving or waning. GOVERNMENTAL ACTIVITIES [values calculated in thousands]
2024
2023
BUSINESS-TYPE ACTIVITIES 2024
2023
TOTALS 2024
2023
ASSETS Current & Other Assets
$88,013
$72,136
$73,117
$69,258
$161,130
$141,394
Capital Assets
148,602
145,464
209,889
204,047
358,491
349,511
TOTAL ASSETS
$236,615
$217,600
$283,006
$273,305
$519,621
$490,905
22,411
26,986
5,338
6,222
27,749
33,208
Current & Other Liabilities
14,423
16,829
11,655
10,552
26,078
27,381
Long-term Liabilities
74,195
75,217
85,045
91,872
159,240
167,089
TOTAL LIABILITIES
$88,618
$92,046
$96,700
$102,424
$185,318
$194,470
Deferred Inflows of Resources
17,397
12,083
1,906
2,119
19,303
14,202
Net Investment in Capital Assets
116,245
110,204
131,903
119,875
248,148
230,079
Restricted
22,097
17,457
19,623
19,170
41,720
36,627
Unrestricted
14,669
12,796
38,212
35,939
52,881
48,735
$153,011
$140,457
$189,738
$174,984
$342,749
$315,441
Deferred Outflows of Resources LIABILITIES
NET POSITION
TOTAL NET POSITION
19
definitions Capital Assets Tangible property or equipment used for operations, expected to have a service life of more than two years and a cost of more than $5,000. Governmental Activities Functions supported by taxes and intergovernmental revenue. Business-Type Activities Functions that can recover some or all their cost through fees and charges. Examples include electric, water & wastewater.
Net Position The difference between the sum of total assets and deferred outflows and the sum of total liabilities and deferred inflows. Deferred Outflows The depletion of net assets that applies to an upcoming expenditure period, and does not get applied until a future time. Deferred Inflows The addition of net assets that applies to an upcoming revenue period, and does not get applied until a future time.
statement of activities The purpose of the statement of activities section presents information regarding the change in the city’s net position during the most recent fiscal year. More plainly, the intent of the report provides for when the transaction occurs rather than when the transaction cash flows giving a different lens to the city’s financial viability. GOVERNMENTAL ACTIVITIES 2024
BUSINESSTYPE ACTIVITIES 2024
TOTALS 2024
2024 vs. 2023 2023
+ or (–)
% change
REVENUES [calculated in thousands] Program Revenues Charges for Services
$28,212
$85,508
$113,720
$108,839
4,881
4.5%
Operating Grants & Contributions
7,118
–
7,118
4,973
2,145
43.1%
Capital Grants & Contributions
3,224
434
3,658
3,360
298
8.9%
Property Taxes
35,784
–
35,784
32,365
3,419
10.6%
Other Taxes
8,427
–
8,427
8,217
210
2.6%
Intergovernmental Revenues
10,967
–
10,967
10,830
137
1.3%
Miscellaneous & Other
6,377
2,298
8,675
5,917
2,758
46.6%
$100,109
$88,240
$188,349
$174,501
$13,848
7.9%
General Revenues
TOTAL REVENUES
20
continued »
GOVERNMENTAL ACTIVITIES 2024
BUSINESSTYPE ACTIVITIES 2024
TOTALS 2024
2024 vs. 2023 2023
+ or (–)
% change
EXPENSES [calculated in thousands] General Government
$4,780
–
$4,780
$6,006
($1,226)
-20.4%
Planning & Zoning
1,824
–
1,824
1,855
(31)
-1.7%
Building & Permitting Services
2,406
–
2,406
2,305
101
4.4%
Community Redevelopment Agency
3,878
–
3,878
2,013
1,865
92.7%
Public Works & Transportation
19,404
–
19,404
18,717
687
3.7%
Natural Resources & Sustainability**
2,637
-
2,637
-
2,637
100%
Police
20,791
–
20,791
18,336
2,455
13.4%
Fire-Rescue
18,664
–
18,664
16,231
2,433
15.0%
Parks & Recreation
15,924
–
15,924
15,324
600
3.9%
Cultural & Community Services
2,307
–
2,307
2,190
117
5.3%
788
–
788
964
(176)
-18.2%
Water & Sewer
–
30,935
30,935
28,880
2,055
7.1%
Electric Services
–
36,703
36,703
37,789
(1,086)
-2.9%
TOTAL EXPENSES
93,403
67,638
161,041
150,610
10,431
6.9%
TRANSFERS
5,848
(5,848)
–
–
–
–
CHANGE IN NET POSITION
12,554
14,754
27,308
23,891
3,417
14.3%
Net position » Beginning
140,457
174,984
315,441
291,550
23,891
8.2%
Net position » Ending
$153,011
$189,738
$342,749
$315,441
$27,308
8.7%
Interest & Other Charges
TERMS
**previously included with General Government and Public Works & Transportation
PROGRAM REVENUES Revenues include charges for services, operating grants and capital grants.
GENERAL REVENUES The revenues of a government other than Program Revenues.
21
investments
29% federal home loan bank 25% u.s. treasuries 20% federal farm credit bank 8% federal home loan mortgage corp 6% federal national mortgage association 7% cash & money market accounts 3% local government investment pools 2% certificates of deposit
The city is responsible for investing funds until they are needed for paying expenses. In general, the investment philosophy is safety, liquidity and return – in that order of priority. The city will: • consolidate cash balances from all funds for investment purposes and allocate investment earnings according to generally accepted accounting principles. • collect revenues, including past due bills of any type, and may utilize an outside collection agency when deemed appropriate. • deposit all funds within 24 hours of receipt. • pay all bills within 30 days of verifying obligation. The full investment policy can be accessed at cityofwinterpark.org/departments/finance.
TOTAL
long-term debt outstanding
HIGHLIGHTED
The city follows an adopted debt policy when managing or issuing debt. Access the debt policy at cityofwinterpark.org/departments/finance. BUSINESSTYPE ACTIVITIES 2024
GOVT. ACTIVITIES 2024
PRINCIPLES
TOTALS 2024
2023
DEBT General Obligation
$20,595,000
–
$20,595,000
$21,785,000
Non-ad Valorem General Revenue
8,020,000
–
8,020,000
8,475,000
Water & Wastewater Revenue
–
38,380,000
38,380,000
42,075,000
Electric Revenue
–
43,670,000
43,670,000
46,895,000
CRA
1,710,000
–
1,710,000
2,690,000
Other
625,981
–
625,981
793,891
$30,950,981
$82,050,000
$113,000,981
$122,713,891
TOTAL DEBT
22
$ 121,269,602
obtain voter approval for specific bond types such as general obligation debt. maintain its net general obligation bonded debt at a level not to exceed 2% of the assessed valuation of taxable property. maintain or improve its current bond ratings to minimize borrowing costs. review & evaluate its existing debt obligations annually. limit the debt level so as not to adversely affect its credit rating.
$10 million
reserves
10.00% Governments hold cash in reserve for a variety of reasons. Often money is set aside to prepare for emergencies, such as natural disasters or unrealized revenues. Reserves may also be accumulated to fund specific projects or to position the city $5 million to take advantage of matching grants or land purchase opportunities. The city has an aspirational policy goal of reaching fund balance equal to 30% of recurring General Fund expenditures. For FY2024, General Fund reserves were 28.83%. 5.00% The Commission also has adopted goals for the water and wastewater utility and electric utility.
$0
2015
2016
general fund reserves
2017
2018
2019
Unassigned General Fund balance
2020
2021
2022
2023
2024
0.00%
Expenditures & Transfers for recurring costs reported in Other Funds
$25 million
35.00%
31.23% 29.90%
29.52% 28.54%
$20 million
28.83%
30.00%
29.28%
25.81%
24.61%
25.00%
$15 million
20.00%
19.37% 17.26%
ENTERPRISE
FUNDS
goal
45 days
working capital for operation less amortization
15.00%
$10 million
10.00%
$5 million 5.00%
fund & actual ELECTRIC UTILITY
159 days WATER & WASTEWATER
$0
2015
2016
2017
2018
2019
Unassigned General Fund balance
2020
2021
2022
2023
Expenditures & Transfers for recurring costs reported in Other Funds
2024
0.00%
158 days
23
looking to the future [FY2025] Winter Park is the city of arts and culture, cherishing its traditional scale and charm while building a healthy and sustainable future for all generations.
As the city continues to diligently balance the multifunctional responsibilities of its roles, including but not limited to:
environmental stewardship
quality of life
preserving culture & heritage
economic growth
public health & infrastructure
Looking ahead, the city continues to pursue opportunities to reinvest in itself as well as discover new ways to innovate and create value for its residents.
going forward, the city seeks to Keep the millage rate the same for FY2025.
Provide for infrastructure support for
Increase capital project spending over all departments.
» pavement, bikepath, curbing
Increase public safety positions.
» parks & public facilities improvements
Maintain a service-based organization.
» information technology infrastructure
Continue support for community partners and nonprofits through its various programs such as historic preservation and housing rehabilitation.
24
& brick road repairs
» water & wastewater, electric utility and energy conservation through natural resources & sustainability
To follow City of Winter Park priorities and actions, please access board meeting agendas at cityofwinterpark.org/meetings.
online services + contacts @YourRequest Submit city service requests, report outages, tree & code issues or ask questions.
City Hall & City Manager’s Office
407-599-3245
City Clerk
407-599-3277
cityofwinterpark.org/atyourrequest
Boat Permits Purchase daily or annual motor boat permits. cityofwinterpark.org/boating
ePayments
Building & Permitting Services
407-599-3237 permitting@ cityofwinterpark.org
Safety & Code Compliance Complaint Line
407-599-3600
Fire-Rescue Non-Emergency
407-644-1212
Make payments online. cityofwinterpark.org/services under Online Services
Electric Utility Report an Outage
Permitting Self Service
Police Non-Emergency
407-644-1313
Tree-related Inquiries
407-599-3325
Utility Services Customer Service
407-599-3220
Water & Wastewater Utilities
407-599-3 2 1 9
Apply for permits, business certificates & tree removals.
407-599-3294 1-877-81 1 -8700
cityofwinterpark.org/selfservice
Public Records Request Requests for city-related public information. cityofwinterpark.org/public-records
Report leaks, sewer back-ups, etc.
407-599-3566
25
FY2024
POPULAR
cityofwinterpark.org/departments/finance
FINANCIAL REPORT
an unaudited summary report of the financial activities of the City of Winter Park, Florida
ANNUAL
access financial reporting documents at
fiscal year ending 09.30.2024