FY2025
POPULAR
ANNUAL
FINANCIAL REPORT
an unaudited summary report of the financial activities of the City of Winter Park, Florida
fiscal year ended 09.30.2025
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
Also known as the Citizens’ Report, the city’s PAFR 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, 2025. 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 45 years and Distinguished Budget Presentation Award for 26 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. I am happy to report the city also received this designation in 2024. 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 20 boards and committees comprised of volunteer citizens which when at full capacity, houses 145 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 Lindsey Weaver [FY2025]
3
active citizen boards [FY2025] 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
Electric Utility + Water & Wastewater Utilities Utilities Advisory Board
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
Parks & Recreation Parks & Recreation Advisory Board Golf Course Advisory Board
Planning & Zoning Board of Adjustments Historic Preservation Board Planning & Zoning Board Winter Park Housing Authority
Public Safety [police & fire-rescue] Civil Service Board Winter Park Firefighters’ Pension Board Winter Park Police Officers’ Pension Board
Public Works & Transportation Transportation Advisory Board
4
services in review [FY2025] CITYWIDE BUDGET Winter Park provides a full range of services, including GENERAL as well FUND as recreational activitiesELECTRIC and cultural UTILITY events. FISCALconstruction YEAR 2025 police and fire-rescue; and maintenance of In addition, the city operates two $ enterprises: $ 10.01.2024 thru 09.31.2025 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 28% reserves 82% undergrounding $ million and support services; completed citywide general admin, communications with a private firm.]
23.5
214
CIP
CAPITAL IMPROVEMENT PROJECTS
FACILITIES & INFRASTRUCTURE $ million
22.4
6.7
PARKS & RECREATION $ million
6.3
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
90% calls for service
1min 48sec
GRANTS AWARDED $ million+
19
CRA+citywide
GREENSPACES
16.3 acres
per 1,000 residents
18,146 WP9 & WP18
89 thousand
rounds played at 2 city golf courses
LAKE CLARITY
7.8 feet
visibility depth
5min 48sec PUBLIC WORKS
32,500 sq. ft. sidewalks replaced roads 59,476 sq. ft. brick repaired URBAN FORESTRY
687 trees planted
5
strong signs of economic stability While the city’s population has remained steady, unemployment came in at approximately 4.5%, and the median average household income is at just over $112,000. These demographics are also indicative of the diverse employment base that supports the city.
MEDIAN AVERAGE
OFFICE VS. RETAIL OCCUPANCY
112thousand
October 2024-September 2025
OFFICE VS. RETAIL October 2024-September 2025 OCCUPANCY
HOUSEHOLD INCOME
$
94.8% 94.8% OFFICE OFFICE
TOTAL JOBS
100.0%
98.0%
98.0%
Office
Office Office
Office
Retail
Orlando MSA
Retail
er
ly
us te S t mep bete r mb
Retail
ug
Winter Park
A Retail
usA tug
Ju
ne
ly
Ju
Ju
ay M
ne Ju
pr il A
M
ay
a
A
y
m bOec rt
ob
Se p
N
6
pr rch il
86.0%
r
14%
transportation, trade & utility
88.0%
86.0%
O
14%
leisure & hospitality
88.0%
90.0%
ct ob e
& 25% education health services
90.0%
92.0%
M
92.0%
94.0%
er emNo bveem r b er Ja D e nu c ar em y b er Fe br Ja ua n u r y ar y Fe M b ar ru ch ar
94.0%
96.0%
ec
96.0%
RETAIL RETAIL
D
30%
financial & business services
100.0%
ov e
33thousand+
96.5% 96.5%
Winter Park Statistical Area] [Metropolitan Orlando MSA
[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
1940-49
1950-59
1960-69
1970-79
1980-89
1990-99
2000-09
2010-19
≥ 2020
63.7% own 36.3% rent
[Broadstone Apartments]
NP Winter Park LLC [Center of Winter Park Shopping Center]
Westmount at Winter Park LLC [Lee Road Apartments]
UP Fieldgate US Investments Winter Park LLC
656.7million
$
Source: Orange County Property Appraiser’s Office
MINUTES
[Paseo Apartments]
EDUCATION
Winter Park Town Center Development LLC
COMMUTE TIME
Presbyterian Retirement Communities, Inc.
< 9thGrade
No Diploma
<5
5-9
10-14
HS Diploma
GED
15-19
20-24
25-29
Some College
Assoc Degree
30-34
35-39
40-44
Bach Degree
Grad Degree
45-59
60-89
90+
7
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 [FY2025] 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 FY2025 projects that have been highlighted on the following page.
8
HIGHLIGHTED CIP FUNDING ACTUALS [FY2025]* $
33,160
parks major improvements
92,614
Park Avenue revitalization
146,822
Knowles Avenue parking lot
150,074
electric utility substation upgrades
152,785
community center improvements
162,963
Iron Bridge Wastewater Treatment Facility (shared with Orlando) improvements
218,000
water treatment plant upgrades
235,915
wastewater treatment plant improvements
255,000
golf course enhancements
303,373
Park Avenue historic gateways
375,462
West Fairbanks Avenue stormwater improvements
431,007
tennis center upgrades
482,853
Killarney Estates brick & drainage improvements
503,588
sewer main rehab & replacement
582,878
golf & cemetery maintenance facility
882,143
facility replacement
1,023,318
Martin Luther King, Jr. Park improvements
1,093,038
water main upgrades
1,116,179
stormwater infrastructure rehab & replacement
1,135,140
Central Park West Meadow restrooms
1,198,993
lift station rehab & replacement
1,288,913
Seven Oaks Park
2,025,354
Winter Park Playhouse (TDT grant funding)
3,875,359
Denning Drive & Fairbanks Avenue intersection improvements
4,039,597
citywide electric line undergrounding
6,893,643
FUNDING TOTAL
*does not include contractual services, small equipment & general operations costs
Mead Botanical Garden enhancements
$28,698,171
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.
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 & warm,
inviting environment n enhance safety & aesthetics n strengthen infrastructure [electric, smart city & irrigation]
n provide consistent look for
hardscape, landscape & architectural elements along the Avenue
Phase 1 of this project is currently underway. Pedestrian traffic will be maintained to allow guests to continue to shop and dine at downtown merchants and restaurants.
10
Denning Drive & Fairbanks Avenue intersection and park improvements
Property for this project was acquired in fiscal year 2025. This project will ease the bottleneck of traffic at this intersection and provide park improvements around Lake Rose on the south end of Martin Luther King, Jr. Park.
Fire Training Facility
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 2026.
Swoope Parks Facility Building
This 6,000-square-foot facility located next to the Winter Park WP9 Golf Course will provide vehicle storage and maintenance space for all downtown parks and greenspaces. It will also house restrooms for WP9 golfers.
Undergrounding Power Lines
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 electric utility. Currently, approximately 83% of the system is underground.
Wastewater System Resiliency Projects
The city has been awarded a $19,166,503 revolving loan from the Florida Department of Environmental Protection. These projects will include rehabilitation of priority lift stations, construction of the Cady Way forcemain bypass, replacement of reclaimed water storage ponds with a ground storage tank, an inflow and infiltration study with sewer rehabilitation, and acquisition of a vacuum truck to reduce sanitary sewer overflows. Half of this loan will be forgiven and the remainder must be repaid over 20 years.
Winter Park Playhouse
Orange County approved $8M in Tourist Development Tax dollars which allowed the city to acquire the Winter Park Playhouse property and renovate the facilities for continued operations as a musical theater. 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. 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. This project is currently underway and expected to be completed in 2026.
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
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Government Finance Officers Association
Certificate of Achievement for Excellence in Financial Reporting
Distinguished Budget Presentation Award
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to
City of Winter Park Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended
Triple Crown designation for the second year in a row.
PRESENTED TO
Florida
For the Fiscal Year Beginning
October 01, 2024
City of Winter Park Florida For its Annual Financial Report For the Fiscal Year Ended September 30, 2024
September 30, 2024
Executive Director
Executive Director/CEO
Presented to
City of Winter Park
Executive Director/CEO
15
5.1million
$
Ravaudage, a mixeduse development, was awarded a Community Development Block Grant Disaster Recovery grant for stormwater mitigation in the wake of damage caused by Hurricane Ian.
12
5.6million
$
two grants awarded for Hurricanes Ian & Milton
The NRCS vision is a world of clean and abundant water, healthy soils, resilient landscapes, and thriving agricultural communities through voluntary conservation.
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.
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 [FY2025] ACTUAL EXPENDITURES
FUND BY TYPE MILLION
$100 $ 80 $ 60 $ 40
CAPITAL PROJECTS
ENTERPRISE
INTERNAL SERVICE
214.4million
$
DEBT SERVICE
CITYWIDE BUDGET
0
SPECIAL REVENUE
$
GENERAL FUND
$ 20
38.6%
12.8%
1.1%
5.0%
34.7%
7.8%
2021
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.
2022
2023
2024
2025
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 2025 was property tax revenue at $2.7 million or 8% as a result of the higher taxable valuation of property. Charges for Services increased by $2.4 million or 16%. The most significant factor in this increase was solid waste collection and disposal fees which were increased to offset the rising costs of these services.
GENERAL FUND REVENUES
14
FY2021
GENERAL FUND REVENUES investment earnings transfers in
11%
19%
1% 1% other revenue 40%
property taxes
charges for services
11%
intergovernmental
5%
license+permits
FY2022
9% utility taxes
2% 1% franchise fees
fines & forfeitures
FY2023
FY2024
FY2025
PROPERTY TAXES
$26,155,260
$27,511,689
$30,400,941
$33,818,498
$36,492,431
UTILITY TAXES
6,791,257
7,006,666
7,533,817
7,775,483
8,025,256
FRANCHISE FEES
823,954
845,243
682,947
654,705
658,618
FINES & FORFEITURES
830,204
1,180,220
1,505,884
2,102,642
2,087,660
LICENSES + PERMITS
3,684,484
3,667,915
2,890,770
3,147,947
5,104,394
INTERGOVERNMENTAL
7,575,680
9,284,363
9,612,546
9,565,061
9,729,970
CHARGES FOR SERVICES
9,712,719
11,665,578
13,872,437
15,518,628
17,944,812
INVESTMENT EARNINGS
(24,837)
(2,495,309)
678,400
1,857,563
1,388,117
OTHER REVENUE
287,582
286,121
484,638
663,640
929,227
TRANSFERS IN
5,346,469
7,488,744
6,291,728
5,623,699
9,735,540
TOTAL
$61,182,772
$66,441,230
$73,954,108
$80,727,866
$92,096,025
Police and fire-rescue personnel costs increased by $2.0 million and $0.9 million, respectively, to keep pace with increasing pressures on public safety wages.
GENERAL FUND EXPENDITURES
FY2021
FY2022
FY2023
FY2024
FY2025
GENERAL ADMINISTRATION
$1,830,850
$2,218,901
$2,627,867
$2,208,454
$2,613,429
INFORMATION TECHNOLOGY
495,973
767,303
844,615
1,026,676
1,176,107
FINANCE
446,235
440,836
535,551
574,857
530,030
COMMUNICATIONS
233,418
520,949
357,671
401,884
449,319
PLANNING & ZONING
1,034,432
1,225,552
1,002,759
1,015,296
927,931
BUILDING & PERMITTING SERVICES
2,045,153
1,982,704
2,240,579
2,431,855
2,775,977
PUBLIC WORKS & TRANSPORTATION
8,505,929
9,867,266
11,337,985
13,647,227
15,755,602
NATURAL RESOURCES & SUSTAINABILITY
–
–
–
450,558
397,405
POLICE
15,235,458
16,338,467
16,221,951
17,596,331
19,667,468
FIRE-RESCUE
13,319,849
13,626,554
13,666,042
15,303,877
16,217,217
PARKS & RECREATION
8,712,096
10,731,167
12,442,308
13,387,161
14,292,947
CULTURAL + COMMUNITY SERVICES
1,657,004
1,656,999
1,840,000
1,932,000
2,028,600
DEBT
–
–
–
56,175
222,007
TRANSFERS OUT
5,357,606
7,492,780
8,709,855
9,779,789
11,638,290
TOTAL
$58,874,003
$66,869,478
$71,827,183
$79,812,140
$88,692,329
EXAMPLE OF BUDGET EXPENDITURE BREAKDOWNS Debt Service 0.3%
Fund tures
Transfers for Other Services 1.6% Library 2.3% Transfer for CIP 6.1% Transfer to CRA 5.5%
10.0% General Government 16.1% Parks 17.8% Public Works 18.3% Fire-Rescue 22.0% Police
15
property taxes & annual cycle Property taxes account for approximately 40% 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.
Q How much of property taxes actually go to the City of Winter Park?
PROPERTY TAX BREAKDOWN
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
Park 27% Winter Services
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
WINTER PARK MILLAGE RATE
1
SECOND LOWEST
la
nd Ea to nv ill e
o
ak O
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nd
d O
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nd
Ed g
tla
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ai
co e O
M
W in
de r
m er W e in te rP ar U k N Be C lle O ra Is ng le e Co W un in ty te rG ar de n A po pk a
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 This financial summary is based upon a condensed view of the city’s assets and liabilities for all governmental and businesstype funds as of September 30, 2025. A statement of net position is a summary of the difference of what the city owns (assets) versus what they owe (liabilities). Year over year, the city uses this value as an indicator of its financial position and whether it is improving or waning. For the fiscal year ended September 30, total net position improved by $36.8 million – $31.5 million of this increase was in net investments in capital assets (investments in parks, water & wastewater and electric infrastructure were the greatest factors). Restricted net position increased by $0.7 million and unrestricted net position increased by $4.6 million. GOVERNMENTAL ACTIVITIES [values calculated in thousands]
2025
2024
BUSINESS-TYPE ACTIVITIES 2025
2024
TOTALS 2025
2024
ASSETS Current & Other Assets
86,627
88,013
75,047
73,117
161,674
161,130
Capital Assets
166,702
148,602
214,660
209,889
381,362
358,491
TOTAL ASSETS
$253,329
$236,615
$289,707
$283,006
$543,036
$591,621
12,170
22,411
4,655
5,338
16,825
27,749
Current & Other Liabilities
10,522
14,423
10,823
11,655
21,345
26,078
Long-term Liabilities
58,286
74,195
77,715
85,045
136,001
159,240
TOTAL LIABILITIES
$68,808
$88,618
$88,538
$96,700
$157,346
$185,318
Deferred Inflows of Resources
20,814
17,397
2,125
1,906
22,939
19,303
Net Investment in Capital Assets
136,528
116,245
143,106
131,903
279,634
248,148
Restricted
20,623
22,097
21,778
19,623
42,401
41,720
Unrestricted
18,726
14,669
38,815
38,212
57,541
52,881
$175,877
$153,011
$203,699
$189,738
$379,576
$342,749
Deferred Outflows of Resources LIABILITIES
NET POSITION
TOTAL NET POSITION
19
definitions 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.
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.
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 2025
BUSINESSTYPE ACTIVITIES 2025
TOTALS 2025
2025 vs. 2024 2024
+ or (–)
% change
REVENUES [calculated in thousands] Program Revenues Charges for Services
$34,619
$90,465
$125,084
$113,720
$11,364
10.0%
Operating Grants & Contributions
8,473
–
8,473
7,118
1,355
19.0%
Capital Grants & Contributions
5,714
1,145
6,859
3,658
3,201
87.5%
Property Taxes
38,459
–
38,459
35,784
2,675
7.5%
Other Taxes
8,685
–
8,685
8,427
258
3.1%
Intergovernmental Revenues
11,219
–
11,219
10,967
252
2.3%
Miscellaneous & Other
5,354
1,520
6,874
8,675
(1,801)
-20.8%
$112,523
$93,130
$205,653
$188,349
$17,304
9.2%
General Revenues
TOTAL REVENUES
20
continued »
GOVERNMENTAL ACTIVITIES 2025
BUSINESSTYPE ACTIVITIES 2025
TOTALS 2025
2025 vs. 2024 2024
+ or (–)
% change
EXPENSES [calculated in thousands] $5,625
–
$5,625
$4,780
$845
17.7%
Planning & Zoning
918
–
918
1,824
(906)
-49.7%
Building & Permitting Services
2,818
–
2,818
2,406
412
17.1%
Community Redevelopment Agency
2,680
–
2,680
3,878
(1,198)
-30.9%
Public Works & Transportation
21,433
–
21,433
19,404
2,029
10.5%
Natural Resources & Sustainability
5,596
–
5,596
2,637
2,959
100.0%
Police
20,600
–
20,600
20,791
(191)
-0.9%
Fire-Rescue
17,824
–
17,824
18,664
(840)
-4.5%
Parks & Recreation
17,019
–
17,019
15,924
1,095
6.9%
Cultural & Community Services
2,362
–
2,362
2,307
55
2.4%
791
–
791
788
3
0.0%
Water & Sewer
–
32,199
32,199
30,935
1,264
4.1%
Electric Services
–
38,961
38,961
36,703
2,258
6.2%
TOTAL EXPENSES
97,666
71,160
168,826
161,041
7,785
4.8%
TRANSFERS
8,009
(8,009)
–
–
–
–
CHANGE IN NET POSITION
22,866
13,961
36,827
27,308
9,519
34.9%
Net position » Beginning
153,011
189,738
342,749
315,441
27,308
8.7%
$175,877
$203,699
$379,576
$342,749
$36,827
10.7%
General Government
Interest & Other Charges
TERMS
Net position » Ending
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
31% u.s. treasuries 29% federal home loan bank 18% federal farm credit bank 8% local government investment pools 5% cash & money market accounts 4% federal home loan mortgage corp 3% certificates of deposit 2% federal national mortgage association
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 2025
GOVT. ACTIVITIES 2025
PRINCIPLES
TOTALS 2025
2024
DEBT General Obligation
$19,345,000
–
$19,345,000
$20,595,000
Non-ad Valorem General Revenue
7,555,000
–
7,555,000
8,020,000
Water & Wastewater Revenue
–
$34,610,000
34,610,000
38,380,000
Electric Revenue
–
40,330,000
40,330,000
43,670,000
CRA
695,000
–
695,000
1,710,000
Other
1,283,846
–
1,283,846
625,981
$28,878,846
$74,940,000
$103,818,846
$113,000,918
TOTAL DEBT
22
$ 114,004,727
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 FY2025, General Fund reserves were 28.31%. 5.00% The Commission also has adopted goals for the water and wastewater utility and electric utility.
$0
2016
2017
general fund reserves
2018
2019
2020
Unassigned General Fund balance
2021
2022
2023
2024
2025
0.00%
Expenditures & Transfers for recurring costs reported in Other Funds
$25 million
35.00%
31.23% 29.90% 28.54%
$20 million
29.52%
30.00%
28.83%
29.28%
28.31%
ENTERPRISE
FUNDS
25.81%
25.00%
$15 million
19.37%
20.00%
17.26%
goal
45 days
working capital for operation less amortization
15.00%
$10 million
10.00%
$5 million 5.00%
fund & actual ELECTRIC UTILITY
160 days WATER & WASTEWATER
$0
2016
2017
2018
2019
2020
Unassigned General Fund balance
2021
2022
2023
2024
Expenditures & Transfers for recurring costs reported in Other Funds
2025
0.00%
134 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 FY2026.
Provide for infrastructure support for
Increase capital project spending over all departments.
» pavement, bikepath, curbing
Optimize level of service with public safety positions.
» parks & public facilities improvements
Maintain a service-based organization.
» information technology infrastructure
Continue community enguagement through various preservation and rehabilitation programs.
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
FY2025
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 ended 09.30.2025