FY2013 MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND
AUTHORITY
(A Component Unit of Monroe
County, Florida)
FINANCIAL STATEMENTS AND
SUPPLEMENTARY INFORMATION
As of and for the Year Ended September 30, 2013
And Report of Independent Auditor
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
TABLE OF CONTENTS
REPORT OF INDEPENDENT AUDITOR 1-2
MANAGEMENT'S DISCUSSION AND ANALYSIS 3-6
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position 7
Statement of Activities 8
Fund Financial Statements
Balance Sheet-General Fund 9
Statement of Revenues, Expenditures and Changes in
Fund Balance-General Fund 10
Notes to Financial Statements 11-19
--------•---------•-----....---••...........................................................................
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues, Expenditures and Changes in Fund
Balance- Budget and Actual- General Fund (Budgetary Basis)..........................................................20
SUPPLEMENTARY INDEPENDENT AUDITOR'S REPORTS
Report of Independent Auditor 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...................................................................................................21-22
Independent Auditor's Management Letter ______________________•____•..•._..............___.______-___.____.--..............--__ 23-24
Cherry Bekaert-
Report of Independent Auditor
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
Report on the Financial Statements
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, 2013, and the related notes to the financial statements,
which collectively comprise the Authority's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of the
financial statements that are free from material misstatement,whether due to fraud or error.
Auditor's Responsibility
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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the Authority's preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Authority's internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities and the major fund of the Authority as of September 30, 2013,
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.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis and the Required Supplementary Information as listed in the table of contents be
presented to supplement the basic financial statements. Such information, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial statements, and
other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 17, 2014 on
our consideration of the Authority's 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 Government Auditing
Standards in considering the Authority's internal control over financial reporting and compliance.
This report is intended solely for the information and use of the Authority's management and the Florida Auditor
General, and is not intended to be and should not be used by anyone other than these specified parties.
Orlando, Florida
March 17, 2014
2
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
MANAGENIENT'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, 2013.
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: 1) government-wide financial
statements, 2) fund financial statements, and 3) notes to the financial statements. In addition to basic financial
statements, this report also contains supplementary information addressing budget, internal control, and
compliance issues.
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 Position presents information on all of the Authority's assets and liabilities, with the
difference between the two reported as net position. Over time, increases or decreases in net position 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 Authority's net position changed during the
most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to
the change occurs, regardless of the timing of related cash flows. In this format capital assets are capitalized
and depreciated, whereas in the fund-level format described below the related purchases are treated as
expenses.
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. This
information is useful in evaluating the Authority's ability to fund new acquisitions in the near-term.
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 contained in this report provide additional information that is
essential to a full understanding of the data provided. The notes are an integral part of the basic financial
statements.
Other Information. In addition to financial statements and accompanying notes, this report also presents
supplementary information in the form of independent opinions on internal control and compliance issues.
3
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
MANAGEIVIENT'S DISCUSSION AND ANALYSIS
Government-wide Financial Analysis
Statement of Net Position. In the Statement of Net Position presented on page 7, the Authority's assets total
$45,081,057 and include cash and cash equivalents, amounts due from other governments for tourist impact tax
and park surcharge fees, mortgages receivable, office equipment, 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 gain described in Note
2. The mortgage receivables consist of ten long-term balloon loans issued for the acquisition of affordable
housing sites as described in Note 3, two of which are forgivable.
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 $14,371,070. This amount compares with
$13,251,371 at the end of the previous fiscal year, an increase of $1,119,699. Approximately 47% of the
Authority's assets consist of land acquired for specific public purposes, approximately 20% consist of
mortgages, and approximately 32% are categorized as cash and cash equivalents.
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 that are forecasted not to be used during the upcoming year. Total
liabilities are$97,172.
The assets in the Authority's resulting net position 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
position is $44,983,885, an increase of$3,389,206 over the prior year. Of this total, $21,052,006 is invested in
capital assets, $7,579,268 is restricted for the acquisition of property, and$16,352,611 is unrestricted.
The following table provides a condensed comparison of the Authority's Statement of Net Position at year end
for 2013 and 2012:
2013 2012
Cash and cash equivalents $ 14,371,070 $ 13,251,371
Capital and other assets 30,709,987 28,438,980
Total assets 45,081,057 41,690,351
Total liabilities 97,172 95,672
Net position
Invested in capital assets 21,052,006 18,886,895
Restricted 7,579,268 6,325,340
Unrestricted 16,352,611 16,382,444
Total net position $ 44,983,885 $ 41,594,679
4
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
MANAGENIENT'S DISCUSSION AND ANALYSIS
Statement of Activities. In the Statement of Activities presented on page 8, the Authority's revenues total
$3,938,175 and include intergovernmental revenue consisting of tourist impact tax and park surcharge fees and
investment income consisting of interest on cash and investment accounts. The investment income shown is the
total of interest on cash and investment accounts plus the current year portion of the unrealized gain on funds
invested in Local Government Surplus Trust Funds Investment Pool Fund B described in Note 2. The Authority's
overall revenues increased by $185,490 compared to the prior year. This increase was primarily due to an
increase in tourist impact tax revenue.
The program expenses in the Statement of Activities total $548,969 and consist of land contribution
conveyances and general government expenses. The referenced land contribution conveyances reflect the
$251,457 reduction in the Authority's land inventory to account for two donations of conservation land on Big
Pine Key to the federal government. The $297,512 in general government expenses 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 2013 decreased by $32,967 compared to the prior year,
largely due to a decrease in the referenced donations of land.
The following table provides a condensed comparison of the Authority's governmental activities at year end for
2013 and 2012:
2013 2012
General revenues:
Intergovernmental $ 3,910,253 $ 3,625,378
Investment income 27,922 59,909
Miscellaneous income - 67,398
Total general revenues 3,938,175 3,752,685
Program expenses:
Land contribution conveyances 251,457 273,857
General government 297,512 308,079
Total program expenses 548,969 581,936
Increase in net position $ 3,389,206 $ 3,170,749
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. This information can be useful in assessing the Authority's ability to fund new
acquisitions in the near-term.
5
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
MANAGEMENT'S DISCUSSION AND ANALYSIS
Balance Sheet. The General Fund Balance Sheet presented on page 9 lists the Authority's assets and liabilities
in a manner similar to the government-wide Statement of Net Position. 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 compensated absences that the Authority will
pay in the future. Presented in this manner, the Authority's assets are$24,029,051 and its liabilities are$14,325.
This statement identifies $24,014,726 of total fund balance. Of this total, $9,151,579 is attributable to funds the
Authority may receive in the future from the repayment of mortgage loans and is therefore classified as
nonspendable; $7,579,268 is attributable to funds restricted for land acquisition and is therefore classified as
restricted; $4,815,623 is attributable to funds assigned for reserves; and $2,468,256 is attributable to funds
which may be used for all purposes authorized by the Authority's enabling legislation and is therefore classified
as unassigned.
Statement of Revenues, Expenditures and Changes in Fund Balance. The General Fund Statement of
Revenues, Expenditures and Changes in Fund Balance presented on page 10 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$3,938,175 and its expenditures are$2,714,524.
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 year 2013.
As shown in the Budget and Actual schedule on page 20, the Authority operated within the limits established by
its adopted budget.Actual revenues exceed the budgeted amount by $1,358,175, while actual expenditures are
$11,147,180 less than budget. Most of the revenue surplus consists of tourist impact tax revenue. The
investment income of$27,922 consists of$9,123 of interest together with the $18,799 current year portion of the
unrealized gain on funds invested in Local Government Surplus Trust Funds Investment Pool Fund B described
in Note 2. The schedule's positive expenditure variance includes 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 $21,052,006, an
increase of $2,165,111 compared to the prior year. The increase was the net result of $2,417,087 of land
acquired less$519 in equipment depreciation and less$251,457 of land donated for conservation.
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.
6
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
STATEMENT OF NET POSITION
SEPTEMBER 30, 2013
ASSETS
Cash and cash equivalents $ 14,371,070
Due from BOCC 428,820
Due from State of Florida 77,582
Mortgages receivable 9,151,579
Equipment, net of accumulated depreciation 254
Capital assets-land 21,051,752
Total assets 45,081,057
LIABILITIES AND NET POSITION
Current liabilities:
Accounts payable 2,077
Accrued wages 12,248
Compensated absences 22,282
Total current liabilities 36,607
Noncurrent liabilities:
Compensated absences 60,565
Total noncurrent liabilities 60,565
Total liabilities 97,172
Net position:
Net invested in capital assets 21,052,006
Restricted 7,579,268
Unrestricted 16,352,611
Total net position $ 44,983,885
The accompanying notes to the financial statements are an integral part of this statement. 7
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
STATEMENT OF ACTIVITIES
YEAR ENDED SEPTEMBER 30, 2013
General revenues
Intergovernmental $ 3,910,253
Investment Income 27,922
Total general revenues 3,938,175
Program expenses
Land contribution conveyances 251,457
General government 297,512
Total program expenses 548,969
Increase in net position 3,389,206
Net position, beginning of year 41,594,679
Net position, end of year $ 44,983,885
The accompanying notes to the financial statements are an integral part of this statement. 8
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
BALANCE SHEET
GENERAL FUND
SEPTEMBER 30, 2013
ASSETS
Cash and cash equivalents $ 14,371,070
Due from BOCC 428,820
Due from State of Florida 77,582
Mortgages receivable 9,151,579
$ 24,029,051
LIABILITIES AND FUND EQUITY
Liabilities
Accounts payable $ 2,077
Accrued wages 12,248
Total liabilities 14,325
Fund balance
Nonspendable: mortgage loans 9,151,579
Restricted: land acquisition 7,579,268
Assigned: reserves 4,815,623
Unassigned: fund balance 2,468,256
Total fund balances 24,014,726
Total liabilities and fund balance $ 24,029,051
Amounts reported in the statement of net assets differ
from amounts reported above as follows:
Fund balance-total governmental funds $ 24,014,726
Capital assets used in governmental activities are not financial
resources and therefore are not reported above. 21,052,006
Compensated absences are not due and payable in the current
period and, therefore, are not reported in the governmental funds. (82,847)
Net position of governmental activities $ 44,983,885
The accompanying notes to the financial statements are an integral part of this statement. 9
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2013
Revenues
Intergovernmental $ 3,910,253
Investment income 27,922
Total revenues 3,938,175
Expenditures
Current
Personnel 221,276
Operating 75,942
Capital outlay 2,417,306
Total expenditures 2,714,524
Excess of revenues over expenditures 1,223,651
Fund balance, beginning of year 22,791,075
Fund balance, end of year $ 24,014,726
Amounts reported for governmental activities in the statement
of activities are different because:
Net change in fund balances-total governmental fund $ 1,223,651
Governmental funds report capital outlays as expenditures.
However, in the statement of activities, the cost of those
assets is capitalized net of accumulated depreciation of$219 2,417,087
Land contribution conveyances are not reported on government
funds; this is the amount of land conveyances and
land contributions during the fiscal year 2013 (251,457)
Some expenses do not use current financial resources and,
therefore, are not reported as expenditures in governmental funds
Compensated absences 444
Loss on disposal of assets (519)
Change in net position of governmental activities $ 3,389,206
The accompanying notes to the financial statements are an integral part of this statement. 10
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 1—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, therefore, for financial reporting purposes, the Authority is
considered a component unit of Monroe County, Florida. The financial statements of the Authority are included
as a discretely presented component unit 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 Aufhority'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.
Budget — Prior to, or on September 30, the Authority's budget is legally enacted through passage of a
resolution. 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 2013, the following
adjustments were necessary to present the actual data on a budgetary basis for the General Fund:
GAAP basis $ 1,223,651
Compensation accrual difference 958
Non-GAAP budgetary basis $ 1,224,609
Capital Assets— Capital assets are defined by the Authority as land and those 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
equipment and, when purchased, are recorded at the Authority's cost. Where land was acquired by donation on
or prior to September 30, 2010, the asset was 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. Where land was acquired
by donation after September 30, 2010, the asset is recorded at the Authority's transaction cost plus the tax
assessed value at the time of donation. Land is not depreciated since it does not have a determinable useful
life. Equipment is depreciated using the straight line method over the useful life of the equipment.
11
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 1—Summary of significant accounting policies (continued)
Net Position/Fund Balances
Net Position—Net position in the government-wide 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 imposed by law through state statute.
Fund Balances—In the governmental fund financial statements, fund balance is composed of five classifications
designated to disclose the hierarchy of constraints placed on how fund balance can be spent. The government
fund types classify fund balances as follows:
Nonspendable— Include amounts that cannot be spent because they are either not in spendable form,
or for legal or contractual reasons, must be kept intact. This classification includes inventories, prepaid
amounts, assets held for sale, and long-term receivables.
Restricted—Constraints placed on the use of these resources are either externally imposed by creditors
(such as through debt covenants), grantors, contributors or other governments; or are imposed by law
(through constitutional provisions or enabling legislation).
Committed —Amounts that can only be used for specific purposes because of formal action (resolution
or ordinance) by the government's highest level of decision-making authority.
Assigned —Amounts that are constrained by the Authority's intent to be used for specific purposes, but
that do not meet the criteria to be classified as restricted or committed. Intent can be stipulated by the
governing body, another body (such as a Finance Committee), or by an official whom that authority has
been given. With the exception of the General Fund, this is the residual fund balance classification for
all governmental funds with positive balances.
Unassigned —This is the residual classification of the General Fund. Only the General Fund reports a
positive unassigned fund balance. Other governmental funds might report a negative balance in this
classification, as the result of overspending for specific purposes for which amounts had been
restricted, committed, or assigned.
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.
Compensated Absences — The Authority's policy grants employees annual leave 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.
12
MONROE COUNTY, FLORIDA
COMPREHE14SIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 2—Deposits and investments
As of September 30, 2013, the Authority has the following deposits and investments:
Demand deposits $ 14,156,211
Local Governmental Surplus Trust Florida PRIME 127,631
Local Governmental Surplus Trust Florida B 77,014
Unrealized Gain in Fund B 10,214
Total cash and cash equivalents $ 14,371,070
The Authority places its cash and cash equivalents on deposit with financial institutions in the United States.
The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially all depository accounts.
The Authority from time to time may have amounts on deposit in excess of the insured limits 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. As of September 30, 2013, the
cash and cash equivalents have a bank balance of$14,412,374.
The Authority's investment policy is in accordance with Florida Statute 218,415. This policy authorizes
investments in demand deposits, the Local Govemment 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, 2013, the Authority had $204,645 invested in the Local Government Surplus Trust Fund,
which was 1.42%of the Authority's total cash and cash equivalents. Of the$204,645 invested, the Authority had
$77,014 invested in Fund B and $127,631 invested in Florida PRIME.
The Local Government Surplus Trust Fund has been in existence for over 25 years and is administered by the
Governor, Chief Financial Officer, and Attorney General of the State of Florida sitting as the State Board of
Administration. On November 29, 2007, the SBA suspended withdrawals from the Fund due to concerns of
insufficient liquidity. On December 4, 2007 the SBA divided the Fund into two pools, Fund A and Fund B, based
on security quality.
Fund A re-opened for limited withdrawals on December 5, 2007 and has since resumed normal operations
under the name Florida PRIME. Fund B remains closed to withdrawals and new investors. Participants receive
periodic distributions of their Fund B principal in the form of transfers to their Fund A accounts. As of September
30, 2013, the SBA had returned 94% of Fund B's original balance to investors in this manner.
When the SBA created Fund B on December 4, 2007, the Authority had an account balance of$1,287,034, As
of September 30, 2013, the SBA had returned $1,210,020 of this amount to the Authority, leaving a balance of
$77,014. The net asset value of the Authority's account balance on September 30, 2013 was $87,228, yielding
an unrealized gain of $10,214. Since a prior loss of $8,585 was already included in the Authority's financial
statements through 2012, the current year portion was an unrealized gain of$18,799.
The Florida PRIME is rated by Standard and Poors. The current rating is AAAm. The weighted average days to
maturity (WAM) of the Florida PRIME at September 30, 2013 is 44 days. Next interest rate reset days for
floating rate securities are used in the calculation of the WAM. The Florida PRIME was not exposed to any
foreign currency risk during the period from October 1, 2012 through September 30, 2013. The Florida PRIME
did not participate in securities lending program in the period October 1, 2012 through September 30, 2013.
13
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 2—Deposits and investments (continued)
The Fund B is not rated by any nationally recognized rating agency. The weighted average life(WAL) (based on
expected future cash flows) of Fund B at September 30, 2013 is estimated at 4.04 years. However, because
Fund B consists of restructured or defaulted securities there is a considerable uncertainty regarding the
weighted average life. The Fund B was not exposed to any foreign currency risk during the period from October
1, 2012 through September 30, 2013. The Fund B did not participate in securities lending program in the period
October 1, 2012 through September 30, 2013.
Note 3—Mortgages receivable
Mortgages receivable as of September 30, 2013 are as follows:
First mortgage due from governmental agency, collateralized by land, payable in full April
2028, interest free(OR 1514-594) $ 382,554
Second mortgage due from governmental agency, collateralized by land, payable in full
November2034, interest free (OR 1697-2076) and (as amended at OR 2442-1497) 1,500,000
Second mortgage due from governmental agency, collateralized by land, payable in full
January 2034, interest free(OR 1965-1039) 2,210,000
First mortgage due from governmental agency, collateralized by land, payable in full
September 2045, interest free (OR 1395-1409) 59,025
Third mortgage due from private company, collateralized by land, payable in full May 2050,
interest free (OR 1749-2340) 1,089,000
Third mortgage due from private company, collateralized by land, payable in full September
2053, interest free(OR 1939-405) 1,500,000
Second mortgage due from governmental agency, collateralized by land, payable in full July
2040, interest free(OR 2475-1762) 836,000
Third mortgage due from governmental agency, collateralized by land, forgivable July 2040,
interest free(OR 2475-1767) 800,000
Second mortgage due from governmental agency, collateralized by land, payable in full
November 2041, interest free(OR 2541-877) 225,000
Third mortgage due from governmental agency, collateralized by land, forgivable November
2041, interest free(OR 2541-885) 550,000
Total mortgages receivable $ 9,151,579
The mortgages receivable are presented as nonspendable fund balance, which indicates that they do not
constitute "available spendable resources," even though they are a component of total assets.
14
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 4—Capital assets
A summary of changes in capital assets is as follows:
Balance Balance
09/30/12 Additions Deductions 09/30/13
Capital assets, not depreciated:
Land $ 18,885,903 $ 2,417,306 $ (251,457) $ 21,051,752
Total capital assets, not depreciated 18,885,903 2,417,306 (251,457) 21,051,752
Capital assets, depreciated:
Equipment 2,290 (1,197) 1,093
Total capital assets, depreciated 2,290 (1,197) 1,093
Less accumulated depreciation (1,298) (219) 678 (839)
Total capital assets, depreciated, net 992 (219) (519) 254
Total capital assets, net $ 18,886,895 $ 2,417,087 $ (251,976) $21,052,006
The City of Key West leases one property with a cost of $101,606 from the Authority. This property, which is
included in capital assets, is used to provide city recreational facilities. The term of the lease provides 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 one half of all accrued sick leave, with a maximum of 120
days with 15 or more years of service.
The change in accumulated compensated absences during the year is as follows:
Balance Balance Current
09/30/12 Additions Deductions 09/30/13 Portion
Compensated absences $ 83,291 $ 21,838 $ (22,282) $ 82,847 $ 22,282
15
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 6—Retirement system
Plan Description — The Land Authority's employees participate in the Florida Retirement System ("FRS"),
administered by the Florida Department of Management Systems. 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. FRS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits
to Pension Plan members and beneficiaries of various governmental units within the State of Florida. Benefits
are established by Chapter 121, Florida Statutes, and Chapter60S, 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. For Pension Plan members enrolled before July 1, 2011, Regular class members 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 1.6% of their final average compensation based on the five
highest years of salary for each year of credited service. Vested members with less than 30 years of service
may retire before age 62 and receive reduced retirement benefits. Senior Management Service class members
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 2.0% of their final average compensation
based on the five highest years of salary for each year of credited service. Elected Officers' class members 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% of their final average compensation based
on the five highest years of salary for each year of credited service. Substantial changes were made to the
Pension Plan during fiscal year 2011 affecting members enrolled on or after July 1, 2011 by extending the
vesting requirement to eight years of credited service and increasing normal retirement to age 65 with at least
eight years of credited service or 33 years of service regardless of age. Also, the final average compensation of
these members will be based on the eight highest years of salary. A post-employment health insurance subsidy
is also provided to eligible retired members through the FRS in accordance with Florida Statutes.
In addition to the above benefits, the FRS administers the 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
Florida Division of Retirement, 2639 Monroe Street, Building C, Tallahassee, FL 32399-1560, or from the
website www.dms.mvflorida.com/retirement.
16
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 6—Retirement system (continued)
Funding Policy— Effective July 1, 2011, all enrolled members of the FRS other than DROP participants are
required to contribute 3% of their salary to the FRS. In addition to member contributions, governmental
employers are required to make contributions to the FRS based on state-wide contribution rates. The employer
contribution rates by job class for the periods from October 1, 2012 through June 30, 2013 and July 1, 2013
through September 30, 2013, respectively, were as follows; regular, 5.18% and 6.95%; county elected officers,
10.23% and 33.03%; senior management, 6.30% and 18.31%; and DROP participants, 5.44% and 12.84%.
During the fiscal year ended September 30, 2013, the Authority contributed to the FRS an amount equal to
5.59% of covered payroll. Authority contributions to the FRS for the fiscal years ended September 30, 2011
through 2013 were $15,554, $8,599, and $9,691, 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 Benefit(OPEB) Plan
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, prescription drug benefits, and
life insurance 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.
Eligibility for postemployment participation in the Plan is limited to full time employees of the County, the
Authority, and the Constitutional Officers. 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.
The BOCC engages an actuarial firm on a biannual basis to determine the County's actuarially determined
annual required contribution and unfunded obligation. 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.
17
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 8—Fund balance
As a general rule, the Executive Director will select the most restricted resource permissible and available to
fund a given activity. This practice will generally track the following hierarchy: miscellaneous funds consisting of
grants restricted for specific purposes, State Park and Tourist Impact Tax funds, and lastly unrestricted sources
such as interest income and unrestricted miscellaneous funds. In terms of fund balance classification,
expenditures are generally to be spent from restricted fund balance first, followed in order by committed fund
balance, assigned fund balance, and lastly unassigned fund balance as applicable. The Executive Director has
the authority to deviate from this practice if it is in the best interest of the Authority.
The following schedule provides management and citizens with information on the position of General Fund
balance that is available for appropriation.
Total fund balance- General fund $ 24,014,726
Less:
Mortgage loans 9,151,579
Restricted for land acquisition 7,579,268
Assigned for reserves 4,815,623
Unassigned fund balance $ 2,468,256
Note 9—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 employees; and natural disasters. The Authority 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 $500,000 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
$200,000 self insured retention, and building property damage is covered for the actual value of the buildings
with a deductible of $50,000. 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 Workers' Compensation, Group Insurance and Risk Management Funds based on estimates of
the amounts needed to pay prior and current year claims.
Note 10—Commitments
The Authority had approximately $670,550 of commitments to acquire various properties, $205,000 of
commitments to issue mortgage loans as of September 30, 2013.
18
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
Note 11—Change in accounting principle
The Authority implemented GASS Statement 63, Financial Reporting of Deferred Outflows of Resources,
Deferred Inflows of Resources, and Net Position in the fiscal year ending September 30, 2013. The
implementation of GASB 63 required the Authority to present a Statement of Net Position replacing the
previously reported Statement of Net Assets, in the Authority's basic financial statements. The Authority's
implementation also required the Statement of Net Position to present deferred outflows and inflows of
resources in separate sections following total assets and total liabilities sections, respectively. In practice,
Statement No. 63 only impacts activities related to derivative instruments or service concession arrangements,
neither of which applies to the Authority.
19
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, 2013
Variance
with Final
Budget
Positive
Budget Actual (Negative)
Original Final
Revenues
Intergovernmental $ 2,540,000 $ 2,540,000 $ 3,910,253 $ 1,370,253
Investment income 40,000 40,000 27,922 (12,078)
Total revenues 2,580,000 2,580,000 3,938,175 1,358,175
Expenditures
Current
Personnel 236,000 236,000 220,318 15,682
Operating 121,500 121,500 75,942 45,558
Capital outlay 13,298,246 13,298,246 2,417,306 10,880,940
Mortgage outflows 205,000 205,000 - 205,000
Total expenditures 13,860,746 13,860,746 2,713,566 11,147,180
Excess (deficiency) of revenues
over(under) expenditures (11,280,746) (11,280,746) 1,224,609 (12,505,355)
Fund balance, beginning of year 13,650,786 13,650,786 13,650,786 -
Fund balance, end of year $ 2,370,040 $ 2,370,040 14,875,395 $ 12,505,355
Reconciliation of budgetary
to full accrual basis
Reconciling items
Mortgages receivable 9,151,579
Compensation accrual (12,248)
Fund balance, end of year(full accrual) $ 24,014,726
20
SUPPLEMENTARY INDEPENDENT AUDITOR'S REPORTS
Cherry Bekaert-
Report of Independent Auditor 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
i
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
We have audited, 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, the accompanying financial statements of the governmental activities
and the major fund of Monroe County Comprehensive Plan Land Authority (the "Authority") as of and for the
year ended September 30, 2013, and the related notes to the financial statements, and have issued our report
thereon dated March 17, 2014 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.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Authority's internal control over financial reporting
(internal control)to determine the audit procedures that are appropriate in the circumstances 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 Authority's internal control. Accordingly, we do not express an opinion on the effectiveness
of the Authority's internal control.
A deficiency in internal control 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 and correct
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the Authority's
financial statements will not be prevented, or detected and corrected on a timely basis.A significant deficiency is
a deficiency, or combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or,
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Authority's financial statements are free from
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.
21
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of the Authority's internal control or
on compliance. This report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering the Authority's internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
Orlando, Florida
March 17, 2014
22
S
Cherry Bekaert"P
Independent Auditor's 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, 2013, and have issued our report thereon dated March 17, 2014.
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 Report of Independent Auditor on Internal
Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Govemment Auditing Standards. Disclosures in this report, dated
March 17, 2014, 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-Local
Governmental Entity Audits, 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 auditor's
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 findings and recommendations made in the preceding annual financial
report. No recommendations were made in the preceding annual financial audit report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the provisions of
Section 218.415, Florida Statutes, regarding the investment of public funds. In connection with our audit of the
financial statements of the Authority, nothing came to our attention that could cause us to believe that the
Authority was in noncompliance with Section 218.415 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 noncompliance with provisions of
contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect
on the financial statements that is less than material but which warrants the attention of those charged with
governance. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)5., 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.
23
Section 10.554(1)(i)6.a., Rules of the Auditor General, requires that a statement be included as to whether or
not the local governmental 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)6.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, 2013, 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, 2013. The Authority, as 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)6.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 purpose of this management letter is to communicate certain matters prescribed by Chapter 10.550, Rules
of the Auditor General.Accordingly, this management letter is not suitable for any other purpose.
Orlando, Florida
March 17, 2014
24