Fiscal Year 2008MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Year Ended
September 30, 2008
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2008
TABLE OF CONTENTS
PAGE
Table of Contents A-1 - A-3
Basic Financial Statements
Independent Auditors' Report B-1 - B-2
Fund Financial Statements
Balance Sheet - Governmental Funds
C-1
- C-2
Statement of Revenues, Expenditures and Changes in Fund Balances
-
Governmental Funds
C-3 -
C-4
Statement of Revenues, Expenditures and Changes in Fund Balances
- Budget and Actual
Major Governmental Funds:
General Fund
C-5
- C-9
Fine and Forfeiture Fund
C-10
- C-11
Road and Bridge Fund
C-12
Governmental Grants Fund
C-13
- C-15
Statement of Net Assets - Proprietary Funds
C-16
- C-19
Statement of Revenues, Expenses and Changes in Fund Net Assets -
Proprietary Funds C-20
- C-21
Statement of Cash Flows - Proprietary Funds
C-22
- C-25
Statement of Fiduciary Net Assets - Fiduciary Funds
C-26
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds
C-27
Notes to the Statements D-1 - D-33
Combining and Individual Fund Statements and Schedules:
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
One Cent Infrastructure Surtax Capital Project Fund E-1
Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Projects Fund E-2
Infrastructure Sales Surtax Revenue Bonds, Series 2007 Capital Projects Fund E-3
Big Coppitt Wastewater Project Capital Projects Fund E-4
Combining Balance Sheet - NonMajor Governmental Funds F-1 - F10
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
NonMajor Governmental Funds F-11 - F-20
(Continued)
A-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2008
TABLE OF CONTENTS - Continued
Combining and Individual Fund Statements and Schedules (Continued):
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, Administration 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
Impact Fees - Employee Fair Share Housing
Fire and Ambulance, District #1 - Lower and Middle Keys
Upper Keys Health Care Special Taxing District
Unincorporated Area Service District - Parks and Recreation
Unincorporated Area Service District - Planning, Building & Zoning Fund
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
PAGE
F-21
F-22
F-23
F-24
F-25
F-26
F-27
F-28
F-29
F-30
F-31
F-32
F-33
F-34
F-35
F-36
F-37
F-38
F-39 - F-40
F-41
F-42
F-43
F-44
F-45
F-46 - F-47
F-48
F-49
F-50
F-51
F-52
F-53
F-54
F-55
A-2
(Continued)
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2008
TABLE OF CONTENTS - Continued
Combining and Individual Fund Statements and Schedules (Continued): PAGE
Key Largo Municipal Service Taxing Unit
F-56
Stock Island Wastewater
F-57
Cudjoe-Sugarloaf Municipal Service Taxing Unit
F-58
Conch Key Municipal Service Taxing Unit
F-59
Long Key -Layton Municipal Service Taxing Unit
F-60
Duck Key Municipal Service Taxing Unit
F-61
Building Fund
F-62
Comprehensive Plan Land Authority Fund
F-63
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
All Debt Service Funds F-64
Combining Statement of Net Assets - Internal Service Funds G-1 - G-2
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets -
Internal Service Funds G-3 - G-4
Combining Statement of Cash Flows - Internal Service Funds G-5 - G-8
OTHER REPORTS
Independent Auditors' Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Basic Financial Statements Performed in Accordance
with Government Auditing Standards H-1 - H-2
Independent Auditors' Management Letter
H-3 - H-6
A-3
BASIC FINANCIAL STATEMENTS
Independent Auditors' Report
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida:
We have audited the accompanying financial statements of each major fund and aggregate
remaining fund information of the Monroe County, Florida Board of County Commissioners
(the "Board") as of and for the year ended September 30, 2008, which collectively comprise
the Board's basic financial statements as listed in the table of contents. These financial
statements are the responsibility of the Board's management. Our responsibility is to express
opinions on these financial statements based on our audit.
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 significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinions.
As discussed in Note 1, the accompanying financial statements were prepared for the purpose
of complying: with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the
Auditor General, General -Local Governmental Entity Audits, and are not intended to be a
complete presentation of the financial position of Monroe County, Florida, and the results of its
operations and the cash flows of its, proprietary funds in conformity with accounting, principles
generally accepted in the United States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of each major fund and the aggregate remaining fund
information of the Board as of September 30, 2008, and the respective changes in its financial
position and cash flows, where applicable, thereof and the respective budgetary comparison
for the General Fund, Fine & Forfeiture Fund, Road & Bridge Fund, Governmental Grants
Fund, One Cent Infrastructure Surtax Fund, Infrastructure Revenue Bonds Series 2003 Fund,
Infrastructure Sales Surtax Revenue Bonds Series 2,00,7 Fund, and Big Coppit Wastewater
Project Fund' for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
March 24, 2009 on our consideration of the Board's internal control over financial reporting: and
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 integral part of an audit performed in accordance with Government Auditing
Standards and should be considered in assessing the results of our audit.
Our audit was conducted for the purpose of forming opinions on the financialstatements that
collectively comprise the Board's basic financial statements. The combining and individual
fund financial statements and schedules, listed in the foregoing table of contents, are
presented for purposes of additional analysis and are not a required part of the financial
statements of the Board. The combining and individual fund financial statements and
schedules have been subjected to the auditing procedures applied in the audit of the financial
statements referred to above and, in our opinion, are fairly presented in all material respects in
relation to the basic financial statements taken as a whole.
CHERRY, BEKAERT & HOLLAND, L.L.P.
Orlando, Florida
March 24, 2009
M
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2008
Assets
Cash and Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Inventory
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Other Current Liabilities
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Reserved for:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated for Beaches
Unreserved, Undesignated
Unreserved, reported in nonmajor:
Special Revenue Funds
Capital Project Funds
Total Fund Balances
Total Liabilities and Fund Balances
Fine & Road & Governmental
General Forfeiture Bridge Grants
$ 3,880,970 $ 2,774,123 $ 188,750 $ 117,419
8,843,057
13,843,096
5,123,109
1,941,233
47,291
1,069,517
-
26
180
-
145,900
274,556
1,357,594
265,596
433,283
3,403,739
4,623,544
1,057,848
-
-
-
-
-
141,543
-
-
-
(141,543)
62,078
228,397
19,198
-
4,732
-
-
-
$ 18,819,446
$ 19,238,577
$ 5,910,240
$ 5,736,973
$ 1,178,615 $
72,073
$ 453,167
$ 236,233
9,101
-
163,800
1,200
578,187
59,133
69,704
84,723
465,785
16,667
4,347
2,985,220
72,893
2,269
129,169
52,620
3,950
62,418
-
19,995
6,508
-
-
-
33,982
-
-
-
-
-
-
3,183,346
2,349,021
212,560
820,187
6,563,337
17,870 - 57,802 1,660,927
16,452,555 19,026,017 5,032,251 (2,487,291)
16,470,425 19,026,017 5,090,053 (826,364)
$ 18,819,446 $ 19,238,577 $ 5,910,240 $ 5,736,973
The notes to the financial statements are an integral part of these statements.
C-1
One Cent
Infrastructure
Infra Sls Srtx
Big Coppitt
Nonmajor
Total
Infrastructure
Revenue Bonds
Revenue Bonds
Wastewater
Governmental
Governmental
Surtax
Series 2003
Series 2007
Project
Funds
Funds
$ 34,544 $
757,659 $
3,455,780 $
53,579
$ 15,494,342
$ 26,757,166
21,036,937
-
23,216,341
15,819,121
44,628,000
134,450,894
-
-
-
-
398,916
1,515,750
-
2,900,000
-
2,937,314
386,163
6,644,113
1,133,681
-
-
-
1,983,956
8,577,849
-
-
-
-
833,931
6,515,323
-
-
-
-
13,334,026
13,475,569
-
-
-
-
(6,593,447)
(6,734,990)
193,401
37,937
175,839
638
213,317
930,805
-
-
-
-
-
4,732
$ 22,398,563 $
3,695,596 $
26,847,960 $
18,810,652
$ 70,679,204
$ 192,137,211
$ 975,127 $
1,366,137 $
1,609,785 $
4,933,555 $ 2,804,091
$ 13,628,783
943,729
2,007,612
410,797
- 34,268
3,570,507
8,962
16,026
3,936
- 539,552
1,360,223
2,927,961
-
-
114,272 145,592
6,659,844
149
-
-
- 200,628
457,728
-
-
-
- 362,635
448,998
-
-
-
- -
6,508
-
-
-
- 1,932
35,914
-
-
-
- 50,859
3,234,205
4,855,928
3,389,775
2,024,518
5,047,827 4,139,557
29,402,710
1,206,803 1,873,528 5,845,949 9,350,110 390,928
20,403,917
- - - - 2,154,271
2,154,271
- - - - 6,740,579
6,740,579
- - - - 4,007,026
4,007,026
- - - - 484,578
484,578
16,335,832 (1,567,707) 18,977,493 4,412,715 -
76,181,865
- - - - 52,740,374 52,740,374
- - - - 21,891 21,891
17,542,635 305,821 24,823,442 13,762,825 66,539,647 162,734,501
$ 22,398,563 $ 3,695,596 $ 26,847,960 $ 18,810,652 $ 70,679,204 $ 192,137,211
C-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE;
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Capital Projects
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Debt Issuance
Original Issue Premium
Transfers from Constitutional Officers
Transfers to Constitutional Officers
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances -October 1
Fund Balances -September 30
Fine & Road & Governmental
General Forfeiture Bridge Grants
$ 25,555,901
$ 38,863,135
$1,436,807
$ -
426,951
-
-
-
6,127,918
35,623
3,572,319
9,361,840
759,656
3,279,864
85,542
174,934
19,408
366,157
-
-
506,801
815,630
329,483
54,704
613,272
31,557
53,771
40,699
34,009,907
43,391,966
5,477,922
9,632,177
14,014,231
491,521 -
-
1,178,262
6,804,149 -
1,641,169
245,460
- -
206,860
31,222
- 5,638,910
361,262
996,741
- -
-
6,505,861
- -
1,961,547
2,787,363
- -
101,502
2,624,602
50,839 -
-
243,143
- -
-
28,626,885
7,346,509 5,638,910
4,272,340
5,383,022 36,045,457 (160,988) 5,359,837
4,764,476 - 145,900 296,482
(233,394) (16,667) (795,666) (6,011,546)
4,592,919 1,027,216 - -
(12,139,016) (36,853,633) - (265,673)
(3,015,015) (35,843,084) (649,766) (5,980,737)
2,368,007 202,373 (810,754) (620,900)
14,102,418 18,823,644 5,900,807 (205,464)
$16,470,425 $19,026,017 $ 5,090,053 $ (826,364)
The notes to the financial statements are an integral part of these statements.
C-3
One Cent
Infrastructure
Infra Sls Srtx
Big Coppitt
Nonmajor
Total
Infrastructure
Revenue Bonds
Revenue Bonds
Wastewater
Governmental
Governmental
Surtax
Series 2003
Series 2007
Project
Funds
Funds
$ 15,147,593 $ - $ - $ - $ 28,707,227 $ 109,710,663
- - - - 2,885,791 3,312,742
- - - - 9,165,874 28,263,574
- - - - 6,314,304 10,614,300
- - - - 1,113,668 1,499,233
758,239 167,955 756,859 327,666 2,045,654 5,762,991
- - - 2,081,451 1,620,162 4,440,912
15,905,832 167,955 756,859 2,409,117 51,852,680 163,604,415
5,409,713 19,915,465
12,722,612 22,346,192
- - - - 2,313,326
2,765,646
- - - - -
6,031,394
- - - - 17,162,520
18,159,261
- - - - 475,977
8,943,385
- - - - 1,400,563
4,289,428
- - - - 556,629
3,232,070
4,371,798 12,849,919 6,225,470 13,004,408 740,409
37,192,004
- - - - 4,368,550
4,611,693
4,371,798 12,849,919 6,225,470 13,004,408 45,150,299
127,486,538
11,534,034 (12,681,964) (5,468,611) (10,595,291) 6,702,381 36,117,877
585,761
5,920,460 292,053
5,947,766
4,146,332
22,099,230
(13,701,643)
- -
-
(2,536,552)
(23,295,468)
-
- 28,908,146
18,410,350
3,096,504
50,415,000
-
- 1,091,854
-
-
1,091,854
-
- -
-
849,761
6,469,896
-
- -
-
(7,591,272)
(56,849,594)
(13,115,882)
5,920,460 30,292,053
24,358,116
(2,035,227)
(69,082)
(1,581,848)
(6,761,504) 24,823,442
13,762,825
4,667,154
36,048,795
19,124,483 7,067,325 - - 61,872,493 126,685,706
$ 17,542. 335 $ 305.8 11 $ 24,823.4 22 $ 13,762.8 55 $ 66,539.6 77 $ 162,734.5 11
C-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ 26,798,898
$ 26,798,898
$ 25,555,901
$ (1,242,997)
Licenses and Permits
350,000
350,000
426,951
76,951
Intergovernmental
5,588,114
5,588,114
6,127,918
539,804
Charges for Services
499,164
533,309
759,656
226,347
Fines and Forfeitures
10,000
10,000
19,408
9,408
Investment Income
450,000
450,000
506,801
56,801
Miscellaneous
556,871
1,027,309
613,272
(414,037)
Total Revenues
34,253,047
34,757,630
34,009,907
(747,723)
EXPENDITURES:
Current:
General Government:
Board of County Commissioners
1,765,827
1,719,327
1,661,659
57,668
County Administrator
668,504
850,504
846,089
4,415
Public Works Management
132,415
124,090
122,255
1,835
Community Services Management
274,890
285,890
279,728
6,162
County Attorney
1,429,214
1,727,214
1,337,930
389,284
Office of Management & Budget
422,633
382,830
311,162
71,668
Technical Services
1,656,658
1,516,603
1,504,094
12,509
Technology Replacement
220,400
170,400
168,543
1,857
File Management Services
51,000
51,000
51,000
-
Grants Administration
93,250
106,761
106,216
545
Personnel
386,873
354,207
352,063
2,144
Purchasing
210,040
201,455
197,565
3,890
Public Works Facilities Maintenance
6,692,398
5,812,948
5,592,274
220,674
Value Adjustment Board
25,000
25,000
22,302
2,698
Community Services -Marine Projects
48,690
17,123
17,040
83
Performance Improvement
7,500
-
-
-
Promotional Advertising
5,000
5,000
2,999
2,001
Tax Increment Payment
225,000
299,381
299,381
-
Quasi External Services
46,840
75,740
69,770
5,970
Clerk to BOCC-Financial Package
5,000
5,000
-
51000
Tax Collector
437015
4697280
4677336
17944
Property Appraiser
5667167
5027036
4807461
217575
(Continued)
The notes to the financial statements are an integral part of these statements.
C-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
Insurances -Supervisor of Elections
129,280
102,415
102,415 -
Gov't Enterprise Management System
65,000
21,949
21,949 -
Total General Government
15,170,594
14,826,153
14,014,231 811,922
Public Safety:
Hurricane
Emergency Management
Marathon Emer Operations Center
Medical Examiner
American Red Cross Lower Keys
Fire Academy
Total Public Safety
Physical Environment:
Extension Service
Upper Keys Wild Bird Ctr
Marathon Wild Bird Ctr
Exotic Wild Bird Rescue
Land Steward
Total Physical Environment
Transportation:
County Engineer
Economic Environment:
Literacy Volunteers of America
SFETC Liability
Affordable Housing Initiatives
Veteran's Affairs
Veteran's Affairs Transportation
Total Economic Environment
Human Services:
161,928
144,928
138,876
6,052
200,274
186,176
185,538
638
8,051
40,341
39,910
431
557,339
657,339
630,450
26,889
28,381
28,381
28,381
-
264,297
178,385
155,107
23,278
1,220,270
1,235,550
1,178,262
57,288
238,720
188,350
180,647 7,703
11,400
11,400
11,400 -
11,400
11,400
11,371 29
11,400
11,400
11,400 -
91,407
30,642
30,642 -
364,327
253,192
245,460 7,732
47,202 37,899 31,222 6,677
5,000
5,000
5,000
-
-
22,989
22,989
-
563,768
299,490
281,399
18,091
536,422
560,785
553,579
7,206
141,824
137,324
133,774
3,550
1,247,014
1,025,588
996,741
28,847
Health Care Respite Act 40,000 40,000 - 40,000
Hospice of the Florida Keys 154,206 154,206 154,206 -
Public Works Animal Shelter 971,829 945,262 942,246 3,016
(Continued)
The notes to the financial statements are an integral part of these statements.
C-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Bayshore Manor
753,047
719,627
686,487
33,140
Middle Keys Guidance Clinic
312,370
344,370
344,370
-
Middle Keys Guidance Clinic
48,545
48,545
48,545
-
Middle Keys Guidance Clinic
92,235
92,235
92,235
-
Middle Keys Guidance Clinic
390,000
390,000
390,000
-
Care Center for Mental Health
330,000
330,000
330,000
-
Monroe Cnty Assoc. for Retarded Citizens
185,000
185,000
185,000
-
Heron/ Peacock
61,493
61,493
61,493
-
Older Americans Volunteer Program
950
950
256
694
Welfare Administration
665,545
557,010
547,511
9,499
Welfare Services
653,450
609,450
246,860
362,590
Big Brothers\ Big Sisters
28,381
28,381
20,116
8,265
Florida Keys Children's Shelter
185,000
185,000
185,000
-
Wesley House
160,828
160,828
160,828
-
Pace
85,144
42,572
42,572
-
MCEF/ Monroe Youth Challenge
23,651
23,651
23,651
-
Helpline
4,733
4,733
4,733
-
Domestic Abuse Shelter
42,572
42,572
42,572
-
Florida Keys Outreach Coalition
47,302
47,302
47,302
-
Samuel's House
104,065
104,065
104,065
-
Youth Summer Rec
30,875
30,875
-
30,875
DePoo Baker Act
190,000
190,000
-
190,000
Womankind
89,874
89,874
89,764
110
Rural Health Network
342,000
342,000
341,992
8
Rural Health Network STD
70,953
70,953
70,953
-
Social Service Transportation
1,161,564
1,066,775
1,051,552
15,223
Higher Love Mission Outreach
4,730
4,730
4,415
315
Keys Area Interdenominational Resources
4,730
4,730
4,730
-
FL Keys Healthy Start Coalition
9,460
9,460
9,460
-
Just for Kids
61,750
61,750
59,933
1,817
MCSB Pace
-
42,572
42,572
-
Easter Seals Society
15,000
15,000
15,000
-
Health Department Lease
-
34,145
34,145
-
Aids Help
34,058
34,058
34,058
-
Center for Independent Living
4,730
4,730
4,730
-
(Continued)
The notes to the financial statements are an integral part of these statements.
C-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Good Health Clinic 46,356
46,356
44,667
1,689
FL Keys Area Hlth Educ Ctr 37,842
37,842
37,842
-
Total Human Services 7,444,268
7,203,102
6,505,861
697,241
Culture and Recreation:
Heart of the Keys Recreation
38,000
38,000
38,000
-
Big Pine Athletic Association
43,389
43,389
43,389
-
Boys and Girls Club
56,763
56,763
56,754
9
Upper Keys YMCA
14,250
14,250
14,250
-
Higgs Beach Maintenance
33,819
33,819
32,252
1,567
Lower Keys AARP
4,750
4,750
3,153
1,597
Middle Keys AARP
4,750
4,750
4,502
248
Big Pine Key AARP
4,750
4,750
4,551
199
Upper Keys AARP
4,750
4,750
-
4,750
Fine Arts Council
71,250
71,250
71,250
-
Historic Keys Foundation
28,500
28,500
28,500
-
Library Admin Support
547,623
532,192
520,283
11,909
Library Key West
761,409
674,357
666,390
7,967
Library Key West Donations
-
137,108
89,145
47,963
Library Marathon
370,606
341,134
333,231
7,903
Library Marathon Donations
-
11,738
1,404
10,334
Library Islamorada
300,868
247,368
239,618
7,750
Library Islamorada Donations
-
609
115
494
Library Key Largo
408,098
377,510
373,916
3,594
Library Key Largo Donations
-
4,185
-
4,185
Library Big Pine Key
277,147
263,147
262,430
717
Library Big Pine Key Donations
-
8,798
4,230
4,568
Total Culture and Recreation
2,970,722
2,903,117
2,787,363
115,754
Court Related:
Law Library
84,199
84,199
81,404
2,795
Guardian Ad Litem
196,939
191,409
187,432
3,977
State Attorney
341,108
340,318
267,316
73,002
Public Defender
489,737
486,577
480,672
5,905
Court Administration
6,710
6,710
5,798
912
Court Admin-Judicial Support
145,015
140,275
121,556
18,719
(Continued)
The notes to the financial statements are an integral part of these statements.
C-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Court Admin-Circuit Ct Reporter Svcs
Court Admin-Circuit Drug Court
Court Admin-Pretrial Release
Court Admin-Family Ct Case Mgmt
Ct. Admin-Other Circuit Court Juvenile
Ct. Admin-Pretrial Svcs Drug Diversion
Court Admin-Information Systems
Total Court Related
Debt Service:
Principal
Interest
Other Debt Service Costs
Total Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers from Other Funds
Transfers to Other Funds
Transfers from Constitutional Officers
Transfers to Constitutional Officers
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
2,675
2,675
2,136
539
443,739
438,209
429,106
9,103
579,805
565,585
551,491
14,094
123,145
113,665
97,805
15,860
73,028
71,448
64,707
6,741
149,891
144,361
136,928
7,433
220,010
216,060
198,251
17,809
2,856,001
2,801,491
2,624,602
176,889
192,015 199,615
199,600 15
22,014 14,414
14,043 371
- 30,000
29,500 500
214,029 244,029
243,143 886
31,534,427 30,530,121 28,626,885 1,903,236
2,718,620 4,227,509 5,383,022 1,155,513
(215,000)
(2,145,639)
-
2,145,639
5,964,193
6,354,448
4,764,476
(1,589,972)
(415,338)
(283,843)
(233,394)
50,449
3,400,000
3,400,000
4,592,919
1,192,919
(12,047,914)
(12,147,914)
(12,139,016)
8,898
(3,314,059)
(4,822,948)
(3,015,015)
1,807,933
(595,439) (595,439) 2,368,007 2,963,446
Fund Balances, October 1 595,439 595,439 14,102,418 13,506,979
Fund Balances, September 30 $ - $ - $ 16,470,425 $ 16,470,425
The notes to the financial statements are an integral part of these statements.
C-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
FINE AND FORFEITURE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Increment Payment
Public Safety:
Sheriff Law Enforcement
Sheriff Corrections
Sheriff Court Security
Bond Refunds
LEEA Funds
Public Works Correction Facilities
Medical Air Transport
Interagency Communications
Juvenile Detention Cost Share
Total Public Safety
Court Related:
Sheriff Extradition
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
$ 40,850,000 $ 40,850,000 $ 38,863,135 $ (1,986,865)
45,000
45,000
35,623
(9,377)
1,667,601
1,667,601
3,279,864
1,612,263
320,000
320,000
366,157
46,157
850,000
850,000
815,630
(34,370)
2,000
109,717
31,557
(78,160)
43,734,601
43,842,318
43,391,966
(450,352)
600,000 491,521 491,521 -
3,698,519
2,579,018
2,150,433
428,585
2,420,858
1,946,051
1,570,308
375,743
253,026
248,479
203,964
44,515
30,000
14,000
-
14,000
75,000
75,000
75,000
-
1,854,009
1,661,783
1,491,838
169,945
2,185,676
948,720
876,424
72,296
499,897
58,004
44,344
13,660
568,075
398,075
391,838
6,237
11,585,060
7,929,130
6,804,149
1,124,981
55,000 55,000 50,839 4,161
12,240,060 8,475,651 7,346,509 1,129,142
31,494,541 35,366,667 36,045,457 678,790
(12,083,475) (13,651,024) - 13,651,024
- (411,667) (16,667) 395,000
The notes to the financial statements are an integral part of these statements. (Continued)
C-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
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, 2008
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
Transfers from Constitutional Officers 750,000 750,000 1,027,216 277,216
Transfers to Constitutional Officers (35,068,444) (36,961,354) (36,853,633) 107,721
Total Other Financing Sources/(Uses) (46,401,919) (50,274,045) (35,843,084) 14,430,961
Net Change in Fund Balances
Fund Balances, October 1
(14,907,378) (14,907,378) 202,373 15,109,751
14,907,378 14,907,378 18,823,644 3,916,266
Fund Balances, September 30 $ - $ - $ 19,026,017 $ 19,026,017
The notes to the financial statements are an integral part of these statements.
C-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
ROAD AND BRIDGE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Revenues:
Taxes
Intergovernmental
Charges for Services
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
Transportation:
Road Department
County Engineer Road and Bridge
Street Lighting
Local Option Gas Tax Projects
80% Gas Tax
In -House Projects
Islamorada Roads
Total Transportation
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers from Other Funds
Transfers to Other Funds
Original Final
Budget Budget Actual
Variance with
Final Budget
Positive
(Negative)
$ 1,338,001 $ 1,338,001 $ 1,436,807 $ 98,806
3,350,000
3,350,000
3,572,319
222,319
3,997
3,997
85,542
81,545
100,000
100,000
329,483
229,483
56,001
56,001
53,771
(2,230)
4,847,999
4,847,999
5,477,922
629,923
3,188,110
3,187,336
2,564,732
622,604
836,241
780,851
470,780
310,071
214,862
245,862
245,405
457
205,000
205,000
163,005
41,995
2,284,687
2,498,113
2,194,988
303,125
400,000
400,000
-
400,000
454,256
508,929
-
508,929
7,583,156
7,826,091
5,638,910
2,187,181
7,583,156 7,826,091 5,638,910 2,187,181
(2,735,157) (2,978,092) (160,988) 2,817,104
(581,768) (296,750) - 296,750
- 147,560 145,900 (1,660)
(606,023) (795,666) (795,666) -
Total Other Financing Sources/(Uses) (1,187,791) (944,856) (649,766) 295,090
Net Change in Fund Balances
(3,922,948) (3,922,948) (810,754) 3,112,194
Fund Balances, October 1 3,922,948 3,922,948 5,900,807 1,977,859
Fund Balances, September 30 $ - $ - $ 5,090,053 $ 5,090,053
The notes to the financial statements are an integral part of these statements.
C-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Revenues:
Intergovernmental
Charges for Services
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government:
Grant Match
Mthn Garage Door Retrofit
Total General Government
Public Safety:
Emergency Management Base Grant
Radiological Emerg Preparedness
EMS Award Grant
MCDC Overhead Door Retrofit
Homeland Security Grant
ODP UASI 06 Grant
FEMA-Hurricane Dennis
FEMA-Hurricane Katrina
FEMA-Hurricane Rita
FEMA-Hurricane Wilma
FEMA-Tropical Storm Fay
FEMA-Hurricane Ike
Total Public Safety
Physical Environment:
Stormwater Master Plan
FDOT Stormwater Improve Project
Homeowners Wastewater Assistance
Exotic Plant Control Svc
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ -
$ 36,173,830
$ 9,361,840
$ (26,811,990)
-
197,089
174,934
(22,155)
1,000
3,517
54,704
51,187
-
70,533
40,699
(29,834)
1,000
36,444,969
9,632,177
(26,812,792)
997 997
- 22,880
- 997
- 22,880
997 23,877
- 23,877
2 145,374
145,374
-
1 148,627
131,021
17,606
- 96,821
40,006
56,815
- 18,982
-
18,982
- 141,918
8,930
132,988
- 116,289
101,058
15,231
- 1,085,206
539
1,084,667
- 887,928
925
887,003
- 704,808
1,105
703,703
- 14,844,554
749,872
14,094,682
- 1,327,294
190,873
1,136,421
- 804,334
271,466
532,868
3 20,322,135
1,641,169
18,680,966
- 5,455 4,950 505
- 1,999,758 - 1,999,758
- 27,961 27,961 -
- 271,574 173,949 97,625
Clean Vessel Act LE 507 - 232,881 - 232,881
Clean Vessel Act LE 655 - 57,000 - 57,000
Total Physical Environment - 2,594,629 206,860 2,387,769
The notes to the financial statements are an integral part of these statements. (Continued)
C-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Transportation:
Transportation Study Plan Update
Safety Improvement Heritage Trail
Transp Planning Prog 07-09
Bicycle/Pedestrian Plan 2
Overseas Heritage Trail
Pigeon Key Ferry Service
Roads Disaster Relief Program
Total Transportation
Economic Environment:
Affordable Housing Coordinator
Human Services:
Residential Substance Abuse Treatment
Title III-B Homemaker 2007
Title III-B Homemaker 2008
Title III-C1 2007
Title III-C1 2008
Title III-C2 2007
Title III-C2 2008
Title III-E 2008
Title III-E 2007
Alzheimer's Disease Initiative 06/07
Alzheimer's Disease Initiative 06/07
Community Care for Disabled Adults 06/07
Community Care for the Elderly 06/07
Community Care for the Elderly 07/08
Home Care for the Elderly 06/07
Home Care for the Elderly 07/08
Boys and Girls Club
MC Education Foundation
Low Income Home Energy Program 2007
Low Income Home Energy Prog 2008-09
Care Center Mental Health
Total Human Services
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
- 71,070
30,962
40,108
- 23,303
-
23,303
- 411,706
102,436
309,270
- 164,138
-
164,138
- 342,040
-
342,040
- 750,000
227,864
522,136
- 233,971
-
233,971
- 1,996,228
361,262
1,634,966
- 45,081 - 45,081
- 133,334
66,667
66,667
- 27,345
25,065
2,280
- 121,743
70,758
50,985
- 60,309
55,054
5,255
- 182,319
130,687
51,632
- 88,967
81,602
7,365
- 230,931
187,897
43,034
- 18,916
18,816
100
- 60,117
49,217
10,900
- 67,901
67,901
-
- 65,888
21,497
44,391
- 121,515
83,504
38,011
- 652,423
652,423
-
- 482,141
175,049
307,092
- 12,715
12,715
-
- 12,750
2,430
10,320
- 35,000
31,625
3,375
- 50,000
50,000
-
- 35,479
33,987
1,492
- 101,299
88,907
12,392
- 55,746
55,746
-
- 2,616,838
1,961,547
655,291
(Continued)
The notes to the financial statements are an integral part of these statements.
C-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Culture and Recreation:
State Aid to Libraries
Historic Buildings Survey
Total Culture and Recreation
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Transfers to Constitutional Officers
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final
Positive
Budget Budget
Actual
(Negative)
- 106,276
51,862
54,414
- 50,000
49,640
360
- 156,276
101,502
54,774
1,000 27,755,064 4,272,340 23,482,724
8,689,905 5,359,837 (3,330,068)
- 3,110,636 296,482 (2,814,154)
(11,462,000) (6,011,546) 5,450,454
- (338,541) (265,673) 72,868
- (8,689,905) (5,980,737) 2,709,168
- - (620,900) (620,900)
- - (205,464) (205,464)
$ (826,364) $ (826,364)
The notes to the financial statements are an integral part of these statements.
C-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
SEPTEMBER 30, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments
Restricted Cash and Cash Equivalents
Restricted Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Interest Receivable
Total Current Assets
Noncurrent Assets:
Restricted Cash and Cash Equivalents
Restricted Investments
Restricted Interest Receivable
Deferred Charges, Net
Land and Other Nondepreciable Assets
Capital Assets, Net of Accum. Depreciation
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Accrued Interest Payable
Accrued Comp. Absences Payable
Capital Leases Payable
Other Current Liabilities
Deposits in Escrow
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$ 56,108 $
4,520,351
$ 243,073
7,461,361
1,982,380
1,002,830
-
-
2,779,966
-
-
6,793,788
374,968
-
285,476
16,010
-
-
31,184
-
5,376,604
4,022
-
15,173
19,119
220,995
8,052
7,962,772
6,723,726
16,504,962
8,259
-
3,312,151
1,852,168
-
7,377,124
-
-
50,451
10,479
-
337,662
3,629,620
5,217,070
36,994,896
334,518
4,766,336
15,608,775
5,835,044
9,983,406
63,681,059
13,797,816 16,707,132 80,186,021
625,336 17,914 112,321
- - 8,793
57,104 35,351 74,211
129,632 - -
236 -
44,066 - 11,483
- 673 90,532
34,754 - -
34,881 29,379 58,982
50,000 - -
165,538 - 8,000
The notes to the financial statements are an integral part of these statements.
C-16
Governmental
Major Funds
Activities
Internal
Marathon
Service
Airport Total
Funds
$ 189,101 $ 5,008,633 $ 11,743,712
1,527,387
11,973,958
17,634,772
-
2,779,966
-
-
6,793,788
-
36,544
696,988
23,955
-
16,010
-
336,215
5,744,003
128,626
-
19,195
65,789
2,997
251,163
404,719
2,092,244
33,283,704
30,001,573
-
3,320,410
-
-
9,229,292
-
-
50,451
-
-
348,141
-
1,239,555
47,081,141
54,000
10,706,659
31,416,288
1,178,793
11,946,214
91,445,723
1,232,793
14,038,458 124,729,427 31,234,366
275,869
1,031,440
489,249
151,338
160,131
-
14,614
181,280
60,159
-
129,632
6,530,535
-
236
43
3,895
59,444
29,784
-
91,205
1,185
-
34,754
-
8,733
131,975
24,831
-
50,000
-
-
-
2,984
6,921
180,459
-
(Continued)
C-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET ASSETS - CONTINUED
PROPRIETARY FUNDS
SEPTEMBER 30, 2008
Deferred Revenue
Current Liabilities Payable from
Restricted Assets:
Accounts Payable
Retainage Payable
Accrued Interest Payable
Notes Payable, Current
Revenue Bonds Payable, Current
Total Current Liabilities
Noncurrent Liabilities:
Payable from restricted assets -Landfill
closure/post closure costs
Accrued Comp. Absences Payable
Claims & Judgements Payable
Capital Leases Payable
Notes Payable
Revenue Bonds Payable
OPEB Liability
Total Noncurrent Liabilities
Total Liabilities
NFT OCCFTC
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
- - 78,671
- - 3,261,502
- - 1,653,019
- - 84,010
463,278 - -
- - 735,000
1,604,589 83,553 6,176,524
400,433
-
-
140,592
69,689
112,936
-
-
303,737
717,270
-
-
1,512,156
-
-
-
-
24,365,000
126,000
74,000
115,000
2,896,451
143,689
24,896,673
4,501,040
227,242
31,073,197
Invested in Capital Assets, Net of Related Debt 1,221,434 9,983,406 37,077,425
Restricted 1,459,994 - 5,690,744
Unrestricted 6,615,348 6,496,484 6,344,655
Total Net Assets
$ 9,296,776 $ 16,479,890 $ 49,112,824
The notes to the financial statements are an integral part of these statements.
C-18
Major Funds
Marathon
Airport
Total
Governmental
Activities
Internal
Service
Funds
- 78,671 -
- 3,261,502 -
- 1,653,019 -
- 84,010 -
- 463,278 -
- 735,000 -
461,370 873267036 771387770
- 400,433 -
38,677 361,894 106,683
- 303,737 -
- 717,270 -
- 1,512,156 -
- 24,365,000 -
33,000 348,000 124,000
71,677 28,008,490 230,683
533,047 36,334,526 7,369,453
11,946,214 60,228,479 1,232,793
- 7,150,738 -
1,559,197 21,015,684 22,632,120
$ 13,505,411 $ 88,394,901 $ 23,864,913
C-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
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
Transfers from Constitutional Officers
Transfers to Constitutional Officers
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
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$ 267,249 $
-
$ -
14,235,756
1,458,415
3,631,602
-
-
1,039
24,012
50
9,380
14,527,017
1,458,465
3,642,021
1,386,899
875,826
1,705,345
14,121,692
113,433
4,031,604
53,812
324,628
931,454
1,313,887
15,562,403
6,668,403
(1,035,386) 144,578 (3,026,382)
277,316 - 5,450,943
50,000 - 16,430
- - 851,055
500,496 251,888 436,300
(90,482)
(879) (13,115)
- (314,490)
737,330 251,009 6,427,123
(298,056) 395,587 3,400,741
- - 2,583,635
(410,537) (53,567) (807)
4,022 - -
(8,000) - -
- 6,514,721
(712,571) 342,020 12,498,290
10,009,347 16,137,870 36,614,534
$ 9,296,776 $ 16,479,890 $ 49,112,824
The notes to the financial statements are an integral part of these statements.
C-20
Governmental
Major Funds
Activities
Internal
Marathon
Service
Airport
Total
Funds
$ -
$ 267,249
$ -
709,805
20,035,578
19,745,917
-
1,039
-
26,509
59,951
19,326
736,314
20,363,817
19,765,243
383,660
4,351,730
1,802,571
1,665,049
19,931,778
4,951,448
519,122
1,829,016
74,569
-
-
14,549,752
2,567,831
2671127524
2173787340
(1,831,517) (5,748,707) (1,613,097)
23,485
16,430
18,165
5,751,744
82,860
851,055
1,206,849
(13,994)
(404,972)
1,375,862
681,501
(4,732)
58,080 7,473,542 2,052,631
(1,773,437) 1,724,835 439,534
2,589,198 5,172,833 -
(108,480) (573,391) (3,403,204)
- 4,022 -
- (8,000) -
22,781 6,537,502 -
730,062 12,857,801 (2,963,670)
12,775,349 75,537,100 26,828,583
$ 13,505,411 $ 88,394,901 $ 23,864,913
C-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Operating Activities:
Cash received for services
Cash rec'vd from other funds for goods and svcs
Cash received from insurance recoveries
Cash received from others-PFC
Cash payments to suppliers for goods and svcs
Cash payments for employee services
Cash payments to other funds
Cash payments for claims
Other operating revenue
Net Cash Provided by/(Used in)
Operating Activities
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
Transfers from other funds restricted for capital purposes
Net Cash Provided/(Used) by Capital and
Related Financing Activities
Investing Activities:
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$ 14,548,994 $ 1,458,415 $ 3,795,254
21,474 - -
- - 851,055
(14,378,236) (146,351) (4,381,302)
(878,968) (538,651) (1,081,027)
(484,865) (198,871) (240,439)
24,012
50 9,380
(1,147,589) 574,592 (1,047,079)
277,316
- 5,653,895
4,022
- 83,635
(418,537)
(53,626) (807)
(137,199)
(53,626) 5,736,723
(447,310)
(98,466)
- 1,642,510
(2,640,237) (20,815,379)
- (5,355,000)
- (300,918)
- 2,500,000
(545,776) (2,640,237) (22,328,787)
Investment income 482,290 253,331 432,814
Proceeds from sales and maturities of investments 21,492,429 4,959,289 58,749,723
Purchase of investment securities (30,805,958) (6,941,669) (73,923,465)
Net Cash Provided/(Used) in Investing Activities (8,831,239) (1,729,049) (14,740,928)
Net Increase/(Decrease) in Cash and
Cash Equivalents
Cash and Cash Equivalents:
October 1
September 30
(10,661,803) (3,848,320) (32,380,071)
10,726,170 8,368,671 38,715,261
$ 64,367 $ 4,520,351 $ 6,335,190
The notes to the financial statements are an integral part of these statements.
C-22
Major Funds
Marathon
Airport
Total
Governmental
Activities
Internal
Service
Funds
$ 740,165
$ 20,542,828
$ 5,606,083
-
21,474
14,244,896
-
-
2,772,925
-
851,055
-
(1,772,858)
(20,678,747)
(5,045,066)
(255,587)
(2,754,233)
(1,242,853)
(105,225)
(1,029,400)
(300,163)
-
-
(15,002,324)
26,509
59,951
17,744
(1,366,996) (2,987,072) 1,051,242
243,674
6,174,885 -
2,588,391
2,676,048 -
(113,005)
(585,975) (3,403,204)
2,719,060
8,264,958 (3,403,204)
11,960
(59,633)
807
1,654,470
(23,515,249)
(5,802,310)
(399,384)
2,500,807
(31,921)
(46,866) (25,561,666) (31,921)
15,168
1,183, 603
1,139,189
3,821,038
89,022,479
44,116,635
(5,348,425)
(117,019,517)
(61,751,407)
(1,512,219)
(26,813,435)
(16,495,583)
(207,021) (47,097,215) (18,879,466)
396,122 58,206,224 30,623,178
$ 189,101 $ 11,109,009 $ 11,743,712
C-23
(Continued)
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS -CONTINUED
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Reconciliation of operating income/(loss)
to net cash provided by/(used in) operating
activities:
Operating income/(loss)
Adjustments to reconcile operating income/(loss)
to net cash provided by/(used in) operating
activities:
Depreciation and Amortization
Nonoperating Income-PFC
Nonoperating Income -Insurance Recoveries
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 Due fm constitutional ofcrs
Increase/(Decrease) in Accounts 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 Due to constitutional ofcrs
Increase/(Decrease) in Comp. absences payable
Increase/(Decrease) in Other current liabilities
Increase/(Decrease) in Deposits in escrow
Increase/(Decrease) in Landfill Closure Costs
Increase/(Decrease) in OPEB liability
Total adjustments
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$ (1,035,386) $ 144,578 $ (3,026,382)
53,812 324,628 931,454
- - 851,055
29,023
-
103,710
21,474
-
4,525
(20,182)
-
-
(152)
-
58,903
(465,224)
-
10,481
17,907
2,669
16,911
43,193
-
(18,943)
-
(662)
(152,775)
34,880
29,379
58,982
37,300
-
-
9,766
-
-
126,000
74,000
115,000
(112,203)
430,014
1,979,303
Net Cash Provided by/(Used in)
Operating Activities
$ (1,147,589)
$
574,592
$ (1,047,079)
Noncash investing, capital, and financing activities:
Contribution of capital assets from gov't
$ -
$
-
$
16,430
Gain (Loss) on disposition of assets
$ -
$
(879)
$
(13,115)
Forgiveness of capital lease amount
50,000
-
-
Cash Reconciliation:
Unrestricted
$ 56,108
$
4,520,351
$
243,073
Restricted
8,259
-
6,092,117
Total
$ 64,367
$
4,520,351
$
6,335,190
The notes to the financial statements are an integral part of these statements
C-24
Major Funds
Marathon
Airport
Total
Governmental
Activities
Internal
Service
Funds
$ (1,831,517) $ (5,748,707) $ (1,613,097)
519,122 1,829,016 74,569
- 851,055 -
- - 681,501
2,269
135,002
2,089,842
-
25,999
-
28,091
7,909
20,696
-
58,751
83,181
(116,399)
(571,142)
41,254
4,496
41,983
(1,016)
-
-
(452,572)
-
-
26
3,184
27,434
2,277
(17,975)
(171,412)
1,185
8,733
131,974
(3,553)
-
-
2,949
-
37,300
-
-
9,766
-
33,000
348,000
124,000
464,521
2,761,635
2,664,339
$ (1,366,996) $ (2,987,072) $ 1,051,242
$ 16,430 $ 32,860 $ -
$ - $ (13,994) $ (4,732)
- 50,000 -
$ 189,101 $ 5,008,633 $ 11,743,712
- 6,100,376 -
$ 189,101 $ 11,109,009 $ 11,743,712
C-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
SEPTEMBER 30, 2008
ASSETS
Cash and Cash Equivalents
Investments
Interest Receivable
Total Assets
NET ASSETS
Held in Trust for Pension Benefits and Other Purposes
Total Net Assets
Fire and
EMS
Pension
Trust Fund
$ 131,982
674,552
2,211
8087745
808,745
$ 808,745
The notes to the financial statements are an integral part of these statements.
C-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Fire and
EMS
Pension
Trust Fund
Additions:
Employer Contributions $ 28,477
Investment Income 26,426
Total Additions 54,903
Deductions:
Administration
(4,933)
Pension Benefits
(16,650)
Total Deductions
(21,583)
Change in Net Assets 33,320
Total Net Assets- October 1 775,425
Total Net Assets- September 30
$ 808,745
The notes to the financial statements are an integral part of these statements.
C-27
NOTES TO FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summary of the more significant accounting policies of the Monroe County, Florida Board
of County Commissioners (Board) is presented to assist the reader in interpreting these financial
statements and should be viewed as an integral part of this report.
Reporting Entity:
Monroe County, Florida (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 primary government
of the County is comprised of the Board of County Commissioners and five "constitutional officers" as
follows: Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections and Tax
Collector.
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. The financial statements of the Board,
when combined with all of its blended component units and the constitutional officers, constitute the
"primary government" of Monroe County according to GAAP. The primary government, together with
the Board's discretely -presented component unit, constitutes the complete GAAP basis financial
reporting entity of the County which is presented in the Monroe County, Florida Comprehensive Annual
Financial Report.
These financial statements include all funds of the Board and its "blended" and "discrete" component
units, if material. "Component units" are legally separate entities for which operational or financial
responsibility rests with the Board or for which the nature and significance of their relationship to the
Board is such that exclusion would cause the financial statements to be misleading or incomplete.
Since this report excludes the constitutional officers, these Board financial statements do not purport to
reflect the financial position or the results of operations of Monroe County, Florida taken as a whole.
Rather, they have been prepared to provide information at this level of detail greater than what is
available in the County's financial statements.
The Board of County Commissioners, composed of five members, is the legislative body for Monroe
County and as such budgets and provides funding used by the separate Constitutional Offices with the
exception of fees collected by the Clerk of the Circuit Court and the Tax Collector. Under the direction
of the Clerk of the Circuit Court, the Monroe County Finance Department maintains the accounting
system for the Board's operations, but excluding 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 Board and accounted for within these financial statements include police
services for unincorporated areas of the County; 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 Board's
operation, as they either have governing bodies that are substantively the same as the Board or they
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
D-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
provide their services exclusively or almost exclusively to the Board. The financial transactions of the
component unit are merged in with similar transactions of the Board as part of the primary government.
The blended component units of the Board are as follows:
Monroe County, Florida Comprehensive Plan Land Authority (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
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 Board and 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 County Industrial Development Authority (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 Board must authorize the issuance of bonded debt. Neither the MCIDA nor the
Board 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 Board, but is immaterial to the Board and has been excluded from these
statements. Following is a description of the Authority:
Monroe County Housing Finance Authority - The legal authority by which the Authority 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 Board, although there is an
approval requirement for any bonded debt issuance. The Board 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:
Fund Financial Statements: The fund financial statements provide information about the Board'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
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
D-2
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
is on major governmental and enterprise funds, each displayed in a separate column. All remaining
governmental and enterprise funds are aggregated and reported in a single column as non major 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. Non operating 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 Board. 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 and 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 and Bridge 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.
One Cent Infrastructure Surtax Capital Project 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 Project Fund — The
Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Project Fund is used to
account for the proceeds of this bond issue.
Infrastructure Sales Surtax Revenue Bonds, Series 2007 Capital Project Fund — The
Infrastructure Sales Surtax Revenue Bonds, Series 2007 Capital Project Fund is used to
account for the proceeds of this bond issue.
Big Coppitt Wastewater Capital Project Fund — The Big Coppitt Wastewater Capital Project
Fund is used to account for the construction of the Big Coppitt wastewater project.
The following are reported as major enterprise funds:
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.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
D-3
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Card Sound Bridge - The Card Sound Bridge Fund is used to account for the operations of
Monroe County's Card Sound Toll Bridge.
Key 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 Board 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 Board or to other
governmental units on a cost reimbursement basis.
Pension Trust Fund - The fiduciary pension trust fund is used to account for assets held by the
Board in a trustee capacity for a volunteer firefighters and emergency services length of service
award plan; and therefore, not available to support Board programs.
Measurement Focus and Basis of Accountina:
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 Board 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. In addition, expenditures related to compensated absences are recorded only when
leave has been taken.
Revenues of the Board, 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 Board; 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.
The proprietary fund and pension trust fund financial statements use a flow of economic resources
measurement focus and the accrual basis of accounting. Revenues are recognized when earned and
expenses are recognized when incurred, regardless of when the related cash flows take place.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
ME
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Non -exchange transactions, in which the board gives (or receives) value without directly receiving (or
giving) equal value in exchange, include grants. On an accrual basis, revenue from grants is
recognized in the fiscal year in which all eligibility requirements have been satisfied.
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
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Board'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.
Under the terms of the grant agreements, the Board 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 Board's policy to first apply cost -reimbursement grant resources to such
programs, followed by categorical block grants, and then by general revenues.
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.
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 Board's enterprise fund financial statements.
Reclassification
The funding activity between the Board and the Constitutional Officers is reported in these financial
statements as "other financing sources/uses" pursuant to changes in the Florida Uniform Accounting
System. In prior years, these activities were reported as revenue from "charges for services" and as
functional expenses.
Budgets and Budgetary 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.
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.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
D-5
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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.
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 2008, the following adjustments were necessary to present the
actual data on a budgetary basis for MCLA:
GAAP basis $ (139,220)
Compensation accrual difference (2,813)
Non-GAAP budgetary basis (142.033)
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, 2008,
represented by purchase orders and other executory contracts, were $20,403,917. It is the Board's
intention to substantially honor these encumbrances under authority provided in the subsequent year's
budget.
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:
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
M.
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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, callables 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.
All investments are stated at fair value.
Accounts Receivable - Amounts due from private individuals, organizations, or other governments,
which pertain to charges for services rendered by Board departments, 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 Activity - During the course of normal operations, the Board 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
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
D-7
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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.
Inventory — 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 Board include property, buildings, equipment, and infrastructure
assets (e.g. roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and
lighting sytems). 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.
Capital assets associated with business -type activities and the internal service funds are presented in
the Board's basic financial statements. Capital assets associated with the Board's governmental
activities are presented on the government -wide financial statements of the County, rather than on the
financial statements of the Board.
The Board 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
10-50
Equipment
5-10
Infrastructure
10-50
Public domain infrastructure
20-50
Capacity rights
99
Interest cost incurred in the Key West Airport Enterprise Fund during construction is capitalized, net of
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
M:
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
interest income from the proceeds of related tax-exempt debt, as part of the cost of the related assets.
This capitalized interest amounted to $407,328 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 — Board policy permits employees to accumulate a limited amount of annual
and sick leave, which will be paid to employees upon termination of employment. Accumulated annual
and sick leave is accrued when earned in the proprietary fund financial statements. For the proprietary
funds, an expense and a liability are recorded as the leave is earned. Compensated absences
associated with the Board's governmental activities are presented on the government -wide financial
statements of the County, rather than on the financial statements of the Board.
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 Board'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 Board 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
Board 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 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 Board consist primarily of contracts for providing services in the
future and grant funds received in advance of expenditures.
Long -Term Obligations — In the proprietary fund financial statements of the Board, long-term debt is
reported as a liability in the proprietary fund statement of net assets. Long-term debt associated with
the Board's governmental activities is presented on the government -wide financial statements of the
County, rather than on the financial statements of the Board. In the Board's governmental fund
financial statements, the face amount of debt issued is reported as another financing source, while
principal payments are reported as expenditures.
Property 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 1st of each year, and tax certificates for the full amount of any unpaid taxes and
assessments must be sold not later than June 1st of each year. No accrual for the property tax levy
becoming due in November of 2008 is included in the accompanying financial statements, since such
taxes are collected to finance expenditures of the subsequent period.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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 pay for 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 for Beaches — portion of fund balance is designated by the Board in the Tourist
Development Fund District I for beach nourishment projects.
Undesignated - portion of total fund balance available for appropriation that is uncommitted at
fiscal year end.
Fund Deficits — The unreserved fund deficit of $2,487,291 in the major Governmental Grants Fund at
September 30, 2008 is the result of collecting DEP 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 2009.
Excess of Expenditures Over Appropriations — For the year ended September 30, 2008, expenditures
exceeded appropriations in the FRUFC revenue notes cost center (Board's level of budgetary control)
of the Debt Service Fund by $384,650. These expenditures were not identified timely in order to have
an unanticipated budgeted resolution approved.
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.
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS
The Board 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.
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued)
D-10
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
As of September 30, 2008 the carrying value of the Board's deposits and investments, other than that
of the Pension Trust Fund, with their respective credit ratings, are as follows:
Investment Type
Demand and Time Deposits
US Govt Securities MM
US Treas Securities MM
Local Gov't Surplus Funds
Commercial Paper
US Treas — Notes & Bonds
Insurance Policies/Annuities
Fed Instrumentalities -Disc Notes
Fed Instrumentalities -Notes & Bonds
Total Fair Value
Credit Fair Value Less than 6 6 Months to 1 to 3 Years
Ratina Months 1 Year
N/A
$ 22,751,025
$ 22,751,025
$ - $ -
AAA
10,000,000
10,000,000
- -
AAA
16,523,789
16,523,789
- -
Unrated
335,073
11,626
323,447
A-1+
5,441,338
5,441,338
- -
TSY
9,430,419
-
- 9,430,419
Unrated
17,795,181
-
- 17,795,181
A-1+
71,175,256
66,756,836
4,418,420 -
AAA
76,240,510
37,184,056
12,149,669 26,906,785
$229,692,591 $158,668,670 $16,568,089 $54,455,832
Credit Risk — The Board'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 any one issuer of the portfolio invested:
Investment Type
Florida Local Government Surplus Funds Trust Fund
United States Government Securities
United States Government Agencies
Federal Instrumentalities
Portfolio Maximum in
Maximum any one issuer
100% n/a
100% n/a
50% 10%
80% 30%, with a maximum of
Maximum in callable securities 25% in callable securities
Interest -bearing Time Deposit or Savings Accounts 10% 10%
Money Market Mutual Funds 20% 10%
Intergovernmental Investment Pool 10% n/a
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued)
D-11
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
At September 30, 2008, the portion of the Board's investment portfolio invested in Federal
instrumentalities is detailed as follows:
Percent of
Issue Investment Portfolio
Federal Home Loan Bank 19.86%
Federal Home Loan Mortgage Corp (of which 4.87% is callable) 22.02%
Federal National Mortgage Assoc (of which 5.6% is callable) 19.57%
Federal Farm Credit Bank .78%
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 and time
deposits are fully insured by the FDIC or are covered by the State of Florida collateral pool, a multiple
financial institution pool with the ability to assess its members for collateral shortfalls if a member
institution fails.
The Policy requires execution of a third -party custodial safekeeping agreement for all purchased
securities, and requires that securities be held in the Board's name. As of September 30, 2008, all of
the Board's investments are held in a bank's trust department in the Board'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 non current operating funds to five years.
Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash and cash
equivalents at September 30, 2008:
Unrestricted Cash & Cash Equivalents:
Governmental Activities:
Governmental Funds
Internal Service Funds
BusinessType Activities
Total Unrestricted Cash & Cash
Equivalents
Local
Government
Surplus Trust Demand
Fund Deposits
$ 333,015 $8,971,750
- 6,946,671
- 4.277.713
Money
Market Funds Total
$17,452,401 $26,757,166
4,797,041 11,743,712
730.920 5.008.633
333,015 20,196,134 22,980,362 43,509,511
Restricted Cash and Cash Equivalents:
Business -Type Activities 2,058 2,554,891 3,543,427 6,100,376
Total Cash and Cash Equivalents $335,073 $22,751,025 $26,523,789 $49,609,887
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued)
D-12
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
At September 30, 2008, the fiduciary Pension Trust Fund had pooled cash balances totaling $131,982
in STIF & Money Market Funds and demand deposits comprising $122,516 and $9,466 respectively.
NOTE 3 — RESTRICTED ASSETS
Restricted assets in the Enterprise Funds include those created by resolutions adopted by the Board for
the landfill escrow account, airport passenger facility charges, and the issuance of Key West Airport
Revenue Bonds. Total restricted assets as of September 30, 2008 are as follows:
Municipal District Waste
Landfill Closure Escrow
Key West Airport
Passenger Facility Charge
Sinking Fund
Renewal and Replacement
Debt Service Reserve
Construction Fund
Operating Reserve
Arbitrage Rebate
Cash and
Cash
Interest
Equivalents
Investments
Receivable
Total
$ 8,259
$ 1,852,168
$ -
$ 1,860,427
915,002
3,942,484
31,267
4,888,753
2,014,581
-
-
2,014,581
3,394
513,302
-
516,696
3,663
2,736,720
19,184
2,759,567
2,779,966
6,793,788
-
9,573,754
71,419
184,618
-
256,037
304,092
-
-
304,092
$ 6,100,376
$ 16,023,080
$ 50,451
$ 22,173,907
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: $1,109,986 for major governmental funds, $931,731 for
non -major governmental funds, $556,200 for the Municipal Service District -Waste Fund, $62,720 for
the Key West Airport Fund and $1,977 for the Group Insurance Internal Service Fund.
The Board approved an ambulance billing write off during the year of $249,833.
NOTE 5 - MORTGAGES RECEIVABLE
Mortgages receivable at September 30, 2008 consist of the following:
Major Governmental Funds:
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 1st anniversary of the completion of the
construction of the improvements funded by the mortgage, provided that the
mortgagor complies with the mortgage covenants. $ 141,543
NOTE 5 - MORTGAGES RECEIVABLE (Continued)
D-13
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Nonmaior Governmental Funds:
Comprehensive Plan Land Authority Fund:
First mortgage due from governmental agency, collateralized by land, payable in
full April 2028, interest free 382,554
First mortgage due from governmental agency, collateralized by land and building,
payable in full May 2031, interest free 1,500,000
Second mortgage due from governmental agency, collateralized by land, payable
in full January 2034, interest free 2,210,000
First mortgage due from governmental agency, collateralized by land and building,
payable in full September 2045, interest free 59,025
Third mortgage due from private company, collateralized by land, payable in full
May 2050, interest free 1,089,000
Third mortgage due from private company, collateralized by land, payable in full
September 2053, interest free 1,500,000
6,740,579
Affordable Housing Programs Fund:
Second Mortgage Receivable from individual, collateralized by personal residence.
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 6th anniversary of the completion of the
construction of the improvements funded by the mortgage, provided that the
mortgagor complies with the mortgage covenants. 7,294
Local Housing 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. 115,056
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. 5,557,825
NOTE 5 - MORTGAGES RECEIVABLE (Continued)
D-14
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgage will be forgiven over a ten year 913,272
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 Mortgages Receivable
6,586,153
$ 13,475,569
The mortgages receivable associated with the Governmental Grants, and Affordable Housing Program
funds are offset by an allowance for uncollectible accounts of $141,543, and $7,294, respectively. As
the mortgages receivable associated with the Local Housing Assistance fund are intended to ultimately
be forgiven, an allowance for uncollectible accounts of $6,586,153 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
Amounts associated with the Board's governmental activities' capital assets, related accumulated
depreciation, and depreciation expense are reported on the government -wide financial statements of
the County, rather than on the financial statements of the Board. Amounts associated with the Board's
business -type activities' and internal service funds' capital assets, related accumulated depreciation,
and depreciation expense are reported on the proprietary fund financial statements of the Board.
Internal service fund capital asset information is included in the governmental activities on the
government -wide financial statements, because the internal service funds predominately serve those
activities.
Capital asset activity for the year ended September 30, 2008 is as follows:
Beginning Ending
Balances Additions Reductions Balances
Governmental Activities
Capital assets not depreciated:
Land $ 85,502,616 $ 3,362,161 $ 2,751,781 $ 86,112,996
Construction in progress 49,478,667 35,433,481 7,622,927 77,289,221
Total capital assets not depreciated 134,981,283 38,795,642 10,374,708 163,402,217
NOTE 6 — CAPITAL ASSETS (Continued)
D-15
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Capital assets depreciated:
Buildings
Equipment
Infrastructure
Capacity rights
Total capital assets depreciated
Less accumulated depreciation for:
Buildings
Equipment
Infrastructure
Capacity rights
Total accumulated depreciation
Total capital assets depreciated, net
Governmental funds, capital assets, net
Internal Service Funds
Capital assets not depreciated:
Land
Capital assets depreciated:
Buildings
Equipment
Total capital assets depreciated
Less accumulated depreciation for:
Buildings
Equipment
Total accumulated depreciation
Total capital assets depreciated, net
Internal Svc Funds, capital assets, net
Total Governmental Activities, capital
assets, net
Business -type Activities:
Capital assets not depreciated:
Land
Construction in progress
Total capital assets not depreciated
Capital assets depreciated:
Land improvements
Buildings
Equipment
Infrastructure
Total capital assets depreciated
Beginning Ending
Balances Additions Reductions Balances
100,695,851
1,020,211
1,348,393 100,367,669
24,786,362
3,235,710
1,198,122 26,823,950
40,242,624
1,416,017
- 41,658,641
3,150,000
-
- 3,150,000
168,874,837
5,671,938
2,546,515 172,000,260
35,134,657
2,274,607
550,231 36,859,033
16,313,473
2,188,720
1,054,682 17,447,511
22,238,481
848,969
- 23,087,450
95,454
31,818
- 127,272
73,782,065
5,344,114
1,604,913 77,521,266
95,092,772
94,478,994
230,074,055
257,881,211
54,000 - - 54,000
1,711,924 - - 1,711,924
431,375 78,510 39,175 470,710
2,143,299 78,510 39,175 2,182,634
577,775 46,901 - 624,676
339,351 66,724 26,910 379,165
917,126 $ 113,625 $ 26,910 1,003,841
1,226,173 1,178,793
1,280,173
$231,354,228
1,232,793
$259,114,004
$ 4,802,020 $ - $ - $ 4,802,020
22,638,478 19,640,643 - 42,279,121
27,440,498 19,640,643 - 47,081,141
212,925
- - 212,925
17,861,087
- - 17,861,087
4,514,811
370,081 161,064 4,723,828
28,751,489
- - 28,751,489
51,340,312
370,081 161,064 51,549,329
NOTE 6 — CAPITAL ASSETS (Continued)
D-16
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Less accumulated depreciation for:
Land improvements
Buildings
Equipment
Infrastructure
Total accumulated depreciation
Total capital assets depreciated, net
Business -type activities, capital assets,
net
Beginning Ending
Balances Additions Reductions Balances
212,925
- -
212,925
4,678,939
424,733 -
5,103,672
2,858,488
300,049 112,367
3,046,170
10,666,040
1,104,234 -
11,770,274
18,416,392
$ 1,829,016 $ 112,367
20,133,041
32,923,920
31,416,288
$60,364,418
$ 78,497,429
Depreciation was charged to functions/programs on the government -wide Statement of Activities of the
County as follows:
Governmental Activities:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Total Governmental Activities
Internal Service Funds -
General Government
Total Governmental Activities
Business -type Activities:
$1,156,045
Municipal Service District -Waste
$ 53,812
1,973,690
Card Sound Bridge
324,628
110,120
Key West Airport
931,454
995,513
Marathon Airport
519,122
8,843
Total Business -type Activities
$1,829,016
284,722
382,970
432,211
5,344,114
74,569
$5,418,683
NOTE 7 — POST EMPLOYMENT BENEFITS OTHER THAN PENSION
Plan Description - The Monroe County Board of County Commissioners (BOCC) administers a single -
employer defined benefits healthcare plan (the "Plan"). Florida Statutes 112.0801 requires the County
to provide retirees and their eligible dependents with the option to participate in the Plan if the County
provides health insurance to its active employees and their eligible dependents.
The Plan provides medical coverage and prescription drug benefits to both active and eligible retired
employees. The Plan does not issue a publicly available financial report.
The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels of
participant contribution at any time. In an open session, on at least an annual basis and prior to the
annual enrollment process, the BOCC approves the rates for the coming calendar year for the retiree
and County contributions.
NOTE 7 — POST EMPLOYMENT BENEFITS OTHER THAN PENSION (Continued)
D-17
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Eligibility for post employment participation in the Plan is limited to full time employees of the County,
and the Constitutional Officers. At September 30, 2008, there were no terminated employees entitled
to deferred benefits. The membership of the County's medical plan consisted of:
Active Employees 1,259
Retirees and beneficiaries currently receiving benefits 333
Total Membership 1,592
Funding Policy - The contribution requirements of plan members and the County are established and
may be amended by the County. The required contribution is based on pay-as-you-go financing
requirements, net of member contributions.
Employees who retire as an active participant in the Plan and were hired on or after October 1, 2001
may continue to participate in the Plan by paying the monthly premium established annually by the
BOCC. Employees who retire as an active participant in the plan, were hired before October 1, 2001,
have at least ten years of full time service with the County, and meet the retirement criteria of the
Florida Retirement System (FRS) may continue to participate in the Plan at a cost equal to the FRS
Health Insurance Subsidy for ten years of service (currently $5 per month for each year of service credit
at retirement or $50 per month). Retirees who have met the requirements for early retirement, have not
achieved age 60 and whose age and years of service do not equal 70 (rule of 70) must pay the
standard monthly premium until the age criteria or the rule of 70 is met. At that time, the retiree's cost
of participation will be equal to the FRS Health Insurance Subsidy. Surviving spouses and dependents
of participating retirees may continue in the plan if eligibility criteria specific to those classes are met.
For the fiscal year 2008, the County contributed the following:
Claims paid by Group Insurance Fund $ 2,065,034
Allocation of administrative expenses incurred but
not reported costs (IBNR) 178,755
OPEB costs 212437789
Less retiree contributions (5947465)
County contribution $ 176497324
Annual OPEB Costs and Net OPEB Obligation — The County's annual other postemployment benefit
(OPEB) cost (expenses) is calculated based on the annual required contribution of the employer (ARC),
an amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC
represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each
year and amortize any unfunded liabilities over a period not to exceed thirty years. The following table
shows the actuarially determined components as of October 1, 2007, under the current plan provisions,
of the County's unfunded annual OPEB cost, the amount actually contributed to the plan and the
changes in the County's net OPEB obligation to the plan.
NOTE 7 — POST EMPLOYMENT BENEFITS OTHER THAN PENSION (Continued)
D-18
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Annual required contribution $ 7,048,000
Interest on net OPEB obligation -
Adjustment to annual required contribution -
Annual OPEB cost 7,048,000
Less Contributions made (1,649,324)
Increase in net OPEB obligation 5,398,676
Net OPEB obligation, beginning of year -
Net OPEB obligation, end of year $ 5,398,676
The net OPEB obligation is $5,050,676 for Governmental Activities and $348,000 for Business -type
activities.
No trust or agency fund has been established for the plan; there were no adjustments to the annual
required contribution or interest earnings.
Funded Status and Funding Progress — At September 30, 2008, the accrued actuarial liability for
benefits was $79.637 million, all of which was unfunded. The covered payroll (annual payroll of active
employees covered by the plan) was $68.193 million and the ratio of the unfunded actuarial liability to
covered payroll was 116.8 percent.
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend.
Amounts determined regarding the funded status of the plan and the annual required contributions of
the employer are subject to continual revision as actual results are compared with past expectations
and new estimates are made about the future. The schedule of funding progress, presented as required
supplementary information following the notes to the financial statements, presents trend information
about whether the actuarial value of plan assets is increasing or decreasing over the time relative to the
actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions The valuation dated October 21, 2008, for the fiscal dates of
October 1, 2007 to September 30, 2008, was prepared using generally accepted actuarial principles
and practices, and relied on unaudited census data and medical claims data reported by the County.
The valuation used the projected unit credit actuarial method. Demographic assumptions mirror
those used for the various Florida Retirement System pension funds. The actuarial assumptions include
an annual health care cost trend rate of 11.0% initially, reduced by decrements to an ultimate rate of
6.0% over ten years. The assumptions included a discount rate that is tied to the return expected on the
funds used to pay the benefits, and assumes for an unfunded plan, that the benefits continue to be
funded on a pay-as-you-go basis and that the County's investments earn a 5% rate of return over the
long term. The unfunded accrued actuarial liability is amortized over thirty years on a closed basis, as a
level percentage of the projected payroll, which is assumed to increase at 4.0% per annum.
NOTE 8 - RETIREMENT PLAN
D-19
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Florida Retirement Svstem:
Plan Description — Substantially all full-time Board 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, 2639 Monroe Street, Building C, Tallahassee, FL 32399-1560, or from
the website www.frs.state.fl.us.
Funding Policy — 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 Board contributed to the plan an amount equal to 11.58% of covered payroll during the fiscal year
ended September 30, 2008. The Board's contributions made during the years ended September 30,
2008, 2007, and 2006 were $3,289,234, $3,260,384, and $2,749,899, respectively, equal to the
required contributions for each year.
The Board 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
D-20
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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 Board. 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 Board. LOSAP had 83 participants
for the plan year ended December 31, 2007 and the County's fiscal year ending September 30, 2008.
Separate, stand-alone financial statements for LOSAP are not provided.
Funding Policy — The contribution requirements for plan members and the Board are established and
may be amended by the Board. Plan members are not required to contribute. The Board 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 $343 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 Board.
Annual Pension Cost and Net Pension Obligation
Annual Required Contribution $ 28,477
Interest Adjustment -
28,477
Contributions Made (28,477)
Increase in Net Pension Obligation -
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 January 1, 2007
actuarial valuation using the Aggregate Method. This method does not identify or separately amortize
unfunded actuarial liabilities. The actuarial assumptions included (a) 2.5% investment rate of return (b)
no assumption for mortality pattern as it is inapplicable (c) no assumption for salary increases as
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 initial actuarial assumed investment rate of return was 5.0%, which
was decreased to 4.0% in 2005, 3.0% in 2006 and 2.5% in 2007. The actuarial value of assets
includes only the fair value of the assets.
Three Year Trend Information
Annual Pension Cost Percentage of APC Net Pension
Fiscal Year Ending (APC) Contributed Obligation
12/31 /05
$
61,050
100% $
12/31 /06
$
24,233
100% $
12/31 /07
$
28,477
100% $
Funded Status and Funding Progress — As of January 1, 2007, the most recent actuarial valuation date,
the plan was 87.0 percent funded. The actuarial accrued liability for benefits was $833,820 and the
actuarial value of assets was $725,508, resulting in an unfunded accrued liability (UAAL) of $108,312.
NOTE 10 — CAPITAL COMMITMENTS
Construction projects under present contractual agreements as of September 30, 2008 are as follows:
D-21
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
ect Construction Commitments
Key West Airport
Freeman Justice Center
Big Pine Key Fire Station
Murray Nelson Government Center
Marathon Airport Renovation
Miscellaneous
Total
$ 4,831,714
2,391,878
2,313,711
1,688,311
1,172,325
4,328,108
$ 16,726,047
The Comprehensive Plan Land Authority has approximately $969,965 of commitments to acquire
various properties as of September 30, 2008.
NOTE 11 — LEASE OBLIGATIONS
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,
2008:
Governmental
Activities
Fiscal year ending September 30:
2009
$ 165,326
2010
23,344
2011
17,520
2012
1,460
2013
-
2014-2018
-
2019-2023
-
2024
-
Total minimum payments
207,650
Less amounts representing interest
( 7,541)
Present value of net minimum lease payments $ 200,109 $
Business -type
Activities
Leased property which has been capitalized as of September 30, 2008 is as follows:
Equipment
Less Accumulated Depreciation
Governmental Activities
$ 877,132
(236,035)
$ 641,097
50,000
50,000
50,000
50,000
50,000
250,000
250,000
17,270
767,270
767,270
Business -type Activities
$ 2,335,830
(2,335,830)
Rental expense under cancelable operating leases for the current year amounted to $1,009,480.
NOTE 12 - LONG-TERM DEBT
Long-term debt activity for the year ended September 30, 2008 is as follows:
D-22
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Current
Portion of
Beginning
Ending
Long-term
Balances
Additions
Payments
Balances
Liabilities
Governmental Activities:
Governmental Funds
Revenue bonds payable
$16,830,000
$30,506,854
$1,323,990
$46,012,864
$3,896,091
Revenue notes payable
1,235,823
21,000,000
609,146
21,626,677
626,677
Arbitrage payable
92,468
68,167
160,635
-
-
Accrued comp. absences
2,505,318
1,786,766
1,764,304
2,527,780
472,932
OPEB Liability
-
4,926,676
-
4,926,676
-
Capitalized lease obligations
399,709
-
199,600
200,109
159,947
Total Governmental Funds
21,063,318
58,288,463
4,057,675
75,294,106
5,155,647
Internal Service Funds
Accrued comp. absences
135,067
90,863
94,416
131,514
24,831
OPEB Liability
-
124,000
-
124,000
-
135,067
214,863
94,416
255,514
24,831
Total Governmental Activities
$21,198,385
$58,503,326
$4,152,091
$75,549,620
$5,180,478
Business -type Activities:
Revenue bonds payable
$30,455,000
$ -
$ 5,355,000
$25,100,000
$ 735,000
Revenue note payable
2,422,744
-
447,310
1,975,434
463,278
Arbitrage payable
248,720
55,017
-
303,737
-
Accrued comp. absences
361,894
217,591
85,616
493,869
131.975
OPEB Liability
-
348,000
-
348,000
-
Capitalized lease obligations
817,270
-
50,000
767,270
50,000
Total Business -type Activities
$34,305,628
$ 620,608
$ 5,937,926
$28,988,310
$1,380,253
Total Long -Term Debt
$55,504,013
$59,123,934
$10,090,017
$104,537,930
$6,560,731
Amounts associated with the Board's governmental activities long-term liabilities are reported on the
government -wide financial statements of the County rather than on the financial statements of the
Board. Amounts associated with the Board's business -type activities and internal service funds long-
term liabilities are reported on the proprietary fund financial statements of the Board. 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 following is a summary of the Board's bonds and notes as of September 30, 2008:
NOTE 12 - LONG-TERM DEBT (Continued)
Governmental Activities
Revenue Bonds:
D-23
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Infrastructure Sales Surtax Revenue Bonds, Series 2003 $ 15,590,000
Infrastructure Sales Surtax Revenue Bonds, Series 2007 29,415,000
Unamortized Original Issue Premium, Series 2007 1,007,864
Total Revenue Bonds 46,012,864
Revenue Notes:
Guaranteed Entitlement Refunding Revenue Note, Series 2002 626,677
Florida Rural Utility Financing Commission Revenue Notes,
Series 2008A 21.000.000
Total Revenue Notes 21,626,677
Total Government Activities $ 67,639,541
Business -type Activities
Revenue Bonds:
Key West International Airport Revenue Bonds, Series 2006 $ 25,100,000
Revenue Note:
Solid Waste Disposal System Refunding Revenue Note, Series 2002 2,038,356
Less Unamortized Loss on Refunding (62,922)
1,975,434
Total Business -Type
Activities
$ 27,075,434
Debt Service Fundinq Requirements
- The total annual debt service requirements
for bonds and notes
outstanding
at September
30, 2008 are as follows:
Governmental Activities
Business
-type Activities
Principal
Interest Total
Principal
Interest
Total
2009
$ 2,659,382
$ 1,737,576 $ 4,396,958
$ 4,200,765
$ 201,150
$ 4,401,915
2010
3,925,000
1,588,708 5,513,708
977,841
1,172,494
2,150,335
2011
25,070,000
1,440,678 26,510,678
985,499
1,129,536
2,115,035
2012
4,220,000
1,284,405 5,504,405
410,000
1,086,525
1,496,525
2013
4,380,000
1,120,503 5,500,503
450,000
1,063,975
1,513,975
2014-2018
24,620,000
2,788,847 27,408,847
2,445,000
4,942,025
7,387,025
2019-2023
-
- -
3,330,000
4,180,825
7,510,825
2024-2028
-
- -
5,235,000
3,116,850
8,351,850
2029-2033
-
- -
7,885,000
1,249,050
9,134,050
Total $64,874,382 $ 9,960,717 $74,835,099 $25,919,105 $18,142,430 $44,061,535
The principal funding requirement for Governmental Activities differs from the debt outstanding by
$2,765,159 which is comprised of $1,757,295 in principal funded in FY 2008 and $1,007,864 OIP. The
Business -type activities difference of $1,156,329 is comprised of $1,219,251 in principal funded in FY
2008 less the unamortized loss of $62,922.
NOTE 12 - LONG-TERM DEBT (Continued)
At September 30, 2008, the current portion of the unamortized loss on refunding is $20,974.
D-24
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Long -Term Debt at September 30, 2008 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: 2.75% to 4.0%
Amount outstanding at September 30th: $15,590,000
Reserve requirement: None; MBIA insured.
Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $18,712,390. For the fiscal
year, principal and interest paid was $1,806,950 and total pledged revenue was $15,147,593.
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.
$29,415,000 Infrastructure Sales Surtax Revenue Bonds, Series 2007
Type: General Government Revenue Bonds Dated: November 2007
Final maturity: Year 2018 Principal payment date: April 1
Interest payment dates: April 1 and October 1 Interest rates: 4.0% to 5.0%
Amount outstanding at September 30th: $29,415,000
Reserve requirement: None; MBIA insured.
Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $36,244,050. For the fiscal
year, principal and interest paid was $991,744 and total pledged revenue was $15,147,593.
Purpose: To construct and acquire equipment and capital improvements.
Call provisions: None
$21,000,000 Florida Rural Utility Financing Commission Revenue Notes, Series 2008A
Type: General Government Revenue Notes
Dated: January 2008
Final maturity: Year 2011
Principal payment date: 2011
Interest payment dates: January 1 and July 1
Interest rate: 4.2%
Amount outstanding at September 30th: $21,000,000
Reserve requirement: None
Revenue pledged: Permanent financing proceeds. The total principal and interest remaining to be
paid is $23,205,000. For the fiscal year, principal and interest paid was $384,650.
Purpose: Wastewater capital improvements.
Call provisions: First redemption date may not be earlier than 2/1/09.
NOTE 12 - LONG-TERM DEBT (Continued)
$30,455,000 Key West International Airport Revenue Bonds
Type: Enterprise Revenue Bond Dated: July 2006
D-25
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Final maturity: Year 2033 Principal payment date: October 1
Interest payment dates: Monthly Interest rates: 5.50%
Amount outstanding at September 30th: $25,100,000
Reserve requirement: $2,759,567
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
(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. The total principal and interest remaining to be paid is $43,135,255. For the
fiscal year, principal of $735,000 was funded by pledged revenues of $9,385,552 and interest of
$760,631 was funded by capitalized interest secured when the bonds were issued.
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 System Refunding 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: $2,038,356
Reserve requirement: None.
Revenue pledged: Gross revenues from the solid waste disposal, collection and management
systems. The total principal and interest remaining to be paid is $2,180,284. For the fiscal year,
principal and interest paid was $553,760 and total pledged revenue was $15,354,829.
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.
$3,495,144 Guaranteed Entitlement Refunding 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: $626,677
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. The total
NOTE 12 - LONG-TERM DEBT (Continued)
principal and interest remaining to be paid is $635,952. For the fiscal year, principal and interest
paid was $636,711 and total pledged revenue was $1,990,010.
Purpose: To refund on a current basis the $7,230,000 Monroe County, Florida Refunding Revenue
D-26
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Bonds, Series 1993.
Call provisions: No prepayment penalty. Bank requires 10 days notice.
NOTE 13 - DEFEASANCE OF DEBT
In prior years, the Board 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 Board's financial statements.
The following schedule reflects outstanding principal on refunded bonds, by issue, as of September 30,
2008:
$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 $ 650,000
$5,000,000 Improvement Revenue Bonds, Series 1988; defeased on May 1, 1993
using proceeds from the Refunding Revenue Bonds, Series 1993/88 530,000
Total Governmental Activities $ 1,180,000
$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
$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
Total Business —type Activities $ 9,325,000
NOTE 14 — INTEREST RATE CAP
Contracts - The Board has an interest rate cap agreement in effect at September 30, 2008 for the
$30,455,000 Key West International Airport Variable Rate Revenue Bonds (Key West International
Airport), Series 2006 ("Series 2006").
Objectives - As a means to manage interest rate risk related to the variable rate bonds at the time of
issuance on July 18, 2006, the Board 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 Board's maximum
variable interest rate on the bonds to a fixed rate of 5.50% for a period of three years.
NOTE 14 — INTEREST RATE CAP (Continued)
Terms, fair values, and credit risk - The terms, fair values, and credit ratings of the outstanding cap as
of September 30, 2008 are as follows. The notional amount of the cap agreement matches the
principal amount of the associated debt and declines with the principal amortization on the bonds.
D-27
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Associated Notional Effective Fixed Variable Rate Fair Termination Counterparty
Bond Issue Amount Date Rate (1) Value Date Credit Rating (;
Series July 19, October 1,
2006 $ 30,455,000 2006 5.50% Weekly Rate $830 2009 Aa2/AA-/AA-
(1) Determined weekly by Remarketing Agent
(2) Counterparty's guarantor
Credit risk - As of September 30, 2008 the positive fair value of the agreement represents the Board's
exposure to credit risk. Should the counterparty to the cap fail to perform according to the terms of the
cap agreement, the Board faces variable credit risk to the same extent as if the Board 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 Board to basis risk.
Termination Risk - The Board 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 Board with 30 days notice and the counterparty can terminate the
swap if the Board 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.
Rollover Risk — The Board is exposed to rollover risk on the interest cap agreement that terminates
prior to the associated debt. When this agreement terminates, the Board 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 Middle 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 Larao Utilitv Corr). 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
NOTE 15 — CONDUIT DEBT (Continued)
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.
D-28
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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 Authority Hospital Revenue Bonds, Series 2007 On April 18,
2007, the Board 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 Board 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
Board 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.
Recognition of the liability for closure and post closure costs is based on the landfill capacity used to
date. The landfill capacity of the Board'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 Board 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, 2008, 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 $400,433.
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 Board to fund closure, and post closure costs as an operating expense using annual
appropriations.
NOTE 16 — RECOGNITION OF CLOSURE AND POST CLOSURE COST (Continued)
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 $1,860,427 held for these purposes at September 30, 2008. In the
D-29
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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, 2008 are as follows:
Pavable Fund
R& d
Big
Card
General
Fine &
Govt'I
One Cent
Coppitt
Nonmaj
n
Sd ISF
Total
Forfeiture
Bridge
Grants
Infras
Waste-
Govt'I
Rd
water
Gen
$ -
$ -
$ -
$180
$ -
$ -
$ -
$ - $ -
$ 180
R&B
-
-
-
145,900
-
-
-
- -
145,900
Grnts
210,662
16,667
832
-
27,961
-
18,434
- -
274,556
2003
_
-
-
-
2,900,000
-
-
- -
2,900,000
Infras
Big
Copitt
Waste
_
_
2,828,761
-
-
108,553
- -
2,937,314
water
Non -
major
253,508
-
-
-
-
114,272
18,383
- -
386,163
Govt' I
MSD
1,615
-
3,515
10,379
-
-
222
236 43
16,010
Total
$465,785
$16,667
$4,347
$2,985,220
$2,927,961
$114,272
$145,592
$236 $43
$6,660,123
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, 2008 are as follows:
NOTE 18 - INTERFUND TRANSFERS (Continued)
Transfers From:
D-30
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
Trsfto: Gen F&F R&B Grants Cent Infras Govt'Iv MSD Snd AIP AIP ISF Total
Bridge
Gen $ - $ $795,666 $ - $209,437 $2,455,611 $410,537 $53,567$ - $108,480 $731,178 $4,764,476
R&B - 145,900 - - - - - 145,900
Grant 233,394 16,667 - 27,961 18,460 296,482
One
Cent - - 568,167 - 17,594 585,761
Infras
2003 57,660 5,820,000 42,800 5,920,460
Infras
2007 292,053 292,053
Infras
BC
Waste- 4,947,766 1,000,000 5,947, 766
water
Non -
major 4,144,245 2,087 - 4,146,332
Govt'I
KW AIP 2,500,000 83,635 2,583,635
Mthn 807 - 2,588,391 2,589,198
AIP
Total $233,394 $16,667 $795,666 $6,011,546 $13,701,643 $2,536,552 $410,537 $53,567 $807 $108,480 $3,403,204 $27,272,063
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 Board 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 Board established the Worker's Compensation, Group Insurance, and
Risk Management Funds, respectively, as internal service funds to account for and finance its
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
NOTE 19 - RISK MANAGEMENT (Continued)
D-31
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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 Board
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 Board 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, 2008 are based on the
requirements of Governmental Accounting Standards Board 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 2008 and 2007 were:
Balance at September 30, 2006
Current year claims and
changes in estimates
Claim payments
Balance at September 30, 2007
Current year claims and
changes in estimates
Claim payments
Balance at September 30, 2008
NOTE 20 - LITIGATION
Worker's
Compensation
$1,861,867
1,739,198
1,806,714
1,794,351
2,135,393
(2,641,761)
$1,287,983
Group
Insurance
$3,092,481
12,137,554
(11,588,769)
3,641,266
12,150,206
(12,146,410)
$3,645,062
Risk
Management
$1,501,607
289,175
(243,292)
1,547,490
264,153
(214,153)
$1,597,490
Total
$6,455,955
14,165,927
(13,638,775)
6,983,107
14,549,752
(15,002,324)
$6,530,535
The Board is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. In the opinion of the Board, these suits and claims should not result in judgments
or settlements, which, in aggregate, would have a material adverse effect on the Board's financial
condition.
NOTE 21 - COMMITMENTS AND CONTINGENCIES
Grant Programs - The Board participates in a number of federally assisted grant programs. These
programs are subject to financial and compliance audits by the grantors or their representatives.
Arbitrage 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.
As of September 30, 2008, the Board has estimated its arbitrage rebate liability to be $303,737 for its
business -type activities.
NOTE 21 - COMMITMENTS AND CONTINGENCIES (Continued)
D-32
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2008
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 Board 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 Board 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.
Line of Credit — In order to obtain funds to pay unanticipated expenditures created by a hurricane or
similar event, the Board approved a line of credit in the amount of $10,000,000 from a bank. There
were no borrowings as of September 30, 2008. The line of credit is available for six months after
August 8, 2008. All borrowings and unpaid interest must be paid in full on February 8, 2009.
Depending on the Board's financing activities, the borrowings will bear interest at 0.75% over the
LIBOR rate if taxable or 0.80%-1.00% plus 63.7% of the LIBOR rate if tax-exempt. The letter of credit is
secured by a covenant to budget payment from Non Ad Valorem Revenues. After the initial expiration
of the line of credit, the Board has approved two subsequent lines of credit in 2009 and 2010 if the
terms are substantially the same.
NOTE 22 — SUBSEQUENT EVENT
Pursuant to the provisions of Monroe County Resolution 238-C, the Board redeemed $2,850,000 of the
Airport Variable Rate Revenue Bonds, Series 2006 maturing in 2035-2033 as described in the table
below.
Funding Source
FAA
Passenger Facility Fees
Monroe County
Fla. Dept. of Transportation
Fla. Dept. of Transportation
Fla. Dept. of Transportation
Total
Date Amount
December, 2008
December, 2008
December, 2008
December, 2008
January, 2009
February, 2009
$ 538,219
30,071
1,710
465,000
935,000
880,000
$ 2,850,000
The Board has begun the construction of a wastewater treatment collection system to service Geiger
and Rockland Keys which will require the Board to fund $21,000,000 of the costs. The Board has
secured interim financing through the Florida Rural Utility Financing Commission Revenue Notes. The
Board intends to obtain permanent financing through the Clean Water State Revolving Loan Fund
program of the Florida Department of Environmental Protection before the maturity date of the interim
financing in 2011.
D-33
COMBINING AND INDIVIDUAL
FUND STATEMENTS AND SCHEDULES
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
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, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Capital Outlay:
General Government:
Flood Zone Evaluation
ADA Assessments
General Government Projects
Total General Government
Public Safety
Physical Environment
Transportation: Const. Mgmt
Culture and Recreation
Original Final
Budget Budget Actual
Variance with
Final Budget
Positive
(Negative)
$ 14,000,002
$ 14,000,002
$ 15,147,593
$ 1,147,591
649,997
649,997
758,239
108,242
14,649,999
14,649,999
15,905,832
1,255,833
5,930
35,930
3,039
32,891
386,000
386,000
246,469
139,531
965,289
929,047
123,508
805,539
1,357,219
1,350,977
373,016
977,961
565,670 2,717,209 1,474,185 1,243,024
10,007,168 1,770,706 769,652 1,001,054
1,004,205 500,000 424,517 75,483
4,722,637 1,584,433 1,330,428 254,005
Total Capital Outlay Expenditures 17,656,899 7,923,325 4,371,798 3,551,527
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers from Other Funds
Transfers to Other Funds
(3,006,900) 6,726,674 11,534,034 4,807,360
(600,000) (1,218,914) - 1,218,914
17,594 585,761 568,167
(13,050,000) (23,917,337) (13,701,643) 10,215,694
Total Other Financing Sources/(Uses) (13,650,000) (25,118,657) (13,115,882) 12,002,775
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(16,656,900) (18,391,983) (1,581,848) 16,810,135
16,656,900 18,391,983 19,124,483 732,500
$ - $ - $ 17,542,635 $ 17,542,635
E-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
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, 2008
REVENUES:
Investment Income
EXPENDITURES:
Current:
Capital Outlay:
General Government:
General Government Project I
General Government Projects 11
Total General Government
Public Safety:
Public Safety Projects
Human Services:
Human Service Projects
Total Capital Outlay Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Original Final
Budget Budget Actual
Variance with
Final Budget
Positive
(Negative)
$ 1,000 $ 165,200 $ 167,955 $ 2,755
3,734,896
9,776,518
7,961,509
1,815,009
1,228,000
3,345,261
2,440,729
904,532
4,962,896
13,121,779
10,402,238
2,719,541
11,500 11,109 391
1,864,160 2,916,575 2,436,572 480,003
6,827,056 16,049,854 12,849,919 3,199,935
(6,826,056) (15,884,654) (12,681,964) 3,202,690
5,633,983 8,825,589 5,920,460 (2,905,129)
(1,192,073) (7,059,065) (6,761,504) 297,561
1,192,073 7,059,065 7,067,325 8,260
- $ 305,821 $ 305,821
E-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
INFRASTRUCTURE SALES SURTAX REVENUE BONDS,
SERIES 2007 CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income $
EXPENDITURES:
Current:
Capital Outlay:
General Government Projects
Public Safety Projects
Physical Environment Projects
Culture and Recreation Projects
Total Capital Outlay Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Debt Proceeds
Original Issue Premium
Transfers from Other Funds
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30 $
Original
Budget
Variance with
Final Budget
Final Positive
Budget Actual (Negative)
- $ - $ 756,859 $ 756,859
3,033,705 8,650 3,025,055
8,145,719 1,179,835 6,965,884
- 14,019,465 1,886,432 12,133,033
- 5,095,891 3,150,553 1,945,338
30,294,780 6,225,470 24,069,310
- (30,294,780) (5,468,611) 24,826,169
- 28,908,146 28,908,146 -
- 1,091,854 1,091,854 -
294,780 292,053 (2,727)
30,294,780 30,292,053 (2,727)
24,823,442 24,823,442
- $ - $ 24,823,442 $ 24,823,442
E-3
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BIG COPPITT WASTEWATER PROJECT,
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Capital Outlay:
Physical Environment:
Big Coppitt Wastewater
Big Coppitt WW Bridge Loan
Big Coppitt WW DEP Grant
Big Coppitt Special Assessment
Total Physical Environment
Total Capital Outlay Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Debt Proceeds
Transfers from Other Funds
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Original Final Positive
Budget Budget Actual (Negative)
$ - $ - $ 327,666 $ 327,666
- 2,060,987 2,081,451 20,464
- 2,060,987 2,409,117 348,130
- 1,000,000
85,530
914,470
- 21,000,000
4,557,474
16,442,526
- 10,393,833
7,342,580
3,051,253
- 2,060,987
1,018,824
1,042,163
- 34,454,820
13,004,408
21,450,412
- 34,454,820 13,004,408 21,450,412
(32,393,833) (10,595,291) 21,798,542
- 21,000,000 18,410,350 (2,589,650)
11,393,833 5,947,766 (5,446,067)
32,393,833 24,358,116 (8,035,717)
- - 13,762,825 13,762,825
$ 13,762,825 $ 13,762,825
E-4
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
AFFORDABLE HOUSING PROGRAMS
To account for revenues and expenditures of various low income housing programs.
LAW LIBRARY
To account for all revenues and expenditures for the Board's law library.
TOURIST DEVELOPMENT DISTRICTS
To account for the local option three cent bed tax in five district funds and an Administrative
and Promotional Fund for the expenditures of advertising, promotions, and special events of
the 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 DISTRICT #1, LOWER AND MIDDLE KEYS
To account for revenues and expenditures for fire and ambulance services in the lower and
middle Keys.
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, Islamorada, Village of Islands and unincorporated Monroe County.
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 IMPROVEMENTS
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.
(Continued)
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS — CONTINUED
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.
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 DISTRICT
To account for the revenues and expenditures for municipal services for Marathon.
CONCH KEY WASTEWATER MTSU
To account for the revenues and expenditures for waste water services for Conch Key.
BAY POINT WASTEWATER MTSU
To account for the revenues and expenditures for waste water services for Bay Point.
BIG COPPITT WASTEWATER MTSU
To account for the revenues and expenditures for waste water services for Big Coppitt.
KEY LARGO WASTEWATER MTSU
To account for the revenues and expenditures for waste water services for Key Largo.
STOCK ISLAND WASTEWATER
To account for the revenues and expenditures for waste water services for Stock Island.
CUDJOE-SUGARLOAF MUNICIPAL SERVICE DISTRICT
To account for the revenues and expenditures for municipal services for Cudjoe and
Sugarloaf.
CONCH KEY MUNICIPAL SERVICE DISTRICT
To account for the revenues and expenditures for municipal services for Conch Key.
(Continued)
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS — CONTINUED
LONG KEY—LAYTON MUNICPAL SERVICE DISTRICT
To account for the revenues and expenditures for municipal services for Long Key and
Layton.
DUCK KEY MUNICIPAL SERVICE DISTRICT
To account for the revenues and expenditures for municipal services for 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 are 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.
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.
DUCK KEY WASTEWATER PROJECT
To account for the revenues and expenditures for the construction of the Duck Key
wastewater project.
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2008
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated for Beaches
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
SPECIAL
Tourist
Tourist
Tourist
Affordable Development
Development
Development
Housing All Districts
Admin & Promo
District #One
Programs Two Cent
Two Cent
Three Cent
$ 61,828 $ 430,625 $ 436,825 $ 610,185
316,058 2,714,226 3,194,139 3,485,438
- 2 1 -
-
310,023
642,431
258,169
-
52,328
108,432
40,670
7,294
-
-
-
(7,294)
-
-
-
1,158
6,980
6,712
9,831
$ 379,044
$ 3,514,184
$ 4,388,540
$ 4,404,293
$ - $ 399,819 $ 513,215 $ 388,399
- 646 687 7,782
- - - 114,744
- 7,425 3,268 438
- 407,890 517,170 511,363
- - - 484,578
379,044 3,106,294 3,871,370 3,408,352
379,044 3,106,294 3,871,370 3,892,930
$ 379,044 $ 3,514,184 $ 4,388,540 $ 4,404,293
F-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
4
48,700 $
303,838
24,484
4,576
1,126
382,724 $
116,339 $ 204,630 $
690,053
1,137,941
63,555
65,867
12,406
11,825
3,657
2,994 _
886,010 $
1,423,257 $
113,955 $ 982,844 $ 131,318
680,278 5,016,654 669,254
64,152 - -
10,902 - -
3,524 17,262 2,070
872,811 $ 6,016,760 $ 802,642
$ 2,162 $
15,747 $
123,250 $
1,133 $ - $ -
-
-
-
- - 34,268
939
81
81
2,921 - -
40
48,851
4,986
76 - -
50
115
108
115 - -
3,191
64,794
128,425
4,245 - 34,268
4
379,533 _
379,533
382,724 $
821,216 1,294,832 _
821,216 1,294,832
886,010 $ 1,423,257 $
868,566 6,016,760 _
868,566 6,016,760
872,811 $ 6,016,760 $
768,374
768,374
802,642
(Continued)
F-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2008
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated for Beaches
Unreserved, Undesignated
Total Fund Balances
SPECIAL
Impact Fees, Impact Fees, Impact Fees, Impact Fees,
Libraries Solid Waste Police Facilities Fire & EMS
$ 123,085 $
3,263 $
6,995 $
33,186
627,834
16,499
34,986
168,908
1,991
31
1,062
841
$ 752,910 $
19,793 $
43,043 $
202,935
752,910
19,793
43,043
202,935
752,910
19,793
43,043
202,935
Total Liabilities and Fund Balances $ 752,910 $ 19,793 $ 43,043 $ 202,935
F-3
REVENUE FUNDS
Fire & Amb
Upper Keys
Unincorp.
Unincorp.
Impact Fees, District #1,
Health Care
Area Service
Area Service Local
Fair Share Lower and
Special
District,
Dist., Planning Housing
Housing Middle Keys
Taxing District
Parks & Rec.
Bldg. & Zoning Assistance
$ 41,889
$
1,188
$
265,904
$
185,937
$
55,027
$
123,952
214,245
2,382,300
1,489,464
1,438,502
4,150,300
633,316
-
371,629
-
3,250
4,150
19,688
-
-
-
-
3,242
-
30,490
19,841
-
33,898
370,361
-
-
116,486
-
-
31,835
-
-
-
-
-
-
6,586,153
-
-
-
-
-
(6,586,153)
370
13,168
6,219
4,248
3,805
72,320
$ 286,994
$
2,904,612
$
1,761,587
$
1,665,835
$
4,618,720
$
849,276
$ -
$
92,822
$
2,394
$
110,200
$
72,079
$
800
-
259,186
2,723
22,299
134,081
-
-
-
-
-
18,614
-
-
788
-
8,479
19
16,927
-
-
-
1,932
-
-
-
352,796
5,117
142,910
224,793
17,727
-
-
-
-
44,650
-
286,994
2,551,816
1,756,470
1,522,925
4,349,277
831,549
286,994
2,551,816
1,756,470
1,522,925
4,393,927
831,549
$ 286,994
$
2,904,612
$
1,761,587
$
1,665,835
$
4,618,720
$
849,276
(Continued)
F-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2008
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated for Beaches
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
SPECIAL
Municipal
Policing
911
Enhancement
Fees
Duck Key
Security
District
Boating
Improvement
$ 399,562
$ 32,763
$ 45,516
$ 197,659
2,047,705
167,592
232,626
1,010,114
493
49,510
3
37,439
202,127
-
2,114
-
6,093
-
740
3,084
$ 2,655,980
$ 249,865
$ 280,999
$ 1,248,296
3,840 $ 18,082
- - - 117
10 - - 1,108
- 249,419 - -
10 249,419 3,840 19,307
2,655,970
446
277,159
1,228,989
2,655,970
446
277,159
1,228,989
$ 2,655,980 $ 249,865 $ 280,999 $ 1,248,296
F-5
REVENUE FUNDS
Miscellaneous Law Court Drug Marathon
Special Environmental Enforcement Facility Abuse Municipal
Revenue Restoration Trust Fees Trust Service
$ 316,138
$
216,879
$
131,661
$
195,153
$
26,349
$
7,176
1,849,236
1,108,170
672,858
997,325
134,512
36,731
180
-
-
-
-
-
193,124
-
17,136
23,662
3,651
3
4,970
1,675
2,199
2,942
303
7,701
$ 2,363,648
$
1,326,724
$
823,854
$
1,219,082
$
164,815
$
51,611
$ 60,578
$
29
$
-
$
13,415
$
-
$
-
8
1,382
-
-
-
96
3,242
105
-
-
-
-
313
72
-
-
-
-
59,357
-
42,340
-
-
-
44,295
-
-
-
-
-
167,793
1,588
42,340
13,415
-
96
4,650
-
-
35,257
-
-
2,191,205
1,325,136
781,514
1,170,410
164,815
51,515
2,195,855
1,325,136
781,514
1,205,667
164,815
51,515
$ 2,363,648
$
1,326,724
$
823,854
$
1,219,082
$
164,815
$
51,611
(Continued)
F-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2008
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated for Beaches
Unreserved, Undesignated
Total Fund Balances
SPECIAL
Conch Key
Bay Point
Big Coppitt
Key Largo
Wastewater
Wastewater
Wastewater
Wastewater
MSTU
MSTU
MSTU
MSTU
$ - $ 16,566 $ 56,613 $ 153,888
- 84,768 289,296 786,036
- - 13,125 -
- - 518 43
- - 2,108 33
- 560 8,690 7,031
$ - $ 101,894 $ 370,350 $ 947,031
$ - $ 210,462
- 320 2,626 2,641
- - 110,389 -
- - - 22
- 320 113,015 213,125
- - - 306,371
- 101,574 257,335 427,535
- 101,574 257,335 733,906
Total Liabilities and Fund Balances $ - $ 101,894 $ 370,350 $ 947,031
F-7
REVENUE FUNDS
Cudjoe-
Long Key,
Stock Island
Sugarloaf
Conch Key
Layton
Duck Key
Building
Wastewater
MSTU
MSTU
MSTU
MSTU
Fund
$ 63,833
$ 52,334
$ 1,235
$ 6,003
$ 23,189
$ 184,982
326,268
267,474
6,140
30,548
118,586
837,945
-
-
-
-
1,836
-
6
-
-
-
5
-
507
6
-
-
-
-
921
1,034
11
108
2,913
1,132
$ 391,535
$ 320,848
$ 7,386
$ 36,659
$ 146,529
$ 1,024,059
$ -
$ -
$ -
$ -
$ -
$ 33,572
641
1,329
161
358
641
89,714
-
-
-
-
13,125
-
-
-
-
-
-
4,193
-
-
-
-
-
6,564
641
1,329
161
358
13,766
134,043
390,894 319,519 7,225 36,301 132,763 890,016
390,894 319,519 7,225 36,301 132,763 890,016
$ 391,535 $ 320,848 $ 7,386 $ 36,659 $ 146,529 $ 1,024,059
(Continued)
F-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2008
ASSETS
Cash and Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Land Acquisition
Mortgage Loans
Debt Service
Unreserved, Designated for Beaches
Unreserved, Undesignated
Total Fund Balances
Comprehensive
Plan Land
Authority
Total Nonmajor
Special Rev
Funds
ALL DEBT
SERVICE
FUNDS
$ 8,995,791
$ 15,100,965 $
287,351
-
40,368,163
3,718,099
196
398,916
-
253,508
271,891
-
12,668
1,983,956
-
-
833,931
-
6,740,579
13,334,026
-
-
(6,593,447)
-
-
211,476
1,576
$ 16,002,742
$ 65,909,877 $
4,007,026
$ 1,683
$ 2,063,681 $ -
-
34,268 -
8,209
539,552 -
-
145,592 -
-
200,628 -
-
362,635 -
-
1,932 -
-
50,859 -
9,892
3,399,147 -
-
390,928 -
2,154,271
2,154,271 -
6,740,579
6,740,579 -
-
- 4,007,026
-
484,578 -
7,098,000
52,740,374 -
15,992,850
62,510,730 4,007,026
Total Liabilities and Fund Balances $ 16,002,742 $ 65,909,877 $ 4,007,026
F-9
CAPITAL PROJECT FUNDS
Total
Clerk's Duck Key
Nonmajor
Revenue Wastewater
Governmental
Note Project
Funds
$ 15,869 $
90,157
$ 15,494,342
81,094
460,644
44,628,000
-
-
398,916
-
114,272
386,163
-
-
1,983,956
-
-
833,931
-
-
13,334,026
-
-
(6,593,447)
265
-
213,317
$ 97,228 $
665,073
$ 70,679,204
$ - $ 740,410 $ 2,804,091
- - 34,268
- - 539,552
- - 145,592
- - 200,628
- - 362,635
- - 1,932
- - 50,859
- 740,410 4,139,557
- - 390,928
- - 2,154,271
- - 6,740,579
- - 4,007,026
- - 484,578
97,228 (75,337) 52,762,265
97,228 (75,337) 66,539,647
$ 97,228 $ 665,073 $ 70,679,204
F-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Economic Environment
Human Services
Culture and Recreation
Court Related
Capital Projects
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Debt Issuance
Transfers from Constitutional Officers
Transfers to Constitutional Officers
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances -October 1
Fund Balances -September 30
SPECIAL
Tourist
Tourist
Tourist
Affordable Development
Development
Development
Housing All Districts
Admin & Promo
District #One
Programs Two Cent
Two Cent
Three Cent
$ - $ 3,256,307 $ 6,747,711 $ 2,747,813
12,645 100,361 123,329 130,934
- 140 - -
12,645 3,356,808 6,871,040 2,878,747
- 311117697 674047381 273857839
- 371117697 674047381 273857839
12,645 245,111 466,659 492,908
(100,498) (188,163) (71,795)
- 52,327
108,432
40,670
- (34,175)
(15,041)
(2,015)
- (82,346)
(94,772)
(33,140)
12,645 162,765
371,887
459,768
366,399 2,943,529 3,499,483 3,433,162
$ 379,044 $ 3,106,294 $ 3,871,370 $ 3,892,930
F-11
REVENUE FUNDS
Tourist
Tourist
Tourist
Tourist
Development
Development
Development
Development
District #Two
District #Three
District #Four
District #Five Impact Fees, Parks and
Three Cent
Three Cent
Three Cent
Three Cent Roadways Recreation
$ 280,224 $ 634,445 $ 649,434 $ 690,094 $
12,533 32,214 41,905 34,371 198,186 26,775
- - - - 104,178 38,080
292,757 666,659 691,339 724,465 302,364 647855
314,306
675,409
488,249
972,654 - -
314,306
675,409
488,249
972,654 - -
(21,549) (8,750) 203,090 (248,189)
302,364 64,855
(10,740)
(18,653)
(18,030)
(19,183) - -
4,576
12,406
11,825
10,902 - -
(230)
(531)
(493)
(531) - -
(6,394)
(6,778)
(6,698)
(8,812) - -
(27,943)
(15,528)
196,392
(257,001) 302,364 64,855
407,476 836,744 1,098,440 1,125,567 5,714,396 703,519
$ 379,533 $ 821,216 $ 1,294,832 $ 868,566 $ 6,016,760 $ 768,374
(Continued)
F-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Economic Environment
Human Services
Culture and Recreation
Court Related
Capital Projects
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Debt Issuance
Transfers from Constitutional Officers
Transfers to Other Governments
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances -October 1
Fund Balances -September 30
SPECIAL
Impact Fees,
Impact Fees,
Impact Fees,
Impact Fees,
Libraries
Solid Waste
Police Facilities
Fire & EMS
24,326
460
8,229
7,696
31,618
14,408
31,508
20,034
55,944
14,868
39,737
27,730
- - 236,250 80,765
- - 236,250 80,765
55,944 14,868 (196,513) (53,035)
55,944 14,868 (196,513) (53,035)
696,966 4,925 239,556 255,970
$ 752,910 $ 19,793 $ 43,043 $ 202,935
F-13
REVENUE FUNDS
Fire & Amb
Upper Keys
Unincorp.
Unincorp.
Impact Fees, District #1,
Health Care
Area Service
Area Service Local
Fair Share Lower and
Special
District,
Dist., Planning Housing
Housing Middle Keys
Taxing District
Parks & Rec.
Bldg. & Zoning Assistance
$ - $ 6,873,510 $ - $ 974,495 $ 1,707,740 $
- 63,399
- 517,608
4,643,532
368,981
- 426,065
- 47,459
749,756
-
- -
- -
110,413
-
7,473 159,242
64,616 60,548
151,640
78,446
132,173 5,978
1,424 22,102
33,505
347,035
139,646 7,528,194
66,040 1,622,212
7,396,586
794,462
- - - - 2,130,153 -
- 7,679,935 - - 1,591,288 -
- - - - 479,408 -
53,655 - - - - 2,756,330
- - 264,350 - - -
- - - 1,366,582 - -
53,655 7,679,935 264,350 1,366,582 4,200,849 2,756,330
85,991 (151,741)
(198,310)
255,630
3,195,737 (1,961,868)
- (474,993)
- 116,486
- (322,653)
(25,519)
-
-
(93,045)
-
-
(1,422,002) -
31,735 -
(87,920) -
- (681,160)
(25,519)
(93,045)
(1,478,187) -
85,991 (832,901)
(223,829)
162,585
1,717,550 (1,961,868)
201,003 3,384,717 1,980,299 1,360,340 2,676,377 2,793,417
$ 286,994 $ 2,551,816 $ 1,756,470 $ 1,522,925 $ 4,393,927 $ 831,549
(Continued)
F-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
SPECIAL
911
Duck Key
Municipal
Enhancement
Security
Boating
Policing
Fees
District
Improvement
Revenues:
Taxes
$ 3,915,541
$ -
$ -
$ -
Licenses and Permits
-
-
-
-
Intergovernmental
-
-
-
-
Charges for Services
3,175,477
510,765
-
524,188
Fines and Forfeitures
-
-
-
-
Investment Income
91,081
5,958
9,614
38,507
Miscellaneous
-
-
73,995
990
Total Revenues
7,182,099
516,723
83,609
563,685
Expenditures:
Current:
General Government - - - -
Public Safety 736,356 - 47,325 -
Physical Environment - - - 399,814
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Debt Service - - - -
Total Expenditures 736,356 - 47,325 399,814
Excess/Deficiency of Revenues
Over/(Under) Expenditures
6,445,743
516,723
36,284 163,871
Other Financing Sources/(Uses):
Transfers from Other Funds
-
-
- -
Transfers to Other Funds
(2,666)
-
- -
Debt Issuance
-
-
- -
Transfers from Constitutional Officers
202,127
-
2,114 -
Transfers to Constitutional Officers
(6,198,224)
(568,109)
(4,204) -
Total Other Financing Sources/(Uses)
(5,998,763)
(568,109)
(2,090) -
Net Change in Fund Balances
446,980
(51,386)
34,194 163,871
Fund Balances -October 1
2,208,990
51,832
242,965
1,065,118
Fund Balances-September30
$ 2,655,970 $
446 $
277,159
$ 1,228,989
F-15
REVENUE FUNDS
Miscellaneous
Special
Revenue
Environmental
Restoration
Law
Enforcement
Trust
Court
Facility
Fees
Drug
Abuse
Trust
Marathon
Municipal
Service
$ -
$ -
$ - $
- $
-
$ 275
28,106
-
-
-
-
-
465,660
-
-
369,319
35,178
-
339,575
663,680
-
-
-
-
71,502
41,193
25,114
39,679
4,702
23,449
4,225
-
-
-
-
-
909,068
704,873
25,114
408,998
39,880
23,724
36,058 - - - - -
- 101,953 - - - 289,729
211,627 - - - - -
33,981 - - - - -
284,959 - - 271,670 - -
566,625 101,953 - 271,670 - 289,729
342,443 602,920 25,114 137,328 39,880 (266,005)
(46,378) -
-
(42,800)
- -
130,974 -
107,136
-
- 3
(247,270) -
(103,935)
-
- (489)
(162,674) -
3,201
(42,800)
- (486)
179,769 602,920
28,315
94,528
39,880 (266,491)
2,016,086 722,216
753,199
1,111,139
124,935 318,006
$ 2,195,855 $ 1,325,136 $
781,514 $
1,205,667 $
164,815 $ 51,515
(Continued)
F-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
SPECIAL
Conch Key
Bay Point
Big Coppitt
Key Largo
Wastewater
Wastewater
Wastewater
Wastewater
MSTU
MSTU
MSTU
MSTU
Revenues:
Taxes
$ -
$ 2
$ 116,737
$ 1,563
Licenses and Permits
-
-
-
-
Intergovernmental
-
-
-
-
Charges for Services
-
-
-
-
Fines and Forfeitures
-
-
-
-
Investment Income
14
4,633
51,156
54,236
Miscellaneous
-
-
-
-
Total Revenues
14
4,635
167,893
55,799
Expenditures:
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - 3,610 145,925 771,011
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Debt Service - - - -
Total Expenditures - 3,610 145,925 771,011
Excess/Deficiency of Revenues
Over/(Under) Expenditures
14
Other Financing Sources/(Uses):
Transfers from Other Funds
-
Transfers to Other Funds
(2,087)
Debt Issuance
-
Transfers from Constitutional Officers
-
Transfers to Constitutional Officers
-
Total Other Financing Sources/(Uses)
(2,087)
Net Change in Fund Balances
(2,073)
1,025 21,968 (715,212)
- 2,108 33
- (4,193) (161)
- (2,085) (128)
1,025 19,883 (715,340)
Fund Balances -October 1
2,073 100,549
237,452
1,449,246
Fund Balances -September 30
$ - $ 101,574
$ 257,335
$ 733,906
F-17
REVENUE FUNDS
Cudjoe-
Long Key,
Stock Island
Sugarloaf
Conch Key
Layton
Duck Key
Building
Wastewater
MSTU
MSTU
MSTU
MSTU
Fund
$ 363
$ 402
$ -
$ -
$ 110,571 $
-
-
-
-
-
-
2,857,685
-
-
-
-
-
10,437
12,509
11,217
281
1,304
16,661
27,080
55,387
-
-
-
-
9,449
68,259
11,619
281
1,304
127,232
2,904,651
-
-
-
-
-
2,314,635
21,458
25,959
1,302
3,708
69,449
-
21,458
25,959
1,302
3,708
69,449
2,314,635
46,801 (14,340) (1,021) (2,404) 57,783 590,016
-
-
2,087
- - -
507
6
-
- - -
(1,043)
(55)
-
- - -
(536)
(49)
2,087
- - -
46,265
(14,389)
1,066
(2,404) 57,783 590,016
344,629
333,908
6,159
38,705 74,980 300,000
$ 390,894 $
319,519 $
7,225 $
36,301 $ 132,763 $ 890,016
(Continued)
F-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Economic Environment
Human Services
Culture and Recreation
Court Related
Capital Projects
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Debt Issuance
Transfers from Constitutional Officers
Transfers to Constitutional Officers
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances -October 1
Fund Balances -September 30
Comprehensive
Total Nonmajor
ALL DEBT
Plan Land
Special Rev
SERVICE
Authority
Funds
FUNDS
$ - $ 28,707,227 $ -
- 2,885,791 -
2,937,454 8,530,974 634,900
- 6,314,304 -
- 1,113,668 -
152,331 1,958,150 77,961
35,161 961,390 -
3,124,946 50,471,504 712,861
3,279,560 5,409,713 -
- 12,722,612 -
- 2,313,326 -
- 17,162,520 -
- 475,977 -
- 1,400,563 -
- 556,629 -
- - 4,368,550
3,279,560 40,041,340 4,368,550
(154,614)
10,430,164 (3,655,689)
- 2,087
4,144,245
- (2,536,552)
-
- -
3,096,504
15,394 849,761
-
- (7,591,272)
-
15,394 (9,275,976)
7,240,749
(139,220) 1,154,188
3,585,060
16,132,070 61,356,542 421,966
$ 15,992,850 $ 62,510,730 $ 4,007,026
F-19
CAPITAL PROJECT FUNDS
Clerk's Duck Key
Revenue Wastewater
Note Project
Total
Nonmajor
Governmental
Funds
$ -
$ -
$ 28,707,227
-
-
2,885,791
-
-
9,165,874
-
-
6,314,304
-
-
1,113,668
3,243
6,300
2,045,654
-
658,772
1,620,162
3,243
665,072
51,852,680
- - 5,409,713
- - 12,722,612
- - 2,313,326
- - 17,162,520
- - 475,977
- - 1,400,563
- - 556,629
- 740,409 740,409
- - 4,368,550
- 740,409 45,150,299
3,243 (75,337) 6,702,381
- - 4,146,332
- - (2,536,552)
- - 3,096,504
- - 849,761
- - (7,591,272)
- - (2,035,227)
3,243 (75,337) 4,667,154
93,985 - 61,872,493
$ 97,228 $ (75,337) $ 66,539,647
F-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing Initiatives
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 14,000 $ 14,000 $ 12,645 $ (1,355)
257,576 257,576 - 257,576
(243,576) (243,576) 12,645 256,221
(23,408) (23,408) - 23,408
(266,984) (266,984) 12,645 279,629
266,984 266,984 366,399 99,415
$ - $ - $ 379,044 $ 379,044
F-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, ALL DISTRICTS, TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella
Fishing Umbrella
Dive Umbrella
Operations - Events
Catastrophic Emergency
Special Projects
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 3,031,000
$ 3,031,000
$ 3,256,307
$ 225,307
-
-
100,361
100,361
-
-
140
140
3,031,000
3,031,000
3,356,808
325,808
721,538
721,538
534,503
187,035
703,000
703,000
579,698
123,302
400,000
400,000
390,004
9,996
1,416,721
1,416,721
1,206,883
209,838
807,833
807,833
-
807,833
798,741
798,741
400,609
398,132
4,847,833
4,847,833
3,111,697
1,736,136
(1,816,833) (1,816,833) 245,111 2,061,944
Transfers to Other Funds (100,498) (100,498) (100,498) -
Transfers from Constitutional Officers - - 52,327 52,327
Transfers to Constitutional Officers (57,848) (57,848) (34,175) 23,673
Total Other Financing Sources/Uses (158,346) (158,346) (82,346) 76,000
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,975,179) (1,975,179) 162,765 2,137,944
1,975,179 1,975,179 2,943,529 968,350
$ - $ - $ 3,106,294 $ 3,106,294
F-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Projects
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 6,300,000
$ 6,300,000
$ 6,747,711
$ 447,711
-
-
123,329
123,329
6,300,000
6,300,000
6,871,040
571,040
4,395,488
4,395,488
4,186,200
209,288
708,071
708,071
677,839
30,232
1,261,837
1,261,837
-
1,261,837
1,706,805
1,706,805
1,540,342
166,463
8,072,201
8,072,201
6,404,381
1,667,820
(1,772,201) (1,772,201) 466,659 2,238,860
Transfers to Other Funds (188,163) (188,163) (188,163) -
Transfers from Constitutional Officers - - 108,432 108,432
Transfers to Constitutional Officers (25,453) (25,453) (15,041) 10,412
Total Other Financing Sources/Uses (213,616) (213,616) (94,772) 118,844
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,985,817) (1,985,817) 371,887 2,357,704
1,985,817 1,985,817 3,499,483 1,513,666
$ - $ - $ 3,871,370 $ 3,871,370
F-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #ONE, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Information Services
Beaches
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 2,489,000
$ 2,489,000
$ 2,747,813
$ 258,813
-
-
130,934
130,934
2,489,000
2,489,000
2,878,747
389,747
850,100
850,100
848,169
1,931
88,167
88,167
84,891
3,276
226,748
226,748
-
226,748
129,309
129,309
127,309
2,000
2,924,099
2,924,099
1,075,107
1,848,992
250,463
250,463
250,363
100
343,450
343,450
-
343,450
4,812,336
4,812,336
2,385,839
2,426,497
(2,323,336) (2,323,336) 492,908 2,816,244
Transfers to Other Funds (71,795) (71,795) (71,795) -
Transfers from Constitutional Officers - - 40,670 40,670
Transfers to Constitutional Officers (3,407) (3,407) (2,015) 1,392
Total Other Financing Sources/(Uses) (75,202) (75,202) (33,140) 42,062
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(2,398,538) (2,398,538) 459,768 2,858,306
2,398,538 2,398,538 3,433,162 1,034,624
- $ 3,892,930 $ 3,892,930
F-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #TWO, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Information Services
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 264,000
$ 264,000
$ 280,224
$ 16,224
-
-
12,533
12,533
264,000
264,000
292,757
28,757
194,680
194,680
193,632
1,048
9,817
9,817
9,467
350
33,393
33,393
-
33,393
5,000
5,000
5,000
-
193,910
193,910
45,648
148,262
60,559
60,559
60,559
-
497,359
497,359
314,306
183,053
(233,359) (233,359) (21,549) 211,810
Transfers to Other Funds (10,740) (10,740) (10,740) -
Transfers from Constitutional Officers - - 4,576 4,576
Transfers to Constitutional Officers (386) (386) (230) 156
Total Other Financing Sources/(Uses) (11,126) (11,126) (6,394) 4,732
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(244,485) (244,485)
244,485 244,485
(27,943)
407,476
216,542
162,991
$ 379,533 $ 379,533
F-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #THREE, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Information Services
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 637,000
$ 637,000
$ 634,445
$ (2,555)
-
-
32,214
32,214
637,000
637,000
666,659
29,659
299,387
299,387
298,420
967
26,542
26,542
21,768
4,774
63,957
63,957
-
63,957
110,922
110,922
96,500
14,422
484,105
484,105
138,721
345,384
120,000
120,000
120,000
-
1,104,913
1,104,913
675,409
429,504
(467,913) (467,913) (8,750) 459,163
Transfers to Other Funds (18,653) (18,653) (18,653) -
Transfers from Constitutional Officers - - 12,406 12,406
Transfers to Constitutional Officers (900) (900) (531) 369
Total Other Financing Sources/(Uses) (19,553) (19,553) (6,778) 12,775
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(487,466) (487,466) (15,528) 471,938
487,466 487,466 836,744 349,278
$ - $ - $ 821,216 $ 821,216
F-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #FOUR, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Information Services
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 609,000
$ 609,000
$ 649,434
$ 40,434
-
-
41,905
41,905
609,000
609,000
691,339
82,339
306,261
306,261
301,130
5,131
27,126
27,126
20,197
6,929
80,782
80,782
-
80,782
109,706
109,706
24,238
85,468
504,806
504,806
32,684
472,122
110,000
110,000
110,000
-
1,138,681
1,138,681
488,249
650,432
(529,681) (529,681) 203,090 732,771
Transfers to Other Funds (18,030) (18,030) (18,030) -
Transfers from Constitutional Officers - - 11,825 11,825
Transfers to Constitutional Officers (836) (836) (493) 343
Total Other Financing Sources/(Uses) (18,866) (18,866) (6,698) 12,168
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(548,547) (548,547) 196,392 744,939
548,547 548,547 1,098,440 549,893
$ - $ - $ 1,294,832 $ 1,294,832
F-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #FIVE, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Information Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 662,000
$ 662,000
$ 690,094
$ 28,094
-
-
34,371
34,371
662,000
662,000
724,465
62,465
641,362
641,362
637,996
3,366
39,148
39,148
5,039
34,109
125,000
125,000
125,000
-
58,844
58,844
-
58,844
87,619
87,619
24,885
62,734
446,571
446,571
179,734
266,837
1,398,544
1,398,544
972,654
425,890
(736,544) (736,544) (248,189) 488,355
Transfers to Other Funds (19,183) (19,183) (19,183) -
Transfers from Constitutional Officers - - 10,902 10,902
Transfers to Constitutional Officers (900) (900) (531) 369
Total Other Financing Sources/(Uses) (20,083) (20,083) (8,812) 11,271
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(756,627) (756,627) (257,001) 499,626
756,627 756,627 1,125,567 368,940
$ - $ - $ 868,566 $ 868,566
F-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - ROADWAYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Transportation:
Fair Share Improvement Dist 1
Fair Share Improvement Dist 2
Fair Share Improvement Dist 3
Fair Share Improve Key Colony Beach
Truman Bridge Ped Bridge
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers to Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 143,000
$ 143,000
$ 198,186
$ 55,186
111,000
111,000
104,178
(6,822)
254,000
254,000
302,364
48,364
419,798
419,798
- 419,798
971,136
541,136
- 541,136
3,466,914
3,466,914
- 3,466,914
38,759
38,759
- 38,759
-
430,000
- 430,000
4,896,607
4,896,607
- 4,896,607
(4,642,607) (4,642,607) 302,364 4,944,971
(430,528) (430,528) - 430,528
(5,073,135) (5,073,135) 302,364 5,375,499
5,073,135 5,073,135 5,714,396 641,261
- $ 6,016,760 $ 6,016,760
F-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects
District 2 Projects
District 3 Projects
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 29,000
$ 29,000
$ 26,775
$ (2,225)
45,500
45,500
38,080
(7,420)
74,500
74,500
64,855
(9,645)
87,341
87,341
- 87,341
259,903
259,903
- 259,903
403,273
403,273
- 403,273
750,517
750,517
- 750,517
(676,017)
(676,017)
64,855 740,872
(676,017) (676,017) 64,855 740,872
676,017 676,017 703,519 27,502
$ 768,374 $ 768,374
F-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - LIBRARIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Culture and Recreation:
County Wide Library Projects
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 15,000
$ 15,000
$ 24,326
$ 9,326
45,000
45,000
31,618
(13,382)
60,000
60,000
55,944
(4,056)
749,889 749,889 - 749,889
(689,889)
(689,889)
55,944
745,833
(689,889)
(689,889)
55,944
745,833
689,889 689,889 696,966 7,077
$ - $ - $ 752,910 $ 752,910
F-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - SOLID WASTE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Investment Income
$ 2,000
$ 2,000
$ 460
$ (1,540)
Miscellaneous
9,000
9,000
14,408
5,408
Total Revenues
11,000
11,000
14,868
3,868
EXPENDITURES:
Current:
Physical Environment:
County Wide Solid Waste Projects 14,970 14,970 - 14,970
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(3,970)
(3,970)
14,868
18,838
(3,970)
(3,970)
14,868
18,838
3,970 3,970 4,925 955
$ 19,793 $ 19,793
F-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - POLICE FACILITIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
County Wide Police Facility
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 100
$ 1,000
$ 8,229
$ 7,229
20,000
20,000
31,508
11,508
20,100
21,000
39,737
18,737
19,647 247,529 236,250 11,279
453
(226,529)
(196,513)
30,016
453
(226,529)
(196,513)
30,016
(453) 226,529 239,556 13,027
$ - $ - $ 43,043 $ 43,043
F-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - FIRE AND EMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project
District 2 Fire & EMS Project
District 3 Fire & EMS Project
Key Colony Beach Fire & EMS
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 6,900
$ 6,900
$ 7,696
$ 796
13,100
13,100
20,034
6,934
20,000
20,000
27,730
7,730
61,038
110,848
64,152
46,696
10,838
18,925
14,076
4,849
106,980
122,575
2,537
120,038
14,630
22,622
-
22,622
193,486
274,970
80,765
194,205
(173,486) (254,970) (53,035) 201,935
- (75,552)
(173,486) (330,522)
- 75,552
(53,035) 277,487
173,486 330,522 255,970 (74,552)
- $ 202,935 $ 202,935
F-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - EMPLOYEE FAIR SHARE HOUSING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
District 1 Employee Fair Share Hsg
District 3 Employee Fair Share Hsg
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 500
$ 500
$ 7,473
$ 6,973
2,000
2,000
132,173
130,173
2,500
2,500
139,646
137,146
- 34,774
- 34,774
- 115,774
53,655 62,119
- 150,548
53,655 96,893
2,500 (148,048) 85,991 234,039
(170,248) (19,700) - 19,700
(167,748) (167,748) 85,991 253,739
167,748 167,748 201,003 33,255
$ - $ - $ 286,994 $ 286,994
F-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FIRE AND AMBULANCE DISTRICT #1 - LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ 7,217,963
$ 7,245,537
$ 6,873,510
$ (372,027)
Intergovernmental
28,500
44,612
63,399
18,787
Charges for Services
360,000
417,956
426,065
8,109
Investment Income
225,000
144,888
159,242
14,354
Miscellaneous
-
5,348
5,978
630
Total Revenues
7,831,463
7,858,341
7,528,194
(330,147)
EXPENDITURES:
Current:
Public Safety:
Fire Rescue - Central 2,263,713 2,590,100 2,564,826 25,274
Lower & Middle Keys Ambulance Dist 4,351,038 5,122,510 5,115,109 7,401
Total Public Safety 6,614,751 7,712,610 7,679,935 32,675
Excess/Deficiency of Revenues
Over/(Under) Expenditures 1,216,712 145,731 (151,741) (297,472)
Other Financing Sources/(Uses):
Reserve for Contingencies (1,785,211) (1,259,958) - 1,259,958
Transfers to Other Funds (749,076) (503,470) (474,993) 28,477
Transfers from Constitutional Officers - 85,000 116,486 31,486
Transfers to Constitutional Officers (355,000) (328,000) (322,653) 5,347
Total Other Financing Sources/(Uses) (2,889,287) (2,006,428) (681,160) 1,325,268
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,672,575) (1,860,697) (832,901) 1,027,796
1,672,575 1,860,697 3,384,717 1,524,020
- $ 2,551,816 $ 2,551,816
F-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
UPPER KEYS HEALTH CARE SPECIAL TAXING DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Human Services:
Trauma District Administration
Trauma Transportation and Treatment
Trauma Pretransportation
Trauma Facility Upgrade
Total Human Services
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Transfers to Constitutional Officers
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 70,000
$ 70,000
$ 64,616
$ (5,384)
-
-
1,424
1,424
70,000
70,000
66,040
(3,960)
203,636
203,636
181,457
22,179
544,241
544,241
81,943
462,298
147,879
147,879
950
146,929
400,000
400,000
-
400,000
1,295,756
1,295,756
264,350
1,031,406
(1,225,756) (1,225,756) (198,310) 1,027,446
(10,000) (10,000) - 10,000
(28,000) (28,000) (25,519) 2,481
(100) (100) - 100
Total Other Financing Sources/(Uses) (38,100) (38,100) (25,519) 12,581
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,263,856) (1,263,856) (223,829) 1,040,027
1,263,856 1,263,856 1,980,299 716,443
- $ 1,756,470 $ 1,756,470
F-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT -
PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Intergovernmental
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Culture and Recreation:
Parks & Beaches Unincorporated
Jacob's Aquatic Center
School Board Interlocal
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Original Final
Budget Budget Actual
Variance with
Final Budget
Positive
(Negative)
$ 1,010,407 $ 1,010,407 $ 974,495 $ (35,912)
500,000
500,000
517,608
17,608
35,000
35,000
47,459
12,459
65,000
65,000
60,548
(4,452)
25,000
25,000
22,102
(2,898)
1,635,407
1,635,407
1,622,212
(13,195)
1,477,530
1,339,859
1,117,638 222,221
225,000
225,000
225,000 -
130,000
130,000
23,944 106,056
1,832,530
1,694,859
1,366,582 328,277
(197,123) (59,452) 255,630 315,082
(315,421) (453,092) - 453,092
(93,045) (93,045) (93,045) -
Total Other Financing Sources/(Uses) (408,466) (546,137) (93,045) 453,092
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(605,589) (605,589)
605,589 605,589
162,585 768,174
1,360,340 754,751
$ 1,522,925 $ 1,522,925
F-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
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, 2008
REVENUES:
Taxes
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government:
Growth Mgmt County Attorney
Planning Department
2010 Comprehensive Plan
GIS
Planning Commission
Growth Mgmt Administration
Planning and Building Refunds
Total General Government
Public Safety:
Code Enforcement
Fire & Rescue Coordinator
Fire Marshall
Total Public Safety
Physical Environment:
Pump -Out Vessel
Environmental Resources
Marine Resources
Total Physical Environment
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Original Final
Budget Budget Actual
Variance with
Final Budget
Positive
(Negative)
$ 1,590,200 $ 1,590,200 $ 1,707,740 $ 117,540
4,500,000
4,500,000
4,643,532
143,532
631,826
631,826
749,756
117,930
80,000
80,000
110,413
30,413
200,000
200,000
151,640
(48,360)
20,000
20,000
33,505
13,505
7,022,026
7,022,026
7,396,586
374,560
243,017
243,017
239,852
3,165
1,391,153
914,304
878,368
35,936
321,750
269,607
74,655
194,952
272,109
249,109
181,933
67,176
95,933
95,933
88,345
7,588
1,811,565
1,802,965
648,100
1,154,865
2,000
19,008
18,900
108
4,137,527
3,593,943
2,130,153
1,463,790
1,007,019
942,396
894,006
48,390
647,526
454,391
400,265
54,126
291,193
297,832
297,017
815
1,945,738
1,694,619
1,591,288
103,331
63,426
68,263
64,638
3,625
335,427
335,250
330,017
5,233
88,729
87,899
84,753
3,146
487,582
491,412
479,408
12,004
6,570,847 5,779,974 4,200,849 1,579,125
451,179 1,242,052 3,195,737 1,953,685
(Continued)
F-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
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, 2008
Original Final
Budget Budget
Other Financing Sources/(Uses):
Variance with
Final Budget
Positive
Actual (Negative)
Reserve for Contingencies (525,407) (533,006) - 533,006
Transfers to Other Funds (670,497) (1,455,685) (1,422,002) 33,683
Transfers from Constitutional Officers - - 31,735 31,735
Transfers to Constitutional Officers (97,000) (95,086) (87,920) 7,166
Total Other Financing Sources/(Uses) (1,292,904) (2,083,777) (1,478,187) 605,590
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(841,725) (841,725)
841,725 841,725
1,717,550
2,676,377
2,559,275
1,834,652
$ 4,393,927 $ 4,393,927
F-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LOCAL HOUSING ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Intergovernmental
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Down Pymt,Wastewater, Rehab 06
Down Pymt,Wastewater, Rehab 07
Down Pymt,Wastewater, Rehab 08
Rental Rehab 06
Rental Rehab 07
Rental Rehab 08
SHIP Fair Housing 07
SHIP Fair Housing 08
SHIP Fair Housing 09
Administration 06
Administration 08
Administration 07
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies 06
Reserve for Contingencies 07
Reserve for Contingencies 08
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 350,000
$ 350,000
$ 368,981
$ 18,981
50,000
129,000
78,446
(50,554)
100,000
610,000
347,035
(262,965)
500,000
1,089,000
794,462
(294,538)
106,267
526,791
526,490
301
601,988
489,375
489,375
-
918,312
1,658,821
1,133,438
525,383
333,441
324,794
316,679
8,115
150,000
113,164
95,788
17,376
-
29,853
29,853
-
5,000
5,000
-
5,000
5,000
5,000
-
5,000
5,000
-
-
-
148,646
148,646
148,646
-
90,047
127,505
-
127,505
208,526
208,526
16,061
192,465
2,572,227
3,637,475
2,756,330
881,145
(2,072,227)
(2,548,475) (1,961,868)
586,607
(10,000)
(10,000) -
10,000
(10,000)
(10,000) -
10,000
(10,000)
(10,000) -
10,000
Total Other Financing Sources/(Uses) (30,000) (30,000) - 30,000
Net Change in Fund Balances (2,102,227) (2,578,475) (1,961,868) 616,607
Fund Balances, October 1 2,102,227 2,578,475 2,793,417 214,942
Fund Balances, September 30 $ - $ - $ 831,549 $ 831,549
F-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MUNICIPAL POLICING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
Insurance Unincorporated & Layton
Insurance Islamorada
Insurance Marathon
Sheriff Unincorporated & Layton
Sheriff Islamorada
School Crossing Guard
Total Public Safety
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Original Final
Budget Budget Actual
Variance with
Final Budget
Positive
(Negative)
$ 4,096,654 $ 4,096,654 $ 3,915,541 $ (181,113)
3,000,000 3,000,000
3,175,477 175,477
75,000 75,000
91,081 16,081
- 2,000
- (2,000)
7,171,654 7,173,654
7,182,099 8,445
480,190
436,301
423,453
12,848
199,550
187,588
166,720
20,868
181,903
182,611
146,183
36,428
82,144
-
-
-
37,840
-
-
-
6,714
776
-
776
988,341
807,276
736,356
70,920
6,183,313 6,366,378 6,445,743 79,365
Reserve for Contingencies (1,250,987) (1,421,087) - 1,421,087
Transfers to Other Funds (5,000) (5,000) (2,666) 2,334
Transfers from Constitutional Officers - - 202,127 202,127
Transfers to Constitutional Officers (6,217,579) (6,230,544) (6,198,224) 32,320
Total Other Financing Sources/(Uses) (7,473,566) (7,656,631) (5,998,763) 1,657,868
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,290,253) (1,290,253) 446,980 1,737,233
1,290,253 1,290,253 2,208,990 918,737
$ - $ - $ 2,655,970 $ 2,655,970
F-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
911 ENHANCEMENT FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Charges for Services
Investment Income
Total Revenues
Other Financing Sources/(Uses):
Transfers to Constitutional Officers
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 643,500
$ 643,500
$ 510,765
$ (132,735)
6,500
6,500
5,958
(542)
650,000
650,000
516,723
(133,277)
(617,500)
(617,500)
(568,109)
49,391
32,500
32,500
(51,386)
(83,886)
(32,500)
(32,500) 51,832 84,332
- $ 446 $ 446
F-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
Island Security
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 5,000
$ 5,000
$ 9,614
$ 4,614
74,000
74,000
73,995
(5)
79,000
79,000
83,609
4,609
146,000 146,000 47,325 98,675
(67,000) (67,000) 36,284 103,284
Reserve for Contingencies (35,000) (35,000) - 35,000
Transfers from Constitutional Officers - - 2,114 2,114
Transfers to Constitutional Officers (10,000) (10,000) (4,204) 5,796
Total Other Financing Sources/(Uses) (45,000) (45,000) (2,090) 42,910
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(112,000) (112,000) 34,194 146,194
112,000 112,000 242,965 130,965
$ - $ - $ 277,159 $ 277,159
F-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BOATING IMPROVEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 460,000
$ 460,000
$ 524,188
$ 64,188
35,000
35,000
38,507
3,507
-
-
990
990
495,000
495,000
563,685
68,685
870,250 870,250 399,814 470,436
(375,250) (375,250) 163,871 539,121
(100,000) (100,000) - 100,000
(475,250) (475,250) 163,871 639,121
475,250 475,250 1,065,118 589,868
$ - $ - $ 1,228,989 $ 1,228,989
F-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Licenses and Permits
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
Education -Building Department
Human Services:
FL Keys Council for the Handicapped
Bayshore Donations
Traffic Educ, Ord 021-2002
Legal Aid
Total Human Services
Culture and Recreation:
Settler's Park Landscaping
Higgs Beach Dog Park
Library Special Programs
Total Culture and Recreation
Court Related:
Alt Dispute Resolution - Civil
Ord 016-2004 St Court Sup
SA Ct Tech FS28.24(12)(E)
PD Ct Tech FS28.24(12)(E)
J Ct Tech FS28.24(12)(E)
Total Court Related
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Variance with
Final Budget
Original Final
Budget Budget
Actual
Positive
(Negative)
$ - $ -
$ 28,106
$ 28,106
- 292,193
465,660
173,467
- 227,427
339,575
112,148
- 47,000
71,502
24,502
- 3,650
4,225
575
- 570,270
909,068
338,798
71,168 71,168 36,058 35,110
661
661
411
250
772
772
-
772
249,523
249,523
164,838
84,685
-
46,378
46,378
-
250,956
297,334
211,627
85,707
11,460 11,460
788 10,672
- 3,650
3,650 -
22,911 34,337
29,543 4,794
34,371 49,447
33,981 15,466
25,984
25,984
12,869
13,115
128,756
175,134
18,085
157,049
381,983
414,863
-
414,863
155,073
176,993
65,867
111,126
536,638
591,438
188,138
403,300
1,228,434
1,384,412
284,959
1,099,453
1,584,929 1,802,361 566,625 1,235,736
(1,584,929) (1,232,091) 342,443 1,574,534
F-46
(Continued)
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUEC
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original Final
Positive
Budget Budget
Actual
(Negative)
Other Financing Sources/(Uses):
Reserve for Contingencies
(391,398) (391,398)
-
391,398
Transfers to Other Funds
- (46,378)
(46,378)
-
Transfers from Constitutional Officers
- -
130,974
130,974
Transfers to Constitutional Officers
- (306,460)
(247,270)
59,190
Total Other Financing Sources/(Uses) (391,398) (744,236) (162,674) 581,562
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,976,327) (1,976,327) 179,769 2,156,096
1,976,327 1,976,327 2,016,086 39,759
$ - $ - $ 2,195,855 $ 2,195,855
F-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Fines and Forfeitures
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration
KLWT Plant Site Mitg Pro
Total Environmental Restoration
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 150,000
$ 150,000
$ 663,680
$ 513,680
-
-
41,193
41,193
150,000
150,000
704,873
554,873
625,000 328,113
98,953
229,160
- 292,838
3,000
289,838
625,000 620,951
101,953
518,998
(475,000) (470,951) 602,920 1,073,871
(88,083) (88,083) - 88,083
- (4,049) - 4,049
Total Other Financing Sources/(Uses) (88,083) (92,132) - 92,132
Net Change in Fund Balances (563,083) (563,083) 602,920 1,166,003
Fund Balances, October 1 563,083 563,083 722,216 159,133
Fund Balances, September30 $ - $ - $ 1,325,136 $ 1,325,136
F-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 25,114 $ 25,114
Other Financing Sources/(Uses):
Reserve for Contingencies - (63,038) - 63,038
Transfers from Constitutional Officers - 107,136 107,136 -
Transfers to Constitutional Officers (719,183) (763,281) (103,935) 659,346
Total Other Financing Sources/(Uses) (719,183) (719,183) 3,201 722,384
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(719,183) (719,183) 28,315 747,498
719,183 719,183 753,199 34,016
- $ 781,514 $ 781,514
F-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
COURT FACILITY FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Court Related:
Court Facility
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 300,000
$ 300,000
$ 369,319
$ 69,319
65,000
65,000
39,679
(25,321)
365,000
365,000
408,998
43,998
1,200,000 1,140,336 271,670 868,666
(835,000) (775,336) 137,328 912,664
(46,277) (46,277) - 46,277
- (59,664) (42,800) 16,864
Total Other Financing Sources/(Uses) (46,277) (105,941) (42,800) 63,141
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(881,277) (881,277) 94,528 975,805
881,277 881,277 1,111,139 229,862
$ - $ - $ 1,205,667 $ 1,205,667
F-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DRUG ABUSE TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Human Services:
Drug Abuse Trust Fund
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 20,000
$ 20,000
$ 35,178
$ 15,178
1,000
1,000
4,702
3,702
21,000
21,000
39,880
18,880
100,000 100,000 - 100,000
(79,000) (79,000) 39,880 118,880
(39,950) (39,950) - 39,950
(118,950) (118,950) 39,880 158,830
118,950 118,950 124,935 5,985
$ - $ - $ 164,815 $ 164,815
F-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MARATHON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Marathon Wastewater
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers from Constitutional Officers
Transfers to Constitutional Officers
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 100
$ 271
$ 275
$ 4
500
22,922
23,449
527
600
23,193
23,724
531
213,380 339,039 289,729 49,310
(212,780) (315,846) (266,005) 49,841
(25,560) - - -
- - 3 3
(5,000) (1,000) (489) 511
(30,560) (1,000) (486) 514
(243,340) (316,846) (266,491) 50,355
243,340 316,846 318,006 1,160
- $ 51,515 $ 51,515
F-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CONCH KEY WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 50 $ 50 $ 14 $ (36)
Other Financing Sources/(Uses):
Reserve for Contingencies
(2,087)
-
- -
Transfers to Other Funds
-
(2,087)
(2,087) -
Total Other Financing Sources/(Uses)
(2,087)
(2,087)
(2,087) -
Net Change in Fund Balances
(2,037)
(2,037)
(2,073) (36)
Fund Balances, October 1
2,037
2,037
2,073 36
Fund Balances, September 30
F-53
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BAY POINT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 50 $ 50 $ 2 $ (48)
Investment Income 500 500 4,633 4,133
Total Revenues 550 550 4,635 4,085
EXPENDITURES:
Current:
Physical Environment:
Bay Point Wastewater 83,693 83,693 3,610 80,083
Excess/Deficiency of Revenues
Over/(Under) Expenditures
(83,143)
(83,143) 1,025
84,168
Other Financing Sources/(Uses):
Reserve for Contingencies
(9,620)
(9,620) -
9,620
Transfers to Constitutional Officers
(2,886)
(2,886) -
2,886
Total Other Financing Sources/(Uses)
(12,506)
(12,506) -
12,506
Net Change in Fund Balances
(95,649) (95,649) 1,025 96,674
Fund Balances, October 1 95,649 95,649 100,549 4,900
Fund Balances, September 30 $ - $ - $ 101,574 $ 101,574
F-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BIG COPPITT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Big Coppitt Wastewater
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 127,775
$ 127,775
$ 116,737
$ (11,038)
5,000
5,000
51,156
46,156
132,775
132,775
167,893
35,118
224,975 224,975 145,925 79,050
(92,200) (92,200) 21,968 114,168
Reserve for Contingencies (81,108) (81,108) - 81,108
Transfers from Constitutional Officers - - 2,108 2,108
Transfers to Constitutional Officers (5,000) (5,000) (4,193) 807
Total Other Financing Sources/(Uses) (86,108) (86,108) (2,085) 84,023
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(178,308) (178,308) 19,883 198,191
178,308 178,308 237,452 59,144
- $ 257,335 $ 257,335
F-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
KEY LARGO MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Key Largo Wastewater
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 100
$ 100
$ 1,563
$ 1,463
5,000
5,000
54,236
49,236
5,100
5,100
55,799
50,699
1,086,185 1,086,185 771,011 315,174
(1,081,085) (1,081,085) (715,212) 365,873
Reserve for Contingencies (126,243) (126,243) - 126,243
Transfers from Constitutional Officers - - 33 33
Transfers to Constitutional Officers (50,000) (50,000) (161) 49,839
Total Other Financing Sources/(Uses) (176,243) (176,243) (128) 176,115
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,257,328) (1,257,328) (715,340) 541,988
1,257,328 1,257,328 1,449,246 191,918
- $ 733,906 $ 733,906
F-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
STOCK ISLAND WASTEWATER SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Stock Island Wastewater
Stock Island Cap Fee Refund
Total Physical Environment
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 100
$ 100
$ 363
$ 263
5,000
5,000
12,509
7,509
-
-
55,387
55,387
5,100
5,100
68,259
63,159
322,581 302,520
13,883
288,637
- 36,953
7,575
29,378
322,581 339,473
21,458
318,015
(317,481) (334,373) 46,801 381,174
Reserve for Contingencies (36,953) (20,061) - 20,061
Transfers from Constitutional Officers - - 507 507
Transfers to Constitutional Officers (10,000) (10,000) (1,043) 8,957
Total Other Financing Sources/(Uses) (46,953) (30,061) (536) 29,525
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(364,434) (364,434) 46,265 410,699
364,434 364,434 344,629 (19,805)
- $ 390,894 $ 390,894
F-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CUDJOE-SUGARLOAF MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Cudjoe-Sugarloaf Wastewater
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 100 $ 100 $ 402 $ 302
5,000 5,000 11,217 6,217
5,100 5,100 11,619 6,519
290,987 290,987 25,959 265,028
(285,887) (285,887) (14,340) 271,547
Reserve for Contingencies (33,443) (33,443) - 33,443
Transfers from Constitutional Officers - - 6 6
Transfers to Constitutional Officers (10,000) (10,000) (55) 9,945
Total Other Financing Sources/(Uses) (43,443) (43,443) (49) 43,394
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(329,330) (329,330) (14,389) 314,941
329,330 329,330 333,908 4,578
- $ 319,519 $ 319,519
F-58
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CONCH KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Conch Key MSTU
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 100 $ 100 $ - $ (100)
100 100 281 181
200 200 281 81
5,626 7,713 1,302 6,411
(5,426) (7,513) (1,021) 6,492
Reserve for Contingencies (625) (625) -
Transfers from Other Funds - 2,087 2,087
Total Other Financing Sources/(Uses) (625) 1,462 2,087
Net Change in Fund Balances (6,051) (6,051) 1,066
Fund Balances, October 1 6,051
Fund Balances, September 30
6,051
6,159
7,225 $
625
625
7,117
108
7,225
F-59
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LONG KEY-LAYTON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Long Key -Layton Wastewater
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 100 $ 100 $ - $ (100)
100 100 1,304 1,204
200 200 1,304 1,104
31,808 31,808 3,708 28,100
Excess/Deficiency of Revenues
Over/(Under) Expenditures
(31,608)
(31,608) (2,404)
29,204
Other Financing Sources/(Uses):
Reserve for Contingencies
(3,656)
(3,656) -
3,656
Transfers to Constitutional Officers
(1,097)
(1,097) -
1,097
Total Other Financing Sources/(Uses)
(4,753)
(4,753) -
4,753
Net Change in Fund Balances
(36,361) (36,361) (2,404) 33,957
Fund Balances, October 1 36,361 36,361 38,705 2,344
Fund Balances, September 30 $ - $ - $ 36,301 $ 36,301
F-60
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes $ 115,239
$ 115,239
$ 110,571
$ (4,668)
Investment Income 4,000
4,000
16,661
12,661
Total Revenues 119,239
119,239
127,232
7,993
EXPENDITURES:
Current:
Physical Environment:
Duck Key Wastewater 126,403 126,403 69,449 56,954
Excess/Deficiency of Revenues
Over/(Under) Expenditures
(7,164)
(7,164) 57,783
64,947
Other Financing Sources/(Uses):
Reserve for Contingencies
(14,529)
(14,529) -
14,529
Transfers to Constitutional Officers
(4,359)
(4,359) -
4,359
Total Other Financing Sources/(Uses)
(18,888)
(18,888) -
18,888
Net Change in Fund Balances
(26,052) (26,052) 57,783 83,835
Fund Balances, October 1 26,052 26,052 74,980 48,928
Fund Balances, September 30 $ - $ - $ 132,763 $ 132,763
F-61
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BUILDING FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Licenses and Permits
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety
Building Department
Building Refunds
Total Public Safety
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 2,650,000
$ 2,650,000
$ 2,857,685
$ 207,685
16,500
16,500
10,437
(6,063)
10,000
10,000
27,080
17,080
1,000
1,000
9,449
8,449
2,677,500
2,677,500
2,904,651
227,151
2,348,844 2,342,667 2,311,236 31,431
2,000 3,399 3,399 -
2,350,844 2,346,066 2,314,635 31,431
Excess/Deficiency of Revenues
Over/(Under) Expenditures
326,656
331,434 590,016
258,582
Other Financing Sources/(Uses):
Reserve for Contingencies
(300,000)
(304,778) -
304,778
Transfers to Other Funds
(192,781)
(192,781) -
192,781
Total Other Financing Sources/(Uses)
(492,781)
(497,559) -
497,559
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(166,125) (166,125) 590,016 756,141
166,125 166,125 300,000 133,875
$ - $ - $ 890,016 $ 890,016
F-62
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
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, 2008
REVENUES:
Intergovernmental
Investment Income
Miscellaneous Income
Total Revenues
EXPENDITURES:
Current:
General Government:
Administrative
Capital Outlay
Total General Government
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Net Change in Fund Balances
Other Financing Sources/(Uses):
Transfers from Constitutional Officers
Net Change in Fund Balances -
Budgetary Basis
Fund Balances, October 1
Fund Balances, September 30 -
Budgetary Basis
Reconciliation of Budgetary Basis
To GAAP Basis
Reconciling item:
Mortgage receivable
Compensation accrual
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 2,390,000
$ 2,390,000
$ 2,937,454
$ 547,454
100,000
100,000
152,331
52,331
-
-
35,161
35,161
2,490,000
2,490,000
3,124,946
634,946
357,500
357,500
287,424
70,076
9,453,851
9,453,851
2,994,949
6,458,902
9,811,351
9,811,351
3,282,373
6,528,978
(7,321,351) (7,321,351) (157,427) 7,163,924
(7,321,351) (7,321,351) (157,427) 7,163,924
(7,321,351)
9,402,513
- 15,394 15,394
(7,321,351)
9,402,513
$ 2,081,162 $ 2,081,162
Fund Balances, September 30 - GAAP Basis
(142,033)
9,402,513
7,179,318
9,260,480 $ 7,179,318
6,740,579
(8,209)
$ 15,992,850
F-63
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
ALL DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
Intergovernmental
Investment Income
Total Revenues
EXPENDITURES:
Debt Service:
2003 Revenue Bonds:
Principal
Interest
Other Debt Service Costs
Total 2003 Revenue Bonds
Guaranteed Entitlement Loan:
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 700,000
$ 700,000
$ 634,900
$ (65,100)
10,000
10,000
77,961
67,961
710,000
710,000
712,861
2,861
1,240,000 1,240,000
1,240,000 -
581,830 581,830
566,950 14,880
- 93,000
71,667 21,333
1,821,830 1,914,830
1,878,617 36,213
Principal 609,146 609,146 609,146 -
Interest 36,580 36,580 27,566 9,014
Other Debt Service Costs 10,000 10,000 - 10,000
Total Guaranteed Entitlement Ln 655,726 655,726 636,712 19,014
2007 Revenue Bonds
Interest
Other Debt Service Costs
Total Guaranteed Entitlement Ln
FRUFC Revenue Notes
Interest
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
- 991,745
991,745 -
- 1,759,354
476,826 1,282,528
- 2,751,099
1,468,571 1,282,528
- - 384,650 (384,650)
2,477,556 5,321,655 4,368,550 953,105
(1,767,556) (4,611,655) (3,655,689) 955,966
Reserve for Contingencies (718,649) (625,649) - 625,649
Transfers from Other Funds 1,900,000 4,144,245 4,144,245 -
Loan Proceeds - 506,854 3,096,504 2,589,650
Total Other Financing Sources/(Uses) 1,181,351 4,025,450 7,240,749 3,215,299
Net Change in Fund Balances (586,205) (586,205) 3,585,060 4,171,265
Fund Balances, October 1 586,205 586,205 421,966 (164,239)
Fund Balances, September 30 $ - $ - $ 4,007,026 $ 4,007,026
F-64
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2008
ASSETS
Current Assets:
Cash and Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Governmental Units
Due from Constitutional Officers
Interest Receivable
Total current assets
Noncurrent Assets:
Land and Other Nondepreciable Assets
Capital Assets, Net of Accum. Depreciation
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Accrued Comp. Absences Payable
Other Current Liabilities
Total Current Liabilities
Noncurrent Liabilities:
Accrued Comp. Absences Payable
OPEB Liability
Total Noncurrent Liabilities
Total Liabilities
NET ASSETS
Invested in Capital Assets, Net of Related Debt
Unrestricted
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
$ 3,469,234 $ 7,626,044 $ 638,611
1,346,243
11,454,999
3,582,796
1,582
22,373
-
-
37,104
-
14,781
-
2,755
172,407
205,447
25,776
5,004,247
19,345,967
4,249,938
2,144
2,144
231 2,468
231 2,468
5,006,391 19,346,198 4,252,406
50,612
305,159
60,135
6,513
7,931
8,270
1,287,983
3,645,062
1,597,490
29,768 - -
-
1,185
-
9,042
6,832
7,630
1,932
1,052
-
1,385,850
3,967,221
1,673,525
19,776
17,206
23,696
28,000
12,000
14,000
47,776
29,206
37,696
1,433,626
3,996,427
1,711,221
2,144 231 2,468
3,570,621 15,349,540 2,538,717
Total Net Assets
$ 3,572,765 $ 15,349,771 $ 2,541,185
G-1
Fleet
Management
Fund Total
$ 9,823
$ 11,743,712
1,250,734
17,634,772
-
23,955
91,522
128,626
48,253
65,789
1,089
404,719
1,401,421
30,001,573
54,000
54,000
1,173,950
1,178,793
1,227,950
1,232,793
2,629,371 31,234,366
73,343
489,249
37,445
60,159
-
6,530,535
43
43
16
29,784
-
1,185
1,327
24,831
-
2,984
112,174
771387770
467005
1067683
707000
1247000
1167005
2307683
2287179
773697453
1,227,950 1,232,793
1,173,242 22,632,120
$ 2,401,192 $ 23,864,913
G-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Operating Revenues:
Charges for Services
Miscellaneous
Total operating revenues
Operating Expenses:
Personnel Services
Operations
Depreciation and Amortization
Asserted and Paid Claims
Total operating expenses
Operating Income/Loss
Non -Operating Revenues/(Expenses):
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
$ 1,908,076 $ 12,174,388 $ 2,008,668
8,697 - 9,614
1,916,773 12,174,388 2,018,282
233,457 215,220 225,343
393,216 635,783 1,780,361
1,296 213 778
2,135,393 12,150,206 264,153
2,763,362 13,001,422 2,270,635
(846,589) (827,034) (252,353)
Investment Income 308,759 778,314 241,668
Insurance Recoveries 73,668 398,588 209,245
Gain (Loss) on Disposition of Assets - - (9,210)
Total Non -Operating Revenues/(Expenses) 382,427 1,176,902 441,703
Income/Loss Before Contributions
and Transfers
Transfers to Other Funds
Change in Net Assets
Total Net Assets -October 1
(464,162) 349,868 189,350
(37,828) (68,642) (2,733,687)
(501,990) 281,226 (2,544,337)
4,074,755 15,068,545 5,085,522
Total Net Assets -September 30 $ 3,572,765 $ 15,349,771 $ 2,541,185
G-3
Fleet
Management
Fund Total
$ 3,654,785 $ 19,745,917
1,015 19,326
3,655,800 19,765,243
1,128,551
1,802,571
2,142,088
4,951,448
72,282
74,569
-
14,549,752
3,342,921
21,378,340
312,879 (1,613,097)
47,121 1,375,862
- 681,501
4,478 (4,732)
51,599 2,052,631
364,478 439,534
(563,047) (3,403,204)
(198,569) (2,963,670)
2,599,761 26, 828, 583
$ 2,401,192 $ 23,864,913
G-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
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 for employee services
Cash payments to other funds
Cash payments for claims
Other operating revenue
Net Cash Provided by/(Used in)
Operating Activities
Noncapital Financing Activities:
Transfers to other funds
Capital and Related Financing Activities:
Acquisition of capital assets
Investing Activities:
Investment income
Proceeds from sales and maturities of investments
Purchase of investment securities
Net Cash Provided/(Used) in Investing Activities
Net Increase/(Decrease) in Cash and
Cash Equivalents
Cash and Cash Equivalents:
October 1
Worker's
Compensation
Fund
$ 64,138
1,829,157
73,668
(454,007)
(146,517)
(26,442)
(2,641,761)
7,115
Group
Insurance
Fund
$ 3,679,743
8,591,946
396,010
(562,123)
(141,549)
(29,920)
(12,146,410)
Risk
Management
Fund
$ 39,230
1,966,683
2,303,247
(1,773,088)
(151,410)
(27,614)
(214,153)
9,614
(1,294,649) (212,303) 2,152,509
(37,828) (68,642) (2,733,687)
- (9,210)
303,181 574,084 215,892
3,367,873 28,656,793 8,963,025
(4,714,116) (40,111,792) (12,545,821)
(1,043,062) (10,880,915) (3,366,904)
(2,375,539) (11,161,860) (3,957,292)
5,844,773 18,787,904 4,595,903
September 30 $ 3,469,234 $ 7,626,044 $ 638,611
G-5
Fleet
Management
Fund Total
$ 1,822,972
$ 5,606,083
1,857,110
14,244,896
-
2,772,925
(2,255,848)
(5,045,066)
(803,377)
(1,242,853)
(216,187)
(300,163)
-
(15,002,324)
1,015
17,744
405,685 1,051,242
(563,047) (3,403,204)
(22,711) (31,921)
46,032
1,139,189
3,128,944
44,116,635
(4,379,678)
(61,751,407)
(1,204,702)
(16,495,583)
(1,384,775) (18,879,466)
1,394,598 30,623,178
$ 9,823 $ 11,743,712
G-6
(Continued)
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS - CONTINUED
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2008
Reconciliation of operating income/(loss)
to net cash provided by/(used in)
operating activities:
Operating income/(loss)
Adjustments to reconcile operating income/(loss)
to net cash provided by/(used in) operating
activities:
Depreciation and Amortization
Nonoperating Income -Insurance Recoveries
Change in assets and liabilities:
Increase/(Decrease) in Accounts receivable
Increase/(Decrease) in Due from other gov't units
Increase/(Decrease) in Due fm constitutional ofcrs
Increase/(Decrease) in Accounts 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 Due to constitutional ofcrs
Increase/(Decrease) in Comp. absences payable
Increase/(Decrease) in Other current liabilities
Increase/(Decrease) in OPEB liability
Total adjustments
Net cash provided by/(used in)
operating activities
Noncash investing, capital, and financing activities:
Gain (Loss) on disposition of assets
Cash Reconciliation:
Unrestricted
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
$ (846,589) $ (827,034) $ (252,353)
1,296
213
778
73,668
398,588
209,245
(1,582)
(2,578)
2,094,002
-
(3,307)
-
(14,781)
99,423
(2,755)
(42,363)
95,044
29,553
849
2,504
2,409
(506,368)
3,796
50,000
2,261
-
-
-
1,185
-
9,042
6,832
7,630
1,918
1,031
-
28,000
12,000
14,000
(448,060)
614,731
2,404,862
$ (1,294,649) $ (212,303) $ 2,152,509
$ 3,469,234 $ 7,626,044 $ 638,611
G-7
Fleet
Management
Fund Total
$ 312,879 $ (1,613,097)
72,282 74,569
- 681,501
-
2,089,842
24,003
20,696
1,294
83,181
(40,980)
41,254
(6,778)
(1,016)
-
(452,572)
26
26
16
2,277
-
1,185
(27,057)
(3,553)
-
2,949
70,000
124,000
92,806
2,664,339
$ 405,685 $ 1,051,242
$ 4,478 $ (4,732)
$ 9,823 $ 11,743,712
G-8
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida -
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Monroe County, Florida Board of County Commissioners (the "Board") as of
and for the year ended September 30, 2008, and have issued our report thereon dated March
24, 2009. 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 Board's internal control over financial
reporting as a basis for designing our auditing procedures for the purpose of expressing our
opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the Board's internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Board'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 Board'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 Board's financial statements that is more than inconsequential will not be
prevented or detected by the Board'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 Board's, internal control.
Our consideration of internal 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 internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be
material weaknesses, as defined above.
am
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board'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 the management of the Board in a separate letter
dated March 24, 2009.
This report is intended solely for the information and use of management, the Clerk Ex Officio,
the County Mayor, Board of County Commissioners of Monroe County, Florida, 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.
all -9 W, 1 =-- I
g I kvi F. TM -1 1 W-4 us I
H-2
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe Couinty, Florida:
We have audited the financial statements of each, major fund and the aggregate remaining fund
information of the Monroe County, Florida Board of County Commissioners (the "Board"), as of
and for the year ended September 30, 2008, which collectively comprise the Board's basic
financial statements, and have issued our report thereon dated March 24, 2009.
We conducted our audlit 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. 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. Disclosures in that report dated March 24,
2009 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, which governs the conduct of local government entity audits performed in the State of
Florida, This letter includes the following information, which is not included in the
aforementioned auditors' report.
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address significant findings and recommendations made
in the preceding annual financial report. We have addressed the status of findings and
recommendations made in the preceding annual financial report in Appendix B attached: to this
letter.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.145, Florida Statutes, regarding the investment of public funds. In
connection with our audit, nothing came, to our attention that could cause us to believe that the
Board was in noncompliance with Section 218.415, Florida Statutes, regarding the investment
of public funds.
Section 10.554(1)(i)3,, Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. See Appendix A
for our recommendation. We did not audit the County's response to this matter, which is also
provided in Appendix A, and, accordingly, we express no opinion on it.
Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address 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. In connection, with our
audit, we did not have any such findings.
Section 10.554(1)(i)5., Rules of the Auditor General, provides that the auditor may, based on
professional judgment, report the following matters that are inconsequential to the financial
statements, considering both quantitative and qualitative factors: (1) violations of laws,
regulations, contracts or grant agreements, or abuse that have occurred, or are likely to have
occurred, and (2) control deficiencies that are not significant deficiencies, including, but not
limited to; (a) improper or inadequate accounting procedures (eg., the omission, of required
disclosures from the financial statements); (b) failures to properly record financial transactions,
and (c) inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that
come to the attention of the auditor. In connection with our audit, we did not have any such
findings.
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
Such disclosure is included in notes to the financial statements.
This report is intended solely for the information and use of management, the Clerk Ex Officio,
the County Mayor, Board of County Commissioners of Monroe County, Florida, and applicable
federal and state agencies and is not intended to be and should not be used by anyone other
than these specified parties.
Orlando, Florida
March 24, 2009
,�-
ZE
Management Letter Comments (Current Year) - Appendix A
Safeguarding of Assets
observation: During our audit of the Airport's grants, we became aware that certain eligible
expenditures of the Key West International Airport were not included in the reimbursement
requests. This is due to the fact that the individual preparing the reimbursement requests was
not aware of the eligibility of these expenses. As a result, the Key West International Airport did
not receive available sources of funding in a timely manner. It is essential that the County utilize
available sources of funding for reimbursable expenditures.
Recommendation: We recommend that the County create internal control policies that ensure
reimbursements of all eligible are expenses are obtained in a timely manner.
Management Response: The Airport will review grant reimbursement guidelines and put in
place internal airport reimbursement policies to ensure that all eligible expenditures are included
in the reimbursement requests.
H-5
Management Letter Comments (Prior Year) - Appendix B
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.
Current year follow-up:
Management implemented aggressive corrective measures to stabilize the General Fund during
fiscal year 2008. Significant expenditure cults resulted in a net increase of 2.4 million dollars for
the fiscal: year ending September 301, 2008. During the development of the fiscal year 2009
budget, additional actions were taken to increase revenue and control operational cost
increases that should have a positive impact on the fund balance by another 4 million dollars at
fiscal year end.
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 International
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.
Current year follow-up:
Due to staffing and personnel changes there were continued problems this year with the
reimbursement request process. However, the airport staff has worked diligently to catch up on
FDOT and FAA requests and believe they are currently up to date.
"d
COUNiry jo'�MONROE
KEY WEST FLORDA 33040
(305)294-4641
IUVIJNRM' � J
'170: Sandy Carlile, Finance Director
From: Roman Gastesi, County Administrat
Date: May 6, 2009
9 Q A R D OF 9 99 N1_ySD_M_ M VWX 9 N E R
Mayor George Neugent, District 2
Mayor Pro Tem Sylvia I Murphy, District 5
Kim Wigington, District I
Heather Carruthers, District 3
Mario Dig Gennaro, District 4
Subject: Response to Independent Auditor's Management Letter, FY 08
The Administration has reviewed the comments made by the Independent Auditor's Cherry, Bekaert &
Holland in reference to the Financial Statement for the year ending September 30, 2008,
The Administration appreciates the recommendations made by the auditors and is working on internal
reimbursement policies to improve the reimbursement requests of eligible grant expenditures of the Key
West International Airport.
While progress was made with respect to time delays for funding draw -down, we recognize the need for
continued improvement in this area. Management will put controls inplace and work closely with staff to
ensure that all eligible expenditures are included in reimbursement requests and funding is requested in a
timely manner.
MONROE COUNTY, FLORIDA
SHERIFF
Financial Statements
For the Year Ended
September 30, 2008
MONROE COUNTY, FLORIDA
SHERIFF
Table of Contents
P. age
Independent Auditors' Report --------------------------------
BASIC FINANCIAL STATEMENTS
Balance Sheet - Governmental Funds
---------------------------------
Statement of Revenues, Expenditures and Changes in Fund
Balances -- Governmental Funds
Statement of Fiduciary Assets and Liabilities - Agency Funds -------------------- ........................... 6
Notes to Financial Statements.-------- - - - - - - - - - - - 7 - 93
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual - General Fund ...... •-
..................
Schedule of Revenues, Expenditures and Changes in Fund
Balances - Budget and Actual — Major Special Revenue Funds
OTHER SUPPLEMENTARY INFORMATION
Combining Statement of General Fund by Service Area, .......
- 14
- - i5-19
20
Non -Major Special Revenue Funds Description ----------------------------------------------
Combining Balance Sheet — Non -Major Governmental Funds -
Special Revenue Funds________________
22 - 24
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances — Non -Major Governmental Funds — Special Revenue Funds__ .................
_•........ 25 - 27
Schedule of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual --- Non -Major Special Revenue Funds_________________________________
28 - 39
Agency Funds Description.---------------------------------
Combining Statement of Changes in Fiduciary Assets and Liabilities -
All Agency Funds ..................................................
SUPPLEMENTARY INDEPENDENT AUDITORS' REPORTS
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---------------------------------------------------------- 42 - 43
Independent Auditors' Management Letter_____ _ 44 - 45
INDEPENDENT AUDITORS' REPORT
To the Honorable Richard Roth,
Sheriff of Monroe County, Florida
We have audited the accompanying financial statements of each major fund and the aggregate
remaining fund information of the Monroe County, Florida Sheriff (the "Sheriff') as of and for the
year ended September 30, 2008, which collectively comprise the Sheriff's basic financial
statements as listed in the table of contents. These financial statements are the responsibility of
the Sheriffs management. Our responsibility is to express opinions on these financial
statements based on our audit.
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. 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 significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
As discussed in Note 1, the accompanying financial statements were prepared for the purpose
of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor
General -Local Governmental Entity Audits, and are not intended to be a complete presentation
of the financial position of Monroe County, Florida, and the results of its operations and the cash
flows of its proprietary funds in conformity with accounting principles generally accepted in the
United States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of each major fund and the aggregate remaining fund
information of the Sheriff as of September 30, 2008, and the respective changes in financial
position thereof for the year then ended, in conformity with accounting principles generally
accepted in the United States of America.
In accordance with Govemment Auditing Standards, we have also issued our report dated
December 19, 2008 on our consideration of the Sheriffs internal control over financial reporting
and on our tests of its compliance with certain provisions of laws, regulations, contracts, 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 integral part of an audit performed in accordance with Govemment Auditing
Standards and should be considered in assessing the results of our audit.
2
The budgetary comparison schedules listed in the table of contents are not a required part of
the basic financial statements but are supplementary information required by the Governmental
Accounting Standards Board. We have applied certain limited procedures, which consisted
primarily of inquiries of management regarding the methods of measurement and presentation
of the required supplementary information. However, we did not audit the information and we
express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Sheriffs basic financial statements. The other supplementary
information listed on the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The other supplementary information has
been subjected to the auditing procedures applied by us in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CHERRY, BEKAERT & HOLLAND, L.L.P.
Orlando, Florida
December 19, 2008
3
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
SHERIFF
Balance Shoat - Governmental Funds
September 30, 200B
Major Funds
Non -Mato► Funds
Shared
Radio
HIDTA
Asset
other
General
Traumastar communications
Grants
Grants
Forrelture
Governmental
Total
Assets
Cash and cash equivalents
5 3.007,280
S 158,889
5
130,974
S 128,148
5
-
5
5,G14,147
S 5.427,713
5
13,867,151
Due from Board of County Commissioners
21,430
-
20,022
473,649
525,901
Due from other funds
952,839
668,276
282,366
1,903,481
Due from other governmental units
30,020
1,850,853
242,893
18,380
2,142.155
Due from othefs _
71,345
46
52,084
123,478
Total assets
5 4.082,920
5 158.880
S
139.974
S 1,979,047
5
941,991
S
5,014,147
5 6,254,192
5
18,502,160
Liabilities and Fund Balances
Liabilities:
Accounts payable
5 605.157
5 -
5
-
S 1.071,747
5
-
5
109,832
5 134,635
5
1,921,372
Accrued wages and benefits payable
1.366,717
-
191.044
-
1577,761
Due to Board of County Commissioners
1,082,075
158,889
130.974
11,329
252
38,329
1.421.848
Due to other governmental units
73,785
-
-
637,135
-
184,872
895.702
Due to other funds
935,007
57,787
718,654
170,097
1,891,545
Due to others
1B5
5
190
Deferred revenue
_
857,590
657,580
Total liabilities
4,082,926
158,889
130.974
1,979,047
1,376,488
109.832
527.934
8,366,088
Fund balances
-
(434,495)
4.904.315
5.726.258
10,196,076
Total Ilabllltlesand fund balances
5 4,082,926
5 156.689
S
130.974
5 1,979,047
5
941,991
5
5,014,147
S 8,254,192
5
18,562.166
The notes to the finanical statements 4
are an integral part of this statemenL
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MONROE COUNTY, FLORIDA
SHERIFF
Statement of Fiduciary Assets and Liabilities
Agency Funds
September 30, 2008
Civil
Process Bonds
Assets
Inmate
Total
Agency
Cash and cash equivalents
$
11,930
$
539,408
$
52,041
$
603,379
Due from other funds
18
-
1,281
1,299
Total assets
$
11,948
$
539,408
$
53,322
$
604,678
Liabilities
Accounts payable
$
429
$
-
$
13,813
$
14,242
Due to Board of County Commissioners
6,555
-
6,555
Due to other funds
-
1,281
11,954
13,235
Due to individuals
4,964
538,127
27,555
570,646
Total liabilities
$
11,948
$
539,408
$
53,322
$
604,678
The notes to the financial statements 6
are an integral part of this statement.
MONROE COUNTY, FLORIDA
SHERIFF
Notes to Financial Statements
Year Ended September 30, 2008
Note i - Summary of significant accounting policies
Reporting entity - The Monroe County, Florida Sheriff (the "Sheriff') is a separately elected
county official established pursuant to the Constitution of the State of Florida. The Sheriff's
financial statements do not purport to reflect the financial position or the results of operations of
Monroe County, Florida (the "County") taken as a whole.
Entity status for financial reporting purposes is governed by Statement No. 14 and 39 of the
Governmental Accounting Standards Board (GASB). Although the Sheriff's Office is
operationally autonomous from the County, it does not hold sufficient corporate powers of its
own to be considered a legally separate entity for financial reporting purposes. Therefore, the
Sheriff is reported as a part of the primary government of Monroe County, Florida.
Measurement focus, basis of accounting, and rinancial statement presentation - The
Sheriffs financial statements are prepared in accordance with Chapter 10.550, Rules of the
Auditor General, which requires the Sheriff to only present fund financial statements.
The General Fund and Special Revenue Funds are governmental funds that use the current
financial resources measurement focus and the modified accrual basis of accounting. Revenues
are recognized when measurable and available. Revenues are considered to be available when
they are collectible within the current period or soon enough thereafter to pay liabilities of the
current period. For this purpose, the government considers revenues to be available if they are
collected within 60 days of the end of the current fiscal period. Expenditures generally are
recorded when a liability is incurred, as under accrual accounting. However, debt service
expenditures as well as expenditures related to compensated absences and claims and
judgments, are recorded only when payment is due.
The Sheriff reports the General Fund and Special Revenue Funds as governmental funds and
Agency Funds as a fiduciary fund type. The General Fund is used to account for all revenues
and expenditures applicable to the general operations of the Sheriff. Special Revenue Funds
account for the proceeds and uses of specific revenue sources that are legally restricted or
committed to expenditures for a specific purpose. Agency Funds are used to account for assets
held by the Sheriff as agent. Agency funds are custodial in nature and do not involve
measurement of results of operations.
The Sheriff reports the General Fund and the following five Special Revenue Funds as major
funds: Trauma Star, Radio Communications, HIDTA Grants, Grants, and Shared Asset
Forfeiture. The Trauma Star fund accounts for the revenues and expenditures related to the
function of air ambulance transports. The Radio Communications fund accounts for the
revenues and expenditures related to radio communication functions county -wide to include the
majority of federal, state and local entities. The HIDTA Grants Fund accounts for the revenues
and expenditures related to the ONDCP grants. The Grants Fund accounts for receipts and
disbursements related to various grants. The Shared Asset Forfeiture Fund accumulates
stipulated transfers from the Federal Forfeiture Fund and its investment income is used to fund
awards to non-profit organizations, as determined by an advisory board.
Transfers - The Sheriff transfers funds to administer certain Special Revenue Fund programs.
In addition, the extent to which General Fund and the State Forfeiture Fund revenues exceed
expenditures is reflected as transfers out to the Board of County Commissioners.
7
MONROE COUNTY, FLORIDA
SHERIFF
Notes to Financial Statements
Year Ended September 30, 2008
Note f - Summary of significant accounting policies (continued)
Budgetary requirements - Expenditures are controlled by appropriations in accordance with
the budget requirements set forth in the Florida Statutes. Budgets are administered for all funds
and are prepared 'on a basis consistent with accounting principles generally accepted in the
United States of America.
Cash and cash equivalents - Highly liquid investments with maturities of 90 days or less when
purchased are considered cash equivalents_ Included are investments in the State Board of
Administration Local Surplus Funds Investment Pool Trust Fund ("SBA"), which consists of the
Local Government Surplus Funds Trust Investment Pool (the "LGIP") and the Fund B Surplus
Funds Trust Fund (the "Fund B"). The LGIP is a 2a-7 like fund stated at share price, which is
substantially the same as fair value. The Fund B is accounted for as a fluctuating NAV pool.
Capital assets - Capital assets are recorded as expenditures in the General Fund or the
Special Revenue Funds at the time of purchase and are capitalized at historical cost in the
government -wide financial statements of the County. Gifts or contributions and seized property
are recorded in the government -wide financial statements at fair market value at the time
received. In addition, the Board of County Commissioners provides at no cost the office space
and certain other expenditure items used in the Sheriffs operations.
Compensated absences - The Sheriff permits employees to accumulate earned but unused
vacation and sick pay benefits. The Sheriff is not legally required to and does not accumulate
expendable available financial resources to liquidate this obligation. The obligation is accrued in
the government -wide financial statements of the County.
Use of estimates - The preparation of financial statements requires management to make use
of estimates that affect reported amounts. Actual results could differ from estimates.
Note 2 - Deposits and investments
Cash and cash equivalents at September 30, 2008 consist of the following:
Type
Demand and time deposits
SBA
Fair Value
$ 14,318,573
151,957
$ 14,470,530
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation for
the first $100,000 at each institution and the remaining balances are insured 100% by the State
of Florida collateral pool, a multiple financial institution pool with the ability to assess its
members for collateral shortfalls if a member institution fails.
Florida Statutes and the Sheriffs investment policy authorize investments in certificates of
deposit, savings accounts, repurchase agreements, the Local Government Surplus Funds Trust
Fund administered by the Florida State Board of Administration, money market funds, direct
obligations of the U.S. Treasury and federal agencies and instrumentalities.
N.
MONROE COUNTY, FLORIDA
SHERIFF
Notes to Financial Statements
Year Ended September 30, 2008
Note 2 - Deposits and investments (continued)
As of September 30, 2008, the Sheriff had $151,957 invested in the SBA, which was 1% of the
Sheriffs total cash and cash equivalents. Of the $151,957 invested in the SBA, the Sheriff had
$6,677 or 4% invested in the Fund B and $145,280 or 96% invested in the LGIP.
The LGIP Fund is rated AAAm by Standard and Poors and the Fund B is not rated by any
nationally recognized statistical rating agency.
At year end the weighted average days to maturity of the LGIP was 8.5 days and the weighted
average life of Fund B was 9.36 years.
Note 3 - Capital assets
A summary of changes in the Sheriff's capital assets, presented in the government -wide
financial statements of the County, is as follows:
Balance
10101 /2007
Additions Deductions
Balance
09/30/2008
Buildings and improvements $ 2,499,151 $ - $ - $ 2,499,151
Equipment 30,279,368 3,105,963 1,277,258 32,108,073
Construction in process 464,420 21,177 369,295 96,302
$ 33,242,939 $3,127,140 $1,666,553 $ 34,703,526
Accumulated depreciation $ 12,681,004 $2,829,850 $1,087,352 $ 14,423,502
Note 4 - Long-term debt
The following is a summary of changes in the Sheriff's long-term debt for the year ended
September 30, 2008, presented in the government -wide financial statements of the County:
Capital
Lease
Obligations
Compensated
Absences
Total
Long-term debt, beginning of year $ 2,733 $ 3,719,041 $ 3,721,774
Additions - 64,097 64,097
Reductions (2,733) (94,889) (97,622)
Long-term debt, end of year $ - $ 3,688,249 $ 3,688,249
�7
MONROE COUNTY, FLORIDA
SHERIFF
Notes to Financial Statements
Year Ended September 30, 2008
Note 5 - Retirement plan
Plan description — The Sheriffs employees participate in the Florida Retirement System
("FRS"), administered by the Florida Department of Administration. Employees elect to
participate in the defined benefit plan ("Pension Plan"), a cast sharing, multiple -employer,
defined benefit retirement plan, or the defined contribution plan (Investment Plan) under the
FRS. As a general rule, membership in the FRS is compulsory for all employees working in a
regularly established position for a state agency, county government, district school board, state
university, community college, or a participating city or special district within the State of Florida.
The FRS provides retirement and disability benefits, annual cast -of -living adjustments, and
death benefits to Plan members and beneficiaries. Benefits are established by Chapter 121,
Florida Statutes, and Chapter 60S, Florida Administrative Code. Amendments to the law can be
made only by an act of the Florida Legislature.
Benefits are computed on the basis of age, average final compensation, and service credit.
Regular class employees who retire at or after age 62 with 6 years of credited service or 30
years of service regardless of age are entitled to a retirement benefit payable monthly for life,
equal to 1.6% of their final average compensation for each year of credited service. Vested
employees with less than 30 years of service may retire before age 62 and receive reduced
retirement benefits. Special risk class employees (sworn law enforcement officers, firefighters,
and correctional officers) who retire at or after age 55.with 6 years of credited service, or with 25
years of service regardless of age, are entitled to a retirement benefit payable monthly for life,
equal to 3.0% of their final average compensation for each year of credited service. Senior
Management Service class employees who retire at or after age 62 with at least 6 years of
credited service or 30 years of service regardless of age are entitled to a retirement benefit
payable monthly for Iife, equal to 2.0% of their final average compensation for each year of
credited service. Elected Officers' class employees who retire at or after age 62 with at least 6
years of credited service or 30 years of service regardless of age are entitled to a retirement
benefit payable monthly for life, equal to 3.0% (3.33% for judges and justices) of their final
average compensation for each year of credited service. A post -employment health insurance
subsidy is also provided to eligible retired employees through the FRS in accordance with
Florida Statutes.
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 Florida Retirement System employer for a period
not to exceed 60 months after electing to participate. Deferred monthly benefits are held in the
Florida Retirement System Trust Fund and accrue interest.
For employees electing 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 State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The latest available report may
be obtained by writing to the State of Florida Division of Retirement, Department of
Management Services, PO Box 9000, Tallahassee, FL 32315-9000, or accessing their internet
site at www.frs.state.fl.us.
10
MONROE COUNTY, FLORIDA
SHERIFF
Notes to Financial Statements
Year Ended September 30, 2008
Note 5 - Retirement plan (continued)
Funding policy - The FRS is noncontributory for members. Governmental employers are
required to make contributions to the FRS based on statewide contribution rates. The
contribution rates by job class at September 30, 2008 were as follows: regular 9.85%; special
risk 20.92%; special risk administrative support 12.55%; county elected officers 16.53%; senior
management 13.12% and DROP participants 10.91 %. The Sheriffs contributions made during
the years ended September 30, 2008, 2007 and 2006 were $5,004,708, $5,394,955, and
$4,609,039, respectively, which were equal to actuarially determined contribution requirements
for each year.
Monroe County Sheriff's office offers 457 Deferred Compensation Programs to all employees of
the agency. Employees may participate in the plan through payroll deductions and the plan is
funded by a Hartford Life Insurance Company and AIG Valic group variable annuity contract.
Contributions are invested at the employee's direction through the options available under the
program. Employees are fully vested at time of enrollment. The Monroe County Sheriffs Office
has no liability beyond the payment of bi-weekly payroll contributions.
Monroe County Sheriffs office also offers a profit-sharing pension plan known as the 401(a)
Discretionary Contribution Pension Plan. Only full-time employees of the Sheriffs office
classified as Telecommunications Officer, Telecommunications Supervisor, or
Telecommunications Director are covered under the pension program established. Those class
of employees are eligible to participate in the program on the first day of the 12-consecutive
month period commencing on October 1.
The plan allows the agency to contribute ongoing non -elective contributions to each eligible
employee's account. The routine amount contributed to each employees account is the
variance between FRS's special risk retirement rate and the rate given to the FRS class -group
that the Dispatcher's fall into (FYE08 was regular risk retirement).
The Sheriff contributed $87,284 for the year ended September 30, 2008 and there were no
employee contributions.
Note 6 - Risk management
The Sheriff 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_ The Sheriff
purchases commercial insurance and participates in the Florida Sheriffs Self -Insurance Fund
which provides adequate coverage for all risks of loss except Workers' Compensation and
Group Insurance. Settled claims have not exceeded the commercial insurance coverage in any
of the last three years.
The Sheriff participates in the coverage provided by the Board of County Commissioners of
Monroe County Workers' Compensation and Group Insurance internal service funds. Under
these programs, Workers' Compensation provides $1,000,000 coverage per claim for regular
employees. Workers' Compensation claims in excess of the self insured coverage are covered
by an excess insurance policy. 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
11
MONROE COUNTY, FLORIDA
SHERIFF
Notes to Financial Statements
Year Ended September 30, 2008
Note 6 - Risk management (continued)
covered for the actual value of the buildings with a deductible between $100,000 and $250,000.
Deductibles for windstorm and flood vary by location. Monroe County purchases commercial
insurance for claims in excess of coverage provided by the funds and for all risks of loss. Settled
claims have not exceeded this commercial coverage in any of the past three years. The Sheriff
makes payments to the Workers' Compensation, Group Insurance and Risk Management
Funds based on estimates of the amounts needed to pay prior and current year claims.
Note 7 - Litigation
The Sheriff is a party to various lawsuits and claims, which it is vigorously defending. Such
matters arise out of the normal course of its operation, all of which are covered by insurance
policies or by the Sheriffs participation in the Florida Sheriffs Self -Insurance Fund. While the
results of litigation cannot be predicted with certainty, management believes the final outcome of
such litigation will not have a material adverse effect on the Sheriffs financial position.
Note 8 - Lease commitments
Operating 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 as well as cancellation provisions. Total lease payments made during the fiscal year
ended September 30, 2008 were $5,033,929.
The following is a schedule by years of minimum future rentals under operating leases as of
September 30, 2008:
Year Ending
September 30,
2009
$ 5,060,603
2010
5,001,961
2011
5,037,198
2012
4,718,306
2013-2017
10,125, 556
Total
$ 29,943,624
Note 9 — Deferred revenues
At September 30, 2008 the agency has a deferred revenue in the grant fund that represents
monies collected to be used in the future for a new County -wide 9-1-1 project. Amount deferred
as of September 30, 2008 is $657,580.
12
MONROE COUNTY, FLORIDA
SHERIFF
Notes to Financial Statements
Year Ended September 30, 2008
Note 10 — Deficit fund balance
The Sheriff is reporting a deficit fund balance of $434,495 in the Grants Special Revenue Fund.
The Sheriff anticipates receipt of grant reimbursement for these expenditures during the next
fiscal year.
Note 71 — Election — 2008
On July 1, 1990, Florida Governor Martinez appointed Richard Roth as the Constitutional Officer
of Sheriff. Sheriff Roth has held the Sheriff's position by winning all the elections since the
original appointment. In 2008, Sheriff Roth decided he would retire and therefore, chose not to
seek re-election.
During the November, 2008 election process, Bob Peryam (a 27-year veteran employee of the
department), was elected to the Constitutional position of Sheriff. Per Florida Statute, the
transition between Sheriff Roth and Sheriff -elect Peryam will occur on January 6, 2009.
13
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - General Fund
Year Ended September 30, 2008
Revenues:
Intergovernmental
Board of County Commissioners
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Personnel services
Operating expenses
Capital outlay
Total expenditures
Excess of revenues over
expenditures
Other financing sources (uses):
Insurance proceeds
Transfer to Board of County Commissioners
Transfer (to)Ifrom other government units
Transfers (to)Ifrom other funds
Total other financing uses
Excess of revenues over expenditures
and other financing uses
Fund balances, beginning of year
Fund balances, end of year
Original Final
Budget Budget
Actual
Variance
With Final
Positive
(Negative)
$ 41,082,987
$ 41,082,987
$ 41,082,987
$ -
-
-
154,525
154,525
-
2,000
180,850
178,850
41,082,987
41,084,987
41,418,362
333,375
31,340,081
30.908,480
30,376,296
532,164
8,849,819
9.373,466
9,448,271
(74,805)
893,087
620,087
378,046
242,041
41,082,987
40,902,033
40,202,613
699,420
-
182,954
1,215,749
1,032,795
-
107,717
110,351
2,634
-
(112,717)
(1,008,659)
(895,942)
_
(2,000)
(163,883)
(161,883)
-
(175,954)
(153,558)
22,396
-
(182,954)
(1,215,749)
(1,032,795)
14
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Trauma Star Fund
Year Ended September 30, 2008
Revenues:
Intergovernmental - BOCC
Total revenues
Expenditures:
Current:
Personnel services
Operating expense
Capital outlay
Total expenditures
Excess of revenues over
expenditures
Other financing sources (uses):
Transfer to Board of County Commissioners
Total other financing sources
Excess of revenues over expenditures and other
financing sources
Fund balances, beginning of year
Fund balances, end of year
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 1,310,974
$ 1,310,974
$ 1,310,974
$ -
1.310, 974
1,310,974
1,310,974
-
518,536
518,536
486,896
31,640
792,438
782,838
655,717
127,121
-
9,600
9,472
128
1,310,974
1,310,974
1,152,085
158,889
-
-
158,889
158,889
-
-
_ (15B,889)
(158,889)
-
-
(158.889)
(158,889)
15
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Radio Communications Fund
Year Ended September 30, 2008
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues:
Intergovernmental - BOCC
$ 432,219
$ 432,219
$ 432,219
$ -
Total revenues
432,219
432,219
432,219
-
Expenditures:
Current:
Personnel services
323.342
323,342
226,884
96,458
Operating expense
108,877
76,877
42,971
33,906
Capital outlay
_
32,000
31,390
610
Total expenditures
432,219
432,219
301,245
130,974
Excess of revenues over
expenditures
-
-
130,974
130,974
Other financing sources (uses):
Transfer to Board of County Commissioners
-
-
(130,974)
(130,974)
Total other financing sources
-
-
(130,974)
(130,974)
Excess of revenues over expenditures and other
financing sources
Fund balances, beginning of year
Fund balances, end of year
$
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - HITDA Grants Fund
Year Ended September 30, 2008
Revenues:
Intergovernmental - Other Govt'I Units
Expenditures:
Current:
Personnel services
Operating expenses
Capital outlay
Debt service
Total expenditures
Excess of expenditures over revenues
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 19,561,287
$ 22,386,287
$ 22.336,930
$ (49,357)
2,961,600
5,161,600
5,147,121
14,479
15,777,329
15,902,329
15,896,770
5,559
798,184
1,298,184
1,290,259
7,925
24,174
24,174
2,780
21,394
19,561,287
22,386,287
22,336,930
49,357
Fund balances, beginning of year
Fund balances, end of year
17
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Grants Fund
Year Ended September 30, 2008
Revenues:
Intergovernmental - BOCC
Intergovernmental - Other Gov't Units
Investment income
Charges for services
Total revenues
Expenditures:
Current:
Personnel services
Operating expenses
Capital outlay
Total expenditures
Excess of expenditures over revenues
Other financing sources (uses):
Transfers (to)1from other funds
Total other financing sources
Excess of expenditures and other financing
uses over revenues
Fund balances, beginning of year
Fund balances, end of year
Variance
With Final
Original Final Positive
Budget Budget Actual (Negative)
$ 1,412,042 $ 202,000 $ 201,758 $ (242)
- 581,900 577,175 (4,725)
6,000 5,575 (425)
100 40 (60)
1,412,042 790,000 784,548 (5,452)
432,700
420,641
417,241
3,400
165,848
80,000
76,611
3,389
1,049,970
465,000
464,111
889
1,648,518
965,641
957,963
7,678
(236,476)
(175,641)
(173,415)
2,226
96,923
30,000
27,774
(2,226)
96,923
30,000
27,774
(2,226)
(139,553)
(145,641)
(145,641)
-
(288,854)
(288,854)
(288.854)
-
$ (428,407) $ (434,495) $ (434,495) $ -
18
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Shared Asset Forfeiture Fund
Year Ended September 30, 2008
Revenues:
Investment income
Total revenues
Expenditures:
Current:
Personnel services
Operating expenses
Aid to other governments/non-profits
Total expenditures
Excess of revenues over expenditures
Fund balances, beginning of year
Fund balances, end of year
Variance
With Final
Original Final Positive
Budget Budget Actual (Negative)
$ 197,000 $ 207,500 $ 207,301 $ 199
197,000 207,500 207,301 199
- 905
823 82
- 1,000
946 54
197,000 200,500
200,437 63
197,000 202,405
202,206 199
- 5,095
5,095 -
4,899,220 4,899,220
4,899,220 -
$ 4,899,220 $ 4,904,315 $ 4,904,315 $ -
19
OTHER SUPPLEMENTARY INFORMATION
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MONROE COUNTY, FLORIDA
SHERIFF
Non -Major Special Revenue Funds Description
The purpose of each non -major special revenue fund in the combining balance sheet and
combining statement of revenues, expenditures and changes in fund balances is described
below.
Off Duly Fund - This fund accounts for receipts, expenditures and related reimbursements for
law enforcement services provided to other organizations.
Teen Court Fund - This fund accounts for receipts and disbursements pertaining to a program
designed to deter juveniles who are becoming involved in crime.
Impact Support Fund - This fund accounts for receipts and disbursements relating to the
administration of the South Florida Drug & Money Laundering Task Force.
Federal Forfeiture Fund - This fund accounts for revenues from the U.S. Departments of
Justice and Treasury. Expenditures are made in accordance with the guidelines issued by these
agencies.
Law Enforcement Trust Fund - This fund accounts for expenditures to non-profit organizations
to help deter drug use and juvenile delinquency.
Fine and Forfeiture Fund - This fund accounts for the proceeds from state forfeitures received
primarily from the South Florida Drug and Money Laundering Task Force.
Airport Services Fund - This fund accounts for expenditures related to providing security at
airports throughout the County.
HIDTA/Contract Administrative Fund - This fund accounts for receipts of service fees
collected for administering HIDTA grants. Expenditures relate to the costs of administering the
grants.
Commissary Fund - This fund accounts for receipts and disbursements of inmate telephone
commissions, canteen revenues and other inmate programs.
S. Florida Law Enforcement Trust Fund - This fund accounts for receipts and disbursements
pertaining to South Florida Drug & Money Laundering Task Force.
Interagency Communications Fund — This fund accounts for revenues and expenditures
allocated for radio communications.
911 Wireline/Wireless Enhancement Fund — This fund accounts for fees levied on each
telephone access line in Monroe County for the enhancement of the 911 emergency telephone
systems.
21
MONROE COUNTY, FLORIDA
SHERIFF
Combining Balance Sheet - ?ion -Major Governmental Funds
Special Revenue Funds
September 30, 2008
Impact
Federal
Off - duty
Teen Court
Support
Forfeiture
Assets
Cash and cash equivalents
$ -
$
-
$
-
$
1,218,763
Due from Board of County Commissioners
431
42,000
-
-
Due from other funds
-
-
_
Due from governmental units
870
4,979
12,531
-
Due from others
3,284
-
-
-
Total assets
$ 4,585
$
46,979
$
12,531
$
1,218,763
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ -
$
-
$
-
$
63,101
Due to Board of County Commissioners
-
-
73
-
Due to other governmental units
-
-
-
-
Due to other funds
4,585
46,979
12,458
14,104
Total liabilities
4,585
46,979
12,531
77,205
Fund balances
-
-
-
1,141,558
Total liabilities and fund balances
$ 4,585
$
46,979
$
12,531
$
1,218,763
22
MONROE COUNTY, FLORIDA
SHERIFF
Combining Balance Sheet - Non -Major Governmental Funds
Special Revenue Funds
September 30, 2008
Law
Enforcement
Fine and
Airport
HIDTA
Trust Fund
Forfeiture
Services
Administrative
Commissary
Assets
Cash and cash equivalents
$ 1,438
$
17,324
$
-
$
-
$
534,226
Due from Board of County Commissioners
42,340
-
90,532
-
-
Due from other funds
-
188
-
144,195
5,400
Due from governmental units
-
-
-
-
-
Due from others
-
-
-
-
48,117
Total assets
$ 43,778
$
17,512
$
90,532
$
144,195
$
587,743
Liabilities and Fund Balances
Liabilities:
Accounts payable
$ 1,250
$
376
$
-
$
-
$
42,571
Due to Board of County Commissioners
-
17,136
20,907
-
-
Due to other governmental units
40,000
-
-
2,784
-
Due to other funds
2,528
-
69,625
-
13,055
Total liabilities
43,778
17,512
90,532
2,784
55,626
Fund balances
-
-
-
141,411
532.117
Total liabilities and fund balances
$ 43,778
$
17,512
$
90,532
$
144,195
$
587,743
23
MONROE COUNTY, FLORIDA
SHERIFF
Combining Balance Sheet- Non -Major Governmental Funds
Special Revenue Funds
September 30, 2008
Assets
Cash and cash equivalents
Due from Board of County Commissioners
Due from other funds
Due from governmental units
Due from others
Total assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Due to Board of County Commissioners
Due to other governmental units
Due to other funds
Total liabilities
S. FL Law
Enforcement Inter -Agency
Trust Fund Communications 9-1-1 Fund
Total
Nonmajor
Special Revenue
Funds
$ 1,306,716 $ 1,212,693 $
1,136,553 $
5,427,713
- 48,532
249,814
473,649
10,065 114,248
8,270
282,366
- -
-
18,380
- 683
-
52,084
$ 1.316.781 $ 1,376,156 $
1,394,637 $
6,254,192
$ 7,515 $
16,304 $
3,419 $
134,636
-
169
44
38,329
142,088
-
-
184,672
15
1,595
5,153
170,097
149,718
18,068
8,616
527,934
Fund balances 1,167,063 1,358,088 1,386,021 5,726,258
Total liabilities and fund balances $ 1,316,781 $ 1,376,156 $ 1,394,637 $ 6,254,192
24
MONROE COUNTY, FLORIDA
SHERIFF
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Non -Major Govemmenlal Funds
Special Revenue Funds
Year Ended September 30, 21108
Impact
Federal
Off -Duty
Teen Court
Support
Forfeiture
Revenues:
Intergovernmental - 6OCC
S 5,800 $
53,389
5 -
5 -
Intergovernmental - other government units
182,771
-
206,131
35,565
Charges for services
20,722
41,230
-
-
Fines and forfeitures
-
-
-
-
Investment income
-
35,318
Miscellaneous
Total revenues
210,383
94,619
206,131
70,883
Expenditures:
Current
Personnel services
210,383
94,524
153,818
30,629
Operating expenses
-
11,531
52,313
69,163
Capital outlay
-
-
-
174,339
Aid to other govemmentslnon-profits
33,485
Total expenditures
210,383
108,155
208,131
307,616
Excess of revenues over
(under) expenditures
-
(11.535)
-
236,733)
Other financing sources (uses):
Transfers from other funds
-
11,536
Transfer to Board of County Commissioners
Total other financing sources (uses)
-
11,536
-
-
Excess of revenues over (under) expenditures
and other financing sources (uses)
-
-
(236,733)
Fund balances, beginning of year
-
1,378,291
Fund balances, and of year
$ - 5
-
$
$ 1,141,558
25
MONROE COUNTY, FLORIDA
SHERIFF
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Non -Major Governmental Funds
Special Revenue Funds
Year Ended September 30, 2008
Law
Enforcement Fine and
Airport
HIDTA
Trust Fund Forfeiture
Services
Administrative
Commissary
Revenues:
Intergovernmental -BOCC
$ 103,934 $
$ 1,509,807
$ -
$ -
Intergovernmental - Other Government Units
-
-
-
-
Charges for services
-
-
279,313
387,784
Fines and forfeitures
- 155,641
-
-
-
Investment income
- 1,306
-
-
12,051
Miscellaneous
80,355
Total revenues
103,934 156,947
1,509,807
279,313
480,190
Expenditures:
Current
Personnel services
- -
1,426,475
265,137
152,554
Operating expenses
7,349 49,811
82,OB4
22,819
194,063
Capital outlay
- -
1,248
2,014
Aid to other govemmentslnon-profits
96,585 -
Total expenditures
103,934 49,811
1,509,807
280,956
340.631
Excess of revenues over
(under) expenditures
- 107,136
-
9,843)
131,559
Other financing sources (uses):
Transfers from other funds
- -
-
-
Transfer to Board of County Commissioners
(107,136)
Total other financing sources (uses)
- (107,136)
-
-
Excess of revenues over expenditures
and other financing sources (uses)
-
-
(9,643)
131,559
Fund balances, beginning of year
-
-
151,054
400,558
Fund balances, and of year
$ $
$
$ 141,411
$ 532.117
26
MONROE COUNTY, FLORIDA
SHERIFF
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Non -Major Governmental Funds
Special Revenue Funds
Year Ended September 30, 2008
Revenues:
Intergovernmental - BOCC
Intergovernmental - Other Government Units
Charges for services
Fines and forfeitures
Investment Income
Miscellaneous
Total revenues
Expenditures:
Current:
Personnel services
Operating expenses
Capital outlay
Aid to other govemmentsinon-profits
Total expenditures
Excess of revenues over
(under) expenditures
Other financing sources (uses):
Transfers from other funds
Transfer (to)lfrom Board of County Commissioners
Total other financing sources (uses)
Excess of revenues over expenditures
and other financing sources (uses)
Fund balances, beginning of year
Fund balances, end of year
S. FL Law Total Nonmajor
Enforcement Inter -Agency 9-1-1 Wireless Special Revenue
Trust Fund Communications Fund Funds
$ - $ 201,393 5 562,59B $ 2,438,011
191,799 - 616.266
- 100,607 829,656
165,541
49,401 40,329 33,712 172,117
80.355
241,200 342,329 596,310 4,292,045
-
-
71,736
2,406,356
379,437
396,989
164,368
1,429,927
13,440
87,160
19,296
297,497
406,443
292,800
829,313
799,320
776.949
255,400
4,963,093
(5513,120) (434,620) 340,910 (571,047)
114,240 125,784
- (107,136)
114,24E - 1 B,648
(558,120) (320,372) 340,910 (652.399)
1,725,183 1.570,460 1,045,111 6,378,657
$ 1,167,063 $ 1,358.038 $ 1,386,021 $ _ 5726,258
27
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Off duty Fund
Year Ended September 30, 2008
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues:
Intergovernmental - BOCC
$ -
$ 6,900
$ 6,890
$ (10)
Intergovernmental - other government units
109,045
183,000
182,771
(229)
Charges for services
-
21,000
20,722
(27B)
Total revenues
109,045
210,900
210,383
(517)
Expenditures:
Current:
Personnel services
109,045
210,900
210,383
517
Total expenditures
109,045
210,900
210,383
517
Excess of revenues over
expenditures
Fund balances, beginning of year
Fund balances, end of year
28
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Teen Court Fund
Year Ended September 30, 2008
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues:
Intergovernmental - BOCC
$ 112,719
$ 101,169
$ 53,389
$ (47,780)
Charges for services
-
-
41,230
41,230
Total revenues
112,719
101,169
94,619
(6,550)
Expenditures:
Current:
Personnel services
101,093
101,093
94,624
6,469
Operating expense
11,626
11,626
11,531
95
Total expenditures
112,719
112,719
106,155
6,564
Excess of expenditures over revenues
-
(11,550)
(11,536)
14
Other financing sources (uses):
Transfers (to)Ifrom other funds - 11,550 11,536 (14)
Total other financing sources - 11,550 11,536 (14)
Excess of expenditures and other financing
uses over revenues _ - - -
Fund balances, beginning of year - - - -
Fund balances, end of year
29
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Impact Support Fund
Year Ended September 30, 200B
Revenues:
Intergovernmental - other government units
Total revenues
Expenditures:
Current:
Personnel services
Operating expenses
Total expenditures
Excess of revenues over (under)
expenditures
Fund balances, beginning of year
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual (Negative)
$ 194,200
$ 206.700
$ 206,131 $ (569)
194.200
206,700
206,131 (569)
142,995
153,938
153,818
120
51,205
52,762
52,313
449
194,200
206,700
206,131
569
Fund balances, end of year
30
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Federal Forfeiture Fund
Year Ended September 30, 2008
Revenues:
Intergovernmental - other government units
Investment income
Total revenues
Expenditures:
Current:
Personnel services
Operating expenses
Capital outlay
Aid to other governments
Total expenditures
Excess of expenditures over (under)
revenues
Variance
With Final
Original Final Positive
Budget Budget Actual (Negative)
$ - $ - $ 35,565 $ 35,565
- 35,318 35,318
70,883 70,883
48,130
48,130
30,629
17,501
63,900
69,200
69,163
37
103,300
174.400
174,339
61
222,000
34,000
33,485
515
437,330
325,730
307,616
18,114
(437,330)
(325,730)
(236.733)
88,997
Fund
balances, beginning of year
1,378,291
1,378,291
1,378,291 -
Fund
balances, end of year
$ 940,961
$ 1,052,561
$ 1,141,558 $ 88,997
31
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Law Enforcement Trust Fund
Year Ended September 30, 2008
Revenues:
Intergovernmental - BOCC
Total revenues
Expenditures:
Current:
Operating expenses
Aid to other governments
Aid to private organizations
Total expenditures
Excess of revenues over expenditures
Fund balances, beginning of year
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual (Negative)
$ 123,400
$ 123,400
$ 103.934 $ (19,466)
123,400
123,400
103,934 (19,466)
- 7,400
7,349
51
53,700 46,300
40,585
5,715
69,700 69,700
56,000
13,700
123,400 123,400
103,934
19,466
Fund balances, end of year
32
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Fine and Forfeiture Fund
Year Ended September 30, 2008
Revenues:
Fines and forfeitures
Investment income
Total revenues
Expenditures:
Current:
Operating expenses
Total expenditures
Excess of revenues over
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 90,350
$ 156,350
$ 155.641
$ (709)
-
1,500
1,306
(194)
90,350
157,850
156,947
(903)
25,425 50,714 49,B11
25,425 50,714 49,811
tiM
expenditures 64,925 107,136 107,136 -
Other financing sources (uses):
Transfer to Board of County Commissioners (64,925) (107,136) (107,13D -
Total other financing uses (64,925) (107,136) (107,136) -
Excess of revenues over expenditures and
other financing uses
Fund balances, beginning of year - - - -
Fund balances, end of year
33
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Airport Services
Year Ended September 30, 2008
Variance
With Final
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmental - BOCC $ 1,460,000 $ 1,550,532 $ 1.509,807 ;Ir(40,725)
Total revenues 1,460,000 1,550,532 1,509,807 (40,725)
Expenditures:
Current:
Personnel 1,412,625 1,466.857 1,426,475 40,382
Operating expenses 47,375 82,375 82,084 291
Capital outlay - 1,300 1,248 52
Total expenditures 1,460,000 1,550,532 1,509,807 40,725
Excess of revenues over
expenditures
Fund balances, beginning of year
Fund balances, end of year
34
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - HIDTA Administrative Fund
Year Ended September 30, 2008
Revenues:
Charges for services
Total revenues
Expenditures:
Current:
Personnel
Operating expenses
Total expenditures
Excess of revenues over (under)
expenditures
Fund balances, beginning of year
Fund balances, end of year
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 325,200
$ 305,200
$ 279,313
$ (25,887)
325,200
305,200
279,313
(25,887)
250,050
266,550
266,137
413
19,576
23,076
22,819
257
269,626
289,626
286.956
670
55,574
15,574
(9,643)
(25,217)
151,054
151,054
151,054
-
$ 206,628
$ 166,628
$ 141,411
$ (25,217)
35
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Commissary Fund
Year Ended September 30, 2008
Revenues:
Charges for services
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Personnel expenses
Operating expenses
Capital expenses
Total expenditures
Excess of revenues over
expenditures
Fund balances, beginning of year
Fund balances, end of year
Original
Final
Budget
Budget
Actual
$ 478,100
$ 387,600
$ 387,784
13,000
12,000
12,051
80,200
80,200
80,355
571,300
479,800
480,190
162,100
152,600
152,554
295,330
194,130
194,063
-
2,025
2,014
457,430
348,755
348,631
113,870
131,045
131,559
400,558
400,558
400,558
Variance
With Final
Positive
(Negative)
$ 184
51
390
46
67
11
124
514
$ 514,428 $ 531,603 $ 532,117 $ 514
36
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - S. Florida Law Enforcement Trust Fund
Year Ended September 30, 2008
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues:
Intergovernmental - other government units
$ -
$ -
$ 191,799
$ 191.799
Investment income
-
-
49,401
49,401
Total revenues
-
-
241,200
241,200
Expenditures:
Current:
Operating expenses
573,364
380,364
379,437
927
Capital Outlay
-
13,800
13,440
360
Aid to Other Govt's 1 Contingencies
-
407,000
406,443
557
Total expenditures
573,364
801,164
799,320
1,844
Excess of expenditures over (under)
revenues
(573,364)
(801,164)
(558,120)
243,044
Fund balances, beginning of year
1,725,183
1,725,183
1,725,183
--
Fund balances, end of year
$ 1,151,819
$ 924,019
$ 1,167,063
$ 243,044
37
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - Inter -Agency Communications Fund
Year Ended September 30, 2008
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues:
Intergovernmental - BOCC
$ 443,800
$ 378,800
$ 201,393
$ (177,407)
Charges for services
-
-
100,607
100,607
Investment income
40,000
40,000
40,329
329
Total revenues
483,800
418,800
342,329
(76,471)
Expenditures:
Current:
Operating expense
245,425
397,425
396,989
436
Capital outlay
106,000
106,000
87,160
18,840
Aid to Other Govt's
-
82,400
82,200
200
Aid to Private Organizations
-
210,600
210.600
-
Total expenditures
351,425
796,425
776,949
19,476
Excess of revenues over (under)
expenditures
132,375
(377,625)
(434,620)
(56,995)
Other financing sources (uses):
Transfer from Other Funds
-
-
114.248
114,248
Total other financing sources
-
-
114.248
114,248
Excess of revenues over expenditures and
other financing sources
132,375
(377,625)
(320,372)
57,253
Fund balances, beginning of year
1,678,460
1,678,460
1,678,460
-
Fund balances, end of year
$ 1,810,835
$ 1,300,835
$ 1,358,088
$ 57,253
38
MONROE COUNTY, FLORIDA
SHERIFF
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget and Actual - 9-1-1 Wireless 1 Wireline Fund
Year Ended September 30, 2008
Variance
With Final
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues:
Intergovernmental - 130CC
$ 537,000
$ 564,000
$ 562,598 $
(1,402)
Investment income
32,000
32,000
33,712
1,712
Total revenues
569,000
596,000
596,310
310
Expenditures:
Current:
Personnel services
81,850
81,850
71,736
10,114
Operating expense
229.317
167,000
164,368
2,632
Capital outlay
-
19,500
19,296
204
Total expenditures
311,167
268,350
255,400
12,950
Excess of revenues over
expenditures
257,833
327,650
340,910
13,260
Fund balances, beginning of year
1,045,111
1,045,111
1,045,111
-
Fund balances, end of year
$ 1,302,944
$ 1,372,761
$ 1,386,021 $
13,260
39
MONROE COUNTY, FLORIDA
SHERIFF
Agency Funds Description
The purpose of each agency fund in the combining financial statement on the following page is
described below.
Civil Process Fund- This fund accounts for receipt and disbursement of funds received for the
service of papers by the Sheriff.
Bonds Fund - This fund accounts for receipts and disbursements of the Bonds Fund.
Inmafe Fund - This fund accounts for receipts and disbursements of the monies held by the
Sheriff on behalf of incarcerated inmates.
40
MONROE COUNTY, FLORIDA
SHERIFF
Combining Statement of Changes in Fiduciary Assets and Liabilities
All Agency Funds
Year Ended September 30, 200B
October 1,
September 30,
2007
Additions
Deductions
2008
Civil Process
Assets
Cash and cash equivalents
$
42,637
$
203,668
$
234,375
$
11,930
Due from Other Funds
-
18
-
18
Total assets
$
42,637
$
203,686
$
234,375
$
11,948
Liabilities
Accounts payable
$
8,886
$
225,917
$
234,374
$
429
Due to Board of County Commissioners
5,429
76,665
75,539
6,555
Due to other funds
5,922
-
5,922
-
Due to individuals
22,400
127,022
144,458
4,964
Total liabilities
$
42,637
$
429,604
$
460,293
$
11,948
Bonds
Assets
Cash and cash equivalents
$
854,720
$
977,051
$
1,292,363
$
539,408
Due from other Funds
-
-
-
-
Total assets
$
854,720
$
977.051
$
1,292,363
$
539,408
Liabilities
Due to individuals
$
854,720
$
975,770
$
1,292,363
$
538,127
Due to other funds (Inmate Welfare)
-
1,281
-
1,281
Total liabilities
$
854.720
$
977,051
$
1.292,363
$
539,408
Inmate
Assets
Cash and cash equivalents
$
104,686
$
1,063,293
$
1,115,938
$
52,041
Due from Other Funds
-
1,281
-
1,281
Total assets
$
104,686
$
1,064,574
$
1.115,938
$
53,322
Liabilities
Accounts payable
$
27,086
$
380,284
$
393,557
$
13,813
Due to other funds
19,484
187,525
195,055
11,954
Due to individuals
58,116
270,847
301,408
27,555
Total liabilities
$ 104,686
, 6
8
Total All Agency Funds
Assets
Cash and cash equivalents
$
1,002,043
$
2,244,D12
$
2,642,676
$
603,379
Due from Other Funds
-
1,299
-
1,299
Total assets
$
1,002,043
$
2,245,311
$
2.642,676
$
604,678
Liabilities
Accounts payable
$
35,972
$
6D6,201
$
627,931
$
14,242
Due to Board of County Commissioners
5,429
76,665
75,539
6,555
Due to other funds
25,406
188,806
200.977
13,235
Due to individuals
935,236
1,373,639
1,738,229
570,646
Total liabilities
$
1.002,043
$
2,245.311
$
2,642.676
$
604,678
41
SUPPLEMENTARY INDEPENDENT
AUDITORS' REPORTS
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
To the Honorable Richard Roth,
Sheriff of Monroe County, Florida:
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Monroe County, Florida Sheriff (the "Sheriff') as of and for the year ended
September 30, 2008, which collectively comprise the Sheriffs basic financial statements, and
have issued our report thereon dated December 19, 2008 for the purpose of compliance with
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 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 Sheriff'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 Sheriffs internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Sheriffs 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 Sheriff'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 Sheriffs financial statements that is more than inconsequential will not be
prevented or detected by the Sheriffs 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 Sheriffs internal control.
Our consideration of internal 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 internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be
material weaknesses, as defined above.
42
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Sheriff'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.
This report is intended solely for the information of the Sheriff and management, and the Auditor
General and applicable 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
December 19, 2408
43
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Honorable Richard Roth,
Sheriff of Monroe County, Florida:
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Monroe County, Florida Sheriff (the "Sheriff'), as of and for the year ended
September 30, 2008, which collectively comprise the Sheriffs basic financial statements, and
have issued our report thereon dated December 19, 2008.
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. Disclosures in that report, dated December
19, 2008 should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550,
Rules of the Auditor General, which govern the conduct of local government entity audits
performed in the State of Florida. This letter includes the following information, which is not
included in the aforementioned auditors' report.
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address significant findings and recommendations made
in the preceding annual financial report. There were no recommendations made in the
preceding year's annual financial report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.145, Florida Statutes, regarding the investment of public funds. In
connection with our audit, nothing came to our attention that could cause us to believe that the
Sheriff was in noncompliance with Section 218.415, Florida Statutes, regarding the investment
of public funds.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. In connection with
our audit, we did not have any such recommendations.
Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address 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. In connection with our
audit, we did not have any such findings.
44
Section 10.554(1)(i)5., Rules of the Auditor General, requires, based on professional judgment,
the reporting of the following matters that are inconsequential to the financial statements,
considering Loth quantitative and qualitative factors. (1) violations of laws, regulations, contracts
or grant agreements, or abuse that have occurred, or are likely to have occurred, and (2) control
deficiencies that are not significant deficiencies, including, but not limited to; (a) improper or
inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements); (b) failures to properly record financial transactions; and (c) inaccuracies,
shortages, defalcations, and instances of fraud discovered by, or that come to the attention of
the auditor. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
The Sheriff is a separately elected county official established pursuant to the Constitution of the
State of Florida. There are no component units related to the Sheriff.
This management letter is intended solely for the information of the Sheriff and management,
and the Auditor General and applicable 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
December 19, 2008
45
SIIIS � A H ON S
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53 1 hA Point Road
Plwnakk,m Key, H 330701
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SPE,,( JA 1, OPER kr HONS
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I�ysso, net
Comptroller — State of Florida
Department of Banking & Finance,
Bureau of Local Government Finance
Room 1001 — Capitol Building
Tallahassee, Florida 32399-0350
1 -1
Dear Comptroller:
Our office has received the audit report for the fiscal year ending
September 30, 200&
The report indicates no recommendations to improve the Sheriffs
Office accounting procedures or internal controls,
Sincerely,
V
Robert 0. P'eryam
Sheriff, Monroe Covhty
P 0 Box 5009,75 cc County Clerk's Finance Division
,Manmhon. H, 33050
W5) 289-240 MCSO Audit Files
AX (305) 299-2,498
�ir
100 Overseas Hwy
Marmhon, 71, 3 300
W5) 28927 p7
A X ( 305) 289-2'776
2 796 Overwas I d ax,y
Mamfhon H,3305()
20'k) 289-235
,",X CM5) 2S9-2493
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Financial Statements
For the Year Ended
September 30, 2008
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Contents
is
Independent Auditors' Report _____________ _____.___..______._ 2-3
BASIC FINANCIAL STATEMENTS
Balance Sheet - General Fund 4
Statement of Revenues, Expenditures and Changes in
Fund Balance -- General Fund 5
Statement of Fiduciary Assets and Liabilities -Agency Funds, ---------------------------- 6
Notes to Financial Statements 7 --12
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures - Budget and Actual -
General Fund 13
OTHER SUPPLEMENTARY INFORMATION
Agency Fund Descriptions___________
Combining Statement of Changes in Assets and
Liabilities - All Agency Funds,_____ ____ 15
SUPPLEMENTARY INDEPENDENT AUDITORS' REPORTS
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---------------------------------------------- ---------------------------- 16 —17
Independent Auditors' Management Letter. ............................................................. 18 - 19
INDEPENDENT AUDITORS' REPORT
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida:
We have audited the accompanying financial statements of the major fund and the
aggregate remaining fund information of the Monroe County, Florida Tax Collector (the
"Tax Collector") as of and for the year ended September 30, 2008, which collectively
comprise the Tax Collector's basic financial statements as listed in the table of
contents. These financial statements are the responsibility of the Tax Collector's
management. Our responsibility is to express opinions on these financial statements
based on our audit.
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. 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 significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinions.
As discussed in Note 1, the accompanying financial statements were prepared for the
purpose of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550,
Rules of the Auditor General -Local Government Entity Audits, and are not intended to
be a complete presentation of the financial position of Monroe County, Florida, and the
results of its operations and the cash flows of its proprietary funds in conformity with
accounting principles generally accepted in the United States of America.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of the major fund and the aggregate remaining fund
information of the Tax Collector as of September 30, 2008, and the respective changes
in financial position thereof for the year then ended, in conformity with accounting
principles generally accepted in the United States of America.
2
In accordance with Govemment Auditing Standards, we have also issued our report
dated February 2, 2099 on our consideration of the Tax Collector's internal control over
financial reporting and 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 integral part
of an audit performed in accordance with Govemment Auditing Standards and should
be considered in assessing the results of our audit.
The budgetary comparison schedule on page 13 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 primarily of inquiries of management regarding the methods of measurement
and presentation of the required supplementary information. However, we did not audit
the information and we express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial
statements that collectively comprise the Tax Collector's basic financial statements. The
accompanying combining statement of changes of assets and liabilities — all agency
funds is presented for purposes of additional analysis and is not a required part of the
basic financial statements. This combining statement has been subjected to the
auditing procedures applied by us in the audit of the basic financial statements and, in
our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
This report is intended solely for the information and use of management and
applicable 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
February 2, 2909
3
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Balance Sheet - General Fund
September 30, 2008
Assets
Cash and cash equivalents $ 3,661,419
Prepaid expenses 4,798
Due from others 662
Due from other governments 11,021
Total assets $ 3,677,900
Liabilities and Fund Balance
Liabilities
Accounts payable $ 16,186
Accrued wages and benefits payable 125,787
Due to Board of County Commissioners 3,130,154
Due to other governmental units 405,773
Total liabilities 3,677,900
Fund Balance
Total liabilities and Fund Balance
The notes to the financial statements
are an integral part of this statement. 4
$ 3,677,900
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund
Year Ended September 30, 2008
Revenues
Charges for services $ 2,512,731
Expenditures
Current
General government
Personnel services
2,850,405
Operating expenditures
613,404
Capital outlay
25,652
Debt Service - Principal
_7,482
Total expenditures 3,496,943
Excess of expenditures over revenues (984,212)
Other financing sources (uses)
Transfer from Board of County Commissioners 4,520,139
Transfer to Board of County Commissioners (3,130,154)
Transfer to other governmental units (405,773)
Total other financing sources 984,212
Excess of revenues over expenditures and other -
financing uses
Fund balance at beginning of year -
Fund balance at end of year
The notes to the financial statements
are an integral part of this statement. 5
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Statement of Fiduciary Assets and Liabilities
Agency Funds
September 30, 2008
Assets
Cash and cash equivalents
Due from individuals
Total assets
Liabilities
Undistributed collections
Due to individuals
Total liabilities
The notes to the financial statements
are an integral part of this statement. 6
$ 4,748,071
4,648
$ 4,752,719
$ 4,743,449
9.270
$ 4,752,719
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2008
Note 'I - Summary of significant accounting policies
Reporting Entity- The Monroe County, Florida Tax Collector (the "Tax Collector') is a
separately elected county official established pursuant to the Constitution of the State
of Florida. The Tax Collector's financial statements do not purport to reflect the financial
position or the results of operations of Monroe County, Florida (the "County") taken as a
whole.
Entity status for financial reporting purposes is governed by Statements No. 14 and 39
of the Governmental Accounting Standards Board (GASB). Although the Tax Collector's
Office is operationally autonomous, it does not hold sufficient corporate powers of its
own to be considered a legally separate entity for financial reporting purposes.
Therefore, the Tax Collector is reported as a part of the primary government of the
County.
Description of Funds - The accounting records are organized for reporting purposes
on the basis of governmental and fiduciary funds.
General Fund — The General Fund is used to account for all revenues and
expenditures applicable to the general operations of the Tax Collector and not
required legally or by accounting standards generally accepted in the United
States of America to be reported elsewhere.
Fiduciary Funds — Fiduciary funds of the Tax Collector are Agency Funds, which
are used to account for assets held by the Tax Collector as an agent.
Measurement focus, basis of accounting, and financial statement presentation —
The Tax Collector's financial statements are prepared in accordance with Chapter
10.550, Rules of the Auditor General, which requires the Tax Collector to only present
fund financial statements.
The General Fund is used to account for all revenues and expenditures applicable to
the general operations of the Tax Collector. This fund is presented as a major
governmental fund and uses the current financial resources measurement focus and
the modified accrual basis of accounting. Revenues are recognized when measurable
and available. Revenues are considered to be available when they are collectible within
the current period or soon enough thereafter to pay liabilities of the current period. For
this purpose, the Tax Collector considers revenues to be available if they are collected
within 60 days of the end of the current fiscal period. Expenditures generally are
recorded when a liability is incurred, as under accrual accounting. However,
expenditures related to compensated absences and claims and judgments are
recorded only when payment is due.
i7
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2008
Note 1 - Summary of significant accounting policies (continued)
The extent to which General Fund revenues exceed expenditures is reflected as
transfers out and as liabilities to the Monroe County Board of County Commissioners
(the "Board") and other governmental agencies in the same proportion as fees paid by
each governmental unit to total fees earned by the Tax Collector.
Budgetary Requirements — Expenditures are controlled by budget appropriations in
accordance with the budget requirements set forth in the Florida Statutes. The budget
is prepared on a basis consistent with accounting principles generally accepted in the
United States of America.
Cash and Cash Equivalents — The Tax Collector's cash and cash equivalents consist
of demand deposits and highly liquid investments with maturities of 90 days or less
when purchased. All investments are reported at fair value.
Capital Assets — Tangible personal property used in the Tax Collector's operations are
recorded as expenditures.in the General Fund at the time assets are received and a
liability is incurred. Purchased assets - are capitalized at historical cost in the
government -wide financial statements of the County. In addition, the Board provides
administrative office space used by the Tax Collector at no charge.
Compensated Absences — The Tax Collector permits employees to accumulate
earned but unused vacation and sick pay benefits. Related long-term obligations,
amounting to $130,131 at September 30, 2008, are included in the government -wide
financial statements of the County.
Use of Estimates - The preparation of financial statements requires management to
make use of estimates that affect reported amounts. Actual results could differ from
estimates.
Note 2 — Deposits and Investments
As of September 30, 2008, the Tax Collector has demand deposits with a carrying
amount of $8,399,765 and a bank balance of $8,569,796.
Demand and time deposits are fully insured by the Federal Deposit Insurance
Corporation or are covered by the State of Florida collateral pool, a multiple institution
pool with the ability to assess its members for collateral if a member institution fails.
,.1
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2008
Note 2 — Deposits and Investments (continued)
Florida Statutes and the Tax Collector's investment policy authorize investments in
certificates of deposit, savings accounts, repurchase agreements, Local Government
Surplus Funds Trust Fund administered by the Florida State Board of Administration,
money market funds, direct obligations of the U.S. Treasury and federal agencies and
instrumentalities.
Note 3 — Retirement system
Plan Description -- The Tax Collector's employees participate 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 cost sharing,
multiple -employer, defined benefit retirement plan, or the defined contribution plan
("Investment Plan") under the FRS. As a general rule, membership in the FRS is
compulsory for all employees working in a regularly established position for a state
agency, county government, district school board, state university, community college,
or a participating city or special district within the State of Florida. The FRS provides
retirement and disability benefits, annual cost -of -living adjustments, and death benefits
to Plan members and beneficiaries. Benefits are established by Chapter 121, Florida
Statutes, and Chapter 60S, Florida Administrative Code. Amendments to the law can
be made only by an act of the Florida Legislature.
Benefits are computed on the basis of age, average final compensation, and service
credit. Regular class employees who retire at or after age 62 with 6 years of credited
service or 30 years of service regardless of age are entitled to a retirement benefit
payable monthly for life, equal to 1.6% of their final average compensation for each
year of credited service. Vested employees with less than 30 years of service may retire
before age 62 and receive reduced retirement benefits. Special risk class employees
(sworn law enforcement officers, firefighters, and correctional officers) who retire at or
after age 55 with 6 years of credited service, or with 25 years of service regardless of
age, are entitled to a retirement benefit payable monthly for life equal to 3.0% of their
final average compensation for each year of credited service. Senior Management
Service class employees who retire at or after age 62 with at least 6 years of credited
service or 30 years of service regardless of age are entitled to a retirement benefit
payable monthly for life, equal to 2.0% of their final average compensation for each
year of credited service. Elected Officers' class employees who retire at or after age 62
with at least 6 years of credited service or 30 years of service regardless of age are
entitled to a retirement benefit payable monthly for life, equal to 3.0% (3.33% for judges
and justices) of their final average compensation for each year of credited service. A
post -employment health insurance subsidy is also provided to eligible retired
employees through the FRS in accordance with Florida Statutes.
9
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2008
Note 3 — Retirement system (continued)
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 electing 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 State of Florida annually issues a publicly available financial report that includes
financial statements and required supplementary information for the FRS. The latest
available report may be obtained by writing to the State of Florida Division of
Retirement, Department of Management Services, 2639 North Monroe Street,
Building C, Tallahassee, Florida 32299-1560 or accessing ,their internet site at
www.frs.state.fl.us.
Funding Policy — The FRS is noncontributory for members. Governmental employers
are required to make contributions to the FRS based on statewide contribution rates.
The contribution rates by job class at September 30, 2008 were as follows: regular,
9.85%; special risk, 20.92%; special risk administrative support, 12.55%; county elected
officers, 16.53%; senior management, 13.12%; and DROP participants, 10.91 %.
During the fiscal year ended September 30, 2008, the Tax Collector contributed to the
Plan an amount equal to 10.26% of covered payroll. Tax Collector contributions to the
FRS for the fiscal years ended September 30, 2006 through 2008 were $210,142,
$253,904 and $248,597 respectively, which were equal to the required contributions for
each fiscal year. The Tax Collector 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 4 — Other Postemployment Benefits (OPEB)
The Monroe County Board of County Commissioners (BOCC) administers a single -
employer defined benefit healthcare plan (the "Plan"). In accordance with Section
112.0801 of the Florida Statutes, the BOCC is required to provide retirees with the
opportunity to participate in this Plan because Monroe County provides a medical plan
to active County employees. The Plan provides health care benefits including medical
coverage, prescription drug benefits, dental benefits and life insurance coverage to both
active and eligible retired employees. The Plan does not issue a publicly available
financial report.
10
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2008
Note 4 — Other Postemployment Benefits (OPEB) (continued)
The BOCC may amend the plan design, with changes to the benefits, premiums and/or
levels of participant contribution at any time. The BOCC approves the rates for the
coming calendar year for the retiree and County contributions at an open session prior
to the annual enrollment process.
Eligibility for post employment participation in the Plan is limited to full time employees
of the Board, the Constitutional Officers, the Land Authority, and retirees. Retirees hired
after October 1, 2001 must contribute the premium determined by the BOCC for all
participants prior to the annual enrollment process. Retirees hired before October 1,
2001, who retire from the County with 10 years of full-time service and are covered by
the Florida Retirement System, must contribute $50 from each Florida Health Insurance
Subsidy payment from the Florida Retirement System. Other conditions apply to
employees hired before October 1, 2001 who have retired before the normal retirement
date, have not reached age 60, and whose age and years of service to the County do
not equal 70.
In conjunction with the implementation of GASB Statement 45 during fiscal year 2008,
the BOCC engaged an actuarial firm to determine the County's actuarially determined
annual required contribution and unfunded obligation. The Tax Collector has no
responsibility to the Plan other than to make the periodic payments determined by the
BOCC. Further information about the Plan is available in the County's Comprehensive
Annual Financial Report which is published on the Clerk's website at www. clerk-of-the-
court.com.
Note 5 — Risk management
The Tax Collector 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. The Tax Collector participates in the coverage provided by the Board for
Worker's Compensation, Group Insurance, and Risk Management Internal Service
Funds. Under these programs, Worker's Compensation provides $1,000,000 coverage
per claim for regular employees. 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 buildings 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. The Tax Collector makes
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.
11
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2008
Note 6 — Commitments
Note Payable — The Tax Collector borrowed $29,929 for a vehicle purchase during
fiscal 2004 under a non -interest bearing note payable, due in monthly installments of
$499 through October 2008. However, the note payable balance was paid in full on
September 15, 2008, which is the date this vehicle was traded in for the purchase of a
new vehicle. The new vehicle was paid in full upon purchase. Therefore, at September
30, 2008, there are no notes payable.
Operating Leases — The Tax Collector leases office space and equipment under
operating lease agreements. Total lease payments made in 2008 were $84,920.
The following is a schedule by years of future minimum rentals under non -cancelable
operating leases as of September 30, 2008:
Year Ending
September 30,
2009
2010
2011
2012
2013
Total
Note 7 — Reclassification
Lease
Payments
$ 67,790
56,208
30,909
28,061
$ 182,968
The funding received from the Board of County Commissioners ("the BOCC") is
reported in these financial statements as an "other financing source" transfer pursuant
to changes in the Florida Uniform Accounting System. In prior years, the BOCC funding
was reported as revenue from charges for services.
Note 8 -- Litigation
The Tax Collector is a party from time to time in various lawsuits and other claims
incidental to the ordinary course of its operation, some of which are covered by the
Board's self-insurance program. While the results of litigation cannot be predicted with
certainty, management believes the final outcome of such litigation will not have a
material adverse effect on the Tax Collector's financial position.
12
REQUIRED SUPPLEMENTARY INFORMATION
Revenues
Charges for services
Expenditures
Current
General government
Personnel services
Operating expenditures
Capital outlay
Debt service - Principal
Total expenditures
Excess of expenditures over revenues
Otherfinancing sources (uses)
Transfer from Board of County Commissioners
Transfer to Board of County Commissioners
Transfer to other governmental units
Total other financing sources (uses)
Excess of revenues over expenditures
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Schedule of Revenues and Expenditures -
Budget and Actual - General Fund
Year Ended September 30, 2008
General Fund
Variance
Original Final Positive
Budget Budget Actual (Negative)
__$ _ 2,149,345_ $ 2,149.345 $ 2,512,731 $ (363,386)
3,089,255
3,066,930
2,850.405
216,525
641,498
635,991
613,404
22,587
-
27,832
25,652
2,180
5,986
5,986
7,482
(1,496)
3,736,739
3,736,739
3,496,943
239,796
(1,587,394)
(1,587,394)
(984,212)
603.182
3,808,32{1
(2,220,926)
3,808,320 4,520,139 711,819
(2,220,926) (3,130.154) (909,228)
- (405,773) (405,773)
1,587,394 1.587,394 984,212 (603,182)
13
OTHER SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Agency Fund Descriptions
The Combining Statement of Changes in Assets and Liabilities —Ail Agency Funds is
presented on the following page. The purpose of each fund shown on this statement is
described below.
Property Tax Agency Fund — To account for the collection and distribution of local
property tax funds.
Licenses Agency Fund — To account for the collection and distribution of funds
generated from the sale of miscellaneous state licenses.
14
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Combining Statement of Changes in Assets and Liabilities
All Agency Funds
Year Ended September 30, 2008
Balance
September 30,
2007 Additions Deletions
Property Tax Agency
Assets
Cash and cash equivalents $ 4,299,957 $ 263,157,294
Due from individuals 19,449 -
$ 4,319,406 $ 263,157,294
Liabilities
Undistributed collections $ 4,312,002 $ 252,574,810
❑ue to individuals 7,404 10,582,484
$ 4,319,406 $ 263,157,294
$ 262,875,246
16,519
$ 262,891,765
$ 252,309,580
10,582,185
$ 262,891,765
Licenses Agency Fund
Assets
Cash and cash equivalents $ 149,367 $ 10,126,465 $ 10,109,766
Due from individuals 767 951 -
Balance
September 30,
2008
$ 4,582,005
2,930
$ 4,584,935
$ 4,577,232
7,703
$ 4,584,935
$ 166,066
1.718
$ 150,134 $ 10,127,416 $ 10,109,766 $ 167,784
Liabilities
Undistributed collections $ 148,226 $ 10,102,333
Due to individuals 1,908 25,083
$ 150,134 $ 10,127,416
Total - All Agency Funds
Assets
Cash and cash equivalents $ 4,449,324 $ 273,283,759
Due from individuals 20,216 951
$ 4,469,540 $ 273,284,710
Liabilities
Undistributed collections
Due to individuals
$ 4,460,228 $ 262,677,143
9,312 10,607,567
$ 4,469,540 $ 273,284,710
$ 10, 084, 342
25,424
$ 10,109.766
$ 272,985,012
16,519
$ 273,001,531
$ 262,393,922
10,607,609
$ 273,001,531
$ 166,217
1,567
$ 167,784
$ 4,748,071
4,648
$ 4,752,719
$ 4,743,449
9,270
$ 4,752,719
15
SUPPLEMENTARY INDEPENDENT
AUDITORS' REPORTS
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
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida:
We have audited the financial statements of the major fund of the Monroe County,
Florida Tax Collector (the "Tax Collector") as of and for the year ended September 30,
2008, which collectively comprise the Tax Collector's basic financial statements, and
have issued our report thereon dated February 2, 2009 for the purpose of compliance
with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor
General -Local Govemmental Entity Audits. 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 Tax Collector's internal control
over financial reporting as a basis for designing our auditing procedures for the purpose
of expressing our opinions on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Tax Collector's internal control
financial reporting. Accordingly, we do not express an opinion on the effectiveness of
the Tax Collector'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
Tax Collector'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 Tax Collector's financial
statements that is more than inconsequential will not be prevented or detected by the
Tax Collector's internal control.
16
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 Tax Collector's
internal control.
Our consideration of internal 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 internal control that might be significant deficiencies or material
weaknesses. We did not identify any deficiencies in internal 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 Tax Collector'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.
This report is intended solely for the information and use of management and
applicable 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
February 2, 2009
17
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida:
We have audited the financial statements of the major fund and the aggregate remaining fund
information of the Monroe County, Florida Tax Collector (the "Tax Collector"), as of and for the
year ended September 30, 2008, which collectively comprise the Tax Collector's basic financial
statements, and have issued our report thereon dated February 2, 2009.
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. Disclosures in that report, dated February 2,
2009 should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550,
Rules of the Auditor General, which govern the conduct of local government entity audits
performed in the State of Florida. This letter includes the following information, which is not
included in the aforementioned auditors' report.
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address significant findings and recommendations made
in the preceding annual financial report. There were no recommendations made in the
preceding year's annual financial report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.145, Florida Statutes, regarding the investment of public funds. In
connection with our audit, nothing came to our attention that could cause us to believe that the
Tax Collector was in noncompliance with Section 218.415, Florida Statutes, regarding the
investment of public funds.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. In connection with
our audit, we did not have any such recommendations.
Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address 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. In connection with our
audit, we did not have any such findings.
IE:3
Section 10.554(1)(i)5., Rules of the Auditor General, requires, based on professional judgment,
the reporting of the following matters that are inconsequential to the financial statements,
considering both quantitative and qualitative factors: (1) violations of laws, regulations, contracts
or grant agreements, or abuse that have occurred, or are likely to have occurred, and (2) control
deficiencies that are not significant deficiencies, including, but not limited to; (a) improper or
inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements); (b) failures to properly record financial transactions; and (c) inaccuracies,
shortages, defalcations, and instances of fraud discovered by, or that come to the attention of
the auditor. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
The Tax Collector is a separately elected county official established pursuant to the Constitution
of the State of Florida. There are no component units related to the Tax Collector.
This management letter is intended solely for the information of the Tax Collector and
management, and the Auditor General and applicable 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
February 2, 2009
19
MONROE COUNTY TAX COLLEC-FOR.
1,200 Truman Ave-, Key West, FL 33040
Phone: (305)295-5000 Fax: (305)295-5020
February 25, 2009
Mon. Robert MiNigan
Comptroller
Room 1001 Capitol Building
Tallahassee, Fl. 32399-0350
Dear Sir
This office is in receipt of the audit report for the fiscal year ending September 30, 2008,1
The report indicates no recommendations to improve the Tax Collectors Management, account
procedures or internal controls,
Respectf ully,
Danise D Henriquez
Monroe County Tax Collector
Cc: County Finance Office
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT
COURT
Financial Statements
For the Year Ended
September 30, 2008
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Contents
Page
Independent Auditors' Report----------- ------------------------
2-3
BASIC FINANCIAL STATEMENTS
Balance Sheet -- Governmental Funds
4
Statement of Revenues, Expenditures and
Changes in Fund Balance - Governmental Funds ......................................................
5
Statement of Fiduciary Assets and Liabilities - Agency Fund ........................................
6
Notes to Financial Statements
7 - 11
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures -
Budget to Actual -- General Fund _
--------_-- 12
Schedule of Revenues and Expenditures --
Budget to Actual --- Special Revenue Court Related Fund—........ ..............................
13
Schedule of Revenues and Expenditures —
Budget to Actual — Special Revenue Records Modernization Fund -------------------------
14
SUPPLEMENTARY INFORMATION
Statement of Changes in Assets and Liabilities -
AgencyFund ........................................................................................................
....... 15
SUPPLEMENTARY INDEPENDENT AUDITORS' REPORTS
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 -----------------------------------------------
16 - 17
Independent Auditors' Management Letter.---------------------------------------------------------------------
18 - 19
INDEPENDENT AUDITORS' REPORT
To the Honorable Danny L. Kolhage,
Clerk of the Circuit Court of Monroe County, Florida:
We have audited the accompanying financial statements of each major fund of the Monroe County,
Florida Clerk of the Circuit Court (the "Clerk") as of and for the year ended September 30, 2008,
which collectively comprise the Clerk's basic financial statements as listed in the table of contents.
These financial statements are the responsibility of the Clerk's management. Our responsibility is to
express opinions on these financial statements based on our audit.
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. 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 significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinions.
As discussed in Note 1, the accompanying financial statements were prepared for the purpose of
complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor
General -Local Governmental Entity Audits, and are not intended to be a complete presentation of
the financial position of Monroe County, Florida, and the results of its operations and the cash flows
of its proprietary funds in conformity with accounting principles generally accepted in the United
States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of each of the major funds of the Clerk as of September 30, 2008, and
the respective changes in financial position thereof for the year then ended, in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated January
30, 2009 on our consideration of the Clerk's internal control over financial reporting and 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 integral part of an
audit performed in accordance with Government Auditing Standards and should be considered in
assessing the results of our audit.
2
The budgetary comparison schedules on pages 12-14 are not a required part of the basic financial
statements but are supplementary information required by the Governmental Accounting Standards
Board. We have applied certain limited procedures, which consisted primarily of inquiries of
management regarding the methods of measurement and presentation of the required
supplementary information. However, we did not audit the information and we express no opinion
on it.
Our audit was conducted for the purpose of forming opinions ' on the financial statements that
collectively comprise the Clerk's basic financial statements. The accompanying statement of
changes in assets and liabilities - agency fund is presented for purposes of additional analysis and
is not a required part of the basic financial statements. This statement has been subjected to the
auditing procedures applied by us in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
CHERRY, BEKAERT & HOLLAND, L.L.P.
Q-� I" , A , , Q� -
Orlando, Florida
January 30, 2049
3
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Balance Sheet
Governmental Funds
September 30, 2008
Major Funds
Court Records
General Related Modernization
ASSETS
Assets
Cash and cash equivalents
$
978,231
Due from Board of County Commissioners
13,923
Due from other governments
26,056
Total assets
$
1,018,210
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable and accrued liabilities
$
177,820
Due to Board of County Commissioners
812,422
Due to Florida Department of Revenue
-
Deferred revenue
-
Deposits
27,968
Total liabilities
1,018,210
Fund balances
-
Total liabilities and fund balances
$
1,018,210
$ 1.507,210
1,564
25,128
$ 1,533,900
$ 156,747
594,788
578, 365
204,000
1,533,1300
5 1,533,900
$ 532.525
$ 632,826
$ 1,063
1,063
631.763
$ 632,S26
Totals
$ 3,118,267
15,487
51,162
$ 3,184,936
$ 335,630
1,407,210
578,365
204,000
27,968
2,553,173
631,763
$ 3,164,936
The notes to the financial statements
are an integral part of this statement. 4
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Statement of Revenues, Expenditures and Changes in Fund Balance
Governmental Funds
Year Ended September 30, 2006
Revenues
Taxes
Intergovernmental
Charges for services
Fines and forfeitures
Interest Income
Total revenues
Expenditures
Current
General government
Salaries and benefits
Operating expenditures
Court related
Salaries and benefits
Operating expenditures
Capital outlay
Total expenditures
Major Funds
Court
General Related
Fund Fund
Records
Modernization
Fund Totals
$ 273,821 $ - $ - $ 273,821
- 704,675 - 704,675
837,490 2,035.79{1 277,401 3.150,681
- 1,401,642 - 1,401,642
165,773 992 5,304 172,069
1,277,084 4,143,099 282,705 5,702,888
2.564,762
-
-
2,564,762
566,268
-
-
566,268
-
3,637,712
49,279
3,686,991
-
235,031
537,191
772,222
10,892
36,827
29,864
77,583
3,141,922
3,909,570
616,334
7,667,826
Excess of revenues over (under) expenditures
(1,864,838)
233,529
(333,629)
(1,964,938)
Other financing sources and (uses)
Transfer from Board of County Commissioners
2,677,105
939,577
-
3,616,682
Transfer to Board of County Commissioners
(812,267)
(594,742)
-
(1,407,009)
Transfer to Florida Department of Revenue
-
(578,364)
-
(578,364)
Total other financing sources and (uses)
1,864,838
(233,529)
_
1,631,309
Excess of expenditures and other financing
uses over revenues and other uses
-
-
(333,629)
(333,629)
Fund balances, beginning of year
-
-
965,392
965,392
Fund balances, and of year
$ -
$ -
$ 631,763
$ 631,763
The notes to the financial statements
are an integral part of this statement.
5
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Statement of Fiduciary Assets and Liabilities
Agency Fund
September 30, 2008
Assets
Cash and cash equivalents
Due from others
Total assets
Liabilities
Due to others
Due to Board of County Commissioners
Due to other governmental agencies
Total liabilities
The notes to the financial statements
are an integral part of this statement. 6
$ 2,406,776
64,888
$ 2,471,664
$ 1,668,183
98,933
704,548
$ 2,471,664
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Notes to Financial Statements
Year Ended September 30, 2008
NOTE 'I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity - The Monroe County, Florida Clerk of the Circuit Court (the "Clerk") is a
separately elected county official established pursuant to the Constitution of the State of Florida.
The Clerk's financial statements do not purport to reflect the financial position or the results of
operations of Monroe County, Florida (the "County") taken as a whole.
Entity status for financial reporting purposes is governed by Statement No. 14 and No. 39 of the
Governmental Accounting Standards Board (GASB), Although the Clerk's Office is operationally
autonomous from the County, it does not hold sufficient corporate powers of its own to be
considered a legally separate entity for financial reporting purposes. Therefore, the Clerk is
reported as a part of the primary government of the County.
Description of Funds - The accounting records are organized for reporting purposes on the basis
of three governmental funds and a fiduciary fund.
General Fund - The General Fund is a governmental fund used to account for all revenues and
expenditures applicable to the general operations of the Clerk that are not required legally or by
accounting principles generally accepted in the United States of America to be accounted for in
another fund.
Court Related Fund — A special revenue fund is used to account for proceeds of specific
revenue sources that are legally restricted or committed to expenditures for specified purposes.
The Court Related Fund special revenue fund is used to account for revenues and expenditures
of court functions. Any excess fees over actual expenditures is returned to either the Florida
Department of Revenue by January 1 for the preceding county fiscal year or the Monroe County
Board of County Commissioners (the "Board"), depending on where the funds originated.
Records Modernization Fund - The Records Modernization Fund is a special revenue fund used
to account for recording fees restricted for records modernization pursuant to an act of the 1987
Florida Legislature. The proceeds are to be used exclusively for equipment, personnel training,
and technical assistance in modernizing the official records system and to pay for equipment
and start up costs necessitated by a state wide recording system.
Fiduciary Fund - The Fiduciary fund of the Clerk is an Agency Fund, which is used to account
for assets held by the Clerk as agent.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation - The
Clerk's financial statements are prepared for the purpose of complying with Section 218.39(2),
Florida Statutes, and Chapter 10.550, Rules of the Auditor General -Local Governmental Entity
Audits, which require the Clerk to only present fund financial statements.
7
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Notes to Financial Statements
Year Ended September 30, 2008
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The General Fund and the Special Revenue Funds are governmental funds which use the current
financial resources measurement focus and the modified accrual basis of accounting. Revenues
are recognized when measurable and available. Revenues are considered to be available when
they are collectible within the current period or soon enough thereafter to pay liabilities of the
current period. For this purpose, the Clerk considers revenues to be available if they are collected
within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a
liability is incurred, as under accrual accounting. However, expenditures related to compensated
absences and claims and judgments are recorded only when payment is due.
The Clerk reports the General Fund, Court Related Fund and the Records Modernization Fund as
major governmental funds and the Agency Fund as a fiduciary fund type. The Agency Fund is
custodial in nature and does not involve measurement of results of operations.
The Clerk's operations are segregated between court related and non -court related activities as
defined by Article V of the Florida Constitution. Any excess of court related revenue over court
related expenditures is reflected as a liability to either the Florida Department of Revenue or the
Board, depending on the source of the original funding. Any excess of non -court related revenue
over non court -related expenditures is reflected as a liability to the Board.
Budgetary Requirements - Expenditures are controlled by appropriations in accordance with the
budget requirements set forth in the Florida Statutes. The budget is prepared on a basis consistent
with accounting principles generally accepted in the United States of America.
Cash and Cash Equivalents — The Clerk's cash and cash equivalents consist of demand deposits
and highly liquid investments with maturities of 90 days or less when purchased.
Capital Assets - Tangible personal property used by the Clerk's operations are recorded in
governmental fund types as expenditures at the time assets are received and a liability is incurred.
Purchased assets are capitalized at historical cost in the government -wide financial statements of
the County. In addition, the County provides administrative office space and certain other
expenditures used by the Clerk at no charge.
Compensated Absences - The Clerk permits employees to accumulate earned but unused
vacation and sick pay benefits. Related long-term obligations, amounting to $715,678 at September
30, 2008, are included in the government -wide financial statements of the County.
Deferred Revenue -- The Clerk reports as deferred revenue bond forfeitures that have not yet
been recognized as revenue in accordance with Section 903.28, Florida Statutes. This Section
requires the recognition of revenue over a two-year period. Amounts are reduced by any
reinstatement of bond amounts by court order.
Use of Estimates - The preparation of financial statements requires management to make use of
estimates that affect reported amounts. Actual results could differ from estimates.
0
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Notes to Financial Statements
Year Ended September 30, 2008
NOTE 2 — DEPOSITS AND INVESTMENTS
As of September 30, 2008, the Clerk's cash and cash equivalents are held in demand deposits with
a carrying amount of $5,525,043 and a bank balance of $5,542,156.
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation or are
covered by the State of Florida collateral pool, a multiple institution pool with the ability to assess its
members for collateral if a member institution fails.
Florida Statutes authorize investments in certificates of deposit, savings accounts, the Local
Government Surplus Funds Trust Fund administered by the Florida State Board of Administration,
money market funds, direct obligations of the U.S. Treasury, and federal agencies and
instrumentalities and Intergovernmental Investment Pools that are authorized pursuant to the
Florida ]nterlocal Cooperation Act, as provided in Section 163.01, Florida Statutes. The Local
Government Surplus Funds Trust Fund is not rated as to credit quality risks.
NOTE 3 - RETIREMENT SYSTEM
Plan Description — The Clerk's employees participate 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 cost sharing, multiple -employer, defined benefit
retirement plan, or the defined contribution plan (Investment Plan) under the FRS. As a general
rule, membership in the FRS is compulsory for all employees working in a regularly established
position for a state agency, county government, district school board, state university, community
college, or a participating city or special district within the State of Florida. The FRS provides
retirement and disability benefits, annual cost -of -living adjustments, and death benefits to Plan
members and beneficiaries. Benefits are established by Chapter 121, Florida Statutes, and
Chapter 60S, Florida Administrative Code. Amendments to the law can be made only by an act of
the Florida Legislature.
Benefits under the Pension Plan are computed on the basis of age, average final compensation,
and service credit. Regular class employees who retire at or after age 62 with 6 years of credited
service or 30 years of service regardless of age are entitled to a retirement benefit payable monthly
for life, equal to 1.6% of their final average compensation for each year of credited service. Vested
employees with less than 30 years of service may retire before age 62 and receive reduced
retirement benefits. Special risk class employees (sworn law enforcement officers, firefighters, and
correctional officers) who retire at or after age 55 with 6 years of credited service, or with 25 years
of service regardless of age, are entitled to a retirement benefit payable monthly for Iife equal to
3.0% of their final average compensation for each year of credited service. Senior Management
Service class employees who retire at or after age 62 with at least 6 years of credited service or 30
years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal
to 2.0% of their final average compensation for each year of credited service. Elected Officers'
class employees who retire at or after age 62 with at least 6 years of credited service or 30 years of
service regardless of age are entitled to a retirement benefit payable monthly for life, equal to 3.0%
(3.33% for judges and justices) of their final average compensation for each year of credited
service, A post -employment health insurance subsidy is also provided to eligible retired employees
through the FRS in accordance with Florida Statutes.
01
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Notes to Financial Statements
Year Ended September 30, 2008
NOTE 3 — RETIREMENT SYSTEM (continued)
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 electing 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 State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The latest available report may be
obtained by writing to the State of Florida Division of Retirement, Department of Management
Services, P.O_ Box 9000, Tallahassee, Florida 32315-9000 or accessing their internet site at
www.frs.state.fl.us.
Funding Policy - The FRS is noncontributory for members. Governmental employers are required
to make contributions to the FRS based on statewide contribution rates. The contribution rates by
job class at September 30, 2008 were as follows: regular, 9.85%; special risk, 20.92%; special risk
administrative support, 12.55%; county elected officers, 16.53%; senior management, 13.12%; and
DROP participants, 10.91 %. During the fiscal year ended September 30, 2008, the Clerk
contributed to the Plan an amount equal to 10.31 % of covered payroll. Clerk contributions to the
FRS for the fiscal years ended September 30, 2006 through 2008 were $396,086, $473,712, and
$473,335, respectively, which were equal to the required contributions for each fiscal year. The
Clerk 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 4 — OTHER POSTEMPLOYMENT BENEFITS (OPEB)
The Monroe County Board of County Commissioners (BOCC) administers a single -employer
defined benefit healthcare plan (the "Plan"). In accordance with Section 112.0801 of the Florida
Statutes, the BOCC is required to provide retirees with the opportunity to participate in this Plan
because Monroe County provides a medical plan to active County employees. The Plan provides
health care benefits including medical coverage, prescription drug benefits, dental benefits and life
insurance coverage to both active and eligible retired employees. The Plan does not issue a
publicly available financial report.
The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels of
participant contribution at any time. The BOCC approves the rates for the coming calendar year for
the retiree and County contributions at an open session prior to the annual enrollment process.
Eligibility for post employment participation in the Plan is limited to full time employees of the
Board, the Constitutional Officers, the Land Authority, and retirees. Retirees hired after October 1,
2001 must contribute the premium determined by the BOCC for all participants prior to the annual
enrollment process. Retirees hired before October 1, 2001, who retire from the County with 10
years of full-time service and are covered by the Florida Retirement System, must contribute $50
from each Florida Health Insurance Subsidy payment from the Florida Retirement System. Other
10
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Notes to Financial Statements
Year Ended September 30, 2008
NOTE 4 — OTHER POSTEMPLOYMENT BENEFITS (OPEB) (continued)
conditions apply to employees hired before October 1, 2001 who have retired before the normal
retirement date, have not reached age 60, and whose age and years of service to the County do
not equal 70.
In conjunction with the implementation of GASB Statement 45 during fiscal year 2008, the BOCC
engaged an actuarial firm to determine the County's actuarially determined annual required
contribution and unfunded obligation. The Clerk has no responsibility to the Plan other than to
make the periodic payments determined by the BOCC. Further information about the Plan is
available in the County's Comprehensive Annual Financial Report which is published on the Clerk's
website at www. clerk-of-the-court.com.
NOTE 5 - RISK MANAGEMENT
The Clerk 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. The Clerk participates in
the coverage provided by the Board of County Commissioners of Monroe County Workers'
Compensation, Group Insurance, and Risk Management Internal Service Funds. Under these
programs, the Worker's Compensation Fund provides $1,000,000 coverage per claim for regular
employees. Workers' Compensation claims in excess of the self insured coverage are covered by
an excess insurance policy. 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. The Clerk makes
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.
NOTE 6 - LEASE COMMITMENTS
The Clerk leases various office equipment under cancelable arrangements accounted for as
operating leases. Total lease expense was $44,494 for the year ended September 30, 2008.
NOTE 7 — RECLASSIFICATION
The funding received from the Board of County Commissioners (the "BOCC") is reported in these
financial statements as an "other financing source" transfer pursuant to changes in the Florida
Uniform Accounting System. In prior years, the BOCC funding was reported as revenue from
charges for services.
NOTE 8 - LITIGATION
The Clerk is a party from time to time in various lawsuits and other claims incidental to the ordinary
course of its operation, some of which are covered by the County's self-insurance program. While
the results of litigation cannot be predicted with certainty, management believes the final outcome
of such litigation will not have a material adverse effect on the Clerk's financial position.
11
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
CLERIC OF THE CIRCUIT COURT
Schedule of Revenues and Expenditures - Budget to Actual
General Fund
Year Ended September 30, 2008
General Fund
Variance
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues
Taxes
$ -
$ 202,192 $
273,821
$ 71,629
Charges for services
Board of County Commissioners
2,881,781
-
-
-
Others
1,080,000
1,080,000
837,490
(242,510)
Interest Income
-
-
165,773
165,773
Total revenues
3,961,781
1,282.192
1,277,084
(5,108)
Expenditures
Current
General government
Clerk recording
Clerk information systems
Clerk finance
Internal audit
Tourist tax audit
Nan -court administration
Non -court records management
Total expenditures
Excess of revenues over (under) expenditures
Other financing sources and uses
642,792
642,792
512,045
130,747
687,965
658,765
523,064
135,701
1,587,345
1,587,345
1,508,033
79,312
217,413
246,613
246,496
117
202,192
202,192
131,684
70,508
127,370
127,370
110,127
17,243
139.248
139,248
110,473
28,775
3.604,325
3,604,325
3,141,922
462,403
357,456
(2,322,133)
(1,864,838)
457,295
Contingency (357,456) (357,456) - 357.456
Transfer from Board of County Commissioners - 2,679,589 2,677,105 (2,484)
Transfer to Board of County Commissioners - - (812,267) (812,267)
Total other financing sources and uses (357,456) 2,322,133 1,864,838 (457,295)
Net change In fund balance - - - -
Fund balance, beginning of year
Fund balance, end of year
12
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Schedule of Revenues and Expenditures - Budget to Actual
Special Revenue Court Related Fund
Year Ended September 30, 2008
Revenues
Intergovernmental
Charges for services
Board of County Commissioners
Others
Fines and forfeitures
Interest Income
Total revenues
Expenditures
Current
Court Related
Clerk administration
Clerk records management
Clerk jury management
Clerk circuit court criminal
Clerk circuit court civil
Clerk circuit court family
Clerk circuit court juvenile
Clerk circuit court probate
Clerk county court criminal
Clerk county court civil
Clerk county court traffic
Total expenditures
Excess of revenues over (under) expenditures
Other financing sources and uses
Contingency
Transfer from Board of County Commissioners
Transfer to Board of County Commissioners
Transfer to Florida Department of Revenue
Total other financing sources and uses
Net change In fund balance
Fund balance, beginning of year
Fund balance, and of year
Special Revenue
Court Related Fund
Variance
Original Final Positive
Budget Budget Actual (Negative)
$ 701,842 $ 722,502 $ 704,675 $ (17,827)
985,272 - - -
2,030,000 2,030,000 2,035,790 5,790
1,470,000 1,470,000 1,401,642 (68,35B)
- - 992 992
5,187,114 4,222,502 4,143.099 (79,403)
347,435
347,435
304,030
43,405
379,836
379,836
320,016
59,820
121,249
141,909
113,101
28,808
863,299
863,299
825,460
37,839
376,603
381,603
381,292
311
140.157
140,157
123,440
16,717
173,904
173,904
125,719
48,185
95,323
95,323
88,919
6,404
727,565
722,565
616,866
105,699
265,835
265,835
196,989
68,846
890,035
896,035
813.738
82,297
4,387,241
4,407,901
3,909,570
498,331
799,873
(185,399)
233.529
418,928
(457,847)
(457,847)
-
457,847
-
985.272
939,577
(45.695)
(342,026)
(342,026)
(594,742)
(252,716)
-
-
(578,364)
(578,364)
(799,873)
185,399
(233,529)
(418,928)
13
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Schedule of Revenues and Expenditures - Budget to Actual
Special Revenue Records Modernization Fund
Year Ended September 30, 2008
Special Revenue
Records Modernization Fund
Variance
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Revenues
Charges for services
Others
$ 440,000
$ 440,000
$ 277,401
$ (162.599)
Interest Income
55,000
55,000
5,304
(49,695)
Total revenues
495,000
495,000
282,705
(212,295)
Expenditures
Current
Court related
Modernization trust
1.403,100
1,403,100
616,334
786,766
Total expenditures
1,403,100
1,403,100
616,334
786,766
Excess of revenues over (under) expenditures
(908,100)
(908,100)
(333,629)
574,471
Other financing uses
Contingency
(155,900)
(155,900)
-
155,900
Total other financing uses
(155,900)
(155,900)
-
155,900
Net change In fund balance
(1,064,000)
(1,064,000)
(333,629)
730,371
Fund balance, beginning of year
1,064,000
1,064,000
965,392
(98,608)
Fund balance, end of year
$ -
$ -
$ 631,763
$ 631,763
14
SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
CLERK OF THE CIRCUIT COURT
Statement of Changes in Assets and Liabilities
Agency Fund
Year Ended September 30, 2008
Balance
Balance
October 1,
September 30,
2007
Additions
Deductions
2008
Assets
Cash and cash equivalents
$
3,779,007
$
26,886,817
$
28,259,048
$ 2,406,776
❑ue from others
16,712
89,184
41,008
64,888
Total assets
$
3,795,719
$
26,976,001
$
28,300,056
$ 2,471,664
Liabilities
Due to others
$
2,685,031
$
4,004,659
$
5,021,507
$ 1,668,183
Due to Board of County Commissioners
114,820
1,338,946
1,354,833
98,933
Due to other governmental agencies
995,868
21.632.396
21,923,716
704,548
Total liabilities
$
3,795,719
$
26,976.001
$
28,300,056
$ 2,471,664
15
SUPPLEMENTARY INDEPENDENT
AUDITORS' REPORTS
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
To the Honorable Danny L. Kolhage,
Clerk of the Circuit Court of Monroe County, Florida:
We have audited the financial statements of each major fund of the Monroe County, Florida
Clerk of the Circuit Court (the "Clerk") as of and for the year ended September 30, 2008, which
collectively comprise the Clerk's basic financial statements, and have issued our report thereon
dated January 30, 2009 for the purpose of compliance with Section 218.39(2), Florida Statutes,
and Chapter 10.550, Rules of the Auditor General -Local Govemmental Entity Audits. 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 Clerk'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 Clerk's internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Clerk'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 Clerk'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 Clerk's financial statements that is more than inconsequential will not be
prevented or detected by the Clerk'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 presented or detected by the Clerk's internal control.
Our consideration of internal 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 internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be
material weaknesses, as defined above.
Compliance and Other Matters
As part of obtaining assurance about whether the Clerk's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, and 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.
This report is intended solely for the information of the Clerk, management, the Auditor
General, and applicable 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
January 30, 2009
17
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Honorable Danny L. Kolhage,
Clerk of the Circuit Court of Monroe County, Florida:
We have audited the financial statements of each major fund of the Monroe County, Florida
Clerk of the Circuit Court (the "Clerk"), as of and for the year ended September 30, 2008, which
collectively comprise the Clerk's basic financial statements, and have issued our report thereon
dated January 30, 2009.
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. 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. Disclosures in that report, dated January 30,
2009 should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550,
Rules of the Auditor General, which govern the conduct of local government entity audits
performed in the State of Florida. This letter includes the following information, which is not
included in the aforementioned auditors' report.
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address significant findings and recommendations made
in the preceding annual financial report. There were no recommendations made in the
preceding year's annual financial report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.145, Florida Statutes, regarding the investment of public funds. In
connection with our audit, nothing came to our attention that could cause us to believe that the
Clerk was in noncompliance with Section 218.415, Florida Statutes, regarding the investment of
public funds.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. In connection with
our audit, we did not have any such recommendations.
Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address 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. In connection with our
audit, we did not have any such findings.
18
Section 10.554(1)(i)5., Rules of the Auditor General, requires, based on professional judgment,
the reporting of the following matters that are inconsequential to the financial statements,
considering both quantitative and qualitative factors: (1) violations of laws, regulations, contracts
or grant agreements, or abuse that have occurred, or are likely to have occurred, and (2) control
deficiencies that are not significant deficiencies, including, but not limited to; (a) improper or
inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements); (b) failures to properly record financial transactions; and (c) inaccuracies,
shortages, defalcations, and instances of fraud discovered by, or that come to the attention of
the auditor. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
The Clerk is a separately elected county official established pursuant to the Constitution of the
State of Florida. There are no component units related to the Clerk.
This management letter is intended solely for the information of the Clerk and management, and
the Auditor General and applicable 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.
cj�'. ;�'� , '� , , , -
Orlando, Florida
January 30, 2009
19
MONROE COUNTY COURTHOUSE
,500 WHITEHEAD SI REE1, SUITE 101
KI y WEsi', Fix)RiDA13040
TjL;j_ (305) 294-4641
FAX (105) 295-3663
BRANCH OFFICE.'
MARMHON SUB ("OUIRTHOUSE
1117 OVERSFAS HKAIWAY
NlARATHON, FLORIDA 31050
TFT'. (305) 289-6027
FAX (305) 289-1745
CLERK OF THE CIRCUIT COURT
MONROE COUNTY
www,clerk-of-the-court.com
April 22, 2009
Auditor General of the State of lorida
Claude Denson Pepper Building
1.11 West Madison Street
Tallahassee FL 32399-1450
PSM
Dear Sir:
BRANCH OFFICE:
PLANTATION KEY
GOVERNMENT CENTER
88820 Ovr,,RSFAs HIGHWAY
PLANTATION KEY, FLORIDA 13070
TEL. (305) 852-7145
FAX (305) 852-7146
ROTH ButIA)MG
50 HIGH POINT ROAD
PLANTATION KEY, RADJUDA 33070
TEL. (305) 852-7145
FAX (305) 853-7440
Audit of the Clerk of the Circuit Court
and Monroe County for Fiscal Year
Ending September 30, 2008 1,
Enclosed please find my response to the management letter comments included in the
annual audit ofthe Clerk of the Circuit Court and Monroe County for the Fiscal Year Ending
September 30, 2008.
Clerk ofthe Circuit Court
There were no, management letter comments for Fiscal Year 2007-2008, If I can be of
further assistance, please do not hesitate to contact me.
Sincerely yours,
army �LK'o hage, Clerk
of the Circuit Court and ex-officio
to the Board of County Commissioners
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Financial Statements
For the Year Ended
September 30, 2008
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Table of Contents
Paqe
Independent Auditors' Report ................................................................................................. 2-3
BASIC FINANCIAL STATEMENTS
Balance Sheet — General Fund 4
Statement of Revenues, Expenditures and Changes in
Fund Balances - General Fund 5
Notes to Financial Statements 6 —10
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures - Budget and Actual -
GeneralFund-,.. ........................................................................................................... 11
SUPPLEMENTARY INDEPENDENT AUDITORS' REPORTS
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 ............................................... 12 - 13
Independent Auditors' Management Letter____ _ 14 - 15
INDEPENDENT AUDITORS' REPORT
To the Honorable Ervin A. Higgs,
Property Appraiser of Monroe County, Florida:
We have audited the accompanying financial statements of the major fund of the Monroe
County, Florida Property Appraiser (the "Property Appraiser'), as of and for the year ended
September 30, 2008, which comprise the Property Appraiser's basic financial statements as
listed in the table of contents. These financial statements are the responsibility of the Property
Appraiser's management. Our responsibility is to express an opinion on these financial
statements based on our audit.
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. 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 significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
As discussed in Note 1, the accompanying financial statements were prepared for the purpose
of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor
General -Local Governmental Entity Audits, and are not intended to be a complete presentation
of the financial position of Monroe County, Florida, and the results of its operations and the cash
flows of its proprietary funds in conformity with accounting principles generally accepted in the
United States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the major fund of the Property Appraiser as of September 30, 2008, and
the changes in its financial position thereof for the year then ended, in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
January 18, 2009 on our consideration of the Property Appraiser's internal control over financial
reporting and 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 integral part of an audit performed in accordance with
Government Auditing Standards and should be considered in assessing the results of our audit.
2
The budgetary comparison schedule on page I 1 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 primarily of
inquiries of management regarding the methods of measurement and presentation of the
required supplementary information. However, we did not audit the information and we express
no opinion on it.
CHERRY, BEKAERT & HOLLAND, L.L.P.
C3�" Q-,k, �' '� , '- t-!� -
Orlando, Florida
January 18, 2009
3
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Balance Sheet
General Fund
September 30, 2008
Assets
Cash and cash equivalents $ 607,349
Receivable 611
Total assets $ 607,960
Liabilities and Fund Balance
Liabilities:
Accounts payable $ 14,069
Accrued wages and benefits payable 50,594
Due to Board of County Commissioners 464,126
Due to other governmental units 79,171
Total liabilities 607,960
Fund balance -
Total liabilities and fund balance
The notes to the financial statements are an
integral part of this statement.
4
$ 607,960
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Statement of Revenues, Expenditures and Changes in Fund Balances
General Fund
Year Ended September 30, 2008
Revenues:
Charges for services
Other taxing districts
Investment income
Miscellaneous
Total revenues
Expenditures:
Current:
Personnel services
Operating expenditures
Capital outlay
Total expenditures
Other financing sources (uses):
Transfers from Board of County Commissioners
Transfers to Board of County Commissioners
Transfers to other governmental units
Total other financing sources (uses)
Excess of revenues over expenditures
Fund balance, beginning of year
Fund balance, end of year
The notes to the financial statements are an
integral part of this statement. 5
$ 802,664
13,644
3,414
819,722
2,776,605
556,948
61,194
3,394,747
3,118, 322
(464,126)
(79,171)
2,575,025
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Notes to Financial Statements
Year Ended September 30, 2008
Note 1 — Summary of significant accounting policies
Reporting Entity -- The Monroe County, Florida Property Appraiser (the "Property Appraiser")
is a separately elected county official established pursuant to the Constitution of the State of
Florida. The Property Appraiser's financial statements do not purport to reflect the financial
position or the results of operations of Monroe County, Florida (the "County") taken as a whole.
Entity status for financial reporting purposes is governed by Statements No. 14 and No. 39 of
the Governmental Accounting Standards Board (GASB). Although the Property Appraiser's
Office is operationally autonomous, it does not hold sufficient corporate powers of its own to be
considered a legally separate entity for financial reporting purposes. Therefore, the Property
Appraiser is reported as a part of the primary government of the County.
Measurement focus, basis of accounting, and financial statement presentation - The
Property Appraiser's financial statements are prepared in accordance with Chapter 10.550,
Rules of the Auditor General, which requires the Property Appraiser to only present fund
financial statements.
The General Fund is used to account for all revenues and expenditures applicable to the
general operations of the Property Appraiser. This fund is presented as a major governmental
fund and uses the current financial resources measurement focus and the modified accrual
basis of accounting. Revenues are recognized when measurable and available. Revenues are
considered to be available when they are collectible within the current period or soon enough
thereafter to pay liabilities of the current period. For this purpose, the Property Appraiser
considers revenues to be available if they are collected within 50 days of the end of the current
fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, expenditures related to compensated absences and claims and
judgments are recorded only when payment is due.
The extent to which General Fund revenues exceed expenditures is reflected as transfers out
and as liabilities to the Monroe County Board of County Commissioners (the "Board") and other
governmental agencies in the same proportion as fees paid by each governmental unit to total
fees earned by the Property Appraiser.
Budgetary Requirements — Expenditures are controlled by budget appropriations in
accordance with the requirements set forth in the Florida Statutes. The budget is prepared on a
basis consistent with accounting principles generally accepted in the United States of America.
Cash and Cash Equivalents and Investments — Cash and cash equivalents consist of cash
on hand and demand deposits,
Capital Assets — Tangible personal property used in the Property Appraiser's operations are
recorded as expenditures in the General Fund at the time assets are received and a liability is
incurred. Purchased assets are capitalized at historical cost in the government -wide financial
statements of the County. In addition, the Board provides office space used by the Property
Appraiser at no charge.
C-J
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Notes to Financial Statements
Year Ended September 30, 2008
Note 'i — Summary of significant accounting policies (continued)
Compensated Absences — The Property Appraiser permits employees to accumulate earned
but unused vacation and sick pay benefits. Related long-term obligations amounting to
$160,572 at September 30, 2008, are included in the government -wide financial statements of
the County.
Use of Estimates - The preparation of financial statements requires management to make use
of estimates that affect reported amounts. Actual results could differ from estimates.
Note 2 — Deposits and Investments
As of September 30, 2008, the Property Appraiser has demand deposits with a carrying amount
of $607,349 and a bank balance of $666,386.
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation or
are covered by the State of Florida collateral pool, a multiple institution pool with the ability to
assess its members for collateral if a member institution fails.
Florida Statutes and the Property Appraiser's investment policy authorize investments in
certificates of deposit, savings accounts, repurchase agreements, the Local Government
Surplus Funds Trust Fund administered by the Florida State Board of Administration, money
market funds, direct obligations of the U.S. Treasury and federal agencies and instrumentalities.
Note 3 — Retirement system
Plan Description — The Property Appraiser's employees participate 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 cost sharing, multiple -employer,
defined benefit retirement plan, or the defined contribution plan ("Investment Plan") under the
FRS. As a general rule, membership in the FRS is compulsory for all employees working in a
regularly established position for a state agency, county government, district school board, state
university, community college, or a participating city or special district within the State of Florida.
The FRS provides retirement and disability benefits, annual cost -of living adjustments, and
death benefits to Plan members and beneficiaries. Benefits are established by Chapter 121,
Florida Statutes, and Chapter 60S, Florida Administrative Code. Amendments to the law can be
made only by an act of the Florida Legislature.
Benefits are computed on the basis of age, average final compensation, and service credit.
Regular class employees who retire at or after age 62 with 6 years of credited service or 30
years of service regardless of age are entitled to a retirement benefit payable monthly for life,
equal to 1.6% of their final average compensation for each year of credited service. Vested
employees with less than 30 years of service may retire before age 62 and receive reduced
retirement benefits. Special risk class employees (sworn law enforcement officers, firefighters,
and correctional officers) who retire at or after age 55 with 6 years of credited service, or with 25
years of service regardless of age, are entitled to a retirement benefit payable monthly for life
equal to 3.0% of their final average compensation for each year of credited service. Senior
Management Service class employees who retire at or after age 62 with at least 6 years of
credited service or 30 years of service regardless of age are entitled to a retirement benefit
7
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Notes to Financial Statements
Year Ended September 30, 2008
Note 3 — Retirement system (continued)
payable monthly for life, equal to 2.0% of their final average compensation for each year of
credited service. Elected Officers' class employees who retire at or after age 62 with at least 6
years of credited service or 30 years of service regardless of age are entitled to a retirement
benefit payable monthly for life, equal to 3.0% (3.33% for judges and justices) of their final
average compensation for each year of credited service. A post -employment health insurance
subsidy is also provided to eligible retired employees through the FRS in accordance with
Florida Statutes.
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 electing 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 State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The latest available report may
be obtained by writing to the State of Florida Division of Retirement, Department of
Management Services, P. O. Box 9000, Tallahassee, Florida 32315-9000 or accessing their
internet site at www.frs.state.fl.us.
Funding Policy — The FRS is noncontributory for members. Governmental employers are
required to make contributions to the FRS based on statewide contribution rates. The
contribution rates by job class at September 30, 2008 were as follows: regular, 9.85%; special
risk, 20.92%; special risk administrative support, 12.55%; county elected officers, 16.53%;
senior management, 13.12%; and DROP participants, 10.91%. During the fiscal year ended
September 30, 2008, the Property Appraiser contributed to the Plan an amount equal to 10.13%
of covered payroll. Property Appraiser contributions to the FRS for the fiscal years ended
September 30, 2006 through 2008 were $182,655, $238,712 and $238,915, respectively, which
were equal to the required contributions for each fiscal year. The Property Appraiser 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 4 — Other Postemployment Benefits (OPEB)
The Monroe County Board of County Commissioners (BOCC) administers a single -employer
defined benefit healthcare plan (the "Plan"). In accordance with Section 112.0801 of the Florida
Statutes, the BOCC is required to provide retirees with the opportunity to participate in this Plan
because Monroe County provides a medical plan to active County employees. The Plan
provides health care benefits including medical coverage, prescription drug benefits, dental
benefits and life insurance coverage to both active and eligible retired employees. The Plan
does not issue a publicly available financial report.
9
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Notes to Financial Statements
Year Ended September 30, 2008
Note 4 — Other Postemployment Benefits (OPEB) (continued)
The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels of
participant contribution at any time. The BOCC approves the rates for the coming calendar year
for the retiree and County contributions at an open session prior to the annual enrollment
process.
Eligibility for post employment participation in the Plan is limited to full time employees of the
Board, the Constitutional Officers, the Land Authority, and retirees. Retirees hired after October
1, 2001 must contribute the premium determined by the BOCC for all participants prior to the
annual enrollment process. Retirees hired before October 1, 2001, who retire from the County
with 10 years of full-time service and are covered by the Florida Retirement System, must
contribute $50 from each Florida Health Insurance Subsidy payment from the Florida
Retirement System. Other conditions apply to employees hired before October 1, 2001 who
have retired before the normal retirement date, have not reached age 60, and whose age and
years of service to the County do not equal 70.
In conjunction with the implementation of GASB Statement 45 during fiscal year 2008, the
BOCC engaged an actuarial firm to determine the County's actuarially determined annual
required contribution and unfunded obligation. The Property Appraiser has no responsibility to
the Plan other than to make the periodic payments determined by the BOCC. Further
information about the Plan is available in the County's Comprehensive Annual Financial Report
which is published on the Clerk's website at www. clerk-of-the-court.com.
Note 5 — Risk management
The Property Appraiser 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.
The Property Appraiser participates in the coverage provided by the Board for Workers'
Compensation, Group Insurance, and Risk Management internal service funds. Under these
programs, Workers' Compensation provides $1,000,000 coverage per claim for regular
employees. 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 cost of the buildings with a deductible between $100,000 and $250,000. Deductibles for
windstorm and flood vary by location. Monroe 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. The Property
Appraiser makes payments to the Workers' Compensation, Group Insurance and Risk
Management Funds based on estimates of the amounts needed to pay prior and current year
claims.
E
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Notes to Financial Statements
Year Ended September 30, 2008
Note 6 - Commitments
Operating Leases — The Property Appraiser has entered into noncancelable lease
commitments for office equipment. Total lease expenditures amounted to $20,898 during the
year ended September 30, 2008. The following is a schedule by years of minimum future
obligations under the leases:
2009
$ 17,317
2010
17,317
2011
17,317
2012
12,951
Total $ 64,902
Note 7 — Reclassification
The funding received from the Board of County Commissioners (the BOCC) is reported in these
financial statements as an "other financing source" transfer pursuant to changes in the Florida.
Uniform Accounting System. In prior years, the BOCC funding was reported as revenue from
charges for services.
Note 8 — Litigation
The Property Appraiser is a party from time to time in various lawsuits and other claims
incidental to the ordinary course of its operation, some of which are covered by the Board's self-
insurance program. While the results of litigation cannot be predicted with certainty,
management believes the final outcome of such litigation will not have a material adverse effect
on the Property Appraiser's financial position.
10
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
Schedule of Revenues and Expenditures
Budget and Actual - General Fund
Year Ended September 30, 2008
General Fund
Variance with
Final Budget
Original
Final
Positive
Budget
Budget Actual
(Negative)
Revenues:
Other taxing districts
$ 802,664 $
802,664 $ 802,664 $
-
Investment income
-
- 13,644
13,644
Miscellaneous
-
- 3,414
3,414
Total revenues
802,664
802,664 819,722
17,058
Expenditures:
Current:
Personnel services
2,930,080
2,929,486
2,776,605
152,861
Operating expenditures
689,398
689,398
556,948
132,450
Capital outlay
302,122
302,122
61,194
240,928
Total expenditures
3.921,600
3,920,986
3,394,747
526,239
Other financing sources (uses):
Transfers from Board of County Commissioners
3,118,936
3,118,322
3,118,322
-
Transfers to Board of County Commissioners
-
-
(464,126)
(464,126)
Transfers to other govemmentaIunits
-
-
(79,171)
(79,171)
Total other financing sources (uses)
3,118,936
3,118,322
2.575.025
(543,297)
Excess of revenues over expenditures
-
-
-
Fund balance, beginning of year - - - -
Fund balance, end of year $ - $ - $ - $ -
HE
SUPPLEMENTARY INDEPENDENT
AUDITORS' REPORTS
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
To the Honorable Ervin A. Higgs,
Property Appraiser of Monroe County, Florida:
We have audited the financial statements of the major fund of the Monroe County, Florida
Property Appraiser (the "Property Appraiser") as of and for the year ended September 30, 2008,
which comprise the Property Appraiser's basic financial statements, and have issued our report
thereon dated January 18, 2009 for the purpose of compliance with Section 218.39(2), Florida
Statutes, and Chapter 10.550, Rules of the Auditor General -Local Govemmental Entity Audits.
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 Property Appraiser'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 Property Appraiser's internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of the Property Appraiser'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 Property Appraiser'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 Property Appraiser's financial statements that is more than inconsequential
will not be prevented or detected by the Property Appraiser'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 Property Appraiser's internal control.
12
Our consideration of internal 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 internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be
material weaknesses, as defined above.
Compliance and Other Matters
As part of obtaining assurance about whether the Property Appraiser'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.
This report is intended solely for the information of the Property Appraiser, management, the
Auditor General, and applicable 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
January 18, 2009
13
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Honorable Ervin A. Higgs,
Property Appraiser of Monroe County, Florida:
We have audited the financial statements of the major fund of the Monroe County, Florida
Property Appraiser (the "Property Appraiser"), as of and for the year ended September 30,
2008, which comprise the Property Appraiser's basic financial statements, and have issued our
report thereon dated January 18, 2009.
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 Govemment
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. Disclosures in that report, dated January 18,
2009 should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550,
Rules of the Auditor General, which govern the conduct of local government entity audits
performed in the State of Florida. This letter includes the following information, which is not
included in the aforementioned auditors' report_
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address significant findings and recommendations made
in the preceding annual financial report. There were no recommendations made in the
preceding year's annual financial report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.145, Florida Statutes, regarding the investment of public funds. In
connection with our audit, nothing came to our attention that could cause us to believe that the
Property Appraiser was in noncompliance with Section 218.415, Florida Statutes, regarding the
investment of public funds.
Section 10.554(1)(1)3., Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. In connection with
our audit, we did not have any such recommendations.
Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address 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. In connection with our
audit, we did not have any such findings.
14
Section 10.554(1)(i)5., Rules of the Auditor General, requires, based on professional judgment,
the reporting of the following matters that are inconsequential to the financial statements,
considering both quantitative and qualitative factors: (1) violations of laws, regulations, contracts
or grant agreements, or abuse that have occurred, or are likely to have occurred, and (2) control
deficiencies that are not significant deficiencies, including, but not limited to; (a) improper or
inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements); (b) failures to properly record financial transactions; and (c) inaccuracies,
shortages, defalcations, and instances of fraud discovered by, or that come to the attention of
the auditor. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
The Property Appraiser is a separately elected county official established pursuant to the
Constitution of the State of Florida. There are no component units related to the Property
Appraiser.
This management letter is intended solely for the information of the Property Appraiser and
management, and the Auditor General and applicable 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
January 18, 2009
15
C
ZU
F A
MONRA)E ('-'/1()UNTY PROPERTN" A+11111?'Z\111-11H'
C 0 1.1 N T Y C 0 U R I'H 0 U S E
ER'VIN A. 111GGS, C,F.A-C, R.A
February 20, 2009
Department of Financial Services
Bureau of Local Government Finance
Room 1001 Capitol Building,
Tallahassee, Florida 32399-0350
RE: Management Audit Response
Dear Sir:
R0, BOX 1176
KEY WEST, FLORIDA 3301 W
PIHONE �305)1 292-3420
In response to the Auditors Report on internal control for fiscal year 2007-2008, please
find the following:
There were no findings for the fiscal year 2007-2008
If you require any further information, please feel free to contact our office.
Sincerely,
EAH/jlk
MEMBER
PROFESSIONAL APPRAISERS ASSOCIATION OF FLORIDA
FLORIDA ASSOCIATION IOF PROPERTY APPRAISERS ... WERNATIONAL ASSOCIA1101N OF ASSESSCNG OFIFNCERS
NATIONAL ASSOCIATION OF REVIIEW APPRAISERS
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Financial Statements
For the Year Ended
September 30, 2008
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Table of Contents
Pa4e
Independent Auditors' Report -------------------- ..........................
2-3
BASIC FINANCIAL STATEMENTS
Balance Sheet — Governmental Funds
4
Statement of Revenues, Expenditures and Changes
In Fund Balances - Governmental Funds
5
Notes to Financial Statements
6 - 10
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures - Budget and Actual -
General Fund
11
SUPPLEMENTARY INDEPENDENT AUDITORS' REPORTS
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 --------------------------------------------------
12 - 13
Independent Auditors' Management Letter _______________________________________________________________________14
- 15
INDEPENDENT AUDITORS' REPORT
To the Honorable Harry L. Sawyer, Jr.,
Supervisor of Elections of Monroe County, Florida:
We have audited the accompanying financial statements of each major fund of the Monroe
County, Florida Supervisor of Elections (the "Supervisor of Elections") as of and for the year
ended September 30, 2008, which collectively comprise the Supervisor of Elections' basic
financial statements as listed in the table of contents. These financial statements are the
responsibility of the Supervisor of Elections' management. Our responsibility is to express
opinions on these financial statements based on our audit.
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. 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 significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
As discussed in Note 1, the accompanying financial statements were prepared for the purpose
of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor
General -Local Govemmental Entity Audits, and are not intended to be a complete presentation
of the financial position of Monroe County, Florida, and the results of its operations and the
cash flows of its proprietary funds in conformity with accounting principles generally accepted in
the United States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of each of the major funds of the Supervisor of Elections as of
September 30, 2008, and the respective changes in financial position thereof for the year then
ended in conformity with accounting principles generally accepted in the United States of
America.
In accordance with Government Auditing Standards, we have also issued our report dated
January 18, 2009 on our consideration of the Supervisor of Elections' internal control over
financial reporting and 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 integral part of an audit performed in accordance
with Govemment Auditing Standards and should be considered in assessing the results of our
audit.
2
The budgetary comparison schedule on page 11 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 primarily of
inquiries of management regarding the methods of measurement and presentation of the
required supplementary information. However, we did not audit the information and we express
no opinion on it.
CHERRY, BEKAERT & HOLLAND, L.L.P.
Orlando, Florida
January 18, 2009
3
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Balance Sheet
Governmental Funds
September 30, 2008
ASSETS
Assets
Cash and cash equivalents
Due from others
Prepaid expenses
Total assets
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
Accrued wages and benefits payable
Due to Board of County Commissioners
Total liabilities
Fund balances
Total liabilities and fund balances
The notes to the financial statements 4
are an integral part of this statement.
Major Non -Major
Fund Fund
General Special
Fund Revenue Totals
$ 190,424 $ 17,662 $ 208,086
130 - 130
17,033 - 17,033
$ 207,587 $ 17,662 $ 225,249
$ 101,149 $ - $ 101,149
34,957 - 34,957
71,481 - 71,481
207,587 - 207,587
- 17,662 17,662
$ 207,587 $ 17,662 $ 225,249
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
Year Ended September 30, 2008
Revenues
Intergovernmental
Investment income
Miscellaneous
Total revenues
Expenditures
Current:
Personnel services
Operating expenditures
Capital outlay
Total expenditures
Major Non -Major
Fund Fund
General
Fund
5,731
8,020
13,751
Special
Revenue
$ 9,043
42
9,085
Totals
$ 9,043
5,773
8,020
22,836
876,817
9,546
886,363
515,291
11,049
526,340
87,406
30,960
118,366
1,479,514
51,555
1,531,069
Excess of revenues over (under) expenditures (1,465,763) (42,470) (1,508,233
Other financing sources (uses)
Transfer from Board of County Commissioners 1,537,244
Transfer to Board of County Commissioners (71,481)
Total financing sources (uses)
Net change in fund balance
Fund balance, beginning of year
Fund balance, end of year
The notes to the financial statements 5
are an integral part of this statement.
1,465,763
1,356 1,538,600
w 71,481
1,356 1,467,119
(41,114) (41,114)
58,776 58,776
$ - $ 17,662 $ 17,662
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Notes to Financial Statements
Year Ended September 30, 2008
Note 'I -- Summary of significant accounting policies
Reporting entity -- The Monroe County, Florida Supervisor of Elections (the "Supervisor of
Elections") is a separately elected county official established pursuant to the Constitution of the
State of Florida. The Supervisor of Elections' financial statements do not purport to reflect the
financial position or the results of operations of Monroe County, Florida (the "County") taken as
a whole.
Entity status for financial reporting purposes is governed by Statements No. 14 and No. 39 of
the Governmental Accounting Standards Board (GASB). Although the Supervisor of Elections'
office is operationally autonomous from the County, it does not hold sufficient corporate powers
of its own to be considered a legally separate entity for financial reporting purposes. Therefore,
the Supervisor of Elections is reported as part of the primary government of the County.
Description of funds -- The accounting records are organized for reporting purposes on the
basis of two governmental funds.
Major Fund
General Fund — The General Fund is a governmental fund used to account for all
revenues and expenditures applicable to the general operations of the Supervisor of
Elections that are not required legally or by accounting principles generally accepted in
the United States of America to be accounted for in another fund.
Non -Major Fund
Special Revenue Fund — The Special Revenue Fund is used to account for the
proceeds of specific revenue sources that are legally restricted or committed to
expenditures for specific purposes. The Special Revenue Fund proceeds are to be used
exclusively for voter education, the purchase of accessible voting systems, to recruit and
train poll workers and to convert and integrate the county voter registration system.
Measurement focus, basis of accounting, and financial statement presentation — The
Supervisor of Elections' financial statements are prepared in accordance with Chapter 10,550,
Rules of the Auditor General, which requires the Supervisor of Elections to only present fund
financial statements.
The General Fund and the Special Revenue Fund are governmental funds which use the
current financial resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized when measurable and available. Revenues are considered to be
available when they are collectible within the current period or soon enough thereafter to pay
liabilities of the current period. For this purpose, the Supervisor of Elections considers revenues
to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
However, expenditures related to compensated absences and claims and judgments are
recorded only when payment is due.
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Notes to Financial Statements
Year Ended September 30, 2008
Note 1 — Summary of significant accounting policies (continued)
The extent to which General Fund revenues exceed General Fund expenditures is reflected as
transfers out and as liabilities to the Monroe County Board of County Commissioners.
Budgetary requirements — Expenditures are controlled by appropriations in accordance with
the budget requirements set forth in the Florida Statutes. The General Fund budget is prepared
on a basis consistent with accounting principles generally accepted in the United States of
America. The Special Revenue Fund does not have a legally adopted budget.
Cash and cash equivalents -- The Supervisor of Elections` cash and cash equivalents consist
of demand deposits.
Capital assets — Tangible personal property used in the Supervisor of Elections' operations are
recorded as expenditures in the General Fund at the time assets are received and a liability is
incurred. Purchased assets are capitalized at historical cost in the government -wide financial
statements of the County. In addition, the County provides office space used by the Supervisor
of Elections at no charge.
Compensated absences — The Supervisor of Elections permits employees to accumulate
earned but unused vacation and sick pay benefits. Related long-term obligations, amounting to
$78,115 at September 30, 2008, are included in the government -wide financial statements of
the County.
Use of estimates - The preparation of financial statements requires management to make use
of estimates that affect reported amounts. Actual results could differ from estimates.
Note 2 -- Deposits and investments
As of September 30, 2008, the Supervisor of Elections has demand deposits with a carrying
amount of $208,086 and a bank balance of $209,814,
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation or
are covered by the State of Florida collateral pool, a multiple institution pool with the ability to
assess its members for collateral if a member institution fails.
Florida Statutes and the Supervisor's investment policy authorize investments in certificates of
deposit, savings accounts, repurchase agreements, the Local Government Surplus Funds Trust
Fund administered by the Florida State Board of Administration, money market funds, and
direct obligations of the U.S. Treasury and federal agencies and instrumentalities.
Note 3 — Retirement system
Plan description — The Supervisor of Elections' employees participate 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 cost
sharing, multiple -employer, defined benefit retirement plan, or the defined contribution plan
7
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Notes to Financial Statements
Year Ended September 30, 2008
Note 3 — Retirement system (continued)
("Investment Plan") under the FRS. As a general rule, membership in the FRS is compulsory for
all employees working in a regularly established position for a state agency, county
government, district school board, state university, community college, or a participating city or
special district within the State of Florida. The FRS provides retirement and disability benefits,
annual cost -of -living adjustments, and death benefits to Plan members and beneficiaries.
Benefits are established by Chapter 121, Florida Statutes, and Chapter 60S, Florida
Administrative Code. Amendments to the law can be made only by an act of the Florida
Legislature.
Benefits are computed on the basis of age, average final compensation, and service credit.
Regular class employees who retire at or after age 62 with 6 years of credited service or 30
years of service regardless of age are entitled to a retirement benefit payable monthly for life,
equal to 1.6% of their final average compensation for each year of credited service. Vested
employees with less than 30 years of service may retire before age 62 and receive reduced
retirement benefits. Special risk class employees (sworn law enforcement officers, firefighters,
and correctional officers) who retire at or after age 55 with 6 years of credited service, or with
25 years of service regardless of age, are entitled to a retirement benefit payable monthly for
life equal to 3.0% of their final average. compensation for each year of credited service. Senior
Management Service class employees who retire at or after age 62 with at least 6 years of
credited service or 30.years of service regardless of age are entitled to a retirement benefit
payable monthly for life, equal to 2.0% of their final average compensation for each year of
credited service. Elected Officers' class employees who retire at or after age 62 with at least 6
years of credited service or 30 years of service regardless of age are entitled to a retirement
benefit payable monthly for life, equal to 3.0% (3.33% for judges and justices) of their final
average compensation for each year of credited service. A post -employment health insurance
subsidy is also provided to eligible retired employees through the FRS in accordance with
Florida Statutes.
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 electing 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 State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The latest available report
may be obtained by writing to the State of Florida Division of Retirement, Department of
Management Services, PO Box 9000, Tallahassee, FL 32315-9000, or accessing their internet
site at www.frs.state.fl.us.
[::
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Notes to Financial Statements
Year Ended September 30, 2008
Note 3 — Retirement system (continued)
Funding policy — The FRS is noncontributory for members. Governmental employers are
required to make contributions to the FRS based on statewide contribution rates. The
contribution rates by job class at September 30, 2008 were as follows: regular, 9.85%; special
risk, 20.92%; special risk administrative support, 12.55%; county elected officers, 16.53%;
senior management, 13.12%; and DROP participants, 10.91%. During the fiscal year ended
September 30, 2008, the Supervisor of Elections contributed to the plan an amount equal to
11.28% of covered payroll. Supervisor of Elections contributions to the FRS for the fiscal years
ending September 30, 2006 through 2008 were $58,926, $67,703 and $69,612, respectively,
which were equal to the required contributions for each fiscal year. The Supervisor of Elections
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 4 — Other postemployment benefits (OPEB)
The Monroe County Board of County Commissioners (BOCC) administers a single -employer
defined benefit healthcare plan (the "Plan"). In accordance with Section 112.0801 of the Florida
Statutes, the BOCC is required to provide retirees with the opportunity to participate in this Plan
because Monroe County provides a medical plan to active County employees. The Plan
provides health care benefits including medical coverage,' prescription drug benefits, dental
benefits and life insurance coverage to both active and eligible retired employees. The Plan
does not issue a publicly available financial report.
The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels
of participant contribution at any time. The BOCC approves the rates for the coming calendar
year for the retiree and County contributions at an open session prior to the annual enrollment
process.
Eligibility for post employment participation in the Plan is limited to full time employees of the
Board, the Constitutional Officers, the Land Authority, and retirees. Retirees hired after October
1, 2001 must contribute the premium determined by the BOCC for all participants prior to the
annual enrollment process. Retirees hired before October 1, 2001, who retire from the County
with 10 years of full-time service and are covered by the Florida Retirement System, must
contribute $50 from each Florida Health Insurance Subsidy payment from the Florida
Retirement System. Other conditions apply to employees hired before October 1, 2001 who
have retired before the normal retirement date, have not reached age 60, and whose age and
years of service to the County do not equal 70.
In conjunction with the implementation of GASB Statement 45 during fiscal year 2008, the
BOCC engaged an actuarial firm to determine the County's actuarially determined annual
required contribution and unfunded obligation. The Supervisor of Elections has no responsibility
to the Plan other than to make the periodic payments determined by the BOCC. Further
information about the Plan is available in the County's Comprehensive Annual Financial Report
which is published on the Clerk's website at www. clerk-of-the-court.com.
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Notes to Financial Statements
Year Ended September 30, 2008
Note 5 — Risk management
The Supervisor of Elections 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. The Supervisor of Elections participates in the coverage provided by the Board for
Workers' Compensation, Group Insurance, and Risk Management internal service funds. Under
these programs, Workers' Compensation provides $1,000,000 coverage per claim for regular
employees. 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 buildings with a deductible between $t 00,000 and $250,000. Deductibles for
windstorm and flood vary by location. Monroe 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. The
Supervisor of Elections makes payments to the Workers' Compensation, Group Insurance and
Risk Management Funds based on estimates of the amounts needed to pay prior and current
year claims.
Note 6 — Reclassification
The funding received from the Board of County Commissioners (the BOCC) is required in these
financial statements as an 'other financing source" transfer pursuant to changes in the Florida
Uniform Accounting System. In prior years, the BOCC funding was reported as revenue from
charges for services.
Note 7 — Litigation
The Supervisor of Elections is a party from time to time in various lawsuits and other claims
incidental to the ordinary course of its operation, some of which are covered by the Board's self-
insurance program. While the results of litigation cannot be predicted with certainty,
management believes the final outcome of such litigation will not have a material adverse effect
on the Supervisor of Elections' financial position.
10
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
SUPERVISOR OF ELECTIONS
Schedule of Revenues and Expenditures
Budget and Actual - General Fund
Year Ended September 30, 2008
General Fund
Original Final
Budget Budget
Revenues
Investment income $ -
Miscellaneous -
Total revenues
Expenditures
Current;
Personnel services 921,700
Operating expenditures 430,544
Capital outlay 85,000
Total expenditures 1,437,244
Excess of revenues
Actual
Variance with
Final Budget
Positive
(Negative)
$ 5,731 $ 5,731
8,020 8,020
13,751 13,751
921,700
876,817
44,883
530,544
515,291
15,253
85,000
87,406
(2,406)
1,537,244
1,479,514
57,730
over (under) expenditures (1,437,244) (1,537,244) (1,465,763) 71,481
Other financing sources
(uses)
Transfer from Board of
County Commissioners 1,437,244 1,537,244 1,537,244 -
Transfer to Board of
County Commissioners - (71,481) (71,481)
Total financing sources
(uses) 1,437,244
1,537,244 1,465,763 (71,481)
Excess of revenues over
expenditures and other
financing sources (uses)
I
SUPPLEMENTARY INDEPENDENT
AUDITORS' REPORTS
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
To the Honorable Harry L. Sawyer, Jr.,
Supervisor of Elections of Monroe County, Florida:
We have audited the financial statements of each major fund of Monroe County, Florida
Supervisor of Elections (the "Supervisor of Elections") as of and for the year ended September
30, 2008, which collectively comprise the Supervisor of Elections' basic financial statements,
and have issued our report thereon dated January 18, 2009 for the purpose of compliance with
Section 218.29(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 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 Supervisor of Elections' 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 Supervisor of Elections' internal control over financial
reporting. Accordingly, we do not express an opinion on the effectiveness of the Supervisor of
Elections' 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 Supervisor of
Elections' 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 Supervisor of Elections' financial statements that is
more than inconsequential will not be prevented or detected by the Supervisor of Elections'
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 Supervisor of Elections' internal control.
12
Our consideration of internal 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 internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal 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 Supervisor of Elections' 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.
This report is intended solely for the information of the Supervisor of Elections, management,
the Auditor General and applicable 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
January 18, 2009
13
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Honorable Harry L. Sawyer, Jr.,
Supervisor of Elections of Monroe County, Florida:
We have audited the financial statements of each major fund of the Monroe County, Florida
Supervisor of Elections (the "Supervisor of Elections"), as of and for the year ended September
30, 2008, which collectively comprise the Supervisor of Elections' basic financial statements,
and have issued our report thereon dated January 18, 2009.
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 Govemment
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. Disclosures in that report, dated January 18,
2009 should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550,
Rules of the Auditor General, which govern the conduct of local government entity audits
performed in the State of Florida. This letter includes the following information, which is not
included in the aforementioned auditors' report.
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address significant findings and recommendations made
in the preceding annual financial report. There were no recommendations made in the
preceding year's annual financial report.
Section 10.554(1)(1)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.145, Florida Statutes, regarding the investment of public funds. In
connection with our audit, nothing came to our attention that could cause us to believe that the
Supervisor of Elections was in noncompliance with Section 218.415, Florida Statutes, regarding
the investment of public funds.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. In connection with
our audit, we did not have any such recommendations.
Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address 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. In connection with our
audit, we did not have any such findings.
14
Section 10.554(1)(i)5., Rules of the Auditor General, requires, based on professional judgment,
the reporting of the following matters that are inconsequential to the financial statements,
considering both quantitative and qualitative factors: (1) violations of laws, regulations, contracts
or grant agreements, or abuse that have occurred, or are likely to have occurred, and (2) control
deficiencies that are not significant deficiencies, including, but not limited to; (a) improper or
inadequate accounting procedures (e.g., the omission of required disclosures from the financial
statements); (b) failures to properly record financial transactions; and (c) inaccuracies,
shortages, defalcations, and instances of fraud discovered by, or that come to the attention of
the auditor. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
The Supervisor of Elections is a separately elected county official established pursuant to the
Constitution of the State of Florida. There are no component units related to the Supervisor of
Elections.
This management letter is intended solely for the information of the Supervisor of Elections,
management, the Auditor General and applicable 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
January 18, 2009
15
4
HARRY L, SAWYER, JR.
1"'I(wida
Honorable Danny L. Kolhage
Clerk of the Courts
Finance Department
500 Whitehead Street
Key West, F1 33040
ZMMIO�
We are in receipt of the audit report for Fiscal Year ending 2008.
There were no f i nd i n9s.
If you have any questions please call me of ext. 3064.
Thank ou,
Harry L. Sawyer, Jr.
Supervisor of Elections
J,X1
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MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Financial Statements
For the Year Ended
September 30, 2008
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Table of Contents
Page
Independent Auditors' Report_______________ 2-3
Management's Discussion and Analysis---------------- __ 4-7
BASIC FINANCIAL STATEMENTS
Government -Wide Financial Statements
Statement of Net Assets._______________________
Statement of Activities
Fund Financial Statements
Balance Sheet - General Fund
Statement of Revenues, Expenditures and Changes in
Fund Balance - General Fund
Notes to Financial Statements
REQUIRED SUPPLEMENTARY INFORMATION
-------------------------------------- 8
-----------------------------------•--
9
--------------------------------------
10
--------------------------------------
11
12 - 18
Schedule of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual - General Fund (Budgetary Basis)
SUPPLEMENTARY INDEPENDENT AUDITORS' REPORTS
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' Management Letter________________ __
19
20-21
- - - 22-23
INDEPENDENT AUDITORS' REPORT
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida:
We have audited the accompanying financial statements of the governmental activities and the
major fund of Monroe County Comprehensive Plan Land Authority (the "Authority"), a
component unit of Monroe County, Florida, as of and for the year ended September 30, 2008,
which collectively comprise the Authority's basic financial statements as listed in the table of
contents. These financial statements are the responsibility of the Authority's management. Our
responsibility is to express opinions on these financial statements based on our audit.
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. 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 significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the governmental activities and the major fund of the Authority as of
September 30, 2008, and the respective changes in financial position for the year then ended,
in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated
January 18, 2009 on our consideration of the Authority's internal control over financial reporting
and 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 integral part of an audit performed in accordance with Govemment Auditing
Standards and should be considered in assessing the results of our audit.
2
The management's discussion and analysis and required supplementary information listed in
the foregoing table of contents are not a required part of the basic financial statements but are
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.
CHERRY, BEKAERT & HOLLAND, L.L.P.
Orlando, Florida
January 18, 2009
3
MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the Monroe County Comprehensive Plan Land Authority (the "Authority"),
we offer readers of the Authority's financial statements this narrative overview and analysis of
the Authority's financial activities for the fiscal year ended September 30, 2008.
Overview of the Financial Statements
This discussion and analysis serves as an introduction and guide to the Authority's basic
financial statements. The Authority's basic financial statements consist of three components: 9)
government -wide financial statements, 2) fund financial statements, and 3) notes to the
financial statements. This report also contains other supplementary information in addition to
the basic financial statements themselves -
Government -wide Financial Statements. The government -wide financial statements are
designed to provide readers with a broad overview of the Authority's finances, in a manner
similar to a private -sector business.
The Statement of Net Assets presents information on all of the Authority's assets and liabilities,
with the difference between the two reported as net assets. Over time, increases or decreases
in net assets may serve as a useful indicator of whether the financial position of the Authority is
improving or deteriorating.
The Statement of Activities presents information showing how the .government's net assets
changed during the most recent fiscal year. All changes in net assets are reported as soon as
the underlying event giving rise to the change occurs, regardless of the timing of related cash
flows. Also, capital assets are capitalized and depreciated on the statement of net assets
whereas related purchases are expensed on government fund financial statements.
Fund Financial Statements. The General Fund is used to account for essentially the same
functions reported as governmental activities in the government -wide financial statements.
However, unlike the government -wide financial statements, the General Fund financial
statements focus on near -term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information may
be useful in evaluating a government's near -term financing requirements.
Since the focus of the General Fund is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for the General Fund with similar
information presented for governmental activities in the government -wide financial statements.
By doing so, readers may better understand the long-term impact of the government's near -
term financing decisions. Both the General Fund Balance Sheet and the General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation
to facilitate this comparison between fund level and government -wide activities.
The Authority adopts an annual appropriated budget. A budgetary comparison statement has
been provided to demonstrate compliance with this budget.
Notes to the Financial Statements. The notes provide additional information that is essential
to a full understanding of the data provided in the government -wide and fund financial
statements. The notes to the financial statements are an integral part of the basic financial
statements.
4
Other Information. In addition to the basic financial statements and accompanying notes, this
report also presents supplementary information in the form of independent opinions on internal
control and compliance issues.
Government -wide Financial Analysis
Statement of Net Assets. In the Statement of Net Assets presented on page 8, the Authority's
assets total $32,618,447 and include cash and cash equivalents, accounts receivable, amounts
due from other governments for tourist impact tax and park surcharge fees, mortgage
receivables, and capital assets in the form of acquired land. The cash and cash equivalents
include funds invested in the Local Government Surplus Trust Funds Investment Pool Fund B,
which are subject to withdrawal restrictions and an unrealized loss described in Note 2. The
mortgage receivables consist of six long-term balloon loans issued for the acquisition of
affordable housing sites as described in Note 3.
The Authority's current liabilities consist of accounts payable, accrued wages, and
compensated absences (annual leave and sick leave) forecasted to be used during the
upcoming year. The Authority's non -current liabilities consist of compensated absences
accrued during prior years. Total liabilities are $74,273.
The Authority's resulting net assets are categorized as those invested in capital assets, those
restricted specifically for the acquisition of land (listed as "restricted"), and those which may be
used for all purposes authorized by the Authority's enabling legislation (listed as "unrestricted").
The Authority's total net assets are $32,544,174, an increase of $101,729 over the prior year.
Approximately 51 % of the Authority's assets consist of land acquired for specific public
purposes, approximately 21% consist of mortgages, and approximately 28% are categorized as
cash and cash equivalents.
Cash and cash equivalents are the assets typically of most importance to the Authority's Board
of Directors and to the public, as these assets are the resources most readily available to meet
current and future needs for property acquisition. The Authority's cash and cash equivalents
total $8,995,791. This amount compares with $9,092,595 at the end of the previous fiscal year,
a decrease of $96,804. Of the $8,995,791 in cash and cash equivalents, $973,498 is restricted
for the acquisition of property within the Key West Area of Critical State Concern.
The following table provides a condensed comparison of the Authority's Statement of Net
Assets at year end for 2008 and 2007:
Current and other assets
Capital assets
Total assets
Current liabilities
Noncurrent liabilities
Total liabilities
Net assets:
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total net assets
2008
$ 16,002,742
16,615,705
32,618,447
27.731
46,542
74,273
16,615,705
2,154, 271
13,774,198
3 32, 544,174
2007
$ 16,145,041
16, 368, 527
32,513,568
28,007
43,116
71,123
16,366,527
2,380,461
13,693,457
32,442,445
!.I
Statement of Activities. In the Statement of Activities presented on page 9, the Authority's
revenues total $3,140,719 and include intergovernmental revenue consisting of tourist impact
tax and park surcharge fees, investment income consisting of interest on cash and investment
accounts, miscellaneous income from the proceeds of the sale of conservation land to the
federal government, and a land contribution whereby a private individual donated conservation
land to the Authority. Despite slight increases in intergovernmental revenue and miscellaneous
income, a decline in investment income caused the Authority's overall revenues to decrease by
$302,904 compared to the prior year. This decrease is attributable to a general decline in
interest rates and specific events involving the Local Government Surplus Trust Funds
Investment Pool Fund B described in Note 2.
The program expenses listed in the Statement of Activities total $3,038,990 and consist of land
contribution conveyances, cost of land sale, and general government. The land contribution
conveyances total $2,716,850 and consist of $1,702,552 of improved property donated to the
Key West Housing Authority and $1,014,298 of improved property donated to Bahama Conch
Community Land Trust of Key West, Inc. for affordable housing. The cost of land sale reflects a
$31,300 decrease in the Authority's land inventory resulting from the sale of conservation land
to the federal government. The $290,840 in general government expenses listed includes the
Authority's personnel and operating expenses plus the amount by which compensated
absences increased during the current year. Total program expenses for fiscal year 2008
decreased by $21,581 compared to the prior year.
The following table provides a condensed comparison of the Authority's governmental activities
at year end for 2008 and 2007:
2008 2007
General revenues:
Intergovernmental $ 2,952,848 $ 2,914,835
Interest 152,331 528,032
Miscellaneous revenue 35,161 756
Land contributions 379 -
Total general revenues 3,140,719 3,443,623
Program expenses:
Land contribution conveyances 2,716,850 2,776,910
Cost of land sale 31,300 -
General government 290,840 _ 283,661
Total program expenses 3,038,990 _ ._ _3,060,571
Increase in net assets $ 101,729 $ 383,052
Financial Analysis of the General Fund
As noted above, the Authority uses fund accounting to ensure and demonstrate compliance
with finance -related legal requirements.
The Authority's General Fund financial statements provide information on near -term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the
Authority's financing requirements. In particular, unreserved fund balance may serve as a
useful measure of a government's net resources available for spending at the end of the fiscal
year.
C�
Balance Sheet. The General Fund Balance Sheet presented on page 10 lists the Authority's
assets and liabilities in manner similar to the government -wide Statement of Net Assets.
However since the General Fund Balance Sheet is a fund -level presentation providing a near -
term perspective, the assets section excludes the Authority's capital assets (land) and the
liability section excludes noncurrent liabilities (compensated absences) that the Authority will
pay in the future. Presented in this manner, the Authority's assets are reduced to $16,002,742
and its liabilities are reduced to $9,892.
This statement identifies $15,992,850 of total fund equity. Of this total, $6,740,579 is
attributable to funds the Authority will receive in the future from the repayment of mortgage
loans, $2,154,271 is attributable to funds restricted for land acquisition, and $7,098,000 is
attributable to funds which may be used for all purposes authorized by the Authority's enabling
legislation. Compared to the prior year, the amount of equity reserved for mortgage loans did
not change, the amount reserved for land acquisition decreased by $226,190, the unreserved
fund balance increased by $86,970, and total fund equity decreased by $139,220.
Statement of Revenues, Expenditures and Changes in Fund Balance. The General Fund
Statement of Revenues, Expenditures and Changes in Fund Balance presented on page 11
lists the Authority's revenues and expenditures in a manner similar to the government -wide
Statement of Activities. However in this format the revenues exclude land contributions, while
the expenditures include land purchases (as capital outlay) and exclude land donations to other
entities (land contribution conveyances). Presented in this manner, the Authority's revenues are
reduced to $3,140,340 and its expenditures are increased to $3,279,560.
General Fund Budgetary Highlights. The Authority budgets its revenues and expenditures on
the same basis of accounting as presented in the basic financial statements of the General
Fund, except that mortgage assistance cash outlays and receipts are budgeted as operating
activities and compensated absences are not budgeted in personnel expenditures. There were
no supplemental appropriations to amounts originally budgeted for fiscal 2008.
As shown in the Budget and Actual schedule on page 19, the Authority operated within the
limits established by its adopted budget. Actual revenues exceeded the budgeted amount by
$650,340, while actual expenditures were $6,528,978 less than budget. These variances were
generally due to the conservative nature of the Authority's budget and activities. Most of the
revenue surplus consists of tourist impact tax revenue, which remained strong despite a
downturn in the national economy. The positive expenditure variance is due in part to pending
real estate closings and budgeted reserves held for specific acquisition projects.
Capital Asset Administration
As shown in Note 4 on page 15, the Authority's investment in capital assets amounts to
$16,615,705, an increase of $247,178 compared to the prior year. The increase was the net
result of $2,994,949 land acquired via purchase together with $379 of land acquired by
donation, less $2,716,850 of land donated for affordable housing purposes and $31,300 of land
sold for conservation purposes.
Requests for Information
This financial report is designed to provide a general overview of the Authority's finances for all
those with an interest in the government's finances. Questions concerning any of the
information should be addressed to Mark Rosch, Executive Director, at 1200 Truman Avenue,
Suite 207, Key West, FL 33040.
7
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
Statement of Net Assets
September 30, 2008
Assets
Cash and cash equivalents $ 8,995,791
Accounts receivable 196
Due from other governmental units 266,176
Mortgages receivable 6,740,579
Capital assets -land 16,615,705
Total assets 32,618,447
Liabilities and Net Assets
Current liabilities
Accounts payable
1,683
Accrued wages
8,209
Compensated absences
17,839
Total current liabilities
27.731
Noncurrent liabilities
Compensated absences 46,542
Total noncurrent liabilities 46,542
Total liabilities 74,273
Net assets
Invested in capita[ assets 16,615,705
Restricted 2,154,271
Unrestricted 13,774,198
Total net assets $ 32,544,174
The notes to the financial statements
are an integral part of this statement. 8
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
Statement of Activities
Year Ended September 30, 2008
General revenues
Intergovernmental
Investment income
Miscellaneous income
Land contributions
Total general revenues
Program expenses
Land contribution conveyances
Cost of land sale
General government
Total program expenses
Increase in net assets
Net assets - beginning of year
Net assets - end of year
$ 2,952,848
152,331
35,161
379
3,140,719
2,716,850
31,300
290.840
3,038,990
101,729
32,442,445
$ 32, 544,174
The notes to the financial statements
are an integral part of this statement. 9
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
Balance Sheet
General Fund
September 30, 2008
Assets
Cash and cash equivalents
Accounts receivable
Due from other governmental units
Mortgages receivable
Liabilities and Fund Equity
Liabilities
Accounts payable
Accrued wages
Total liabilities
Fund equity
Reserved for mortgage loans
Reserved for land acquisition
Fund balance - unreserved
Total fund equity
Total liabilities and fund equity
Amounts reported in the statement of net assets differ
from amounts reported above as follows:
Fund balance - total governmental funds
Capital assets used in governmental activities are not financial
resources and therefore are not reported above.
Compensated absences are not due and payable in the current
period and, therefore, are not reported in the governmental funds.
Net assets of governmental activities
The notes to the financial statements
are an integral part of this statement. 10
$ 8,995,791
196
266,176
6,740,579
$ 16, 002, 742
$ 1,683
8,209
9,892
6,740,579
2,154,271
7,098,000
15, 992, 850
$ 16, 002, 742
$ 15,992,850
16,615,705
(64, 381)
$ 32,544,174
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
Statement of Revenues, Expenditures and Changes in Fund Balance
General Fund
Year Ended September 30, 2008
Revenues
Intergovernmental $ 2,952,848
Miscellaneous income 35,161
Investment income 152,331
Total revenues 3,140,340
Expenditures
Current
Personnel
217,150
Operating
67,461
Capital outlay
2,994,949
Total expenditures
3,279,560
Excess of expenditures over revenues
(139,220)
Fund balance, beginning of year
16,132,070
Fund balance, end of year
Amounts reported for governmental activities in the statement
of activities are different because:
Net change in fund balances -total governmental fund
Governmental funds report capital outlays as expenditures.
However, in the statement of activities, the cost of those
assets is capitalized.
Land contribution conveyances are not reported on government
funds, this is the amount of land conveyances during fiscal 2008.
Compensated absences do not use current financial
resources and are not reported on the Governmental Funds but
are included in the Statement of Activities.
Change in net assets of governmental activities
$ 15,992.850
$ (139,220)
2,994,949
(2,747,771)
(6,229)
$ 101,729
The notes to the financial statements
are an integral part of this statement. 11
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Year Ended September 30, 2008
Note 'I - Summary of significant accounting policies
Reporting Entity -- The Monroe County, Florida Comprehensive Plan Land Authority (the
"Authority") is a legally separate entity from Monroe County, Florida. However, the Monroe
County Board of County Commissioners serves as the governing board of the Authority and is
able to impose its will. Therefore, the Authority, for financial reporting purposes, is considered a
blended component unit of Monroe County, Florida. The financial statements of the Authority
are included as a special revenue fund in the Monroe County, Florida Comprehensive Annual
Financial Report.
The Authority was established under Monroe County, Florida Ordinance 031-1986 pursuant to
Florida Statute 380. Its purpose is to operate a land acquisition program in Monroe County, to
implement the Monroe County Comprehensive Plan and address issues created by it.
Basis of Accounting — Government fund financial statements are organized for reporting
purposes on the basis of a General Fund, the Authority's major fund, which accounts for all
activities of the Authority and is accounted for using the modified accrual basis of accounting.
Revenues are recognized when they become measurable and available as net current assets.
"Measurable" means the amount of the transaction can be determined and "available" means
collectible within the current period or soon enough thereafter to pay liabilities of the current
period. The Authority considers all revenues available if collected within 60 days after year-end.
Expenditures are recognized when the related fund liability is incurred.
The government -wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting. Revenues are recorded when earned
and expenses are recorded when a liability is incurred, regardless of the timing of related cash
flows.
Capital Assets — Capital assets are defined by the Authority as assets with an initial, individual
cost of $1,000 or more and an estimated useful life in excess of two years. Such assets consist
of land and, when purchased, are recorded at the Authority's cost. Where land is acquired 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. Capital assets
are not depreciated since they do not have determinable useful lives.
Cash and Cash Equivalents and Investments — The Authority's cash and cash equivalents
consist of demand deposits and highly liquid investments with maturities of 90 days or less
when purchased. All investments are reported at fair value.
12
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Year Ended September 30, 2008
Note 1 — Summary of significant accounting policies (continued)
Budget — Prior to, or on September 30, the Authority's budget is legally enacted through
passage of a resolution. There were no supplemental appropriations during the year. Budgeted
to Actual Expenditure reports are employed as a management control device during the year for
the fund. The budget is adopted on a basis consistent with accounting principles generally
accepted in the United States of America, except that mortgage assistance cash outlays and
receipts are budgeted as operating activities and compensation accruals are not budgeted. For
the fiscal year 2008, the following adjustments were necessary to present the actual data on a
budgetary basis for the General Fund:
GAAP basis $ (139,220)
Compensation accrual difference 2,813
Non-GAAP budgetary basis $ (142,033)
All appropriations lapse at year-end.
Compensated Absences — The Authority's policy grants employees annual Ieave and sick
leave in varying amounts. Upon termination of employment, employees with six months or more
of credited service can receive payment for accumulated annual leave. In general, sick leave
payments are granted upon termination of employment to employees with five years or more of
credited service. The maximum payment is subject to percentage and maximum hour
limitations.
Use of Estimates - The preparation of the financial statements requires management to make
use of estimates that affect reported amounts. Actual results could differ from those estimates_
Note 2 — Deposits and investments
As of September 30, 2008, the Authority has the following deposits and investments:
Demand deposits
Local Government Surplus Trust Fund A
Local Government Surplus Trust Fund B
Unrealized loss in Fund B
Total cash and cash equivalents
$ 8,662,776
11,626
402,549
(81,160)
$ 8,995,791
Cash accounts are maintained in demand deposits, which are insured by the Federal Deposit
Insurance Corporation or covered by the State of Florida collateral pool, a multiple financial
institution pool with the ability to assess its members for collateral shortfalls if a member
institution fails. As of September 30, 2008, the cash and cash equivalents have a bank balance
of $9,113,421.
13
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Year Ended September 30, 2008
Note 2 — Deposits and investments (continued)
The Authority's investment policy is in accordance with Florida Statute 218.415. This policy
authorizes investments in demand deposits, the Local Government Surplus Trust Fund, money
market funds with the highest credit quality rating from a nationally recognized agency, or direct
obligations of the United States Treasury.
As of September 30, 2008, the Authority had $333,015 invested in the Local Government
Surplus Trust Fund, which was 4% of the Authority's total cash and cash equivalents. Of the
$333,015 invested, the Authority had $321,389 or 97% invested in the Fund B and $11,626 or
3% invested in Fund A ("LGIP").
The LGIP is rated AAAm by Standard and Poors and the Fund B is not rated by any nationally
recognized statistical rating agency.
At year end the weighted average days to maturity of the LGIP was 8.5 days and the weighted
average life of Fund B was 9.36 years.
Note 3 — Mortgage receivables
Mortgage receivables as of September 30, 2008 are as follows:
First mortgage due from governmental agency, collateralized by land,
payable in full April 2028, interest free (OR 1514-594)
First mortgage due from governmental agency, collateralized by land,
payable in full May 2031, interest free (OR 1697-2076)
Second mortgage due from governmental agency, collateralized by
land, payable in full January 2034, interest free (OR 1965-1039)
First mortgage due from governmental agency, collateralized by land
and building, payable in full September 2045, interest free (OR 1395-
1409)
Third mortgage due from private company, collateralized by land,
payable in full May 2050, interest free (OR 1749-2340)
Third mortgage due from private company, collateralized by land,
payable in full September 2053, interest free (OR 1939-405)
Total mortgages receivable
$ 382,554
1,500,000
2,210,000
59,025
1,089,000
1,500,000
$ 6,740,579
14
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Year Ended September 30, 2008
Note 3 — Mortgage receivables (continued)
The mortgages receivable 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.
Note 4 — Capital assets
A summary of changes in capital assets is as follows:
Balance Balance
10/01/2007 Additions Deletions 09/3012008
Land $ 16,368,527 $ 2,995,328 $ 2,748,150 $ 16,615,705
The City of Key West leases two properties with a cost of $441,073 from the Authority. These
properties, which are included in capital assets, are used to provide parking and city
recreational facilities. The terms of the leases provide for rental of $1 per year for 30 years,
expiring in the year 2022. Monroe County provides the Authority's office space at no cost.
Note 5 — Accumulated compensated absences
The amount of vested accumulated compensated absences payable based on the Authority's
annual and sick leave policies, is reported as a liability in the government -wide financial
statements. That liability includes earned but unused vacation and sick leave. Vacation leave is
accrued based on length of employment. Sick time is paid out based on length of employment
up to a maximum of one half of 120 days with 15 or more years of service.
The change in accumulated compensated absences during the year is as follows:
Balance
10/0112007 Additions
Balance Current
Deletions 09/30/2008 Portion
Compensated
absences $ 58,152 $ 24,068 $ . 17,839 $ 64,381 $ 17,839
15
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Year Ended September 30, 2008
Note 6 — Retirement system
Plan description — The Authority's employees participate in the Florida Retirement System
("FRS"), administered by the Florida Department of Administration. Employees elect
participation in either the defined benefit plan ("Pension Plan"), a multiple -employer cost -
sharing defined benefit retirement plan, or the defined contribution plan ("Investment Plan")
under the FRS. As a general rule, membership in the FRS is compulsory for all employees
working in a regularly established position for a state agency, county government, district
school board, state university, community college, or a participating city or special district within
the State of Florida. The FRS provides retirement and disability benefits, annual cost -of -living
adjustments, and death benefits to plan members and beneficiaries. Benefits are established by
Chapter 121, Florida Statutes, and Chapter 60S, Florida Administrative Code. Amendments to
the law can be made only by an act of the Florida Legislature.
Benefits are computed on the basis of age, average final compensation, and service credit.
Regular class employees who retire at or after age 62 with 6 years of credited service or 30
years of service regardless of age are entitled to a retirement benefit payable monthly for life,
equal to 1.6% of their final average compensation for each year of credited service. Vested
employees with less than 30 years of service may retire before age 62 and receive reduced
retirement benefits. Special risk class employees (sworn law enforcement officers, firefighters,
and correctional officers) who retire at or after age 55 with 6 years of credited service, or with
25 years of service regardless of age, are entitled to a retirement benefit payable monthly for
life, equal to 3.0% of their final average compensation for each year of credited service. Senior
Management Service class employees who retire at or after age 62 with at least 6 years of
credited service or 30 years of service regardless of age are entitled to a retirement benefit
payable monthly for life, equal to 2.0% of their final average compensation for each year of
credited service. Elected Officers` class employees who retire at or after age 62 with at least six
years of credited service or 30 years of service regardless of age are entitled to a retirement
benefit payable monthly for life, equal to 3.0% (3.33% for judges and justices) of their final
average compensation for each year of credited service. A post -employment health insurance
subsidy is also provided to eligible retired employees through the FRS in accordance with
Florida Statutes.
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 those employees who elect participation in the Investment Plan rather than the Pension
Plan, vesting occurs at one year of service. These participants receive a contribution for self -
direction in an investment product with a third party administrator selected by the State Board of
Administration.
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Year Ended September 30, 2008
Note 6 — Retirement system (continued)
The State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The latest available report
may be obtained by writing to the State of Florida Division of Retirement, Department of
Management Services, P. O. Box 9000, Tallahassee, FL 32315-9000, or accessing their
internet site at www.frs.state.fl.us.
Funding policy — The FRS is noncontributory for members. Governmental employers are
required to make contributions to the FRS based on statewide contribution rates. The
contribution rates by job class at September 30, 2008 were as follows: regular 9.85%; special
risk 20.92%; special risk administrative support 12.55%; county elected officers 16.53%; senior
management 13.12%, and DROP participants 10.91 %. During the fiscal year ended September
30, 2008, the Authority contributed to the plan an amount equal to 9.85% of covered payroll.
The Authority's contributions to the FRS for the fiscal years ending September 30, 2006
through 2008 were $12,451, $15,849 and $16,268 respectively, which were equal to the
required contributions for each fiscal year. The Authority 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 7 -- Other postemployment benefits (OPES)
The Monroe County Board of County Commissioners (BOCC) administers a single -employer
defined benefit healthcare plan (the "Plan"). In accordance with Section 112.0801 of the Florida
Statutes, the BOCC is required to provide retirees with the opportunity to participate in this Plan
because Monroe County provides a medical plan to active County employees. The Plan
provides health care benefits including medical coverage, prescription drug benefits, dental
benefits and life insurance coverage to both active and eligible retired employees. The Plan
does not issue a publicly available financial report.
The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels
of participant contribution at any time. The BOCC approves the rates for the coming calendar
year for the retiree and County contributions at an open session prior to the annual enrollment
process.
Eligibility for post employment participation in the Plan is limited to full time employees of the
Board, the Constitutional Officers, the Land Authority, and retirees. Retirees hired after October
1, 2001 must contribute the premium determined by the BOCC for all participants prior to the
annual enrollment process. Retirees hired before October 1, 2001, who retire from the County
with 10 years of full-time service and are covered by the Florida Retirement System, must
contribute $50 from each Florida Health Insurance Subsidy payment from the Florida
Retirement System. Other conditions apply to employees hired before October 1, 2001 who
have retired before the normal retirement date, have not reached age 60, and whose age and
years of service to the County do not equal 70.
17
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Year Ended September 30, 2008
Note 7 — Other postemployment benefits (OPEB) (continued)
In conjunction with the implementation of GASB Statement 45 during fiscal year 2008, the
BOCC engaged an actuarial firm to determine the County's actuarially determined annual
required contribution and unfunded obligation, which includes any obligation related to the
Authority. The Authority has no responsibility to the Plan other than to make the periodic
payments determined by the BOCC. Further information about the Plan is available in the
County's Comprehensive Annual Financial Report which is published on the Clerk's website at
www. clerk-of-the-court.com.
Note 8 — Risk management
The Authority is exposed to various risks of loss related to tort; theft of, damage to, and
destruction of assets; errors and omissions: injuries to employee; and natural disasters. The
Authority participates in the coverage provided by the Board of County Commissioners of
Monroe County Worker's Compensation, Group Insurance and Risk Management Fund internal
service funds. Under these programs, the Worker's Compensation Fund provides $1,000,000
coverage per claim for regular employees. 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. Monroe 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. The Authority makes 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.
Note 9 — Commitments
The Authority had approximately $969,965 of commitments to acquire various properties as of
September 30, 2008.
18
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual - General Fund (Budgetary Basis)
Year Ended September 30, 2008
Revenues
Intergovernmental
Miscellaneous income
Investment income
Total revenues
Expenditures
Current
Personnel
Operating
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Fund balance, beginning of year
Fund balance, end of year
Reconciliation of budgetary
to full accrual basis
Reconciling item
Mortgage receivable
Compensation accrual
Fund balance, end of year (full accrual)
Budget
Original Final
Actual
Variance
with Final
Budget
Positive
(Negative)
$ 2,390,000 $ 2,390,000 $ 2,952,848 $ 562,848
- - 35,161 35,161
100,000 100,000 152,331 52,331
2,490,000 2,490,000 3,140,340 650,340
236,000
236,000
219,963
16,037
121,500
121,500
67,461
54,039
9,453,851
9,453,851
2,994,949
6,458,902
9,811,351
9,811,351
3,282,373
6,528,978
(7,321,351)
(7,321,351)
(142,033)
7,179,318
9,402,513
9,402,513
9,402,513
-
$ 2,081,162 $ 2,081,162
9,260,480 $ 7,179,318
6,740, 579
(8,209)
$ 15,992,850
ift
SUPPLEMENTARY INDEPENDENT
AUDITORS' REPORTS
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
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida;
We have audited the financial statements of the governmental activities and the major fund of
Monroe County Comprehensive Plan Land Authority (the "Authority"), a component unit of
Monroe County, Florida, as of and for the year ended September 30, 2008, which collectively
comprise the Authority's basic financial statements, and have issued our report thereon dated
January 18, 2009 for the purpose of compliance with Section 218.29(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 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 Authority'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 Authority's internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of the Authority'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 Authority'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 Authority's financial statements that is more than inconsequential will not
be prevented or detected by the Authority'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 Authority's internal control.
20
Our consideration of internal 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 internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal 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 Authority'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.
This report is intended solely for the information of the Authority and management, and the
Auditor General and applicable 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
January 18, 2009
21
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida:
We have audited the financial statements of the governmental activities and the major fund of
the Monroe County Comprehensive Plan Land Authority (the "Authority"), a component unit of
Monroe County, Florida, as of and for the year ended September 30, 2008, which collectively
comprise the Authority's basic financial statements, and have issued our report thereon dated
January 18, 2009.
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. 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. Disclosures in that report, dated January 18,
2009 should be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10,550,
Rules of the Auditor General, which governs the conduct of local government entity audits
performed in the State of Florida. This letter includes the following information, which is not
included in the aforementioned auditors' report.
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address significant findings and recommendations made
in the preceding annual financial report. There were no recommendations made in the
preceding year's annual financial report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.145, Florida Statutes, regarding the investment of public funds. In
connection with our audit, nothing came to our attention that could cause us to believe that the
Authority was in noncompliance with Section 218.415, Florida Statutes, regarding the
investment of public funds.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. In connection with
our audit, we did not have any such recommendations.
Section 10.554(1)(1)4., Rules of the Auditor General, requires that we address 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. In connection with our
audit, we did not have any such findings.
22
Section 10.554(1)(i)5., Rules of the Auditor General, provides that the auditor may, based on
professional judgment, report the following matters that are inconsequential to the financial
statements, considering both quantitative and qualitative factors: (1) violations of laws,
regulations, contracts or grant agreements, or abuse that have occurred, or are likely to have
occurred, and (2) control deficiencies that are not significant deficiencies, including, but not
limited to; (a) improper or inadequate accounting procedures (e.g., the omission of required
disclosures from the financial statements); (b) failures to properly record financial transactions;
and (c) inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that
come to the attention of the auditor. In connection with our audit, we did not have any such
findings.
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements.
The Authority was established under Monroe County, Florida Ordinance 031-1986 pursuant to
Florida Statute 380. There are no component units related to the Authority.
Section 10.554(1)(i)7.a., Rules of the Auditor General, requires that a statement be included as
to whether or not the Iocal government entity has met one or more conditions described in
Section 218.503(1), Florida Statutes, and identification of the specific condition(s) met. In
connection with our audit, we determined that the Authority did not meet any of the conditions
described in Section 218.503(1), Florida Statutes.
Section 10.554(1)(i)7.b., Rules of the Auditor General, requires that we determine whether the
annual financial report for the Authority for the fiscal year ended September 30, 2008, filed with
the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes,
is in agreement with the annual financial audit report for the fiscal year ended September 30,
2008, The Authority, as a blended component unit of Monroe County, Florida, includes its
financial information in the annual report filed on a consolidated basis by the County. In
connection with our audit, we determined that these two reports were in agreement.
Pursuant to Section 10.554(1)(i)7.c. and 10.556(7), Rules of the Auditor General, we applied
financial condition assessment procedures. It is management's responsibility to monitor the
Authority's financial condition, and our financial condition assessment was based in part on
representations made by management and the review of the financial information provided by
same. The results of our financial condition assessment procedures disclosed no deteriorating
financial conditions.
This management letter is intended solely for the information of the Authority and management,
and the Auditor General, and applicable 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
January 18, 2009
23
i
1200 TRUMAN AVENUE, 'SUITE 207 e KEN' WEST, RX)RIDA 33040
PHONE (305) 295-5180 9 FAX (305) 295-5181
Auditor General of the State of Florida
Room 231, Holland Building
Tallahassee, FL 32301
Re: Audit of the Monroe County Comprehensive Plan Land Authority
for Fiscal Year ending September 2008
iM Wromily3g7l in,
Below please find my responses to the management letter comments included in the annual
audit of the Monroe County Comprehensive Plan Land Authority for the fiscal year ending
September 2008.
Monroe County Comprehensive Plan Land Authority
No management letter comments. No response necessary.
Please contact me, if you require any additional information on this matter.
Sincerely,
Mark J. Bosch
Executive Director