Fiscal Year 2020 i
MONROE COUNTY, FLORIDA
TAX COLLECTOR
FINANCIAL STATEMENTS
As of and for the Year Ended September 30, 2020
And Reports of Independent Auditor
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MONROE COUNTY, FLORIDA
TAX COLLECTOR
TABLE OF CONTENTS
REPORT OF INDEPENDENT AUDITOR.................................................................................................. 1-2
FINANCIAL STATEMENTS
Balance Sheet—General Fund ........................................................................................................................ 3
Statement of Revenues, Expenditures, and Changes in Fund Balance—
GeneralFund.................................................................................................................................................4
Statement of Fiduciary Assets and Liabilities—
AgencyFunds................................................................................................................................................ 5
Notes to the Financial Statements...............................................................................................................6-12
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures— Budget and Actual—
GeneralFund............................................................................................................................................... 13
OTHER SUPPLEMENTARY INFORMATION
AgencyFund Descriptions.............................................................................................................................. 14
Combining Statement of Changes in Assets and Liabilities—
AIIAgency Funds......................................................................................................................................... 15
SUPPLEMENTARY 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........................................................... 16-17
Independent Auditor's Management Letter............................................................................................... 18-19
Report of Independent Accountant on Compliance with Local Government
InvestmentPolicies......................................................................................................................................20
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Report of Independent Auditor
To the Honorable Sam C. Steele, CFC
Tax Collector of Monroe County, Florida
Report on the Financial Statements
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, 2020, and the related notes to the 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 financial
statements that are free from material misstatement,whether due to fraud or error.
Auditor's Responsibility
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 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 entity'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 entity'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
opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the major fund and the aggregate remaining fund information of the Tax Collector as of
September 30, 2020, and the respective changes in financial position thereof for the year then ended, in accordance
with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements referred to above were prepared solely
for the purpose of complying with the Rules of the Auditor General of the state of Florida. In conformity with the
Rules, the accompanying financial statements are intended to present the financial position and changes in financial
position of each fund of Monroe County, Florida that is attributable to the Tax Collector. They do not purport to, and
do not, present fairly the financial position of Monroe County, Florida as of September 30, 2020, and the changes in
its financial position for the fiscal year then ended in accordance with accounting principles generally accepted in the
United States of America. Our opinions are not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the required
supplementary information as listed in the table of contents be presented to supplement the financial
statements. Such information, although not a part of the financial statements, is required by the Governmental
Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the
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 financial statements, and other knowledge we obtained during our audit of the 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.
Supplementary and Other Information
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 other supplementary information,
as listed in 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 is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial statements
and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with accounting standards generally
accepted in the United States of America. In our opinion, the other supplementary information is fairly stated, in
all material respects, in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 8, 2021 on
our consideration of the Tax Collector'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 solely 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 effectiveness of the Tax
Collector's 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 Tax Collector's internal control
over financial reporting and compliance.
ChtrN 5dak L-LP
Tampa, Florida
February 8, 2021
2
FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
TAX COLLECTOR
BALANCE SHEET- GENERAL FUND
SEPTEMBER 30, 2020
ASSETS
Cash $ 3,530,467
Due from Board of County Commissioners 2,253
Due from other governments 4,864
Total Assets $ 3,537,584
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 101,242
Accrued wages and benefits payable 183,259
Due to Board of County Commissioners 2,903,534
Due to other governmental units 349,549
Total Liabilities 3,537,584
Fund Balance -
Total Liabilities and Fund Balance $ 3,537,584
The accompanying notes to the financial statements are an integral part of this statement. 3
MONROE COUNTY, FLORIDA
TAX COLLECTOR
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2020
Revenues:
Charges for services $ 2,762,966
Intergovernmental- Board of County Commissioners 6,447,748
Total Revenues 9,210,714
Expenditures:
General government:
Personnel services 3,655,298
Operating and capital outlay expenditures 1,302,333
Total Expenditures 4,957,631
Excess of Revenues over Expenditures 4,253,083
Other Financing Uses:
Transfers to Board of County Commissioners (3,903,534)
Transfers to other governmental units (349,549)
Total Other Financing Uses (4,253,083)
Excess of Revenues over Expenditures and
Other Financing Uses -
Fund balance at beginning of year -
Fund balance at end of year $ -
The accompanying notes to the financial statements are an integral part of this statement. 4
MONROE COUNTY, FLORIDA
TAX COLLECTOR
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES -AGENCY FUNDS
YEAR ENDED SEPTEMBER 30, 2020
ASSETS
Cash $ 7,627,058
Due from individuals 5,315
Total Assets $ 7,632,373
LIABILITIES
Undistributed collections $ 7,252,284
Due to individuals 380,089
Total Liabilities $ 7,632,373
The accompanying notes to the financial statements are an integral part of this statement. 5
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
Note 1—Nature of operations and 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. The financial statements of the Tax Collector have been prepared in
accordance with accounting principles and reporting guidelines established by the Governmental Accounting
Standards Board ("GASB").
Entity status for financial reporting purposes is governed by Statement 14, as amended. Although the Tax
Collector'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, under GASB
guidelines, the Tax Collector is reported as a part of the primary government of Monroe County, Florida.
Description of Funds — The accounting records are organized for reporting purposes on the basis of a
governmental fund 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 that are not required legally or by accounting principles generally
accepted in the United States of America ("U.S. GAAP") to be accounted for in another fund.
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 for the purpose of complying with Florida Statute Section 218.39(2), and Chapter
10.550, Rules of the Auditor General, which requires the Tax Collector to only present fund financial statements.
The General 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.
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 (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.
The Tax Collector reports the General Fund as a major governmental fund and Agency Funds as a fiduciary
fund type. Agency funds are custodial in nature and do not involve measurement of results of operations.
Budgetary Requirements — General Fund 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
U.S. GAAP.
6
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
Note 1—Nature of operations and summary of significant accounting policies (continued)
Cash—The Tax Collector's cash consists of demand deposits and petty cash.
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. The Tax Collector 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. A summary of activity for the Tax Collector's compensated absences
obligation is as follows:
Balance, October 1, 2019 $ 166,743
Additions 294,353
Deletions (262,384)
Balance, September 30, 2020 $ 198,712
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.
Distribution of Excess Revenues— Florida Statutes provide that the excess of Tax Collector's fee revenues over
expenditures is to be distributed to each governmental agency in the same proportion as the fees paid by the
government agency bear to total fee income received by the Tax Collector. The amount of undistributed excess
fees at the end of the fiscal year is reported as amounts due to the Board and other governmental agencies; the
transfer of total excess fees are reported as other financing uses.
Note 2—Deposits and investments
The Tax Collector follows Florida Statutes for its investment policy, which authorizes investments in certificates
of deposit, savings accounts, repurchase agreements, the Local Government Surplus Funds Trust Fund
administered by the Florida State Board of Administration, and obligations of the U.S. government and
government agencies unconditionally guaranteed by the U.S. government.
Cash consists of demand deposits 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 and petty cash.
As of September 30, 2020, the Tax Collector has demand deposits with a carrying amount of $11,146,125, a
bank balance of$11,196,516, and petty cash funds of$11,400.
7
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
Note 3—Retirement system
Plan Description:
The Tax Collector's employees participate in the Florida Retirement System (the "FRS"). As provided by
Chapters 121 and 112, Florida Statutes, the FRS provides two cost sharing, multiple employer defined benefit
plans administered by the Florida Department of Management Services, Division of Retirement, including the
FRS Pension Plan ("Pension Plan"), and the Retiree Health Insurance Subsidy ("HIS Plan"). Under
Section 121.4501, Florida Statutes, the FRS also provides a defined contribution plan ("Investment Plan")
alternative to the FRS Pension Plan, which is administered by the State Board of Administration.
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. 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% (3.33% for judges and justices) 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 new 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 or 33 years of service regardless of age. Also, the final average compensation for
these members is based on the eight highest years of salary.
The HIS Plan provides a monthly benefit to assist retirees in paying their health insurance costs and is
administered by the Florida Department of Management Services, Division of Retirement. Eligible retirees and
beneficiaries receive a monthly health insurance subsidy payment of$5 for each year of creditable service, with
a minimum payment of$30 and a maximum payment of$150 per month. The HIS Plan is funded by required
contributions from FRS participating employees as set forth by the Florida Legislature, based on a percentage
of gross compensation for all active FRS members.
In addition to the above benefits, the FRS administers a Deferred Retirement Option Program ("DROP"). This
program allows eligible members 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. There are no required contributions by
DROP participants.
8
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
Note 3—Retirement system (continued)
For those members 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. Employer and employee contributions,
including amounts contributed to individual member's accounts, are defined by law, but the ultimate benefit
depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for
the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is
funded with the same employer and employee contribution rates that are based on salary and membership
class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed
to individual member accounts, and the individual members allocate contributions and account balances among
various approved investment choices. Costs of administering the plan, including the FRS Financial Guidance
Program, are funded through an employer contribution of 0.04% of payroll and by forfeited benefits of plan
members.
The Tax Collector recognizes pension expenditures in an amount equal to amounts paid to the Pension Plan,
the defined contribution plan, and the HIS Plan, amounting to $158,264, $83,452 and $51,440, respectively, for
the fiscal year ended September 30, 2020. The Tax Collector's payments for the Pension Plan and the HIS Plan
after June 30, 2020, the measurement date used to determine the net pension liability associated with the
Pension Plan and HIS Plan, amounted to $54,228 and $11,905, respectively. The Tax Collector is not legally
required to and does not accumulate expendable available resources to liquidate the retirement obligation
related to its employees. Accordingly, the net pension liability and associated deferred outflows and deferred
inflows are presented on the government-wide financial statements of the County, following requirements of
GASB Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27,
and GASB Statement 71, Pension Transition for Contributions Made Subsequent to the Measurement Date—an
amendment of GASB Statement 68, effective October 1, 2014.
Funding Policy:
All enrolled members of the FRS Pension Plan are required to contribute 3.0% 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,
2019 through June 30, 2020 and July 1, 2020 through September 30, 2020, respectively, were as follows:
regular—8.47% and 10.00%; county elected officers —48.82% and 49.18%; senior management—25.41% and
27.29%; and DROP participants — 14.60% and 16.98%. During the fiscal year ended September 30, 2020, the
Tax Collector contributed to the plan an amount equal to 9.46%of covered payroll.
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. That report may be viewed on the Florida Department of Management Services website
located at www.dms.Myflorida.com/workforce operations/retirement/publications.
9
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
Note 4—Other postemployment benefits plan (the "OPEB Plan")
In addition to the pension benefits described in Note 3, the Tax Collector offers to its employees a single-
employer defined benefit healthcare plan, which is administered by the Board. Florida Statute 112.0801 requires
the County to provide retirees and their eligible dependents with the option to participate in the OPEB Plan if the
County provides health insurance to its active employees and their eligible dependents. The OPEB Plan
provides medical coverage, prescription drug benefits, and life insurance to both active and eligible retired
employees. The OPEB Plan does not issue a publicly available financial report. No assets are accumulated in a
trust that meets the criteria as set forth in GASB Statement 75, Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions.
The Board may amend the OPEB Plan design, with changes to the benefits, premiums and/or levels of
participant contribution at any time. On at least an annual basis, in an open session, and prior to the annual
enrollment process, the Board approves the rates for the coming calendar year for the retiree and County
contributions
Eligibility for postemployment participation in the OPEB Plan is limited to full-time employees of the County, and
the Constitutional Officers. An employee who retires as an active participant in the OPEB Plan and was hired on
or after October 1, 2001 may continue to participate in the OPEB Plan by paying the monthly premium
established annually by the Board. An employee who retires as an active participant in the plan, was hired prior
to October 1, 2001, has at least ten years of full-time service with the County, and meets the retirement criteria
of the FRS but is not eligible for Medicare, may maintain group health insurance benefits with Monroe County
following retirement, provided the retiring employee contributes the amounts shown in the table below.
Contribution as Percentage of Annual Actuarial Rate
Plan Years of Service with Monroe County
Year
25+ 20-24 10-19
2018 HISM 17% 18%
2019 HIS 18% 26%
2020 HIS 20% 34%
2021 HIS 22% 42%
2022 &Thereafter HIS 25% 50%
0)The new retiree contributions began a five-year phased-in approach beginning
January 1, 2018.
(2)Participation in the Plan at a cost equal to the FRS Health Insurance Subsidy(HIS)
for 10 years of service (currently$5 per month for each year of service credit at
retirement with a minimum HIS payment of$30 and a maximum HIS payment of
$150 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 based on the preceding table. Surviving
spouses and dependents of participating retirees may continue in the plan if eligibility criteria specific to those
classes are met.
10
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
Note 4—Other postemployment benefits plan (the "OPEB Plan") (continued)
An employee who retires as an active participant in the plan, was hired prior to October 1, 2001, has at least 10
years of full-time service with the County, and meets the retirement criteria of the FRS and is eligible for
Medicare at the time of retirement or becomes eligible for Medicare following retirement, may maintain group
health insurance benefits with Monroe County following retirement, provided the retiring employee contributes
the Actuarial Rate for Medicare retirees as determined by the actuarial firm engaged by the County, less a $250
per month County subsidy. Alternatively, retirees meeting these criteria may elect to leave the County health
plan and receive a $250 per month payment from the County, payable for the lifetime of the retiree.
The Board engages an actuarial firm on a biannual basis to determine the County's accrued net OPEB liability.
The Tax Collector has no responsibility to the OPEB Plan other than to make the periodic payments determined
by the Board, which are presented as expenditures when made and amounted to $160,056 for the year ended
September 30, 2020. Further information about the OPEB Plan is available in the County's CAFR 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 Workers' Compensation, Group Insurance, and Risk Management internal
service funds. Under these programs, the 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 cost 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 Tax
Collector 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—Commitments
Operating Leases — The Tax Collector leases office space and equipment under operating lease agreements.
Total lease payments made in 2020 were $173,580.
The following is a schedule by years of future minimum rentals under noncancelable operating leases as of
September 30, 2020:
Year Ending Lease
September 30 Payments
2021 $ 171,821
2022 129,337
2023 127,942
2024 83,064
Total $ 512,164
11
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2020
Note 7—Economic contingencies
During 2020, an outbreak of a novel strain of coronavirus ("COVID-19") emerged globally. As a result of the
spread of COVID-19, economic uncertainties have arisen that could negatively impact the revenue and
operations for an indeterminable period of time. Other financial impacts could occur that are unknown at this
time.
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
MONROE COUNTY, FLORIDA
TAX COLLECTOR
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL-
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2020
General Fund
Variance
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Charges for services $ 2,510,700 $ 2,510,700 $ 2,762,966 $ 252,266
Intergovernmental - Board of County Commissioners 4,703,800 4,703,800 6,447,748 1,743,948
Total Revenue 7,214,500 7,214,500 9,210,714 1,996,214
Expenditures:
General government:
Personnel services 3,698,891 3,698,891 3,655,298 43,593
Operating and capital outlay expenditures 870,259 1,317,582 1,302,333 15,249
Total Expenditures 4,569,150 5,016,473 4,957,631 58,842
Excess of Revenues over Expenditures 2,645,350 2,198,027 4,253,083 2,055,056
Other Financing Uses:
Transfer to Board of County Commissioners (2,645,350) (2,198,027) (3,903,534) (1,705,507)
Transfer to other governmental units - - (349,549) (349,549)
Total Other Financing Uses (2,645,350) (2,198,027) (4,253,083) (2,055,056)
Excess of Revenues over Expenditures and
Other Financing Uses $ - $ - $ - $ -
13
MONROE COUNTY, FLORIDA
TAX COLLECTOR
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES -
ALL AGENCY FUNDS
YEAR ENDED SEPTEMBER 30, 2020
Balance Balance
September 30, September 30,
2019 Additions Deletions 2020
Property Tax Agency Fund
Assets
Cash $ 6,994,119 $ 340,324,545 $ 339,934,836 $ 7,383,828
$ 6,994,119 $ 340,324,545 $ 339,934,836 $ 7,383,828
Liabilities
Undistributed collections $ 6,936,435 $ 330,709,837 $ 330,639,458 $ 7,006,814
Due to individuals 57,684 9,614,708 9,295,378 377,014
$ 6,994,119 $ 340,324,545 $ 339,934,836 $ 7,383,828
Licenses Agency Fund
Assets
Cash $ 213,933 $ 15,493,433 $ 15,464,136 $ 243,230
Due from individuals 13,397 - 8,082 5,315
$ 227,330 $ 15,493,433 $ 15,472,218 $ 248,545
Liabilities
Undistributed collections $ 225,119 $ 15,427,089 $ 15,406,738 $ 245,470
Due to individuals 2,211 66,344 65,480 3,075
$ 227,330 $ 15,493,433 $ 15,472,218 $ 248,545
Total -All Agency Funds
Assets
Cash $ 7,208,052 $ 355,817,978 $ 355,398,972 $ 7,627,058
Due from individuals 13,397 - 8,082 5,315
$ 7,221,449 $ 355,817,978 $ 355,407,054 $ 7,632,373
Liabilities
Undistributed collections $ 7,161,554 $ 346,136,926 $ 346,046,196 $ 7,252,284
Due to individuals 59,895 9,681,052 9,360,858 380,089
$ 7,221,449 $ 355,817,978 $ 355,407,054 $ 7,632,373
14
OTHER SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
TAX COLLECTOR
AGENCY FUND DESCRIPTIONS
The Combining Statement of Changes in Assets and Liabilities—All 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.
15
SUPPLEMENTARY REPORTS
Cherry rl-
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
To the Honorable Sam C. Steele, CFC
Tax Collector of 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 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, 2020, and the related notes to the financial statements, and we have issued our
report thereon dated February 8, 2021 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 of the financial statements, we considered the Tax Collector's internal
control over financial reporting (internal control)as a basis for designing 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 Tax Collector's internal control. Accordingly, we do
not express an opinion on the effectiveness of the Tax Collector'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 Tax Collector's
financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency
is a deficiency, or a 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 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
financial statements. 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.
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 Tax Collector'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 Tax Collector's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Chmi 5dak L-LP
Tampa, Florida
February 8, 2021
17
Cherry rl-
Independent Auditor's Management Letter
To the Honorable Sam C Steele, CFC
Tax Collector of Monroe County, Florida
Report on the Financial Statements
We have audited the financial statements of the Monroe County, Florida Tax Collector (the "Tax Collector"), as
of and for the year ended September 30, 2020, and have issued our report thereon dated February 8, 2021
Auditor's Responsibility
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; and Chapter 10.550, Rules of the Auditor General.
Other Reporting Requirements
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
Government Auditing Standards and Report of Independent Accountant on Compliance with Local Government
Investment Policies regarding compliance requirements in accordance with Chapter 10.550, Rules of the
Auditor General. Disclosures in these reports, which are dated February 8, 2021, should be considered in
conjunction with this management letter.
Prior Audit Findings
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.
Official Title and Legal Authority
Section 10.554(1)(i)4., 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 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.
Financial Management
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to
improve financial management. In connection with our audit, we did not have any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we communicate 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.
Purpose of this Letter
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.
Chmi 5dak L-LP
Tampa, Florida
February 8, 2021
19
Cherry rl-
Report of Independent Accountant on Compliance
with Local Government Investment Policies
To the Honorable Sam C Steele, CFC
Tax Collector of Monroe County, Florida
We have examined the Monroe County, Florida Tax Collector's (the "Tax Collector") compliance with the local
government investment policy requirements of Section 218.415, Florida Statutes, during the year ended
September 30, 2020. Management of the Tax Collector is responsible for the Tax Collector's compliance with
the specified requirements. Our responsibility is to express an opinion on the Tax Collector's compliance with
the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute
of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain
reasonable assurance about whether the Tax Collector complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the Tax Collector complied with the specified requirements. The nature, timing and extent of the
procedures selected depend on our judgement, including an assessment of the risks of material noncompliance,
whether due to fraud or error. We believe that the evidence obtained is sufficient and appropriate to provide a
reasonable basis for our opinion.
Our examination does not provide a legal determination on the Tax Collector's compliance with the specific
requirements.
In our opinion, the Tax Collector complied, in all material respects, with the local investment policy requirements
of Section 218.415, Florida Statutes, during the year ended September 30, 2020.
The purpose of this report is to comply with the audit requirements of Section 218.415, Florida Statutes, and
Rules of the Auditor General.
ChtrN 5dak LLB
Tampa, Florida
February 8, 2021