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Home My WebLink AboutVillage of Wellington - Public Financial Report2019 POPULAR ANNUAL FINANCIAL REPORT POPULAR ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2021 VILLAGE OF WELLINGTON, FLORIDA The Popular Annual Financial Report (PAFR) brieﬂy summarizes the Village’s ﬁnancial results. It is intended to be readily accessible and easily understandable to the general public and other interested parƟes without a background in public ﬁnance. The ﬁnancial informaƟon presented in the PAFR is derived from the Village’s Annual Comprehensive Financial Report (ACFR), but is presented here in summarized form. The Annual Report outlines the Village’s ﬁnancial posiƟon and operaƟng acƟviƟes for the 2021 ﬁscal year in great detail. The Annual Report is prepared in conformance with generally accepted accounƟng principles (GAAP) and is audited by Grau & Associates. The Annual Report, Annual Budget, Capital Plan as well as this ﬁnancial summary are available by contacƟng the Office of Financial Management & Budget at (561) 791‐4000. The report is presented in four main secƟons: 1.) IntroducƟon: an overview of the Village and its government form and structure; 2.) Financial Summary: a brief analysis of the Village’s various revenue sources and how they are spent; 3.) Awards and RecogniƟons 4.) OperaƟons Summary: a summary of major iniƟaƟves. About the PAFR INTRODUCTION A Message to our CiƟzens 1 About our Village 2 Your Village, Your Government 3 OrganizaƟonal Chart 4 Demographics 5 FINANCIAL SUMMARY Cash and Investments 6 Capital Assets 7 Long Term Debt Structure 8 Property Taxes and Value 9 Governmental Funds 10‐11 Enterprise or Business Funds 12‐13 Financial ReporƟng (Net PosiƟon) 14 AWARDS AND RECOGNITION 15 OPERATIONS SUMMARY Major IniƟaƟves: Neighborhood Renaissance 16 Economic Development 16 RespecƟng the Environment 16 Responsive Government 16 ProtecƟng Our Investment 17 TABLE OF CONTENTS 1 Dear Council and the Residents of Wellington: It is my privilege to present the Popular Annual Financial Report (PAFR) regarding Wellington’s ﬁnancial and administraƟve operaƟons for the ﬁscal year ending September 30, 2021. This report is intended to present a condensed overview of the Village’s ﬁnancial posiƟon and details outlining how Village revenues were generated and spent. Financial informaƟon in this report is derived from the independently audited ﬁnancial statements that are part of the Annual Comprehensive Financial Report. As you review this Popular Annual Financial Report, please feel free to share any quesƟons, concerns or recommendaƟons you may have with us. In order to maintain its high quality of life, Wellington is focused on making criƟcal capital investments to preserve our public infrastructure and uƟliƟes. As Wellington moves forward, we must conƟnue to work together to ensure Wellington remains a Great Hometown with Great Neighborhoods, Great Schools, and Great Parks. Sincerely, Tanya W. Quickel Deputy Village Manager A Message to our CiƟzens Tanya W. Quickel 2 Wellington, Florida is located in South Florida and Western Palm Beach County and is situated twelve miles west of the AtlanƟc Ocean, southeast of Lake Okeechobee. Palm Beach County is bordered on the south by Broward County, on the west by Hendry County and to the north by MarƟn County. In 1951, C. Oliver Wellington, a successful accountant in New York, followed the recommendaƟons of Arthur William “Bink” Glisson and purchased several tracts of South Florida land as investment property. Mr. Wellington then hired Bink Glisson to oversee the property that was soon to become known as the Flying Cow (Charles Oliver Wellington) Ranch. Because the land was frequently water‐logged, in 1953 the State of Florida created the Acme Improvement District to provide drainage for ﬂood control and to make the land suitable for agricultural purposes. Parcels of land were either sold or leased to farmers for a period of Ɵme. There once were over 2,000 acres of strawberry ﬁelds in the area, laying claim to the world’s largest patch of strawberries. In addiƟon, it was discovered that citrus groves thrived in this area. The Village of Wellington Charter was established on May 11, 1995. IncorporaƟon became effecƟve on December 31, 1995 and operaƟons commenced on March 28, 1996. The Village now provides municipal services previously provided by Palm Beach County (with the excepƟon of ﬁre rescue and library faciliƟes) and the Acme District has become a dependent district of Wellington. Wellington provides a wide variety of community services including general government; planning, zoning and building; public safety, including police protecƟon; public works (construcƟon and maintenance of roads, rights of way and other infrastructure; street lighƟng; and storm water drainage); culture and recreaƟon (parks maintenance, recreaƟonal acƟviƟes, cultural events and related faciliƟes); water and sewer uƟliƟes; and solid waste collecƟon and recycling. About Our Village 3 Your Village, Your Government VISION A Great Hometown: Great Neighborhoods, Great Schools, Great Parks MISSION To provide high quality services that create economic, environmental and social sustainability for residents. FIVE FUNDAMENTALS Neighborhood Renaissance Economic Development ProtecƟng our Investment RespecƟng the Environment Responsive Government The Village has 5 Elected Officials The Mayor and Council Members are elected at‐large for staggered four‐year terms. Senior Leadership Team Village Manager Jim Barnes, AOCP, ICMA‐CM Deputy Village Manager Tanya W. Quickel Assistant Village Manger Ed De La Vega Village Clerk Chevelle D. Nubin, MMC Village AƩorney Laurie Cohen, Esq. Anne Gerwig Mayor Tanya Siskind Councilwoman John T. McGovern Vice Mayor Michael Drahos Councilman Michael J. Napoleone Councilman 4 OrganizaƟonal Chart 5 Village Demographics PopulaƟon Service StaƟsƟcs 2019 62,373 UƟliƟes (AcƟve Accounts) 2020 61,637 Water 20,696 2021 61,768 Sewer 19,097 2022 (Projected) 62,540 Solid Waste CollecƟon Accounts Resident StaƟsƟcs Curbside 22,466 Median Age 41.1 Containerized 1,845 Average Household Size 3.1 Median Income $91,088 Surface Water Management Median Home Value $367,400 Acreage of Lakes 523 American Community Survey, QuickFacts Miles of Canals 89 OperaƟng Pump StaƟons 9 Land Usage (In Sq. Miles) ResidenƟal 24.50 Streets & Sidewalks (Miles maintained) Commercial 1.14 Paved Lanes 322 Commercial RecreaƟon 2.76 Unpaved Lanes 53 Industrial 0.18 MulƟpurpose Paths 23 Open Space/Other 11.02 Bike Lanes 44 Public FaciliƟes & Parks 1.20 Sidewalks 207 Major Roads 1.28 Bridle Paths – Public 68 Major Water 3.18 Park FaciliƟes Neighborhood Parks 24 Economic Environment Community Parks & Memorials 10 Wellington Business Licenses Preserves/Sanctuaries 3 2017 2,610 Landscape Area (Acres maintained) 2018 2,638 Roadways 109 2019 2,660 FaciliƟes 42 2020 1,539 Parks 282 2021 2,210 Canals & Swales 360 Public Safety Bond RaƟngs Police ProtecƟon Moody’s Aa1 Sworn Police Officers 67 Fitch AA+ Civilian Employees 7 Crossing Guards (PT Civilian) 73 Per Capita Governmental Debt 2021 $46 TOTAL 147 Fire Rescue Suppression Units 7 Fire StaƟons 4 Employees 76 Sources: BEBR, U.S. Census American CommuniƟes Survey, Wellington GIS Date of IncorporaƟon December 31st, 1995 Date OperaƟonal as Municipality March 28th, 1996 Form of Government Council/Manager Area 45.25 Square Miles Total Fiscal Year 2021 Budget $101.58 Million Taxable Property ValuaƟon $8.89 Billion 6 Cash and Investments Cash and investment pracƟces are based upon state law and the Village’s investment policy. The primary goals of the investment policy are to ensure the preservaƟon of principal, maintain liquidity to meet expected operaƟng and capital expenses, and achieve a reasonable rate of return while minimizing potenƟal losses. Wellington is authorized to invest in obligaƟons of the US Treasury, its agencies and instrumentaliƟes, repurchase agreements, cerƟﬁcates of deposit, Florida PRIME, SEC registered money market funds with the highest credit quality raƟngs, intergovernmental investment pools, commercial paper, corporate notes, and mutual funds that restrict its investments to obligaƟons of the US government. Cash and investments of each fund, except certain investments in the debt service and enterprise funds, are accounted for in pooled cash and investment accounts with each fund maintaining its proporƟonate equity in the pooled accounts. The use of pooled cash and investment accounts enables Wellington to invest idle cash for short periods of Ɵme, thereby maximizing earnings potenƟal. Investment Amount % Cash $ 12,151,946 9% FL PALM $ 2,729,045 2% FL Fixed Income Trust Fund $ 6,345,054 5% FL CLASS $ 4,719,904 4% Public Trust Advisor‐Money Market $ 506,646 0% Public Trust Advisor‐Cash $ 2 0% U.S. Treasury & Agency SecuriƟes $ 96,650,774 74% FMIVT $ 995,814 1% Corporate Notes $ 7,119,937 5% Total $ 131,219,122 100% 7 Capital Assets…. “What We Own” Capital Assets can generally be deﬁned as items the Village owns that will provide a beneﬁt in the future to the community; for example a parcel of land owned and used as a park. Wellington’s investment in capital assets as of September 30, 2021 is $310 million (net of accumulated depreciaƟon). Major projects completed during the 2021 ﬁscal year include: Greenview Shores Park Sports Complex Skate Park RenovaƟon Greenview Shores Park Sports Complex UƟlity Central OperaƟon Facility Generator Storage Pavilion Town Center Promenade Playground & Boat Docks Water Treatment and Water ReclamaƟon Renewal and Replacement CAPITAL ASSETS BY CATEGORY DescripƟon Governmental Business‐Type Total Assets Land $ 20,053,844 $ 9,579,678 $ 29,633,522 Buildings 25,576,000 5,768,904 31,344,904 Improvements 22,778,376 3,410,394 26,188,770 Equipment 5,837,894 3,037,767 8,875,661 Water/WW Plant ‐ 80,543,426 80,543,426 Infrastructure 78,005,840 45,567,667 123,573,507 ConstrucƟon in Progress 1,481,787 8,239,937 9,721,724 Total Assets $ 153,733,741 $ 156,147,773 $ 309,881,514 8 Long‐Term Debt…. “What We Owe” At the end of the current ﬁscal year, Wellington had total long‐term debt outstanding of $33.9 million. Governmental AcƟviƟes Revenue bond in the amount of $2.5 million is related to a special assessment debt that will be repaid from amounts levied against property owners beneﬁted by the Saddle Trail Improvement Project. $2.7 million is related to compensated absences which are absences that the employees will be paid, such as vacaƟon and sick leave. $9.5 million is related to the net pension liability which is the net value of projected pension beneﬁts to employees based on their past service. Business‐Type AcƟviƟes The $17 million loan is related to the expansion of the water and wastewater plants. $600,165 is related to compensated absences which are absences that the employees will be paid, such as vacaƟon and sick leave. $1.5 million is related to the net pension liability which is the net value of projected pension beneﬁts to employees based on their past service. Governmental Business‐Type Total DescripƟon 2021 2020 2021 2020 2021 2020 Revenue bonds and loans $ 2,505,000 $ 2,695,000 $ 17,037,360 $ 18,160,130 $ 19,542,360 $ 20,855,130 Compensated absences $ 2,708,160 $ 2,779,241 $ 600,165 $ 557,741 $ 3,308,325 $ 3,336,982 Net pension liability $ 9,506,115 $ 23,797,038 $ 1,546,314 $ 5,202,049 $ 11,052,429 $ 28,999,087 Total $ 14,719,275 $ 29,271,279 $ 19,183,839 $ 23,919,920 $ 33,903,114 $ 53,191,199 9 Property Taxes Wellington is a full‐service municipality providing general government; planning, zoning, and building; public safety; public works; culture and recreaƟon; water and sewer uƟliƟes and solid waste collecƟon and recycling. Ad Valorem taxes are based “according to value” of property and used to support the general fund. Wellington has limited number of revenue opƟons and the dilemma is how to provide the highest quality of services within the imposed ﬁscal constraints. Wellington balanced the FY 2021 budget with a millage rate of 2.47 mills. The millage rate represents the amount per every $1,000 of a property’s assessed value. The millage rate is mulƟplied by the total taxable value of the property to determine the amount of property taxes. The tax structure is based on opƟmizing municipal ﬁnancing mechanisms with the objecƟve of minimizing residents’ total tax burden. Wellington conƟnues with one of the lowest ad valorem rates for a full‐service municipality in Palm Beach County. 10 Revenues…. “Where the Money Comes From” Governmental Funds (in thousands) The informaƟon below describes major revenues for the Village and any signiﬁcant variances from prior year Property Taxes (31%) ‐ represents taxes collected from property owners based upon an assessed valuaƟon. There was an increase of $393,000 due to higher valuaƟons. Intergovernmental (28%) ‐ represents resources received from other governments in the form of grants, state shared revenues, sales tax and gas tax. There was an increase of $4.8 million mainly due to the Coronavirus Relief Funds received in the current ﬁscal year. Licenses & Permits (11%) ‐ represents the fees collected for the issuance of licenses and permits. There was an increase of $287,000 due to a rise in building permits from new construcƟon. UƟlity and Other Taxes (10%) ‐ represents taxes on the purchases of various uƟlity services including water, electric, gas and telecommunicaƟons. Special Assessments (9%) ‐ represents non‐ad valorem assessments primarily in the ACME Improvement District. Franchise Fees (5%) ‐ represents fees charged by the Village to a company enabling them to carry out speciﬁc acƟviƟes within the Village such as electric (FPL). There was an increase in electric franchise fees of $148,000 due to the recovery of the pandemic. Charges for Service (4%) ‐ represents resources from various departments for fees paid by the public, such as recreaƟon rentals and fees. There was an increase of $501,000 in recreaƟon services due to the recovery of the pandemic . Investment Income (.16%) ‐ represents income derived from gains/losses related to the Investment of Village funds. There was a decrease of $2.2 million due to unrealized loss and lower rates due to the pandemic. Type 2021 2020 2019 Type 2021 2020 2019 Property Taxes $ 21,021 $ 20,628 $ 19,954 Intergovernmental $ 19,524 $ 14,696 14,654 Franchise Fees $ 3,621 $ 3,473 $ 3,606 Charges for Services $ 2,647 $ 2,146 3,152 UƟlity and other taxes $ 7,112 $ 7,089 $ 7,345 Fines and Forfeitures $ 137 $ 242 357 Special Assessments $ 6,084 $ 6,160 $ 6,022 Investment Income $ 111 $ 2,325 2,464 Impact Fees $ 365 $ 743 $ 221 Miscellaneous $ 663 $ 522 867 Licenses & Permits $ 7,478 $ 7,191 $ 6,304 Total $ 68,763 $ 65,215 $ 64,946 11 Expenditures…. “Where the Money Goes” Governmental Funds (in thousands) The informaƟon below describes the major expenditures for the Village and any signiﬁcant variances from prior year General Government (29%) ‐ represents expenditures incurred for administraƟve services. There was a decrease of $465,000 primarily due to salaries & beneﬁts. Public Safety (22%) ‐ represents expenditures associated with providing public safety services including law enforcement, building inspecƟons and code enforcement. Capital Outlay (21%) ‐ represents expenditures that result in the acquisiƟon of, or addiƟon of, capital assets over $5,000 and intended to last more than one year. There was an increase of $1.1 million primarily due to the Aero Club & Big Blue pathway and Field 6 & 7 renovaƟon projects. Culture and RecreaƟon (14%) ‐ represents costs of providing and maintaining cultural and recreaƟonal faciliƟes for the beneﬁt of ciƟzens and visitors. There was an increase of $354,000 primarily due to salaries and beneﬁts. Physical Environment (6%) ‐ represents expenditures for the primary purpose of achieving a saƟsfactory living environment by controlling and uƟlizing elements of the environment. TransportaƟon (5%) ‐ represents expenditures related to the safe and adequate ﬂow of vehicles and pedestrians. Economic Environment (2%) ‐ represents expenditures for providing services which develop and improve the economic condiƟon of the community and ciƟzens including Community Services and CDBG. Debt Service (0%) ‐ represents payments of principal and interest on long‐term debt. Type 2021 2020 2019 Type 2021 2020 2019 General Government $ 19,164 $ 19,629 $ 19,461 TransportaƟon $ 3,662 $ 3,598 $ 3,785 Public Safety $ 14,549 $ 14,777 $ 13,522 Culture and RecreaƟon $ 9,146 $ 8,792 $ 9,170 Physical Environment $ 4,260 $ 4,644 $ 4,807 Capital Outlay $ 14,006 $ 12,868 $ 4,275 Economic Environment $ 1,546 $ 1,547 $ 1,489 Debt Service $ 266 $ 267 $ 267 Total $ 66,599 $ 66,122 $ 56,776 12 The informaƟon below describes the major revenues for the Village and any signiﬁcant variances from prior year Revenues…. “Where the Money Comes From” Enterprise Funds (in thousands) Charges for Services (83%) ‐ represents fees paid by the public for uƟlity services. Revenues increased by $708,000 mainly due to rate indexing of 3.5%. Special Assessments (11%) ‐ represents non‐ad valorem assessments for Solid Waste Services. Capital ContribuƟons (2%) ‐ represents capacity charges, donated distribuƟon lines and meter sales. There was a decrease of $3.6 million due to capacity fees and donated assets. Rent (2%) ‐ represents charges to tenants on the lease of office space at Lake Wellington Professional Centre (LWPC). Investment Income (.10%) ‐ represents income derived from gains/losses related to the investment of Village funds. There was a decrease of $2.1 million due to unrealized loss and lower rates due to the pandemic. Type 2021 2020 2019 Type 2021 2020 2019 Charges for Services $ 22,653 $ 21,945 $ 20,538 Rent $ 661 $ 736 $ 774 Special Assessments $ 3,088 $ 3,090 $ 3,083 Investment Income $ (28) $ 2,037 $ 2,250 Licenses & Permits $ 60 $ 109 $ 48 DisposiƟon of Capital Assets $ 73 $ 50 $ 69 Grants $ 10 $ 261 $ 5 Capital ContribuƟons $ 575 $ 4,166 $ 914 Franchise Fees $ 281 $ 362 $ 360 Other $ 80 $ 102 $ 94 Total $ 27,453 $ 32,858 $ 28,135 13 Enterprise Funds (in thousands) The informaƟon below describes major expenses for the Village and any signiﬁcant variances from prior year Expenses…. “Where the Money Goes” Solid Waste (17%) ‐ represents expenses incurred to provide residenƟal and commercial trash, recycling, and vegetaƟon pickup. There was an increase of $487,000 due to solid waste collecƟon contract. Water Services (16%) ‐ represents expenses incurred for providing high quality and reliable drinking water. UƟliƟes AdministraƟon (15%) ‐ represents expenses to provide ﬁnancial management, regulatory compliance and business oversight. Wastewater Services (12%) ‐ represents expenses incurred for maintaining all treatment and disposal faciliƟes. Customer Service (5%) ‐ represents expenses to provide cost effecƟve services, compliance and excellent customer service. Water DistribuƟon (4%) ‐ represents expenses incurred to protect public health through maintenance and inspecƟon of piping, water mains, valves and service lines. Interest Expense (2%) ‐ Represents expenses related to debt. Type 2021 2020 2019 Type 2021 2020 2019 Water Services $ 4,184 $ 4,325 $ 3,846 UƟliƟes AdministraƟon $ 4,020 $ 4,303 $ 2,637 Wastewater Services $ 3,167 $ 3,351 $ 3,193 Professional Centre $ 529 $ 474 $ 463 Field Services $ 433 $ 459 $ 377 Solid Waste $ 4,488 $ 4,001 $ 3,796 Laboratory $ 235 $ 272 $ 239 DepreciaƟon $ 6,101 $ 5,809 $ 6,085 Water DistribuƟon $ 1,111 $ 1,106 $ 886 Interest Expense $ 542 $ 649 $ 573 Customer Service $ 1,295 $ 1,028 $ 966 Total $ 26,105 $ 25,777 $ 23,061 14 Financial Net PosiƟon Village of Wellington’s Net PosiƟon (in thousands) The ﬁnancial balance sheet, know in accounƟng terms as the “Statement of Net PosiƟon”, provides a picture of Wellington’s ﬁnancial health at the end of the ﬁscal year, which can then be compared against other ﬁscal years. By represenƟng the total ﬁnancial worth of the Village (our “Assets”) and reducing that total by all the money we owe (our “LiabiliƟes”) we are leŌ with a remaining balance known as our “Net PosiƟon”. How big or small our net posiƟon is in a ﬁscal year (especially in relaƟon to previous years’) can be criƟcal informaƟon when assessing the Village’s sustainability. For the ﬁscal year 2021, the Village’s net posiƟon decreased by $148,000. The largest porƟon of net posiƟon (72%) reﬂects its net investment in capital assets. Restricted net posiƟon of $51 million has limits on the use that are externally imposed (gas tax, impact fees, and bond covenants) and imposed by enabling legislaƟon (building and surtax acƟviƟes). The remaining unrestricted net posiƟon may be used to meet the Village’s ongoing operaƟons. The Village has a solid ﬁnancial posiƟon with 17%, or $37 million, unrestricted net posiƟon in Governmental AcƟviƟes and 13%, or $23 million, unrestricted net posiƟon in Business‐Type AcƟviƟes WHAT WE OWN minus WHAT WE OWE equals WHAT REMAINS aka OUR NET POSITION 15 Awards & RecogniƟons The Village mission is to provide quality services that foster a family environment, create economic opportunity, are environmentally sound, and socially sustainable. In support of the vision, Village departments conƟnue to receive recogniƟons, cerƟﬁcaƟons and awards that exemplify excellence in service delivery. 16 OperaƟons Summary Safe Neighborhoods—The safe neighborhoods mission is to idenƟfy social and economic factors that contribute to neighborhood decline and to prepare a set of strategies that will (1) develop a community‐ based movement that restores a safe family neighborhood orientaƟon; (2) engage residents in their neighborhoods; and (3) encourage investments in appearance and the long‐term maintenance of neighborhood values. Bicycle, Pedestrian and AlternaƟve TransportaƟon— TransportaƟon and circulaƟon have been a priority over the last several years. Wellington amended the comprehensive land use plan to include a bridle path, bicycle and pedestrian master plans. All three plans now provide the community with a plan to integrate and opƟmize circulaƟon throughout the Village. Planned improvements are intended to make Wellington more pedestrian; bicycle and equine friendly. Recently, the Village Council passed an ordinance to allow golf carts on designated roads and pathways. NEIGHBORHOOD RENAISSANCE RESPECTING THE ENVIRONMENT ECNOMIC DEVELOPMENT RESPONSIVE GOVERNMENT Town Center—At the heart of Wellington is the Town Center, a 23‐acre site and prominently anchoring Wellington’s “Main Street”. Town Center is home to the Municipal Complex, Patriot Memorial featuring a steel beam from the World Trade Center, ScoƩ’s Place (a barrier‐free playground for children and parents of all physical abiliƟes), AquaƟcs Complex, the Lake Wellington Professional Centre, Amphitheater which can accommodate up to 1,500 people for concerts and community events, a Community Center and Promenade boardwalk. The newly constructed playground and docks are a wonderful new addiƟon. RecreaƟon & Community Programming—One of Wellington’s hallmarks is its great parks and the programming. Using Sales Surtax revenue, we have partnered with the School District to open the space behind Wellington High School to develop mulƟ‐use ﬁelds. The community will get the most use out of these ﬁelds for sports leagues and general recreaƟon. The stadium ﬁeld was completed the prior year and the remaining of the project was completed this year which includes baseball, soŌball and soccer ﬁelds as well as basketball and tennis courts. Skate Park RenovaƟon 17 OperaƟons Summary PROTECTING OUR INVESTMENT Parks & Greenspace—Wellington parks and green space are among the best in Palm Beach County. Throughout the Village are trails connecƟng the park faciliƟes and equestrian areas. Wellington has great natural parks and open space such as Peaceful Waters Sanctuary and the Marjory Stoneman Douglas Wildlife Preserve (also referred to as the Wellington Environmental Preserve). In FY2021, Wellington started the process to purchase an area of land adjacent to the Wellington Environmental Preserve to expand and enhance the preserve. OFFICE OF FINANCIAL MANAGEMENT AND BUDGET 12300 FOREST HILL BOULEVARD WELLINGTON, FL 33414 561‐791‐4000 WWW.WELLINGTONFL.GOV Wellington is…..Among the “Top 100 Places to Live in the U.S.” and 1 of the “8 Best Places to ReƟre in the U.S.” according to Money Magazine Wellington is….Number 16 on Florida’s 50 Safest CiƟes, 2021, according to Safewise.com