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Director Fry then referred in particular to the note on <br />Pages 48 and 49 setting out the restatements that have been made <br />from the 1986 year to the 1987 year. He informed the Board that <br />the two major changes relate to our method of reporting for <br />special assessment fund types and to the reclassifying of the <br />Housing Authority as an enterprise fund due to the impending <br />completion of their Victory Park project. <br />14. Restatements: <br />The following is a summary of items which resulted in the <br />fund balances and retained earnings in certain funds: <br />Fund Balance (Deficit)/Retained <br />Earnings at September 30, <br />1986 <br />Special <br />Revenue <br />Funds <br />$9,014,392 <br />Debt <br />Service <br />Funds <br />restatement of beginning <br />Special <br />Assessments Enterprise <br />Funds Funds <br />$1,173,977 $(4,835,303) $2,743,096 <br />Restatements: <br />Special Revenue Funds - <br />Housing Authority (A) (198,508) - <br />Petition Paving Program (B) 153,699 <br />Debt Service Funds - <br />Route 60 Sewer Project <br />Route 60 Water Project <br />Special Assessment Funds <br />Petition Paving Program <br />Route 60 Sewer Project <br />Route 60 Water Project <br />Enterprise Funds - <br />Water and Sewer System <br />- Citrus Grove <br />Housing Authority <br />Fund Balance/Retained <br />.Earnings at Beginning <br />of Year, as restated <br />MEI <br />- (B) 42,204 <br />- (B) 330,237 <br />(B) (153,699) - <br />(B) 3,869,239 - <br />- (B) 1,119,763• - <br />- (c&D)026, 575 <br />- (C) (455) <br />- • - - (A) 20,739 <br />$8 969,583 1,546,418 $ - <br />$3.689.955 <br />The following is an explanation of the restatements as listed above: <br />(A) During the current fiscal year, the Housing Authority began operating an apart- <br />ment complex. In addition, the Housing Authority develops low-income housing <br />projects which entails the purchase and resale of single-family home lots. .Due <br />to the nature of these projects, the Housing Authority has determined that its <br />operations should be accounted for under a proprietary basis. In previous <br />years, the Housing Authority had been reflected as a Special Revenue Fund. The <br />fixed assets and long-term debt associatedwith the Housing Authority have been <br />reclassified out of the County's related account groups into the newly estab- <br />lished Housing Authority enterprise fund. <br />FEB. 16 1988 <br />15 <br />BOOK 70 FAUF 833 <br />