Fiscal Year 2007
:Monroe County, :f{orida
Comyrefiensive .J\.nnua(
:financia( 'Reyort
:Jor the :Jisca(year Tnaea
Seytem6er 30, 2007
MONROE COUNTY, FLORIDA
COMPREHENSIVE ANNUAL
FI NANCIAL REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2007
DANNY L. KOLHAGE
CLERK OF THE CIRCUIT COURT
PREPARED BY:
CLERK OF THE CIRCUIT COURT FINANCE DEPARTMENT
SANDRA CARLILE
FINANCE DIRECTOR
THIS PAGE INTENTIONALLY LEFT BLANK
MONROE COUNTY, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2007
PAGE
INTRODUCTORY SECTION
Transmittal Letter of the Clerk of the Circuit Court
Certificate of Achievement for Excellence in Financial Reporting
List of Elected and Appointed Officials
Organizational Chart
A1 -A5
A6
A7
A8
FINANCIAL SECTION
Independent Auditors' Report
B1 - B2
Management's Discussion and Analysis
C1 - C12
Basic Financial Statements:
Government-Wide Financial Statements
Statement of Net Assets
Statement of Activities
Fund Financial Statements
Balance Sheet-Governmental Funds
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances of Governmental Funds to the Statement of Activities
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Major Governmental Funds:
General Fund
Fine and Forfeiture Fund
Road and Bridge Fund
Governmental Grants Fund
HIOTA Grants Fund
Statement of Net Assets - Proprietary Funds
Statement of Revenues, Expenses and Changes in Fund Net Assets -
Proprietary Funds
Statement of Cash Flows - Proprietary Funds
Statement of Fiduciary Net Assets - Fiduciary Funds
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds
Notes to the Financial Statements
Combining and Individual Fund Statements and Schedules:
Combining Balance Sheet - NonMajor Governmental Funds
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances -NonMajor Governmental Funds
01 - 02
03- 04
E1 - E2
E3
E4 - E5
E6
E7 - E12
E13 - E14
E15
E16 - E18
E19
E20 - E23
E24 - E25
E26 - E29
E30
E31
F1 - F31
G1 - G14
G15 - G28
MONROE COUNTY, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2007
Schedules of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual
Special Revenue Funds:
Affordable Housing Programs
Tourist Development, All Districts, Two Cent
Tourist Development, Administrative and Promotional, Two Cent
Tourist Development, District #One, Three Cent
Tourist Development, District #Two, Three Cent
Tourist Development, District #Three, Three Cent
Tourist Development, District #Four, Three Cent
Tourist Development, District #Five, Three Cent
Impact Fees - Roadways
Impact Fees - Parks and Recreation
Impact Fees - Libraries
Impact Fees - Solid Waste
Impact Fees - Police Facilities
Impact Fees - Fire and EMS
Employee Fair Share Housing
Fire and Ambulance, District #1 - Lower and Middle Keys
Upper Keys Health Care Special Taxing District
Fire and Ambulance, District #6 - Key Largo
Unincorporated Area Service District - Parks and Recreation
Unincorporated Area Service District - Planning, Building and Zoning
Local Housing Assistance
Municipal Policing
911 Enhancement Fees
Duck Key Security District
Boating Improvement
Miscellaneous Special Revenue
Environmental Restoration
Law Enforcement Trust
Court Facility Fees
Drug Abuse Trust
Marathon Municipal Service Taxing Unit
Conch Key Wastewater Municipal Service Taxing Unit
Bay Point Municipal Service Taxing Unit
Big Coppitt Municipal Service Taxing Unit
Key Largo Municipal Service Taxing Unit
Stock Island Wastewater
Cudjoe-Sugarloaf Municipal Service Taxing Unit
Conch Key Municipal Service Taxing Unit
Long Key-Layton Municipal Service Taxing Unit
Duck Key Municipal Service Taxing Unit
Building Fund
Comprehensive Plan Land Authority
Sheriff's Inmate Commissary
Sheriff's Impact Support
Sheriff's Off-Duty
PAGE
G29
G30
G31
G32
G33
G34
G35
G36
G37
G38
G39
G40
G41
G42
G43
G44
G45
G46
G47
G48-G49
G50
G51
G52
G53
G54
G55 - G56
G57
G58
G59
G60
G61
G62
G63
G64
G65
G66
G67
G68
G69
G70
G71
G72
G73
G74
G75
MONROE COUNTY, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2007
Sheriff's Grants
Sheriff's Teen Court
Sheriff's South Florida Law Enforcement Trust
Sheriff's Shared Asset Forfeiture
Sheriff's Federal Forfeiture
Sheriff's HIDTA Administration
Sheriff's Airport Services
Sheriff's Law Enforcement Trust
Sheriff's Fine and Forfeiture
Sheriff's Interagency Communications
Sheriff's 911 Wireless
Sheriff's 911 Wireline
Clerk's Records Modernization
Clerk's Court Related
Debt Service Funds:
All Debt Service Funds
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Major Governmental Funds:
One Cent Infrastructure Surtax Capital Project Fund
Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Projects Fund
Combining Statement of Net Assets - Internal Service Funds
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets -
Internal Service Funds
Combining Statement of Cash Flows - Internal Service Funds
Combining Statement of Fiduciary Net Assets - All Agency Funds
Combining Statement of Changes in Fiduciary Net Assets - All Agency Funds
STATISTICAL SECTION
Introduction
Net Assets by Component
Changes in Net Assets
Governmental Activities Tax Revenues By Source
Fund Balances of Governmental Funds
Changes in Fund Balances of Governmental Funds
General Governmental Tax Revenues By Source
Assessed Value and Estimated Actual Value of Taxable Property
Direct and Overlapping Governments
Principal Property Taxpayers
Property Tax Levies and Collections
Ratios of Outstanding Debt by Type
Ratios of General Bonded Debt Outstanding
Direct and Overlapping Governmental Activities Debt
Legal Debt Margin Information
Pledged-Revenue Coverage - Governmental Activities
Pledged Revenue Bonds and Notes - Business-type Activities
PAGE
G76
G77
G78
G79
G80
G81
G82
G83
G84
G85
G86
G87
G88
G89
G90
G91 - G92
G93
G94 - G95
G96 - G97
G98 - G101
G102
G103 - G104
H1
H2
H3-H5
H6
H7
H8-H9
H10
H11
H12
H13
H14
H15
H16
H17
H18
H19
H20
MONROE COUNTY, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2007
Demographic and Economic Statistics
Principal Employers
Full-time Equivalent County Government Employees by Function
Operating Indicators by Function
Capital Asset Statistics by Function
SINGLE AUDIT/GRANTS COMPLIANCE SCHEDULES
Independent Auditors' Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards
Independent Auditors' Report on Compliance and Internal Control over Compliance
Applicable to each Major Federal Awards Program and State Financial Assistance
Projects
Schedule of Expenditures of Federal Awards and State Financial Assistance
Projects
Notes to Schedule of Expenditures of Federal Awards and State Financial
Assistance Projects
Schedule of Findings and Questioned Costs - Federal Awards Programs and State
Financial Assistance Projects
Summary Schedule of Corrective Action Plan - Federal Awards Programs and State
Financial Assistance Projects
Summary Schedule of Prior Audit Findings - Federal Awards Programs and State
Financial Assistance Projects
Independent Auditor's Management Letter
PAGE
H21
H22
H23
H24
H25
11-12
13-14
15 - 116
117
118-120
121
122-123
J 1-J5
BRANCH OFFICE:
MARATHON SUB COURTHOUSE
3117 OVERSEAS HIGHWAY
MARATHON, FLORIDA 33050
TEL. (305) 289-6027
FAX (305) 289-1745
BRANCH OFFICE:
PLANT A TION KEY
GOVERNMENT CENTER
88820 OVERSEAS HIGHW A Y
PLANTATION KEY, FLORIDA 33070
TEL. (305) 852-7145
FAX (305) 852-7146
MONROE COUNTY COURTHOUSE
500 WHITEHEAD STREET, SUITE 101
KEY WEST, FLORIDA 33040
TEL. (305) 294-4641
FAX (305) 295-3663
CLERK OF THE CIRCUIT COURT
MONROE COUNTY
www.clerk-of-the-court.com
ROTH BUILDING
50 HIGH POINT ROAD
PLANTATION KEY, FLORIDA 33070
TEL. (305) 852-7145
FAX (305) 853-7440
March 28, 2008
The Honorable Charles "Sonny" McCoy
Mayor, Board of County Commissioners
Monroe County, Florida
Dear Mayor McCoy:
It is our pleasure to present to you, the Board of County Commissioners and the citizens, the Mo-
nroe County, Florida Comprehensive Annual Financial Report (CAFR) for the fiscal year ended
September 30, 2007. Chapter 218.39 of the Florida Statutes requires an independent certified
public accountant to audit the financial statements of counties in the State. In addition, the Federal
Single Audit Act, the Florida Single Audit Act and the federal OMB Circular A-133 require an inde-
pendent auditor to report on the government's internal controls and compliance with legal require-
ments concerning the administration of federal awards and state financial assistance. This report
is published to fulfill these requirements.
This report was prepared by the Finance Department of the Clerk of the Court. Responsibility for
both the accuracy of the presented data and the completeness and fairness of the presentation,
including all disclosures, rests with the Clerk of the Court as Chief Financial Officer of Monroe
County. We assert that, to the best of our knowledge and belief, this financial report is complete
and reliable in all material aspects. It is presented in a format designed to fairly present the finan-
cial position and results of operations of Monroe County as measured by the financial activity of its
various funds; and that all disclosures needed to allow the reader to gain a comprehensive under-
standing of the County's financial activity have been included.
The County has established a comprehensive internal control framework that is designed both to
protect the County's assets from loss, theft or misuse and to compile sufficient reliable accounting
information for financial statement preparation in conformity with United States generally accepted
accounting principles (GAAP) established by the Government Accounting Standards Board. Be-
cause the cost of internal controls should not outweigh their benefits, the objective is to provide
reasonable rather than absolute assurance that the financial statements will be free of material
misstatement.
Cherry, Bekaert, and Holland, L.L.P. have issued an unqualified ("clean") opinion on the Monroe
County, Florida financial statements for the year ended September 30, 2007. The independent
auditor's report is located at the front of the financial section of this report.
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Management's discussion and analysis (MD&A) can be found immediately following the indepen-
dent auditor's report and provides a narrative introduction, overview and analysis of the basic fi-
nancial statements. This letter of transmittal is designed to complement the MD&A and should be
read in conjunction with it.
Monroe County Profile
Basic Information
Monroe County was constitutionally formed in 1823. It is comprised of a string of subtropical isl-
ands that stretch more than one hundred miles into the Atlantic Ocean. These islands are con-
nected in a chain-like fashion to the mainland by a series of forty-two bridges. The County seat,
Key West, is approximately one hundred fifty miles southwest of Miami. Havana, Cuba lies a mere
ninety miles to the south.
Monroe County is a non-charter county established under the Constitution and the laws of the
State of Florida. Legislative authority and policy decisions are vested in the Board of County
Commissioners consisting of the mayor and four other members, all of whom are elected. The
operation of other specific government functions resides with five Constitutional Officers. These
Offices are elective and their titles indicative of their specific function. The positions are the Clerk
of the Court, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector. Monroe
County provides a full range of services including roads, health and social services, emergency
medical services, park and recreational services, solid waste services, airport services and other
governmental services.
Reportino Entitv
For financial reporting purposes, the County's reporting entity consists of (1) the Board of County
Commissioners and the Constitutional Officers, 2) the Monroe County Comprehensive Plan Land
Authority, a blended component unit which though legally separate is, in substance, part of Monroe
County's operations and for which the County is financially accountable, and (3) the Monroe Coun-
ty Housing Finance Authority, a discretely presented component unit which is financially account-
able to Monroe County, and whose relationship with the County is such that an exclusion would
cause the County's financial statements to be misleading or incomplete. The Monroe County
Housing Finance Authority is reported in a separate column in the combined financial statements
to emphasize that it is legally separate from the County and to differentiate its financial position,
results of operations, and cash flows from those of the County. Additional information on the two
component units can be found in the notes to the financial statements. The Monroe County School
Board and the Monroe County Mosquito Control District have not met the established criteria for
inclusion in the reporting entity, and accordingly, are excluded from this report.
Budoet
Formal budgetary integration is employed as a management control device during the year for all
fund types except as described in the notes to the financial statements. Monroe County follows
the laws of Florida regarding the control, adoption and amendment of the budget during each fis-
cal year. The County Commission has increased the level of budgetary control by requiring a
County Commission resolution for the all cost center (departmental) budgetary changes.
Budgets for the Property Appraiser and the Tax Collector are approved by the Florida Department
of Revenue and are adopted as part of the General Fund by the Board of County Commissioners.
The Sheriff and Supervisor of Elections prepare their budgets which are submitted to and ap-
A-2
proved by the Board. The Clerk of the Court's budget is divided between court related functions
funded by court related revenues, court related functions required to be funded by the Board of
County Commissioners and non-court related functions. The court related portion of the Clerk's
budget funded by court related revenues is approved by the Clerks of Court Operations Corpora-
tion. The rest of the Clerk's budget is approved by the Board of County Commissioners and in-
cluded as part of the General Fund.
Economic Condition
Local Economy
Monroe County occupies a unique and very beautiful corner of the U.S. Our subtropical chain of
islands offers mild climate year-round and extensive recreational water activities. This makes the
Florida Keys and Key West a major domestic and international tourist destination. Seven of the top
ten taxpayers in Monroe County are hotels. Airplane passenger arrivals decreased from 2006 by
4.5%. However, tourist and recreational sales have remained stable with an increase of approx-
imately 3.2% and hotel room rentals have increased by 4.9%.
Property values through 2007 continued to increase. The nationwide real estate market in 2007
experienced a decline, and Monroe County expects a similar, though lesser, decline. Over a ten
year period, property tax collections have risen 44.1 %. Over the same period, total assessed val-
ue of taxable property has increased 237.6%. However, all taxable sales have decreased slightly,
by 1.81 %, from 2006 levels. During 2006, many residents were making hurricane related repairs
and replacements due to Hurricane Wilma in late 2005. The decline in taxable sales from 2006 to
2007 may be attributable to 2006 hurricane related purchases. The County continues to expe-
rience a strong economic environment.
The County's unemployment rate of 3.0% at September 30, 2007 is well below the state and na-
tional rates of 4.4% and 4.5%, respectively. The County has historically enjoyed a strong job
market.
Local revenues and expenditures continue to be affected by intergovernmental pressures from re-
duced federal and state aid, lack of funding for federal and state-mandated programs and servic-
es, and the increased demands for stronger public safety services, affordable health insurance
and affordable housing.
Lona-term Financial Plannina
The County has developed the Monroe County Year 2010 Comprehensive Plan. This plan has
been approved by the state, and describes the County's goals in the areas of land use; conserva-
tion and coastal management; traffic circulation; mass transit; ports, aviation and related facilities;
affordable housing; potable water; solid waste; sanitary sewer; storm water drainage; natural
groundwater aquifer recharge; recreation and open space; intergovernmental coordination; and
capital improvements.
The County has implemented an employee recruitment and retention program. County staff was
significantly reduced from 1998 levels as a result of the incorporation of the City of Marathon and
the Village of Islamorada. The County has added employees as it developed experience concern-
ing personnel needs as adjusted for the incorporations within the County. The County had been
experiencing turnover rates of approximately 18% during 2004. The rate of employee turnover
was improved by adding staff, but also by adjusting compensation to better match salaries with the
A-3
local cost of living. The Board continues to focus on this area in its attempt to balance costs, ser-
vices to Monroe County citizens, and fair compensation to its employees.
The County provides health care coverage for 296 retirees. The Board is aware of the changes
required by the Government Accounting Standards Board which requires the calculation and dis-
closure of the cost of post retirement health care benefits. The Board has reviewed estimates of
the unfunded cost for future years' benefits, and staff is developing strategies to fund and other-
wise manage the financial impact to the County.
The County has experienced a decline in the unreserved portion of the General Fund fund balance
over the past two fiscal years. County management is taking aggressive action to reduce costs,
increase non-ad valorem revenues and rebuild financial reserves.
Relevant Financial Policies
During 2007, the Board approved an appropriation policy whereby 77.5% of estimated ending fund
balances are appropriated in the budget process as opposed to the previous policy of 72.5% of es-
timated fund balance for the prior year.
Maior Initiatives
Several projects were underway in 2007 in furtherance of the County's Comprehensive Plan. Cap-
ital project improvements included the construction of a new judicial building in Key West, con-
struction of a new public works compound, construction of three fire stations, a new medical ex-
aminer facility, a new park on Big Pine Key, demolition and reconstruction of a pier at Higg's
Beach, and construction of a new government center in Key Largo. These improvements are to
be funded from the County's capital project funds.
The County issued bonds to assist in the construction of a new Key West airport terminal. The
bond proceeds, federal and state entitlement revenues, passenger facility fees and capital project
funds will provide a modern, more secure facility. Construction is expected to be complete by
May, 2008.
Municipal service taxing districts have been created to support the cost of wastewater projects in
Conch Key, Bay Point, Big Coppitt, Key Largo, Stock Island, Cudjoe and Sugarloaf Keys, Long
Key and Layton, and Duck Key. The Stock Island, Big Coppitt, Marathon, Conch Key, lslamorada,
Key Largo and Ocean Reef wastewater projects are under construction. The Bay Point, City of
Layton, Key Colony Beach, and Little Venice projects have been completed. The wastewater
projects are funded by grants and capital project funds.
Awards and Acknowledgments
The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to Monroe County, Florida for its
Comprehensive Annual Financial Report for the fiscal year ended September 30, 2006. This was
the nineteenth consecutive year that the government has achieved this prestigious award. In order
to be awarded a Certificate of Achievement, a government must publish an easily readable and ef-
ficiently organized comprehensive annual financial report. This report must satisfy both U.S. gen-
erally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
A-4
requirements and we are submitting it to the GFOA to determine its eligibility for another certifi-
cate.
The County also submits its budget document to GFOA, and has received GFOA's Distinguished
Budget Presentation Award for nine years.
This report is the product of the dedication of the Finance Department under the direction of the
Clerk of the Court of Monroe County as Auditor and Chief Financial Officer to the Board of County
Commissioners. We would like to express our appreciation to the entire Finance Department, as
well as other County departments, for their assistance in the preparation of this report. We also ex-
tend our thanks and appreciation to our independent auditors Cherry, Bekaert and Holland, L.L.P.
for their outstanding efforts and assistance. In closing, we thank the County Commissioners for
their interest and support to us throughout the year.
Sincerely,
~ ~~?~
an . Kolhage
Clerk of the Circuit Court
and Chief Financial Officer
5tMiNL~
Sandra Carlile
Finance Director
A-5
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Monroe County
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2006
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government nnils and public employee retirement
systems whose comprehensive annual [mancial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
~ ~. Ox
President
~/~
Executive Director
A-6
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
MARIO DIGENNARO, MAYOR
DISTRICT 4
DIXIE M. SPEHAR
DISTRICT 1
GEORGE R. NEUGENT
DISTRICT 2
CHARLES "SONNY" MCCOY
DISTRICT 3
SYLVIA MURPHY
DISTRICT 5
COUNTY ADMINISTRATOR
THOMAS J. WILLI
CLERK OF THE CIRCUIT COURT AND
CHIEF FINANCIAL OFFICER
DANNY L. KOLHAGE
A-7
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'C:I-IERRY I
BEI(A[I{I &.J
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INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and Board
of County Commissioners of
Monroe County, Florida:
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund and the aggregate remaining fund information of
Monroe County, Florida (the .Counly") as of and for the year ended September 30,2007, which
collectively comprise the County's basic financial statements as listed In the table of contents.
These financial statements are the responsibility of the County's management Our
responsibility is to express opinions on these financial statements based on our audit. We did
not audit the financial statements of the Monroe County Housing Finance Authority (the
. Authority.). Those financial statements were audited by other auditors whose report thereon
has been furnished to us, and our opinion, Insofar as it relates to the amounts included for the
Authority, is based solely on the report of the other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and standards applicable to financial audits contained in Government
Auditing Standards, Issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and the significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe
that our audit and the report of the other auditors provide a reasonable basis for our opinions.
In our opinion, based on our audit and the report of the other auditors, the financial statements
referred to above present fairly, in all material respects, the respective financial position of the
governmental activities, the business-type activities, the discretely presented component unit,
each major fund, and the aggregate remaining fund information of the County, as of September
30, 2007, and the respective changes in financial position and cash flows, where applicable,
thereof and the respective budgetary comparison for the General Fund, the Fine and Forfeiture
Fund, the Road and Bridge Fund, the Governmental Grants Fund and the HIDTA Grants Fund
for the year then ended in conformity with accounting principles generally accepted in the United
States of America.
8-1
In accordance with Government Audfting standards, we have also issued our report dated
March 28, 2008 on our consideration of the County's internal control over financial reporting and
on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is to describe the scope of our testing
of internal control over financial reporting and compliance and the results of that testing, and not
to provide an opinion on the internal control over financial reporting or on compliance. That
report is an integrel part of an audit performed in accordance with Government Auditing
standards and should be considered in assessing the results of our audit.
The management's discussion and analysis section as listed in the table of contents is not a
required part of the basic financial statements but is supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and
presentation of the required supplementary information. However, we did not audit the
information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the County's basic financial statements. The introductory section,
combining financial statements, supplementary schedules and statistical tables listed in the
foregoing table of contents are presented for purposes of additional analysis and are not a
required part of the basic financial statements. The accompanying Schedule of Expenditures of
Federal Awards and State Financial Projects are also presented for the purpose of additional
analysis as required by the U.S. Office of Management and Budget Circular A-133, Audits of
States, Local Governments, and Non-Profit Organizations and Chapter 10.550, Rules of the
Auditor General, and is not a required part of the basic financial statements. The combining
financial statements and supplementary schedules and the accompanying Schedule of
Expenditures of Federal Awards and State Financial Assistance Projects have been subjected
to the auditing procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly presented in all material respects in relation to the basic financial statements
taken as a whole. The introductory section and statistical tables have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, accordingly, we
express no opinion on them.
CHERRY, BEKAERT & HOLLAND, L.L.P.
~~,.. ~ ~~~,.........'(.
,\
Orlando, Florida
March 28, 2008
B-2
Management's Discussion and Analysis
As Finance Department management under the direction of the Chief Financial Officer and Clerk of the
Circuit Court in Monroe County, we offer readers this narrative overview and analysis of the financial
activities of Monroe County Government for the fiscal year ended September 30,2007. We encourage
readers to consider this information in conjunction with additional information furnished in the letter of
transmittal of the report and the basic financial statements for an overall view of Monroe County's
activities.
Financial Highlights
· Monroe County's total net assets exceeded its liabilities at September 30, 2007 by
$466,999,123, an increase of $24,628,293. Net assets for governmental activities were
$389,925,524 and $77,073,599 for business-type activities.
· Unrestricted net assets, available for Monroe County's ongoing obligations to citizens and
creditors were $98,576,347, a decrease of $7,961,253. Governmental activity unrestricted net
assets were $78,920,813. Business-type activity unrestricted net assets were $19,655,534.
. At September 30, 2007 Monroe County's governmental funds statement reported combined
ending fund balances of $138,698,897. Of this amount, $120,195,401 remains in the various
fund types of Monroe County as unreserved.
· The General Fund reported a fund balance of $14,102,418, a decrease from the last fiscal
year of $3,095,289.
. Bonded debt and loans of Monroe County decreased $2,219,354 in 2007. Monroe County's
percentage of bonded debt and loans compared to net assets decreased from 12.0% to
10.9%.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to Monroe County Government's
basic financial statements, which include government-wide statements, fund statements, as well as
notes to the financial statements. This report also contains other supplementary information in addition
to the basic financial statements.
Government-Wide Financial Statements
Government-wide financial statements are designed to provide the reader with a broad overview of the
financial position of Monroe County and are similar to private-sector financial statements. They include
a Statement of Net Assets and a Statement of Activities. These statements appear on pages D-1
through D-4 of this report.
The Statement of Net Assets shows the County's assets less its liabilities at September 30,2007. The
difference between these assets and liabilities is reported as net assets. Changes in net assets over
time may be indicative of an improving or deteriorating financial position. Net assets are reported in
three categories: 1) invested in capital assets, net of related debt, 2) restricted, and 3) unrestricted.
The Statement of Activities, which follows the Statement of Net Assets, presents information showing
how the net assets changed during fiscal year 2007. The statement presents all underlying events,
C-1
which contribute to the change, irrespective of the timing of the related cash flows. Thus, revenues and
expenses are reported in this statement for some items that will only affect cash flows in future fiscal
periods. Such items include revenues earned and expenses incurred but not yet paid as well as
unused vacation leave, all of which will produce changes in cash in a future fiscal period.
Both statements attempt to distinguish functions of Monroe County that are principally supported by
taxes and intergovernmental revenues (governmental activities) from other functions that are intended
to recover all or a significant portion of their costs through user fees and charges for services
(business-type activities). Governmental activities reported in the statements include general
government, public safety, physical environment, transportation, economic environment, human
services, culture and recreation, and court related. Business-type activities include Monroe County's
airports, solid waste and landfill operations, and the Card Sound Road and Toll Bridge.
The government-wide financial statements also report the Monroe County Housing Finance Authority,
which is considered a legally separate component unit. This financial information is reported separately
from the primary government's financial information.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. Monroe County, like other state and local governments,
uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
All of the funds of Monroe County can be divided into three general categories: governmental,
proprietary and fiduciary funds.
Governmental Funds
Governmental Funds essentially account for the same functions as those reported in the government-
wide statements described above. However, unlike the government-wide statements, this set of
financial statements focuses on events that produce near-term inflows and outflows of spendable
resources available at the end of the fiscal year, which is a narrower focus than the government-wide
financial statements. Such information may be useful in evaluating the available spendable resources.
These statements appear on pages E-1 through E-19 of this report.
It can be useful to compare the information presented for the governmental funds with similar
information presented for governmental activities in the government-wide statements. Therefore,
reconciliations are provided as a link between both the governmental fund statements and the
government-wide statements to assist in this comparison.
The governmental fund financial statements present financial information for the County's general,
special revenue, debt service and capital project funds. Governmental funds individually presented as
major funds in Monroe County's statements include: the General Fund, four Special Revenue Funds:
Fine and Forfeiture, Road and Bridge, Governmental Grants, and HIDTA Grants, and two capital
project funds: One Cent Infrastructure Surtax and Infrastructure Sales Surtax Revenue Bonds, Series
2003.
Although there are many smaller governmental funds in Monroe County, they have been presented in a
total column "Nonmajor Governmental Funds." These funds are presented individually in the combining
and individual fund statements section of the report.
C-2
Proprietary Funds
Monroe County maintains two different types of proprietary funds, enterprise and internal service. The
proprietary fund statements appear onE-20 through E-29 of this report.
Enterprise funds are used to report business-type activities in the government-wide financial
statements. Monroe County maintains four major enterprise funds: Municipal Service District-Waste,
Key West Airport, Card Sound Bridge, and the Marathon Airport. There are no non-major enterprise
funds.
Internal service funds are used to accumulate and allocate costs among Monroe County's various
functions. Monroe County uses internal service funds to account for insurance activities (worker's
compensation, group health and risk management) and fleet maintenance activities. Internal service
funds are presented in total in the fund financial statements but may be reviewed individually in the
combining and individual fund statements section of the report. Because these services predominantly
benefit governmental rather than business-type functions, they have been included within the
government-wide financial statements as governmental activities. They are also combined into a
single, aggregated presentation in the proprietary fund financial statements.
Fiduciary Funds
Monroe County uses fiduciary funds to account for resources held for the benefit of parties outside of
County government, such as assets held in trust and agency funds by Monroe County as an agent for
individuals. Fiduciary funds are not reflected in the government-wide financial statements because the
resources of those funds are not available to support Monroe County's own programs. The accounting
used for fiduciary funds is much like that used for proprietary funds. The fiduciary fund financial
statements appear on pages E-30 through E-31 of this report.
Notes to the Financial Statements
The notes to the financial statements provide additional information that is essential to a full
understanding of the data provided in both government-wide and fund financial statements. The notes
commence on page F-1 and continue throughout the entire F page section.
Other Information
Combining and individual statements and schedules mentioned earlier, which present details of non-
major funds used in governmental and enterprise funds, commence on page G-1 and continue
throughout the entire G page section. This section also includes the budget to actual schedules, and
statements for major capital project, internal service and agency funds.
Additional information about Monroe County can be found under the Statistical Section in the H page
section and the Single Audit Section in the I page section of this report.
Government-Wide Financial Analysis
Monroe County Net Assets (in thousands)
Governmental
Activities
2007 2006
Business-type
Activities
2007 2006
Total Primary
Government
2007 2006
Current and Other Assets
$197,994
$215,340
$62,572
$63,441
$260,566
$278,781
C-3
Governmental Business-type Total Primary
Activities Activities Government
2007 2006 2007 2006 2007 2006
Capital Assets 251,916 217,266 60,365 45,585 312,281 262,851
Total Assets 449,910 432,606 122,937 109,026 572,847 541,632
Current IOther Liabilities 36,899 36,459 11,698 3,943 48,597 40,402
Lon9-Term Liabilities 23,085 24,483 34,166 34,376 57,251 58,859
Total Liabilities 59,984 60,942 45,864 38,319 105,848 99,261
Net Assets:
Invested in Capitai Assets,
Net of Related Debt 243,296 209,763 52,893 41,863 296,189 251,626
Restricted 67,710 78,494 4,524 5,713 72,234 84,207
Unrestricted 78,920 83,407 19,656 23,131 98,576 106,538
Total Net Assets $389,926 $371,664 $77,073 $70,707 $466,999 $442,371
The overall financial position of Monroe County improved in both fiscal years 2007 and 2006. Changes
in net assets over time can be one of the best and most useful indicators of a government's financial
position. Monroe County's change in net assets for the fiscal years ending 2007 and 2006 were
$24,628,293 and $44,327,712, respectively. The 2007 change in net assets was entirely attributable to
the current year increase in net assets. The 2006 change in net assets included $32,894,361 relative
to the addition of retroactive infrastructure in compliance with the requirements of GASS Statement No.
34. The 2007 increase in net assets was $13,194,942 higher than the prior year.
The largest portion of net assets for 2007 and 2006 is Monroe County's investment in capital assets
(e.g., land and depreciated buildings, infrastructure and equipment) less any outstanding debt related to
their acquisition. This category represents 63.4% and 56.9% of total primary government net assets for
fiscal years 2007 and 2006. Monroe County uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although Monroe County's investment
in capital assets is reported net of related debt, it should be noted that the resources needed to repay
this debt must be provided from other sources, since the capital assets themselves cannot be used to
liquidate these liabilities.
Total primary government net assets above also include restricted net assets. Restricted net assets
are resources subject to external restriction on how they may be used. The restrictions reported for
business-type activities are comprised of the landfill closure and post closure costs and the Key West
Airport's debt service payments and passenger facility charges. Restrictions reported for governmental
activities are special purpose funds which report the use of resources as designated by external
entities.
The remaining component of net assets is unrestricted net assets. Unrestricted net assets may be
used to meet the County's ongoing obligations to citizens and creditors.
The 2007 decrease in current and other assets arose from a decrease in cash and due from other
governments, offset to some degree by an increase in accounts receivable, investments and restricted
cash. The County spent funds set aside for capital projects and collected hurricane related grants.
Accounts receivable increased for interest earnings, fee increases and the new emergency trauma
service provided by the Sheriff. Delays in the commencement of construction and the use of alternative
funding sources allowed restricted assets to increase by investment earnings.
C-4
The increase in capital assets is related to several large construction projects including the judicial
center, Upper Keys government center, infrastructure projects for wastewater facilities, the Key West
airport facility, property purchases for waterfront and affordable housing, and Card Sound Bridge
improvements.
Current and other liabilities increased due to construction projects previously described and the related
retainage payable.
Comparison of Current Assets and Liabilities (in thousands)
A comparison of current assets as compared to current liabilities for both governmental and business-
type activities can be a good indication of Monroe County's ability to meet its current and existing
operational responsibilities. The ratios for the current and prior fiscal years are as follows:
Governmental
Activities
2007
$190,905
2006
$208,200
2007
$ 49,786
Business-type
Activities
2006
$ 25,823
Current Assets
Current Liabilities
$ 36,898
$ 36,459
$ 11,698
$ 3,943
Ratio of Current Assets to
Current Liabilities
5.17
5.71
4.26
6.55
The schedule above demonstrates that Monroe County has more than adequate cash flows.
Monroe County Changes in Net Assets (in thousands)
Governmental
Activities
2007 2006
Revenues:
Charges for
Services $27,179 $28,744
Operating Grants
and Contributions 31,703 53,094
Capital Grants
and Contributions 2,981 3,581
General Revenues:
Property Taxes 77,370 71,979
Other Taxes 49,874 48,661
State Revenue
Sharing 3,303 3,366
Investment Income 11,232 9,504
Miscellaneous 8,598 6,221
Total Revenues 212,240 225,150
Business-type
Activities
2007 2006
Total Primary
Government
2007 2006
$21,957
$21,420
$49,136
$50,164
4,514
7,112
36,217
60,206
3,299
3,417
6,280
6,998
77,370
49,874
71,979
48,661
1,984
3,221
1,737
29
3,303
13,216
11,819
3,366
11,241
6,250
34,975
33,715
247,215
258,865
C-5
Governmental Business-type Total Primary
Activities Activities Government
2007 2006 2007 2006 2007 2006
Expenses:
General Government 38,903 39,025 38,903 39,025
Public Safety 95,818 122,030 95,818 122,030
Physical Environment 9,037 8,775 9,037 8,775
Transportation 6,503 8,588 6,503 8,588
Economic
Environment 18,205 17,780 18,205 17,780
Human Services 9,699 9,221 9,699 9,221
Culture and
Recreation 3,469 4,827 3,469 4,827
Court Related 10,110 7,246 10,110 7,246
Interest on Long-Term
Debt 799 549 799 549
Solid Waste 15,444 15,429 15,444 15,429
Toll Bridge 1,070 1,298 1,070 1,298
Key West Airport 9,672 10,927 9,672 10,927
Marathon Airport 3,858 1,736 3,858 1,736
Total Expenses 192,543 218,041 30,044 29,390 222,587 247,431
Change in Net Assets
Before Transfers 19,697 7,109 4,931 4,325 24,628 11,434
Transfers (1,435) (148) 1,435 148
Change in Net Assets 18,262 6,961 6,366 4,473 24,628 11,434
Restatement 32,894 32,894
Net Assets,
Beginning, Restated 371,654 331,809 70,707 66,234 442,371 398,043
Net Assets, Ending $389,926 $371,654 $77,073 $70,707 $466,999 $442,371
The 2006 restatement is the addition of retroactive infrastructure pursuant to the requirements of GASB
Statement No. 34.
Governmental Activities
The graph on the next page represents a comparison of program revenues to program expenses for
governmental activities in fiscal years 2007 and 2006. It is apparent from these graphs that general
revenues were required to cover expenses in each of the functions noted.
C-6
Monroe County, Florida
Governmental Activities (in Millions)
For the year ended September 30, 2007
I_ Program Revenues 0 Program Expenses I
120
100 95.8
80
60 38.9
37.
40 18.2
20 0.56.5 1.1 0.33.5 5.610.1
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The largest revenue sources for governmental activities in 2007 are property taxes in the amount of
$77,370,025 and all other taxes totaling $49,874,175. Total taxes of $127,244,200 amounted to 60.0%
of Monroe County's governmental activity revenues excluding transfers. The second largest revenue
source is operating grants at 14.9% of governmental activity revenues excluding transfers.
The 2007 graph identifies the largest expense function as public safety amounting to $95,817,557.
This is 49.8% of the total expenses for governmental activities. The second largest function is general
government with a total of $38,902,793 or 20.2% of total expenses for governmental activities. The
general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court,
and the Supervisor of Elections.
Monroe County, Florida
Governmental Activities (in Millions)
For the year ended September 30, 2006
I_ Program Revenues 0 Program Expenses 1
140
120
100
80
60
40
20
o
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C-7
The largest revenue sources for governmental activities in 2006 are property taxes in the amount of
$71,978,592 and all other taxes totaling $48,660,858. Total taxes of $120,639,450 amounted to 53.4%
of Monroe County's governmental activity revenues excluding transfers. The second largest revenue
source is operating grants at $53,093,628 or 23.58% of governmental activity revenues excluding
transfers.
The 2006 graph identifies the largest expense function as public safety with a total of $122,029,364.
This is 56.0% of the total expenses for governmental activities. The second largest function is general
government with a total of $39,024,722 or 17.9% of total expenses for governmental activities. The
general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court,
and the Supervisor of Elections.
Business-Type Activities
The purpose of proprietary funds is to recover the majority of costs incurred in providing a service
through user fees and charges for that service. Charges for services revenues in 2007 amount to
$21,957,228 or 62.8% of all revenue sources. Other revenue sources include operating grants, capital
grants, contributions, investment income, and miscellaneous. Total revenues excluding transfers from
other funds were in excess of expenses excluding transfers to other funds by $4,931,289.
The change in net assets in 2007 was $6,366,359. This represents an increase of $1,893,345 from the
prior year. Although the change in net assets was greater than the prior year, operating grants
decreased. This decrease was offset by transfers from other funds to provide local funding for the Key
West airport terminal construction and allocate insurance recoveries to the source of the related
expenditures.
Financial Analysis of Monroe County's Funds
Governmental Funds
As mentioned earlier in the Financial Highlights, Monroe County's governmental funds reported
combined fund balances of $138,698,897 at the end of the current fiscal year. This represents a 8.0%
decrease from the prior year. Governmental funds' unreserved fund balance totals were $120,195,401,
a decrease of 13.2% from the prior year and 86.7% of the total fund balance. Reserved fund balances
are as follows: $8,960,490 to meet current commitments (encumbrances) in the next fiscal year;
$2,380,461 for Monroe County Land Authority land and land rights acquisition; $6,740,579 for mortgage
loans receivable; and $421,966 for payment of debt service. The Monroe County Land Authority is a
blended component unit of Monroe County and is reported as a non-major special revenue fund.
The General Fund is the chief operating fund of Monroe County and automatically, one of Monroe
County's major funds. At September 30,2007, total fund balance in the general fund was $14,102,418.
Total revenues increased $4,710,206 or 12.4% from the previous year. Expenditures also increased
$4,278,101 or 4.9%. Most of the expenditure increase is attributable to the increase in court related
function (2.7%) and an increase in general government expenditures (0.9%).
Other Maior Fund Information (in thousands)
Fine and Forfeiture
2007 2006
Road and Bridge
2007 2006
Governmental Grants
2007 2006
Revenues and Other
Sources
Expenses and Other Uses
$ 52,751
45,267
$ 48,875
45,702
$ 5,969
5,985
$ 5,972
8,606
$15,061
7,408
$ 21 ,827
30,474
Increase/(Decrease)
In Fund Balance
$ 7,484
$ 3,173
$ (16)
$ (2,634)
$ 7,653
$(8,647)
C-8
One Cent Infrastructure Infrastructure Surtax
HIDTA Grants Surtax 2007 Revenue Bonds
2007 2006 2007 2006 2007 2006
Revenues and Other
Sources $ 21,298 $ 20,777 $17,231 $ 16,976 $ 5,751 $ 830
Expenses and Other Uses 21,298 20,777 34,858 19,802 10,153 8,518
Increase/(Decrease)
In Fund Balance $ - $ $(17,627) $ (2,826) $ (4,402) $(7,688)
Fine and Forfeiture Special Revenue Fund Although ad valorem millage rates were slightly lowered,
tax revenues increased because of the increase in property values. Revenues also increased as the
Sheriff provided more prisoner housing to other governments and the County began providing medical
air transport services. The increases in revenues were offset by the decrease in operating transfers
from the prior year, which occurred to fund the purchase of an emergency rescue helicopter and
improvements to the Sheriff's radio communications system.
Road and Bridae Special Revenue Fund Revenues experienced a slight decrease attributed to rising
gasoline prices and lower gas tax collections. Expenditures in 2007 decreased because a significant
road project was completed, and staff is now devoting more time to capital projects construction.
Governmental Grants Special Revenue Fund Monroe County didn't experience any hurricane damage
in the current year. Grant revenues and expenditures for hurricanes declined as past damage was
repaired in 2006 and new damage was not incurred in 2007. Grant funded construction projects for
roadways and stormwater were substantially completed in 2006.
HIDTA Grants Special Revenue Fund This fund is used to account for reimbursement grants funded by
the U.S. Department of Justice to fight drug trafficking. The volume of revenues and expenditures has
not significantly changed as programs established by the grantor have been continued.
One Cent Infrastructure Surtax Capital Proiects Fund The citizens of Monroe County approved a one
cent sales surtax which is the main revenue source in this fund. Sales tax revenues increased as the
hurricane season caused very little disruption to business. Expenditures increased due to the
commencement of extensive wastewater management projects, the construction of two new parks, the
purchase of property to preserve waterfront and affordable housing, and local funding for the Key West
Airport project.
Infrastructure Surtax 2007 Revenue Bonds Capital Proiects Fund In 2003, Monroe County issued
$21,455,000 in revenue bonds to be paid from one cent sales surtax revenues. Revenues in 2007
consist of investment earnings on unused bond proceeds and transfers from other funds. Expenditures
increased as the projects funded by bond proceeds are underway.
Proprietary Funds
Proprietary fund statements provide the same information as in the business-type activities column of
the government-wide statements, but in greater detail and on a fund basis for enterprise funds and
internal service funds.
The Municipal Service District-Waste Enterprise Fund maintains Monroe County's landfills and transfer
sites. Monroe County continues to outsource the waste haul-out services through a major contract.
The revenues are pledged to meet the debt service payment requirements on the Monroe County,
Florida Solid Waste Disposal System Refunding Revenue Note, Series 2002.
C-9
Card Sound Bridae Enterprise Fund collects tolls used to maintain a bridge connecting Monroe County
to the mainland. During the year, a substantial portion of a major bridge construction project was
completed.
The Kev West Airport Enterprise Fund receives numerous operating and capital grants. The major
source of match for these grants is accumulated funds from passenger facility fee charges paid by the
various airlines. During 2006, the Key West Airport issued revenue bonds to fund the cost of a new
airport terminal and related facilities. Part of the revenue stream committed for the payment of bond
principal and interest is the collection of passenger facility fees. Operating grants and related
operations expense decreased as the Key West Airport's focus is now on the completion of the new
terminal rather than maintenance projects.
Other factors concerning the finances of these three major funds have already been addressed in the
discussion of Monroe County's business-type activities.
The internal service funds include the Worker's Compensation Fund, Group Insurance Fund, Risk
Management Fund and the Fleet Management Fund. The self-insurance funds are an important part of
Monroe County's operations.
Insurance recoveries increased from $3,610,874 in 2006 to $4,330,372 as the County continues to
recover hurricane damages. The increase in insurance recoveries is offset by the reduction in worker's
compensation charges in 2007. No worker's compensation fees were charged to participating funds,
as it appears that funds on hand at the end of 2006 were adequate to cover estimated costs and
reserves for 2007. Operating expenses increased $1,775,917 or 9.6% as a result of higher asserted
and paid claims and fees paid to maximize insurance proceeds.
Capital Assets
Monroe County's financial statements present capital assets in two categories: those assets subject to
depreciation, such as buildings, infrastructure, and equipment and those not subject to depreciation
such as land and construction in process.
Investment in capital assets for both governmental and business-type activities, net of related debt at
September 30,2007, was $296,189,196. Investment in capital assets for governmental activities is
$243,295,697 and $52,893,499 for business-type activities.
These capital assets include assets purchased as well as donated. They also include infrastructure
assets, e.g., bike paths, roads, bridges, stormwater and wastewater sites recorded at historical cost.
Monroe County has several significant general government construction projects. Construction is in
process for a new government center in the Upper Keys, a new courthouse facility in Key West,
wastewater collection systems throughout the Keys, and a new medical examiner's facility. The County
added $12,863,935 to its land acquisitions by purchases of $7,670,460 and donations of $5,193,475.
The donations were received from citizens as part of the building permit process, the Monroe County
Land Authority for affordable housing and parks, and as part of the settlement of development litigation.
The new Key West airport terminal construction is underway and is expected to be completed by the
summer of 2008. The Marathon airport and Card Sound Bridge are also undergoing major renovation.
Further details are available in Note 7 to the financial statements pages F-16 through F-17.
C-10
Long-Term Debt
At September 30, 2007, Monroe County had long-term debt in the amount of $60,535,904. This debt is
mainly comprised of revenue bonds and notes secured by pledges of revenues. Revenue secured debt
for governmental activities is $18,056,284 and $32,877,744 is for business-type activities. Monroe
County has no general obligation bonds.
Moody's Investors Service, upgraded the rating for Monroe County, Florida Infrastructure Sales Surtax
Revenue Bonds, Series 2003 from "A3" to "A2". Standard and Poor's Ratings Services also upgraded
this issue, changing its rating from "A" to "A+". The Monroe County Florida Airport Variable Rate
Revenue Bonds are rated Aa1 by Moody's and AA1A-1+ by Standards and Poor's.
Further details are available in Note 8 to the financial statements pages F-20 through F-24.
Budgetary Highlights
The category changes in the General Fund's final budget are summarized below:
The total final general fund revenue budget increased by $852,760 or 2.0% from the original budget.
Revenue budget adjustments were made throughout the year to conform estimates to actual funds
available. The total general fund expenditure budget decreased by $4,026,269 or (4.03%) from the
original budget.
The largest decrease from the original expenditure budget was in public safety in the amount of
$2,664,130. The emergency medical transport system was budgeted at $2,189,664 in the general
fund, but was moved to the fine and forfeiture expenditure fund to better match service revenues
generated by the Sheriff. The second largest decrease from the original expenditure budget was in
general government. The County responded to the decrease in general fund balance by instituting
budget reductions in all areas of operations.
Economic Factors and Next Year's Budgets and Rates
Monroe County's officials considered many factors when adopting the fiscal year 2008 budget.
Included among these factors were the anticipated change in property values, the issuance of revenue
bonds for wastewater projects, property tax caps imposed by the State legislature, and the restoration
of fund reserves.
Also considered were the costs of employee benefits, increases in insurance premiums for all types of
coverage, the implementation of wastewater treatment programs, affordable housing initiatives, the
airport improvement project, and expansion of parks and recreational facilities.
Ad valorem taxes based on property values comprise approximately 71.1 % of budgeted tax revenues.
The Property Appraiser certified a county-wide property value of roughly $26.5 billion for fiscal year
2007. For fiscal year 2008, the county-wide property value has been certified at approximately $28.5
billion, an increase of7.7%.
Budgeted charges for services revenue include increases in fees designed to better match costs
incurred in providing services. However, for the twelfth year in a row it was unnecessary to increase
solid waste residential rates because of previous successful negotiations with the contractor providing
waste transportation services. Fund balances carried forward have declined by 35.0% from the prior
C-11
year. Budgeted expenditures have declined by 11.6% to begin rebuilding fund balances and to
respond to limitations on property taxes imposed by the State legislature.
Requests for Information
This financial report is designed to provide a general overview of Monroe County's finances for all those
with an interest in its finances. Questions concerning any of the information provided in this report or
requests for additional information should be addressed to the Finance Director, Clerk of the Circuit
Court, 500 Whitehead Street, Key West, Florida 33040.
C-12
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2007
Component
Unit
Monroe County
Hsg Fin Auth
Primary Government
Governmental Business-Type
Activities Activities Total
ASSETS
Current Assets:
Cash and Cash Equivalents $ 154,143,528 $19,572,457 $ 173,715,985 $ 55,344
Investments 25,557,799 25,557,799
Accounts Receivable, Net 3,809,158 831,990 4,641,148
Internal Balances (1,573,688) 1,573,688
Due from Other Governmental Units 8,211,085 1,360,103 9,571,188
Interest Receivable 753,869 223,351 977,220
Inventory 3,396 3,396
Restricted Cash and Cash Equivalents 26,224,095 26,224,095
Total Current Assets 190,905,147 49,785,684 240,690,831 55,344
Noncurrent Assets:
Restricted Cash and Cash Equivalents 12,409,672 12,409,672
Mortgage! Notes Receivable 12,061,285 12,061,285
Allowance for Mortgage! Notes Receivable (5,320,706) (5,320,706)
Deferred Charges 347,768 377,734 725,502
Land and Other Nondepreciable Assets 135,499,703 27,440,498 162,940,201
Other Capital Assets, Net of
Accumulated Depreciation 116,416,460 32,923,920 149,340,380
Total Noncurrent Assets 259,004,510 73,151,824 332,156,334
Total Assets 449,909,657 122,937,508 572,847,165 55,344
LIABILITIES
Current Liabilities:
Accounts Payable 18,140,594 2,078,780 20,219,374
Retainage Payable 3,712,554 776,134 4,488,688
Accrued Wages and Benefits Payable 2,827,724 139,297 2,967,021
Claims and Judgements Payable 7,075,575 129,632 7,205,207
Due to Other Governmental Units 2,229,561 294,627 2,524,188 7,045
Accrued Compo Absences Payable 629,075 33,372 662,447
Note Payable 5,986 5,986
Other Current Liabilities 10,887 10,887
Deposits in Escrow 54,726 143,159 197,885
Unearned Revenue 173,122 68,807 241,929
Accrued Interest Payable 12,249 42,738 54,987
Capital Leases Payable 186,240 50,000 236,240
(Continued)
The notes to the financial statements are an integral part of this statement.
D-1
Component
Primary Government Unit
Governmental Business-Type Monroe County
Activities Activities Total Hsg Fin Auth
Revenue Notes Payable 600,089 600,089
Revenue Bonds Payable 1,240,000 1,240,000
Total Current Liabilities 36,898,382 3,756,546 40,654,928 7,045
Current Liabilities (Payable
from Current Restricted Assets)
Accounts Payable 6,767,520 6,767,520
Retainage Payable 630,382 630,382
Accrued Interest Payable 96,538 96,538
Revenue Notes Payable 447,309 447,309
Total Current Liabilities (Payable
from Current Restricted Assets) 7,941,749 7,941,749
Noncurrent Liabilities:
Payable from Restricted Assets-
Landfill Closure/Postclosure Costs 390,667 390,667
Note Payable 1,496 1,496
Accrued Compo Absences Payable 6,651,858 328,522 6,980,380
Capital Leases Payable 216,202 767,270 983,472
Revenue Notes Payable 626,195 1,975,435 2,601,630
Revenue Bonds Payable 15,590,000 30,455,000 46,045,000
Claims and Judgements Payable 248,720 248,720
Total Noncurrent Liabilities 23,085,751 34,165,614 57,251,365
Total Liabilities 59,984,133 45,863,909 105,848,042 7,045
NET ASSETS
Invested in Capital Assets, Net of
Related Debt 243,295,697 52,893,499 296,189,196
Restricted:
Debt Service 421,966 421,966
Capital Construction 16,440,051 16,440,051
Keys Area of Critical Concern-Land Acq. 16,132,070 16,132,070
Tourist Development 13,344,401 13,344,401
Roads & Bridges 5,900,807 5,900,807
Housing Assistance 3,159,816 3,159,816
Special Purposes 12,309,903 4,524,566 16,834,469
Unrestricted 78,920,813 19,655,534 98,576,347 48,299
Total Net Assets $ 389,925,524 $ 77,073,599 $ 466,999,123 $ 48,299
D-2
Functions/Proarams
Primary government:
Governmental activities:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Interest on Long Term Debt
Total governmental activities
Business-type activities:
Solid Waste
Toll Bridge
Key West Airport
Marathon Airport
Total business-type activities
Total primary government
Component Unit:
Monroe Cnty Hsg Fin Auth
MONROE COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Expenses
Charges for
Services
Program Revenues
Operating
Grants and
Contributions
Capital
Grants and
Contributions
$ 38,902,793 $ 10,867,771 $ 17,207 $
95,817,557 8,870,419 28,249,048
9,037,378 784,378 490,509
6,502,720 287,163 199,944
18,205,172 730,832 328,600
9,699,012 383,815 1,737,840
3,468,724 176,043 124,051
10,110,445 5,078,570 556,090
799,313
192,543,114 27,178,991 31,703,289
15,443,668 15,267,646 260,098
1,070,210 1,566,004
9,672,456 4,372,921 3,797,076
3,858,246 750,657 456,138
30,044,580 21,957,228 4,513,312
$ 222,587,694 $ 49,136,219 $ 36,216,601 $
2,914,835
60,663
243
4,973
2,980,714
2,937,144
362,090
3,299,234
6,279,948
$
3,250 $
$
$
General Revenues:
Taxes:
Ad Valorem Taxes
Tourist Impact Tax
Gas Tax
1/2 Cent Sales Tax
One Cent Infrastructure Tax
Tourist Development Tax
Other Taxes
Other SI. Shared Rev, Unrestricted
Investment Income
Settlements, Insurance Recoveries
Donations, and Other Income
T ra n sfers
Total General Revenues and Trsfs
Change in Net Assets
Total Net Assets-Beginning
Total Net Assets-Ending
The notes to the financial statements are an integral part of these statements.
D-3
Component
Unit
Monroe County
Hsg Fin Auth
Net (Expense) Revenue and Changes in Net Assets
Primary Government
Governmental Business-type
Activities Activities Total
$ (25,102,980) $ $ (25,102,980) $
(58,637,427) (58,637,427)
(7,762,248) (7,762,248)
(6,010,640) (6,010,640)
(17,145,740) (17,145,740)
(7,577,357) (7,577,357)
(3,168,630) (3,168,630)
(4,475,785) (4,475,785)
(799,313) (799,313)
(130,680,120) (130,680,120)
84,076 84,076
495,794 495,794
1 ,434,685 1,434,685
(2,289,361 ) (2,289,361 )
(274,806) (274,806)
(130,680,120) (274,806) (130,954,926)
(3,250)
77,370,025 77,370,025
2,470,447 2,470,447
5,321,958 5,321,958
8,327,392 8,327,392
15,200,289 15,200,289
15,427,328 15,427,328
3,126,761 3,126,761
3,303,470 3,303,470
11,231,888 1,984,413 13,216,301 496
8,597,566 3,221,682 11,819,248
(1,435,070) 1,435,070
148,942,054 6,641,165 155,583,219 496
18,261,934 6,366,359 24,628,293 (2,754)
371,663,590 70,707,240 442,370,830 51,053
$ 389,925,524 $ 77,073,599 $ 466,999,123 $ 48,299
0-4
MONROE COUNTY, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
Fine & Road & Governmental
General Forfeiture Bridge Grants
Assets
Cash and Cash Equivalents $ 12,335,285 $ 16,934,365 $ 5,581,714 $ 226,325
Investments 6,645,028
Accounts Receivable, Net 459,570 471,741 50,460
Due from Other Funds 1,029,785 31,278 182,406
Due from Other Governmental Units 150,604 1,580,425 546,813 2,052,517
Mortgages/Notes Receivable 35,546 160,260
Allow. for Mortgages/Notes Receivable (35,546) (160,260)
Interest Receivable 90,595
Inventory 3,396
Total Assets $ 20,714,263 $ 19,017,809 $ 6,128,527 $ 2,511,708
Liabilities and Fund Balances
Liabilities:
Accounts Payable $ 2,569,067 $ 59,932 $ 142,128 $ 225,313
Retainage Payable 9,101 1,476,093
Accrued Wages and Benefits Payable 1,971,234 50,818 69,954 56,448
Claims and Judgements Payable
Due to Other Funds 764,010 5,804 334,985
Due to Other Governmental Units 1,234,557 83,415 9,834 38,237
Other Current Liabilities 10,852
Deposits in Escrow 53,024
Deferred Revenues 586,096
Total Liabilities 6,611,845 194,165 227,720 2,717,172
Fund Balances:
Reserved for:
Encumbrances 128,680 48,456 1,695,717
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated in Spec Rev Fund
Unreserved, Undesignated 13,973,738 18,823,644 5,852,351 (1,901,181)
Unreserved, reported in nonmajor:
Special Revenue Funds
Capital Project Funds
Total Fund Balances 14,102,418 18,823,644 5,900,807 (205,464 )
Total Liabilities and Fund Balances $ 20,714,263 $ 19,017,809 $ 6,128,527 $ 2,511,708
The notes to the financial statements are an integral part of these statements.
E-1
One Cent Infrastructure Nonmajor Total
HIDTA Infrastructure Revenue Bonds Governmental Governmental
Grants Surtax Series 2003 Funds Funds
$ 2,215 $ 4,737,606 $ 9,845,742 $ 73,857,098 $ 123,520,350
18,912,771 25,557,799
26,233 242,000 445,357 1,695,361
300,000 659,912 2,203,381
1,943,218 1,211,470 2,470 2,116,187 9,603,704
11,865,479 12,061,285
(5,124,900) (5,320,706)
432,674 62,554 585,823
3,396
$ 1,971,666 $ 25,836,521 $ 9,848,212 $ 83,881,687 $ 169,910,393
$ 1,010,333 $ 5,850,345 $ 1,4 70,201 $ 6,365,280 $ 17,692,599
843,227 1,297,696 86,437 3,712,554
165,242 18,466 12,990 421,397 2,766,549
92,468 92,468
91,582 1,044,172 2,240,553
704,509 1,822,413 3,892,965
10,852
1,702 54,726
162,134 748,230
1,971,666 6,712,038 2,780,887 9,996,003 31,211,496
1,363,241 5,157,410 566,986 8,960,490
2,380,461 2,380,461
6,740,579 6,740,579
421,966 421,966
466,651 466,651
17,761,242 1,909,915 56,419,709
63,215,056 63,215,056
93,985 93,985
19,124,483 7,067,325 73,885,684 138,698,897
$ 1,971,666 $ 25,836,521 $ 9,848,212 $ 83,881,687 $ 169,910,393
E-2
MONROE COUNTY, FLORIDA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2007
Amounts reported for governmental activities in the Statement of Net Assets are different because:
Ending Fund Balance - Governmental Funds
$ 138,698,897
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the governmental funds,
net of accumulated depreciation of $86,463,069.
250,635,990
Deferred charges, bond/note issuance costs, used in governmental
activities are amortized over the life of the debt and are not financial
resources. Therefore, they are not reported in the governmental funds.
347,768
Deferred revenues are not reported in the governmental funds as they
are not current financial resources. They are reported as a reduction of
deferred revenues in the Statement of Net Assets.
575,108
Long-term liabilities, including bonds payable, are not due and payable
in the current period and, therefore, are not reported in the funds.
Note Payable
Revenue Note Payable
Revenue Bonds Payable
Capitai Leases Payable
Accrued Interest Payable
Accrued Compensated Absences
Total
$ (7,482)
(1,226,284)
(16,830,000)
(402,442)
(12,249)
(7,145,866)
(25,624,323)
The Assets and Liabilities of the Internal Service Funds (funds are used
to charge the costs of insurance and fieet maintenance activities to
individual funds) are not reported in the Governmental Funds.
25,292,084
Net Assets of governmental activities
$ 389,925,524
The notes to the financial statements are an integral part of this statement.
E-3
THIS PAGE INTENTIONALLY LEFT BLANK
MONROE COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Fine & Road & Governmental
General Forfeiture Bridge Grants
Revenues:
Taxes $ 19,270,334 $ 48,199,601 $ 1,482,003 $
Licenses and Permits 357,617
Intergovernmental 14,763,977 45,159 3,786,420 13,999,747
Charges for Services 5,661,612 2,894,912 59,253 209,730
Fines and Forfeitures 20,464 323,639
Investment Income 1,344,497 1,284,222 339,847 182,094
Miscellaneous 1,294,765 3,138 301,351 123,414
Total Revenues 42,713,266 52,750,671 5,968,874 14,514,985
Expenditures:
Current:
General Government 26,542,773 590,535
Public Safety 47,985,667 4,286,359 2,759,990
Physical Environment 642,903 751,444
Transportation 56,873 5,189,445 439,164
Economic Environment 1,116,381 339,169
Human Services 7,175,550 1,995,110
Culture and Recreation 2,967,612 124,051
Court Related 4,864,139 54,977 745
Capital Projects
Debt Service 420,502
Total Expenditures 91,772,400 4,931,871 5,189,445 6,409,673
Excess/Deficiency of Revenues
Over/(Under) Expenditures (49,059,134) 47,818,800 779,429 8,105,312
Other Financing Sources/(Uses):
Transfers from Other Funds 46,101,249 545,972
Transfers to Other Funds (320,593) (40,335,085) (795,666) (998,146)
Capital Lease Acquisition 183,189
Total Other Financing Sources/(Uses) 45,963,845 (40,335,085) (795,666) (452,174)
Net Change in Fund Balances (3,095,289) 7,483,715 (16,237) 7,653,138
Fund Balances-October 1 17,197,707 11,339,929 5,917,044 (7,858,602)
Fund Balances-September 30 $ 14,102,418 $ 18,823,644 $ 5,900,807 $ (205,464 )
The notes to the financial statements are an integral part of these statements.
E-4
One Cent Infrastructure Nonmajor Total
HIDTA Infrastructure Revenue Bonds Governmental Governmental
Grants Surtax Series 2003 Funds Funds
$ $ 15,200,289 $ $ 30,420,770 $ 114,572,997
2,789,207 3,146,824
21,298,038 12,932,470 66,825,811
10,341,160 19,166,667
2,332,213 2,676,316
1,786,685 468,217 4,233,260 9,638,822
243,671 1,277,704 3,244,043
21,298,038 17,230,645 468,217 64,326,784 219,271,480
8,487,047 35,620,355
21,274,518 24,411,513 100,718,047
4,446,077 5,840,424
741,895 6,427,377
16,657,719 18,113,269
367,797 9,538,457
2,011,796 5,103,459
5,431,932 10,351,793
25,690,676 10,152,618 35,843,294
23,520 2,734,434 3,178,456
21,298,038 25,690,676 10,152,618 65,290,210 230,734,931
(8,460,031 )
(9,684,401 )
(963,426)
(11,463,451 )
5,282,449 4,408,128 56,337,798
(9,167,163) (5,425,037) (57,041,690)
183,189
(9,167,163) 5,282,449 (1,016,909) (520,703)
(17,627,194) (4,401,952) (1,980,335) (11,984,154)
36,751,677 11,469,277 75,866,019 150,683,051
$ - $ 19,124,483 $ 7,067,325 $ 73,885,684 $ 138,698,897
The notes to the financial statements are an integral part of these statements.
E-5
MONROE COUNTY, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Amounts reported for governmental activities in the statement of activities are different because:
Net change in fund balances - total governmentai funds
Governmental funds report capital outlays as expenditures. However, in the
Statement of Activities the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense. This is the amount by which
capital outlays of $41,628,750 exceeded depreciation of $7,775,344 in the current
period.
Governmental funds do not report donated capital assets as they do not provide
current financial resources. Governmental activities report donated assets at the
fair market value.
Governmental Funds only report the disposal of assets to the extent proceeds are
received from the sale. In the Statement of Activities, transfers of property to
other governmental agencies are reported as expenses.
Payment of long-term debt is reported as an expenditure on the governmental
funds as current financial resources are used, but a reduction of long-term
liabilities in the Statement of Net Assets.
The change in compensated absences is reported in the Statement of Activities
and is not reported in governmental funds as current financial resources are not
used.
Governmental funds report the effect of issuance costs, premiums, discounts, and
similar items when debt is first issued; whereas, these amounts are deferred and
amortized in the Statement of Activities. In addition, interest and other accruals
not using current financial resources are reported as governmental activities. The
amount is the net effect of these transactions.
Revenues that do not provide current financial resources are not reported on
governmental funds. However, revenues that are earned in the current period are
reported in the Statement of Activities.
The net revenues of internal service funds (funds used to charge the costs of
certain activities to individual funds) are reported with governmental activities.
Change in net assets of governmental activities
The notes to the financial statements are an integral part of this statement.
E-6
$ (11,984,154)
33,853,406
5,193,475
(4,331,739)
2,237,347
(365,879)
(37,680)
(8,203,584)
1,900,742
$ 18,261,934
MONROE COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 19,737,969 $ 19,737,969 $ 19,270,334 $ (467,635)
Licenses and Permits 300,000 300,000 357,617 57,617
Intergovernmental 13,417,610 15,325,964 14,763,977 (561,987)
Charges for Services 7,106,954 5,964,364 5,661,612 (302,752)
Fines and Forfeitures 20,464 20,464
Investment Income 700,000 600,000 1,344,497 744,497
Miscellaneous 400,000 586,996 1,294,765 707,769
Total Revenues 41,662,533 42,515,293 42,713,266 197,973
EXPENDITURES:
Current:
General Government:
Board of County Commissoners 1,581,424 1,626,716 1,618,254 8,462
County Administrator 685,458 788,447 698,568 89,879
Public Works Management 185,755 190,943 183,388 7,555
Community Services Management 236,439 296,246 273,003 23,243
County Attorney 1,445,772 1,389,649 1,247,710 141,939
Office of Management & Budget 492,997 500,174 439,964 60,210
Technical Services 1,877,896 1,760,389 1,670,220 90,169
Technology Repiacement 455,400 255,143 244,708 10,435
File Management Services 96,204 15,257 15,257
Grants Administration 219,386 168,865 166,574 2,291
Personnel 422,612 538,608 503,815 34,793
Vehicle Replacement 226,371
Purchasing 200,956 209,070 205,265 3,805
Public Works Facilities Maintenance 6,950,381 6,512,032 6,116,578 395,454
ADA Compliance 150,800 16,200 8,870 7,330
Value Adjustment Board 25,000 31,000 30,862 138
Community Services-Marine Projects 137,471 136,977 127,773 9,204
Promotional Advertising 5,000 5,000 1,196 3,804
Tax Increment Payment 225,000 225,000 213,624 11,376
Quasi External Services 46,840 60,840 57,938 2,902
Clerk to BOCC-Financial Package 5,000
Clerk of Ct Comm & Fees-Noncourt 3,317,857 3,560,251 3,105,392 454,859
Tax Collector 4,330,887 4,503,019 4,213,022 289,997
The notes to the financial statements are an integral part of these statements.
E-7
(Continued)
MONROE COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL. CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Property Appraiser 4,429,739 4,322,493 4,027,371 295,122
Supervisor of Elections 1,334,644 1,332,400 1,105,960 226,440
Insurances-Supervisor of Elections 126,343 116,613 116,613
Gov't Enterprise Management System 35,000 27,000 21,504 5,496
Sterling Award Program 150,406 150,406 129,344 21,062
Total General Government 29,397,038 28,738,738 26,542,773 2,195,965
Public Safety:
Hurricane 226,000 196,000 131,032 64,968
Communications 441,867 117,932 117,932
Emergency Medical Air Transport 2,189,664
Emergency Management 319,853 297,682 256,548 41,134
Marathon Emer. Operations Center 80,532 80,532 46,666 33,866
Medical Examiner 541,706 545,306 545,240 66
American Red Cross Lower Keys 30,000 30,000 30,000
Sheriff Law Enforcement 28,716,941 28,716,941 27,519,409 1,197,532
Sheriff Corrections 18,744,942 18,744,942 19,192,484 (447,542)
Fire Academy 277,491 175,531 146,356 29,175
Total Public Safety 51,568,996 48,904,866 47,985,667 919,199
Physical Environment:
Extension Service 306,833 297,921 260,724 37,197
Upper Keys Wild Bird Ctr 12,000 12,000 12,000
Marathon Wild Bird Ctr 12,000 12,000 12,000
Exotic Wild Bird Rescue 12,000 12,000 12,000
Land Steward 102,488 102,340 97,367 4,973
Hazardous Waste 272,187 260,433 248,812 11,621
Totai Physical Environment 717,508 696,694 642,903 53,791
Transportation:
County Engineer 262,564 71,546 56,873 14,673
Economic Environment:
Literacy Volunteers of America 10,000 10,000 3,765 6,235
Affordable Housing Initiatives 820,889 504,367 465,659 38,708
The notes to the financial statements are an integral part of these statements. (Continued)
E-8
MONROE COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Veteran's Affairs 527,189 536,318 516,381 19,937
Veteran's Affairs Transportation 139,025 143,159 130,576 12,583
Total Economic Environment 1,497,103 1,193,844 1,116,381 77 ,463
Human Services:
Health Care Respite Act 90,000 13,943 3,942 10,001
Hospice of the Florida Keys 155,578 155,578 155,578
Public Works Animal Shelter 955,134 933,261 932,393 868
Bayshore Manor 714,847 713,827 687,725 26,102
Middle Keys Guidance Clinic 328,810 328,810 328,810
Middle Keys Guidance Clinic 51,100 51,100 51,100
Middle Keys Guidance Clinic 97,090 97,090 97,090
Middle Keys Guidance Clinic 405,259 405,259 405,259
Care Center for Mental Health 345,000 345,000 345,000
Monroe Cnty Assoc. for Retarded Citizens 205,000 205,000 205,000
Heron/ Peacock 65,000 65,000 65,000
Older Americans Volunteer Program 1,000 1,000 342 658
Welfare Administration 803,318 754,701 714,944 39,757
Welfare Services 637,500 637,040 522,024 115,016
Big Brothers\ Big Sisters 30,000 30,000 30,000
Florida Keys Children's Shelter 200,000 200,000 200,000
Wesley House 160,289 160,289 160,071 218
Pace 75,000 75,000 75,000
MCEF/ Monroe Youth Challenge 25,000 25,000 25,000
Helpline 10,000 10,000 10,000
Domestic Abuse Shelter 50,000 50,000 50,000
Florida Keys Outreach Coalition 60,000 60,000 60,000
Samuel's House 110,000 110,000 110,000
Youth Summer Rec 32,500 32,500 32,500
DePoo Baker Act 200,000 200,000 200,000
Womankind 100,000 100,000 100,000
Rural Health Network 360,000 360,000 360,000
Rural Health Network STD 80,000 80,000 80,000
Social Service Transportation 1,259,911 1,237,004 1,188,768 48,236
Catholic Charities 5,000 5,000 5,000
Higher Love Mission Outreach 5,000 5,000 5,000
The notes to the financial statements are an integral part of these statements. (Continued)
E-9
MONROE COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL. CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Keys Area Interdenominational Resources 5,000 5,000 5,000
FL Keys Healthy Start Coalition 5,000 5,000 5,000
Just for Kids 65,000 65,000 65,000
Aids Help 36,000 36,000 36,000
Center for Independent Living 5,000 5,000 5,000
Fountains of Living 5,000 5,000 5,000
Good Health Clinic 36,955 36,955 29,004 7,951
FL Keys Area Health Educ. Center 52,500 52,500 52,500
Total Human Services 7,827,791 7,656,857 7,175,550 481,307
Culture and Recreation:
Heart of the Keys Recreation 40,000 40,000 40,000
Big Pine Athletic Association 45,673 45,673 45,673
Boys and Girls Club 55,000 55,000 55,000
Upper Keys YMCA 15,000 15,000 14,936 64
Higgs Beach Maintenance 35,167 33,536 32,370 1,166
Lower Keys AARP 5,000 5,000 3,949 1,051
Middle Keys AARP 5,000 5,000 4,958 42
Big Pine Key AARP 5,000 5,000 3,786 1,214
Upper Keys AARP 5,000 5,000 5,000
Fine Arts Council 75,000 75,211 75,211
Historic Keys Foundation 30,000 30,000 30,000
Upper Keys Community Pool 225,000 225,000 225,000
Library Admin Support 562,721 558,844 551,571 7,273
Library Key West 844,44 7 762,320 744,122 18,198
Library Key West Donations 131,482 49,624 81,858
Library Marathon 379,715 367,097 354,856 12,241
Library Marathon Donations 9,035 3,402 5,633
Library Islamorada 314,380 300,235 296,242 3,993
Library Islamorada Donations 1,046 436 610
Library Key Largo 423,253 402,960 391,752 11,208
Library Key Largo Donations 6,671 2,606 4,065
Library Big Pine Key 291,534 270,744 262,372 8,372
Library Big Pine Key Donations 13,018 4,746 8,272
Total Culture and Recreation 3,356,890 3,362,872 2,967,612 395,260
The notes to the financial statements are an integral part of these statements.
E-10
(Continued)
MONROE COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL. CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Court Related:
Clerk of the Court-Records Mgmt 40,880 40,880 40,880
Clerk of the Court-Administrative 25,320 25,320 25,320
Clerk of the Court-Jury Management 18,743 18,743 18,743
Clerk of the Circuit Court-Criminal 154,280 154,280 154,280
Clerk of the Circuit Court-Civil 85,360 85,360 85,360
Clerk of the Circuit Court-Family 23,4 79 23,4 79 23,479
Clerk of the Circuit Court-Juvenile 29,670 29,670 29,670
Clerk of the Circuit Court-Probate 16,810 16,810 16,810
Clerk of the Court-Criminal 128,205 128,205 128,205
Clerk of the Court-Civil 51,130 51,130 51,130
Clerk of the Court-Traffic 164,525 164,525 164,525
Sheriff Court Security 1,453,328 1,453,328 1 ,408,402 44,926
Law Library 84,074 82,439 78,970 3,469
Guardian Ad Litem 198,920 179,051 164,177 14,874
State Attorney 329,289 314,693 291,760 22,933
Public Defender 493,447 490,793 484,979 5,814
Court Administration 12,971 12,971 12,096 875
Court Admin-Judicial Support 201,908 199,719 181,659 18,060
Court Admin-Staff Attorney 5,802 5,802 3,710 2,092
Court Admin-Article V 18,375 18,375 7,253 11,122
Court Admin-Circuit Ct Reporter Svcs 4,773 4,773 4,619 154
Court Admin-Circuit Drug Court 605,867 593,012 570,885 22,127
Court Admin-Pretrial Release 555,315 533,440 512,102 21,338
Cl. Admin-Other Circuit Cl. Criminal Costs 913 913 913
Court Admin-Family Ct Case Mgmt 131,782 128,212 116,832 11,380
Ct. Admin-Other Circuit Court Juvenile 72,996 72,828 70,456 2,372
Court Admin-Information Systems 219,672 219,340 217,837 1,503
Total Court Related 5,127,834 5,048,091 4,864,139 183,952
Debt Service:
Principal 164,765 215,658 396,335 (180,677)
Interest 19,113 24,167 24,167
Total Debt Service 183,878 239,825 420,502 (180,677)
Total Expenditures 99,939,602 95,913,333 91,772,400 4,140,933
The notes to the financial statements are an integral part of these statements.
E-11
(Continued)
MONROE COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Excess/Deficiency of Revenues
Over/(Under) Expenditures (58,277,069) (53,398,040) (49,059,134) 4,338,906
Other Financing Sources/(Uses):
Reserve for Contingencies (4,171,828) (2,477,922) 2,477,922
Transfers from Other Funds 45,943,413 47,109,690 46,101,249 (1,008,441 )
Transfers to Other Funds (200,000) (842,000) (320,593) 521,407
Capital Lease Acquisition 183,189 183,189
Total Other Financing Sources/(Uses) 41,571,585 43,789,768 45,963,845 2,174,077
Net Change in Fund Balances (16,705,484) (9,608,272) (3,095,289) 6,512,983
Fund Balances, October 1 16,705,484 9,608,272 17,197,707 7,589,435
Fund Balances, September 30 $ - $ - $ 14,102,418 $ 14,102,418
The notes to the financial statements are an integral part of these statements.
E-12
MONROE COUNTY, FLORIDA
FINE AND FORFEITURE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 50,548,323 $ 50,548,323 $ 48,199,601 $ (2,348,722)
Intergovernmental 45,159 45,159
Charges for Services 1,435,000 1,535,000 2,894,912 1,359,912
Fines and Forfeitures 323,639 323,639
Investment Income 500,000 500,000 1,284,222 784,222
Miscellaneous 10,000 26,945 3,138 (23,807)
Total Revenues 52,493,323 52,610,268 52,750,671 140,403
EXPENDITURES:
Current:
General Government:
Tax Increment Payment 550,000 590,535 590,535
Vehicle Replacement 30,484
Total General Government 580,484 590,535 590,535
Public Safety:
Sheriff Law Enforcement 213,595
Sheriff Corrections 586,676
Sheriff Court Security 20,568
Bond Refunds 30,000 30,000 30,000
LEEA Funds 75,000 75,000 75,000
Public Works Correction Facilities 1,990,841 1,907,386 1,804,762 102,624
Medical Air Transport 1,900,000 1,989,494 (89,494 )
Teen Court 90,000 90,000 50,774 39,226
Juvenile Detention Cost Share 765,000 366,329 366,329
Total Public Safety 3,771,680 4,368,715 4,286,359 82,356
Court Related:
Sheriff Extradition 55,000 55,000 54,977 23
Total Expenditures 4,407,164 5,014,250 4,931,871 82,379
Excess/Deficiency of Revenues
Over/(Under) Expenditures 48,086,159 47,596,018 47,818,800 222,782
The notes to the financial statements are an integral part of these statements.
E-13
(Continued)
MONROE COUNTY, FLORIDA
FINE AND FORFEITURE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources/(Uses):
Reserve for Contingencies (9,326,824) (8,820,016) 8,820,016
Transfers to Other Funds (41,145,497) (41,162,164) (40,335,085) 827,079
Total Other Financing Sources/(Uses) (50,472,321 ) (49,982,180) (40,335,085) 9,647,095
Net Change in Fund Balances (2,386,162) (2,386,162) 7,483,715 9,869,877
Fund Balances, October 1 2,386,162 2,386,162 11,339,929 8,953,767
Fund Balances, September 30 $ $ $ 18,823,644 $ 18,823,644
The notes to the financial statements are an integral part of these statements.
E-14
MONROE COUNTY, FLORIDA
ROAD AND BRIDGE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes $ 1,324,999 $ 1,324,999 $ 1,482,003 $ 157,004
Intergovernmental 3,349,999 3,349,999 3,786,420 436,421
Charges for Services 20,306 20,306 59,253 38,947
Investment Income 339,847 339,847
Miscellaneous 20,001 20,001 301,351 281,350
Total Revenues 4,715,305 4,715,305 5,968,874 1,253,569
Expenditures:
Current:
General Government: Vehicle Replacement 199,398
Transportation:
Road Department 3,402,422 3,170,712 3,095,190 75,522
County Engineer Road and Bridge 926,114 712,538 643,531 69,007
Street Lighting 227,318 227,318 210,607 16,711
Local Option Gas Tax Projects 240,000 240,000 159,359 80,641
80% Gas Tax 2,839,187 2,839,187 806,206 2,032,981
In-House Projects 500,000 455,000 274,552 180,448
Islamorada Roads 454,256 454,256 454,256
Total Transportation 8,589,297 8,099,011 5,189,445 2,909,566
Total Expenditures 8,788,695 8,099,011 5,189,445 2,909,566
Excess/Deficiency of Revenues
Over/(Under) Expenditures (4,073,390) (3,383,706) 779,429 4,163,135
Other Financing Sources/(Uses):
Reserve for Contingencies (376,443) (876,484 ) 876,484
Transfers to Other Funds (606,023) (795,666) (795,666)
Total Other Financing Sources/(Uses) (982,466) (1,672,150) (795,666) 876,484
Net Change in Fund Balances (5,055,856) (5,055,856) (16,237) 5,039,619
Fund Balances, October 1 5,055,856 5,055,856 5,917,044 861,188
Fund Balances, September 30 $ - $ $ 5,900,807 $ 5,900,807
The notes to the financial statements are an integral part of these statements.
E-15
MONROE COUNTY, FLORIDA
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmental $ $ 28,134,017 $ 13,999,747 $ (14,134,270)
Charges for Services 228,574 209,730 (18,844)
Investment Income 3,507 182,094 178,587
Miscellaneous 99,714 123,414 23,700
Total Revenues 28,465,812 14,514,985 (13,950,827)
Expenditures:
Current:
General Government:
Grant Match 100,000 100,000 100,000
Public Safety:
Emergency Management Base Grant 140,120 138,717 1,403
Radiological Emerg Preparedness 156,535 132,865 23,670
EMS Award Grant 122,953 98,640 24,313
EOC Enhancements 23,912 23,912
EOC Security Improvement 92,796 83,920 8,876
Homeland Security Grant 48,562 5,231 43,331
ODP UASI 05 Grant 156,360 150,375 5,985
FEMA-Hurricane Dennis 1,133,219 122,727 1,010,492
FEMA-Hurricane Katrina 894,328 6,899 887,429
FEMA-Hurricane Rita 705,461 730 704,731
FEMA-Hurricane Wilma 16,898,530 2,019,886 14,878,644
Total Public Safety 20,372,776 2,759,990 17,612,786
Physical Environment:
Stormwater Improvement 31,680 31,680
Stormwater Master Plan 10,404 4,950 5,454
FDOT Stormwater Improve Project 2,000,000 243 1,999,757
Homeowners Wastewater Assistance 91,620 63,658 27,962
Community Development Block Grnt 396,121 367,460 28,661
Exotic Plant Control Svc 437,926 256,593 181,333
Clean Vessel Act LE 507 259,741 26,860 232,881
Boat Ramp Repairs 1,360,000 1,360,000
Boat Ramp -Public Launch Fac Plan 34,066 34,066
Total Physical Environment 4,621,558 751,444 3,870,114
The notes to the financial statements are an integral part of these statements. (Continued)
E-16
MONROE COUNTY, FLORIDA
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Final Positive
Budget Actual (Negative)
400,000 400,000
378,545 315,859 62,686
33,249 9,946 23,303
28,865 28,865
417,143 5,437 411,706
72,520 58,382 14,138
362,716 20,675 342,041
750,000 750,000
233,972 233,972
2,677,010 439,164 2,237,846
Original
Budget
Transportation:
S FI Water Mgmt Dist Grant Stormwater
Transportation Study Plan Update
Safety Improvement Heritage Trail
Florida Keys Scenic Hwy Planning
Transp Planning Prog 07-09
Bicycle/Pedestrian Plan 2
Overseas Heritage Trail
Pigeon Key Ferry Service
Roads Disaster Relief Program
Total Transportation
Economic Environment:
South Florida Workforce/EWTP
Affordable Housing Coordinator
Total Economic Environment
423,619
45,081
468,700
339,169
339,169
84,450
45,081
129,531
Human Services:
Residential Substance Abuse Treatment
Titie III-B Homemaker 2006
Title III-B Homemaker 2007
Title III-C1 2006
Title III-C1 2007
Title III-C2 2006
Title III-C2 2007
Title III-E 2006
Title III-E 2007
Alzheimer's Disease Initiative 05/06
Alzheimer's Disease Initiative 06/07
Community Care for Disabled Adults 05/06
Community Care for Disabled Adults 06/07
Community Care for the Elderly 05/06
Community Care for the Elderly 06/07
Home Care for the Elderly 05/06
Home Care for the Elderly 06/07
Boys and Girls Ciub
MC Education Foundation
66,667
38,162
121,693
65,463
189,585
90,488
229,598
10,474
60,117
69,942
73,809
80,001
90,811
567,986
677,597
56,004
14,167
30,000
40,000
66,667
37,964
97,773
61 ,709
158,837
86,136
217,685
3,312
48,439
67,375
21,008
65,182
20,238
566,733
178,077
6,485
5,427
23,072
40,000
The notes to the financial statements are an integral part of these statements.
E-17
198
23,920
3,754
30,748
4,352
11,913
7,162
11,678
2,567
52,801
14,819
70,573
1,253
499,520
49,519
8,740
6,928
(Continued)
MONROE COUNTY, FLORIDA
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUNDBALANCES-BUDGETANDACTUAL-CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Original
Budget
Final
Budget
Low Income Home Energy Program 2006
Low Income Home Energy Program 2007
Care Center Mental Health
Total Human Services
88,477
113,240
49,735
2,824,016
Culture and Recreation:
State Aid to Libraries
Gates Center For Tech Access
Total Culture and Recreation
106,553
22,500
129,053
Court Related:
Juvenile Drug Court LLEBG-2003
Juvenile Drug Court LLEBG-2004
Total Court Related
15,570
1,122
16,692
Total Expenditures
100,000 31,209,805
Excess/Deficiency of Revenues
Over/(Under) Expenditures
(100,000) (2,743,993)
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers from Other Funds
Transfers to Other Funds
(200,000) (200,000)
3,642,139
(998,146)
Total Other Financing Sources/(Uses)
(200,000) 2,443,993
Net Change in Fund Balances
(300,000) (300,000)
Fund Balances, October 1
300,000 300,000
Fund Balances, September 30
$
$
- $ (205,464) $ (205,464)
Actual
88,477
84,779
49,735
1,995,110
101,551
22,500
124,051
745
745
6,409,673
8,105,312
545,972
(998,146)
(452,174)
7,653,138
(7,858,602)
The notes to the financial statements are an integral part of these statements.
E-18
Variance with
Final Budget
Positive
(Negative)
28,461
828,906
5,002
5,002
15,570
377
15,947
24,800,132
10,849,305
200,000
(3,096,167)
(2,896,167)
7,953,138
(8,158,602)
MONROE COUNTY, FLORIDA
SHERIFF'S HIDTA GRANT SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL. CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Original
Budget
Final
Budget
Actual
Variance with
Final Budget
Positive
(Negative)
REVENUES:
Intergovernmental
$ 41,184,092 $ 41,289,587 $ 21,298,038 $ (19,991,549)
EXPENDITURES:
Current:
Public Safety
Debt Service
Total Expenditures
41,111,101
72,991
41,184,092
41,216,596
72,991
41,289,587
21,274,518
23,520
21,298,038
19,942,078
49,471
19,991,549
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
$
$
$
$
The notes to the financial statements are an integral part of these statements.
E-19
MONROE COUNTY, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
SEPTEMBER 30, 2007
Municipal
Svc District
Waste
Business-type Activities Enterprise Funds
Major Funds
Card
Sound
Bridge
Key
West
Airport
ASSETS
Current Assets:
Cash and Cash Equivalents $ 8,835,840 $ 8,368,671 $ 1,971,824
Accounts Receivable, Net 403,991 389,186
Due from Other Funds 37,484 4,525
Due from Other Governmental Units 14,872 771,557
Interest Receivable 913 222,438
Total Current Assets 9,293,100 8,591,109 3,137,092
Current Restricted Assets:
Cash and Cash Equivalents 26,224,095
Noncurrent Assets:
Restricted Cash and Cash Equivalents 1,890,330 10,519,342
Deferred Charges, Net 13,972 363,762
Land and Other Nondepreciable Assets 3,629,620 3,525,540 19,068,564
Capital Assets, Net of Accum. Depreciation 384,836 4,957,137 16,375,588
Total Noncurrent Assets 5,918,758 8,482,677 46,327,256
Total Assets 15,211,858 17,073,786 75,688,443
LIABILITIES
Current Liabilities:
Accounts Payable 1,090,560 502,535 93,417
Retainage Payable 329,380 261,556
Accrued Wages and Benefits Payable 39,197 32,682 57,300
Claims and Judgements Payable 129,632
Due to Other Funds 295
Due to Other Governmental Units 873 1,335 273,733
Accrued Interest Payable 42,738
Accrued Compo Absences Payable 7,717 12,199
Capital Leases Payable 50,000
Other Current Liabilities
Deposits in Escrow 128,238 8,000
Unearned Revenue 68,807
Total Current Liabilities 1,488,955 878,426 762,813
The notes to the financial statements are an integral part of these statements.
E-20
Marathon
Airport
Total
Governmental
Activities
Internal
Service
Funds
Major Funds
$ 396,122 $ 19,572,457 $ 30,623,178
38,813 831,990 2,113,797
42,009
573,674 1,360,103 298,292
223,351 168,046
1,008,609 22,029,910 33,203,313
26,224,095
12,409,672
377,734
1,216,774 27,440,498 54,000
11,206,359 32,923,920 1,226,173
12,423,133 73,151,824 1,280,173
13,431,742 121,405,829 34,483,486
MONROE COUNTY, FLORIDA
STATEMENT OF NET ASSETS. CONTINUED
PROPRIETARY FUNDS
SEPTEMBER 30, 2007
Municipal
Svc District
Waste
Business-type Activities Enterprise Funds
Major Funds
Card
Sound
Bridge
Key
West
Airport
Current Liabilities Payable from
Restricted Assets:
Accounts Payable
Retainage Payable
Accrued Interest Payable
Notes Payable
Total Current Liabilities Payable from
Restricted Assets
6,767,520
630,382
96,538
447,309
447,309
7,494,440
Noncurrent Liabilities:
Payable from restricted assets-Landfill
closure/post closure costs
Accrued Compo Absences Payable
Claims and Judgements Payable
Capital Leases Payable
Notes Payable
Revenue Bonds Payable
Total Noncurrent Liabilities
390,667
132,875
57,490
112,936
248,720
767,270
1,975,435
3,266,247
57,490
30,455,000
30,816,656
Total Liabilities
5,202,511
935,916
39,073,909
NET ASSETS
Invested in Capital Assets, Net of Related Debt
Restricted for MSD Landfill & Airport PFC
Unrestricted
774,442
1,499,663
7,735,242
8,482,677
31,213,247
3,024,903
2,376,384
7,655,193
Total Net Assets
$ 10,009,347 $ 16,137,870 $ 36,614,534
Adjustment to reflect the consolidation of internal service
activities related to enterprise funds
The notes to the financial statements are an integral part of these statements.
E-22
Marathon
Airport
Total
Governmental
Activities
Internal
Service
Funds
Major Funds
6,767,520
630,382
96,538
447,309
7,941,749
390,667
25,221 328,522 125,187
248,720
767,270
1,975,435
30,455,000
25,221 34,165,614 125,187
656,393 45,868,729 7,654,903
352,216
52,893,499
4,524,566
18,119,035
1,280,173
12,423,133
25,548,410
$ 12,775,349
75,537,100 $ 26,828,583
1,536,499
$ 77,073,599
E-23
MONROE COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Operating Revenues:
Franchise Fees
Charges for Services
Fines and Forfeitures
Miscellaneous
Total Operating Revenues
Operating Expenses:
Personnel Services
Operations
Depreciation and Amortization
Asserted and Paid Claims
Total Operating Expenses
Operating Income/(Loss)
Nonoperating Revenues/(Expenses):
Operating Grants
Grant and Donations - Other Sources
Other Income - PFC
Investment Income
Insurance Recoveries
Gain (Loss) on Disposition of Assets
Interest Expenses and Fiscal Charges
Total Non-Operating Revenues/(Expenses)
Income/(Loss) Before
Contributions and Transfers
Transfers from Other Funds
Transfers to Other Funds
Capital Grants and Contributions
Change in Net Assets
Total Net Assets-October 1
Total Net Assets-September 30
Business-type Activities Enterprise Funds
Major Funds
Card
Sound
Bridge
Municipal
Svc District
Waste
$ 260,824 $
15,006,822
1,566,004
1,202
15,268,848
240
1,566,244
953,258
14,337,771
40,448
643,629
108,422
318,751
15,331,477
1,070,802
(62,629)
495,442
210,098
50,000
744,849
560,399
(640)
(106,493)
897,814
560,399
835,185
1,055,841
(410,537)
(53,567)
424,648
9,584,699
$ 10,009,347
1,002,274
15,135,596
$ 16,137,870
Adjustment to reflect the consolidation of internal service activities related to enterprise funds.
Change in Net Assets of Business-type Activities
The notes to the financial statements are an integral part of these statements.
E-24
Key
West
Airport
$
3,537,469
2,707
7,080
3,547,256
1,466,409
6,653,163
901,333
9,020,905
(5,473,649)
3,797,076
832,745
642,660
(4,102)
(609,847)
4,658,532
(815,117)
2,373,276
(132,836)
2,937,144
4,362,467
32,252,067
$ 36,614,534
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ $ 260,824 $
750,657 20,860,952 20,004,438
2,707
2,240 10,762 110,241
752,897 21,135,245 20,114,679
317,012 3,380,308 1,584,816
3,030,187 24,129,543 4,475,300
507,523 1,768,055 75,942
14,165,927
3,854,722 29,277,906 20,301,985
(3,101,825) (8,142,661) (187,306)
456,138 4,463,312
50,000
832,745
36,505 1,984,413 1,661,551
4,330,371
(3,108) (7,850) (4,260)
(716,340)
489,535 6,606,280 5,987,662
(2,612,290) (1,536,381) 5,800,356
1,932,836 4,306,112
(100,826) (697,766) (2,904,454)
362,090 3,299,234
(418,190) 5,371,199 2,895,902
13,193,539 23,932,681
$ 12,775,349 $ 26,828,583
995,160
$ 6,366,359
E-25
Business-type Activities Enterprise Funds
Major Funds
Card
Sound
Bridge
MONROE COUNTY, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Municipal
Svc District
Waste
Operating Activities:
Cash received for services
Cash rec'vd from other funds for goods and svcs
Cash received from insurance recoveries
Cash payments to suppliers for goods and svcs
Cash payments to employees for services
Cash payments to other funds
Cash payments for claims
Other operating revenue
Net Cash Provided by/(Used in) Operating Activities
Key
West
Airport
$ 15,266,911 $ 1,566,420 $ 3,574,039
(14,305,074) (59,026) (7,876,161)
(673,958) (522,818) (1,064,511 )
(323,563) (144,140) (246,287)
1,202 240 7,080
(34,482) 840,676 (5,605,840)
210,098 5,559,826
2,373,276
(787,658) (185,654) (342,651 )
(577,560) (185,654) 7,590,451
Noncapital Financing Activities:
Operating grants received
Transfers from other funds
Transfers to other funds
Net Cash Provided/(Used) by Noncapital
Financing Activities
Capital and Related Financing Activities:
Proceeds from capital grants
Acquisition of capital assets
Principal paid on capital debt
Interest and fiscal charges paid on capital debt
Capital contributions
Transfers from other funds
Other Income - PFC
Net Cash Provided/(Used) by Capital and
Related Financing Activities
Investing Activities: Investment income
(249,781 )
(431,867)
(114,214)
(795,862)
744,855
Net Increase/(Decrease) in Cash and
Cash Equivalents
(663,049)
Cash and Cash Equivalents:
October 1
September 30
11,389,219
$ 10,726,170
(2,679,637)
(2,679,637)
337,961
(1,686,654)
10,055,325
$ 8,368,671
The notes to the financial statements are an integral part of these statements.
E-26
3,833,000
(5,283,991 )
(273,539)
156,821
832,745
(734,964)
891,380
2,141,027
36,574,234
$ 38,715,261
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 729,677 $ 21,137,047 $ 5,901,342
14,382,723
2,223,279
(2,973,372) (25,213,633) (4,763,792)
(221,906) (2,483,193) (1,145,419)
(100,909) (814,899) (635,933)
(13,638,775)
2,240 10,762 146,286
(2,564,270) (7,363,916) 2,469,711
695,414 6,465,338
1,800,000 4,173,276
(230,877) (1,546,840) (2,904,454)
2,264,537 9,091,774 (2,904,454)
156,957 3,989,957
(205,223) (8,418,632) (15,497)
(431,867)
(387,753)
18,315 175,136
12,607 12,607
832,745
(17,344) (4,227,807) (15,497)
36,505 2,010,701 1,494,730
(280,572) (489,248) 1,044,490
$
676,694
396,122
58,695,472
$ 58,206,224
29,578,688
$ 30,623,178
(Continued)
E-27
Business-type Activities Enterprise Funds
Major Funds
Card
Sound
Bridge
MONROE COUNTY, FLORIDA
STATEMENT OF CASH FLOWS-CONTINUED
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Municipal
Svc District
Waste
Reconciliation of operating income/(Ioss)
to net cash provided by/(used in) operating
activities:
Operating income/(Ioss)
Adjustments to reconcile operating income/(Ioss)
to net cash provided by/(used in) operating
activities:
Depreciation and Amortization
Nonoperating Income-Insurance Recoveries
Key
West
Airport
$
(62,629) $ 495,442 $ (5,473,649)
40,448 318,751 901,333
Change in Assets and Liabilities:
Increase/(Decrease) in Accounts receivable
Increase/(Decrease) in Due from other funds
Increase/(Decrease) in Due from other gov't units
Increase/(Decrease) in Accounts payable
Increase /(Decrease) in Retainage payable
Increase/(Decrease) in Accrued wages/benefits
Increase/(Decrease) in Claims/judgments payable
Increase/(Decrease) in Due to other funds
Increase/(Decrease) in Due to other gov't units
Increase/(Decrease) in Compo absences payable
Increase/(Decrease) in Other current liabilities
Increase/(Decrease) in Deposits in escrow
Increase/(Decrease) in Landfill Closure Costs
Increase/(Decrease) in Deferred revenue
Total adjustments
16,149
30,743
3,595
(41,940)
11,087
191
7,717
(32,300)
11,379
(18,922)
28,147
$ (34,482) $
$ (640) $
$ 50,000 $
Net Cash Provided by/(Used in) Operating Activities
Noncash investing, capital, and financing activities:
Loss on disposition of assets
Forgiveness of capital lease amount
Cash Reconciliation:
Unrestricted
Restricted
45
371
13,986
(118)
12,199
107,939
(3,946)
(74,076)
(564,630)
1,887
(745,848)
263,507
(18,357)
(132,191)
840,676 $ (5,605,840)
345,234
$ 8,835,840 $ 8,368,671
1,890,330
$ 10,726,170 $ 8,368,671
Total
The notes to the financial statements are an integral part of these statements.
E-28
$
$
(4,102)
$ 1,971,824
36,743,437
$ 38,715,261
Marathon
Airport
Total
Governmental
Activities
Internal
Service
Funds
Major Funds
$ (3,101,825) $ (8,142,661) $
(187,306)
507,523
1,768,055
75,942
4,330,371
$ (3,108) $ (7,850) $ (4,260)
$ $ 50,000 $
$ 396,122 $ 19,572,457 $ 30,623,178
38,633,767
$ 396,122 $ 58,206,224 $ 30,623,178
E-29
MONROE COUNTY, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
SEPTEMBER 30, 2007
Fire and
EMS
Pension Agency
Trust Fund Funds
ASSETS
Cash and Cash Equivalents $ 775,425 $ 6,858,809
Accounts Receivable 36,928
Total Assets 775,425 $ 6,895,737
LIABILITIES
Due to Others 3,811,206
Due to Other Governmental Units 3,084,531
Total liabilities $ 6,895,737
NET ASSETS
Held in Trust for Pension Benefits and Other Purposes $ 775,425
The notes to the financial statements are an integral part of these statements.
E-30
MONROE COUNTY, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Fire and
EMS
Pension
Trust Fund
Additions:
Employer Contributions $ 24,233
Investment Income 39,985
Total Additions 64,218
Deductions:
Pension Benefits (6,120)
Change in Net Assets 58,098
Total Net Assets-October 1 717,327
Total Net Assets-September 30 $ 775,425
The notes to the financial statements are an integral part of these statements.
E-31
NOTES TO FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summary of the more significant accounting policies of the Monroe County, Florida
(County) is presented to assist the reader in interpreting these financial statements and should be
viewed as an integral part of this report.
Reportino Entitv: Entity status for financial reporting purposes is governed by Statement No. 14 of the
Governmental Accounting Standards Board (GASB) and Rules of the Auditor General, State of Florida.
The GASB is the standard-setting body for the establishment of accounting principles generally
accepted in the United States of America (GAAP) for governmental entities. Determination of the
financial reporting entity of the County is founded upon the objective of accountability. Therefore, these
financial statements include the County government (the primary government) and legally separate
component units for which operational or financial responsibility rests with the elected officials of the
County or for which the nature and significance of their relationship to the County are such that
exclusion would cause the financial statements to be misleading or incomplete.
Operational or financial responsibility is considered to have been met if the primary government
appoints a voting majority of the component unit's governing board and it is able to impose its will on
the unit or there is potential for the unit to provide specific financial benefits or impose specific financial
burdens on the primary government. All component units of the County have a September 30 fiscal
year end.
The County is a Non-Charter County established as provided by Article VIII Section 1 of the Florida
Constitution and Section 125 of the Florida Statutes. The Board of County Commissioners, composed
of five members, is the legislative body for the County and as such budgets and provides funding used
by the separate Constitutional Offices with the exception of fees collected by the Clerk of Circuit Court
and the Tax Collector. The County Administrator also serves as the principal executive officer. In
addition, certain designated governmental functions are performed by constitutional officers who are
elected at-large. The constitutional officers are the Clerk of the Circuit Courts, Property Appraiser,
Sheriff, Supervisor of Elections, and Tax Collector. Although these five officers are operationally
autonomous, they do not hold sufficient corporate powers of their own to be considered legally separate
component units for financial reporting purposes. Therefore, they are reported together with the Board
as part of the primary government. Under the direction of the Clerk of Circuit Court, the Monroe County
Finance Department maintains the accounting system for the Board's operations, but excludes those of
the Property Appraiser, Sheriff, Tax Collector, Clerk of the Circuit Court and Supervisor of Elections,
each of which maintains its own accounting system.
Services provided by the County and accounted for within these financial statements include police
services for unincorporated areas; health and social services; emergency medical services; cultural and
recreational programs; solid waste services and other governmental services.
Blended component units are legally separate entities that are in substance part of the County's
operation, as they either have governing bodies that are substantively the same as the County or they
provide their services exclusively or almost exclusively to the County. The financial transactions of the
component units are merged in with similar transactions of the County as part of the primary
government. The blended component units of the County are as follows:
Monroe Countv. Florida Comprehensive Plan Land Authoritv (MCLA) - The MCLA was created by
Monroe County, Florida Ordinance 031-1986 pursuant to Florida Statute 380 and is considered a
legally separate entity from Monroe County. Its purpose is to operate a land acquisition program
in Monroe County, to implement the Monroe County Comprehensive Plan and address issues
F-1
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
created by it. The Monroe County Board of County Commissioners serves as the governing board
and is able to impose its will. Therefore, the MCLA, for financial reporting purposes, is considered
a blended component unit of Monroe County, Florida and is presented as a special revenue fund
of the County. Complete financial statements for MCLA can be obtained from MCLA's
administrative office at 1200 Truman Avenue, Ste. 207, Key West, Florida 33040.
Monroe Countv Industrial Development Authoritv (MCIDA) - The MCIDA was created by Monroe
County, Florida Resolution pursuant to Florida Statute 159. The MCIDA serves to assist in
financing and refinancing capital projects, which will foster economic development in the County.
The Monroe County Board of County Commissioners serves as the governing board and is able
to impose its will. Therefore, the MCIDA for financial reporting purposes, is considered a blended
component unit of Monroe County, Florida. The MCIDA is not legally required to adopt a budget;
however, the County must authorize the issuance of bonded debt. Neither the MCIDA nor the
County has any legal obligation for repayment of the revenue bonds of the MCIDA. As an issuer
of "conduit" debt obligations, the MCIDA has no assets or liabilities.
Discretely-presented component units are legally separate entities, which do not meet the criteria for
blending. The Monroe County Housing Finance Authority (Authority) qualifies as a discretely presented
component unit of the County and is reported in a separate column to emphasize it is legally separate
from the County. Following is a description of the Authority:
Monroe Countv Housinq Finance Authoritv (Authoritv) - The legal authority by which the Authority,
the discretely-presented component unit, was created is Section 159.604 of the Florida Statutes
and Monroe County, Florida Ordinance 1019-1979. This Authority serves to finance dwelling
accommodations for low, moderate, and middle income persons in Monroe County. Its five-
member board is appointed by the Board of County Commissioners. There is no budget approval
required by the County, although there is an approval requirement for any bonded debt issuance.
The County has no obligation to pay the outstanding debt of the Authority; however, it does have
the power to remove an Authority board member without cause. Complete financial statements for
MCHFA can be obtained from MCHFA's administrative office at 1400 Kennedy Drive, Key West,
Florida 33040.
Basis of Presentation: Government-wide Financial Statements: The statement of net assets and the
statement of activities report information about the nonfiduciary activities of the primary government
and it's discretely presented component unit. Fiduciary funds of the government are eliminated from
this presentation since these resources are not available for general government funding purposes.
These statements provide a consolidated financial picture of the government distinguishing between
governmental activities and business type activities. Governmental activities are primarily financed
through taxes and intergovernmental revenues, while business-type activities are primarily financed
through charges for services to external parties. As part of the consolidation process to avoid distorting
financial results, interfund activities such as municipal and unincorporated service district's policing,
911, and interagency communications are eliminated. However, interfund security services provided by
the Sheriff and used by the airports, are not eliminated. The amounts reported as internal balances
represent the residual amounts due between governmental and business-type activities.
The statement of activities presents a comparison between direct expenses of the program revenues
for each function of the County's governmental activities, and for each of the business-type activities.
Direct expenses are those that are clearly identified with a specific program or segment. Program
F-2
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
revenues include (a) fees, fines and charges for services, and (b) grants and contributions that are
restricted for the operating or capital requirements of a specific program. All taxes and other revenues
not meeting the criteria for classification as program revenues are reported as general revenues.
Fund Financial Statements: The fund financial statements provide information about the County's
funds, including its fiduciary fund and blended component unit. Separate statements for each fund
category - governmental, proprietary, and fiduciary - are presented. The emphasis of fund financial
statements is on major governmental and enterprise funds, each displayed in a separate column. All
remaining governmental and enterprise funds are aggregated and reported as nonmajor funds.
Proprietary fund operating revenues, such as charges for services, result from exchange transactions
associated with the principal activity of the fund. Exchange transactions are those in which each party
receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and
investment earnings, result from non-exchange transactions or ancillary activities.
The following are reported as major governmental funds:
General Fund - The General Fund is the general operating fund of the County. All general tax
revenues and other receipts that are not required either legally or by accounting principles
generally accepted in the United States of America to be accounted for in other funds are
accounted for in the General Fund.
Fine & Forfeiture Special Revenue Fund - The Fine and Forfeiture Fund is used to account for
revenues received from fines and forfeitures imposed from the commission of statutory
offenses, ad valorem taxes that are transferred to the Sheriff and to account for operations of
the County's court support system.
Road & Bridae Special Revenue Fund - The Road and Bridge Fund is used to account for all
revenues, operating expenditures and capital improvements for the construction and
maintenance of roads and bridges which are not grant funded.
Governmental Grants Special Revenue Fund - The Governmental Grant Fund is used to
account for operating revenues and expenditures for all governmental activity of federal and
state grants.
Sheriff HIDTA Grants Special Revenue Fund - The Sheriff's HIDTA Grants Fund is used to
account for all revenues and expenditures for the ONDCP Programs.
One Cent Infrastructure Surtax Capital Proiect Fund - The One Cent Infrastructure Surtax Fund
is used to account for capital improvements funded by the One Cent Infrastructure Surtax.
Infrastructure Sales Surtax Revenue Bonds. Series 2003 Capital Proiect Fund - The
Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Project Fund is used to
account for the proceeds of this bond issue.
The following are reported as major enterprise funds:
F-3
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Municipal Service District-Waste - The Municipal Service District-Waste Fund is used to account
for the operations of solid waste collection, disposal and recycling activities, as well as the
closure and post closure of the landfills.
Card Sound Bridae - The Card Sound Bridge Fund is used to account for the operations of
Monroe County's Card Sound Toll Bridge.
Kev West Airport - The Key West Airport Fund is used to account for the operations of Monroe
County's Key West International Airport.
Marathon Airport - The Marathon Airport Fund is used to account for the operations of Monroe
County's Marathon Airport.
The County also reports the following fund types:
Internal Service Funds - Internal service funds are used to account for the financing of worker's
compensation insurance, health insurance, general liability insurance and fleet maintenance
services provided by one department to other departments of the County or to other
governmental units on a cost reimbursement basis.
Pension Trust Fund - The pension trust fund is used to account for assets held by the County in
a trustee capacity for a volunteer firefighters and emergency services length of service award
plan.
Aaencv Funds - These funds account for assets held on behalf of third parties and do not
involve the measurement of operating results. Examples include taxes, fees, and fines collected
on behalf of other governments.
Measurement Focus and Basis of Accountina: Government-wide, Proprietary, and Fiduciary Fund
Financial Statements - The government-wide, proprietary fund, and pension trust fund financial
statements use a flow of economic resources measurement focus and the accrual basis of accounting.
As previously stated, eliminations have been made to minimize the double counting of internal
activities. Revenues and expenses that involve parties external to the primary government and
interfund services provided and used are not eliminated in the process of consolidation. The agency
funds have no measurement focus. Revenues are recognized when earned and expenses are
recognized when incurred, regardless of when the related cash flows take place. Non-exchange
transactions, in which the County gives (or receives) value without directly receiving (or giving) equal
value in exchange, include property taxes, grants, entitlements, and donations. On an accrual basis,
revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility
requirements have been satisfied.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as general
revenues rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
F-4
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the County's enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
GASB Statement No. 20 Election - Pursuant to the election option made available by GASB Statement
No. 20, pronouncements of the Financial Accounting Standards Board (FASB) issued after November
30,1989 are not applied in the preparation of the County's enterprise fund financial statements.
Governmental Fund Financial Statements - Governmental fund financial statements are a current
financial resources measurement focus, and are maintained on the modified accrual basis of
accounting. Revenues are recognized when they become susceptible to accrual; that is, when they
become both "measurable" and "available to finance expenditures of the current period." The County
considers amounts collected within 60 days after year-end to be available and thus recognizes them as
revenues of the current year, except for property taxes since such taxes are collected to finance
expenditures of the subsequent period. Expenditures are recognized in the accounting period in which
the related fund liability is incurred, if measurable. Principal and interest on general long-term debt are
recorded as fund liabilities when due or when amounts have been accumulated in the debt service
funds for payments to be made early in the following year.
Revenues of the County, which are susceptible to accrual under the modified accrual basis of
accounting, include property taxes, gas taxes, interest revenue, and charges for services. In applying
the susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual
requirements of the numerous individual programs are used as guidance. There are, however,
essentially two types of these revenues. In one, monies must be expended for the specific purpose or
project before any amounts will be paid to the County; therefore, revenues are recognized based upon
the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure
and substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance
requirements, such as with equal employment opportunity. These resources are reflected as revenues
at the time of receipt or earlier if they meet the availability criterion.
Under the terms of the grant agreements, the County funds certain programs by a combination of
specific cost-reimbursement grants, categorical block grants, and general revenues. Thus when
program expenses are incurred, there are both restricted and unrestricted net assets available to
finance the program. It is the County's policy to first apply cost-reimbursement grant resources to such
programs, followed by categorical block grants, and then by general revenues.
Budaets and Budgetarv Data - The following are the statutory procedures followed by the Board of
County Commissioners in establishing the budget for Monroe County.
1) On or before June 1 of each year the Sheriff, the Clerk of the Circuit Court, the Tax Collector, and
the Supervisor of Elections shall each submit to the Board a tentative budget for their respective
offices for the ensuing fiscal year.
2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the
County Budget Officer submits to the Board a proposed budget for the fiscal year commencing
the following October 1. The budget includes proposed expenditures and the means of financing
them.
F-5
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to
obtain taxpayer comments.
4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and
adoption at a final public hearing.
5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a
resolution. Accordingly all fund types have an adopted budget as required by Florida Statute
129.03. All funds have legally adopted budgets, except for the Supervisor of Election's Voter
Education and Equipment Special Revenue Fund and the Clerk's Revenue Note Capital Projects
Fund.
6) During the year, the Office of Management and Budget acts on intradepartmental budget changes
that do not alter the total revenue or expenditures budgeted to a cost center. A cost center
represents a particular area of Board operations or a department. All other budget changes
(whether they are transfers between cost centers or alterations of total revenues and expenditures
in a fund) are approved by the Board. Supplemental appropriations were necessary and the
budgetary data presented herein was amended by the Board during the year.
7) Florida Statute 129, Section 7, as amended in 1978, provides that only expenditures in excess of
total fund budgets are unlawful. However, because the Board acts on all budget changes
between cost centers, this becomes the level of control.
8) Budgeted to actual expenditure reports are employed as a management control device during the
year for all fund types.
9) Budgets for all funds are adopted on a basis consistent with accounting principles generally
accepted in the United States of America (GAAP) for that fund type, except that mortgage
assistance cash outlays and receipts are budgeted as operating activities and compensation
accruals are not budgeted in the Monroe County Comprehensive Plan Land Authority Special
Revenue Fund. For the fiscal year 2007, the following adjustments were necessary to present the
actual data on a budgetary basis for MCLA:
Non-GAAP budgetary basis
$ (559,236)
11,022
13.984
$ 1534 230\
GAAP basis
Compensation accrual
Mortgage proceeds
10) All appropriations lapse at year end.
Encumbrances - Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of moneys are recorded as a reservation of budget, is employed as
an extension of the statutorily required budgetary process. Under Florida Statutes, appropriations,
even if encumbered, lapse at fiscal year end. Encumbrances outstanding at September 30, 2007,
represented by purchase orders and other executory contracts, were $8,960,490. It is the County's
intention to substantially honor these encumbrances under authority provided in the subsequent year's
budget.
Use of Estimates - The presentation of financial statements in conformity with accounting principles
generally accepted in the United States of America, as applicable to governmental units, requires
management to make use of estimates that affect the reported amounts in the financial statements.
Actual results could differ from estimates.
F-6
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash and Cash Equivalents - Cash balances from the majority of funds are pooled for investment
purposes. Earnings from such investments are allocated to the respective funds based on applicable
cash participation by each fund. The investment pools are managed such that all participating funds
have the ability to deposit and withdraw cash as if they were demand deposit accounts, and therefore
all balances representing participants' equity in the investment pools are classified as cash equivalents
for purposes of these statements. For investments, which are held separately from the pools, those,
which are highly liquid (including restricted assets) with an original or remaining maturity of 90 days or
less, are considered to be cash equivalents.
Investments - Florida Statute 218.415 authorizes local governments to invest its funds pursuant to a
written investment plan, which allows investment of surplus funds in the following:
1) The Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA).
2) United States Government Securities - Negotiable direct obligations or obligation, the
principal and interest of which are unconditionally guaranteed by the United States
Government.
3) United States Government Agencies - Bonds, debentures, notes, callables and fixed rate
mortgage-backed securities issued or guaranteed by United States Government Agencies,
provided such obligations are backed by the full faith and credit of the United States.
4) Federal Instrumentalities (United States Government-sponsored agencies) - senior
obligations, which include bonds, debentures, notes, call abies and fixed rate mortgage-
backed securities issued or guaranteed by United States government-sponsored agencies
(Federal Instrumentalities). These are limited to the following:
. Federal Farm Credit Bank (FFCB)
. Federal Home Loan Bank or its County banks (FHLB)
. Federal National Mortgage Association (FNMA)
. Federal Home Loan Mortgage Corporations (Freddie-Macs) including Federal
Home Loan Mortgage Corporation participation certificates.
5) Interest-bearing Time Deposit or Savings Account - Non-negotiable interest-bearing time
certificates of deposit or savings accounts in financial institutions organized under the laws
of this State and/or in national financial institutions organized under the laws of the United
States and doing business and situated in the State of Florida, provided that any such
deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida
Statutes. Additionally, the financial institution shall not be listed with any recognized credit
watch information service.
6) Registered Investment Companies (Money Market Mutual Funds) - Shares in open-end
and no-load Money Market Mutual Funds provided such funds are registered under the
Federal Investment Company Act of 1940 and operate in accordance with 17 C.F.R.
270.2a-7, which stipulates that money market funds must have an average weighted
maturity of 90 days or less. In addition, the share value of the money market funds must
equal to $1.00.
7) Intergovernmental Investment Pool - Intergovernmental Investment Pools that are
authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section
163.01, Florida Statutes.
The County invests funds throughout the year in the Local Government Surplus Funds Trust Fund, an
investment pool administered by the State Board of Administration of Florida, and U.S. government
agencies. All investments are stated at fair value. Investments in the Local Government Surplus
F-7
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Funds Trust Fund Investment Pool, which is an external 2a7-like investment pool, is stated at share
price, which is substantially the same as fair value.
Accounts Receivable - Amounts due from private individuals or organizations are reported as accounts
receivable. Receivables are reviewed periodically to establish or update the provisions for uncollectible
amounts. These provisions are estimated based on an analysis of the age of the various accounts.
Interfund Balances and Activitv - During the course of normal operations, the County has numerous
transactions between funds. Examples of these transactions include providing services, constructing
assets, matching grants or servicing debt. These transactions are generally recorded as interfund
transfers, except for internal service fund charges, which are reflected as revenues to internal service
funds and expenses/expenditures to the funds receiving the services. Additionally, short-term interfund
loans are recorded from time to time as cash flow needs arise. As of fiscal year-end, any unpaid
amounts related to these transactions are reported as "due from other funds" or "due to other funds" on
the fund financial statements. Interfund loans not expected to be repaid within one year are reported as
advances. In governmental funds, advances, if any, are offset equally by a fund balance reserve,
which indicates that they do not constitute expendable available financial resources and, therefore, are
not available for appropriation.
Inventorv - Inventory in the General Fund consists of certain supplies, which are stated at cost using
the moving average cost method. The inventory is determined by an annual physical count. No
reserve has been established within the General Fund balance as the consumption method is used to
account for this inventory.
Capital Assets - Capital assets of the County include property, buildings, equipment, and infrastructure
assets (e.g. roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting
systems). Constructed or purchased assets are recorded at historical or estimated historical cost at the
time of purchase. Donated assets are recorded at estimated fair market value at the date of donation.
The County maintains a $1,000 threshold for additions to equipment with an estimated useful life in
excess of two years. Buildings are capitalized when the value is $15,000 or greater. Public domain
and infrastructure assets represent major expenditures for such items as roads, water and sewer
treatment plants and lines, landfill improvements, parks and drainage systems. Additions and
improvements for roads, water, sewer, landfill and drainage infrastructure are capitalized when the cost
amounts to $250,000 while park additions and improvements are capitalized at $25,000. When the
MCLA acquires land by donation, the asset is recorded at the Authority's transaction cost plus the
higher of the tax assessed value at the time of donation or 115% of the 1986 tax assessed value.
Depreciation has been provided using the straight-line method. The estimated useful lives of the
various classes of depreciable capital assets are as follows:
Life - Years
Buildings
Equipment
Infrastructure
Public domain infrastructure
Capacity rights
10-50
5-10
10-50
20-50
99
F-8
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Interest cost incurred for the Key West Airport Enterprise Fund during construction is capitalized, net of
interest income from the proceeds of related tax-exempt debt, as part of the cost of the related assets.
This capitalized interest amounted to $25,869 at fiscal year end.
Unamortized Debt Issuance Expense - Unamortized debt issuance expense of the enterprise funds is
reported as a deferred charge and is amortized by using the straight-line method over the life of the
debt.
Compensated Absences - County policy permits employees to accumulate a limited amount of annual
and sick leave, which will be paid to employees upon termination of employment. In the government-
wide and proprietary fund financial statements, an expense and a liability for compensated absences
and the salary-related payments are recorded as the leave is earned.
Restricted Assets - The use of certain assets of enterprise funds is restricted by specific provisions of
bond resolutions and agreements with various parties. Assets so designated are identified as restricted
assets on the balance sheet. When both restricted and unrestricted resources are available for use,
the County's policy is to use restricted resources first, and then unrestricted resources, as they are
needed.
Landfill Closure Costs - Under the terms of current state and federal regulations, the County is required
to place a final cover on closed landfill areas, and to perform certain monitoring and maintenance
functions for a period of up to 30 years after closure. In accordance with GASB Statement No. 18, the
County is recognizing these costs of closure and post closure maintenance over the active life of each
landfill area, based on landfill capacity used during the period. Required obligations for these costs are
recognized in the Municipal Service District-Waste enterprise fund for public landfill operations.
Deferred Revenue - Deferred revenues include amounts collected before the revenue recognition
criteria are met. In the governmental fund statements, amounts associated with receivables which,
under the modified accrual basis of accounting, are measurable but not yet available are reported as
deferred revenues. The deferred items of the County additionally consist of contracts for providing
services in the future and grant funds received in advance of expenditures.
Lonq-Term Obliqations - In the proprietary fund financial statements of the County, long-term debt is
reported as a liability in the proprietary fund statement of net assets. Long-term debt associated with
the County's governmental activities is presented on the government-wide financial statements of the
County, rather than on the fund financial statements of the County. In the County's governmental fund
financial statements, the face amount of debt issued is reported as another financing source, while
principal payments are reported as expenditures.
Propertv Taxes - Property taxes, based on assessed values at January 1, are levied and become due
and payable on November 1st of each year. A four percent discount is allowed if the taxes are paid in
November, with the discount declining by one percent each month thereafter. Taxes become
delinquent on April 1 st of each year, and tax certificates for the full amount of any unpaid taxes and
assessments must be sold not later than June 1 st of each year. No accrual for the property tax levy
becoming due in November of 2007 is included in the accompanying financial statements, since such
taxes are collected to finance expenditures of the subsequent period.
F-9
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fund Balances - In the governmental fund financial statements, reservations or restrictions of fund
balance represent amounts that are not appropriable or are legally segregated for a specific purpose.
Designations of fund balance represent tentative management plans that are subject to change.
The governmental fund types classify fund balances as follows:
Reserved
Reserved for Encumbrances - portion of fund balance available to payor any commitments
related to purchase orders and contracts that remain unperformed at year-end.
Reserved for Land Acquisition - portion of fund balance MCLA restricted for land acquisition.
Reserved for Mortgage Loans - portion of fund balance offsetting mortgages receivable for
MCLA because they are not available spendable resources.
Reserved for Debt Service - portion of fund balance available to pay for any commitments
related to outstanding debt at year-end.
Unreserved
Designated in Special Revenue Fund - a portion of fund balance is designated by the County in
the Tourist Development Fund District I for beach nourishment projects.
Undesignated - a portion of total fund balance available for appropriation that is uncommitted at
fiscal year end.
Fund Deficits - The fund deficit of $205,464 in the major Governmental Grants Fund at September 30,
2007 is the result of collecting FEMA funds beyond the availability period to recognize revenues. This
is a timing issue and the funds have been received and recorded as revenue in the fiscal year ending
2008. In addition there is a fund deficit of $288,854 in the Sheriff's Grants Special Revenue Fund. The
Sheriff anticipates receipt of grant reimbursement for these expenditures during the next fiscal year.
Excess of Expenditures Over Appropriations - For the year ended September 30, 2007, expenditures
exceeded appropriations in the Medical Air Transport cost center (County's level of budgetary control)
of the Fine and Forfeiture Fund by $89,494. The Clerk's Court Related Fund reported no appropriation
for the transfer of excess fees in the amount of $1,145,946. In addition, the Sheriff's Corrections,
Federal Forfeiture, 911 Wireless, and the South Florida Law Enforcement Trust Fund public safety cost
center expenditures exceeded appropriations by $447,542, $4,806, $1,175, and $49,957 respectively.
Finally the debt service principal payment expenditure exceeded appropriations by $180,677 primarily
by the Supervisor of Election. All of these excess expenditures over appropriations were funded by
greater than anticipated revenues.
Net Assets - Net assets in the proprietary fund financial statements are classified as invested in capital
assets, net of related debt; restricted; and unrestricted. Restricted net assets represent constraints on
resources that are either externally imposed by creditors, grantors, contributors, or laws or regulations
of other governments or imposed by law through state statute.
F-10
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS
The County maintains a cash and investment pool that is available for use by all funds except those
whose cash and investments must be segregated due to bond covenants or other legal restrictions.
As of September 30, 2007, the carrying value of the County's deposits and investments, other than that
of the Pension Trust Fund, with their respective credit ratings, are as follows:
Credit Less than 6 6 Months 1 to 3
Investment Type Rating Fair Value Months to 1 Year Years
Demand and Time Deposits N/A $ 54,298,817 $ 54,298,817 $ $
Local Gov't Surplus Fnds Trust Fund Unrated 164,909,744 164,909,744
Fed Instrumentalities-Disc Notes A-1+ 4,649,060 4,649,060
Fed Instrumentalities-Notes & Bonds AAA 20,908,739 2,014,376 18,894,363
Total Fair Value $244 766 360 $223 857 621 $2 014 376 $18894363
Credit Risk - The County's Investment Policy (Policy) limits credit risk by restricting authorized
investments to the following: Florida Local Government Surplus Funds Trust Fund Investment Pool
administered by Florida's State Board of Administration (a 2a7-like pool), direct obligations of the
United States or its agencies and instrumentalities, money market mutual funds, and Intergovernmental
Investment Pools authorized by the Florida Statutes. The Policy requires that investments in federal
instrumentality debt be guaranteed by the full faith and credit of the U. S. Government sponsored
agency, and that investments in money market mutual funds have a rating of AAAm or AAAm-G or
better by Standard & Poor's (S&P) or other nationally recognized rating agency. All credit ratings
indicated in the previous table are S&P ratings.
Concentration of Credit Risk - The Policy establishes limitations on portfolio composition, both by
investment type and by issuer, in order to control concentration of credit risk. The Policy provides the
following maximum limits of the portfolio, with limits in anyone issuer of the portfolio invested:
Investment Tvpe
Florida Local Government Surplus Funds Trust Fund
United States Government Securities
United States Government Agencies
Federal Instrumentalities
Maximum in callable securities
Interest-bearing Time Deposit or Savings Accounts
Money Market Mutual Funds
Intergovernmental Investment Pool
Portfolio
Maximum
100%
100%
50%
80%
10%
20%
10%
Maximum in
any one issuer
n/a
n/a
10%
30%, with a maximum of
25% in callable securities
10%
10%
n/a
At September 30, 2007, the portion of the County's investment portfolio invested in federal
instrumentalities is detailed as follows:
Issue
Federal Home Loan Bank (of which 3% is callable)
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association (of which 3% is callable)
F-11
Percent of
Investment Portfolio
4%
2%
7%
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued)
Custodial Credit Risk - The Policy requires bank deposits secured as provided by Chapter 280, Florida
Statutes. This law requires local governments to deposit funds only in financial institutions designated
as qualified public depositories by the Chief Financial Officer of the State of Florida, and create the
Public Deposits Trust Fund, a multiple financial institution pool with the ability to assess its member
financial institutions for collateral shortfalls if a default or insolvency has occurred. Demand deposits are
insured by the FDIC up to $100,000 at each financial institution, and amounts in excess of $100,000
are secured by the Public Deposits Trust Fund. At September 30, 2007, all of the County's bank
deposits were in qualified public depositories.
The Policy requires execution of a third-party custodial safekeeping agreement for all purchased
securities, and requires that securities be held in the County's name. As of September 30, 2007, all of
the County's investments are held in a bank's trust department in the County's name.
Interest Rate Risk - The Policy limits the investment of three months of operating expenditures to
twelve months. The Policy limits the investment of noncurrent operating funds to five years.
Restricted Cash and Cash Equivalents - The County has the following unrestricted and restricted cash
and cash equivalents at September 30, 2007:
Local Government Demand
Unrestricted Cash & Cash Equivalents: Surplus Trust Fund Deposits Total
Governmental Activities:
Governmental Funds $ 94,880,713 $28,639,637 $123,520,350
Internal Service Funds 23,204,088 7,419,090 30,623,178
Business-Type Activities 12.122.361 7.450.096 19.572.457
Total Unrestricted Cash & Cash Equivalents 130.207.162 43,508.823 173,715.985
Restricted Cash and Cash Equivalents:
Business-Type Activities 34.702.582 3,931.185 38.633.767
Total Cash and Cash Equivalents $164 909 744 $47440008 $212349752
At September 30, 2007, the fiduciary funds had pooled cash balances totaling $7,634,234 with the SBA
and demand deposits comprising $772,269 and $6,861,965 respectively.
Discretely Presented Component Unit - At September 30, 2007, the Monroe County Housing Finance
Authority maintained deposits totaling $55,344, which are insured by the FDIC up to $100,000.
NOTE 3 - RESTRICTED ASSETS
Restricted assets include those created by resolutions adopted by the County for the issuance of Key
West Airport Revenue Bonds, the landfill escrow account, and airport passenger facility charges. Total
restricted assets as of September 30, 2007 are as follows:
F-12
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 3 - RESTRICTED ASSETS (Continued)
Restricted Assets
Enterprise Fund - Municipal District Waste
Landfill Closure Escrow
Cash and Cash
Equivalents
$ 1,890,330
Enterprise Fund - Kev West Airport
Passenger Facility Charge Funds
Sinking Fund
Renewal and Replacement
Debt Service Reserve
Construction Fund
Operating Reserve
Arbitrage Rebate
4,978,593
2,213,850
359,997
2,759,567
26,224,095
194,227
13,108
Total Restricted Assets
$38,633,767
NOTE 4 - ACCOUNTS RECEIVABLE
Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for
doubtful accounts. The allowance is as follows: $316,892 for major governmental funds, $857,498 for
non-major governmental funds, $577,934 for the Municipal Service District-Waste Fund, $30,739 for
the Key West Airport Fund and $1,977 for the Group Insurance Internal Service Fund.
The County approved an ambulance billing write off during the year of $238,888.
NOTE 5. MORTGAGES RECEIVABLE
Mortgages/Notes receivable at September 30, 2007 consist of the following:
Maior Governmental Funds:
General Fund:
Second Mortgage receivable from individual, collateralized by personal residence.
Entire amount of loan due no later than ten months from execution date.
$ 35.546
Governmental Grants Fund:
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire amount of the loan will be forgiven over a five-year period at
a rate of one fifth per year, beginning on the 1 sl anniversary of the completion of the
construction of the improvements funded by the mortgage, provided that the
mortgagor complies with the mortgage covenants.
160.260
Nonmaior Governmental Funds:
Affordable Housina Proarams Fund:
Second Mortgages Receivable from individuals, collateralized by land and
buildings, payable in monthly installments of $3,622 including interest at 3%, final
payment due March 1, 2004.
248,153
F-13
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 5 - MORTGAGES RECEIVABLE (Continued)
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire amount of the loan will be forgiven over a ten-year period at
a rate of one fifth per year, beginning on the 7th anniversary of the completion of
the construction of the improvements funded by the mortgage, provided that the
mortgagor complies with the mortgage covenants.
Total Affordable Housing Programs Funds Mortgages Receivable
Local Housinq Assistance:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Commencing in year sixteen of the mortgage, principal and accrued
interest at 3% will be forgiven at the rate of 6.66% annually. The entire principal
balance and accrued interest will be forgiven at the end of year thirty. If the
residence is sold before the initiation of the forgiveness period, the full amount of
the mortgage and accrued interest is due at closing.
Second Mortgages Receivable from individuals, collateralized by personal
residences. Principal payments shall be deferred for the term of the first mortgage
loan, or until the date the last payment is due on the first mortgage. Interest is not
charged on the mortgages unless the mortgagor is in default, in which case the
interest rate is 12% per annum from the date when payment of the second is due.
The entire balance of the loan is intended to be forgiven. However, in the event the
home is sold, transferred, rented, refinanced or the first mortgage loan is satisfied,
the entire mortgage balance is due.
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgage will be forgiven over a ten year
period at the rate of ten percent per year upon the anniversary of the mortgage,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free.
Total Local Housing Assistance Mortgage Receivable
Comprehensive Plan Land Authoritv Fund:
First mortgage due from governmental agency, collateralized by land, payable in
full April 2028, interest free
First mortgage due from governmental agency, collateralized by land and building,
payable in full May 2031, interest free
Second mortgage due from governmental agency, collateralized by land, payable
in full January 2034, interest free
First mortgage due from governmental agency, collateralized by land and building,
payable in full September 2045, interest free
Third mortgage due from private company, collarteralized by land, payable in full
May 2050, interest free
F-14
10,942
259,095
129,056
3,741,797
994.952
4.865,805
382,554
1,500,000
2,210,000
59,025
1,089,000
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 5 - MORTGAGES RECEIVABLE (Continued)
Third mortgage due from private company, collateralized by land, payable in full
September 2053, interest free
Total Governmental Grants Funds Mortgages Receivable
Total Mortgages/Notes Receivable
1,500,000
6,740,579
$ 12 061285
The mortgages receivable associated with the General, Governmental Grants, and Affordable Housing
Program funds are offset by an allowance for uncollectible accounts of $35,546, $160,260, and
$259,095, respectively. As the mortgages receivable associated with the Local Housing Assistance
fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $4,865,805 has
been established.
A reserve of fund balance of $6,740,579 represents the mortgages receivable related to the
Comprehensive Plan Land Authority Special Revenue Fund that are equally offset by a fund balance
reserve, which indicates that they do not constitute "available spendable resources," even though they
are a component of total assets. This also represents the primary difference in fund balance for the
Comprehensive Plan Land Authority Special Revenue Fund on a GAAP basis versus the budgetary
basis.
NOTE 6 - CAPITAL ASSETS
Internal service fund capital asset information is included in the governmental activities because the
internal service funds predominately serve those activities.
Capital asset activity for the year ended September 30, 2007 is as follows:
Beginning Ending
Governmental Activities Balances Additions Reductions Balances
Capital assets not depreciated:
Land $ 71,864,439 $ 16,589,405 $ 2,897,228 $ 85,556,616
Construction in progress 24,585,183 26,101,457 743,553 49,943,087
Total capital assets not depreciated 96,449,622 42,690,862 3,640,781 135,499,703
Capital assets depreciated:
Buildings 104,904,294 2,632 104,906,926
Equipment 58,151,538 4,180,095 6,834,528 55,497,105
Infrastructure 39,499,071 743,553 40,242,624
Capacity rights 3,150,000 3,150,000
Total capital assets depreciated 205,704,903 4,926,280 6,834,528 203,796,655
Less accumulated depreciation for:
Buildings 33,651,737 2,483,829 36,135,566
Equipment 29,718,219 4,584,495 5,392,020 28,910,694
Infrastructure 21,455,207 783,274 22,238,481
Capacity rights 63,636 31,818 95,454
Total accumulated depreciation 84,888,799 $7,883,416 $5,392,020 87,380,195
Total capital assets depreciated, net 120,816,104 116,416,460
Governmental funds, capital assets, net $ 217,265,726 $ 251,916,163
F-15
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 6 - CAPITAL ASSETS (Continued)
Beginning Ending
Balances Additions Reductions Balances
Business-tvpe Activities:
Capital assets not depreciated:
Land $ 4,802,020 $ $ $ 4,802,020
Construction in progress 7,358,273 15,280,205 22,638,478
Total capital assets not depreciated 12,160,293 15,280,205 27,440,498
Capital assets depreciated:
Land improvements 212,925 212,925
Buildings 17,861,087 17,861,087
Equipment 3,632,559 1,400,765 518,513 4,514,811
Infrastructure 28,751,489 28,751,489
Total capital assets depreciated 50,458,060 1,400,765 518,513 51,340,312
Less accumulated depreciation for:
Land improvements 212,925 212,925
Buildings 4,254,206 424,733 4,678,939
Equipment 3,040,534 198,990 381,036 2,858,488
Infrastructure 9,525,201 1,140,839 10,666,040
Total accumulated depreciation 17,032,866 $1,764,562 $ 381,036 18,416,392
Total capital assets depreciated, net 33,425,194 32,923,920
Business-type activities, capital assets,
net $45,585,487 $ 60,364,418
Depreciation was charged to functions/programs on the government-wide Statement of Activities of the
County as follows:
Governmental Activities:
Business-tvpe Activities:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
$1,298,022
4,403,572
114,598
1,010,351
11,839
306,027
314,580
392,297
Municipal Service District-Waste
Card Sound Bridge
Key West Airport
Marathon Airport
Total Business-type Activities
$ 36,955
318,751
901,333
507,523
$1,764,562
Total Governmental Activities
$7,851,286
NOTE 7 - POST RETIREMENT BENEFITS OTHER THAN PENSION
The County provides post retirement health care benefits in accordance with state statutes, to all
employees who retire from the County with at least 10 years of service and have attained the age of 62;
and who are enrolled in the County's group health plan. Currently 296 retirees are eligible for this post
F-16
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 7 - POST RETIREMENT BENEFITS OTHER THAN PENSION (Continued)
employment benefit. Expenditures for post retirement health care benefits, excluding claims, are
recognized as the premiums are paid. During the year ended September 30, 2007 expenditures of
$1,700,172 were recognized for retiree, dependant and surviving spouse post retirement health care.
This cost is offset by the collection of $554,885 from retirees for dependant and surviving spouse
coverage, for a net cost of $1,145,287.
In regards to these health care benefits the County will be required to implement GASB Statement No.
45 "Accounting and Financial Reporting by Employers for Post-employment Benefits Other Than
Pensions" during the year ended September 30, 2008. This statement establishes standards for the
measurement, recognition, and display of OPEB expense/expenditures and related liabilities (assets),
note disclosures, and, if applicable, required supplementary information (RSI) in the financial reports of
the County. In order to determine the projected liability and annual funding costs of this plan the County
had an actuarial study performed as of January 1, 2005. The projected accrued actuarial liability (AAL)
and required annual contribution (ARC) is projected to be $149,729,833 and $15,444,999 respectively.
NOTE 8 - RETIREMENT PLAN
Florida Retirement Svstem:
Plan Description - Substantially all full-time County employees are participants in the Florida
Retirement System, (FRS), administered by the Florida Department of Administration. Employees elect
to participate in either the defined benefit plan ("Pension Plan"), a multiple-employer; cost-sharing
public employees defined benefit retirement plan, or the defined contribution plan (Investment Plan)
under the FRS. FRS provides retirement and disability benefits, annual cost-of living adjustments, and
death benefits to plan members and beneficiaries of various governmental units within the State of
Florida. Benefits are established by Chapter 121, Florida Statutes, and Chapter 605, Florida
Administrative Code. Amendments to the law can be made only by Act of the Florida legislature.
The FRS provides for vesting of benefits after 6 years of credited service. Normal retirement benefits
are available to employees who retire at or after age 62 with 6 or more years of service. Early
retirement is available after 6 years of service with a 5% reduction in benefits for each year prior to the
normal retirement age. Retirement benefits are based on age, average compensation and years-of-
service credit where average compensation is computed as the average of an individual's five highest
years of earnings. Employees are not required to contribute to this retirement system.
In addition to the above benefits, the FRS administers a Deferred Retirement Option Program
("DROP"). This program allows eligible employees to defer receipt of monthly retirement benefit
payments while continuing employment with a FRS employer for a period not to exceed 60 months
after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue
interest.
For employees who elect to participate in the Investment Plan rather than the Pension Plan, vesting
occurs at one year of service. These participants receive a contribution of self-direction in an
investment product with a third party administrator selected by the State Board of Administration.
The Florida Division of Retirement issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The report may be obtained by writing
to Florida Division of Retirement, PO Box 9000, Tallahassee, FL 32315-9000, or from the website
www.frs.state.fl.us.
F-17
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 8 - RETIREMENT PLAN (Continued)
Fundina Policv - The FRS is noncontributory for members. Participating employer contributions are
based upon state-wide rates established by the State of Florida. These rates are applied to employee
salaries as follows: regular employees, 9.85%, special risk employees, 20.92%, special risk
administrative support 12.55%; elected officials, 16.53%, senior management 13.12%, and DROP
participants 10.91%.
The County contributed to the plan an amount equal to 14.45% of covered payroll during the fiscal year
ended September 30, 2007. The County's contributions made during the years ended September 30,
2007, 2006, and 2005 were $9,689,370, $8,206,747, and $6,866,565, respectively, equal to the
required contributions for each year. The County has historically contributed amounts equal to required
contributions and, therefore, does not have a pension asset or liability as determined in accordance
with GASB Statement No. 27.
NOTE 9 - PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL
SERVICES
Plan Description - The Monroe County, Florida Volunteer Firefighter and Emergency Medical Services
Length of Service Award Plan (LOSAP) is a single-employer defined benefit pension plan administered
by the County. LOSAP provides retirement and death benefits to plan members and beneficiaries.
Monroe County Ordinance 026-1999 defines the authority under which contribution and benefit
provisions may be amended. This authority is presently held by the County. LOSAP had 73 participants
for the plan year ended December 31, 2006. Separate, stand-alone financial statements for LOSAP
are not provided.
Fundina Policv - The contribution requirements for plan members and the County are established and
may be amended by the County. Plan members are not required to contribute. The County contributes
an amount determined by an actuarial study. Benefits are calculated based on years of service as the
participants are unpaid volunteers. The current contribution rate is $332 per volunteer year of service.
Contributions to the plan, along with benefits and refunds paid to participants are recorded when due
and payable in accordance with the terms of LOSAP. Administrative costs are paid by the County.
Annual Pension Cost and Net Pension Obliaation
Annual Required Contribution
Interest Adjustment
$ 24,233
Contributions Made
Increase in Net Pension Obligation
24,233
(24,233)
Net Pension Obligation, beginning of year
Net Pension Obligation, end of year
$
The annual required contribution for the past year was determined as part of the December 31, 2006
actuarial valuation using the Aggregate Method. This method does not identify or separately amortize
unfunded actuarial liabilities. The actuarial assumptions included (a) 3.0% investment rate of return (b)
no assumption for mortality pattern as it is inapplicable (c) no assumption for salary increases as
F-18
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 9 - PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL
SERVICES (Continued)
benefits are not based on compensation and (d) no increase for inflation as benefits are based on a flat
amount per year of service. The actuarial value of assets includes only the fair value of the assets.
There was no unfunded actuarial accrued liability at December 31, 2006.
Three Year Trend Information
Annual Pension Cost Percentage of APC
(APC) Contributed
Fiscal Year Ending
12/31/04
12/31/05
12/31/06
$ 58,904
$ 61,050
$ 24,233
NOTE 10 - CAPITAL COMMITMENTS
Net Pension
Obligation
100%
100%
100%
$
$
$
Construction projects under present contractual agreements as of September 30, 2007 are as follows:
Project
Key West Airport
Murray Nelson Government Center
Freeman Justice Center
Medical Examiner's Facility
Marathon Airport Renovation
Card Sound Bridge Repair
Miscellaneous
Total
Construction Commitments
$ 22,388,818
8,612,749
4,412,298
2,415,672
2,282,681
2,190,194
3,724,976
$ 46,027,388
The Comprehensive Plan Land Authority has approximately $790,042 of commitments to acquire
various properties as of September 30, 2007.
NOTE 11 - LEASE OBLIGATIONS
Ooeratino Leases
The Sheriff leases office space, equipment and vehicles under operating lease agreements. These
lease agreements include options to extend the leases for additional terms. Total lease payments
made during the fiscal year ended September 30, 2007 were $4,808,356.
The following is a schedule by years of minimum future rentals under non-cancelable operating leases
as of September 30, 2007:
Year Ending
Seotember 30.
2008
2009
2010
2011
2012
2013-2015
$
3,858,655
4,011,737
3,960,643
3,993,610
4,113,968
9.085.946
29 024 559
$
F-19
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 11 - LEASE OBLIGATIONS (Continued)
On January 8, 2008, subsequent to year-end, the Sheriff's Office entered into a lease agreement for
building space. The lease is for ten years with a minimum annual future rental of $1 ,929,649 that is not
shown above.
Capitalized Leases
Capitalized lease obligations are stated at the original fair market value of leased assets capitalized,
less payments since the inception of the lease discounted at the implicit rate of interest in the lease.
The future minimum debt reductions under capitalized leases consist of the following at September 30,
2007:
Governmental
Activities
Business-type
Activities
Fiscal year ending September 30:
2008
2009
2010
2011
2012
2013-2017
2018-2022
2023-2024
$ 199,511
177,866
26,256
17,520
2,920
$ 50,000
50,000
50,000
50,000
50,000
250,000
250,000
67,270
424,073
(21,631)
817,270
Total minimum payments
Amounts representing interest
Present value of net minimum lease payments
$ 402,442
$ 817,270
Leased property which has been capitalized as of September 30, 2007 is as follows:
Governmental
Activities
Business-
type
Activities
Equipment
$ 929,130
(203,404)
$ 725,726
$ 2,335,830
(2,335,830)
Less: Accumulated Depreciation
$
NOTE 12 - LONG-TERM DEBT
Long-term debt activity for the year ended September 30, 2007 is as follows:
F-20
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 12 - LONG-TERM DEBT (Continued)
Current
Portion of
Beginning Ending Long-term
Balances Additions Payments Balances Liabilities
Governmental Activities:
Governmental Funds
Revenue bonds payable $18,035,000 $ $1,205,000 $16,830,000 $1,240,000
Revenue note payable 1,808,771 582,487 1,226,284 600,089
Note payable 13,466 5,984 7,482 5,986
Arbitrage payable 92,468 92,468 92,468
Accrued compo absences 6,906,312 2,766,292 2,391,671 7,280,933 629,075
Capitalized lease obligations 834,534 432,092 402,442 186,240
Total Governmental Activities $27,598,083 $2,858,760 $4,617,234 $25,839,609 $2,753,858
Business-type Activities:
Revenue bonds payable $30,455,000 $ $ $30,455,000 $
Revenue note payable 2,854,611 431,867 2,422,744 447,309
Arbitrage payable 248,720 248,720
Landfill closure costs 379,288 11,379 390,667
Accrued compo absences 346,877 204,302 189,285 361,894 33,372
Capitalized lease obligations 867,270 50,000 817,270 50,000
Total Business-type Activities $34,903,046 $ 464,401 $ 671,152 $34,696,295 $ 530,681
Total Long-Term Debt $62,501,129 $3,323,161 $5,288,386 $60,535,904 $3,284,539
Internal service fund long-term debt information is included in the governmental activities on the
government-wide financial statements, because the internal service funds predominately serve those
activities.
The majority of the compensated absences for governmental activities are generally liquidated by the
General Fund.
The following is a summary of the County's bonds and notes as of September 30, 2007:
Governmental Activities
Revenue Bonds:
Infrastructure Sales Surtax Revenue Bonds, Series 2003
Revenue Note:
Guaranteed Entitlement Refunding Revenue Note, Series 2002
Less Unamortized Discount
Note Payable for vehicle purchase, interest free
$ 16,830,000
1,235,823
(9,539)
1,226,284
7,482
$ 18,063,766
Total Governmental Activities
F-21
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 12 - LONG-TERM DEBT (Continued)
Business-tvpe Activities
Revenue Bonds:
Key West International Airport Revenue Bonds, Series 2006
$ 30,455,000
Revenue Note:
Solid Waste Disposal System Refunding Revenue Note, Series 2002
Less Unamortized Loss on Refunding
Total Business-Type Activities
2,506,640
(83,896)
2,422,744
$ 32,877,744
Debt Service Funding Reauirements - The total annual debt service requirements for bonds and notes
outstanding at September 30, 2007 are as follows:
Governmental Activities Business-type Activities
Principal Interest Total Principal Interest Total
2008 $ 1,865,303 $ 588,418 $ 2,453,721 $ 680,372 $ 69,508 $ 749,880
2009 1,495,682 537,489 2,033,171 975,765 1,687,540 2,663,305
2010 1,335,000 496,708 1,831,708 977,841 1,644,339 2,622,180
2011 1,385,000 454,177 1,839,177 985,499 1,601,381 2,586,880
2012 1 ,445,000 407,105 1,852,105 410,000 1,558,370 1,968,370
2013-2017 8,250,000 1,192,200 9,442,200 2,335,000 7,429,675 9,764,675
2018-2022 1,890,000 37,800 1,927,800 3,140,000 6,712,750 9,852,750
2023-2027 4,500,000 5,723,630 10,223,630
2028-2032 8,435,000 4,072,475 12,507,475
2033-2035 9,515,000 1,216,325 10,731,325
Total 17,665,985 3,713,897 21,379,882 31,954,477 31,715,993 63,670,470
Less: Unamortized
Costs (9,539) (9,539) (83,896) (83,896)
Total $17,656,446 $3,713,897 $21,370,343 $31,870,581 $31,715,993 $63,586,574
At September 30, 2007, the current portion of the unamortized loss on refunding is $9,539.
Long-Term Debt at September 30,2007 is composed of the following issues:
$21.455.000 Infrastructure Sales Surtax Revenue Bonds. Series 2003
Type: General Government Revenue Bonds
Dated: March 2003
Final maturity: Year 2018
Principal payment date: April 1
Interest payment dates: April 1 and October 1
Interest rates: 2.0% to 4.0%
F-22
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 12 - LONG-TERM DEBT (Continued)
$21.455.000 Infrastructure Sales Surtax Revenue Bonds. Series 2003 (Continued)
Amount outstanding at September 30th: $16,830,000
Reserve requirement: None; MBIA insured.
Revenue pledged: One Cent Local Government Infrastructure Sales Surtax
Purpose: To construct and acquire equipment and capital improvements.
Call provisions: First redemption date may not be later than 4/20/13 and no call premium may exceed
2% of the par amount redeemed.
$3.495.144 Guaranteed Entitlement Refundinq Revenue Note. Series 2002
Type: General Government Revenue Note
Dated: December 2002
Final maturity: Year 2009
Principal payment date: December 1
Interest payment dates: June 1 and December 1
Interest rates: 2.96%
Amount outstanding at September 30th: $1,235,823
Reserve requirement: None.
Revenue pledged: Lien and pledge of Guaranteed Entitlement and Second Guaranteed Entitlement
from the State Revenue Sharing Trust Fund provided by Chapter 219, Florida Statutes.
Purpose: To refund on a current basis the $7,230,000 Monroe County, Florida Refunding Revenue
Bonds, Series 1993.
Call provisions: No prepayment penalty. Bank requires 10 days notice.
$29.929 Non-Interest Bearinq Note Pavable: Tax Collector
Type: Enterprise Revenue Note
Date: Fiscal 2004
Final maturity: October 2008
Principal payment date: October 1
Interest payment dates: N/A - non-interest bearing note
Interest rates: 0.00%
Amount outstanding at September 30th: $7,482
Revenue requirements: None.
Revenue Pledged: None.
Purpose: To finance a vehicle purchase.
Call provisions: None.
$30.455.000 Kev West International Airport Revenue Bonds
Type: Enterprise Revenue Bond
Dated: July 2006
Final maturity: Year 2035
Principal payment date: October 1
Interest payment dates: Monthly
Interest rates: 5.50%
Amount outstanding at September 30th: $30,455,000
Reserve requirement: None.
Revenue Pledged: (1) Net Revenues (as defined in the Resolution) to be derived from the operation
of the airport, (2) Other Available Moneys (as defined in the Resolution), (3) Hedge Receipts and
F-23
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 12 - LONG-TERM DEBT (Continued)
(4) (until applied in accordance with the provisions of the Resolution) all moneys, including
investments thereof, in certain of funds and accounts established under the Resolution, and (5) the
Reserve Account.
Purpose: Acquire, construct and equip various capital improvements at the Key West International
Airport
Call provisions: (1) Optional Redemption at par on any date (2) Mandatory redemption at par at the
option of the Bank upon the event of default under the Reimbursement Agreement or with respect
to Bank Bonds. At least 15 days notice of mandatory tender of Series 2006 Bonds for purchase; at
least 30 days notice of redemption.
$4.143.945 Solid Waste Disposal Svstem RefundinQ Revenue Note. Series 2002
Type: Enterprise Revenue Note
Dated: December 2002
Final maturity: Year 2012
Principal payment date: October 1
Interest payment dates: April 1 and October 1
Interest rates: 3.41%
Amount outstanding at September 30th: $2,506,640
Reserve requirement: None.
Revenue pledged: Gross revenues from the solid waste disposal, collection and management
systems.
Purpose: To refund on a current basis the Monroe County Municipal Service District Refunding
Improvement Bonds, Series 1991.
Call provisions: No prepayment penalty. Bank requires 10 days notice.
NOTE 13 - DEFEASANCE OF DEBT
In prior years, the County defeased revenue bonds by placing the proceeds of new bonds with an
escrow agent in irrevocable trust accounts to provide for all future debt service payments on the old
bonds. Accordingly, the trust account assets and liabilities for the defeased bonds are not included in
the County's financial statements.
The following schedule reflects outstanding principal on refunded bonds, by issue, as of September 30,
2007:
$2,155,000 Refunding Improvement Revenue Bonds, Series 1983; defeased on
January 1, 1993 using proceeds from the Refunding Improvement Revenue Bonds,
Series 1993/83
$ 680,000
$5,000,000 Improvement Revenue Bonds, Series 1988; defeased on May 1, 1993
using proceeds from the Refunding Revenue Bonds, Series 1993/88
1.255.000
Total Governmental Activities
$ 1 935 000
$8,000,000 Municipal Service District Improvement Revenue Bonds, Series 1980;
defeased on December 6, 1985 using proceeds from the $9,211,774 Municipal
Service District Refunding Improvement Bonds, Series 1985
$ 5,370,000
F-24
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 13 - DEFEASANCE OF DEBT (Continued)
$9,211,774 Municipal Service District Refunding Improvement Bonds, Series 1985;
defeased on April 1, 1991 using proceeds from the Municipal Service District
Refunding Improvement Bonds, Series 1991
3,955,000
$4,585,000 Card Sound Road and Bridge Improvement Revenue Bonds, Series
1993; defeased on March 8, 1994 using available cash
Total Business-type Activities
460.000
$ 9 785 000
NOTE 14 -INTEREST RATE CAP
Contracts - The County has an interest rate cap agreement in effect at September 30, 2007 for the
$30,455,000 Key West International Airport Variable Rate Revenue Bonds (Key West International
Airport), Series 2006 ("Series 2006").
Obiectives - As a means to manage interest rate risk related to the variable rate bonds at the time of
issuance on July 18, 2006, the County entered into an interest rate cap agreement in connection with
its Series 2006 bonds. The intention of the cap agreement was to effectively limit the County's
maximum variable interest rate on the bonds to a fixed rate of 5.50% for a period of three years.
Terms. fair values. and credit risk - The notional amount of the cap agreement matches the principal
amount of the associated debt and declines with the principal amortization on the bonds. The terms,
fair values, and credit ratings of the outstanding cap as of September 30, 2007 are as follows.
Associated
Bond Issue
Notional
Amount
Fixed Variable Rate
Rate (1)
5.50% Weekly Rate $381 July 18, 2009
Fair
Value
Termination
Date
Counterparty
Credit Rating (2)
Effective
Date
July 18,
Series 2006 $ 30,455,000 2006
Aaa/AA+/AA+
(1) Determined weekly by Remarketing Agent
(2) Counterparty's guarantor
Credit risk - As of September 29, 2007 the positive fair value of the agreement represents the County's
exposure to credit risk. Should the counterparty to the cap fail to perform according to the terms of the
cap agreement, the County faces variable credit risk to the same extent as if the County had not
entered into the cap agreement. The counterparty carries a guarantee by an entity ("counterparty
guarantor") rated Aa2 by Moody's Investors Service (Moody's), AA+ by Standard and Poor's (S&P),
and AA+ by Fitch Ratings (Fitch).
Basis risk - The cap does not expose the County to basis risk.
Termination Risk - The County or the counterparty may terminate the cap agreement if the other party
fails to perform under the terms of the contract. An additional termination event occurs if the
counterparty ratings fall below specified categories by Moody's and S&P, and any other Rating Agency.
The swap may be terminated by the County with 30 days notice and the counterparty can terminate the
swap if the County falls below Baa2 by Moody's, BBB by S&P, and an equivalent investment grade
from any other Rating Agency, provided however that any termination must have insurer consent.
F-25
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 14 -INTEREST RATE CAP (Continued)
Rollover Risk - The County is exposed to rollover risk on the interest cap agreement that terminates
prior to the associated debt. When this agreement terminates, the County will not realize the synthetic
rate offered by the agreement on the underlying debt issue.
NOTE 15 - CONDUIT DEBT
IDA Health Care Facilities Revenue Bonds. Series 2003 - The Monroe County Industrial Development
Authority approved the issuance of IDA Health Care Facilities Revenue Bonds, Series 2003, not to
exceed $2,500,000 and for a loan by the Authority to the Guidance Clinic of the Middles Keys, Inc. to
provide for the refinancing of certain outstanding indebtedness of the corporation and for financing
certain capital improvements to the corporations health care facilities. Ownership of the acquired
facilities is in the name of the private entity served by the bond issuance. Neither the County, the
Authority, the State, nor any political subdivision thereof is obligated in any manner for the repayment of
the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial
statements. Maturity of the Series 2003 Bonds is August 1, 2018.
Industrial Development Bonds (North Kev Laroo Utilitv Corp. Svstem). Series 2005 - The Monroe
County Industrial Development Authority issued Industrial Development Revenue Bonds (North Key
Largo Utility Corporation System), Series 2005 totaling $2,965,000 on September 1, 2005 for the
exchange of a like principal of the $3,400,000 of Industrial Development Revenue Bonds issued in
1995 related to the North Key Largo Utility Corporation Project. Neither the County, the Authority the
State, nor any political subdivision thereof is obligated in any manner for the repayment of the bonds.
Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. Maturity
of the Series 2005 Bonds is March 1, 2025.
City of South Miami Health Facilities Authoritv Hospital Revenue Bonds. Series 2007 On April 18,
2007, the County approved an interlocal agreement with the City of South Miami Health Facilities
Authority for the issuance of $800,000,000 of tax-free bonds for Mariner's Hospital (Baptist Health
South) for the purpose of financing capital improvements to health care facilities and refund outstanding
bonds. The facilities will be owned by the issuers of the bonds and the County is not obligated in any
way for the repayment of the bonds. Monroe County was part of a group consisting of the State of
Florida and other units of local government that participated to establish the tax-free status of the
bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
Maturity of the Series 2007 Bonds is August 15, 2042.
NOTE 16 - RECOGNITION OF CLOSURE AND POST CLOSURE COST
As described in Note 1, current regulations of the U.S. Environmental Protection Agency (EPA) and the
Florida Department of Environmental Protection (FDEP) require municipal solid waste landfills to place
a final cover on closed landfill areas, and to maintain those areas for up to 30 years after closure. The
County obtains updated and revised estimates of total future closure and post closure costs from its
engineers.
All amounts recognized are based upon what it would cost to perform closure and post closure
functions in current dollars. Actual costs may be different due to inflation, changes in technology, or
changes in laws and regulations.
F-26
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 16 - RECOGNITION OF CLOSURE AND POST CLOSURE COST (Continued)
Recognition of the liability for closure and post closure costs is based on the landfill capacity used to
date. The landfill capacity of the County's previously operated landfills is 100% used and has no
remaining landfill life. Closure of these landfills was substantially completed during the year ended
September 30, 1994. The County has another landfill site, which has never been used. Accordingly, no
future closure cost is accruable except for post closure costs estimated to be incurred in the coming
year. At September 30,2007, the estimated future cost for post closure maintenance, which is reported
as a long-term liability in the Municipal Service District-Waste enterprise fund, was $ 390,667.
For the public landfill, accounted for in the Municipal Service District-Waste enterprise fund, expenses
associated with the final closure and post closure maintenance of landfill areas are recognized over the
active life of those areas. These costs are recognized in each operating period based on the amount of
waste received during that period, regardless of when cash disbursements are made for these costs.
The cumulative effect of updated and revised estimates of closure-related costs is recognized in the
period of the change to the extent it relates to current and past operations. The Florida Department of
Environmental Protection approved a post closure operating plan, which permits the County to fund
closure, and post closure costs as an operating expense using annual appropriations.
The landfill is required by state and federal laws and regulations to make annual contributions to a cash
escrow account to meet financial assurance requirements. In accordance with laws and regulations, the
landfill had cash and investments of $1,890,330 held for these purposes at September 30, 2007. In the
event closure escrows and interest earnings prove inadequate due to inflation, changes in technology
or additional post closure care requirements, these costs may need to be covered by charges to service
users.
NOTE 17 - INTERFUND BALANCES
Interfund balances at September 30, 2007 are as follows:
Payable Fund
Receivable Road & Govt'l Non- Card Mara-
General HIDTA major Sound thon ISF Total
Fund Bridge Grants Govt'1 Road AlP
General $ $ - $ 6,434 $ 72,982 $ 950,369 $ - $ - $ - $1,029,785
Fine & Forfeiture 31,278 31,278
Govt' I Grants 175,464 6,942 182,406
One Cent Infras 300,000 300,000
Nonmajor Govt'1 586,839 18,600 54,473 659,912
MSD 1,707 5,804 28,551 1,110 295 17 37,484
Key West Airport 4,525 - 4,525
Total $764,010 $5,804 $334,985 $91,582 $1,044,172 $295 $4,525 $17 $2,245,390
F-27
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 17 - INTERFUND BALANCES (Continued)
During the course of operations, transactions occur which result in amounts owed to a particular fund
by another fund, other than for goods provided or services rendered. These receivables and payables
are due within a year and are classified as "Due from other funds/Due to other funds" on the
governmental funds balance sheet or proprietary fund statement of net assets.
NOTE 18 -INTERFUND TRANSFERS
Interfund transfers at September 30, 2007 were as follows:
Transfers To:
General
General
Transfers From:
Govt'l Rev Bond Nonmajor
Grants Series 2003 Gov!'1
$ 228,069 $ $ 92,524 $
Key West
Airport
Marathon
Airport
$
$
Total
320,593
$
Fine & Forfeiture
40,318,418
16,667
40,335,085
Road & Bridge
795,666
795,666
Grants
998,146
998,146
One Cent Infras
209,437 207,118 5,082,900 1,667,708 2,000,000
9,167,163
Nonmajor Govt'l
2,483,474
94,118
199,549 2,647,896
5,425,037
MSD
410,537
410,537
Card Sound Rd
53,567
53,567
Key West Airport
132,836
132,836
Marathon Airport
100,826
100,826
Intn'l Svc Funds
731,178
373,276 1,800,000 2,904,454
Total
$46,101,249 $ 545,972 $ 5,282,449 $4,408,128 $ 2,373,276 $1,932,836 $60,643,910
Transfers between major governmental, other nonmajor governmental, major enterprise, and internal
service funds were used to support operations of the general fund and capital projects, provide funds
for debt service payments and grant match requirements, and insurance recoveries from Hurricane
Wilma.
NOTE 19 - RISK MANAGEMENT
The County is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years
ended 1976, 1984 and 1988, the County established the Worker's Compensation, Group Insurance,
and Risk Management Funds, respectively, as Internal service funds to account for and finance its
F-28
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 19 - RISK MANAGEMENT (Continued)
uninsured risks of loss. Under these programs, the Worker's Compensation provides $1,000,000
coverage per claim. The Group Insurance Fund provides self insured excess claims. Risk Management
has a $5,000,000 excess insurance policy for general liability claims with a $100,000 self-insured
retention, and building property damage is covered for the actual value of the building with a deductible
between $100,000 and $250,000. Deductibles for windstorm and flood vary by location. The County
purchases commercial insurance for claims in excess of coverage provided by the funds and for all
other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three
years.
All funds of the County participate in the programs and make payments to the Worker's Compensation,
Group Insurance and Risk Management Funds based on estimates of the amounts needed to pay prior
and current year claims. The claims liabilities reported at September 30, 2007 are based on the
requirements of Governmental Accounting Standards County Statement No. 10, which requires that a
liability for claims be reported if information prior to the issuance of the financial statements indicates
that it is probable that a liability has been incurred at the date of the financial statements and the
amount of the loss can be reasonably estimated.
Changes in the claims liability amounts in fiscal year 2007 and 2006 were:
Worker's Group Risk
Compensation Insurance Management Total
Balance at September 30, 2005 $ 1,732,252 $ 3,095,791 $ 1,501,607 $ 6,329,650
Current year claims and
changes in estimates 2,033,326 10,308,270 294,353 12,635,949
Claim payments (1,903,711 ) (10,311,580) (294,353) (12,509,644)
Balance at September 30, 2006 1,861,867 3,092,481 1,501,607 6,455,955
Current year claims and
changes in estimates 1,739,198 12,137,554 289,175 14,165,927
Claim payments (1,806,714) (11,588,769) (243,292) (13,638,775)
Balance at September 30, 2007 $ 1,794,351 $ 3,641,266 $ 1,547,490 $6,983,107
NOTE 20 - LITIGATION
The County is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. In the opinion of the County, these suits and claims should not result in
judgments or settlements, which, in aggregate, would have a material adverse effect on the County's
financial condition.
NOTE 21 - COMMITMENTS AND CONTINGENCIES
Grant Proarams - The County participates in a number of federally assisted grant programs. These
programs are subject to financial and compliance audits by the grantors or their representatives.
Arbitraae Rebate - In accordance with the Tax Reform Act of 1986, any interest earnings on borrowed
construction funds in excess of the interest costs are required to be rebated to the federal government.
F-29
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 21 - COMMITMENTS AND CONTINGENCIES (Continued)
As of September 30, 2007, the County has estimated its arbitrage rebate liability to be $92,468 for its
governmental activities and $248,720 for its business-type activities.
Impact Fee Refunds - Unexpended or unencumbered funds arising from the collection of impact fees
may be refunded within one year following the end of the sixth year from the date on which the impact
fee was paid or within three months of the non-commencement of construction.
Letter of Credit - The County has issued $30,455,000 Key West International Revenue Bonds, Series
2006 (the Series 2006 Bonds) for the primary purpose of providing funds necessary to finance the
acquisition, construction and equipping of certain airport facilities. In order to provide security for the
payment when due of the principal and interest on the Series 2006 bonds, the County has requested
the bank to issue its irrevocable direct pay letter of credit naming U.S. Bank National Association as
beneficiary. The letter of credit is for an amount sufficient to pay at a maximum interest rate of 12% per
annum. This initial agreement expires on October 15, 2009.
NOTE 22 - SUBSEQUENT EVENT
Pursuant to the provisions of Monroe County Resolution 238-C, the County redeemed $2,700,000 of
the Airport Variable Rate Revenue Bonds, Series 2006 maturing in 2035 on December 1, 2007. The
bond redemption was funded by $2,561,407 of FAA grant funding and $138,593 of Passenger Facility
Fees.
The County issued $29,415,000 of Infrastructure Sales Surtax Revenue Bonds, Series 2007 on
December 14, 2007. The Bonds are issued to provide funds to acquire, construct and equip capital
improvements which include fire station facilities, a public works compound, park improvements and a
centralized wastewater system. The County has an interlocal agreement with the Key Largo
Wastewater Treatment District which requires the County to contribute $20 million toward a centralized
wastewater system. The County has previously funded $6 million and expects to fund the remaining
$14 million from the Series 2007 bond proceeds. The Series 2007 Bonds are on parity with the
County's outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003. The Series 2003 and
2007 Bonds are secured by a pledge of and lien on the one cent local government sales surtax levied
pursuant to Section 212.055(2), Florida Statutes and the moneys in certain funds and accounts
established pursuant to the County's Resolutions concerning the issuance of the Series 2003 and 2007
Bonds.
On November 14, 2007 the County approved a wastewater treatment plan to service the Geiger and
Rockland Keys. This plan will require the County to fund $21,000,000 of the costs to construct a
wastewater collection system. The County intends to obtain permanent financing through the Clean
Water State Revolving Loan Fund program of the Florida Department of Environmental Protection.
However, these funds will not be available immediately. On December 19, 2007 the County approved
the application for interim financing not to exceed $21,000,000 from the State Revolving Loan Fund.
The interim financing will have a term of three years and is secured by the proceeds of the permanent
financing and a commitment to appropriate non-ad valorem revenue.
As discussed in Note 2, at September 30, 2007, the County and the Monroe County Comprehensive
Plan Land Authority had $154,518,856 and $8,655,797, respectively, invested in the State Board of
Administration's Local Surplus Funds Trust Fund Investment Pool (Pool). On November 29, 2007, the
State Board of Administration implemented a temporary freeze on the assets held in the Pool due to an
F-30
MONROE COUNTY, FLORIDA
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 22 - SUBSEQUENT EVENT (Continued)
unprecedented amount of withdrawals from the Fund coupled with the absence of market liquidity for
certain securities within the Pool. The significant amount of withdrawals followed reports that the Pool
held asset-backed commercial paper that was subject to sub prime mortgage risk. On December 4,
2007, based on recommendations from an outside financial advisor, the State Board of Administration
restructured the Pool into two separate pools. Pool A consisted of all money market appropriate assets,
which was approximately $12 billion or 86% of Pool assets. Pool B consisted of assets that either
defaulted on a payment, paid more slowly than expected, and/or had any significant credit and liquidity
risk, which was approximately $2 billion or 14% of Pool assets. At the time of the restructuring, all
current pool participants had their existing balances proportionately allocated into Pool A and Pool B.
Currently, Pool A participants may withdraw 37% of their balance or $4 million, whichever is greater,
without penalty. Withdrawals from Pool A in excess of the above limit are subject to a 2% redemption
fee. New investments in Pool A are not subject to the redemption fee or withdrawal restrictions. Future
withdrawal provisions from Pool A will be subject to further evaluation based on the maturities of
existing investments and the liquidity requirements of the Pool. On December 21, 2007, Standard and
Poor's Ratings Services assigned its "AAAM" principal stability fund rating to Pool A.
Currently, Pool B participants are prohibited from withdrawing any amount from the Pool and a formal
withdrawal policy has not yet been developed. Market valuations of the assets held in Pool B are not
readily available. In addition, full realization of the principle value of Pool B assets is not readily
determinable.
As of November 29, 2007, the Monroe County Comprehensive Plan Land Authority had $7,694,816
and $1,252,644 invested in Pool A and B, respectively, and the County had $39,180 and $6,583
invested in Pool A and B, respectively. Additional information regarding the Local Government Surplus
Funds Trust Fund may be obtained from the State Board of Administration. To date the impact of the
State Board of Administration's recent actions on the Authority's activities has been minor because
daily operations and small real estate transactions are funded using cash accounts rather than the
Pool.
F-31
THIS PAGE INTENTIONALLY LEFT BLANK
COMBINING AND INDIVIDUAL
FUND STATEMENTS AND SCHEDULES
THIS PAGE INTENTIONALLY LEFT BLANK
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
AFFORDABLE HOUSING PROGRAMS
To account for revenues and expenditures of various low income housing programs.
TOURIST DEVELOPMENT DISTRICTS
To account for the local option three-cent bed tax in five districts, all districts two cent, and
administrative and promotional funds for the expenditures of advertising, promotions, and special events
of the County Tourist Development Council.
IMPACT FEES
To account for the revenues and expenditures relating to impact fees collected for roadways, parks and
recreation, libraries, solid waste, pOlice facilities, fire and EMS, and fair share housing.
FIRE AND AMBULANCE DISTRICTS
To account for revenues and expenditures in districts for fire and ambulance services.
UPPER KEYS HEALTH CARE SPECIAL TAXING DISTRICT
To account for all transportation and hospitalization costs of Monroe County trauma patients in Dade
County.
UNINCORPORATED AREA SERVICE DISTRICTS
To account for all revenues and expenditures for planning, building and zoning and parks and recreation
services provided only to the unincorporated area of the County.
LOCAL HOUSING ASSISTANCE SPECIAL REVENUE FUND
The Local Housing Assistance Fund is used to account for the revenues and expenditures for the
administration and implementation of the State Housing Initiatives Partnership Program.
MUNICIPAL POLICING
To account for all revenues and expenditures for local road patrol law enforcement in the City of
Marathon, City of Layton and Islamorada, Village of Islands.
911 ENHANCEMENT FEES
To account for fees levied on each telephone access line in Monroe County for the enhancement of the
911 emergency telephone system.
DUCK KEY SECURITY DISTRICT
To account for the revenues and expenditures in providing security services for the Duck Key District.
BOATING IMPROVEMENT
To account for revenues and expenditures for providing boating-related activities, for removal of vessels
and floating structures deemed a hazard to public safety and health, and for manatee and marine
mammal protection and recovery.
MISCELLANEOUS SPECIAL REVENUE
To account for revenues and expenditures earmarked for specific purposes.
ENVIRONMENTAL RESTORATION
To account for all revenue and expenditures for fines/fees collected and earmarked for environmental
protection.
(Continued)
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS - CONTINUED
LAW ENFORCEMENT TRUST
To account for the funds used for the purpose of training police officers and supporting personnel in the
prevention, investigation, detection and identification of crime.
COURT FACILITY FEES
To account for revenues collected upon the institution of any civil action, suit or proceeding to be used
exclusively in providing and maintaining existing and future facilities for the use of the Circuit and County
Court systems.
DRUG ABUSE TRUST
To account for assessments collected for drug abuse programs and to disburse assistance grants for
drug abuse treatment and/or educational programs which meet the standards for qualification of such
programs by the Department of Health and Rehabilitative Services.
MARATHON MUNICIPAL SERVICE
To account for the revenues and expenditures for municipal services for Marathon.
WASTEWATER MSTU
To account for the revenues and expenditures for wastewater services for Conch Key, Bay Point, Big
Coppitt, Key Largo, Stock Island, Cudjoe-Sugarloaf, Long Key-Layton and Duck Key.
BUILDING FUND
To account for the revenues and expenditures relating to building permit and related fees and for the
administration and enforcement of the building code for the unincorporated area of the County.
COMPREHENSIVE PLAN LAND AUTHORITY
To account for the revenues and expenditures for purchasing unbuildable, recreational and
conservational property and repackaging the property to meet the land use requirements.
SHERIFF'S INMATE COMMISSARY
To account for the revenues and expenditures of inmate telephone commissions, canteen revenues and
other inmate programs.
SHERIFF'S IMPACT SUPPORT
To account for the revenues and expenditures relating to the administration of the South Florida Drug &
Money Laundering Task Force.
SHERIFF'S OFF-DUTY
To account for the revenues, expenditures and related reimbursements for law enforcement services
provided to other organizations.
SHERIFF'S GRANTS
To account for the revenues and expenditures relating to various grants.
SHERIFF'S TEEN COURT
To account for the revenues and expenditures pertaining to a program designed to deter juveniles who
are becoming involved in crime.
SHERIFF'S SOUTH FLORIDA LAW ENFORCEMENT TRUST
To account for the revenues and expenditures pertaining to South Florida Drug & Money Laundering
Task Force.
(Continued)
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS - CONTINUED
SHERIFF'S SHARED ASSET FORFEITURE
To account for the revenues and expenditures of the Sheriff Department's shared asset forfeiture
program.
SHERIFF'S FEDERAL FORFEITURE
To account for the Sheriff's revenues produced from forfeitures and expenditures in the prevention,
investigation, detection and identification of crime.
SHERIFF'S HIDTA ADMINISTRATIVE
To account for the revenues of service fees collected for administering HIDTA grants. Expenditures
relate to the costs of administering the grants.
SHERIFF'S AIRPORT SERVICES
To account for expenditures related to providing security at airports throughout the county.
SHERIFF'S LAW ENFORCEMENT TRUST
To account for expenditures to non-profit organizations to help deter drug use and juvenile delinquency.
SHERIFF'S FINE AND FORFEITURE
To account for the proceeds from state forfeitures received primarily from the South Florida Drug and
Money Laundering Task Force.
SHERIFF'S INTERAGENCY COMMUNICATIONS
To account for revenues and expenditures allocated for radio communications.
SHERIFF'S 911 WIRELESSIWIRELINE ENHANCEMENT
To account for revenues and expenditures relating to fees levied on every telephone access line in
Monroe County for the enhancement of the 911 emergency telephone systems.
CLERK'S MODERNIZATION TRUST FUND
To account for revenue received through an additional recording fee pursuant to Florida Statute
28.24(15)(d) to be used for equipment, equipment maintenance, training and technical assistance
necessary to modernize the clerk's public records system.
CLERK'S COURT RELATED
To account for revenues and expenditures for providing court related services under the direction of the
Clerk of the Circuit Court.
SUPERVISOR'S VOTER EDUCATION & EQUIPMENT
To account for revenue received through grants for the education of voters and the purchase of voter
equipment.
DEBT SERVICE FUNDS
ALL DEBT SERVICE FUNDS
To account for accumulation of resources for, and payment of, interest and principal on the long-term
debt incurred in the issuance of various revenue bonds.
CAPITAL PROJECT FUNDS
CLERK'S REVENUE NOTE
To account for the Clerk's network system from the Florida Local Government Finance Commission
Loan.
MONROE COUNTY, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
G-1
REVENUE FUNDS
Tourist Tourist Tourist Tourist
Development Development Development Development Impact Fees,
District #Two District #Three District #Four District #Five Impact Fees, Parks and
Three Cent Three Cent Three Cent Three Cent Roadways Recreation
$ 403,802 $ 1,262,307 $ 1,319,429 $ 1,133,495 $ 5,714,396 $ 1,046,203
4,213 10,367 9,581 9,881
1,755 5,778 5,152 3,957
$ 409,770 $ 1,278,452 $ 1,334,162 $ 1,147,333 $ 5,714,396 $ 1,046,203
$
1,491 $
441,641 $
235,655 $
19,091 $
- $
308,416
34,268
771
67
67
2,675
32
2,294
441,708
235,722
21,766
342,684
407,476
407,476
836,744
836,744
1,098,440
1,098,440
1,125,567
1,125,567
5,714,396
5,714,396
703,519
703,519
$ 409,770 $ 1,278,452 $ 1,334,162 $ 1,147,333 $ 5,714,396 $ 1,046,203
(Continued)
G-2
MONROE COUNTY, FLORIDA
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
SPECIAL
G-3
REVENUE FUNDS
Fire & Amb Upper Keys Unincorp. Unincorp.
Impact Fees, District #1, Health Care Fire & Amb Area Service Area Service
Employee Fair Lower and Special District #6, District, Dist-Planning
Share Housing Middle Keys Taxing District Key Largo Parks & Rec. Bldg. & Zoning
$ 201,003 $ 3,233,969 $ 1,985,700 $ $ 1,425,927 $ 3,341,870
352,692 3
112,879 44,998 305,233
$
201,003 $ 3,699,540 $ 1,985,700 $
$ 1,470,925 $ 3,647,106
$ - $ 107,149 $ 131 $ $ 80,794 $ 777,342
175,898 5,270 26,123 185,547
31,278 1,054
498 912 2,790
1,702
5,050
314,823 5,401 110,585 970,729
382,064
44,938
201,003
201,003
3,002,653
3,384,717
1,980,299
1,980,299
1,360,340
1,360,340
2,631,439
2,676,377
$
201,003 $ 3,699,540 $ 1,985,700 $
- $ 1,470,925 $ 3,647,106
(Continued)
G-4
MONROE COUNTY, FLORIDA
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
G-5
REVENUE FUNDS
Miscellaneous Law Court Drug
Boating Special Environmental Enforcement Facility Abuse
Improvement Revenue Restoration Trust Fees Trust
$ 1,116,627 $ 2,148,574 $ 729,310 $ 723,429 $ 1,486,510 $ 120,849
34,133
71,343
50,770
28,612
4,086
$ 1,150,760 $ 2,219,917 $
729,310 $
774,199 $ 1,515,122 $
124,935
$
22,083 $
52,169
27,286 $
96 $
$
403,983 $
11,390
61,767
84,507
6,998
21,000
85,642
30,271
203,831
7,094
21,000
403,983
20,357
119,627
1,044,761
1,065,118
2,016,086
2,016,086
722,216
722,216
753,199
753,199
991,512
1,111,139
124,935
124,935
$ 1,150,760 $ 2,219,917 $
729,310 $
774,199 $ 1,515,122 $
124,935
(Continued)
G-6
MONROE COUNTY, FLORIDA
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
SPECIAL
Marathon Conch Key Bay Point Big Coppitt
Municipal Wastewater Wastewater Wastewater
Service MSTU MSTU MSTU
ASSETS
Cash and Cash Equivalents $ 1,933,819 $ 15,686 $ 146,512 $ 263,301
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units 18 258 1,397
Mortgages/Notes Receivable
Allow. for Mortgages/Notes Receivable
Interest Receivable
Total Assets $ 1,933,837 $ 15,686 $ 146,770 $ 264,698
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 1,615,831 $ 13,613 $ 45,541 $ 25,754
Retainage Payable
Accrued Wages and Benefits Payable 680 1,492
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Deposits in Escrow
Deferred Revenues
Total Liabilities 1,615,831 13,613 46,221 27,246
Fund Balances:
Reserved for:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated in Special
Revenue Fund
Unreserved, Undesignated 318,006 2,073 100,549 237,452
Total Fund Balances 318,006 2,073 100,549 237,452
Total Liabilities and Fund Balances $ 1,933,837 $ 15,686 $ 146,770 $ 264,698
G-7
REVENUE FUNDS
Key Largo
Wastewater
MSTU
Stock Island
Wastewater
Cudjoe-
Sugarloaf
MSTU
Conch Key
MSTU
Long Key,
Layton
MSTU
Duck Key
MSTU
$ 1,754,090 $
372,780 $
341 ,855 $
6,917 $
46,602 $
107,799
15,669
533
28
138
77
1,066
$ 1,769,759 $
373,313 $
341,883 $
7,055 $
46,679 $
108,865
$ 319,152 $
28,004 $
7,295 $
216 $
7,294 $
32,822
1,118
680
680
680
680
1,063
243
320,513
28,684
7,975
896
7,974
33,885
1,449,246
1,449,246
344,629
344,629
333,908
333,908
6,159
6,159
38,705
38,705
74,980
74,980
$ 1,769,759 $
373,313 $
341,883 $
7,055 $
46,679 $
108,865
(Continued)
G-8
MONROE COUNTY, FLORIDA
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
G-9
REVENUE FUNDS
$
4,515 $
181,351 $
68,194 $ 1,775,182 $ 4,996,303 $ 1,469,198
$
$
- $
- $
- $
97,083 $
37,136
4,515
470,205
68,194
49,999
51,301
2,470
4,515
470,205
68,194
49,999
97,083
90,907
$
4,515 $
(288,854)
(288,854)
181,351 $
1,725,183
1,725,183
4,899,220
4,899,220
1,378,291
1,378,291
68,194 $ 1,775,182 $ 4,996,303 $ 1,469,198
(Continued)
G-10
MONROE COUNTY, FLORIDA
COMBINING BALANCE SHEET- CONTINUED
NON MAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
SPECIAL
Sheriffs Sheriffs Sheriffs Sheriff's
HIDTA Airport Law Enforce- Fine &
Administrative Services ment Trust Forfeiture
ASSETS
Cash and Cash Equivalents $ $ $ 518 $ 53,556
Accounts Receivable, Net
Due from Other Funds 153,838 102,045 518
Due from Other Governmental Units 261,282 21,000
Mortgages/Notes Receivable
Allow. for Mortgages/Notes Receivable
Interest Receivable
Total Assets $ 153,838 $ 363,327 $ 21,518 $ 54,074
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ $ $ 21,000 $ 3,271
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds 261,282 518 33
Due to Other Governmental Units 2,784 102,045 50,770
Deposits in Escrow
Deferred Revenues
Total Liabilities 2,784 363,327 21,518 54,074
Fund Balances:
Reserved for:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated in Special
Revenue Fund
Unreserved, Undesignated 151,054
Total Fund Balances 151,054
Total Liabilities and Fund Balances $ 153,838 $ 363,327 $ 21,518 $ 54,074
G-11
REVENUE FUNDS
Sheriffs Sheriffs Sheriffs Clerk's Clerk's Supervisor's
Interagency 911 911 Modernization Court Voter Educ. &
Communications Wireless Wireline Trust Related Equipment
$ 1,667,454 $ 693,888 $ 165,187 $ 1,081,769 $ 1,373,091 $ 58,776
99,061
114,818
79,414
17,338
$ 1,766,515 $
808,706 $
244,601 $ 1,081,769 $ 1,390,429 $
58,776
$
23,756 $
1,332 $
2,058 $
116,377 $
117,363 $
64,018
281
4,632
174
1,146,253
88,055
1,332
6,864
116,377
126,813
1,390,429
1,678,460
1,678,460
807,374
807,374
237,737
237,737
965,392
965,392
58,776
58,776
$ 1,766,515 $
808,706 $
244,601 $ 1,081,769 $ 1,390,429 $
58,776
(Continued)
G-12
MONROE COUNTY, FLORIDA
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
DEBT FUND CAPITAL FUND
Total Nonmajor Clerk's
Special Revenue All Debt Revenue
Funds Service Funds Note
ASSETS
Cash and Cash Equivalents $ 73,248,679 $ 514,434 $ 93,985
Accounts Receivable, Net 445,357
Due from Other Funds 659,912
Due from Other Governmental Units 2,116,187
Mortgages/Notes Receivable 11,865,479
Allow. for Mortgages/Notes Receivable (5,124,900)
Interest Receivable 62,554
Total Assets $ 83,273,268 $ 514,434 $ 93,985
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 6,365,280 $ $
Retainage Payable 86,437
Accrued Wages and Benefits Payable 421,397
Claims and Judgements Payable 92,468
Due to Other Funds 1,044,172
Due to Other Governmental Units 1,822,413
Deposits in Escrow 1,702
Deferred Revenues 162,134
Total Liabilities 9,903,535 92,468
Fund Balances:
Reserved for:
Encumbrances 566,986
Land Acquisition 2,380,461
Mortgage Loans 6,740,579
Debt Service 421,966
Unreserved, Designated in Special
Revenue Fund 466,651
Unreserved, Undesignated 63,215,056 93,985
Total Fund Balances 73,369,733 421,966 93,985
Total Liabilities and Fund Balances $ 83,273,268 $ 514,434 $ 93,985
G-13
Total
Nonmajor
Governmental.
Funds
$ 73,857,098
445,357
659,912
2,116,187
11,865,479
(5,124,900)
62,554
$ 83,881,687
$ 6,365,280
86,437
421,397
92,468
1,044,172
1,822,413
1,702
162,134
9,996,003
566,986
2,380,461
6,740,579
421,966
466,651
63,309,041
73,885,684
$ 83,881,687
G-14
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
SPECIAL
Tourist Tourist Tourist
Affordable Development Development Development
Housing All Districts Admin & Promo District #One
Programs Two Cent Two Cent Three Cent
Revenues:
Taxes $ $ 3,347,730 $ 6,937,155 $ 2,651,078
Licenses and Permits
Intergovernmental
Charges for Services 65,684 136,111 50,212
Fines and Forfeitures
Investment Income 19,421 167,157 173,974 221 ,205
Miscellaneous 3,485 616
Total Revenues 19,421 3,584,056 7,247,856 2,922,495
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment 3,129,043 6,515,121 2,637,636
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures 3,129,043 6,515,121 2,637,636
Excess/Deficiency of Revenues
Over/(Under) Expenditures 19,421 455,013 732,735 284,859
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds (112,972) (188,163) (71,795)
Total Other Financing Sources/(Uses) (112,972) (188,163) (71,795)
Net Change in Fund Balances 19,421 342,041 544,572 213,064
Fund Balances-October 1 346,978 2,601,488 2,954,911 3,220,098
Fund Balances-September 30 $ 366,399 $ 2,943,529 $ 3,499,483 $ 3,433,162
G-15
REVENUE FUNDS
Tourist Tourist Tourist Tourist
Development Development Development Development Impact Fees,
District #Two District #Three District #Four District #Five Impact Fees, Parks and
Three Cent Three Cent Three Cent Three Cent Roadways Recreation
$ 305,794 $ 772,199 $ 687,935 $ 725,437 $ - $
5,968
16,145
14,733
13,835
22,714
62,261
78,938
61,789
336,659
145,393
482,052
54,204
56,440
110,644
334,4 76
850,605
781,606
801,061
741,895
309,569
876,800
833,636
701,608
350,590
309,569
876,800
833,636
701,608
741,895
350,590
24,907
(26,195)
(52,030)
99,453
(259,843)
(239,946)
(10,740) (18,653) (18,030) (19,183) (35,583)
(10,740) (18,653) (18,030) (19,183) (35,583)
14,167 (44,848) (70,060) 80,270 (295,426) (239,946)
393,309 881,592 1,168,500 1,045,297 6,009,822 943,465
$ 407,476 $ 836,744 $ 1,098,440 $ 1,125,567 $ 5,714,396 $ 703,519
(Continued)
G-16
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES-CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
SPECIAL
Impact Fees, Impact Fees, Impact Fees, Impact Fees,
Libraries Solid Waste Police Facilities Fire & EMS
Revenues:
Taxes $ $ $ $
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income 35,807 2,152 15,345 16,127
Miscellaneous 48,634 9,954 22,961 15,937
Total Revenues 84,441 12,106 38,306 32,064
Expenditures:
Current:
General Government
Public Safety 47,248 55,500
Physical Environment 46,894
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures 46,894 47,248 55,500
Excess/Deficiency of Revenues
Over/(Under) Expenditures 84,441 (34,788) (8,942) (23,436)
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Total Other Financing Sources/rUses)
Net Change in Fund Balances 84,441 (34,788) (8,942) (23,436)
Fund Balances-October 1 612,525 39,713 248,498 279,406
Fund Balances-September 30 $ 696,966 $ 4,925 $ 239,556 $ 255,970
G-17
~-_.'--'-""-"---"'_._'--'
REVENUE FUNDS
Fire & Amb Upper Keys Unincorp. Unincorp.
Impact Fees, District #1, Health Care Fire & Amb Area Service Area Service
Employee Fair Lower and Special District #6, District, Dist-Planning
Share Housing Middle Keys Taxing District Key Largo Parks & Rec. Bldg. & Zoning
$ - $ 7,155,699 $ $ - $ 974,033 $ 815,398
2,769,315
48,966 418,315 3,081,274
499,948 63,729 854,265
97,940
8,805 303,601 113,317 106,066 317,055
41,651 100 31,994 41,670
50,456 8,008,314 113,317 1,594,137 7,976,917
331,026
6,174,397
727,746
3,899,664
4,042,133
597,386
220,005
1,651,952
91,989
6,597,412
220,005
727,746
1,651,952
8,539,183
50,456
1,410,902
(106,688)
(727,746)
(57,815)
(562,266)
(457,399) (25,519) (93,045) (1,748,420)
(457,399) (25,519) (93,045) (1,748,420)
50,456 953,503 (132,207) (727,746) (150,860) (2,310,686)
150,547 2,431,214 2,112,506 727,746 1,511,200 4,987,063
$ 201,003 $ 3,384,717 $ 1,980,299 $ - $ 1,360,340 $ 2,676,377
(Continued)
G-18
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES-CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
SPECIAL
Local 911 Duck Key
Housing Municipal Enhancement Security
Assistance Policing Fees District
Revenues:
Taxes $ $ 4,170,448 $ $
Licenses and Permits
Intergovernmental 730,832
Charges for Services 3,233,655 629,375
Fines and Forfeitures
Investment Income 166,572 134,656 18,078 13,618
Miscellaneous 397,742 73,696
Total Revenues 1,295,146 7,538,759 647,453 87,314
Expenditures:
Current:
General Government 193,165 2,181
Public Safety 6,749,649 595,621 48,674
Physical Environment
Transportation
Economic Environment 1,654,306
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures 1,654,306 6,942,814 595,621 50,855
Excess/Deficiency of Revenues
Over/(Under) Expenditures (359,160) 595,945 51,832 36,459
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds (2,666) (670,256)
Total Other Financing Sources/(Uses) (2,666) (670,256)
Net Change in Fund Balances (359,160) 593,279 (618,424) 36,459
Fund Balances-October 1 3,152,577 1,615,711 670,256 206,506
Fund Balances-September 30 $ 2,793,417 $ 2,208,990 $ 51,832 $ 242,965
G-19
REVENUE FUNDS
Miscellaneous Law Court Drug
Boating Special Environmental Enforcement Facility Abuse
Improvement Revenue Restoration Trust Fees Trust
$ $ $ $ $ $
19,892
520,490 667,259 376,647 38,381
313,593 240,279 65,059
66,925 151,582 26,752 40,806 87,824 5,312
587,415 1,152,326 267,031 105,865 464,471 43,693
334,340
143,327
527,366
76,759
147,792
9,254
167,711
642,477
527,366
659,097
76,759
143,327
642,4 77
60,049
493,229
190,272
(37,462)
(178,006)
43,693
294,708
(6,715) (1,739,407) (6,942) (199,549)
(6,715) ( 1 ,739,407) 287,766 (199,549)
53,334 (1,246,178) 478,038 (37,462) (377,555) 43,693
1,011,784 3,262,264 244,178 790,661 1,488,694 81,242
$ 1,065,118 $ 2,016,086 $ 722,216 $ 753,199 $ 1,111,139 $ 124,935
(Continued)
G-20
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES-CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUE FUNDS
Key Largo Cudjoe- Long Key,
Wastewater Stock Island Sugarloaf Conch Key Layton Duck Key
MSTU Wastewater MSTU MSTU MSTU MSTU
$ 1,120,983 $ 114,070 $ 338,071 $ 10,401 $ 48,571 $ 116,439
15,562
484
137
1,055
106,130
16,927
150,320
281,801
15,156
372
1,900
5,026
13,500
136,020
1,242,675
353,227
10,910
50,4 71
32,170
43
310
1,091,996
86,889
19,276
4,441
11,766
61,040
1,124,166
86,889
19,319
4,751
11,766
61,040
118,509
194,912
333,908
6,159
38,705
74,980
118,509 194,912 333,908 6,159 38,705 74,980
1,330,737 149,717
$ 1,449,246 $ 344,629 $ 333,908 $ 6,159 $ 38,705 $ 74,980
(Continued)
G-22
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES-CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
SPECIAL
Comprehensive Sheriff's Sheriff's
Building Plan Land Inmate Impact
Fund Authority Commissary Support
Revenues:
Taxes $ $ $ $
Licenses and Permits
Intergovernmental 2,914,835 191,240
Charges for Services 492,189
Fines and Forfeitures
Investment Income 528,032 16,812
Miscellaneous 756 61,994
Total Revenues 3,443,623 570,995 191,240
Expenditures:
Current:
General Government 4,002,859
Public Safety 456,299 191,240
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures 4,002,859 456,299 191,240
Excess/Deficiency of Revenues
Over/(Under) Expenditures (559,236) 114,696
Other Financing Sources/(Uses):
Transfers from Other Funds 300,000
Transfers to Other Funds
Total Other Financing Sources/(Uses) 300,000
Net Change in Fund Balances 300,000 (559,236) 114,696
Fund Balances-October 1 16,691,306 285,862
Fund Balances-September 30 $ 300,000 $ 16,132,070 $ 400,558 $
G-23
109,007
696,267
112,719
106,156
199,074
432,161
109,007
696,267
112,719
106,156
199,074
432,161
77,924 134,181 15,606 (39,932)
92,524
92,524
170,448 134,181 15,606 (39,932)
(459,302) 1,591,002 4,883,614 1,418,223
$ - $ (288,854) $ $ 1,725,183 $ 4,899,220 $ 1,378,291
(Continued)
G-24
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES-CONTINUED
NON MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
SPECIAL
Sheriff's Sheriff's Sheriff's Sheriff's
HIDTA Airport Law Enforce- Fine &
Administrative Services ment Trust Forfeiture
Revenues:
Taxes $ $ $ $
Licenses and Permits
Intergovernmental 2,113,867 123,327
Charges for Services 325,172
Fines and Forfeitures 88,608
Investment Income 1,572
Miscellaneous
Total Revenues 325,172 2,113,867 123,327 90,180
Expenditures:
Current:
General Government
Public Safety 269,388 2,113,867 123,327 90,180
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures 269,388 2,113,867 123,327 90,180
Excess/Deficiency of Revenues
Over/(Under) Expenditures 55,784
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Total Other Financing Sources/(Uses)
Net Change in Fund Balances 55,784
Fund Balances-October 1 95,270
Fund Balances-September 30 $ 151,054 $ $ $
G-25
REVENUE FUNDS
Sheriffs Sheriffs Sheriffs Clerk's Clerk's Supervisor's
Interagency 911 911 Modernization Court Voter Educ. &
Communications Wireless Wireline Trust Reiated Equipment
$ - $ - $ - $ - $ $
272,069 272,620 304,923 556,090 17,207
421,229 1,874,924
1,526,734
79,592 25,175 14,489 65,538 1,533 149
1,486
351,661 297,795 319,412 486,767 3,960,767 17,356
22,041
350,841
60,028
182,324
350,841
60,028
182,324
660,977
111,612
772,589
3,960,767
3,960,767
22,041
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES-CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
DEBT FUND CAPITAL FUND
Total Nonmajor Clerk's
Special Revenue All Debt Revenue
Funds Service Funds Note
Revenues:
Taxes $ 30,420,770 $ $
Licenses and Permits 2,789,207
Intergovernmental 12,359,470 573,000
Charges for Services 10,341,160
Fines and Forfeitures 2,332,213
Investment Income 4,196,635 31,643 4,982
Miscellaneous 1,277,704
Total Revenues 63,717,159 604,643 4,982
Expenditures:
Current:
General Government 8,487,047
Public Safety 24,411,513
Physical Environment 4,446,077
Transportation 741,895
Economic Environment 16,657,719
Human Services 367,797
Culture and Recreation 2,011,796
Court Related 5,431,932
Debt Service 203,601 2,530,833
Total Expenditures 62,759,377 2,530,833
ExcesslDeficiency of Revenues
Over/(Under) Expenditures 957,782 (1,926,190) 4,982
Other Financing Sources/(Uses):
Transfers from Other Funds 3,035,128 1,373,000
Transfers to Other Funds (5,425,037)
Total Other Financing Sources/(Uses) (2,389,909) 1,373,000
Net Change in Fund Balances (1,432,127) (553,190) 4,982
Fund Balances-October 1 74,801,860 975,156 89,003
Fund Balances-September 30 $ 73,369,733 $ 421,966 $ 93,985
G-27
Total
Nonmajor
Governmental
Funds
$ 30,420,770
2,789,207
12,932,470
10,341,160
2,332,213
4,233,260
1,277,704
64,326,784
8,487,047
24,411,513
4,446,077
741,895
16,657,719
367,797
2,011,796
5,431,932
2,734,434
65,290,210
(963,426)
4,408,128
(5,425,037)
(1,016,909)
(1,980,335)
75,866,019
$ 73,885,684
G-28
MONROE COUNTY, FLORIDA
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 6,545 $ 6,545 $ 19,421 $ 12,876
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing Initiatives 284,101 284,101 284,101
Excess/Deficiency of Revenues
Over/(Under) Expenditures (277,556) (277,556) 19,421 296,977
Other Financing Sources/(Uses):
Reserve for Contingencies (48,000) (48,000) 48,000
Net Change in Fund Balances (325,556) (325,556) 19,421 344,977
Fund Balances, October 1 325,556 325,556 346,978 21,422
Fund Balances, September 30 $ $ $ 366,399 $ 366,399
G-29
MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT, ALL DISTRICTS, TWO CENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 3,031,000 $ 3,031,000 $ 3,347,730 $ 316,730
Charges for Services 65,684 65,684
Investment Income 167,157 167,157
Miscellaneous 3,485 3,485
Total Revenues 3,031,000 3,031,000 3,584,056 553,056
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella 723,950 723,950 542,515 181,435
Fishing Umbrella 726,600 726,600 612,219 114,381
Dive Umbrella 400,000 400,000 383,586 16,414
Operations - Events 1,612,031 1,560,059 1,174,314 385,745
Catastrophic Emergency 807,833 807,833 807,833
Special Projects 784,739 784,739 416,409 368,330
Total Expenditures 5,055,153 5,003,181 3,129,043 1,874,138
Excess/Deficiency of Revenues
Over/(Under) Expenditures (2,024,153) (1,972,181) 455,013 2,427,194
Other Financing Sources/(Uses):
Transfers to Other Funds (61,000) (112,972) (112,972)
Net Change in Fund Balances (2,085,153) (2,085,153) 342,041 2,427,194
Fund Balances, October 1 2,085,153 2,085,153 2,601,488 516,335
Fund Balances, September 30 $ - $ $ 2,943,529 $ 2,943,529
G-30
MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT, ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 6,300,000 $ 6,300,000 $ 6,937,155 $ 637,155
Charges for Services 136,111 136,111
Investment Income 173,974 173,974
Miscellaneous 616 616
Total Revenues 6,300,000 6,300,000 7,247,856 947,856
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 4,391,356 4,338,442 4,093,775 244,667
Administrative Services 749,928 749,928 664,856 85,072
Catastrophic Emergency 1,261,837 1,261,837 1,261,837
Special Projects 1,905,483 1,905,483 1,756,490 148,993
Total Expenditures 8,308,604 8,255,690 6,515,121 1,740,569
ExcesslDeficiency of Revenues
Over/(Under) Expenditures (2,008,604) (1,955,690) 732,735 2,688,425
Other Financing Sources/(Uses):
Transfers to Other Funds (135,249) (188,163) (188,163)
Net Change in Fund Balances (2,143,853) (2,143,853) 544,572 2,688,425
Fund Balances, October 1 2,143,853 2,143,853 2,954,911 811,058
Fund Balances, September 30 $ $ $ 3,499,483 $ 3,499,483
G-31
MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT, DISTRICT #ONE, THREE CENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,489,000 $ 2,489,000 $ 2,651,078 $ 162,078
Charges for Services 50,212 50,212
Investment Income 221 ,205 221,205
Total Revenues 2,489,000 2,489,000 2,922,495 433,495
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 836,180 836,180 814,273 21,907
Administrative Services 87,486 87,486 75,459 12,027
Catastrophic Emergency 226,748 226,748 226,748
Special Events 117,461 117,461 60,152 57,309
Bricks and Mortar 3,067,362 3,058,003 1,394,252 1,663,751
Information Services 293,500 293,500 293,500
Beaches 343,450 343,450 343,450
Total Expenditures 4,972,187 4,962,828 2,637,636 2,325,192
Excess/Deficiency of Revenues
Over/(Under) Expenditures (2,483,187) (2,473,828) 284,859 2,758,687
Other Financing Sources/(Uses):
Transfers to Other Funds (62,436) (71,795) (71,795)
Net Change in Fund Balances (2,545,623) (2,545,623) 213,064 2,758,687
Fund Balances, October 1 2,545,623 2,545,623 3,220,098 674,475
Fund Balances, September 30 $ $ - $ 3,433,162 $ 3,433,162
G-32
MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT, DISTRICT #TWO, THREE CENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 264,000 $ 264,000 $ 305,794 $ 41,794
Charges for Services 5,968 5,968
Investment Income 22,714 22,714
Total Revenues 264,000 264,000 334,476 70,476
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 205,256 205,256 173,604 31,652
Administrative Services 8,860 8,860 8,241 619
Catastrophic Emergency 33,393 33,393 33,393
Special Events 31,310 31,310 20,736 10,574
Bricks and Mortar 194,947 208,168 30,988 177,180
Information Services 76,000 76,000 76,000
Total Expenditures 549,766 562,987 309,569 253,418
Excess/Deficiency of Revenues
Over/(Under) Expenditures (285,766) (298,987) 24,907 323,894
Other Financing Sources/(Uses):
Transfers to Other Funds (23,961) (10,740) (10,740)
Net Change in Fund Balances (309,727) (309,727) 14,167 323,894
Fund Balances, October 1 309,727 309,727 393,309 83,582
Fund Balances, September 30 $ $ $ 407,476 $ 407,476
G-33
MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT, DISTRICT #THREE, THREE CENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 637,000 $ 637,000 $ 772,199 $ 135,199
Charges for Services 16,145 16,145
Investment Income 62,261 62,261
Total Revenues 637,000 637,000 850,605 213,605
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 201,416 192,334 141,961 50,373
Administrative Services 22,225 22,225 18,851 3,374
Catastrophic Emergency 63,955 63,955 63,955
Special Events 109,310 109,310 96,522 12,788
Bricks and Mortar 659,966 675,369 491,474 183,895
Information Services 120,000 129,082 127,992 1,090
Total Expenditures 1,176,872 1,192,275 876,800 315,475
Excess/Deficiency of Revenues
Over/(Under) Expenditures (539,872) (555,275) (26,195) 529,080
Other Financing Sources/(Uses):
Transfers to Other Funds (34,056) (18,653) (18,653)
Net Change in Fund Balances (573,928) (573,928) (44,848) 529,080
Fund Balances, October 1 573,928 573,928 881,592 307,664
Fund Balances, September 30 $ - $ $ 836,744 $ 836,744
G-34
MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT, DISTRICT #FOUR, THREE CENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 609,000 $ 609,000 $ 687,935 $ 78,935
Charges for Services 14,733 14,733
Investment Income 78,938 78,938
Total Revenues 609,000 609,000 781,606 172,606
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 467,401 467,401 454,008 13,393
Administrative Services 26,844 26,844 17,691 9,153
Catastrophic Emergency 80,782 80,782 80,782
Special Events 186,072 186,072 119,479 66,593
Bricks and Mortar 905,581 928,648 132,458 796,190
Information Services 110,000 110,000 110,000
Total Expenditures 1,776,680 1,799,747 833,636 966,111
Excess/Deficiency of Revenues
Over/(Under) Expenditures (1,167,680) (1,190,747) (52,030) 1,138,717
Other Financing Sources/(Uses):
Transfers to Other Funds (41,097) (18,030) (18,030)
Net Change in Fund Balances (1,208,777) (1,208,777) (70,060) 1,138,717
Fund Balances, October 1 1,208,777 1,208,777 1,168,500 (40,277)
Fund Balances, September 30 $ $ - $ 1,098,440 $ 1,098,440
G-35
MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT, DISTRICT #FIVE, THREE CENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 662,000 $ 662,000 $ 725,437 $ 63,437
Charges for Services 13,835 13,835
Investment Income 61,789 61,789
Total Revenues 662,000 662,000 801,061 139,061
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 452,183 452,183 350,468 101,715
Administrative Services 29,112 29,112 18,905 10,207
Information Services 125,000 125,000 125,000
Catastrophic Emergency 58,845 58,845 58,845
Special Events 66,385 66,385 39,600 26,785
Bricks and Mortar 787,718 812,051 167,635 644,416
Total Expenditures 1,519,243 1,543,576 701,608 841,968
Excess/Deficiency of Revenues
Over/(Under) Expenditures (857,243) (881,576) 99,453 981,029
Other Financing Sources/(Uses):
Transfers to Other Funds (43,516) (19,183) (19,183)
Net Change in Fund Balances (900,759) (900,759) 80,270 981,029
Fund Balances, October 1 900,759 900,759 1,045,297 144,538
Fund Balances, September 30 $ - $ - $ 1,125,567 $ 1,125,567
G-36
MONROE COUNTY, FLORIDA
IMPACT FEES. ROADWAYS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 148,000 $ 148,000 $ 336,659 $ 188,659
Miscellaneous 123,765 123,765 145,393 21,628
Total Revenues 271,765 271,765 482,052 210,287
EXPENDITURES:
Current:
Transportation:
Fair Share Improvement Dist 1 330,378 330,378 330,378
Fair Share Improvement Dist 2 556,730 132,230 132,230
Fair Share Improvement Dist 3 3,329,270 3,329,270 3,329,270
Fair Share Improve Key Colony Beach 188,842 188,842 188,842
Duck Key Drive 1,100,823 1,100,823 236,975 863,848
FKOHT Tom's Harbor Cut 574,500 504,920 69,580
Total Expenditures 5,506,043 5,656,043 741,895 4,914,148
Excess/Deficiency of Revenues
Over/(Under) Expenditures (5,234,278) (5,384,278) (259,843) 5,124,435
Other Financing Sources/(Uses):
Transfers to Other Funds (1,450,000) (1,300,000) (35,583) 1,264,417
Net Change in Fund Balances (6,684,278) (6,684,278) (295,426) 6,388,852
Fund Balances, October 1 6,684,278 6,684,278 6,009,822 (674,456)
Fund Balances, September 30 $ - $ - $ 5,714,396 $ 5,714,396
G-37
MONROE COUNTY, FLORIDA
IMPACT FEES. PARKS AND RECREATION SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 75,000 $ 75,000 $ 54,204 $ (20,796)
Miscellaneous 102,425 102,425 56,440 (45,985)
Total Revenues 177,425 177 ,425 110,644 (66,781)
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects 421,265 421,265 342,684 78,581
District 2 Projects 247,814 247,814 247,814
District 3 Projects 154,887 154,887 154,887
Key Largo Skate Park 313,034 313,034 7,906 305,128
Total Expenditures 1,137,000 1,137,000 350,590 786,410
Net Change in Fund Balances (959,575) (959,575) (239,946) 719,629
Fund Balances, October 1 959,575 959,575 943,465 (16,110)
Fund Balances, September 30 $ - $ - $ 703,519 $ 703,519
G-38
MONROE COUNTY, FLORIDA
IMPACT FEES - LIBRARIES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 35,807 $ 35,807
Miscellaneous 48,634 48,634
Total Revenues 84,441 84,441
EXPENDITURES:
Current:
Culture and Recreation:
County Wide Library Projects 537,258 537,258 537,258
Net Change in Fund Balances (537,258) (537,258) 84,441 621,699
Fund Balances, October 1 537,258 537,258 612,525 75,267
Fund Balances, September 30 $ - $ - $ 696,966 $ 696,966
G-39
MONROE COUNTY, FLORIDA
IMPACT FEES - SOLID WASTE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 5,000 $ 5,000 $ 2,152 $ (2,848)
Miscellaneous 15,000 15,000 9,954 (5,046)
Total Revenues 20,000 20,000 12,106 (7,894)
EXPENDITURES:
Current:
Physical Environment:
County Wide Solid Waste Projects 69,917 69,917 46,894 23,023
Net Change in Fund Balances (49,917) (49,917) (34,788) 15,129
Fund Balances, October 1 49,917 49,917 39,713 (10,204)
Fund Balances, September 30 $ - $ - $ 4,925 $ 4,925
G-40
MONROE COUNTY, FLORIDA
IMPACT FEES - POLICE FACILITIES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ 14,015 $ 15,345 $ 1,330
Miscellaneous 22,654 22,961 307
Total Revenues 36,669 38,306 1,637
EXPENDITURES:
Current:
Public Safety:
County Wide Police Facility 210,553 285,167 47,248 237,919
Net Change in Fund Balances (210,553) (248,498) (8,942) 239,556
Fund Balances, October 1 210,553 248,498 248,498
Fund Balances, September 30 $ - $ $ 239,556 $ 239,556
G-41
MONROE COUNTY, FLORIDA
IMPACT FEES - FIRE AND EMS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 1,536 $ 1,536 $ 16,127 $ 14,591
Miscellaneous 16,100 16,100 15,937 (163)
Total Revenues 17,636 17,636 32,064 14,428
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project 111,773 111,773 18,000 93,773
District 2 Fire & EMS Project 16,007 16,007 16,007
District 3 Fire & EMS Project 81,257 81,257 37,500 43,757
Key Colony Beach Fire & EMS 15,086 15,086 15,086
Total Expenditures 224,123 224,123 55,500 168,623
Net Change in Fund Balances (206,487) (206,487) (23,436) 183,051
Fund Balances, October 1 206,487 206,487 279,406 72,919
Fund Balances, September 30 $ $ - $ 255,970 $ 255,970
G-42
MONROE COUNTY, FLORIDA
IMPACT FEES. EMPLOYEE FAIR SHARE HOUSING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 160 $ 160 $ 8,805 $ 8,645
Miscellaneous 26,419 26,419 41,651 15,232
Total Revenues 26,579 26,579 50,456 23,877
Other Financing Sources/(Uses):
Reserve for Contingencies (26,579) (26,579) 26,579
Net Change in Fund Balances 50,456 50,456
Fund Balances, October 1 150,547 150,547
Fund Balances, September 30 $ $ $ 201,003 $ 201,003
G-43
MONROE COUNTY, FLORIDA
FIRE AND AMBULANCE DISTRICT #1 . LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 7,547,849 $ 7,547,849 $ 7,155,699 $ (392,150)
Intergovernmental 28,000 28,000 48,966 20,966
Charges for Services 410,000 410,000 499,948 89,948
Investment Income 200,000 200,000 303,601 103,601
Miscellaneous 100 100
Total Revenues 8,185,849 8,185,849 8,008,314 (177,535)
EXPENDITURES:
Current:
General Government:
Tax Collector 225,000 215,000 206,769 8,231
Property Appraiser 125,000 124,257 124,257
Total General Government 350,000 339,257 331,026 8,231
Public Safety:
Fire Rescue - Central 2,135,160 2,753,035 1,991,190 761,845
Lower & Middle Keys Ambulance Dist 4,120,302 4,460,302 4,183,207 277,095
Total Public Safety 6,255,462 7,213,337 6,174,397 1,038,940
Debt Service:
Principal 88,794 88,794
Interest 3,195 3,195
Total Debt Service 91,989 91,989
Total Expenditures 6,605,462 7,644,583 6,597,412 1,047,171
Excess/Deficiency of Revenues
Over/(Under) Expenditures 1,580,387 541 ,266 1,410,902 869,636
Other Financing Sources/(Uses):
Reserve for Contingencies (2,002,428) (1,193,307) 1,193,307
Transfers to Other Funds (775,458) (545,458) (457,399) 88,059
Total Other Financing Sources/(Uses) (2,777,886) (1,738,765) (457,399) 1,281,366
Net Change in Fund Balances (1,197,499) (1,197,499) 953,503 2,151,002
Fund Balances, October 1 1,197,499 1,197,499 2,431,214 1,233,715
Fund Balances, September 30 $ $ - $ 3,384,717 $ 3,384,717
G-44
MONROE COUNTY, FLORIDA
UPPER KEYS HEALTH CARE SPECIAL TAXING DISTRICT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 62,000 $ 62,000 $ 113,317 $ 51,317
EXPENDITURES:
Current:
General Government:
Vehicle Replacement 3,778 3,778 3,778
Tax Collector 100 100 100
Total General Government 3,878 3,878 3,878
Human Services:
Trauma District Administration 197,994 197,994 184,272 13,722
Trauma Transportation and Treatment 725,044 725,044 35,354 689,690
Trauma Pretransportation 147,879 147,879 379 147,500
Trauma Facility Upgrade 400,000 400,000 400,000
Total Human Services 1,470,917 1,470,917 220,005 1,250,912
Total Expenditures 1,474,795 1,474,795 220,005 1,254,790
Excess/Deficiency of Revenues
Over/(Under) Expenditures (1,412,795) (1,412,795) (106,688) 1,306,107
Other Financing Sources/(Uses):
Reserve for Contingencies (150,000) (150,000) 150,000
Transfers to Other Funds (28,000) (28,000) (25,519) 2,481
Total Other Financing Sources/(Uses) (178,000) (178,000) (25,519) 152,481
Net Change in Fund Balances (1,590,795) (1,590,795) (132,207) 1,458,588
Fund Balances, October 1 1,590,795 1,590,795 2,112,506 521,711
Fund Balances, September 30 $ - $ - $ 1,980,299 $ 1,980,299
G-45
MONROE COUNTY, FLORIDA
FIRE AND AMBULANCE DISTRICT #6 . KEY LARGO SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
EXPENDITURES:
Current:
Public Safety:
Key Largo Fire & Rescue $ 735,458 $ 735,458 $ 727,746 $ 7,712
Net Change in Fund Balances (735,458) (735,458) (727,746) 7,712
Fund Balances, October 1 735,458 735,458 727,746 (7,712)
Fund Balances, September 30 $ - $ - $ - $
G-46
MONROE COUNTY, FLORIDA
UNINCORPORATED AREA SERVICE DISTRICT -
PARKS AND RECREATION SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,019,943 $ 1,019,943 $ 974,033 $ (45,910)
Intergovernmental 500,000 400,000 418,315 18,315
Charges for Services 35,000 35,000 63,729 28,729
Investment Income 20,000 96,000 106,066 10,066
Miscellaneous 25,000 25,000 31,994 6,994
Total Revenues 1,599,943 1,575,943 1,594,137 18,194
EXPENDITURES:
Current:
Culture and Recreation:
Parks & Beaches Unincorporated 1,588,291 1,541,009 1,329,647 211,362
Jacob's Aquatic Center 225,000 225,000
School Board Interlocal 130,000 130,000 17,305 112,695
Islamorada Parks & Beaches 80,000 80,000 80,000
Vehicle Replacement 67,297
Total Expenditures 1,865,588 1,976,009 1,651,952 324,057
Excess/Deficiency of Revenues
Over/(Under) Expenditures (265,645) (400,066) (57,815) 342,251
Other Financing Sources/(Uses):
Reserve for Contingencies (568,999) (438,578) 438,578
Transfers to Other Funds (187,703) (187,703) (93,045) 94,658
Total Other Financing Sources/(Uses) (756,702) (626,281 ) (93,045) 533,236
Net Change in Fund Balances (1,022,347) (1,026,347) (150,860) 875,487
Fund Balances, October 1 1,022,347 1,026,347 1,511,200 484,853
Fund Balances, September 30 $ - $ - $ 1,360,340 $ 1,360,340
G-47
MONROE COUNTY, FLORIDA
UNINCORPORATED AREA SERVICE DISTRICT - PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 624,553 $ 714,553 $ 815,398 $ 100,845
Licenses and Permits 2,680,000 2,680,000 2,769,315 89,315
Intergovernmental 4,600,000 2,960,000 3,081,274 121,274
Charges for Services 552,000 751,215 854,265 103,050
Fines and Forfeitures 88,000 100,000 97,940 (2,060)
Investment Income 262,664 300,000 317,055 17,055
Miscellaneous 20,000 35,000 41,670 6,670
Total Revenues 8,827,217 7,540,768 7,976,917 436,149
Expenditures:
Current:
General Government:
Tax Collector Fees 60,000 49,685 30,272 19,413
Property Appraiser Fees 40,000 40,000 18,089 21,911
Growth Mgmt County Attorney 143,673 187,919 178,881 9,038
Planning Department 1,712,669 1,451,129 1,333,010 118,119
2010 Comprehensive Plan 500,000 321,932 290,4 79 31 ,453
GIS 557,344 365,907 310,577 55,330
Planning Commission 105,451 93,322 86,227 7,095
Growth Mgmt Administration 2,574,407 2,130,635 1,637,475 493,160
Planning and Building Refunds 8,240 14,655 14,654 1
Vehicle Replacement 155,424
Total General Government 5,857,208 4,655,184 3,899,664 755,520
Public Safety:
Building Department 2,179,331 2,307,396 2,299,759 7,637
Code Enforcement 1,202,373 1,084,364 1,021,254 63,110
Fire & Rescue Coordinator 576,985 425,125 417,787 7,338
Fire Marshall 174,151 339,015 303,333 35,682
Total Public Safety 4,132,840 4,155,900 4,042,133 113,767
Physical Environment:
Pump-Out Vessel 74,558 61,422 48,274 13,148
Environmental Resources 415,474 325,912 313,488 12,424
Marine Resources 207,167 242,709 235,624 7,085
Total Physical Environment 697,199 630,043 597,386 32,657
(Continued)
G-48
MONROE COUNTY, FLORIDA
UNINCORPORATED AREA SERVICE DISTRICT. PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL. CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Total Expenditures 10,687,247 9,441,127 8,539,183 901,944
Excess/Deficiency of Revenues
Over/(Under) Expenditures (1,860,030) (1,900,359) (562,266) 1,338,093
Other Financing Sources/(Uses):
Reserve for Contingencies (745,124) (248,127) 248,127
Transfers to Other Funds (1,403,542) (1,824,610) (1,748,420) 76,190
Total Other Financing Sources/(Uses) (2,148,666) (2,072,737) (1,748,420) 324,317
Net Change in Fund Balances (4,008,696) (3,973,096) (2,310,686) 1,662,410
Fund Balances, October 1 4,008,696 3,973,096 4,987,063 1,013,967
Fund Balances, September 30 $ $ $ 2,676,377 $ 2,676,377
G-49
MONROE COUNTY, FLORIDA
LOCAL HOUSING ASSISTANCE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 777,587 $ 777,587 $ 730,832 $ (46,755)
Investment Income 166,572 166,572
Miscellaneous 397,742 397,742
Total Revenues 777,587 777,587 1,295,146 517,559
EXPENDITURES:
Current:
Economic Environment:
Down Pymt,Wastewater,Rehab 05 855,000 1,022,215 1,021,604 611
Down Pymt,Wastewater,Rehab 06 606,685 638,372 266,952 371,420
Down Pymt,Wastewater,Rehab 07 594,535 601,885 135,000 466,885
Rental Rehab 05 150,000
Rental Rehab 06 675,408 625,408 150,243 475,165
Rental Rehab 07 150,000 135,653 135,653
SHIP Fair Housing 05 14,258
SHIP Fair Housing 06 5,000 5,000
SHIP Fair Housing 07 5,000 5,000
Administration 05 61,624 58,667 58,667
Administration 06 117,458 130,771 21,840 108,931
Administration 07 77,759 79,756 79,756
Total Expenditures 3,302,727 3,302,727 1,654,306 1,648,421
Excess/Deficiency of Revenues
Over/(Under) Expenditures (2,525,140) (2,525,140) (359,160) 2,165,980
Other Financing Sources/(Uses):
Reserve for Contingencies 05 (10,000) (10,000) 10,000
Reserve for Contingencies 06 (10,000) (10,000) 10,000
Reserve for Contingencies 07 (10,000) (10,000) 10,000
Total Other Financing Sources/rUses) (30,000) (30,000) 30,000
Net Change in Fund Balances (2,555,140) (2,555,140) (359,160) 2,195,980
Fund Balances, October 1 2,555,140 2,555,140 3,152,577 597,437
Fund Balances, September 30 $ - $ - $ 2,793,417 $ 2,793,417
G-50
MONROE COUNTY, FLORIDA
MUNICIPAL POLICING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 4,368,042 $ 4,368,042 $ 4,170,448 $ (197,594)
Charges for Services 2,770,437 2,770,437 3,233,655 463,218
Investment Income 50,000 50,000 134,656 84,656
Total Revenues 7,188,479 7,188,479 7,538,759 350,280
EXPENDITURES:
Current:
General Government:
Property Appraiser 82,631 72,326 72,326
Tax Collector 134,000 124,000 120,839 3,161
Total General Government 216,631 196,326 193,165 3,161
Public Safety:
Insurance Unincorporated & Layton 437,000 436,870 436,870
Insurance Islamorada 179,604 162,740 161,950 790
Insurance Marathon 164,300 139,830 139,830
Sheriff Unincorporated & Layton 3,035,879 3,035,879 3,035,879
Sheriff Islamorada 1,459,216 1,459,216 1,459,216
Sheriff Marathon 1,229,760 1,229,760 1,229,760
School Crossing Guard 286,144 286,144 286,144
Total Public Safety 6,791,903 6,750,439 6,749,649 790
Total Expenditures 7,008,534 6,946,765 6,942,814 3,951
Excess/Deficiency of Revenues
Over/(Under) Expenditures 179,945 241,714 595,945 354,231
Other Financing Sources/(Uses):
Reserve for Contingencies (560,249) (622,018) 622,018
Transfers to Other Funds (5,000) (5,000) (2,666) 2,334
Total Other Financing Sources/rUses) (565,249) (627,018) (2,666) 624,352
Net Change in Fund Balances (385,304) (385,304) 593,279 978,583
Fund Balances, October 1 385,304 385,304 1,615,711 1,230,407
Fund Balances, September 30 $ $ $ 2,208,990 $ 2,208,990
G-51
MONROE COUNTY, FLORIDA
911 ENHANCEMENT FEES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 407,144 $ 940,836 $ 629,375 $ (311,461)
Investment Income 10,000 26,000 18,078 (7,922)
Total Revenues 417,144 966,836 647,453 (319,383)
EXPENDITURES:
Current:
Public Safety:
911 Enhancement Fund 341,784 314,717 307,796 6,921
911 Wireless 115,000 287,825 287,825
Mapping Software 425,443 159,121 159,121
Total Expenditures 882,227 761,663 595,621 166,042
Excess/Deficiency of Revenues
Over/(Under) Expenditures (465,083) 205,173 51,832 (153,341)
Other Financing Sources/(Uses):
Transfer to Other Funds (670,256) (670,256)
Net Change in Fund Balances (465,083) (465,083) (618,424) (153,341 )
Fund Balances, October 1 465,083 465,083 670,256 205,173
Fund Balances, September 30 $ - $ - $ 51,832 $ 51,832
G-52
MONROE COUNTY, FLORIDA
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 4,000 $ 4,000 $ 13,618 $ 9,618
Miscellaneous 75,000 75,000 73,696 (1,304)
Total Revenues 79,000 79,000 87,314 8,314
EXPENDITURES:
Current:
General Government:
Tax Collector 10,000 10,000 2,181 7,819
Public Safety:
Island Security 146,000 146,000 48,674 97,326
Total Expenditures 156,000 156,000 50,855 105,145
Excess/Deficiency of Revenues
Over/(Under) Expenditures (77,000) (77,000) 36,459 113,459
Other Financing Sources/(Uses):
Reserve for Contingencies (111,009) (111,009) 111,009
Net Change in Fund Balances (188,009) (188,009) 36,459 224,468
Fund Balances, October 1 188,009 188,009 206,506 18,497
Fund Balances, September 30 $ $ $ 242,965 $ 242,965
G-53
MONROE COUNTY, FLORIDA
BOATING IMPROVEMENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 500,000 $ 500,000 $ 520,490 $ 20,490
Investment Income 66,925 66,925
Total Revenues 500,000 500,000 587,415 87,415
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement 1,068,766 1,008,766 527,366 481 ,400
Excess/Deficiency of Revenues
Over/(Under) Expenditures (568,766) (508,766) 60,049 568,815
Other Financing Sources/(Uses):
Reserve for Contingencies (400,000) (400,000) 400,000
Transfers to Other Funds (60,000) (6,715) 53,285
Total Other Financing Sources/(Uses) (400,000) (460,000) (6,715) 453,285
Net Change in Fund Balances (968,766) (968,766) 53,334 1,022,100
Fund Balances, October 1 968,766 968,766 1,011,784 43,018
Fund Balances, September 30 $ $ - $ 1,065,118 $ 1,065,118
G-54
MONROE COUNTY, FLORIDA
MISCELLANEOUS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ $ - $ 19,892 $ 19,892
Charges for Services 580,544 667,259 86,715
Fines and Forfeitures 357,038 313,593 (43,445)
Investment Income 47,000 151,582 104,582
Miscellaneous 350 (350)
Total Revenues 984,932 1,152,326 167,394
EXPENDITURES:
Current:
Public Safety:
Interagency Communications 724,600 449,081 261,120 187,961
Education-Building Department 15,445 15,445 11,453 3,992
Teen Court 40,000 101,767 61,767 40,000
Total Public Safety 780,045 566,293 334,340 231,953
Human Services:
FL Keys Council for the Handicapped 25,000 25,000 11,511 13,489
Bayshore Donations 350 350
Traffic Educ, Ord 021-2002 74,500 74,500 74,500
Legal Aid 61,781 61,781
Total Human Services 99,500 161,631 147,792 13,839
Culture and Recreation:
Settler's Park Landscaping 10,315 10,315 10,315
Library Special Programs 32,591 9,254 23,337
Total Culture and Recreation 10,315 42,906 9,254 33,652
Court Related:
Alt Dispute Resolution - Family 25,304 25,304 6,895 18,409
Alt Dispute Resolution - Civil 11,904 11,904 6,919 4,985
Ord 016-2004 St Court Sup 142,062 22,295 119,767
SA Ct Tech FS28.24(12)(E) 338,685 338,685
PD Ct Tech FS28.24(12)(E) 153,989 37,906 116,083
J Ct Tech FS28.24(12)(E) 564,476 93,696 470,780
Total Court Related 37,208 1,236,420 167,711 1,068,709
(Continued)
G-55
MONROE COUNTY, FLORIDA
MISCELLANEOUS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL. CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Total Expenditures 927,068 2,007,250 659,097 1,348,153
Excess/Deficiency of Revenues
Over/(Under) Expenditures (927,068) (1,022,318) 493,229 1,515,547
Other Financing Sources/(Uses):
Reserve for Contingencies (1,072,932) (250,915) 250,915
Transfers to Other Funds (1,739,407) (1,739,407)
Total Other Financing Sources/(Uses) (1,072,932) (1,990,322) (1,739,407) 250,915
Net Change in Fund Balances (2,000,000) (3,012,640) (1,246,178) 1,766,462
Fund Balances, October 1 2,000,000 3,012,640 3,262,264 249,624
Fund Balances, September 30 $ - $ $ 2,016,086 $ 2,016,086
G-56
MONROE COUNTY, FLORIDA
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Fines and Forfeitures $ 250,000 $ 250,000 $ 240,279 $ (9,721)
Investment Income 26,752 26,752
Total Revenues 250,000 250,000 267,031 17,031
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration 220,000 209,504 74,889 134,615
KLWT Plant Site Mitg Pro 294,708 1,870 292,838
Total Environmental Restoration 220,000 504,212 76,759 427,453
Culture and Recreation:
Settler's Park 9,083 9,083 9,083
Total Expenditures 229,083 513,295 76,759 436,536
Excess/Deficiency of Revenues
Over/(Under) Expenditures 20,917 (263,295) 190,272 453,567
Other Financing Sources/(Uses):
Reserve for Contingencies (50,402) (50,402) 50,402
Transfers from Other Funds 294,708 294,708
Transfers to Other Funds (10,496) (6,942) 3,554
Total Other Financing Sources/(Uses) (50,402) 233,810 287,766 53,956
Net Change in Fund Balances (29,485) (29,485) 478,038 507,523
Fund Balances, October 1 29,485 29,485 244,178 214,693
Fund Balances, September 30 $ - $ $ 722,216 $ 722,216
G-57
MONROE COUNTY, FLORIDA
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Fines and Forfeitures $ $ 797,572 $ 65,059 $ (732,513)
Investment Income 2,000 2,000 40,806 38,806
Total Revenues 2,000 799,572 105,865 (693,707)
EXPENDITURES:
Current:
Public Safety:
Law Enforcement 1,900 799,472 143,327 656,145
Net Change in Fund Balances 100 100 (37,462) (37,562)
Fund Balances, October 1 (100) (100) 790,661 790,761
Fund Balances, September 30 $ $ - $ 753,199 $ 753,199
G-58
MONROE COUNTY, FLORIDA
COURT FACILITY FEES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 250,000 $ 250,000 $ 376,647 $ 126,647
Investment Income 87,824 87,824
Total Revenues 250,000 250,000 464,471 214,471
EXPENDITURES:
Current:
Court Related:
Court Facility 1,306,133 1,106,584 642,477 464,107
Excess/Deficiency of Revenues
Over/(Under) Expenditures (1,056,133) (856,584) (178,006) 678,578
Other Financing Sources/rUses):
Reserve for Contingencies (55,000) (55,000) 55,000
Transfers to Other Funds (199,549) (199,549)
Total Other Financing Sources/rUses) (55,000) (254,549) (199,549) 55,000
Net Change in Fund Balances (1,111,133) (1,111,133) (377,555) 733,578
Fund Balances, October 1 1,111,133 1,111,133 1,488,694 377,561
Fund Balances, September 30 $ - $ $ 1,111,139 $ 1 ,111 ,139
G-59
MONROE COUNTY, FLORIDA
DRUG ABUSE TRUST SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 9,775 $ 9,775 $ 38,381 $ 28,606
Investment Income 5,312 5,312
Total Revenues 9,775 9,775 43,693 33,918
Other Financing Sources/(Uses):
Reserve for Contingencies (31,109) (31,109) 31,109
Net Change in Fund Balances (21,334) (21,334) 43,693 65,027
Fund Balances, October 1 21,334 21,334 81,242 59,908
Fund Balances, September 30 $ - $ - $ 124,935 $ 124,935
G-60
MONROE COUNTY, FLORIDA
MARATHON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ - $ 460 $ 1,271 $ 811
Charges for Services 18 18
Investment Income 249,585 110,614 (138,971 )
Total Revenues 250,045 111,903 (138,142)
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 351 188 163
Physical Environment:
Marathon Wastewater 1,597,339 1,867,033 1,789,320 77,713
Total Expenditures 1,597,339 1,867,384 1,789,508 77,876
Excess/Deficiency of Revenues
Over/(Under) Expenditures (1,597,339) (1,617,339) (1,677,605) (60,266)
Other Financing Sources/(Uses):
Reserve for Contingencies (20,000)
Net Change in Fund Balances (1,617,339) (1,617,339) (1,677,605) (60,266)
Fund Balances, October 1 1,617,339 1,617,339 1,995,611 378,272
Fund Balances, September 30 $ - $ $ 318,006 $ 318,006
G-61
MONROE COUNTY, FLORIDA
CONCH KEY WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
G-62
MONROE COUNTY, FLORIDA
BAY POINT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 20,616 $ 20,616 $ 18,625 $ (1,991)
Charges for Services 256 256
Investment Income 7,686 7,686
Total Revenues 20,616 20,616 26,567 5,951
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 3,000 3,000 529 2,471
Physical Environment:
Bay Point Wastewater 77,000 77,000 50,040 26,960
Total Expenditures 80,000 80,000 50,569 29,431
Excess/Deficiency of Revenues
Over/(Under) Expenditures (59,384) (59,384) (24,002) 35,382
Other Financing Sources/(Uses):
Reserve for Contingencies (8,426) (8,426) 8,426
Net Change in Fund Balances (67,810) (67,810) (24,002) 43,808
Fund Balances, October 1 67,810 67,810 124,551 56,741
Fund Balances, September 30 $ - $ $ 100,549 $ 100,549
G-63
MONROE COUNTY, FLORIDA
BIG COPPITT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 114,461 $ 114,461 $ 109,433 $ (5,028)
Charges for Services 1,387 1,387
Investment Income 13,803 13,803
Miscellaneous 9,000 9,000
Total Revenues 114,461 114,461 133,623 19,162
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 5,000 5,000 2,871 2,129
Physical Environment:
Big Coppitt Wastewater 237,763 237,763 69,291 168,472
Total Expenditures 242,763 242,763 72,162 170,601
Excess/Deficiency of Revenues
Over/(Under) Expenditures (128,302) (128,302) 61,461 189,763
Other Financing Sources/(Uses):
Reserve for Contingencies (25,000) (25,000) 25,000
Net Change in Fund Balances (153,302) (153,302) 61,461 214,763
Fund Balances, October 1 153,302 153,302 175,991 22,689
Fund Balances, September 30 $ - $ - $ 237,452 $ 237,452
G-64
MONROE COUNTY, FLORIDA
KEY LARGO MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,165,596 $ 1,165,596 $ 1,120,983 $ (44,613)
Charges for Services 15,562 15,562
Investment Income 106,130 106,130
Total Revenues 1,165,596 1,165,596 1,242,675 77,079
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 69,000 69,000 32,170 36,830
Physical Environment:
Key Largo Wastewater 2,096,822 2,096,822 1,091,996 1,004,826
Total Expenditures 2,165,822 2,165,822 1,124,166 1,041,656
Excess/Deficiency of Revenues
Over/(Under) Expenditures (1,000,226) (1,000,226) 118,509 1,118,735
Other Financing Sources/(Uses):
Reserve for Contingencies (200,000) (200,000) 200,000
Net Change in Fund Balances (1,200,226) (1,200,226) 118,509 1,318,735
Fund Balances, October 1 1,200,226 1,200,226 1,330,737 130,511
Fund Balances, September 30 $ - $ - $ 1,449,246 $ 1,449,246
G-65
MONROE COUNTY, FLORIDA
STOCK ISLAND WASTEWATER SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 119,216 $ 119,216 $ 114,070 $ (5,146)
Charges for Services 484 484
Investment Income 16,927 16,927
Miscellaneous 150,320 150,320
Total Revenues 119,216 119,216 281,801 162,585
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 10,000 10,000 10,000
Physical Environment:
Stock Island Wastewater 173,494 173,494 86,889 86,605
Total Expenditures 183,494 183,494 86,889 96,605
Excess/Deficiency of Revenues
Over/(Under) Expenditures (64,278) (64,278) 194,912 259,190
Other Financing Sources/(Uses):
Reserve for Contingencies (35,000) (35,000) 35,000
Net Change in Fund Balances (99,278) (99,278) 194,912 294,190
Fund Balances, October 1 99,278 99,278 149,717 50,439
Fund Balances, September 30 $ - $ $ 344,629 $ 344,629
G-66
MONROE COUNTY, FLORIDA
CUDJOE-SUGARLOAF MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 369,833 $ 369,833 $ 338,071 $ (31,762)
Investment Income 15,156 15,156
Total Revenues 369,833 369,833 353,227 (16,606)
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 20,000 20,000 43 19,957
Physical Environment:
Cudjoe-Sugarloaf Wastewater 281,341 281,341 19,276 262,065
Total Expenditures 301,341 301,341 19,319 282,022
Excess/Deficiency of Revenues
Over/(Under) Expenditures 68,492 68,492 333,908 265,416
Other Financing Sources/(Uses):
Reserve for Contingencies (50,000) (50,000) 50,000
Net Change in Fund Balances 18,492 18,492 333,908 315,416
Fund Balances, October 1 (18,492) (18,492) 18,492
Fund Balances, September 30 $ - $ - $ 333,908 $ 333,908
G-67
MONROE COUNTY, FLORIDA
CONCH KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 10,856 $ 10,856 $ 10,401 $ (455)
Charges for Services 137 137
Investment Income 372 372
Total Revenues 10,856 10,856 10,910 54
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 2,000 2,000 310 1,690
Physical Environment:
Conch Key MSTU 6,313 6,313 4,441 1,872
Total Expenditures 8,313 8,313 4,751 3,562
Excess/Deficiency of Revenues
Over/(Under) Expenditures 2,543 2,543 6,159 3,616
Other Financing Sources/(Uses):
Reserve for Contingencies (2,000) (2,000) 2,000
Net Change in Fund Balances 543 543 6,159 5,616
Fund Balances, October 1 (543) (543) 543
Fund Balances, September 30 $ - $ - $ 6,159 $ 6,159
G-68
MONROE COUNTY, FLORIDA
LONG KEY.LAYTON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 49,774 $ 49,774 $ 48,571 $ (1,203)
Investment Income 1,900 1,900
Total Revenues 49,774 49,774 50,471 697
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 2,000 2,000 2,000
Physical Environment:
Long Key-Layton Wastewater 40,285 40,285 11,766 28,519
Total Expenditures 42,285 42,285 11,766 30,519
Excess/Deficiency of Revenues
Over/(Under) Expenditures 7,489 7,489 38,705 31,216
Other Financing Sources/(Uses):
Reserve for Contingencies (5,000) (5,000) 5,000
Net Change in Fund Balances 2,489 2,489 38,705 36,216
Fund Balances, October 1 (2,489) (2,489) 2,489
Fund Balances, September 30 $ - $ $ 38,705 $ 38,705
G-69
MONROE COUNTY, FLORIDA
DUCK KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 124,041 $ 124,041 $ 116,439 $ (7,602)
Charges for Services 1,055 1,055
Investment Income 5,026 5,026
Miscellaneous 13,500 13,500
Total Revenues 124,041 124,041 136,020 11,979
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 10,000 10,000 10,000
Physical Environment:
Duck Key Wastewater 92,839 92,839 61,040 31 ,799
Total Expenditures 102,839 102,839 61,040 41 ,799
Excess/Deficiency of Revenues
Over/(Under) Expenditures 21,202 21,202 74,980 53,778
Other Financing Sources/(Uses):
Reserve for Contingencies (15,000) (15,000) 15,000
Net Change in Fund Balances 6,202 6,202 74,980 68,778
Fund Balances, October 1 (6,202) (6,202) 6,202
Fund Balances, September 30 $ - $ - $ 74,980 $ 74,980
G-70
MONROE COUNTY, FLORIDA
BUILDING FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources/(Uses):
Reserve for Contingencies $ $ (300,000) $ $ 300,000
Transfers from Other Funds 300,000 300,000
Net Change in Fund Balances 300,000 300,000
Fund Balances, October 1
Fund Balances, September 30 $ - $ - $ 300,000 $ 300,000
G-71
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Intergovernmental
Investment Income
Miscellaneous Income
Total Revenues
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 2,390,000 $ 2,390,000 $ 2,914,835 $ 524,835
100,000 100,000 528,032 428,032
13,984 13,984 14,740 756
2,503,984 2,503,984 3,457,607 953,623
EXPENDITURES:
Current:
General Government:
Administrative
Capital Outlay
Total General Government
357,500 357,500 266,367 91,133
9,871,115 9,871,115 3,725,470 6,145,645
10,228,615 10,228,615 3,991,837 6,236,778
10,228,615 10,228,615 3,991,837 6,236,778
(7,724,631 ) (7,724,631) (534,230) 7,190,401
9,936,743 9,936,743 9,936,743
Total Expenditures
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30 -
Budgetary Basis
$ 2,212,112 $ 2,212,112
9,402,513 $ 7,190,401
Reconciliation of Budgetary Basis
To GAAP Basis
Reconciling item:
Mortgage receivable
Compensation accrual
6,740,579
(11,022)
$ 16,132,070
Fund Balances, September 30 . GAAP Basis
G-72
MONROE COUNTY, FLORIDA
SHERIFF'S INMATE COMMISSARY SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 365,120 $ 492,150 $ 492,189 $ 39
Investment Income 14,000 16,800 16,812 12
Miscellaneous 41,800 61,950 61,994 44
Total Revenues 420,920 570,900 570,995 95
EXPENDITURES:
Current:
Public Safety 639,467 457,430 456,299 1,131
Net Change in Fund Balances (218,547) 113,470 114,696 1,226
Fund Balances, October 1 285,862 285,862 285,862
Fund Balances, September 30 $ 67,315 $ 399,332 $ 400,558 $ 1,226
G-73
MONROE COUNTY, FLORIDA
SHERIFF'S IMPACT SUPPORT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 125,000 $ 191,390 $ 191,240 $ (150)
EXPENDITURES:
Current:
Public Safety 123,356 191,315 191,240 75
Net Change in Fund Balances 1,644 75 (75)
Fund Balances, October 1
Fund Balances, September 30 $ 1,644 $ 75 $ $ (75)
G-74
MONROE COUNTY, FLORIDA
SHERIFF'S OFF-DUTY SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 74,535 $ 86,600 $ 86,697 $ 97
Charges for Services 22,445 22,310 (135)
Total Revenues 74,535 109,045 109,007 (38)
EXPENDITURES:
Current:
Public Safety 74,535 109,045 109,007 38
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30 $ - $ - $ $
G-75
MONROE COUNTY, FLORIDA
SHERIFF'S GRANTS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 837,888 $ 631,966 $ 623,816 $ (8,150)
Charges for Services 200
Miscellaneous 150,375 150,375
Total Revenues 838,088 782,341 774,191 (8,150)
EXPENDITURES:
Current:
Public Safety 953,113 874,865 696,267 178,598
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures (115,025) (92,524) 77,924 170,448
Other Financing Sources/(Uses):
Transfers from Other Funds 115,025 92,524 92,524
Net Change in Fund Balances 170,448 170,448
Fund Balances, October 1 (459,302) (459,302) (459,302)
Fund Balances, September 30 $ (459,302) $ (459,302) $ (288,854) $ 170,448
G-76
MONROE COUNTY, FLORIDA
SHERIFF'S TEEN COURT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 119,150 $ 112,719 $ 112,719 $
EXPENDITURES:
Current:
Public Safety 119,150 112,719 112,719
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30 $ - $ $ $
G-77
MONROE COUNTY, FLORIDA
SHERIFF'S SOUTH FLORIDA LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Fines and Forfeitures $ - $ - $ 158,083 $ 158,083
Investment Income 82,254 82,254
Total Revenues 240,337 240,337
EXPENDITURES:
Current:
Public Safety 49,000 56,200 106,156 (49,956)
Net Change in Fund Balances (49,000) (56,200) 134,181 190,381
Fund Balances, October 1 1,591,002 1,591,002 1,591,002
Fund Balances, September 30 $ 1,542,002 $ 1,534,802 $ 1,725,183 $ 190,381
G-78
MONROE COUNTY, FLORIDA
SHERIFF'S SHARED ASSET FORFEITURE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 197,000 $ 214,680 $ 214,680 $
EXPENDITURES:
Current:
Public Safety 2,850 1,808 1,805 3
Grants and Aid 241,213 199,001 197,269 1,732
Total Expenditures 244,063 200,809 199,074 1,735
Net Change in Fund Balances (47,063) 13,871 15,606 1,735
Fund Balances, October 1 4,883,614 4,883,614 4,883,614
Fund Balances, September 30 $ 4,836,551 $ 4,897,485 $ 4,899,220 $ 1,735
G-79
MONROE COUNTY, FLORIDA
SHERIFF'S FEDERAL FORFEITURE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ - $ - $ 332,590 $ 332,590
Investment Income 59,639 59,639
Total Revenues 392,229 392,229
EXPENDITURES:
Current:
Public Safety 391,650 215,330 220,136 (4,806)
Grants and Aid 95,000 222,000 212,025 9,975
Total Expenditures 486,650 437,330 432,161 5,169
Net Change in Fund Balances (486,650) (437,330) (39,932) 397,398
Fund Balances, October 1 1,418,223 1,418,223 1,418,223
Fund Balances, September 30 $ 931,573 $ 980,893 $ 1,378,291 $ 397,398
G-80
MONROE COUNTY, FLORIDA
SHERIFF'S HIDTA ADMINISTRATION SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 183,048 $ 325,200 $ 325,172 $ (28)
EXPENDITURES:
Current:
Public Safety 233,048 269,626 269,388 238
Net Change in Fund Balances (50,000) 55,574 55,784 210
Fund Balances, October 1 95,270 95,270 95,270
Fund Balances, September 30 $ 45,270 $ 150,844 $ 151,054 $ 210
G-81
MONROE COUNTY, FLORIDA
SHERIFF'S AIRPORT SERVICES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 2,312,670 $ 2,113,867 $ 2,113,867 $
EXPENDITURES:
Current:
Public Safety 2,312,670 2,113,867 2,113,867
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30 $ $ $ $
G-82
MONROE COUNTY, FLORIDA
SHERIFF'S LAW ENFORCEMENT TRUST FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 96,477 $ 123,400 $ 123,327 $ (73)
EXPENDITURES:
Current:
Public Safety 96,477 123,350 123,327 23
Net Change in Fund Balances 50 (50)
Fund Balances, October 1
Fund Balances, September 30 $ $ 50 $ $ (50)
G-83
MONROE COUNTY, FLORIDA
SHERIFF'S FINE AND FORFEITURE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Fines and Forfeitures $ - $ 88,900 $ 88,608 $ (292)
Investment Income 800 1,600 1,572 (28)
Miscellaneous 24,542
Total Revenues 25,342 90,500 90,180 (320)
EXPENDITURES:
Current:
Public Safety 24,435 90,485 90,180 305
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures 907 15 (15)
Fund Balances, October 1
Fund Balances, September 30 $ 907 $ 15 $ $ (15)
G-84
MONROE COUNTY, FLORIDA
SHERIFF'S INTERAGENCY COMMUNICATIONS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 339,000 $ 423,500 $ 272,069 $ (151,431)
Investment Income 10,170 60,300 79,592 19,292
Total Revenues 349,170 483,800 351,661 (132,139)
EXPENDITURES:
Current:
Public Safety 165,500 351,425 350,841 584
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures 183,670 132,375 820 (131,555)
Other Financing Sources/(Uses):
Transfers from Other Funds 1,677,640 1,677.640
Net Change in Fund Balances 183,670 132,375 1,678,460 1,546,085
Fund Balances, October 1
Fund Balances, September 30 $ 183,670 $ 132,375 $ 1,678,460 $ 1,546,085
G-85
MONROE COUNTY, FLORIDA
SHERIFF'S 911 WIRELESS SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 171,000 $ 272,600 $ 272,620 $ 20
Investment Income 25,175 25,175
Total Revenues 171,000 297,775 297,795 20
EXPENDITURES:
Current:
Public Safety 130,000 60,030 60,028 2
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures 41,000 237,745 237,767 22
Other Financing Sources/(Uses):
Transfers from Other Funds 569,607 569,607
Net Change in Fund Balances 41,000 237,745 807,374 569,629
Fund Balances, October 1
Fund Balances, September 30 $ 41,000 $ 237,745 $ 807,374 $ 569,629
G-86
MONROE COUNTY, FLORIDA
SHERIFF'S 911 WIRELlNE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 275,000 $ 305,000 $ 304,923 $ (77)
Investment Income 14,500 14,489 (11 )
Total Revenues 275,000 319,500 319,412 (88)
EXPENDITURES:
Current:
Public Safety 314,826 181,149 182,324 (1,175)
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures (39,826) 138,351 137,088 (1,263)
Other Financing Sources/(Uses):
Transfers from Other Funds 100,649 100,649
Net Change in Fund Balances (39,826) 138,351 237,737 99,386
Fund Balances, October 1
Fund Balances, September 30 $ (39,826) $ 138,351 $ 237,737 $ 99,386
G-87
MONROE COUNTY, FLORIDA
CLERK'S RECORDS MODERNIZATION SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 440,000 $ 440,000 $ 421,229 $ (18,771)
Investment Income 40,000 40,000 65,538 25,538
Total Revenues 480,000 480,000 486,767 6,767
EXPENDITURES:
Current:
Court Related:
Modernization Trust 1,272,200 1,272,200 660,977 611,223
Debt Service 112,000 112,000 111,612 388
Total Expenditures 1,384,200 1,384,200 772,589 611,611
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures (904,200) (904,200) (285,822) 618,378
Other Financing Sources/(Uses):
Reserve for Contingencies (153,800) (153,800) 153,800
Net Change in Fund Balances (1,058,000) (1,058,000) (285,822) 772,178
Fund Balances, October 1 1,058,000 1,058,000 1,251,214 193,214
Fund Balances, September 30 $ $ $ 965,392 $ 965,392
G-88
MONROE COUNTY, FLORIDA
CLERK'S COURT RELATED SPECIAL REVENUE FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 556,198 $ 556,198 $ 556,090 $ (108)
Charges for Services 2,811,748 2,811,748 3,020,870 209,122
Fines and Forfeitures 1,099,860 1,099,860 1,526,734 426,874
Investment Income 1,533 1,533
Miscellaneous 1 ,486 1,486
Total Revenues 4,467,806 4,467,806 5,106,713 638,907
EXPENDITURES:
Current:
Court Related:
Clerk Administration 345,236 345,236 303,210 42,026
Clerk Records Management 372,728 372,728 324,788 47,940
Clerk Jury Management 115,504 115,504 104,543 10,961
Clerk Circuit Court Criminal 850,122 836,022 803,464 32,558
Clerk Circuit Court Civil 439,984 409,434 354,715 54,719
Clerk Circuit Court Family 136,203 136,203 128,895 7,308
Clerk Circuit Court Juvenile 168,232 168,232 151,334 16,898
Clerk Circuit Court Probate 92,924 104,062 99,928 4,134
Clerk County Court Criminal 623,638 674,188 664,546 9,642
Clerk County Court Civil 260,640 243,602 231,847 11,755
Clerk County Court Traffic 894,508 894,508 793,497 101,011
Total Expenditures 4,299,719 4,299,719 3,960,767 338,952
Excess/(Deficiency) of Revenues
Over/(Under) Expenditures 168,087 168,087 1,145,946 977,859
Other Financing Sources/(Uses):
Reserve for Contingencies (168,087) (168,087) 168,087
Transfer to Other funds (1,145,946) (1,145,946)
Total Other Financing Sources/(Uses) (168,087) (168,087) (1,145,946) (977,859)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30 $ $ - $ - $
G-89
MONROE COUNTY, FLORIDA
ALL DEBT SERVICE FUNDS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 698,510 $ 698,510 $ 573,000 $ (125,510)
Investment Income 31,643 31,643
Total Revenues 698,510 698,510 604,643 (93,867)
EXPENDITURES:
Current:
Debt Service:
2003 Revenue Bonds:
Principal 1,205,000 1,205,000 1,205,000
Interest 605,930 605,930 593,880 12,050
Other Debt Service Costs 10,000 1 02,468 95,968 6,500
Total 2003 Revenue Bonds 1,820,930 1,913,398 1,894,848 18,550
Guaranteed Entitlement Loan:
Principal 806,070 806,070 590,663 215,407
Interest 63,000 63,000 45,322 17,678
Other Debt Service Costs 10,000 10,000 10,000
Total Guaranteed Entitlement Ln 879,070 879,070 635,985 243,085
Total Expenditures 2,700,000 2,792,468 2,530,833 261,635
Excess/Deficiency of Revenues
Over/(Under) Expenditures (2,001,490) (2,093,958) (1,926,190) 167,768
Other Financing Sources/(Uses):
Reserve for Contingencies (553,649) (461,181) 461,181
Transfer from Other Funds 2,109,233 2,109,233 1,373,000 (736,233)
Total Other Financing Sources/(Uses) 1,555,584 1,648,052 1,373,000 (275,052)
Net Change in Fund Balances (445,906) (445,906) (553,190) (107,284)
Fund Balances, October 1 445,906 445,906 975,156 529,250
Fund Balances, September 30 $ $ - $ 421,966 $ 421,966
G-90
MONROE COUNTY, FLORIDA
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $13,000,001 $ 13,000,001 $ 15,200,289 $ 2,200,288
Investment Income 650,000 650,000 1,786,685 1,136,685
Miscellaneous 243,671 243,671
Total Revenues 13,650,001 13,650,001 17,230,645 3,580,644
EXPENDITURES:
Current:
Capital Outlay:
General Government:
Vehicle Replacement 28,446
Flood Zone Evaluation 30,000 30,000 24,070 5,930
ADA Assessments 65,996 65,996
General Government Projects 3,993,446 867,000 629,813 237,187
Total General Government 4,051,892 962,996 653,883 309,113
Public Safety 6,007,332 2,586,779 1,200,619 1,386,160
Physical Environment 14,250,000 18,014,383 11,752,952 6,261,431
Transportation: Const. Mgmt 690,021 485,625 460,209 25,416
Economic Environment: Hsg Dev 1,000,000 4,524,850 4,524,800 50
Culture and Recreation 14,416,500 9,000,650 7,098,213 1,902,437
Total Capital Outlay 40,415,745 35,575,283 25,690,676 9,884,607
Total Expenditures 40,415,745 35,575,283 25,690,676 9,884,607
Excess/Deficiency of Revenues
Over/(Under) Expenditures (26,765,744) (21,925,282) (8,460,031) 13,465,251
Other Financing Sources/(Uses):
Reserve for Contingencies (599,782) (39,692) 39,692
Transfers to Other Funds (5,201,973) (10,602,525) (9,167,163) 1,435,362
Total Other Financing Sources/(Uses) (5,801,755) (10,642,217) (9,167,163) 1,475,054
(Continued)
The notes to the financial statements are an integral part of these statements.
G-91
MONROE COUNTY, FLORIDA
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Fund Balances, October 1
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
(32,567,499) (32,567,499) (17,627,194) 14,940,305
32,567,499 32,567,499 36,751,677 4,184,178
$ - $ - $ 19,124,483 $ 19,124,483
Net Change in Fund Balances
Fund Balances, September 30
The notes to the financial statements are an integral part of these statements.
G-92
MONROE COUNTY, FLORIDA
INFRASTRUCTURE SALES SURTAX REVENUE BONDS,
SERIES 2003 CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES. BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 300,001 $ 300,001 $ 468,217 $ 168,216
EXPENDITURES:
Current:
Capital Outlay:
General Government:
General Government Project 6,464,652 7,147,720 2,492,881 4,654,839
General Government Projects II 5,800,000 8,882,491 4,879,373 4,003,118
Total General Government 12,264,652 16,030,211 7,372,254 8,657,957
Public Safety:
Public Safety Projects I 900,000 1,015,256 975,021 40,235
Human Services:
Human Service Projects I 3,018,000 4,419,634 1,805,343 2,614,291
Total Capital Outlay 16,182,652 21,465,101 10,152,618 11,312,483
Excess/Deficiency of Revenues
Over/(Under) Expenditures (15,882,651 ) (21,165,100) (9,684,401 ) 11,480,699
Other Financing Sources/(Uses):
Transfers from Other Funds 5,282,449 5,282,449
Net Change in Fund Balances (15,882,651 ) (15,882,651 ) (4,401,952) 11,480,699
Fund Balances, October 1 15,882,651 15,882,651 11,469,277 (4,413,374)
Fund Balances, September 30 $ $ - $ 7,067,325 $ 7,067,325
The notes to the financial statements are an integral part of these statements.
G-93
THIS PAGE INTENTIONALLY LEFT BLANK
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2007
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
ASSETS
Current Assets:
Cash and Cash Equivalents $ 5,844,773 $ 18,787,904 $ 4,595,903
Accounts Receivable, Net 19,795 2,094,002
Due from Other Governmental Units 133,220
Interest Receivable 166,829 1,217
Total current assets 6,011,602 18,942,136 6,689,905
Noncurrent Assets:
Land and Other Nondepreciable Assets
Capital Assets, Net of Accum. Depreciation 3,440 444 3,246
Total Noncurrent Assets 3,440 444 3,246
Total Assets 6,015,042 18,942,580 6,693,151
LIABILITIES
Current Liabilities:
Accounts Payable 92,975 210,115 30,582
Accrued Wages and Benefits Payable 5,664 5,427 5,861
Claims and Judgements Payable 1,794,351 3,641,266 1,547,490
Due to Other Funds
Due to Other Governmental Units 27,507
Accrued Compo Absences Payable 267 495 2,541
Other Current Liabilities 14 21
Total Current Liabilities 1,920,778 3,857,324 1,586,474
Noncurrent Liabilities:
Accrued Compo Absences Payable 19,509 16,711 21,155
Total Liabilities 1,940,287 3,874,035 1,607,629
NET ASSETS
Invested in Capital Assets, Net of Related Debt 3,440 444 3,246
Unrestricted 4,071,315 15,068,101 5,082,276
Total Net Assets $ 4,074,755 $ 15,068,545 $ 5,085,522
G-94
$ 1,394,598 $ 30,623,178
2,113,797
165,072 298,292
168,046
1,559,670 33,203,313
114,323 447,995
44,223 61,175
6,983,107
17 17
27,507
6,577 9,880
35
165,140 7,529,716
Fleet
Management
Fund
54,000
1,219,043
1,273,D43
2,832,713
67,812
232,952
1,273,043
1,326,718
Total
54,000
1,226,173
1,280,173
34,483,486
125,187
7,654,903
1,280,173
25,548,410
$ 2,599,761 $ 26,828,583
G-95
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Revenues:
Charges for Services $ $ 14,655,889 $ 1,664,964
Miscellaneous 100,942 3,679
Total operating revenues 100,942 14,655,889 1,668,643
Operating Expenses:
Personnel Services 172,297 184,692 178,189
Operations 390,535 638,685 1,571,188
Depreciation and Amortization 1,295 562 1,131
Asserted and Paid Claims 1,739,198 12,137,554 289,175
Total operating expenses 2,303,325 12,961,493 2,039,683
Operating Income/Loss (2,202,383) 1,694,396 (371,040)
Non-Operating Revenues/(Expenses):
Investment Income 356,536 906,446 306,646
Insurance Recoveries 594,975 524,4 76 3,210,920
Gain (Loss) on Disposition of Assets
Total Non-Operating Revenues/(Expenses) 951,511 1,430,922 3,517,566
Income/Loss Before Contributions
and Transfers (1,250,872) 3,125,318 3,146,526
Transfers to Other Funds (37,828) (68,642) (2,234,937)
Change in Net Assets (1,288,700) 3,056,676 911,589
Total Net Assets-October 1 5,363,455 12,011,869 4,173,933
Total Net Assets-September 30 $ 4,074,755 $ 15,068,545 $ 5,085,522
G-96
Fleet
Management
Fund Total
1,049,638 1,584,816
1,874,892 4,475,300
72,954 75,942
14,165,927
2,997,484 20,301,985
691,721 (187,306)
91,923 1,661,551
4,330,371
(4,260) (4,260)
87,663 5,987,662
$
3,683,585
5,620
3,689,205
779,384
(563,047)
216,337
2,383,424
$ 20,004,438
110,241
20,114,679
5,800,356
(2,904,454)
2,895,902
23,932,681
$ 2,599,761 $ 26,828,583
G-97
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Activities:
Cash received for services $ 19,169 $ 4,054,103 $ 30,942
Cash rec'vd from other funds for goods and svcs 10,770,068 1,634,022
Cash received from insurance recoveries 594,975 510,004 1,118,300
Cash payments to suppliers for goods and svcs (399,701 ) (707,445) (1,734,856)
Cash payments to employees for services (125,616) (132,984) (128,128)
Cash payments to other funds (27,667) (30,526) (28,281)
Cash payments for claims (1,806,714) (11,588,769) (243,292)
Other operating revenue 136,987 3,679
Net Cash Provided by/(Used in)
Operating Activities (1,608,567) 2,874,451 652,386
Noncapital Financing Activities:
Transfers to other funds (37,828) (68,642) (2,234,937)
Capital and Related Financing Activities:
Acquisition of capital assets (1,336)
Investing Activities: Investment income 189,707 906,454 306,646
Net Increase/(Decrease) in Cash and
Cash Equivalents (1,456,688) 3,712,263 (1,277,241)
Cash and Cash Equivalents:
October 1 7,301,461 15,075,641 5,873,144
September 30 $ 5,844,773 $ 18,787,904 $ 4,595,903
G-98
Fleet
Management
Fund
Total
$ 1,797,128 $ 5,901,342
1,978,633 14,382,723
2,223,279
(1,921,790) (4,763,792)
(758,691 ) (1,145,419)
(549,459) (635,933)
(13,638,775)
5,620 146,286
551,441 2,469,711
(563,047)
(2,904,454)
(14,161)
(15,497)
91,923
1,494,730
66,156
1,044,490
1,328,442
29,578,688
$ 1,394,598 $ 30,623,178
G-99
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS - CONTINUED
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
Reconciliation of operating income/(Ioss)
to net cash provided by/(used in)
operating activities:
Operating income/(Ioss) $ (2,202,383) $ 1,694,396 $ (371,040)
Adjustments to reconcile operating income/(Ioss)
to net cash provided by/(used in) operating
activities:
Depreciation and Amortization 1,295 562 1,131
Nonoperating Income-Insurance Recoveries 594,975 524,476 3,210,920
Change in assets and liabilities:
Increase/(Decrease) in Accounts receivable 36,045 (14,472) (2,092,620)
Increase/(Decrease) in Due from other gov't units 19,169 168,282
Increase/(Decrease) in Accounts payable 12,835 (47,187) (144,863)
Increase/(Decrease) in Accrued wages/benefits 347 (411) 434
Increase/(Decrease) in Claims/judgments payable (67,516) 548,785 45,883
Increase/(Decrease) in Due to other funds
Increase/(Decrease) in Due to other gov't units (1,986)
Increase/(Decrease) in Compo absences payable (763) 495 2,541
Increase/(Decrease) in Other current liabilities (585) (475)
Total adjustments 593,816 1,180,055 1,023,426
Net cash provided by/(used in)
operating activities $ (1,608,567) $ 2,874,451 $ 652,386
Noncash investing, capital, and financing activities:
Loss on disposition of assets $ $ $
Cash Reconciliation:
Unrestricted $ 5,844,773 $ 18,787,904 $ 4,595,903
G-100
(Continued)
Fleet
Management
Fund Total
$ 691,721 $ (187,306)
72,954
75,942
4,330,371
338 (2,070,709)
91,838 279,289
31,854 (147,361)
12,082 12,452
527,152
(355,815) (355,815)
(1,986)
6,469 8,742
(1,060)
(140,280) 2,657,017
$ 551,441 $ 2,469,711
$
(4,260) $
(4,260)
$ 1,394,598 $ 30,623,178
G-101
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET ASSETS
ALL AGENCY FUNDS
SEPTEMBER 30, 2007
Clerk's Sheriffs Tag
General General and Property
Agency Agency License Tax Totals
ASSETS
Cash and Cash Equivalents $ 3,779,007 $ 1,002,043 $ 149,367 $ 1,928,392 $ 6,858,809
Accounts Receivable 16,712 767 19,449 36,928
Total assets $ 3,795,719 $ 1,002,043 $ 150,134 $ 1,947,841 $ 6,895,737
LIABILITIES
Due to Others $ 2,799,851 $ 1,002,043 $ 1,908 $ 7,404 $ 3,811,206
Due to Other Governmental Units 995,868 148,226 1,940,437 3,084,531
Total liabilities $ 3,795,719 $ 1,002,043 $ 150,134 $ 1,947,841 $ 6,895,737
G-102
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
ALL AGENCY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
10/1/2006 Additions Deductions 9/30/2007
Clerk's General
Assets
Cash and Cash Equivalents $ 3,660,167 $ 46,025,199 $ 45,906,359 $ 3,779,007
Accounts Receivable 6,327 53,613 43,228 16,712
Total assets $ 3,666,494 $ 46,078,812 $ 45,949,587 $ 3,795,719
Liabilities
Due to Others $ 2,301,091 $ 4,862,053 $ 4,363,293 $ 2,799,851
Due to Other Governmental Units 1,365,403 41,216,759 41,586,294 995,868
Total liabilities $ 3,666,494 $ 46,078,812 $ 45,949,587 $ 3,795,719
Sheriff's General
Assets
Cash and Cash Equivalents $ 745,585 $ 3,261,406 $ 3,004,948 $ 1,002,043
Totai assets $ 745,585 $ 3,261,406 $ 3,004,948 $ 1,002,043
Liabilities
Due to Others $ 739,417 $ 3,261,406 $ 2,998,780 $ 1,002,043
Due to Other Funds 6,168 6,168
Total liabilities $ 745,585 $ 3,261,406 $ 3,004,948 $ 1,002,043
Taa and License
Assets
Cash and Cash Equivalents $ 177,593 $ 10,529,652 $ 10,557,878 $ 149,367
Accounts Receivable 2,032 1,265 767
Total assets $ 179,625 $ 10,529,652 $ 10,559,143 $ 150,134
Liabilities
Due to Others $ 2,096 $ 23,144 $ 23,332 $ 1,908
Due to Other Governmental Units 177,529 10,506,508 10,535,811 148,226
Total liabilities $ 179,625 $ 10,529,652 $ 10,559,143 $ 150,134
(Continued)
G-103
MONROE COUNTY, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS. CONTINUED
ALL AGENCY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
10/1/2006 Additions Deductions 9/30/2007
Property Tax
Assets
Cash and Cash Equivalents $ 4,076,462 $ 262,797,173 $ 264,945,243 $ 1,928,392
Accounts Receivable 140 19,309 19,449
Total assets $ 4,076,602 $ 262,816,482 $ 264,945,243 $ 1,947,841
Liabilities
Due to Others $ 18,433 $ 7,030,570 $ 7,041,599 $ 7,404
Due to Other Governmental Units 4,058,169 255,785,912 257,903,644 1,940,437
Total liabilities $ 4,076,602 $ 262,816,482 $ 264,945,243 $ 1,947,841
Total All Aaencv Funds
Assets
Cash and Cash Equivalents $ 8,659,807 $ 322,613,430 $ 324,414,428 $ 6,858,809
Accounts Receivable 8,499 72,922 44,493 36,928
Total assets $ 8,668,306 $ 322,686,352 $ 324,458,921 $ 6,895,737
Liabilities
Due to Others $ 3,061,037 $ 15,177,173 $ 14,427,004 $ 3,811,206
Due to Other Governmental Units 5,601,101 307,509,179 310,025,749 3,084,531
Due to Other Funds 6,168 6,168
Total liabilities $ 8,668,306 $ 322,686,352 $ 324,458,921 $ 6,895,737
G-104
STATISTICAL SECTION
(Unaudited)
This part of Monroe County, Florida Government's comprehensive annual financial
report presents detailed information as a context for understanding what the information
in the financial statements, note disclosures, and required supplementary information
says about the County's overall financial health. Statistical schedules differ from financial
statements because they usually cover more than one fiscal year and may present non-
accounting data. These schedules are designed to give the reader insights into the
financial position of Monroe County not readily apparent from the financial statements.
Contents
Financial Trends
These schedules contain trend information to help the reader understand how the
government's financial performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the government's
most significant local revenue source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the
government's current levels of outstanding debt and the government's ability to issue
additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the government's financial activities take
place.
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the government's financial report relates to the
services the government provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
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Monroe County, Florida
Changes in Net Assets - Continued
Last Six Fiscal Years (1)
(accrual basis of accounting)
Fiscal Year
2002 2003 2004 2005 2006 2007
Net(expense)/revenue
Governmental activities $ (96,910,755) $ (108,411,019) $ (103,535,358) $ (109,704,143) $ (132,621,551) $ (130,680,120)
Business-type activities 1,174,783 5,927,559 4,024,816 5,540,995 2,558,552 (274,806)
Total primary government net expense $ (95,735,972) $ (102,483,460) $ (99,510,542) $ (104,163,148) $ (130,062,999) $ (130,954,926)
General Revenues and Other
Changes In Net Assets
Governmental activities:
Taxes:
Ad Valorem Taxes $ 54,584,047 $ 58,170,115 $ 60,113,153 $ 65,213,691 $ 71,978,592 $ 77,370,025
Tourist Impact Tax 1,972,187 2,078,380 2,280,226 2,319,138 2,337,667 2,470,447
Gas Tax 5,038,354 5,087,735 5,391,138 5,565,189 5,442,950 5,321,958
1/2 Cent Sales Tax 7,424,697 7,787,670 8,484,851 8,163,088 8,453,482 8,327,392
One Cent Infrastructure Tax 12,769,884 12,884,890 15,365,641 14,875,923 15,201,005 15,200,289
Tourist Development Tax 11,799,207 12,395,848 13,653,340 13,924,863 13,658,344 15,427,328
Other Taxes 1,128,287 1,233,000 3,044,584 3,546,375 3,567,410 3,126,761
Other State Shared Revenue 3,154,471 3,152,543 3,200,402 3,296,240 3,366,289 3,303,470
Investment Income 3,848,672 2,939,632 2,744,110 5,611,225 9,502,953 11,231,888
Miscellaneous 3,890,714 3,082,404 2,418,079 7,683,121 6,221,014 8,597,566
Transfers 749,401 659,908 973,933 973,933 (147,818) (1,435,070)
Total government activities 106,359,921 109,471,925 117,669,437 131,172,786 139,581,888 148,942,054
Business-type activities:
Investment Income 554,700 401,560 358,972 742,461 1,737,753 1,984,413
Miscellaneous 57,779 16,825 115,925 28,891 3,221,682
Transfers (749,401) (659,908) (973,933) (973,933) 147,818 1,435,070
Total business-type activities (194,701) (200,569) (598,136) (115,547) 1,914,462 6,841,165
Total primary government $ 106,165,220 $ 109,271,356 $ 117,071.301 $ 131,057,239 $ 141,496,350 $ 155,583,219
Change In Net Assets
Governmental activities $ 9,449,166 $ 1,060,906 $ 14,134,079 $ 21,468,843 $ 6,960,337 $ 18,261,934
Business-type activities 980,082 5,726,990 3,426,680 5,425,448 4,473,014 6,366.359
Total primary government $ 10,429,248 $ 6.787,896 $ 17,560,759 $ 26,894,091 $ 11,433,351 $ 24,628,293
(1) Only six years are available due to initial GASS 34 implementation In fiscal year 2002.
H-5
Monroe County, Florida
Governmental Activities Tax Revenues By Source
Last Six Fiscal Years (1)
(accrual basis of accounting)
Sales Taxes
State Local Local Tourist
Fiscal Property Tourist Sales Development Other
Year Tax Impact Tax Tax Tax Taxes Total
2002 $ 54,584,047 $ 1,972,187 $ 25,232,935 $ 11,799,207 $ 1,128,287 $ 94,716,663
2003 58,170,115 2,078,380 25,760,295 12,395,648 1,233,000 99,637,438
2004 60,113,153 2,280,226 29,241,630 13,653,340 3,044,564 108,332,913
2005 65,213,691 2,319,138 28,604,200 13,924,863 3,546,375 113,608,267
2006 71,978,592 2,337,667 29,097,437 13,658,344 3,567,410 120,639,450
2007 77,370,025 2,470,447 28,849,639 15,427,328 3,126,761 127,244,200
(1) Only six years are available due to initial GASB 34 implementation in fiscal year 2002.
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Monroe County, Florida
Principal Property Taxpayers
September 30, 2007
2007 1998
Percentage of Percentage of
Taxable Total Taxable Taxable Total Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Casa Marina Owner LLC $ 79,262,930 0.30% $ 42,662,547 2 0.54%
BellSouth/Southern Bell 78,220,595 2 0.29% 66,654,713 1 0.85%
Fla. Keys Electric Co-Op 76,002,338 3 0.29%
Hyatt Key West 72,028,980 4 0.27% 17,995,812 10 0.23%
Galleon Condo. Assoc. 69,741,964 5 0.26%
City of Key West 66,575,757 6 0.25%
CSC Holiday L TD 66,418,178 7 0.25%
Windward Point LLC 48,686,354 8 0.18%
Keys Marina Sombrero LLC 47,807,644 9 0.18%
JLW Key West 1 LLC 43,709,517 10 0.16%
Hilton Resorts & Marina 28,816,845 3 0.37%
Holiday Inn Key West 21,539,524 4 0.27%
Cheeca Lodge 24,617,911 5 0.31%
Sheraton Suites 20,271,798 6 0.26%
The Reach 19,840,108 7 0.25%
Southernmost Beach LP 18,577,743 8 0.24%
Pier House 18,480,949 9 0.24%
$ 648,454,257 2.45% $ 279,457,950 3.56%
Source: Monroe County Property Appraiser
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Fiscal
Year
General
Obligation
Bonds
Monroe County, Florida
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Less: Amounts
Available in Debt
Service Fund
Total
Percentage of
Estimated
Actual Taxable
Value of
Property
Monroe County does not have any outstanding general bonded debt for years 1998-2007.
H-16
Per
Capita
Monroe County, Florida
Direct and Overlapping Governmental Activities Debt
As of September 30, 2007
Governmental Unit
Debt
Outatanding
Estimated
Percentage
Applicable
Estimated
Share of
Overlapping
Debt
Monroe County does not have any direct and overlapping governmental activities debt
as of September 30,2007.
H-17
Monroe County, Florida
Legal Debt Margin Information
Last Ten Fiscal Years
There are no State laws or County ordinances establishing a legal debt margin for years 1998-2007.
H-18
Monroe County, Florida
Pledged-Revenue Coverage
Governmental Activities
Last Ten Fiscal Years
Sales Tax Revenue Bonds
Fiscal Debt Service
Year Collections Principal Interest Total Coverage
1998 $ 13,217,392 $ 3,450,000 $ 999,484 $ 4,449,484 $ 2.97
1999 12,996,907 3,732,500 972,300 4,704,800 2.76
2000 12,387,681 3,945,000 760,366 4,705,366 2.63
2001 12,719,998 4,127,500 574,555 4,702,055 2.71
2002 12,645,370 4,280,000 419,774 4,699,774 2.69
2003 12,884,890 4,995,000 604,715 5,599,715 2.30
2004 15,039,016 3,387,500 750,952 4,138,452 3.63
2005 14,875,923 1,157,500 640,780 1,798,280 8.27
2006 15,201,005 1,187,500 617,630 1,805,130 8.42
2007 15,200,289 1,222,500 593,880 1,816,380 8.37
Guaranteed Entitlement Bonds and Notes
Fiscal Debt Service
Year Collections Principal Interest Total Coverage
1998 $ 2,886,806 $ 397,500 $ 276,170 $ 673,670 4.29
1999 2,946,989 416,667 260,270 676,937 4.35
2000 2,448,727 432,500 243,040 675,540 3.62
2001 2,065,418 451,667 224,223 675,890 3.06
2002 1,951,730 471,667 203,743 675,410 2.89
2003 1,992,079 530,299 143,080 673,379 2.96
2004 2,170,003 553,597 95,444 649,041 3.34
2005 2,249,626 568,719 79,157 647,876 3.47
2006 2,332,385 587,428 62,425 649,853 3.59
2007 2,173,766 606,066 45,322 651,388 3.34
Racetrack Funds Bonds
Fiscal Debt Service
Year Collections Principal Interest Total Coverage
1998 $ 223,250 $ 197,500 $ 18,050 $ 215,550 1.04
1999 223,250 150,000 9,500 159,500 1.40
Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements.
H-19
MONROE COUNTY, FLORIDA
PLEDGED REVENUE BONDS AND NOTES
BUSINESS-TYPE ACTIVITIES
LAST TEN FISCAL YEARS
MUNICIPAL SERVICE DISTRICT - WASTE
NET DEBT SERVICE
FISCAL GROSS AVAILABLE TIMES
YEAR REVENUE. EXPENSES.. REVENUE PRINCIPAL INTEREST TOTAL COVERAGE
1998 $ 16,116,708 $ 14,058,422 $ 2,058,286 $ 375,000 $ 515,788 $ 890,788 2,31
1999 43,130,141 42,069,856 1,060,285 405,000 493,288 898,288 1.18
2000 14,648,737 12,760,853 1,887,884 425,000 468,380 893,380 2.11
2001 14,283,981 12,046,585 2,237,396 455,000 441,605 896,605 2.50
2002 13,891,015 12,738,898 1,152,117 480,000 412,485 892,485 1.29
2003 13,459,762 12,663,904 795,858 323,087 205,854 528,941 1.50
2004 13,963,983 13,459,548 504,435 423,468 151,265 574,733 0.88
2005 14,980,597 14,113,833 866,764 437,909 136,825 574,734 1.51
2006 16,619,082 15,364,085 1,254,997 452,841 121,975 574,816 2.18
2007 16,273,795 15,291,029 982,766 468,283 106,493 574,776 1.71
KEY WEST AIRPORT
NET DEBT SERVICE
FISCAL AVAILABLE AVAILABLE TIMES
YEAR REVENUE... EXPENSES.. REVENUE PRINCIPAL INTEREST TOTAL COVERAGE
2006 $ N/A $ N/A $ N/A $ $ $ N/A(a)
2007 N/A N/A N/A N/A (a)
(a) As defined in Resolution 238-8 , debt service requirements are reduced by bond proceeds available to pay interest
due. As of September 30,2007, $1,789,791 is available to meet future interest requirements. This amount is presently
estimated to cover interest requirements for 2008 and 2009.
N/A = Not Available
. "Gross Revenue" shall mean all rates, fees, charges, assessments or other income received
pursuant to the management and operation of the Municipai Service District-Waste facilities.
Fiscal year 1999 revenue includes grants and transfers necessary to fund Hurricane Georges
expenditures.
.. "Expenses" exclude depreciation of fixed assets and amortization of deferred charges which are reflected
as expenses in the financial statements.
... "Available Revenue" shall mean income from operations, PFC revenues and PFC fund balance.
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THIS PAGE INTENTIONALLY LEFT BLANK
COMPLIANCE SECTION
~IIERRY J
B[[(A[RT~
HOLLAND
'- n.._
'I I I
',1\-,,1 1\'"
,\",",\1.:.,,:'1
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPUANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and Board
of County Commissioners of
Monroe County, Florida:
We have audited the financial statements of the governmental activities, the business-type activities,
each major fund and the aggregate remaining fund information of Monroe County, Florida (the
"County") as of and for the year ended September 30, 2007, which collectively comprise the County's
basic financial statements, and have issued our report thereon dated March 28, 2008. We did not audit
the financial statements of the Monroe County Housing Finance Authority (the" Authority"), the County's
discretely presented component unit. Those financial statements were audited by other auditors whose
report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included
for the Authority, is based solely on the report of the other auditors. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained In Government Auditing Standards, issued by the
Comptroller General of the United States.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the County's internal control over financial
reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on
the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the
County's internal control over financial reporting. Accordingly, we do not express an opinion on the
effectiveness of the County's internal control over financial reporting. .
A control deficiency exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of
control deficiencies, that adversely affects the County's ability to initiate, authorize, record, process, or
report financial data reliably in accordance with generally accepted accounting principles such that
there is more than a remote likelihood that a misstatement of the County's financial statements that is
more than inconsequential will not be prevented or detected by the County's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in
more than a remote likelihood that a material misstatement of the financial statements will not be
prevented or detected by the County's internal control.
1-1
Our consideration of intemal control over financial reporting was for the limited purpose described in the
first paragraph of this section and would not necessarily identify all deficiencies in intemal control that
might be significant deficiencies or material weaknesses. We did not identify any deficiencies in intemal
control over financial reporting that we consider to be material weaknesses, as defined above.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the County's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on
the determination of financial statement amounts. However, providing an opinion on compliance with
those provisions was not an objective of our audit, and accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance or other matters that are required to
be reported under Government Auditing Standards.
We noted certain matters that we reported to management of the County in a separate letter dated
March 28, 2008.
This report is intended solely for the information and use of management, the County Mayor and the
Board of County Commissioners of Monroe County, Florida, the State of Florida Office of the Auditor
General, and applicable federal and state agencies and is not intended to be and should not be used by
anyone other than these specified parties.
CHERRY, BEKAERT & HOLLAND, L.L.P
~., ~~,,~. \..~~
"\"
Orlando, Florida
March 28, 2008
1-2
( ClIERRY
l BEKAERT&.
HOLLAND
;,'1:;'
\',,, .\'.
. . \....., I. I. i ..\~, I
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND INTERNAL CONTROL
OVER COMPLIANCE APPLICABLE TO EACH MAJOR FEDERAL AWARDS
PROGRAM AND STATE FINANCIAL ASSISTANCE PROJECTS
To the Honorable Mayor and Board
of County Commissioners of
Monroe County, Florida:
Compliance
We have audited the compliance of Monroe County, Florida (the .County") with the types of compliance
requirements described in the U.S. Office of Management and Budget (OMB) Circular A-133
Compliance Supplement, and the requirements described in the Executive Office of the Governor's
State Projects Compliance Supplement, that are applicable to each of its major federal awards
programs and state financial assistance projects for the year ended September 30, 2007. The County's
major federal awards programs and state financial assistance projects are identified in the summary of
auditors' results section of the accompanying Schedule of Findings and Questioned Costs.
Compliance with the requirements of laws, regulations, contracts, and grants applicable to each of its
major federal awards programs and state financial assistance projects is the responsibility of the
County's management. Our responsibility is to express an opinion on the County's compliance based
on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Govemment Auditing
Standards, issued by the Comptroller General of the United States; OMB Circular A-133, Audits of
states, Local Governments, and Non-Profit Organizations; and Chapter 10.550, Rules of the Auditor
General. Those standards, OMB Circular A-133, and Chapter 10.550, Rules of the Auditor Genera/,
require that we plan and perform the audit to obtain reasonable assurance about whether non-
compliance with the types of compliance requirements referred to above that could have a direct and
material effect on a major federal awards program or state financial assistance project occurred. An
audit includ.es examining, on a test basis, evidence about the County's compliance with those
requirements and performing such other procedures as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a
legal determination of the County's compliance with those requirements.
In our opinion, the County complied, in all material respects, with the requirements referred to above
that are applicable to each of its major federal awards programs and state financial assistance projects
for the year ended September 30, 2007. However, the results of our auditing procedures disclosed one
instance of noncompliance with those requirements that is required to be reported in accordance with
applicable sections of OMB Circular A-133 and the requirements described in the Executive Office of
the Governor's State Projects, which is described in the accompanying Schedule of Findings and
Questioned Costs as Item 07-01.
1-3
Internal Control over Compliance
The management of the County is responsible for establishing and maintaining effective internal control
over compliance with the requirements of laws, regulations, contracts and grants applicable to federal
programs and state financial assistance projects. In planning and performing our audit, we considered
the County's internal control over compliance with requirements that could have a direct and material
effect on a major federal program or state financial assistance project in order to determine our auditing
procedures for the purpose of expressing our opinion on compliance, but not for the purpose of
expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not
express an opinion on the effectiveness of the County's internal control over compliance in accordance
with OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General.
A control deficiency in the County's internal control over compliance exists when the design or
operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect noncompliance with a type of compliance requirement of a
federal program or state financial assistance project on a timely basis. A significant deficiency is a
control deficiency, or combination of control deficiencies that adversely affect the County's ability to
administer a federal program or state financial assistance project such that there is more than a remote
likelihood that noncompliance with a type of compliance requirement of a federal program or state
financial assistance project that is more than inconsequential will not be prevented or detected by the
County's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that results in
more than a remote likelihood that material noncompliance with a type of compliance requirement of a
federal program or state financial assistance project will not be prevented or detected by the County's
internal control.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control that might
be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal
control over compliance that we consider to be material weaknesses, as defined above.
The County's response to the finding identified in our audit are described in the accompanying
schedule of findings and questioned costs. We did not audit the County's response and, accordingly,
we express no opinion on it.
This report Is intended solely for the information and use of management, the County Mayor and the
Board of County Commissioners of Monroe County, Florida, the State of Florida Office of the Auditor
General, and applicable state and federal agencies, and is not intended to be and should not be used
by anyone other than these specified parties.
CHERRY, BEKAERT & HOLLAND, L.L.P.
I:;,~'N" ,,~ ..\...~ \- \\~, \.,S'
Orlando, Florida
March 28, 2008
1-4
Monroe County, Florida
Schedule of Expenditures of Federal Awards
and State Financial Assistance Projects
For the Year Ended September 30, 2007
Federal/State Agency,
Pass-through Entity
Federal Proaram/State Proiect
Department of Agriculture:
Passed through State Department of Elder Affairs and Alliance for Aging:
NSIP - 2007
Department of Health and Human Services:
Passed through Florida Department of State, Division of Elections:
Poll Worker Recruitment and Training
Voter Education
Total Program
Passed through State Department of Elder Affairs and Alliance for Aging:
Title IIIB Support Services - 2006
Title IIIB Support Services - 2007
Total Program
Title IIIC-1 Congregate Meals - 2006
Title IIIC-2 Home Delivered Meals - 2006
Title IIIC-1 Congregate Meals - 2007
Title IIIC-2 Home Delivered Meals - 2007
Total Program
Title III-E In-Home Services - 2006
Title III-E In-Home Services - 2007
Total Program
Passed through Florida Department of Revenue:
Child Support Enforcement Title IV-D
Passed through State Department of Community Affairs:
Low Income Home Energy Assistance Program - 2006
Low Income Home Energy Assistance Program - 2007
Total Program
Total Federal Agency
Department of Housing and Urban Development:
Passed through State Department of Community Affairs:
Community Development Block Grant
The accompanying notes are an integral part of this schedule.
1-5
CFDA
Number
10.570
90.401
90.401
93.044
93.044
93.045
93.045
93.045
93.045
93.052
93.052
93.563
93.568
93.568
14.228
Contract Grant Number
EXDenditures
US751
$
31,057
10,571
11,471
22,042
AA629
AA729
26,539
83,145
109,684
50,525
48,242
114,545
184,980
398,292
5,329
41,894
47,223
AA629
AA729
AA629
AA629
AA729
AA729
CC344
118,632
06EA-3M-11-54-01-019
07EA-6J-11-54-01-019
90,510
84,777
175,287
871,160
03DB-1A-11-54-01-H32
224,001
(Continued)
1-6
Monroe County, Florida
Schedule of Expenditures of Federal Awards
and State Financial Assistance Projects. Continued
For the Year Ending September 30, 2007
Federal/State Agency,
Pass-through Entity
Federal Proaram/State Proiect
Department of the Interior:
Direct Program:
Fish and Wildlife Service:
Clean Vessel Act
Department of Justice:
Direct Program:
Bureau of Justice Assistance:
BUlletproof Vest Partnership Grant
Local Law Enforcement Block Grant
Total Program
Passed through Office of the Attorney General:
Victims of Crime Acts
Passed through Florida Department of Law Enforcement:
Edward Byrne Memorial Justice Assistance Grant - Boys & Girls Club - 2007
Edward Byrne Memorial Justice Assistance Grant - Care Center - 2007
Edward Byrne Memorial Justice Assistance Grant - MC Educ. Foundation - 2007
Total Program
Residential Substance Abuse Treatment - MC Jail Incarceration Program
Total Federal Agency
Department of Labor:
Employment and Training Administration:
Passed through South Florida Workforce:
Employed Worker Training Program
Executive Office of the President:
Direct Program:
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
The accompanying notes are an integral part of this schedule.
1-7
CFDA
Number
15.616
16.607
16.592
16.575
16.738
16.738
16.738
16.593
17.258
07.13PMIP586
07.13PPRP578
07.13PMIP999
07.14PMIP586
07.14PMIP598
07.14PPRP578
07.14PMIP800Z
Contract Grant Number
Expenditures
V-10, Segment 1
20,145
2004-LB-BX-1113
14,189
549
14,738
V6216
335,293
2007 -RSA T -MONR-1-P2-004
22,500
37,301
30,000
89,801
50,000
489,832
2007 -JAGC-MONR-3-P3-061
2007 -JAGC-MONR-2-P3-068
2007 -JAGC-MONR-1-P3-069
337,333
13PMIP586
13PPRP578
13PMIP999
14PMIP586
14PMIP598
14PPRP578
14PMIP800Z
57,962
47,162
278,688
137,048
156,592
155,395
66,438
(Continued)
1-8
Monroe County, Florida
Schedule of Expenditures of Federal Awards
and State Financial Assistance Projects - Continued
For the Year Ended September 30,2007
Federal/State Agency,
Pass-through Entity
Federal Proaram/State Proiect
Executive Office of the President Continued:
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
High Intensity Drug Trafficking Areas
Total Federal Agency
Department of Transportation:
Direct Program:
Federal Aviation Administration:
Key West AIP-3727
Key West AIP-3728
Key West AIP-3729
Key West AIP-3730
Key West AIP-3733
Marathon AIP-4422
Marathon AIP-4423
Total Federal Agency
The accompanying notes are an integral part of this schedule.
1-9
CFDA
Number
07.12PPRP578
07.12PMIP5981
07.14PMIP999Z
07.14PMIP5980
07.15PMIP586
07.15PMIP598
07.15PPRP578
07.15PMIP5980
07.15PMIP5981Z
07.15PLAP600Z
07.16PMIP586
07.16PMIP598
07.16PPRP578
07.16PMIP5981
07.16PMIP5980
07.17PMIP586
07.17PMIP598
07.17PMIP5980
07.17PPRP578
20.106
20.106
20.106
20.106
20.106
20.106
20.106
Expenditures
Contract Grant Number
12PPRP578
12PMIP5981
14PMIP999Z
14PMIP5980
15PMIP586
15PMIP598
15PPRP578
15PMIP5980
15PMIP5981Z
15PLAP600Z
16PMIP586
16PMIP598
16PPRP578
16PMIP5981
16PMIP5980
17PMIP586
17PMIP598
17PMIP5980
17PPRP578
89,195
484,073
864
240,962
450,168
336,560
263,289
234,234
215,388
19,156
5,038,205
1,561,896
3,463,489
9,688
21,390
4,478,298
1,162,886
18,600
2,310,413
21,298,039
3-12-0037-027-2005
3-12-0037-028-2006
3-12-0037-029-2006
3-12-0037-030-2006
3-12-0037-033-2007
3-12-0044-022-2006
3-12-0044-023-2006
42,888
3,565,107
2,980,057
113,440
665
352,618
148,495
7,203,270
(Continued)
1-10
Monroe County, Florida
Schedule of Expenditures of Federal Awards
and State Financial Assistance Projects - Continued
For the Year Ended September 30, 2007
Federal/State Agency,
Pass-through Entity
Federal ProQram/State Proiect
Federal Highway Administration:
Passed through State Department of Transportation
Transportation Planning Assistance
Transportation Planning Program 07-09
Total Federal Agency
Department of Homeland Security:
Passed through State Department of Community Affairs:
Public Assistance Programs
Hurricane Ivan - FEMA-1551-DR-FL
Hurricane Dennis - FEMA-DR-1595-DR-FL
Hurricane Katrina - FEMA-DR-1602-FL
Hurricane Wilma- FEMA-DR-1609-FL
Hurricane Wilma-Sheriff- FEMA-DR-1609-FL
Total Program
Homeland Secuity-EOC Security Improvements
Law Enforcement Terrorism Prevention
Total Program
Fire Technical Rescue Resource
Emergency Management Base Grant
Homeland Security - 2006
Homeland Security - 2007
Passed through the City of Miami:
Urban Area Security Initiative Grant Program - 2005
Total Program
Total Federal Agency
United States Treasury Department:
Passed through Office of the Attorney General:
Federal Asset Sharing Forfeiture Program
South Florida Law Enforcement Asset Forfeiture Program
Total Federal Agency
Total Expenditures of Federal Awards
The accompanying notes are an integral part of this schedule.
1-11
CFDA
Number
20.205
20.205
97.036
97.036
97.036
97.036
97.036
97.004
97.004
97.007
97.042
97.067
97.067
97.067
21.000
21.000
Contract Grant Number
Expenditures
FAP#8888-488
8887-370
315,955
4,078
320,033
07BG-04-11-54-01-297
06-DS-3W-11-54-01-309
07-DS-5N-11-54-01-353
64,483
493,610
88,819
10,101,290
30,414
10,778,616
83,920
7,560
91 ,480
2,569
29,661
3,200
2,031
05-PA-G=-11-54-01-588
06-DN-@G-11-54-00-632
06-KT-B&-11-54-01-516
06-WL-&K-11-54-01-558
06-WL-&K-11-54-23-794
2005-CJ-L2-07 -54-01-165
2006-LETP-MONR-1-N 1-027
06-DS-4H-11-23-02-342
150,375
155,606
11,057,932
442,131
106,156
548,287
$ 42,401,089
(Continued)
1-12
Monroe County, Florida
Schedule of Expenditures of Federal Awards
and State Financial Assistance Projects - Continued
For the Year Ended September 30, 2007
State Aaencv
Florida Department of Community Affairs:
Emergency Management Base Grant - 2007
Florida Department of Children and Families:
Community Care for Disabled Adults - 2006
Community Care for Disabled Adults - 2007
Total Department
Florida Department of Elder Affairs:
Passed through The Alliance for Aging:
Home Care for the Elderly - 2006
Home Care for the Elderly - 2007
Total Program
Alzheimer's Disease Initiative - 2006
Alzheimer's Disease Initiative - 2007
Total Program
Community Care for Elderly - 2006
Community Care for Elderly - 2007
Total Program
Total Department
Florida Department of Environmental Protection:
Exotic Plant Control Services
Small Counties Solid Waste - 2007
Total Department
Florida Department of Health and Rehabilitative Services:
EMS County Award - 2006
EMS County Award - 2007
Total Department
Florida Department of Juvenile Justice:
Intensive Delinquency Diversion Service
Intensive Delinquency Diversion Service
Total Department
. Information provided for state financial assistance but not required for federal awards.
The accompanying notes are an integral part of this schedule.
1-13
CSFA
Number
52.008
60.008
60.008
65.001
65.001
65.004
65.004
65.010
65.010
37.012
64.005
64.005
80.022
80.022
Contract Grant Number
Exoenditures
07BG-04-1154-01-297
$
102,959
KG-058
KG-060
41,127
19,664
60,791
KH-672 42,559
KH-772 14,912
57,471
KZ697 48,083
KZ797 17,487
65,570
KC671 445,726
KC771 121,859
567,585
690,626
PL029
SC724
251,451
191,176
442,627
C5044
C6044
3,545
95,094
98,639
P6K01
X1431
86,350
158,071
244,421
1-14
Transfer To
Subrecipients*
(Continued)
Monroe County, Florida
Schedule of Expenditures of Federal Awards
and State Financial Assistance Projects - Continued
For the Year Ended September 30, 2007
State Aaency
Florida Department of State:
State Aid to Libraries
Florida Department of Transportation:
Overseas Heritage Trail Safety Improvements
Litter Control and Prevention Grant - Keep America Beautiful Systems - 05/06
Stormwater Improvement Projects
Florida Keys Scenic Highway Planning
Total Program
Bicycle Pedestrian Coordinator Program
Transportation Planning Program 07-09
Key West Airport
Key West Airport
Key West Airport
Key West Airport
Key West Airport
Key West Airport
Key West & Marathon Airport
Total Program
Total Department
Florida Fish & Wildlife Conservation Commission:
Boating Improvement Fund
Boater Education Grant
Total Department
Florida Housing Finance Corp.:
State Housing Initiative Program
State Housing Initiative Program
State Housing Initiative Program
Total Department
Total Expenditures of State Financial Assistance
. Information provided for state financial assistance but not required for federal awards.
The accompanying notes are an integral part of this schedule.
1-15
CSFA
Number
45.030
55.008
55.003
55.003
55.023
55.004
55.004
55.004
55.004
55.004
55.004
55.004
77.006
52.901
52.901
52.901
Contract Grant Number
EXDenditures
07-ST-38
101,551
AL 146/FM#41 0504-1-54-02
AOF24
A0620 408292-2-58-01
AL652/FM25207711401
4,973
18,922
243
20,618
20,861
59,350
680
83,421
342,585
232,847
78,131
130
261
168,402
905,777
1,010,563
AN082252077114011
AOU27 252228-1-14-07
41286519401/AL288
41458418401/AN103
42043118401/A0105
41646619401/AN111
41253519401/ANJ94
41646419401/ANL57
25426919402/AK043
06175
534,084
12,721
546,805
SHIP 04-05 PLAN YR
SHIP 05-06 PLAN YR
SHIP 06-07 PLAN YR
1,080,272
439,034
135,000
1,654,306
$ 4,953,288 $
1-16
Transfer To
SubreciDients*
MONROE COUNTY, FLORIDA
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND
STATE FINANCIAL ASSISTANCE PROJECTS
For the Year Ended September 30, 2007
Note 1 - Reporting Entity
For reporting entity purposes, the Schedule of Federal Awards and State Financial Assistance Projects
(the 'Schedule') presents the Federal and State grant activity of Monroe County, Florida (the 'County')
primary government and its blended component units.
Note 2 - Summary of Significant Accounting Policies
The accounting policies and presentation of the Schedule of Expenditures of Federal Awards and State
Financial Assistance Projects are presented on the modified accrual basis of accounting and in
accordance with accounting principles generally accepted in the United States of America as applicable
to governmental organizations. The information in this schedule is presented In accordance with the
requirements of OMS Circular A-133, Audits of States, Local Governments, and Non-Profit
Organizations and the Florida Single Audit Act. Therefore, some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of the basic financial statements.
Over the past years, the County was declared a major disaster area by the President of the United
States due to damages incurred from several hurricanes. As a result the County is eligible for financial
relief from the Department of Homeland Security, and the Federal Emergency Management Agency.
Amounts included on the schedule are eligible expenditures incurred by the County through September
30, 2007 and paid primarily from the Governmental Grants fund. These funds were reimbursed from
the applicable awarding agencies.
1-17
MONROE COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS
For the Year Ended September 30, 2007
PART I - SUMMARY OF AUDITORS' RESULTS
1. The Independent Auditors' Report on the financial statements expresses unqualified opinions.
2. No significant deficiencies relating to the audit of the financial statements are reported in the
Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements in Accordance with Government
Auditing Standards.
3. No instances of noncompliance to the financial statements of the County were disclosed during
the audit.
4. No significant deficiencies relating to the audit of major federal or state financial assistance
projects are reported in the Independent Auditors' Report on Compliance and Internal Control
over Compliance Applicable to each Major Federal Awards Programs and State Financial
Assistance Projects.
5. The Independent Auditors' Report on Compliance for each Major Federal Awards Programs and
State Financial Assistance Projects expressed an unqualified opinion.
6. No audit findings relative to major Federal Awards Programs for the County is reported in this
Schedule.
7. One audit finding relative to major state financial assistance projects for the County is reported in
this Schedule.
8. The threshold for distinguishing Type A and Type B progrems/projects was $1,272,033 for major
federal awards programs and $500,000 for major state financial assistance projects.
9. The County qualified as a low-risk auditee for federal Single Audit purposes, as that term is
defined in OMB Circular A-133.
10. The programs/projects tested as major programs/projects included the following;
Federal Programs
Federal CFDA No.
Federal Aviation Administration
20.106
Public Assistance Programs
97.036
1-18
MONROE COUNTY, FLORIDA
SCHEDUI.E OF FINDINGS AND QUESTIONED COSTS
FEDERAl. AWARDS PROGRAMS AND STATE FINANCIAl. ASSISTANCE PROJECTS
For the Year Ended September 30, 2007
PART I - SUMMARY OF AUDITORS' RESUI. TS (CONTINUED)
State Projects
State CSFA No.
State Housing Initiative Program
55.004
52.901
Aviation Development Grant
Florida Boating Improvement Program
77.006
PART 11- FINDINGS - FINANCIAl. STATEMENTS
None noted.
PART III - FINDINGS AND QUESTIONED COSTS - MAJOR FEDERAl. AWARDS
PROGRAMS
None noted.
PART IV - FINDINGS AND QUESTIONED COSTS - MAJOR STATE FINANCIAl.
ASSISTANCE PROJECTS
FINDING 07-01: (Unallowable Costs)
Nonmaterial noncompliance
Florida Department of Transportation
Program Name: Aviation Development Grant
CSFA#: 55.004
Criteria:
The County submitted Requests for Reimbursement to the Florida
Department of Transportation (FOOT) that were rejected because of
unallowable costs and compliance issues with vendor contracts.
Condition:
The FOOT has guidelines that establish what costs are eligible for
reimbursement and has guidelines governing the contracts between grant
recipients and their vendors. Since the grant funds are distributed on a
reimbursement, no questioned costs exist.
Effect:
FOOT grant is a reimbursement based grant. Therefore, if the County does
not receive reimbursement from the FOOT, the County must utilize other
revenue sources to cover the expenditures.
1-19
MONROE COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS
For the Year Ended September 30. 2007
Cause:
Controls do not exist to ensure that Reimbursement Requests are properly
completed.
Recommendation:
We suggest that the requests for reimbursements and vendor contracts be
thoroughly reviewed before reimbursement applications are submitted to the
FOOT.
Management Response: The FOOT District 6 Office has been understaffed for the last three years.
Many times our reimbursement requests have taken an unusually long period
of time to process. However. additional staff has been hired by FOOT and the
process is improving. We are working with them to improve submission
procedures and to establish a better working relationship between the
airports and the FOOT.
1-20
MONROE COUNTY, FLORIDA
SUMMARY SCHEDULE OF CORRECTIVE ACTION PLAN
FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS
For the Year Ended September 30, 2007
Finding: 07-1
A. Name of Contact Person:
Peter Horton, Airport Director
B. Corrective Action:
The FOOT District 6 Office has been understaffed for the last
three years. Many times our reimbursement requests have taken
an unusually long period of time to process. However, additional
staff has been hired by FOOT and the process is improving. We
are working with them to Improve submission procedures and to
establish a better working relationship between the airports and
the FOOT.
C. Proposed Completion:
Corrective action is already underway.
1-21
MONROE COUNTY, FLORIDA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS
For the Year Ended September 30, 2007
Finding: 06-1
Non-compliance with Laws and Regulations
Condition:
Florida General Statutes require that actual expenditures not exceed
appropriated expenditures at the legal level of budgetary control. During
our audit in fiscal year 2006, we became aware of several instances
where vendor invoices had been received by various department
personnel, held for a period of time by these departments, and then
submitted for payment to the finance department. The delay in payment,
and therefore, the delay in grant revenue, resulted in the County having to
report a deficit fund balance of $7,858,602 in the Government Grants
Special Revenue Fund and $459,302 in the Sheriffs Grants Special
Revenue Fund.
Auditor's Recommendation: We recommended that the County implement appropriate procedures to
prevent expenditures from exceeding the budgetary control.
Current Status:
In the current fiscal year, the County has a deficit fund balance of
$205,464 in the Governmental Grants Fund. As disclosed in Note 1 of
the financial statements, "the deficit fund balance is a result of a timing
issue and the funds have been received and recorded as revenue in the
fiscal year ending. 2008.' Therefore, the deficit fund balance in the
current year is a result of modified accrual basis of accounting and is not
a result of a control deficiency.
Finding: 06-2
Federal Aviation Administration
Program Name: Airport Improvement Program
CFDA#: 20.106
Condition: The use of federal funding for construction projects requires monitoring of
the Davis Bacon Act requirements for contracts exceeding $2,000. During
the fiscal year 2006 audit, we were not provided with construction
contracts that included the required language for compliance with the
Davis Bacon Act for several contractors used in airport construction
projects. While the required payroll information was provided for our
selected items, there was no documentation to support that the
information was actually reviewed for compliance with appropriate
Department of Labor wage determinations.
Auditor's Recommendation: We recommended that procedures be implemented to ensure the review
of Davis Bacon compliance is documented. We also recommended that
contracts with subcontractors contain the appropriate language to ensure
compliance with the Davis Bacon Act.
1-22
MONROE COUNTY, FLORIDA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS
For the Year Ended September 30, 2007
Current Status:
The County successfully implemented procedures to insure contracts with
subcontractors contain the appropriate language related to compliance
with Davis Bacon Act. The grant testing perfonned in the current year,
noted that the contracts for new construction in excess of $2,000
contained the Davis Bacon Labor monitoring clauses.
1-23
r ClIERRY -l
lBEI0\ERI&.
HOLLt\t\j))
\I III II I
, "
1,,,11,
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Honorable Mayor and Board
of County Commissioners of
Monroe County, Florida:
We have audited the financial statements of the governmental activities. the business-type
activities, each major fund, and the aggregate remaining fund information of Monroe County,
Florida (the "County"), as of and for the year ended September 30, 2007, which collectively
comprise the County's basic financial statements, and have issued our report thereon dated
March 28, 2008 for the purpose of compliance with the requirements of Section 218.39(2),
Florida Statutes, and Chapter 10.550, Rules of the Auditor General-Local Governmental Entity
Audits.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. We have issued
our Independent Auditors' Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government AUditing Standards and our Independent Auditors' Report on
Compliance and Internal Control over Compliance with Requirements Applicable to each Major
Federal Awards Program and State Financial Assistance Projects. Disclosures in these reports
and schedule, which are dated March 28, 2008, should be considered in conjunction with this
management letter.
Additionally, our audit was conducted in accordance with Chapter 10.550. Rules of the Auditor
General. Those rules (Section 10.554(1)(i)1) require that we address in the management letter,
if not already addressed in the auditors' report on compliance and internal controls, whether or
not corrective actions have been taken to address significant findings and recommendations
made in the preceding annual financial audit report. We have addressed the status of findings
and recommendations made in the preceding annual financial report in Appendix B attached to
this letter.
The Rules of the Auditor General (Section 10.554(1)(i)2) state that a management letter shall
have a statement as to whether or not the County complied with Section 218.415, Florida
Statutes, regarding the investment of publiC funds. In connection with our audit of the financial
statements of the County, the results of our tests did not indicate that the County was in
noncompliance with Section 218.415 regarding the investment of public funds.
The Rules of the Auditor General (Section 10.554(1)(i)3) require disclosure in the management
letter of any recommendations to improve the County's financial management, accounting
procedures, and internal controls. See Appendix A for our recommendations.
The Rules of the Auditor General (Section 1 0.554(1)(i)(4) require disclosure in the management
letter of any violations of provisions of contracts and grant agreements or abuse that have an
effect on the financial statements that is less than material but more than inconsequential.
J-l
In connection with our audit, we did not have any such findings other than what is noted in the
Schedule of Findings and Questioned Costs.
The Rules of the Auditor General (Section 10.554(1 )(i)5) allow for the following matters that are
inconsequential to the financial statements, considering both quantitative and qualitative factors,
to be reported based on professional judgment: a. immaterial violations of laws, rules,
regulations and contractual provisions or abuse; b. immaterial improper expenditures or illegal
acts; and c. control deficiencies that are not significant deficiencies. Reference to reporting of
these matters is provided in separate management letters for each County agency.
The Rules of the Auditor General (Section 10.554(1)(i)6) also require that the name or official
title and legal authority for the primary government and each component unit of the reporting
entity be disclosed in the management letter, unless disclosed in the notes to the financial
statements. The County was established by Laws of Florida 71-616. The County has disclosed
each component unit in the notes to the financial statements.
As required by the Rules of the Auditor General (Section 10.554(1)(i)7.a.) the scope of our audit
included a review of the provisions of Section 218.503(1), Florida Statutes, regarding financial
emergencies. In connection with our audit, the results of our tests did not indicate that the
County met any of the specified conditions of a financial emergency contained in Section
218.503(1), Florida Statutes. However, our audit does not provide a legal determination on the
County's compliance with this requirement.
The Rules of the Auditor General (Section 1 0.554(1)(~7.b.) state that a management letter shall
include a statement as to whether or not the financial report filed with the Florida Department of
Financial Services pursuant to Section 218.32, Florida Statutes, is in agreement with the
annual financial audit report for the fiscal year ended September 30, 2007 and, if not,
explanations of any significant differences. Our comparison of the financial report filed by the
County with the Florida Department of Financial Services to the County's 2007 audited financial
statements resulted in no material differences.
As required by the Rules of the Auditor General (Sections 10.554(1)(h)7.c. and 10.556), we
applied financial condition assessment procedures. It is management's responsibility to monitor
the County's financial condition, and our financial condition assessment was based in part on
representations made by management and the review of financial information provided by
management. The results of our financial condition assessment procedures disclosed no
deteriorating financial conditions except as noted in the Schedule of Findings and Questioned
Costs.
This report is intended solely for the information and use of management, the County Mayor and
the Board of County Commissioners of Monroe County, Florida, the State of Florida Office of
the Auditor General, and applicable federal and state agencies and is not intended to be and
should not be used by anyone other than those specified parties.
CHERRY, BEKAERT & HOLLAND, L.L.P.
~,~ ~ "'~, \..\.Q,-
Orlando, Florida
March 28, 2008
J-2
MONROE COUNTY, FLORIDA
Management Letter Comments. Appendix A
Fund Balance
In the past two fiscal years, expenditures have exceeded revenues in the General Fund. This is
due to the fact, the County had limited sources of revenue and increasing operating and capital
expenditures. Thus, the unreserved fund balance in the General Fund has decreased over the
past two fiscal years in excess of 13.5 million dollars, which is close to half of the fiscal year end
September 30, 2005 balance. The County's geographic location is prone to natural disasters
such as hurricanes. If a major disaster were to strike the County, the fund balance would likely
be insufficient to cover both routine and non-routine expenditures associated with the natural
disaster.
We recommend that the County re-evaluate operations and approve, in fiscal year 2008, either
a short term or long term administrative plan to re-evaluate resources and/or reduce costs in
order to re-stabilize the County's fund balance.
Management is taking immediate corrective measures to stop any further erosion and improve
the County's General Fund balance. Reductions in operating expenditures have already been
implemented through a series of cuts such as a reduction in work force, reduced operating
budgets, and policy revisions to employee benefits. Along with the expenditure adjustments, the
County's revenues are being closely monitored. Any fee based revenue is being reviewed and
adjusted wherever possible. Additionally, staff has moved forward with a recommendation to the
Board of County Commissioners to adopt a non-ad Valorem Special Fire Assessment Program
which will generate additional revenue.
Safeguarding of Assets
During our audit of the Airport's grants, we became aware that excessive time delays occurred
between the date of the expenditure and the date of the related reimbursement request or draw-
down. This is due to the fact that controls do not exist to ensure that minimal time elapses
between the expenditure date and the reimbursement date. Thus, the Key West Intemational
Airport does not receive available sources of funding in a timely manner. It is essential that the
County utilize available sources of funding for reimbursable expenditures in a timely manner. In
the current fiscal year, the Airport did not have sufficient cash or working capital to cover their
portion of the County's Indirect Cost Allocation Plan.
We recommend that the County create internal poliCies that ensure reimbursements are
obtained in a timely manner.
The Airport will review grant reimbursement submission deadlines and payment procedures.
Internal airport reimbursement policies will be changed to ensure that cash flow Improves and
the amount of time between reimbursement request and receipt of funds is shortened to a more
acceptable level.
J-3
MONROE COUNTY, FLORIDA
Management Letter Comments (Prior Year) - Appendix B
Vendor Payments
During our audit we became aware of several instances where vendor invoices had been
received by various department personnel, held for a period of time by these departments, and
then submitted for payment to the finance department. The lack of the timely submission of
these invoices for payment resulted in the expenditures exceeding appropriations in the
Community Services Management cost center (Board's level of budgetary control) of the
General Fund by $2,117, Growth Management Administration cost center of the Unincorporated
Area Service District-Planning, Building and Zoning Special Revenue Fund by $233,858, and
the Boating Improvement cost center of the Boating Improvement Special Revenue Fund by
$30,912. In addition, approximately $8,000,000 of DRC invoices for hurricane Wilma
expenditures was being held by the engineering department awaiting proper supporting
documentation. The delay in payment, and therefore, the grant revenue resulted in the County
having to report a deficit fund balance of $7,858,602 in the Govemment Grants Special
Revenue Fund.
We recommend that the County review this area to determine why this occurred in the current
year and implement appropriate procedures to prevent this from reoccurring in the future.
Current year fottow-up:
The BOCC has addressed this situation by reminding the different departments to process bills
that are for goods and services purchased and received by the county's fiscal year end of
September 30th as quickly as possible after receiving the invoice.
Purchasing Cards
During the year the County developed, adopted, and implemented a new purchasing card
policy. Our review of this policy indicates that among other things the policy addresses limits
and restrictions on the use of the card, requires that each employee that is issued a card be
adequately trained on its use, identifies the documentation, reconciliation, and payment
requirements that will be followed, identifies the approval process that will be followed before
payments are actually made, addresses the procedures that will be followed for any disputes or
unauthorized charges that are made to a card, requires that an annual inventory of cards that
are issued be maintained, addresses the process that will be followed for any lost or stolen
cards, and addresses the process that must be followed for employee terminations or transfers.
Finally, the policy has a provision that provides for random audits by the Clerk's office on an as
needed basis.
Our review of this policy indicated that as a whole the policy was well thought out, and provided
for adequate guidelines that should be followed in the use of purchasing cards.
However, we would like to stress the foliowing areas that the County may want to consider
clarifying in order to strengthen internal controls.
In order to have an effective policy the County should focus its attention on three critical areas,
training, assigning responsibility to the appropriate individuals, and monitoring.
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MONROE COUNTY, FLORIDA
Purchasing Cards (continued)
The policy actually addresses all three of these areas but we would like to discuss each of these
areas in detail to help clarify what we would consider adequate intemal controls.
We cannot over emphasize the training aspect of a successful policy. The training should be
provided to each employee who is part of the purchasing card process. This includes the
Budget and Finance Department Staff, division directors, the card holders, and any other
individuals who will be involved in the processing of the credit card payment. The training should
be very speCific and well documented as to its content. The training program should address at
a minimum how cards will be issued, what each employee responsibilities are, card holder
spending limits, what the cards can and cannot be used for, the documentation requirements,
the approval process for purchases, how unauthorized charges will be handled, and what to do
if cards are lost or stolen. Each employee who completes this class should also sign an
acknowledgement form that they have completed the class and they understand their
responsibilities in the use of the card. The acknowledgement form should be maintained in each
employees personnel file.
Lines of responsibility should be well defined. We would recommend that each department head
be assigned the responsibility for determining who gets issued a card, approval of purchases,
certifying the adequacy of documentation, addressing unauthorized charges, inventorying card
holders, addressing lost or stolen cards, and employee terminations and transfers.
In order to help monitor the use of purchasing cards we would recommend that an expense
report be developed specifically for purchasing cards. The report should be completed by each
card holder and should provide for the date of the purchase, the description of the purchase, the
account number that each purchase should be charged to, and the amount. Each purchase
should be supported with an invoice. The expense report should also require that each card
holder certify that each purchase was a valid County purchase and that the report is complete
and accurate. Once a card holder completes this report it should be turned in to the department
head. Each department should review the report for completeness and also certify for the
completeness and accuracy of the report. The report should then be turned over to the program
administrator who should review each report for completeness, reconcile each purchase to the
vendor statement, and reconcile any differences. Difference should be addressed with each
department head before payments are made.
Current year follow-up:
The BOCC has a Purchasing Policy which specifically states, "A written or electronic "Request
to Purchase" must be completed and approved, which will secure all purchases of goods and
services via a purchase order signed by the required authority, 50 as to encumber or "set aside'
the funds for purchases even in the event of an emergency." The Board intends to strictiy
enforce this policy which will Identify outstanding and unpaid expenditures as encumbrances In
the finance system thereby solving this problem in the future.
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