Fiscal Year 2020 i
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
FINANCIAL STATEMENTS
As of and for the Year Ended September 30, 2020
And Report of Independent Auditor
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MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2020
TABLE OF CONTENTS
PAGE
Table of Contents A-1
Basic Financial Statements
Report of Independent Auditor B-1
Fund Financial Statements:
Balance Sheet-Governmental Funds C-1
Statement of Revenues, Expenditures, and Changes in Fund Balances-
Governmental Funds C-3
Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
Major Governmental Funds:
General Fund C-5
Fine and Forfeiture Fund C-10
Governmental Grants Fund C-12
Statement of Net Position-Proprietary Funds C-15
Statement of Revenues, Expenses and Changes in Net Position-Proprietary Funds C-19
Statement of Cash Flows-Proprietary Funds C-21
Notes to Financial Statements D-1
Required Supplementary Information:
Florida Retirement System
Schedule of the Board's Proportionate Share of Net Pension Liability-
Florida Retirement System E-1
Schedule of the Board's Contributions-Florida Retirement System E-3
Schedule of the Board's Proportionate Share of Net Pension Liability-
Health Insurance Subsidy Program E-5
Schedule of the Board's Contributions
Health Insurance Subsidy Program E-7
Pension Plan for Volunteer Firefighters and Emergency Medical Services
Schedule of Changes in the Board's Net Pension Liability and Related Ratios E-9
Schedule of Employer Contributions E-11
Post Employment Benefits Other Than Pension
Schedule of Changes in the Board's Total OPEB Liability and Related Ratios E-13
Combininq and Individual Fund Statements and Schedules:
Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
One Cent Infrastructure Surtax Capital Project Fund F-1
Infrastructure Revenue Bonds Series 2014 Capital Projects Fund F-2
Cudjoe Regional Wastewater Capital Project Fund F-3
All Debt Service Funds F-4
(Continued)
A-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2020
TABLE OF CONTENTS (continued)
Combininq and Individual Fund Statements and Schedules(continued): PAGE
Combining Balance Sheet-Nonmajor Governmental Funds G-1
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances-
Nonmajor Governmental Funds G-11
Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
Special Revenue Funds:
Affordable Housing Programs G-21
Tourist Development,All Districts,Two Cent G-22
Tourist Development,Administration and Promotional,Two Cent G-23
Tourist Development, District One G-24
Tourist Development, District Two G-25
Tourist Development, District Three G-26
Tourist Development, District Four G-27
Tourist Development, District Five G-28
Impact Fees-Roadways G-29
Impact Fees-Parks and Recreation G-30
Impact Fees-Libraries G-31
Impact Fees-Solid Waste G-32
Impact Fees-Fire and EMS G-33
Fire and Ambulance, District#1 -Lower and Middle Keys G-34
Unincorporated Area Service District-Parks and Recreation G-35
Unincorporated Area Service District-Planning, Building &Zoning G-36
Municipal Policing G-38
911 Enhancement Fees G-39
Duck Key Security District G-40
Local Housing Assistance G-41
Boating Improvement G-42
Miscellaneous Special Revenue G-43
Environmental Restoration G-45
Law Enforcement Trust G-46
Court Facility Fees G-47
Drug Abuse Trust G-48
Marathon Municipal Service Taxing Unit G-49
(Continued)
A-2
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2020
TABLE OF CONTENTS (continued)
Combininq and Individual Fund Statements and Schedules(continued): PAGE
Middle Keys Health Care Municipal Service Taxing Unit G-50
Bay Point Municipal Service Taxing Unit G-51
Big Coppitt Municipal Service Taxing Unit G-52
Key Largo Municipal Service Taxing Unit G-53
Stock Island Wastewater G-54
Conch Key Municipal Service Taxing Unit G-55
Long Key-Layton Municipal Service Taxing Unit G-56
Duck Key Municipal Service Taxing Unit G-57
Canal#266 Municipal Service Business Unit G-58
Building Fund G-59
Road and Bridge Fund G-60
Clerk's Revenue Note Capital Projects Fund G-61
Infrastructure Revenue Bonds Series 2007 Capital Projects Fund G-62
Big Coppitt Wastewater Capital Project Fund G-63
Duck Key Wastewater Project Capital Projects Fund G-64
Long Key Wastewater Project Capital Projects Fund G-65
Land Acquisition Fund Capital Projects Fund G-66
Combining Statement of Net Position-Internal Service Funds H-1
Combining Statement of Revenues, Expenses, and Changes in Net Position-
Internal Service Funds H-3
Combining Statement of Cash Flows-Internal Service Funds H-5
COMPONENT UNIT
Comprehensive Plan Land Authority-Statement of Net Position 1-1
Comprehensive Plan Land Authority-Statement of Activities 1-2
OTHER 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 J-1
Independent Auditor's Management Letter J-3
Report of Independent Accountant on Compliance with Local Government Investment J-5
Policies
A-3
Cherry rl-
Report of Independent Auditor
To the Clerk Ex Officio, Mayor
Board of County Commissioners
Monroe County, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of each major fund and the aggregate remaining fund
information of the Monroe County, Florida Board of County Commissioners (the "Board") as of and for the year
ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the
Board'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 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 of 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 each major fund and the aggregate remaining fund information of the Board as of
September 30, 2020, and the respective changes in financial position and, where applicable, cash flows thereof,
and the respective budgetary comparison for the General Fund, Fine and Forfeiture Fund and Governmental
Grants Fund for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
B-1
Emphasis of Matters
As described in Note 1, the financial statements referred to are not intended to be a complete presentation of the
financial position, changes in financial position and cash flows, where applicable, of the Board. Additionally, the
financial statements present only the Board and are not intended to present the financial position and the changes
in financial position and budgetary comparison and cash flows, where applicable, of Monroe County, Florida,
taken as a whole.
As discussed in Note 21 to the financial statements, in March 2020 the World Health Organization declared
COVID-19 a global pandemic. Given the uncertainty of the situation and the duration of any business disruption,
the related financial impact cannot be reasonably estimated at this time. Our opinions are not modified with
respect to these matters.
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 of the Board taken as a
whole. The combining and individual fund statements and schedules as well as the information presented for the
Board's component unit, as listed in the table of contents, are presented for purposes of additional analysis and
are not a required part of the financial statements.
The accompanying 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 financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the financial statements or to the financial statements themselves, and other additional
procedures in accordance with accounting standards generally accepted in the United States of America. In our
opinion, this 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 March 19, 2021 on our
consideration of the Board's internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
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 Board'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 Board's internal control over financial reporting and
compliance.
Tampa, Florida
March 19, 2021
B-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30,2020
Fine& Governmental
General Forfeiture Grants
Assets
Cash and Cash Equivalents $ 6,697,317 $ 2,494,156 $ 3,446,444
Investments 24,947,793 14,145,894 2,522,846
Accounts Receivable, Net 13,704 4,948,432 11
Assessments Receivable - - -
Due from Other Funds 1,252,404 - -
Due from Other Governmental Units 662,871 20,310 10,125,362
Due from Constitutional Officers 6,183,458 1,663,939 -
Mortgages/Notes Receivable - - 355,566
Allowance for Mortgages/Notes Receivable - - (355,566)
Advances to Other Governments - - -
Interest Receivable 12 448,292 -
Inventory 3,062 - -
Total Assets $ 39,760,621 $ 23,721,023 $ 16,094,663
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts Payable $ 921,844 $ 50,907 $ 1,303,133
Retainage Payable 4,565 - 48,882
Accrued Wages and Benefits Payable 2,014,141 34,349 11,677
Due to Other Funds - - 2,500,000
Due to Other Governmental Units 870,842 36,410 243,100
Due to Constitutional Officers 34,629 16,669 54,976
Unearned Revenues 14,057 - -
Deposits in Escrow 112,109 - -
Total Liabilities 3,972,187 138,335 4,161,768
Deferred Inflows of Resources:
Unavailable Revenues - 4,083,065 8,659,040
Total Deferred Inflows of Resources - 4,083,065 8,659,040
Fund Balances:
Nonspendable 3,062 - -
Restricted - 19,499,623 3,273,855
Committed 10,000,000 - -
Assigned 7,229,638 - -
Unassigned 18,555,734 - -
Total Fund Balances 35,788,434 19,499,623 3,273,855
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 39,760,621 $ 23,721,023 $ 16,094,663
The notes to the financial statements are an integral part of these statements.
C-1
One Cent Infrastructure Cudjoe Regional Debt Nonmajor Total
Infrastructure Revenue Bonds Wastewater Service Governmental Governmental
Surtax Series 2014 Project Fund Funds Funds
$ 5,834,694 $ 1,148,985 $ 605,029 $ 324,450 $ 21,904,296 $ 42,455,371
33,749,154 5,098,012 2,784,866 9,954 79,332,747 162,591,266
- - - - 244,731 5,206,878
- - 23,567,523 - 3,908,076 27,475,599
- 13,000,000 - 2,500,000 700,000 17,452,404
1,870,938 - - - 1,224,386 13,903,867
- - 2,780 - 5,509,094 13,359,271
- - - - 9,523,118 9,878,684
- - - - (9,523,118) (9,878,684)
- - 2,007,860 - - 2,007,860
358 271 169 3 1,368 450,473
- - - - - 3,062
$ 41,455,144 $ 19,247,268 $ 28,968,227 $ 2,834,407 $ 112,824,698 $ 284,906,051
$ 473,208 $ 1,975,454 $ 905,272 $ - $ 4,538,730 $ 10,168,548
88,864 1,443,705 - - 2,244 1,588,260
18,006 2,101 1,022 - 260,250 2,341,546
14,400,000 - - - 22,965 16,922,965
372,513 - - - 299,216 1,822,081
- - - - 70,253 176,527
- - - - - 14,057
- - - - 236,766 348,875
15,352,591 3,421,260 906,294 - 5,430,424 33,382,859
- - 23,092,043 - 3,887,016 39,721,164
- - 23,092,043 - 3,887,016 39,721,164
- - - - - 3,062
26,102,553 15,826,008 4,969,890 2,834,407 93,435,373 165,941,709
- - - - 5,097,600 15,097,600
- - - - 4,974,285 12,203,923
- - - - - 18,555,734
26,102,553 15,826,008 4,969,890 2,834,407 103,507,258 211,802,028
$ 41,455,144 $ 19,247,268 $ 28,968,227 $ 2,834,407 $ 112,824,698 $ 284,906,051
C-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2020
Fine& Governmental
General Forfeiture Grants
Revenues:
Taxes $ 25,756,611 $ 48,924,369 $ -
Licenses and Permits - - -
Intergovernmental 12,703,131 76,300 30,048,408
Charges for Services 486,668 7,303,523 140,001
Fines and Forfeitures 413,350 74,241 -
Investment Income 745,033 287,743 35,425
Miscellaneous 788,819 4,460,716 46,123
Total Revenues 40,893,612 61,126,892 30,269,957
Expenditures:
Current:
General Government 34,402,084 1,178,229 -
Public Safety 1,715,842 63,298,557 3,405,399
Physical Environment 546,078 - 4,390,151
Transportation 132,961 - 3,094,503
Economic Environment 727,441 - 5,892,215
Human Services 8,129,061 - 1,443,059
Culture and Recreation 3,593,163 - 133,205
Court-Related 4,280,356 2,298,135 -
Capital Projects - - -
Debt Service:
Principal - -Interest - - -
Total Expenditures 53,526,986 66,774,921 18,358,532
Excess/Deficiency of Revenues
Over(Under)Expenditures (12,633,374) (5,648,029) 11,911,425
Other Financing Sources(Uses):
Transfers from Other Funds 8,546,558 176,000 2,741,132
Transfers to Other Funds (1,852,310) (28,722) (8,068,874)
Issuance of Debt - - -
Transfers from Constitutional Officers 5,824,951 971,635 -
Total Other Financing Sources (Uses) 12,519,199 1,118,913 (5,327,742)
Net Change in Fund Balances (114,175) (4,529,116) 6,583,683
Fund Balances-October 1 35,902,609 24,028,739 (3,309,828)
Fund Balances-September 30 $ 35,788,434 $ 19,499,623 $ 3,273,855
The notes to the financial statements are an integral part of these statements.
C-3
One Cent Infrastructure Cudjoe Regional Debt Nonmajor Total
Infrastructure Revenue Bonds Wastewater Service Governmental Governmental
Surtax Series 2014 Project Fund Funds Funds
$ 19,863,169 $ - $ - $ - $ 56,079,748 $ 150,623,897
- - 1,816,257 - 5,942,671 7,758,928
- - - - 6,274,879 49,102,718
- - - - 10,306,214 18,236,406
- - - - 2,480,575 2,968,166
573,293 301,170 791,144 92,146 2,385,049 5,211,003
- - 130,043 - 969,360 6,395,061
20,436,462 301,170 2,737,444 92,146 84,438,496 240,296,179
- - - - 4,526,188 40,106,501
- - - - 29,980,934 98,400,732
- - - - 1,735,122 6,671,351
- - - - 8,181,812 11,409,276
- - - - 33,119,379 39,739,035
- - - - 1,942,779 11,514,899
- - - - 2,198,152 5,924,520
- - - - 438,912 7,017,403
6,464,227 18,262,045 2,608,624 - 2,515,764 29,850,660
- - - 12,966,162 - 12,966,162
- - - 5,484,236 - 5,484,236
6,464,227 18,262,045 2,608,624 18,450,398 84,639,042 269,084,775
13,972,235 (17,960,875) 128,820 (18,358,252) (200,546) (28,788,596)
5,000,000 13,000,000 - 20,280,114 2,811,358 52,555,162
(23,313,033) - (10,508,675) - (6,235,433) (50,007,047)
- - - - 4,000,000 4,000,000
- - 2,771 - 5,376,291 12,175,648
(18,313,033) 13,000,000 (10,505,904) 20,280,114 5,952,216 18,723,763
(4,340,798) (4,960,875) (10,377,084) 1,921,862 5,751,670 (10,064,833)
30,443,351 20,786,883 15,346,974 912,545 97,755,588 221,866,861
$ 26,102,553 $ 15,826,008 $ 4,969,890 $ 2,834,407 $ 103,507,258 $ 211,802,028
C-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 27,192,410 $ 27,192,410 $ 25,756,611 $ (1,435,799)
Intergovernmental 14,148,920 14,148,920 12,703,131 (1,445,789)
Charges for Services 652,100 652,100 486,668 (165,432)
Fines and Forfeitures 505,000 505,000 413,350 (91,650)
Investment Income 222,000 222,000 745,033 523,033
Miscellaneous 637,000 820,414 788,819 (31,595)
Total Revenues 43,357,430 43,540,844 40,893,612 (2,647,232)
EXPENDITURES:
Current:
General Government:
Board of County Commissioners Admin 1,792,949 1,758,296 1,710,154 48,142
Clerk to BOCC-Financial Package 5,000 5,000 - 5,000
Gov't Enterprise Management System 75,000 30,000 28,108 1,892
Clerk Comm & Fees-TDC 442,720 442,720 442,720 -
Clerk Comm & Fees-Noncourt 3,311,154 4,811,154 4,811,154 -
Insurances-Supervisor of Elections 174,473 148,017 134,753 13,264
Promotional Advertising 5,000 5,000 - 5,000
Value Adjustment Board 35,000 34,999 26,977 8,022
Employee Suggestion Plan 10,000 10,000 - 10,000
FIRM Study 50,000 50,000 50,000 -
County Administrator 1,329,233 1,310,455 1,296,161 14,294
Technical Services 2,840,972 3,069,982 2,765,113 304,869
Technology Replacement 610,595 - (600) 600
Grants Administration 181,979 135,570 116,009 19,561
Office of Management&Budget 649,404 610,976 591,938 19,038
Purchasing 179,413 218,208 215,463 2,745
Personnel 655,981 644,449 595,668 48,781
Public Works Management 10,106 10,096 10,045 51
Public Works Facilities Maintenance 8,636,322 8,548,907 7,975,893 573,014
ADA Compliance 50,000 50,000 - 50,000
County Attorney 1,555,273 1,507,854 1,456,900 50,954
Tax Collector 6,017,657 6,041,991 5,626,140 415,851
Property Appraiser 4,421,050 4,411,067 4,359,115 51,952
Supervisor of Elections 1,891,424 2,041,424 2,041,424 -
Quasi External Services 230,000 230,000 148,949 81,051
Hurricane 100,000 - - -
Total General Government 35,260,705 36,126,165 34,402,084 1,724,081
(Continued)
The notes to the financial statements are an integral part of these statements.
C-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Public Safety:
Emergency Management 636,964 628,145 520,966 107,179
Marathon Emergency Operations Center 79,324 79,324 46,512 32,812
Medical Examiner 695,917 695,917 591,198 104,719
Fire Academy 713,746 680,132 519,372 160,760
Fire & EMS Length of Svcs Award Prog 48,000 48,000 37,794 10,206
Total Public Safety 2,173,951 2,131,518 1,715,842 415,676
Physical Environment:
Extension Service 251,227 243,522 190,112 53,410
Sustainability 846,151 547,142 355,966 191,176
Total Physical Environment 1,097,378 790,664 546,078 244,586
Transportation:
County Engineer 286,341 163,836 132,961 30,875
Total Transportation 286,341 163,836 132,961 30,875
Economic Environment:
Literacy Volunteers of America 49,500 49,500 49,500 -
Veterans Affairs 662,548 647,115 641,681 5,434
Veterans Affairs Transportation 66,195 54,791 36,260 18,531
Total Economic Environment 778,243 751,406 727,441 23,965
Human Services:
Middle Keys Guidance Clinic 41,225 41,225 41,225 -
Older Americans Volunteer Program 500 500 - 500
Domestic Abuse Shelter 79,500 79,500 79,500 -
Florida Keys Outreach Coalition 109,500 109,500 109,500 -
Samuel's House 109,500 109,500 109,500 -
Womankind 159,500 159,500 159,500 -
Grace Jones 59,500 59,500 59,500 -
AIDS Help 89,500 89,500 89,500 -
Good Health Clinic 99,500 99,500 99,500 -
Monroe Co.Assoc. for ReMARCable Citizens 199,500 199,500 199,500 -
Florida Keys Children's Shelter 184,500 184,500 184,500 -
Wesley House 164,500 164,500 164,500 -
Florida Keys Area Health Education 114,500 114,500 114,500 -
(Continued)
The notes to the financial statements are an integral part of these statements.
C-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Heron/Peacock 49,500 49,500 49,500 -
Kids Come First- Florida Keys 39,500 39,500 39,500 -
Boys and Girls Club 119,500 119,500 119,500 -
Florida Keys Healthy Start Coalition 74,500 74,500 74,500 -
Keys Area Interdenominational Resources 29,500 29,500 29,500 -
Star of the Sea Foundation 99,500 99,500 99,500 -
Independence Cay 29,500 29,500 29,500 -
Anchors Aweigh 14,500 14,500 14,500 -
Southernmost Homeless Assist League 9,500 9,500 9,500 -
Baker Act LKMC FS 394.463 83,334 83,334 83,333 1
Guidance Care Clinic Baker Act Transp 165,000 165,000 124,038 40,962
Guidance Care Clinic/Samuel House-FS 394.76 862,676 862,676 862,676 -
Guidance Care Clinic Jail In-house Prog 117,559 117,559 109,299 8,260
Historic Florida Keys Foundation 32,450 32,450 32,450 -
Animal Shelters 1,466,513 1,516,513 1,496,182 20,331
Welfare Administration 859,756 707,358 678,728 28,630
Welfare Services 994,500 994,500 871,851 122,649
Health Care Respite Act 40,000 40,000 645 39,355
Bayshore Manor 1,001,981 971,569 914,216 57,353
Social Service Transportation 1,098,572 1,053,405 963,418 89,987
Burton Memorial United Methodist Church 9,500 9,500 9,500 -
Keys to Be Change 49,500 49,500 49,500 -
Autism Society of the Keys 39,500 39,500 39,500 -
Voices for the Florida Keys Children 17,500 17,500 17,500 -
Total Human Services 8,715,066 8,537,089 8,129,061 408,028
Culture and Recreation:
Fine Arts Council 79,900 79,900 79,900 -
Lower Keys AARP 4,500 4,499 4,499 -
Middle Keys AARP 4,500 4,500 4,042 458
Big Pine Key AARP 4,500 4,500 1,518 2,982
Upper Keys AARP 4,500 4,500 - 4,500
Heart of the Keys Recreation 39,500 39,500 39,500 -
Higgs Beach Maintenance 98,446 98,446 96,190 2,256
College of Florida Keys - Upper Keys - 250,000 - 250,000
Library Admin Support 1,028,246 990,604 948,189 42,415
Library Key West 908,689 879,438 793,398 86,040
Library Key West Donations 5,500 284,182 35,082 249,100
Library Marathon 457,140 442,812 407,765 35,047
Library Marathon Donations 2,500 14,738 1,478 13,260
Library Islamorada 357,529 346,506 300,916 45,590
(Continued)
The notes to the financial statements are an integral part of these statements.
C-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Culture and Recreation (continued):
Library Islamorada Donations 1,500 2,151 780 1,371
Library Key Largo 534,749 521,590 465,919 55,671
Library Key Largo Donations 1,500 7,500 1,295 6,205
Library Big Pine Key 432,656 446,933 412,692 34,241
Library Big Pine Key Donations 2,500 11,077 - 11,077
Total Culture and Recreation 3,968,355 4,433,376 3,593,163 840,213
Cou rt-Related:
Law Library 80,662 78,457 76,189 2,268
Guardian Ad Litem 288,019 231,509 189,234 42,275
Clerk of the Court-General Mgt 44,691 44,691 44,691 -
Clerk of the Court-Jury Management 33,659 33,659 33,659 -
Clerk Records Management 53,965 53,965 53,965 -
Clerk of the Circuit Court-Criminal 300,310 300,310 300,310 -
Clerk of the Circuit Court-Civil 172,595 172,595 172,595 -
Clerk of the Circuit Court-Family 53,784 53,784 53,784 -
Clerk of the Circuit Court-Juvenile 55,590 55,590 55,590 -
Clerk of the Circuit Court-Probate 39,591 39,591 39,591 -
Clerk County Court-Criminal 228,242 228,242 228,242 -
Clerk County Court-Civil 120,336 120,336 120,336 -
Clerk County Court-Traffic 299,588 299,588 299,588 -
State Attorney 392,788 379,560 227,140 152,420
Public Defender 532,108 527,700 421,715 105,985
Court Administration 2,527 2,527 1,325 1,202
Court Admin-Judicial Support 172,343 167,934 163,282 4,652
Court Case Management 172,445 163,831 159,161 4,670
Court Admin-Circuit Ct Reporter Svcs 1,675 1,675 1,275 400
Court Admin-Circuit Drug Court 406,340 380,017 349,157 30,860
Court Admin-Pretrial Release 538,682 510,601 503,719 6,882
Court Admin-Probationary Services 500,000 472,521 371,057 101,464
Ct.Admin-Pretrial Svcs Drug Diversion 224,001 207,492 174,306 33,186
Court Admin-Information Systems 251,085 244,471 240,445 4,026
Total Court Related 4,965,026 4,770,646 4,280,356 490,290
Total Expenditures 57,245,065 57,704,700 53,526,986 4,177,714
Excess/Deficiency of Revenues
Over(Under) Expenditures (13,887,635) (14,163,856) (12,633,374) 1,530,482
(Continued)
The notes to the financial statements are an integral part of these statements.
C-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (506,500) (310,279) - 310,279
Reserve for Cash Balance (4,207,833) (4,207,833) - 4,207,833
Transfers from Other Funds 6,492,601 7,992,601 8,546,558 553,957
Transfers to Other Funds (2,441,358) (3,861,358) (1,852,310) 2,009,048
Transfers from Constitutional Officers 5,000,000 5,000,000 5,824,951 824,951
Total Other Financing Sources (Uses) 4,336,910 4,613,131 12,519,199 7,906,068
Net Change in Fund Balances (9,550,725) (9,550,725) (114,175) 9,436,550
Fund Balances-October 1 9,550,725 9,550,725 35,902,609 26,351,884
Fund Balances-September 30 $ - $ - $ 35,788,434 $ 35,788,434
The notes to the financial statements are an integral part of these statements.
C-9
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 50,529,196 $ 50,529,196 $ 48,924,369 $ (1,604,827)
Intergovernmental - 1,098,043 76,300 (1,021,743)
Charges for Services 10,728,000 10,728,000 7,303,523 (3,424,477)
Fines and Forfeitures 72,500 72,500 74,241 1,741
Investment Income 385,000 385,000 287,743 (97,257)
Miscellaneous 1,000 4,484,240 4,460,716 (23,524)
Total Revenues 61,715,696 67,296,979 61,126,892 (6,170,087)
EXPENDITURES:
Current:
General Government:
Tax Increment Payment 1,065,000 1,179,000 1,178,229 771
Total General Government 1,065,000 1,179,000 1,178,229 771
Public Safety:
Sheriff Law Enforcement 24,674,993 29,804,319 28,347,132 1,457,187
Sheriff Corrections 24,529,788 24,143,971 23,950,538 193,433
Bond Refunds 25,000 25,000 - 25,000
Law Enforcement Education Assistance 75,000 75,000 75,000 -
Correction Facilities 2,811,935 2,946,788 2,579,746 367,042
Medical Air Transport 7,991,888 7,739,590 7,610,734 128,856
Interagency Communications 685,873 680,361 677,598 2,763
Juvenile Detention Cost Share 196,000 196,000 57,809 138,191
Total Public Safety 60,990,477 65,611,029 63,298,557 2,312,472
Court-Related:
Sheriff Extradition 75,000 100,000 95,794 4,206
Sheriff Court Security 2,271,851 2,225,553 2,202,341 23,212
Total Court Related 2,346,851 2,325,553 2,298,135 27,418
Total Expenditures 64,402,328 69,115,582 66,774,921 2,340,661
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,686,632) (1,818,603) (5,648,029) (3,829,426)
(Continued)
The notes to the financial statements are an integral part of these statements.
C-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (534,617) (1,578,646) - 1,578,646
Reserve for Cash Balance (5,059,217) (5,059,217) - 5,059,217
Transfers from Other Funds - 176,000 176,000 -
Transfers to Other Funds (33,334) (33,334) (28,722) 4,612
Transfers from Constitutional Officers 1,500,000 1,500,000 971,635 (528,365)
Total Other Financing Sources (Uses) (4,127,168) (4,995,197) 1,118,913 6,114,110
Net Change in Fund Balances (6,813,800) (6,813,800) (4,529,116) 2,284,684
Fund Balances-October 1 6,813,800 6,813,800 24,028,739 17,214,939
Fund Balances-September 30 $ - $ - $ 19,499,623 $ 19,499,623
The notes to the financial statements are an integral part of these statements.
C-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmental $ - $ 84,411,473 $ 30,048,408 $ (54,363,065)
Charges for Services - 318,503 140,001 (178,502)
Investment Income - 227 35,425 35,198
Miscellaneous - 503,825 46,123 (457,702)
Total Revenues - 85,234,028 30,269,957 (54,964,071)
Expenditures:
Current:
Public Safety:
Hurricane Irma Recovery - 16,377,378 2,973,777 13,403,601
Emergency Disaster Relief-COVID-19 - 4,354,584 26,905 4,327,679
Emergency Management Base Grant - 309,324 169,275 140,049
Radiological Emerg. Preparedness - 318,504 144,531 173,973
Emergency Medical Services Award Grant - 38,200 - 38,200
Urban Area Security Initiative Grants - 197,685 90,911 106,774
Total Public Safety - 21,595,675 3,405,399 18,190,276
Physical Environment:
Hurricane Irma Canal Debris Removal - 20,027,501 3,103,159 16,924,342
Canal Restoration Projects - 990,438 196,248 794,190
Flood Control Program - 15,040,000 40,000 15,000,000
Conservation Resource Management - 404,156 323,433 80,723
Florida Keys Res Assur Plan - 1,259,925 3,086 1,256,839
EPA Florida Keys Improve Water Quality - 30,972 3,905 27,067
DEP Mobile Vessels - 795,979 720,320 75,659
Monroe County Libraries - 78,000 - 78,000
Total Physical Environment - 38,626,971 4,390,151 34,236,820
Transportation:
Roadway Projects - 2,482,520 2,274,461 208,059
Transportation Planning Prog 2012 - 832,181 139,758 692,423
Pigeon Key Ferry Service - 255,252 255,252 -
Pigeon Key Ferry Ramp Repair - 1,077,073 425,032 652,041
Total Transportation - 4,817,796 3,094,503 1,723,293
(Continued)
The notes to the financial statements are an integral part of these statements.
C-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Economic Environment:
Small Cities CDBG - 120,032 - 120,032
CARES COVID-19 Funding - 13,685,872 5,801,455 7,884,417
Disaster Recovery CDBG - 201,640 - 201,640
Disaster Recovery - 90,760 90,760 -
Total Economic Environment - 14,098,304 5,892,215 8,206,089
Human Services:
CARES Funding for COVID-19 - 330,514 138,186 192,328
Florida Keys Outreach Coalition - 7,963 7,963 -
Nutritional Services In Progress - 207,985 99,620 108,365
GCC Male Jail In-house Program - 48,912 47,514 1,398
Title III-B Supportive Services - 139,467 107,304 32,163
Title III-C1 Congregate Meals - 185,703 101,843 83,860
Title III-C2 Home Delivered Meals - 368,012 232,692 135,320
Title III-E Caregiver Support Services - 249,283 114,564 134,719
Low Income Home Energy Program - 919,887 291,797 628,090
Alzheimer's Disease Initiative - 321,265 118,001 203,264
Community Care Disabled Adults - 72,572 48,810 23,762
Weatherization Assistance Program (WAP) - 316,504 40,806 275,698
Heron Assisted Living - 20,403 20,403 -
Drug Court Medical Director Initiative - 33,623 1,900 31,723
Social Services Transportation - 77,996 71,656 6,340
Total Human Services - 3,300,089 1,443,059 1,857,030
Culture and Recreation:
State Aid to Libraries - 133,205 133,205 -
Historic Monroe County Jail - 2,914,550 - 2,914,550
Harry Harris Park Boat Ramp - 10,844 - 10,844
Lower Keys Scenic VW Area - 899,918 - 899,918
Total Culture and Recreation - 3,958,517 133,205 3,825,312
Total Expenditures - 86,397,352 18,358,532 68,038,820
(Continued)
The notes to the financial statements are an integral part of these statements.
C-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Excess/Deficiency of Revenues
Over(Under) Expenditures - (1,163,324) 11,911,425 13,074,749
Other Financing Sources (Uses):
Transfers from Other Funds - 5,713,753 2,741,132 (2,972,621)
Transfers to Other Funds - (4,550,429) (8,068,874) (3,518,445)
Total Other Financing Sources (Uses) - 1,163,324 (5,327,742) (6,491,066)
Net Change in Fund Balances - - 6,583,683 6,583,683
Fund Balances-October 1 - - (3,309,828) (3,309,828)
Fund Balances-September 30 $ - $ - $ 3,273,855 $ 3,273,855
The notes to the financial statements are an integral part of these statements.
C-14
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2020
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
ASSETS
Current Assets:
Cash and Cash Equivalents $ 1,213,652 $ 500,192 $ 1,364,533
Investments 14,563,147 2,721,821 3,817,159
Accounts Receivable, Net 109,457 45,318 739,181
Due from Other Funds - - -
Due from Other Governmental Units 410,644 - 4,081,536
Due from Constitutional Officers 3,694 - 284,494
Interest Receivable 164 26 36
Total Current Assets 16,300,758 3,267,357 10,286,939
Noncurrent Assets:
Restricted Cash and Cash Equivalents - - 5,019,638
Restricted Accounts Receivable - - 214,118
Land and Other Nondepreciable Assets 3,629,622 50,000 18,288,927
Capital Assets, Net of Accum. Depreciation 2,102,207 9,196,465 77,847,327
Total Noncurrent Assets 5,731,829 9,246,465 101,370,010
Total Assets 22,032,587 12,513,822 111,656,949
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 352,113 87,694 1,500,523
Related to OPEB 37,100 45,700 244,300
Total Deferred Outflows of Resources 389,213 133,394 1,744,823
LIABILITIES
Current Liabilities:
Accounts Payable 1,469,713 423 2,574,055
Retainage Payable - - 623,046
Accrued Wages and Benefits Payable 10,172 1,862 33,267
Claims and Judgments Payable - - -
Due to Other Funds - - -
Due to Other Governmental Units 19,491 - 18,463
Due to Constitutional Officers 531 - -
Accrued Comp.Absences Payable 18,783 10,010 91,906
Unearned Revenues - - 37,961
Deposits in Escrow 60,865 - 8,000
Total Current Liabilities 1,579,555 12,295 3,386,698
The notes to the financial statements are an integral part of these statements.
C-15
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 265,380 $ 3,343,757 $ 4,515,604
1,461,383 22,563,510 24,247,294
55,731 949,687 68,140
87,500 87,500 -
30,136 4,522,316 144,258
- 288,188 78,430
18 244 440
1,900,148 31,755,202 29,054,166
168,146 5,187,784 -
- 214,118 -
810,552 22,779,101 54,000
13,318,111 102,464,110 694,263
14,296,809 130,645,113 748,263
16,196,957 162,400,315 29,802,429
111,917 2,052,247 880,860
31,600 358,700 100,800
143,517 2,410,947 981,660
29,401 4,073,592 1,909,667
- 623,046 -
3,813 49,114 29,278
- - 3,382,921
- - 616,939
4,262 42,216 6,981
- 531 -
5,486 126,185 70,333
- 37,961 -
6,306 75,171 -
49,268 5,027,816 6,016,119
(Continued)
C-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION (CONTINUED)
PROPRIETARY FUNDS
SEPTEMBER 30, 2020
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Noncurrent Liabilities:
Accrued Comp.Absences Payable 75,131 40,042 367,625
Claims &Judgments Payable 129,632 - -
OPEB Liability 217,000 176,000 557,000
Net Pension Liability 1,271,125 650,485 4,638,959
Total Noncurrent Liabilities 1,692,888 866,527 5,563,584
Total Liabilities 3,272,443 878,822 8,950,282
DEFERRED INFLOWS OF RESOURCES
Related to Pensions 35,063 8,532 123,310
Related to OPEB 173,600 7,600 244,000
Total Deferred Inflows of Resources 208,663 16,132 367,310
NET POSITION
Investment in Capital Assets 5,731,829 9,246,465 96,136,254
Restricted for:
Passenger Facility Charges - - 5,233,756
Customs Service Operations - - -
Unrestricted 13,208,865 2,505,797 2,714,170
Total Net Position $ 18,940,694 $ 11,752,262 $ 104,084,180
The notes to the financial statements are an integral part of these statements.
C-17
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
21,942 504,740 281,334
- 129,632 -
29,000 979,000 350,000
436,167 6,996,736 2,262,421
487,109 8,610,108 2,893,755
536,377 13,637,924 8,909,874
11,483 178,388 84,857
198,900 624,100 352,200
210,383 802,488 437,057
14,128,663 125,243,211 748,263
- 5,233,756 -
168,146 168,146 -
1,296,905 19,725,737 20,688,895
$ 15,593,714 $ 150,370,850 $ 21,437,158
C-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2020
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Revenues:
Franchise Fees $ 571,105 $ - $ -
Charges for Services 19,670,049 1,730,211 7,906,395
Miscellaneous 65,865 4,946 11,231
Total Operating Revenues 20,307,019 1,735,157 7,917,626
Operating Expenses:
Personnel Services 1,403,862 327,904 3,990,131
Operations 18,078,344 407,207 5,692,324
Depreciation and Amortization 193,521 399,618 3,200,064
Asserted and Paid Claims - - -
Total Operating Expenses 19,675,727 1,134,729 12,882,519
Operating Income (Loss) 631,292 600,428 (4,964,893)
Nonoperating Revenues (Expenses):
Operating Grants 966,036 - 6,509,812
Grants and Donations-Other Sources - - -
Investment Income 374,541 50,298 130,450
Insurance Recoveries - - -
Total Non-Operating Revenues(Expenses) 1,340,577 50,298 6,640,262
Income (Loss)Before Transfers 1,971,869 650,726 1,675,369
Total Capital Contributions and Transfers:
Capital Contributions - - 13,385,178
Transfers from Other Funds - - -
Transfers to Other Funds (1,660,795) (79,776) (480,378)
Transfers from Constitutional Officers 3,694 - -
Total Capital Contributions and Transfers (1,657,101) (79,776) 12,904,800
Change in Net Position 314,768 570,950 14,580,169
Net Position-October 1 18,625,926 11,181,312 89,504,011
Net Position-October 1, restated 18,625,926 11,181,312 89,504,011
Net Position-September 30 $ 18,940,694 $ 11,752,262 $ 104,084,180
The notes to the financial statements are an integral part of these statements.
C-19
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ - $ 571,105 $ -
1,076,883 30,383,538 28,086,253
101,334 183,376 256,879
1,178,217 31,138,019 28,343,132
409,917 6,131,814 3,002,880
1,157,193 25,335,068 6,875,829
740,244 4,533,447 63,505
- - 17,604,368
2,307,354 36,000,329 27,546,582
(1,129,137) (4,862,310) 796,550
261,666 7,737,514 -
30,996 586,285 653,686
- - 1,762,860
292,662 8,323,799 2,416,546
(836,475) 3,461,489 3,213,096
1,088,572 14,473,750 -
90,597 90,597 843,281
(137,385) (2,358,334) (1,123,659)
- 3,694 -
1,041,784 12,209,707 (280,378)
205,309 15,671,196 2,932,718
15,388,405 134,699,654 18,504,440
15,388,405 134,699,654 18,504,440
$ 15,593,714 $ 150,370,850 $ 21,437,158
C-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2020
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Activities:
Cash Received for Services $ 20,228,347 $ 1,722,898 $ 7,981,259
Cash Received from Insurance Recoveries - - -
Cash Payments to Suppliers for Goods and Services (17,987,155) (409,684) (3,381,642)
Cash Payments for Employee Services (1,308,096) (306,749) (3,330,167)
Cash Payments for Claims - - -
Cash Received from(Paid to)Other Sources 1,730,738 843 (3,477,068)
Other Operating Revenue 90,786 9,001 16,603
Net Cash Provided by(Used in)
Operating Activities 2,754,620 1,016,309 (2,191,015)
Noncapital Financing Activities:
Operating Grants Received 966,036 - 6,509,812
Transfers from Other Funds - - -
Transfers to Other Funds (1,660,795) (79,776) (480,378)
Transfers from Constitutional Officers 3,694 - -
Net Cash Provided by(Used in)Noncapital
Financing Activities (691,065) (79,776) 6,029,434
Capital and Related Financing Activities:
Proceeds from Capital Grants - - 13,385,178
Acquisition of Capital Assets (461,065) (134,534) (18,021,937)
Net Cash Provided by(Used in)Capital and
Related Financing Activities (461,065) (134,534) (4,636,759)
Investing Activities:
Investment Income 374,541 50,298 130,450
Proceeds from Sales and Maturities of Investments 11,662,221 1,065,411 1,299,807
Purchase of Investment Securities (12,992,588) (2,073,364) (2,845,836)
Net Cash Provided by(Used in) Investing Activities (955,826) (957,655) (1,415,579)
Net Increase(Decrease) in Cash and
Cash Equivalents 646,664 (155,656) (2,213,919)
Cash and Cash Equivalents:
October 1 566,988 655,848 8,598,090
September30 $ 1,213,652 $ 500,192 $ 6,384,171
The notes to the financial statements are an integral part of these statements.
C-21
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 1,057,917 $ 30,990,421 $ 28,041,379
- - 1,762,860
(1,438,092) (23,216,573) (6,057,195)
(380,034) (5,325,046) (2,634,435)
- - (17,322,892)
1,266,235 (479,252) (8,096,855)
103,862 220,252 323,764
609,888 2,189,802 (3,983,374)
261,666 7,737,514 -
90,597 90,597 -
(137,385) (2,358,334) (1,123,659)
- 3,694 -
214,878 5,473,471 (1,123,659)
1,088,572 14,473,750 -
(1,289,044) (19,906,580) (35,598)
(200,472) (5,432,830) (35,598)
30,996 586,285 653,686
790,864 14,818,303 18,175,402
(1,182,923) (19,094,711) (20,968,140)
(361,063) (3,690,123) (2,139,052)
263,231 (1,459,680) (7,281,683)
170,295 9,991,221 11,797,287
$ 433,526 $ 8,531,541 $ 4,515,604
(Continued)
C-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS (CONTINUED)
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2020
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Reconciliation of Operating Income(Loss)
to Net Cash Provided by (Used in)Operating
Activities:
Operating Income (Loss) $ 631,292 $ 600,428 $ (4,964,893)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
Activities:
Depreciation and Amortization 193,521 399,618 3,200,064
Nonoperating Income-Insurance Recoveries - - -
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable (12,807) (7,313) 36,903
(Increase) Decrease in Due from Other Funds 6,763 - -
(Increase) Decrease in Due from Other Gov't Units 1,704,421 876 (3,423,156)
(Increase) Decrease in Due from Constitutional Ofcrs 180 - (55,002)
(Increase) Decrease in Interest Receivable 24,921 4,055 5,372
Increase (Decrease)in Accounts Payable 115,355 (2,477) 1,730,016
Increase (Decrease)in Retainage Payable (31,716) - 580,666
Increase (Decrease)in Accrued Wages/Benefits (36,601) (8,119) (69,510)
Increase (Decrease)in Claims/Judgments Payable - - -
Increase (Decrease)in Due to Other Funds - - -
Increase (Decrease)in Due to Other Gov't Units 18,843 (33) 1,090
Increase (Decrease)in Due to Constitutional Ofcrs 531 - -
Increase (Decrease)in Comp.Absences Payable (1,660) (3,586) 140,978
Increase (Decrease)in Deposits in Escrow 7,550 - -
Increase (Decrease)in Unearned Revenue - - 37,961
Increase (Decrease)in OPEB Liability (151,000) 28,000 7,000
Increase (Decrease)in Pension Liability 220,561 55,077 959,383
Increase (Decrease)in Deferred Outflows (40,253) (36,020) (409,882)
Increase (Decrease)in Deferred Inflows 104,719 (14,197) 31,995
Total Adjustments 2,123,328 415,881 2,773,878
Net Cash Provided by(Used in)
Operating Activities $ 2,754,620 $ 1,016,309 $ (2,191,015)
Cash Reconciliation:
Unrestricted $ 1,213,652 $ 500,192 $ 1,364,533
Restricted - - 5,019,638
Total $ 1,213,652 $ 500,192 $ 6,384,171
The notes to the financial statements are an integral part of these statements.
C-23
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ (1,129,137) $ (4,862,310) $ 796,550
740,244 4,533,447 63,505
- - 1,762,860
(18,966) (2,183) (44,874)
1,059,524 1,066,287 -
206,285 (1,511,574) 13,185
- (54,822) 7,802
2,528 36,876 66,885
(271,585) 1,571,309 818,634
(9,314) 539,636 -
(6,841) (121,071) (44,611)
- - 281,476
- - (8,105,833)
426 20,326 (12,009)
- 531 -
10,083 145,815 123,835
- 7,550 -
- 37,961 -
(194,000) (310,000) (266,000)
69,852 1,304,873 553,893
(23,726) (509,881) (222,633)
174,515 297,032 223,961
1,739,025 7,052,112 (4,779,924)
$ 609,888 $ 2,189,802 $ (3,983,374)
$ 265,380 $ 3,343,757 $ 4,515,604
168,146 5,187,784 -
$ 433,526 $ 8,531,541 $ 4,515,604
C-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summary of the more significant accounting policies of the Monroe County, Florida
Board of County Commissioners (the "Board") is presented to assist the reader in interpreting these
financial statements and should be viewed as an integral part of this report.
Reporting Entity:
Monroe County, Florida (the "County")is a Non-Charter County established as provided by Article VIII
Section 1 of the Florida Constitution and Chapter 125, Florida Statutes. The primary government of the
County is comprised of the Board of County Commissioners and five "constitutional officers": Clerk of
the Circuit Court& Comptroller (the "Clerk"), Property Appraiser, Sheriff, Supervisor of Elections, and
Tax Collector.
Entity status for financial reporting purposes is governed by Statement No. 14, as amended, of the
Governmental Accounting Standards Board ("GASB") and Rules of the Auditor General, State of
Florida. The GASB is the standard-setting body for the establishment of accounting principles generally
accepted in the United States of America ("GAAP") for governmental entities. The financial statements
of the Board, when combined with all of its blended component units and the constitutional officers,
constitute the "primary government" of Monroe County according to GAAP. The primary government
constitutes the complete GAAP basis financial reporting entity of the County, presented in the Monroe
County, Florida Comprehensive Annual Financial Report.
Since this report excludes the constitutional officers, these Board financial statements do not purport to
reflect the financial position or the results of operations of Monroe County, Florida taken as a whole.
Rather, they have been prepared to provide information at this level of detail greater than what is
available in the County's financial statements.
The Board, composed of five members, is the legislative body for Monroe County and, as such, budgets
and provides the funding used by the separate Constitutional Offices with the exception of fees collected
by the Clerk and the Tax Collector. Under the direction of the Clerk, the Monroe County Finance
Department maintains the accounting system for the Board's operations, excluding those of the Clerk,
Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of which maintains its own
respective accounting system.
Services provided by the Board and accounted for within these financial statements include police
services for unincorporated areas of the County; health and social services; emergency medical services;
cultural and recreational programs; solid waste services and other governmental services.
These financial statements include all funds of the Board and its blended component units, if material.
"Component units" are legally separate entities for which operational or financial responsibility rests
with the Board or for which the nature and significance of their relationship to the Board is such that
exclusion would cause the financial statements to be misleading or incomplete.
D-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Blended component units are legally separate entities that are, in substance, part of the Board's
operation, as they either have governing bodies that are substantively the same as the Board or they
provide their services exclusively, or almost exclusively, to the Board. The financial transactions of the
component unit are merged with similar transactions of the Board as part of the primary government.
The blended component unit of the Board is as follows:
Monroe County Industrial Development Authority ("MCIDA") — The MCIDA was created by
Monroe County, Florida Resolution, pursuant to Chapter 159, Florida Statutes. The MCIDA
serves to assist in financing and refinancing capital projects, which will foster economic
development in the County. The Board serves as the governing board and MCIDA provides
services exclusively to the County. Therefore, the MCIDA, for financial reporting purposes, is
considered a blended component unit of Monroe County, Florida. The MCIDA is not legally
required to adopt a budget; however, the Board must authorize the issuance of bonded debt.
Neither the MCIDA nor the Board has any legal obligation for repayment of the revenue bonds
of the MCIDA. As an issuer of"conduit" debt obligations, the MCIDA has no assets, liabilities,
or transactions during the current year.
Discretely presented component units are legally separate entities which do not meet the criteria for
blending. They are reported in separately issued financial statements to emphasize their legal separation
from the Board. The following is a discretely presented component unit of the Board:
Monroe County, Florida Comprehensive Plan Land Authority("MCLA") — The MCLA was
created by Monroe County, Florida Ordinance 031-1986 pursuant to Chapter 380, Florida
Statutes and is considered a legally separate entity from Monroe County. The objectives of the
entity are to operate a land acquisition program in Monroe County, implement the Monroe
County Comprehensive Plan and address issues created by it. The Board serves as the governing
board; however, there is no financial benefit or burden relationship. Therefore, the MCLA, for
financial reporting purposes, is considered a discretely presented component unit of Monroe
County, Florida and is presented in a separate section of the County's financial statements.
Complete financial statements for MCLA can be obtained from MCLA's administrative office at
1200 Truman Avenue, Suite 207, Key West, Florida 33040.
Basis of Presentation:
The Board's financial statements are prepared in accordance with Chapter 10.550, Rules of the Auditor
General Local Governmental Entity Audits (the "Rules"), which do not require separate financial
statements for the Board but specify certain requirements if such financial statements are presented.
Requirements include presentation of fund-level and component unit financial statements. Government-
wide financial statements, related disclosures and management's discussion and analysis are not
required by the Rules and are not presented. As such, these statements present information about the
Board's funds, but do not present a complete presentation of the Board's financial position and changes
in financial position. Separate columns are presented for each major governmental fund and for each
major enterprise fund.
D-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The following are reported as major governmental funds:
General Fund — The General Fund is the general operating fund of the Board. All general tax
revenues and other receipts not required either legally or by accounting principles generally
accepted in the United States of America to be accounted for in other funds, are accounted for in
the General Fund.
Fine and Forfeiture Special Revenue Fund— The Fine and Forfeiture Fund is used to account for
revenues received from fines and forfeitures imposed from the commission of statutory offenses,
ad valorem taxes transferred to the Sheriff and to account for operations of the County's court
system.
Governmental Grants Special Revenue Fund — The Governmental Grant Fund is used to account
for operating revenues and expenditures for governmental activity of federal and state grants.
One Cent Infrastructure Surtax Capital Project Fund — The One Cent Infrastructure Surtax Fund
is used to account for capital improvements funded by the One Cent Infrastructure Surtax.
Infrastructure Revenue Bonds Series 2014 —The Infrastructure Revenue Bonds Series 2014 Fund
is used to account for capital projects funded by the Infrastructure Revenue Bonds Series 2014.
Cudjoe Regional Wastewater Capital Project Fund — The Cudjoe Regional Wastewater Capital
Project Fund is used to account for the revenues and expenditures for the wastewater
infrastructure for the Cudjoe Regional area of Monroe County.
Debt Service Fund — The Debt Service Fund is used to account for accumulation of resources
for, and payment of, interest and principal on the long-term debt incurred in the issuance of
various revenue bonds and notes.
The following are reported as major enterprise funds:
Municipal Service District Waste — The Municipal Service District Waste Fund is used to
account for the operations of solid waste collection, disposal, and recycling activities.
Card Sound Bridge — The Card Sound Bridge Fund is used to account for the operations of
Monroe County's Card Sound Toll Bridge.
Key West Airport— The Key West Airport Fund is used to account for the operations of Monroe
County's Key West International Airport.
Marathon Airport— The Marathon Airport Fund is used to account for the operations of Monroe
County's Florida Keys Marathon International Airport.
D-3
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board also reports the following fund types:
Internal Service Funds — Internal service funds are used to account for the financing of
workers' compensation insurance, health insurance, general liability insurance, and fleet
maintenance services provided by one department to other departments of the Board or to other
governmental units on a cost reimbursement basis.
Measurement Focus and Basis of Accounting:
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized when they become
susceptible to accrual; that is, when they become both "measurable" and "available" to finance
expenditures of the current period. The Board considers amounts collected within 60 days after year end
to be available and thus recognizes them as revenues of the current year, except for property taxes since
such taxes are collected to finance expenditures of the subsequent period.
Expenditures are recognized in the accounting period in which the related fund liability is incurred, if
measurable. Principal and interest on general long-term debt are recorded as fund liabilities when due or
when amounts have been accumulated in the debt service fund for payments to be made early in the
following year. In addition, expenditures related to compensated absences are recorded only when leave
has been taken.
Revenues of the Board, which are susceptible to accrual under the modified accrual basis of accounting,
include property taxes, gas taxes, sales taxes, interest revenue, and charges for services. In applying the
susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements
of the numerous individual programs are used as guidance. There are, however, essentially two types of
these revenues. In one type, monies must be expended for the specific purpose or project before any
amounts will be paid to the Board; therefore, revenues are recognized based upon the expenditures
recorded. In the other type, monies are virtually unrestricted as to purpose of expenditure and
substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance
requirements, such as with equal employment opportunity. These resources are reflected as revenues at
the time of receipt or earlier if they meet the availability criterion. If revenues are expected to be
received later than 60 days following the end of the fiscal year, then a receivable is recorded, along with
deferred inflows of resources. Once the funds are received, revenue and cash are recorded and the
receivable and deferred inflows of resources are eliminated.
The proprietary fund statements use a flow of economic resources measurement focus and the accrual
basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred,
regardless of when the related cash flows take place.
Non-exchange transactions, in which the Board gives (or receives) value without directly receiving (or
giving) equal value in exchange, include grants. On an accrual basis, revenue from grants is recognized
in the fiscal year in which all eligibility requirements have been satisfied.
D-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board has chosen to fund the Volunteer Firefighter and Emergency Medical Services Length of
Service Award Pension Plan ("LOSAP") on a pay-as-you-go basis. Pension expenditures are made from
the General Fund, which is maintained on a modified accrual basis of accounting. Benefits and refunds
are recognized when due and payable in accordance with the terms of the LOSAP Plan.
The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB
Statement Nos. 67 and 68:
• Contributions to the pension plan and earnings on those contributions are irrevocable.
• Pension plan assets are dedicated to providing benefits to plan members.
• Pension plan assets are legally protected from the creditors or employers.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Board's enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
Budgets and Budgetary Data:
Listed below are the statutory procedures followed by the Board of County Commissioners in
establishing the budget for Monroe County:
1) On or before June 1 of each year, the Sheriff, the Clerk, the Property Appraiser, the Tax
Collector, and the Supervisor of Elections shall each submit to the Board a tentative budget for
their respective offices for the ensuing fiscal year.
2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the
County Administrator submits to the Board a proposed budget for the fiscal year commencing
the following October 1. The budget includes proposed expenditures and the means of financing
said expenditures.
3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to
obtain taxpayer comments.
4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and
adoption at a final public hearing.
5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a
resolution. Accordingly, all fund types have an adopted budget, as required by Section 129.03,
Florida Statutes. All funds have legally adopted budgets.
D-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
6) Throughout the fiscal year, the County Administrator acts on intradepartmental budget changes
that do not alter the total revenue or expenditures budgeted to a cost center. A cost center
represents a particular area of Board operations or a department. All other budget changes
(whether they are transfers between cost centers or alterations of total revenues and expenditure
in a fund) are approved by the Board. Supplemental appropriations were necessary and the
budgetary data presented herein was amended by the Board during the year.
7) Chapter 129, Section VII, Florida Statutes as amended in 1978, provides that only expenditures
in excess of total fund budgets are unlawful. However, because the Board acts on all budget
changes between cost centers, this becomes the level of control.
8) Budgeted to actual expenditure reports are employed as a management control device during the
year for all fund types.
9) Budgets for all funds are adopted on a basis consistent with GAAP for that fund type.
10) All appropriations lapse at year-end.
Use of Estimates:
The presentation of financial statements in conformity with accounting principles generally accepted in
the United States of America, as applicable to governmental units, requires management to make use of
estimates that affect the reported amounts in the financial statements. Actual results could differ from
estimates. Actual results could differ from these estimates, particularly given the significant social and
economic disruptions and uncertainties associated with the ongoing coronavirus pandemic ("COVID-
19") and the COVID-19 control responses.
Encumbrances:
Encumbrance accounting, under which purchase orders, contracts and other commitments for the
expenditure of moneys are recorded as assigned fund balance and is employed as an extension of the
statutorily required budgetary process. Under Florida Statutes, appropriations, even if encumbered, lapse
at fiscal year-end. The Board's intention is to substantially honor these encumbrances under authority
provided in the subsequent year's budget.
Cash and Cash Equivalents:
Cash balances from the majority of funds are pooled for investment purposes. Earnings from such
investments are allocated to the respective funds based on applicable cash participation by each fund.
The investment pools are managed such that all participating funds have the ability to deposit and
withdraw cash as if they were demand deposit accounts. Therefore, all balances representing
participants' equity in the investment pools are classified as cash equivalents for purposes of these
statements. For investments, held separately from the pools, and are highly liquid (including restricted
assets)with an original or remaining maturity of 90 days or less, are considered cash equivalents.
D-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Investments:
Section 218.415, Florida Statutes, authorizes local governments to invest its funds pursuant to a written
investment plan. Monroe County's written plan allows investment of surplus funds in the following:
1) U.S. Treasury & Government Guaranteed — U.S. Treasury obligations, and obligations the
principal and interest of which are backed or guaranteed by the full faith and credit of the U.S.
Government.
2) Federal Agency/Government Sponsored Enterprise ("GSE") — Debt obligations, participations or
other instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or GSE.
3) Supranationals — U.S. dollar denominated debt obligations of a multilateral organization of
governments where the U.S. is a shareholder and voting member.
4) Corporates —U.S. dollar denominated corporate notes, bonds, or other debt obligations issued or
guaranteed by a domestic corporation, financial institution, non-profit, or other entity.
5) Municipals — Obligations, including both taxable and tax-exempt, issued or guaranteed by any
State, territory, or possession of the U.S., political subdivision, public corporation, authority,
agency board, instrumentality or other unit of local government of any state or territory.
6) Agency Mortgage Backed Securities ("MBS") —MBS are backed by residential, multi-family or
commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S.
Federal agency or government sponsored enterprise, including but not limited to pass-throughs,
collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits.
7) Asset-Backed Securities — Asset-backed securities ("ABS") whose underlying collateral consists
of loans, leases, or receivables, including but not limited to auto loans/leases, credit card
receivables, student loans, equipment loans/leases, or home-equity loans.
8) Non-Negotiable Certificate of Deposit and Savings Accounts — Non-negotiable interest bearing
time certificates of deposit, or savings accounts in banks organized under the laws of the State of
Florida or in national banks organized under the laws of the United States and doing business in
Florida, provided that any such deposits are secured by the Florida Security for Public Deposits
Act, Chapter 280, Florida Statutes.
9) Commercial Paper — U.S. dollar denominated commercial paper issued or guaranteed by a
domestic corporation, company, financial institution, trust or other entity, only unsecured debt
permitted.
10) Bankers' Acceptances —Bankers' acceptances issued, drawn on, or guaranteed by a U.S. bank or
U.S. branch of a foreign bank.
D-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
11) Repurchase Agreements — Repurchase agreements that meet specific requirements listed in
Monroe County Resolution 032-2019.
12) Money Market Funds — Shares in open-end and no-load money market mutual funds, provided
such funds are registered under the Investment Company Act of 1940 and operate in accordance
with Rule 2a-7.
13) Intergovernmental Investment Pools — Intergovernmental Investment Pools that are authorized
pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida
Statutes.
All investments are stated at fair value or at amortized cost, which approximates fair value.
Accounts Receivable:
Amounts due from private individuals, organizations, or other governments, which pertain to charges for
services rendered by Board departments, are reported as accounts receivable. Receivables are reviewed
periodically to establish or update the provisions for uncollectible amounts. These provisions are
estimated based on an analysis of the age of the various accounts.
Interfund Balances and Activity:
During the course of normal operations, the Board has numerous transactions between funds. Examples
of these transactions include providing services, constructing assets, matching grants or servicing debt.
These transactions are generally recorded as interfund transfers, except for internal service fund charges,
which are reflected as revenues to internal service funds and expenses/expenditures to the funds
receiving the services. Additionally, short-term interfund loans are recorded as cash flow needs arise. As
of fiscal year-end, any unpaid amounts related to these transactions are reported as "due from other
funds" or "due to other funds" on the fund financial statements. Interfund balances and transfers are
consolidated for government-wide financial reporting, and residual balances between governmental
activities and business-type activities, if any, are reported on the government-wide statements of the
County.
Inventory:
Inventory in the General Fund consists of certain supplies, which are stated at cost using the moving
average cost method. The inventory is determined by an annual physical count. Inventory is reported as
a non-spendable classification of fund balance, as these amounts are not in spendable form and are not
expected to be converted to cash.
D-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Capital Assets:
Capital assets of the Board include property, buildings, equipment, and infrastructure assets (e.g. roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems). Constructed or
purchased assets are recorded at historical or estimated historical cost at the time of purchase. Donated
assets are recorded at estimated acquisition cost at the date of donation.
Capital assets associated with business-type activities and the internal service funds are presented in the
Board's basic financial statements. Capital assets associated with the Board's governmental activities
are presented on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
The Board maintains a $1,000 threshold for additions to equipment with an estimated useful life in
excess of two years. Buildings are capitalized when the value is $15,000 or greater. Public domain and
infrastructure assets represent major expenditures for such items as roads, water and sewer treatment
plants and lines, landfill improvements, parks, and drainage systems. Additions and improvements for
roads, water, sewer, landfill, and drainage infrastructure are capitalized when the cost amounts to
$250,000, while park additions and improvements are capitalized at$25,000.
Depreciation has been provided using the straight-line method. The estimated useful lives of the various
classes of depreciable capital assets are as follows:
Life-Years
Buildings 10-50
Equipment 5-10
Intangible Assets 10-15
Infrastructure 10-50
Public Domain Infrastructure 20-50
Capacity Rights 99
Capacity rights represent an intangible asset that arose from a contract with a private wastewater
operator that includes wastewater processing capacity for 1,500 equivalent dwelling units for a period of
99 years.
Compensated Absences:
Board policy permits employees to accumulate a limited amount of annual and sick leave, which will be
paid to employees upon termination of employment. Accumulated annual and sick leave is accrued
when earned in the proprietary fund financial statements. For the proprietary funds, an expense and a
liability are recorded as the leave is earned. Compensated absences associated with the Board's
governmental activities are presented on the government-wide financial statements of the County, rather
than on the financial statements of the Board.
D-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Restricted Assets:
The use of certain assets of enterprise funds is restricted by specific provisions of resolutions and
agreements with various parties. Assets so designated are identified as restricted assets on the balance
sheet. When both restricted and unrestricted resources are available for use, the hierarchy of enterprise
fund spending is to use restricted resources first, followed by unrestricted resources, as they are needed.
Restricted assets are classified as noncurrent if they are for acquisition or construction of capital assets,
for liquidation of long-term debt, or are for other than current operations.
Deferred Inflows of Resources:
Deferred inflows of resources represent an acquisition of net position that applies to a future period and
therefore will not be recognized as an inflow of resources until that time. The Board has four items that
qualify for reporting in this category: (1) Unavailable revenues; (2) Advances from Other Governments;
(3) Pension-related items; and (4) Other Post-Employment Benefits. The advances from other
governments are grants received in advance of meeting the timing requirements for revenue recognition
in governmental funds. The governmental funds report unavailable revenues where receipts are not
within the 60-day time frame for revenue recognition. The enterprise and internal service funds report
deferred inflows for pension-related and other post-employment benefit items as actuarially determined.
Deferred Outflows of Resources:
Deferred outflows of resources represent an acquisition of net position that applies to a future period and
therefore will not be recognized as an outflow of resources (expense) until that future time. The
enterprise and internal service funds report deferred outflows for pension-related and other post-
employment benefit items as actuarially determined.
Lone-Term Obligations:
Long-term obligations are reported as a liability in the proprietary fund statement of net position. Long-
term debt associated with the Board's governmental activities is presented on the government-wide
financial statements of the County, rather than on the financial statements of the Board. In the Board's
governmental fund financial statements, the face amount of debt issued is reported as another financing
source, while principal payments are reported as expenditures.
Property Taxes:
Property taxes, based on assessed values at January 1, are levied and become due and payable on
November 1st of each year. A 4% discount is allowed if the taxes are paid in November, with the
discount declining by 1% each month thereafter. Taxes become delinquent on April 1st of each year, and
tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June
1st of each year. No accrual for the property tax levy becoming due in November of 2020 is included in
the accompanying financial statements, since such taxes are collected to finance expenditures of the
subsequent period.
D-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fund Balance Policies:
The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in
governmental funds. The fund balance classifications indicate the level of constraints placed upon how
resources can be spent and identify the sources of those constraints. The following five classifications:
non-spendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial
statements of the extent to which the Board is bound to honor constraints on the specific purposes for
which resources in a fund can be spent.
Fund balances of governmental type funds are classified as follows:
Non-spendable — 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 inventory.
Restricted —Include amounts that can be spent only for specific purposes because of constitutional
provisions or enabling legislation, or because of constraints externally imposed by creditors,
grantors, contributors or the laws or regulations of other governments.
Committed — Include amounts that can be used only for the specific purposes determined by a
formal action in the form of a resolution of the Board, the County's highest level of decision-
making authority. Commitments may be changed or lifted only by the Board taking the same
formal action that imposed the constraint originally.
Assigned —Include amounts intended by the Board to be used for specific purposes determined by
a formal action in the form of a resolution but are neither restricted nor committed. The Board's
policy authorizes the County Administrator to assign fund balance based on intentions for use of
fund balance communicated by the Board.
Unassigned — 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. Unassigned fund balance does not necessarily represent the
amount of fund balance that can be appropriated.
The Board has the responsibility of responding to emergency disaster and has committed $10 million in
the General Fund's disaster reserve funds to ensure adequate cash flow is available in post-disaster
situations.
The Board has defined unrestricted General Fund balance as the amount of fund balance that the Board
has placed constraints on its use (committed or assigned fund balance) plus the fund balance that does
not have any specific purpose identified for the use of those net resources (unassigned fund balance).
D-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board's policy on unrestricted general fund balance is to achieve and maintain an unrestricted
General Fund balance equal to four months of budgeted expenditures. The Board considers a balance of
less than four months to be a cause for concern, barring unusual or deliberate circumstances, and a
balance of more than six months as excessive. Since this is a plan for accumulating resources rather than
a limitation on how existing resources can be spent, the fund balance policy does not affect the
classification of fund balance and is included in the unrestricted fund balance.
The Board spends restricted amounts first, when both restricted and unrestricted fund balance is
available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the Board
uses committed fund balance, followed by assigned fund balance and then unassigned fund balance
when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance
classifications could be used.
Net Position:
Net position in the proprietary fund financial statements is classified as net investment in capital assets,
restricted, and unrestricted. Restricted net position of $5,401,902 indicates constraints on resources that
are either externally imposed by creditors, grantors, contributors, or laws or regulations of other
governments or imposed by law through state statute.
NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS
The Board maintains a cash and investment pool available for use by all funds except those whose cash
and investments must be segregated due to bond covenants or other legal restrictions.
As of September 30, 2020, the carrying value of the Board's deposits and investments, with their
respective credit ratings, are as follows:
Valuation 6 Months
Credit Measurement Fair Less than to 1 to 5 Over 5
Investment Type Rating Method Value 6 Months 1 Year Years Years
Demand and Time Deposits N/A N/A $ 55,502,516 $ 55,502,516 $ $ $
FL CLASS Investments AAAm Amortized Cost 30,785,980 30,785,980
FL PALM&FL PALM Term Pooled AAA Amortized Cost 48,125,908 48,125,908
Asset-Backed Security(ABS) AAA-NR Fair Value-Level 18,957,664 - 18,957,664
Corporate Note Ato BBB+ Fair Value-Level 22,273,196 1,177,914 4,460,587 16,634,695
Commercial Paper A-1/A-1+ Fair Value-Level 3 13,491,895 11,493,821 1,998,074 -
Federal Agency Collateralized Mortgage Obligation(CMO) AA+ Fair Value-Level 2 6,631,232 - - 6,631,232 -
Federal Agency Mortgage-Backed Security(MBS) AA+ Fair Value-Level 9,908,312 - - 715,035 9,193,277
U.S.Treasury A-+/AA+ Fair Value-Level 59,227,883 40,762,696 12,698,906 5,766,281 -
Total Fair Value $264,904,586 $187,848,835 $ 19,157,567 $48,704,907 $ 9,193,277
D-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
The Board categorizes its fair value measurements within the fair value hierarchy established by GAAP.
The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs
are unadjusted quoted prices in active markets for identical assets. Level 2 inputs are either directly or
indirectly observable for an asset(including quoted prices for similar assets), which may include inputs
in markets that are not considered active. Level 3 inputs securities are significant unobservable inputs.
Securities classified in Level 2 are evaluated prices from the custodian bank's primary external pricing
vendors. The pricing methodology involves the use of evaluation models such as matrix pricing which is
based on the securities' relationship to benchmark quoted prices. Other evaluation models use actual
trade data, collateral attributes, broker bids, new issue pricings and other observable market information.
There are no restrictions or limitations on withdrawals; however, FLCLASS may, on the occurrence of
an event that has a material impact on liquidity or operations, impose restrictions on withdrawals for up
to 48 hours.
Credit Risk and Concentration of Credit Risk— The Board approved and adopted its Investment Policy
("Policy") in January 2019. The Policy outlines permitted investments, and establishes limitations on
portfolio composition, by both investment type and by issuer, in order to control concentration of credit
risk. The following table identifies the investment requirements and allocation limits on security types,
issuers, and maturities as established by the County.
Under the Policy, the Clerk has the option to further restrict investment percentages from time to time
based on market conditions, risk, and diversification strategies. The percentage allocation requirements
for investment types and issuers are calculated based on the original cost at the time of purchase of each
investment.
D-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type (%) (%) Requirement' Maturity
U.S.Treasury 100% 5.50 Years
GNMA 100% 40% N/A (5.50 Years
Other U.S. Government avg. life'
Guaranteed(e.g.AID,GTC 10% for GNMA)
Federal Agency/GSE:
FNMA,FHLMC, 40o3
FHLB,FFCBs 75% N/A 5.50 Years
Federal Agency/GSE o
other than those above 10/o
Supranationals Highest ST or Highest LT Rating
where U.S.is a shareholder 25% 10% Categories 5.50 Years
and voting member (A-1/P-1,AAA/Aaa,or equivalent)
Highest ST or Three Highest
Corporates 50%2 5% LT Rating Categories 5.50 Years
(A-1/P-1,A-/A3 or equivalent)
Highest ST or Three Highest
Municipals 25% 5% LT Rating Categories 5.50 Years
SP-1/MIG 1,A-/A3,orequivalent)
Agency Mortgage-Backed 25% 40%' N/A 5.50 Years
Securities(MBS) Avg.Life'
Asset-Backed Securities 25% 5% Highest ST or LT Rating 5.50 Years
(ABS) (A-1+/P-1,AAA/Aaa,or equivalent) Avg.Life'
Non-Negotiable o None,if fully
Collateralized Bank Deposits 50/o collateralized None,if fully collateralized. 2 Years
or Savings Accounts
Commercial Paper(CP) 50%2 5% Highest ST Rating Category 270 Days
(A-1/P-1,or equivalent)
Bankers' Acceptances(BAs) 10%2 5% Highest ST Rating Category 180 Days
(A-1/P-1,or equivalent)
Counterparty(or if the counterparty is
not rated by an NRSRO,then the
Repurchase Agreements o counterparty's parent)must be rated in
(Repo or RP) 40/0 20/o the Highest ST Rating Category 1 Year
(A-1/P-1,or equivalent)
If the counterparty is a Federal
Reserve Bank,no rating is required
D-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type (%) (%) Requirement' Maturity
Money Market Funds o o Highest Fund Rating by all NRSROs
(MMFs) 50% 25/o who rate the fund N/A
(AAAm/Aaa-mf,or equivalent)
Highest Fund Quality and Volatility
Intergovernmental Pools 50% 25% Rating Categories by all NRSROs N/A
(LGIPs) who rate the LGIP,
(AAAm/AAAf, S1,or equivalent)
Florida Local Government Highest Fund Rating by all NRSROs
Surplus Funds Trust Funds 25% N/A who rate the fund N/A
("Florida Prime") (AAAm/Aaa-mf,or equivalent)
Notes:
i Rating by at least one SEC-registered Nationally Recognized Statistical Rating Organization("NRSRO"),unless otherwise noted.
ST=Short-term;LT=Long-term.
Maximum allocation to all corporate and bank credit instruments is 50%combined.
3 Maximum exposure to any one Federal agency,including the combined holdings of Agency debt and Agency MBS,is 40%.
4 The maturity limit for MBS and ABS is based on the expected average life at time of settlement,measured using Bloomberg or other
industry standard methods.
5 Federal National Mortgage Association(FNMA);Federal Home Loan Mortgage Corporation(FHLMC);Federal Home Loan Bank or
its District banks(FHLB);Federal Farm Credit Bank(FFCB).
At September 30, 2020, the portion of the Board's investment portfolio invested in Federal
instrumentalities is detailed as follows:
Percent of
Investment
Issue Portfolio
Federal Agency Mortgage-Backed Security (MBS) 4.73%
Federal Agency Collateralized Mortgage Obligations (CMO) 3.17%
Custodial Credit Risk — The Policy requires bank deposits to be secured as provided by Chapter 280,
Florida Statutes. This law requires local governments to deposit funds only in financial institutions
designated as qualified public depositories by the Chief Financial Officer of the State of Florida.
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation for the first
$250,000 at each institution and the remaining balances are insured 100% by the State of Florida
collateral pool, a multiple institution pool with the ability to assess its members for collateral shortfalls if
a member institution fails.
D-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
The Policy requires execution of a third-parry custodial safekeeping agreement for all purchased
securities and requires that securities be held in the Board's name. As of September 30, 2020, all of the
Board's investments are held in a bank's trust department in the Board's name.
Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to 24
months. The Policy limits the investment of noncurrent operating funds to 5.50 years.
Restricted Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash
and cash equivalents at September 30, 2020:
Demand
Cash and Cash Equivalents Deposits
Governmental Activities
Governmental Funds $42,455,371
Internal Service Funds 4,515,604
Business-Type Activities 3,343,757
Total Unrestricted Cash and Cash Equivalents 50,314,732
Restricted Cash and Cash Equivalents
Business-Type Activities 5,187,784
Total Cash and Cash Equivalents $55,502,516
NOTE 3—RESTRICTED ASSETS
Restricted assets in the Enterprise Funds include those assets created by resolutions adopted by the
Board for the airport passenger facility charges and customs service operations. Total restricted assets as
of September 30, 2020 are as follows:
Cash and Cash Accounts
Equivalents Receivable Total
Key West Airport Passenger Facility Charges $5,019,638 $ 214,118 $5,233,756
Marathon Airport Customs Service Operations 168,146 - 168,146
$5,187,784 $ 214,118 $5,401,902
D-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 4—ACCOUNTS RECEIVABLE
Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for
doubtful accounts. The accounts receivable and the allowance balances are as follows:
Allowance for
Accounts Uncollectible Accounts
Service Provided Receivable Accounts Receivable,Net
Governmental Activities:
General Fund Misc $ 18,080 S 4,376 S 13,704
Fine&Forfeiture Fund Air Amb Svc 27,326,216 22,377,784 4,948,432
Governmental Grants Misc 678 667 11
Nonmajor Funds:
Fire&Amb Dist 1 Fund Ground Amb Svc 2,008,242 1,811,680 196,562
Other Nonmajor Funds Misc 53,005 4,836 48,169
Internal Service Funds Misc 71,112 2,972 68,140
Total Governmental 29,477,333 24,202,315 5,275,018
Business-Type Activities:
MSD-Waste Fund: Tipping Fees 180,213 70,756 109,457
Card Sound Bridge Misc 45,318 - 45,318
Key West Airport Rent,Misc 742,938 3,757 739,181
Marathon Airport Rent,Misc 55,731 - 55,731
Total Business-Type 1,024,200 74,513 949,687
Total Accounts Receivable $ 30,501,533 S 24,276,828 S 6,224,705
The Board passed Resolutions 383-2019 and 415-2019 approving air and ground ambulance billing
write offs, respectively, of $804,752 and $445,866 for fiscal year 2020. The Board also passed
Resolution 384-2019 to write off$1,826,379 of air ambulance billings related to resident waivers.
NOTE 5—ASSESSMENTS RECEIVABLE
The County has been improving water quality by replacing cesspits and septic systems with a series of
central wastewater collection and treatment systems. The Board has funded these projects with state
grants and loans, local infrastructure sales surtax, and special assessments levied on the property owners.
The property owners have the option of paying their special assessments up front or on an installment
basis added to their real estate tax bills. Revenue is recognized on the modified accrual basis.
Any remaining assessment owed is recorded as a receivable with an offset to deferred inflows of
resources for those amounts that are not available.
D-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 6—MORTGAGES RECEIVABLE
Mortgages receivable at September 30, 2020 consist of the following:
Major Governmental Funds— Governmental Grants Fund:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Payment of principal deferred for 10 years from date of note.
Principal is amortized in equal monthly amounts starting in year 6 until 10 at
which time the loan is fully forgiven. In event of sale/transfer of property or
occupancy, the prorated principal balance is due in full within 30 days of
sale/transfer or cessation of primary residence. $ 355,566
Nonmajor Governmental Funds—Local Housing Assistance:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Commencing in year 16 of the mortgage, principal and accrued
interest at 3% will be forgiven at the rate of 6.66% annually. The entire
principal balance and accrued interest will be forgiven at the end of year thirty.
If the residence is sold before the initiation of the forgiveness period, the full
amount of the mortgage and accrued interest is due at closing. 14,812
Second Mortgages Receivable from individuals, collateralized by personal
residences. Principal payments shall be deferred for the term of the first
mortgage loan, or until the date the last payment is due on the first mortgage.
Interest is not charged on the mortgages unless the mortgagor is in default, in
which case the interest rate is 12% per annum from the date when payment of
the second is due. The entire balance of the loan is intended to be forgiven.
However, in the event the home is sold, transferred, rented, refinanced or the
first mortgage loan is satisfied,the entire mortgage balance is due. 7,901,216
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 469,467
Florida Homebuyer Opportunity Tax Credit, Second Mortgages Receivable
from individuals, collateralized by personal residences. Interest is 6% per
annum, except if paid in full within first 18 months of repayment period then
interest rate shall be 0% from the date when the first payment is due. 16,000
D-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 6—MORTGAGES RECEIVABLE (continued)
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 359,075
Disaster Mitigation Loans that will be deferred for a period of ten years with a
0% interest rate. The entire balance of the mortgages will be forgiven at a rate
of 20% per year upon maturity, provided that the mortgagor complies with the
mortgage covenants. The mortgages are interest free. 762,548
Total Nonmajor Governmental Funds-Local Housing Assistance 9,523,118
Total Mortgages Receivable $9,878,684
The mortgages receivable associated with the governmental grants are offset by an allowance for
uncollectible accounts of $355,566. As the mortgages receivable associated with the Local Housing
Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of
$9,523,118 has been established.
NOTE 7—CAPITAL ASSETS
Amounts associated with the Board's governmental activities' capital assets, related accumulated
depreciation and depreciation expense are reported on the government-wide financial statements of the
County, rather than on the financial statements of the Board. Amounts associated with the Board's
business-type activities' and internal service funds' capital assets, related accumulated depreciation and
depreciation expense are reported on the proprietary fund financial statements of the Board.
Internal service fund capital asset information is included in the governmental activities on the
government-wide financial statements because the internal service funds predominately serve those
activities.
On September 10, 2017, Monroe County sustained catastrophic damage county-wide due to a direct hit
from Hurricane Irma. As a result, a number of the Board's assets sustained storm-related damage.
Throughout FY 2018, repairs and replacements were being made to damaged assets in accordance with
guidelines established by the Federal Emergency Management Agency ("FEMA"). Most repairs and
replacements will be financed with reimbursements from FEMA or insurance recoveries.
D-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 7—CAPITAL ASSETS (continued)
Capital asset activity for the year ended September 30, 2020 is shown in the following table:
Beginning Ending
Balance Additions Reductions Balance
Governmental Activities:
Capital assets not depreciated:
Land $ 81,748,816 S 3,187,157 S (694,168) S 84,241,805
Construction in progress 54,083,883 36,828,065 (56,942,373) 33,969,575
Total capital assets not depreciated 135,832,699 40,015,222 (57,636,541) 118,211,380
Capital assets depreciated:
Buildings 167,802,400 5,114,092 - 172,916,492
Equipment 35,224,427 2,194,684 (1,125,377) 36,293,734
Infrastructure 352,933,037 51,231,356 - 404,164,393
Capacity rights 3,150,000 - - 3,150,000
Total assets depreciated 559,109,864 58,540,132 (1,125,377) 616,524,619
Less accumulated depreciation for:
Buildings (71,550,680) (3,460,605) - (75,011,285)
Equipment (24,460,285) (2,744,538) 1,079,571 (26,125,252)
Infrastructure (56,198,855) (7,925,466) - (64,124,321)
Capacity rights (477,270) (31,818) - (509,088)
Total accumulated depreciation (152,687,090) S (14,162,427L S 1,079,571 (165,769,946)
Total capital assets depreciated,net 406,422,774 450,754,673
Governmental funds,capital assets,net S 542,255,473 S 568,966,053
Business-Type Activities:
Capital assets not depreciated:
Land S 5,647,606 S - S - S 5,647,606
Construction in progress 2,357,976 19,586,435 (4,812,916) 17,131,495
Total capital assets not depreciated 8,005,582 19,586,435 (4,812,916) 22,779,101
Capital assets depreciated:
Land improvements 212,925 - - 212,925
Buildings 65,607,024 2,900,755 - 68,507,779
Equipment 5,969,508 555,903 (27,084) 6,498,327
Infrastructure 82,578,575 1,676,403 - 84,254,978
Total assets depreciated 154,368,032 5,133,061 (27,084) 159,474,009
Less accumulated depreciation for:
Land Improvements (212,925) - - (212,925)
Buildings (19,932,685) (1,712,925) - (21,645,610)
Equipment (3,834,621) (474,918) 27,084 (4,282,455)
Infrastructure (28,523,305) (2,345,604) - (30,868,909)
Total accumulated depreciation (52,503,536) S (4,533,44D S 27,084 (57,009,899)
Total capital assets depreciated,net 101,864,496 102,464,110
Business-type activities,capital assets,net S 109,870,078 S 125,243,211
D-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 7—CAPITAL ASSETS (continued)
Depreciation was charged to functions/programs on the government-wide statement of activities of the
County as follows:
Governmental Activities: Business-Type Activities:
General Government $ 3,259,167 Municipal Service District-Waste $ 193,521
Public Safety 2,370,091 Card Sound Bridge 399,618
Physical Environment 5,245,659 Key West Airport 3,200,064
Transportation 1,444,506 Marathon Airport 740,244
Economic Environment 13,550
Human Services 284,425 Total Business-Type Activities $4,533,447
Culture and Recreation 941,508
Court-Related 603,521
Total Governmental Activities $14,162,427
NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION
General Information about the Other Post-Employment Benefits:
Plan Description — The Board administers a single-employer defined benefits healthcare plan (the
"Plan"). Section 112.0801, Florida Statutes, 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. No assets are accumulated in a trust that meets the criteria as set forth
in GASB Statement No. 75.
The Board 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 Board approves the rates for the coming calendar year for the retiree and
County contributions.
The Plan includes participants from the Board and each Constitutional Officer. The Board is responsible
for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers. However, the
following disclosures are based on the Board's enterprise and internal service funds' share of the net
Other Post-Employment Benefits ("OPEB") obligation.
D-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Benefits Provided — Employees who retire as active participants 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 Board. Employees who retire as active participants 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") but are not eligible for Medicare, may maintain group
insurance benefits with the County following retirement, provided that the retiring employee contributes
the amounts as shown in the following table.
Contribution as Percentage of Annual Actuarial Rate(')
Plan Years of Service with Monroe Count
Year 25+ 20-24 10-19
2018 HIS(2) 17% 18%
2019 HIS 18% 26%
2020 HIS 20% 34%
2021 HIS 22% 42%
2022 & Thereafter HIS 25% 50%
(1)The new retiree contributions began a five-year phased-in approach beginning January 1,
2018.
(2)Participation in the Plan is at a cost equal to the FRS Health Insurance Subsidy(HIS)for ten
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.
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 and is
eligible for Medicare at the time of retirement or becomes eligible for Medicare following retirement,
may maintain group health insurance benefits with the 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.
D-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Employees Covered by Benefit Terms — Eligibility for post-employment participation in the Plan is
limited to full-time employees of the County and the Constitutional Officers. At September 30, 2020,
there were no terminated employees entitled to deferred benefits. The membership of the Board's
medical plan consisted of:
Active Employees 550
Retirees and Beneficiaries Currently Receiving Benefits 425
Total Membership 975
Contributions — The Board establishes, and may amend, the contribution requirements of Plan members.
The required contribution is based on pay-as-you-go financing requirements, net of member
contributions.
Total OPEB Liability:
The Board's enterprise and internal service funds total OPEB liabilities of $1,329,000 was measured as
of September 30, 2020, and was determined by an actuarial evaluation as of January 19, 2021.
Actuarial Methods and Assumptions — The valuation dated January 19, 2021, was prepared using
generally accepted actuarial principles and practices, and relied on unaudited census data and medical
claims data reported by the Board.
The total OPEB liability for the Board's enterprise and internal service funds in the September 30, 2020
actuarial valuation was determined using the following actuarial assumptions and other inputs, applied
to all periods included in the measurement, unless otherwise specified:
Actuarial Cost Method Entry Age Normal based on level of
percentage of projected salary.
Inflation Rate 2.5%per annum
Salary Increase Rate 3.5%per annum
Discount Rate 2.66%per annum (Beginning of Year)
2.21%per annum (End of Year)
Source: Bond Buyer 20-Bond GO index
Marriage Rate The assumed percentage of married
participants at retirement is 25% and is based
on the current retired population of the BOCC.
D-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Spouse Age Spouse dates of birth were provided by the
County. Where this information was missing,
male spouses were assumed to be three years
older than female spouses.
Medicare Eligibility All current and future retirees were assumed to
be eligible for Medicare at age 65.
Amortization Method Experience/Assumptions gains and losses were
amortized over a closed period of 11.3 years
starting on October 1, 2019, equal to the
average remaining service of active and
inactive plan members (who have no future
service).
Plan Participation Percentage The assumptions for participation of eligible
retirees in the County's postemployment
benefit plan are:
Retirees with 25+ Years of Service: 100%
Retirees with 20—24 Years of Service: 20%
Retirees with <20 Years of Service: 25%
The actuarial assumptions include an annual health care cost trend rates of 6.0% initially, reduced by
decrements of 0.5% to an ultimate rate of 4.5%. The assumptions included a discount rate tied to the
return expected on the funds used to pay the benefits, and assumes for an unfunded plan, that the
benefits continue to be funded on a pay-as-you-go basis.
Mortality rates were based on the RP-2010 headcount weighted mortality table using the generational
scale MP-19.
Expected retiree claim costs were developed using 24 months historical claim experience through May
2020. Non-claim expenses are based on the current amounts charged per retired employee.
D-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Changes in the Total OPEB Liability For the Board's Enterprise and Internal Service Funds:
Total OPEB
Liability
Balance at the beginning of the year $ 1,905,000
Changes for the year:
Service cost 75,600
Interest cost 52,200
Changes of benefit terms on January 1, 2020 -
Differences between expect and actual experiences 193,100
Changes in assumptions or other inputs 114,000
Benefit payments (1,010,900)
Net change in total OPEB liability (576,000)
Balance at the end of the year $ 1,329,000
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate — The following presents the
total OPEB liability of the Board's enterprise and internal service funds, as well as what the total OPEB
liability for the Board's enterprise and internal service funds would be if it were calculated using a
discount rate that is 1-percentage-point lower (1.66%) or 1-percentage-point higher (3.66%) than the
current discount rate:
Current Discount
1% Decrease Rate 1% Increase
(1.66%) (2.66%) (3.66%)
Total OPEB Liability $1,196,100 $1,329,000 $1,541,600
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates — The following
presents the total OPEB liability of the Board's enterprise and internal service funds, as well as what the
total OPEB liability would be for the Board's enterprise and internal service funds if it were calculated
using a healthcare cost trend rates that are 1-percentage-point lower (5.5% decreasing to 3.5%) or 1-
percentage-point higher(7.5% decreasing to 5.5%)than the current healthcare cost trend rates:
Healthcare Cost Trend Rates
1% Decrease Current Trend 1% Increase
(5.5%decreasing to (6.5%decreasing to (7.5%decreasing to
3.5%) 4.5%) 5.5%)
Total OPEB Liability $1,149,600 $1,329,000 $1,570,900
D-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended September 30, 2020, the Board's enterprise and internal service funds recognized an
OPEB expense of $29,501. At September 30, 2020, the Board's enterprise and internal service funds
reported deferred outflows of resources and deferred inflows of resources related to the OPEB from the
following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Changes of Assumptions or Other Inputs $ 459,500 $ (976,300)
The amounts the Board's enterprise and internal service funds reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
OPEB
For Fiscal Year: Amount
2021 $ (57,600)
2022 (57,600)
2023 (57,600)
2024 (57,600)
2025 (52,700)
Thereafter (233,700)
Total $ (516,800)
D-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS
General Information:
The Board's employees participate in 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 ("SBA"). 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 State
Legislature.
The State of Florida annually issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The latest available report may be
obtained by writing to the State of Florida Division of Retirement, Department of Management Services,
P.O. Box 9000, Tallahassee, Florida 32315-9000, or from the Web site:
www.dms,mvflorida.com/workforce o erations/retirement/ tlblications.
Pension Plan:
Plan Description — The Pension Plan is a cost-sharing multiple-employer defined benefit pension plan,
with a Deferred Retirement Option Program ("DROP")for eligible employees.
Benefits Provided — 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.
Special Risk Administrative Support class members who retire at or after age 55 with at least six years
of credited service or 25 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. Special Risk class members (sworn law enforcement officers,
firefighters, and correctional officers) who retire at or after age 55 with at least six years of credited
service, or with 25 years of service regardless of age, are entitled to a retirement benefit payable
monthly for life, equal to 3.0% of their final average compensation based on the five highest years of
salary for each year of credited service.
D-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
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.
For Plan members enrolled on or after July 1, 2011, the vesting requirement is extended to eight years of
credited service for all these members and increasing normal retirement to age 65 or 33 years of service
regardless of age for Regular, Senior Management Service, and Elected Officers' class members, and to
age 60 or 30 years of service regardless of age for Special Risk and Special Risk Administrative Support
class members. Also, the final average compensation for all these members will be based on the eight
highest years of salary.
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the Pension
Plan before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-
of-living adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has
service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment.
The annual cost-of-living adjustment is a proportion of 3% determined by dividing the sum of the
pre-July 2011 service credit by the total service credit at retirement multiplied by 3%. Plan members
initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement.
In addition to the above benefits, the DROP 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.
Contributions — 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 established by the Florida Legislature. These rates are updated as of July 1 of each year. The
employer contribution rates by job class for the periods from October 1, 2019 through June 30, 2020 and
from July 1, 2020 through September 30, 2020, respectively, were as follows: Regular8.47% and
10.00%; Special Risk Administrative Support38.59% and 35.84%; Special Risk25.48% and
24.45%; Senior Management Service25.41% and 27.29%; Elected Officers' 48.82% and 49.18%;
and DROP participants14.60% and 16.98%. These employer contribution rates include 1.66% HIS
Plan subsidy for the periods October 1, 2019 through June 30, 2020 and from July 1, 2020 through
September 30, 2020, respectively.
D-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The Board's contributions, including employee contributions, to the Pension Plan for its business-type
activities, totaled $372,077 for the fiscal year ended September 30, 2020.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions — The Board's governmental funds, which use the current resources
measurement basis of accounting, generally recognize pension expense as amounts are paid. Pension
liabilities are recognized at the fund level only to the extent expected to be liquidated with expendable
available financial resources. Amounts associated with long-term pension liabilities and related deferred
outflows of resources and deferred inflows of resources are reported on the government-wide financial
statements of the County, rather than the financial statements of the Board.
The Board's enterprise and internal service funds recognize pension liabilities, pension expense and
deferred outflows of resources and deferred inflows of resources related to pensions on the accrual basis
of accounting. At September 30, 2020, the Board's enterprise and internal service funds reported a
liability of $7,099,095 for their proportionate share of the Pension Plan's net pension liability. The net
pension liability was measured as of June 30, 2020, and the total pension liability used to calculate the
net pension liability was determined by an actuarial valuation as of July 1, 2020. The Board's
proportionate share of the net pension liability was based on the Board's FY 2020 contributions relative
to the FY 2020 contributions of all participating members. At June 30, 2020, the Board's proportionate
share for all funds was 0.1278%, which was a decrease of 0.00055% from its proportionate share
measured as of June 30, 2019. Approximately 12.81% of the Board's proportionate share of the net
pension liability was allocated to the enterprise and internal service funds of the Board based on their
proportionate share of the Board's Pension Plan contributions.
For the fiscal year ended September 30, 2020, the Board's enterprise and internal service funds
recognized pension expense of $1,454,620. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
FRS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 251,189 $ -
Changes of Assumptions 1,188,166 Net Difference Between Projected and Actual
Earnings on Pension Plan Investments 390,786 -
Changes in Proportion and Differences Between
Pension Plan Contributions and Proportionate Share
of Contributions 381,405 110,340
Pension Plan Contributions Subsequent to
the Measurement Date 147,772 -
Total $ 2,359,318 $ 110,340
D-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The Pension Plan's deferred outflows of resources related to the Board's enterprise and internal service
funds contributions to the Pension Plan subsequent to the measurement date, totaling $147,772, will be
recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2021. Other
amounts reported as deferred outflows of resources and deferred inflows of resources related to the
Pension Plan will be recognized in pension expense of the enterprise and internal service funds as
follows:
FRS
For Fiscal Year: Amount
2021 $ 433,008
2022 674,384
2023 573,224
2024 342,676
2025 77,914
Total $ 2,101,206
Actuarial Assumptions — The total pension liability in the June 30, 2020 actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Inflation 2.40%
Salary increases 3.25%, average, including inflation
Investment rate of return 6.80%, net of pension plan investment
expense, including inflation
Mortality rates were based on the PUB2010 base table varies by member category and sex, projected
generationally with Scale MP-2018 details in the valuation report.
The actuarial assumptions used in the July 1, 2020, valuation were based on the results of an actuarial
experience study for the period July 1, 2013 through June 30, 2018.
The long-term expected rate of return decreased from 6.90% to 6.80%, and the active member mortality
assumption was updated.
The long-term expected rate of return on Pension Plan investments was not based on historical returns,
but instead is based on a forward-looking capital market economic model. The allocation policy's
description of each asset class was used to map the target allocation to the asset classes shown below.
Each asset class assumption is based on a consistent set of underlying assumptions and includes an
adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and
geometric real rates of return for each major asset class are summarized in the following table:
D-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Compound
Annual Annual
Target Arithmetic (Geometric) Standard
Asset Class Allocation Return Return Deviation
Cash 1.0% 2.2% 2.2% 1.2%
Fixed Income 19.0% 3.0% 2.9% 3.5%
Global Equity 54.2% 8.0% 6.7% 17.1%
Real Estate (Property) 10.3% 6.4% 5.8% 11.7%
Private Equity 11.1% 10.8% 8.1% 25.7%
Strategic Investments 4.4% 5.5% 5.3% 6.9%
Total 100.0%
Discount Rate — The discount rate used to measure the total pension liability was 6.80%. The Pension
Plan's fiduciary net position was projected to be available to make all projected future benefit payments
of current active and inactive employees. Therefore, the discount rate for calculation of the total pension
liability is equal to the long-term expected rate of return.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate — The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 6.80%, as well as what the proportionate
share of the net pension liability would be if it were calculated using a discount rate that is one
percentage point lower(5.80%) or one percentage point higher(7.80%)than the current rate:
FRS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(5.80%) (6.80%) (7.80%)
Enterprise and Internal Service
Funds Proportionate Share
of the Net Pension Plan Liability $11,335,826 $ 7,099,095 $ 3,560,288
Pension Plan Fiduciary Net Position — Detailed information regarding the Pension Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Comprehensive Annual Financial Report.
D-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
HIS Plan:
Plan Description — The HIS Plan is a cost-sharing multiple-employer defined benefit pension plan
established under Section 112.363, Florida Statutes, and may be amended by the Florida legislature at
any time. The benefit is a monthly payment to assist retirees of state-administered retirement systems in
paying their health insurance costs and is administered by the Florida Department of Management
Services, Division of Retirement.
Benefits Provided — For the fiscal year ended September 30, 2020, eligible retirees and beneficiaries
received a monthly HIS payment of $5 for each year of creditable service completed at the time of
retirement, with a minimum HIS payment of$30 and a maximum HIS payment of $150 per month. To
be eligible to receive these benefits, a retiree under a state-administered retirement system must provide
proof of health insurance coverage, which may include Medicare.
Contributions — The HIS Plan is funded by required contributions from FRS participating employers as
set by the Florida Legislature. Employer contributions are a percentage of gross compensation for all
active FRS members. For the fiscal year ended September 30, 2020, the HIS contribution for the period
October 1, 2019 through June 30, 2020 and from July 1, 2020 through September 30, 2020 was 1.66%
and 1.66%, respectively. The Board contributed 100% of its statutorily required contributions for the
current and preceding three years. HIS Plan contributions are deposited in a separate trust fund from
which payments are authorized. HIS Plan benefits are not guaranteed and are subject to annual
legislative appropriation. In the event legislative appropriation or available funds fail to provide full
subsidy benefits to all participants,benefits may be reduced or cancelled.
The Board's contributions to the HIS Plan for its business-type activities totaled $63,544 for the fiscal
year ended September 30, 2020.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions—The basis of accounting and financial reporting of the Board's HIS Plan
is identical to that of the Board's Pension Plan. At September 30, 2020, the Board's enterprise and
internal service funds reported a liability of$2,160,062 for their proportionate share of the Board's HIS
Plan's net pension liability. The net pension liability was measured as of June 30, 2020, and the total
pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
July 1, 2020. The Board's proportionate share of the net pension liability was based on the Board's FY
2020 contributions relative to the FY 2020 contributions of all participating members. At June 30, 2020,
the Board's proportionate share of all funds was 0.11767%, which was a decrease of 0.0075% from its
proportionate share measured as of June 30, 2019. Approximately 15.03% of the Board's proportionate
share of the net pension liability was allocated to the enterprise and internal service funds of the Board
based on their proportionate share of the Board's HIS Plan contributions.
For the fiscal year ended September 30, 2020, the Board's enterprise and internal service funds
recognized pension expense of $207,748. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
D-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
HIS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 82,817 $ 1,559
Changes of Assumptions 217,697 117,720
Net Difference Between Projected and Actual
Earnings on HIS Plan Investments 1,616 -
Changes in Proportion and Differences Between
HIS Plan Contributions and Proportionate Share
of Contributions 246,206 33,626
HIS Plan Contributions Subsequent to
the Measurement Date 25,453 -
Total $ 573,789 $ 152,905
The deferred outflows of resources related to the HIS Plan resulting from the Board's enterprise and
internal service funds contributions to the HIS Plan subsequent to the measurement date, totaling
$25,453, will be recognized as a reduction of the net pension liability in the fiscal year ended September
30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to the HIS Plan will be recognized as pension expense in the enterprise and internal service funds
as follows:
HIS
For Fiscal Year: Amount
2021 $ 109,439
2022 81,179
2023 22,182
2024 51,509
2025 70,139
Thereafter 60,983
Total $ 395,431
Actuarial Assumptions — The total pension liability in the July 1, 2020, actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Inflation 2.40%
Salary increases 3.25%, average, including inflation
Municipal bond rate 2.21%
Mortality rates were based on the Generational RP-2010 with Projection Scale MP-2018 tables.
D-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The actuarial assumptions used in the July 1, 2020, valuation were based on the results of an actuarial
experience study for the period July 1, 2013 through June 30, 2018.
The municipal rate used to determine total pension liability decreased from 3.50%to 2.21%.
Discount Rate — The discount rate used to measure the total pension liability was 2.21%. In general, the
discount rate for calculating the total pension liability is equal to the single rate equivalent to discounting
at the long-term expected rate of return for benefit payments prior to the projected depletion date.
Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered
to be immediate, and the single equivalent discount rate is equal to the municipal bond rate selected by
the HIS Plan sponsor. The Bond Buyer General Obligation 20-Bond Municipal Bond Index was adopted
as the applicable municipal bond index.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate — The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 2.21%, as well as what the proportionate
share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage
point lower(1.21%) or 1-percentage point higher(3.21%)than the current rate:
HIS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(1.21%) (2.21%) (3.21%)
Enterprise and Internal Service
Funds Proportionate Share
of the Net HIS Plan Liability $ 2,496,937 $ 2,160,062 $ 1,884,334
Pension Plan Fiduciary Net Position — Detailed information regarding the HIS Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Comprehensive Annual Financial Report.
Investment Plan:
The SBA administers the defined contribution plan officially titled the FRS Investment Plan. The
Investment Plan is reported in the SBA's annual financial statements and in the State of Florida
Comprehensive Annual Financial Report.
D-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the
Investment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP
are not eligible to participate in the Investment Plan.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
Pension 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 Investment Plan, including the FRS Financial Guidance Program, are funded through
an employer contribution of 0.04% and 0.06% of payroll and by forfeited benefits of plan members
for the periods October 1, 2019 through June 30, 2020 and from July 1, 2020 through September 30,
2020, respectively. Allocations to the investment member's accounts during the F Y 2020, as
established by Section 121.72, Florida Statutes, are based on a percentage of gross compensation, by
class, as follows: Regular class 6.30%, Special Risk Administrative Support class 7.95%, Special Risk
class 14.00%, Senior Management Service class 7.67%, and County Elected Officers class 11.34%.
For all membership classes, employees are immediately vested in their own contributions and are
vested after one year of service for employer contributions and investment earnings. If an
accumulated benefit obligation for service credit originally earned under the Pension Plan is
transferred to the Investment Plan, the member must have the years of service required for Pension
Plan vesting (including the service credit represented by the transferred funds) to be vested for these
funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense
account for tip to five years. If the employee returns to FRS-covered employment within the five-year
period, the employee will regain control over their account. If the employee does not return within the
five-year period, the employee will forfeit the accumulated account balance. For the fiscal year
ended September 30, 2020, the information for the amount of forfeitures was unavailable from the
SBA; however, management believes that these amounts, if any, would be immaterial to the Board.
After termination and applying to receive benefits, the member may rollover vested funds to
another qualified plan, structure a periodic payment under the Investment Plan, receive a limp sum
distribution, leave the funds invested for future distribution, or any combination of these options.
Disability coverage is provided; the member may either transfer the account balance to the Pension Plan
when approved for disability retirement to receive guaranteed lifetime monthly benefits under the
Pension Plan or remain in the Investment Plan and rely upon that account balance for retirement
income.
The Board's Investment Plan pension expense for its business-type activities totaled $79,576 for
the fiscal year ended September 30, 2020.
D-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES
General Information about the Pension Plan:
Plan Description — The Monroe County, Florida Volunteer Firefighter and Emergency Medical Services
Length of Service Award Plan (LOSAP) is a single-employer public employee retirement system
defined benefit pension plan created in 1999 and administered by the Board. LOSAP provides
retirement and death benefits to plan members and beneficiaries. Monroe County Ordinance 026-1999
defines the authority under which contribution and benefit provisions may be amended. This authority is
presently held by the Board. LOSAP shall be administered in accordance with the requirements of
Chapter 112, Part VII, Florida Statutes. Amounts associated with the Board's LOSAP program are
reported on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
Benefits Provided — Only Volunteer Firefighters and EMS Volunteers (Volunteers) are eligible at the
sole discretion of the Plan Administrator. Any Volunteer who was age 60 or older on January 1, 1999
shall not be eligible to participate. In addition, any Volunteers who are age 60 or older at the time they
commence volunteer service, or who commence service at a time that will not permit them to earn ten
years of service by their Normal Retirement Age, shall not be eligible to participate in this Plan.
Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter and or
Emergency Vehicle Driver-Operator prior to being credited with ten years of service. EMS Volunteers
must meet all requirements as defined by the State of Florida necessary to drive an emergency medical
care and transportation vehicle (ambulance) and/or attain certification as an Emergency Medical
Technician or Paramedic prior to being credited with ten years of service. Eligibility for vesting is
completion of ten years of service. The Plan shall be administered in accordance with the requirements
of Chapter 112, Part VII, Florida Statutes.
For each year of volunteer service, a participant will accrue a year of benefit accrual if the participant
was enrolled as a member of the nonprofit corporation or municipal service taxing unit(MSTU) and was
eligible for and received reimbursement of expenses for nine or more months of the year. Volunteers are
vested after completion of ten years of service prior to attainment of normal retirement age. Eligible
volunteers can receive an annual benefit of $1,800 for ten years of service up to $4,500 for 25 years of
service.
Employees Covered by Benefit Terms — LOSAP had 32 participants, of which 5 are active, 12 are
inactive and 15 are retired members for the plan year ended December 31, 2019 and the County's fiscal
year ending September 30, 2020. Separate, stand-alone financial statements for LOSAP are not
provided.
Contributions — Contributions and benefits are calculated based on years of service. As the participants
are unpaid volunteers, there is no related covered payroll and no UALL as a percentage of covered
payroll.
D-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
For each Plan Year, the Board shall appropriate funds from the budgets of the various fire/rescue
MSTU's. These funds will be applied as a contribution to the LOSAP trust account in an amount as
determined by the Plan Administrator as is necessary to fund the accrued or prospective benefits for
Participants on an actuarially sound basis and in accordance with Part VII of Chapter 112, Florida
Statutes. There are no participant contribution requirements. The authority under which those
obligations are established is the Monroe County Ordinance No. 026-1999.
Net Pension Liability:
The Board's net pension liability was measured as of January 1, 2020 and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions — The significant actuarial assumptions used to compute the pension benefit
obligation in the January 1, 2020 valuation for the period of January 1, 2019 through December 31, 2019
were:
1. Investment Yield: 1.0% for both present and future
2. Mortality Pattern: Not applicable
3. Salary increases: Not applicable; Benefits not based on salary
4. Termination: Godwin's Table 1, V Select& Ultimate Table, with 50% termination probability for
YOS<1
5. Inflation: No increase as benefits are based on a flat amount per year of service
The projection of cash flows used to determine the discount rate assumed that plan member
contributions will be made at the applicable current contribution rates and that Board contribution will
be made at rates equal to the difference between actuarially determined contributions and member
contributions. Based on those assumptions, the fiduciary net position for the LOSAP pension plans was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on LOSAP's investments was applied to all periods of
projected benefit payments to determine the total pension liability for each plan.
Summary of Significant Accounting Policies — The financial statements of LOSAP are prepared using
the modified accrual basis of accounting. The contributions are recognized when they become
susceptible to accrual; when they become both measurable and available. Benefits are recognized in the
accounting period in which the related fund liability is incurred in accordance with the terms of LOSAP.
Administrative costs are paid by the Board. Actuarial valuation costs are paid by LOSAP. All plan
investments are reported at fair value.
The resources in the LOSAP fund have been set aside to pay future obligations of the LOSAP but are
not held in a trust that meets the criteria outlined in GASB Statement No. 67, paragraph 3 and GASB
Statement No. 68,paragraph 4.
D-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Investments — Investments are pooled with all Board investments and are held in accordance to the
investment policy included in Note 1. All plan investments consist of U.S. Government and U.S.
Government-guaranteed obligations which represent more than 5.0% of the net position available for
benefits. There are no investments in, loans to or leases with any public employee retirement system
official, government employer official, party related to a public employee retirement system official or
government employer official, nonemployee contributor or organization included in the reporting entity.
Discount Rate — The discount rate used to measure the total pension liability was 1.00% (no change
from the prior measurement period). The projection of cash flows used to determine the discount rate
assumed that employee contributions will be made at the current contribution rate and that the Board's
contributions will be made at rates equal to the difference between actuarially determined contribution
rates and the employee rate. Based on those assumptions, the pension plan's net position was projected
to be available to make all projected future benefit payments of current active and inactive employees.
Therefore, the long-term expected rate of return on pension plan investments was applied to all periods
of projected benefit payments to determine the total pension liability.
Changes in Total LOSAP Pension Liability:
Total LOSAP
Pension Liability
Balance at January 1, 2019 $ 803,550
Changes for the year:
Service cost (11,774)
Interest cost 8,130
Differences Between Expected and Actual Experience (50,828)
Benefit payments (30,945)
Net change in total LOSAP pension liability (85,417)
Balance at December 31, 2019 $ 718,133
Sensitivity of the Net Pension Liability to Changes in the Discount Rate — The following table presents
the net pension liability of LOSAP, using the current discount rate, as well as what the Board's net
pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or
1-percentage point higher than the current rate.
Current
1% Decrease Discount Rate 1% Increase
(0.00%) (1.00%) (2.00%)
Net LOSAP Pension Liability $ 661,724 $ 718,133 $ 568,093
D-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions:
For the year ended September 30, 2020, the Board recognized pension expense of $34,680. At
September 30, 2020, the Board reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources, which will be amortized in future periods on
substantially a straight-line basis:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Net Difference Between Projected and Actual Earnings on
LOSAP Pension Plan Investments $ 1,626 $ -
NOTE 11 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS
Construction projects and significant commitments, excluding encumbrances reported below, under
present contractual agreements as of September 30, 2020 are as follows:
Plantation Key Courthouse & Detention Center $ 33,902,781
Marathon Library 7,425,921
Cudjoe Fire Station 4,257,281
Cudjoe Regional Wastewater 1,125,393
Gato Building Roof 803,600
Monroe County Sheriff Office Repairs 304,954
Emergency Operations Center Building 142,800
Canal 4266 127,700
Other Projects (less than $100,000) 175,617
Total $ 48,266,047
The entire construction costs of the Cudjoe Regional Wastewater project are estimated at$208.5 million.
There is an interlocal agreement between the County and the Florida Keys Aqueduct Authority
("FKAA") for this project. The County obtained partial funding through grants, the issuance of revenue
notes backed by the pledge of the infrastructure sales surtax, State of Florida clean water revolving loan
and wastewater special assessments to provide funding to FKAA for the administration, planning, and
construction of wastewater projects.
D-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 11 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS (continued)
Significant encumbrance commitments at September 30, 2020 are as follows:
Encumbrances
Governmental Activities:
General Fund $ 88,699
Fine & Forfeiture Fund 131,145
Road& Bridge Fund 744,429
Governmental Grants Fund 130,263
One Cent Infrastructure Surtax 30,183
Infrastructure Revenue Bonds Series 2014 2,853,144
Nonmajor Governmental Funds 328,913
Total Governmental Activities 4,306,776
Business-Type Activities:
Card Sound Bridge 24,878
Key West Airport 157,595
Marathon Airport 7,552,246
Municipal Service District Waste 73,310
Total Business-Type Activities 7,808,029
Total Encumbrances $ 12,114,805
NOTE 12—LEASE OBLIGATIONS
Rental expense under cancelable operating leases for the current year amounted to $1,202,647.
D-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 13—LONGTERM DEBT
Long-term debt activity for the year ended September 30, 2020 is as follows:
Current Portion
Beginning Ending of Long-term
Balances Additions Payments Balances Liabilities
Govemmental Activities:
Revenue Bonds From Direct Borrowings $ 34,985,000 $ $ 4,675,000 $ 30,310,000 $ 4,780,000
Revenue Notes From Direct Borrowings 154,013,603 4,000,000 6,166,163 151,847,440 5,656,316
Mayfield Agreement(KLWTD) 13,125,000 - 2,125,000 11,000,000 2,125,000
Accrued Comp.Absences 4,160,021 3,191,704 2,243,896 5,107,829 1,021,565
OPEB Liability 24,609,000 9,476,177 2,399,177 31,686,000 -
Pension Liability-FRS 48,778,471 18,671,797 4,672,748 62,777,520
Pension Liability- LOSAP 803,550 8,130 93,547 718,133 -
Total Governmental Activities 280,474,645 35,347,808 22,375,531 293,446,922 13,582,881
Business-Type Activities:
Accrued Comp.Absences 485,110 337,625 191,810 630,925 126,185
OPEB Liability 1,289,000 329,657 639,657 979,000 -
Pension Liability 5,691,863 1,740,495 435,622 6,996,736 -
Total Business-Type Activities 7,465,973 2,407,777 1,267,089 8,606,661 126,185
Total Long-Term Debt $ 287,940,618 $ 37,755,585 $ 23,642,620 $302,053,583 $ 13,709,066
The Board has outstanding revenue bonds and revenue notes from direct borrowings related to
governmental activities totaling $182,157,440 at fiscal year-end. The Board has pledged non-ad valorem
tax revenue to repay these borrowings. The Board cannot be compelled to use its ad valorem taxing
power to repay the principal or interest of the revenue bonds or revenue notes and these obligations do
not create any liens on Board property.
Two of the Board's four Revenue Notes are direct borrowings from the State of Florida's Clean Water
State Revolving Fund Construction Loan Program for the Board's wastewater projects. In the event of a
default of either of these two notes, the Board has agreed to an accelerated repayment schedule or an
increased financing rate on the unpaid principal as determined by the State.
During this past fiscal year, the State agreed to an amendment to the Board's Clean Water State
Revolving Fund Construction 2014 Loan Agreement. The amendment suspended the Board's June 2020
and December 2020 loan payments. The payment deferrals, totaling $4,689,740, were requested in
response to the projected uncertainty that the COVID-19 pandemic could have on the County's
infrastructure sales surtax revenue. The Board relies on this tax revenue to repay its loans. The Board
anticipated a reduction in revenue because the County established procedures to discourage travel to
Monroe County in response to the pandemic. Interest continued to accrue on the unpaid loan amounts.
D-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 13—LONGTERM DEBT (continued)
Amounts associated with the Board's governmental activities long-term liabilities are reported on the
government-wide financial statements of the County rather than on the financial statements of the
Board. Amounts associated with the Board's business-type activities and internal service funds long-
term liabilities are reported on the proprietary fund financial statements of the Board. Internal service
fund long-term debt information is included in the governmental activities on the government-wide
financial statements, because the internal service funds predominately serve those activities.
Governmental activities' compensated absences are liquidated by the funds to which the employee
services are related.
The Group Insurance Internal Service Fund assesses a monthly premium per employee in each fund. The
monthly premiums paid by the various funds provide the resources necessary to liquidate the other
postemployment benefit obligations paid in the current year by the Group Insurance Internal Service
Fund.
The following summary reflects the Board's bonds and notes as of September 30, 2020:
Governmental Activities
Revenue Bonds From Direct Borrowings:
Infrastructure Sales Surtax Revenue Bonds, Series 2014 $ 16,160,000
Infrastructure Sales Surtax Refunding Bond, Series 2016 14,150,000
Total Revenue Bonds From Direct Borrowings 30,310,000
Revenue Notes From Direct Borrowings:
Clean Water State Revolving Fund Construction Loan Agreement 2010 5,678,011
Clean Water State Revolving Fund Construction Loan Agreement 2014 133,768,625
Tax Exempt Master Revenue Note, Series 2019 (Hurricane Irma Recovery) 8,400,804
Special Obligation Refunding Revenue Note, Series 2020 Project 4,000,000
Total Revenue Notes From Direct Borrowings 151,847,440
Mayfield Agreement—Key Largo Wastewater Treatment District 11,000,000
Total Government Debt $ 193,157,440
D-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 13—LONGTERM DEBT (continued)
Debt Service Funding Requirements — The total annual debt service requirements for bonds and notes
outstanding at September 30, 2020 are as follows:
Governmental Activities
Principal Interest Total
2021 $ 12,561,316 $2,772,628 $ 15,333,944
2022 14,881,328 4,481,593 19,362,921
2023 15,179,105 4,177,166 19,356,271
2024 15,491,511 3,865,322 19,356,833
2025 15,813,666 3,545,736 19,359,402
2026-2030 48,220,966 12,879,731 61,100,697
2031-2035 39,846,418 7,050,984 46,897,402
2036-2040 31,163,130 1,665,051 32,828,181
Total Required Debt
Service $193,157,440 $40,438,211 $233,595,651
Long-term debt at September 30, 2020 is composed of the following issues:
$31,885,000 Florida Infrastructure Sales Surtax Improvement and Refunding Revenue Bonds, Series
2014
• Type: General Government Revenue Bonds
• Dated: October 2014
• Final maturity: Year 2024
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 2.36%
• Amount outstanding at September 30th: $16,160,000
• Reserve requirement: None; MBIA insured.
• Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $17,124,650. For the
fiscal year, principal and interest paid was $4,281,292 and total pledged revenue was
$20,436,462.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
D-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 13—LONGTERM DEBT (continued)
$19,500,540 Clean Water State Revolving Fund Construction Loan Agreement
• Type: General Government Revenue Notes
• Dated: April 2010
• Final maturity: Year 2030
• Principal payment date: March 15 and September 15
• Interest payment dates: March 15 and September 15
• Interest rate: 2.71%
• Amount outstanding at September 30th: $5,678,011
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund
and the Unincorporated Area Service District Funds. The total principal and interest remaining to
be paid is $6,478,413. For the fiscal year, principal and interest paid was $681,938 and total
pledged revenue was $39,262,078.
• Purpose: Refund temporary financing for wastewater capital improvements.
• Call provisions: None
Clean Water State Revolving Fund Construction Loan Agreement
• The State awarded a total of $127,200,000 (original award plus seven amendment awards) for
collection, transmission and treatment facilities under the State Revolving Fund loan program.
During the year ended September 30, 2020, the ninth award amendment suspended the June
2020 and the December 2020 loan payments (each totaling $4,502,451 principal and interest)
because of the uncertain impact the COVID-19 pandemic could have on the County's
infrastructure sales surtax revenue.
• Interest rate: various interest rates (2.35% - 3.07%) as of September 30, 2019
• Final maturity: Year 2038
• Principal payment dates: June 15 and December 15
• Interest payment dates: June 15 and December 15
• Amount outstanding as of September 30th: $133,768,625
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax and Cudjoe Regional
Wastewater special assessments. The total principal and interest remaining to be paid is
$178,163,809. For the fiscal year, principal and interest paid was $4,666,578 and total pledged
revenue was $22,243,743.
• Purpose: Financing for wastewater capital improvements.
• Call provisions: None
D-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 13—LONGTERM DEBT (continued)
$16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016
• Type: General Government Refunding Revenue Bond
• Dated: September 2016
• Final maturity: Year 2026
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.69%
• Amount outstanding at September 30th: $14,150,000
• Reserve requirement: None; MBIA insured.
• Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $15,283,906. For the
fiscal year, principal and interest paid was $1,118,754 and total pledged revenue was
$20,436,462.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
$17,000,000 Mayfield Interlocal Agreement
• Type: Interlocal Agreement
• Dated: May 2015
• Final maturity: Year 2026
• Principal payment date: April 1
• Interest payment dates: April 1
• Interest rate: N/A
• Amount outstanding at September 30th: $11,000,000
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal
remaining to be paid is $11,000,000. For the fiscal year, principal paid was $2,125,000 total
pledged revenue was $20,436,462.
• Purpose: Capital improvements with respect to Cudjoe Regional Wastewater Project
• Call provisions: None
• See Note 14 for additional information related to this agreement.
D-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 13—LONGTERM DEBT (continued)
Series 2019 Special Obligation Refunding Revenue Note
• Final maturity: Year 2027
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 80% of 1-Month LIBOR+ 0.86% (2.266% reported as of July 24, 2019)
• Amount outstanding at September 30th: $8,400,804
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture
Fund, the Unincorporated Area Service District Funds, and the One Cent Local Government
Infrastructure Sales Surtax. The total principal and interest remaining to be paid is $10,756,115.
For the fiscal year, principal and interest paid was $5,576,917 and total pledged revenue was
$59,698,540.
• Purpose: Irma recovery and debris clean-up.
• Call provisions: None
Series 2020 Special Obligation Refunding Revenue Note
• Final maturity: Year 2025
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.11%
• Amount outstanding at September 30th: $4,000,000
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture
Fund, the Unincorporated Area Service District Funds. The total principal and interest remaining
to be paid is $4,121,915. For the fiscal year, there were no principal and interest and total
pledged revenue was $39,262,078.
• Purpose: Acquisition, installation, and implementation Purchase of Enterprise Resources
Planning (ERP) system.
• Call provisions: None
NOTE 14—INTERLOCAL AGREEMENT EXPENSE
Administered by the Florida Department of Environmental Protection ("FDEP"), the Mayfield Grant is
the result of the State of Florida authorizing up to $200 million in grant funding to assist the Keys'
wastewater entities to complete central sewer and related projects.
In May 2015, Monroe County and Key Largo Wastewater Treatment District ("KLWTD") entered into
an interlocal agreement ("ILA") whereby KLWTD "assigned" its Mayfield grant allocation funding to
Monroe County in exchange for the County repaying those funds over a 10-year period.
D-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 14—INTERLOCAL AGREEMENT EXPENSE (continued)
As a result of the signed ILA in 2015 between Monroe County and KLWTD, FDEP sent Monroe
County an amendment to the Mayfield Grant in FY 2014-15 to add the $17 million reallocated funds to
the grant agreement between FDEP and Monroe County. The amendment: (1) provided the County an
additional $17 million in Mayfield grant funding; (2) reallocated the project budget and; (3) extended
the date of the completion of the project.
Similarly, during the 2016 legislative session, the Florida Legislature appropriated $5 million for water
quality projects under the Florida Keys Stewardship Act. Of the $5 million, $1.25 million was awarded
to the KLWTD and they subsequently voted to have Monroe County use its 2016 allotment. In turn,
FDEP sent Monroe County an amendment to the Mayfield Grant in FY 2016-17 to add the $1.25 million
reallocated fund to the grant agreement between FDEP and Monroe County. Monroe County entered
into the grant agreement with FDEP in FY 2016-17 and received the $1.25 million in FY 2017-18.
The ILA created transactions with two separate parts 1) a grant between FDEP and Monroe County and
2) a long-term liability payable to KLWTD from Monroe County. For part one, Monroe County
recorded grant revenue, which was a reimbursement for capital expenditures already incurred in the
Cudjoe Regional Wastewater fund. For part two, the County recorded a long-term liability on the
government-wide financial statements, which represents funding the County is obligated to pay
KLWTD. The offset to this liability was an interlocal agreement expense which represents the value of
Monroe County's "right' to receive the Mayfield Grant revenue forfeited by KLWTD.
NOTE 15—INTERFUND BALANCES
The General Fund received $529,439 from Fleet Management for indirect costs and $22,965 from the
Miscellaneous Special Revenue Fund to support the County's law library. The Governmental Grants
Fund transferred $2.5 million to the Debt Service Fund to prepay principal on the Hurricane Irma loan.
Funds totaling $14.4 million were transferred from the One Cent Infrastructure Surtax Fund to finance
various Board projects including the implementation of a human resources and financial accounting
system, affordable housing, and other various capital projects such as the Plantation Key Courthouse.
Fleet Management transferred $87,500 to the Marathon Airport to pay for its portion of the airport's
carwash facility.
Receivable Fund Payable Funds Amount
General Fund Fleet Management $ 529,439
Miscellaneous Special Revenue 22,965
$ 552,404
Debt Service Governmental Grants 2.500.000
General Fund One Cent Infrastructure Surtax $ 700,000
Infrastructure Revenue Bonds Series 2014 13,000,000
Building Fund 700,000
14.400.000
Marathon Airport Fleet Management $ 87,500
D-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 16—INTERFUND TRANSFERS
Interfund transfers at September 30, 2020 are as follows:
Transfers to General Fund from:
One Cent Infrastructure Surtax Fund $ 1,233,877
Municipal Service District—Waste 235,202
Card Sound Bridge Fund 79,776
Marathon Airport 137,385
Key West Airport 477,280
Internal Service Funds 860,159
Nonmajor Governmental Funds 5,522,879
Total Transfers to General Fund 8,546,558
Transfers to Fine and Forfeiture Fund from:
Fleet Management Fund 176,000
Transfers to Governmental Grant Fund from:
General Fund 652,152
Fine & Forfeiture Fund 28,722
One Cent Infrastructure Surtax Fund 604,110
Municipal Service District—Waste 1,425,593
Nonmajor Governmental Funds 30,555
Total Transfers to Governmental Grant Fund 2,741,132
Transfers to Debt Service Fund from:
General Fund 338,800
Governmental Grant Fund 7,225,593
One Cent Infrastructure Surtax Fund 6,525,046
Cudjoe Regional Wastewater Project Fund 5,508,675
Nonmajor Governmental Funds 682,000
Total Transfers to Debt Service Fund 20,280,114
Transfers to One Cent Infrastructure Sales Surtax Fund from:
Cudjoe Regional Wastewater Project Fund 5,000,000
Transfers to Infrastructure Revenue Bonds Series 2014 Fund from:
One Cent Infrastructure Sales Surtax Fund 13,000,000
Transfers to Nonmajor Governmental Funds from:
General Fund 861,358
One Cent Infrastructure Sales Surtax 1,950,000
Total Transfers to Nonmajor Governmental Funds 2,811,358
Transfers to Marathon Airport Fund from:
Key West Airport Fund for Passenger Facility Charges 3,097
Internal Service Funds 87,500
Total Transfers to Marathon Airport Fund 90,597
Transfers to Internal Service Funds Fund from:
Governmental Grant Fund 843,281
Total Interfund Transfers $ 53,489,040
D-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 16—INTERFUND TRANSFERS (continued)
The One Cent Infrastructure Sales Surtax Fund, a major fund, transferred $13 million to the
Infrastructure Revenue Bonds Series 2014 Fund to provide continued financing for various capital
projects such as the Plantation Key Courthouse and the Marathon Library. In addition, the Board
approved transferring $5 million from the Cudjoe Regional Wastewater Project Fund to the One Cent
Infrastructure Sales Surtax fund to re-align revenues with expenditures for on-going capital projects
during FY 20 in anticipation of reduced one cent infrastructure sales tax revenue due to the COVID-19
pandemic.
The Clerk's Revenue Note Fund, a nonmajor capital projects fund, transferred $1.5 million to the
General Fund for financing the implementation of an Enterprise Resources Planning (ERP) system for
the Clerk's and Board's human resource sand fiscal operations. The One Cent Infrastructure Sales
Surtax Fund transferred $700,000 to the Building Fund to cover the Board approving waiving fees
related to affordable housing concerns.
The One Cent Infrastructure Surtax Fund also transferred $6,525,046 to the Debt Service Fund to repay
the Board's Infrastructure Sales Surtax Improvement Series 2014 Revenue Bond, the Infrastructure
Sales Surtax Series 2016 Revenue Bond, and the debt related to the Mayfield Interlocal Agreement.
The Cudjoe Regional Wastewater Project transferred $5,508,675 to the Debt Service Fund to repay its
Clean Water State Revolving Fund Construction Loan. Similarly, the Big Coppitt Wastewater Project
transferred $682,000 to the Debt Service Fund for the repayment of debt related to this project.
The Governmental Grants Fund transferred $7,225,593 to the Debt Service Fund to repay the Revenue
Bond Series 2019 loan for financing the County's recovery from Hurricane Irma. The funds transferred
were grant proceeds and insurance recoveries received during the fiscal year from the FEMA related to
Hurricane Irma.
Transfers to the Governmental Grants Fund of $1,315,538 represent funds needed to meet match
requirements including $604,110 from the One Cent Infrastructure Surtax Fund for improvements to
Stock Island roadway projects. The Environmental Restoration Fund transferred $25,000 to the
Governmental Grant Fund to meet match requirements for exotic plan removal while the Fine and
Forfeiture Fund transferred $28,722 to meet match requirements for drug counseling grants.
The Fleet Management Fund transferred $87,500 to the Marathon Airport for its portion of the car wash
facility at the airport.
Passenger Facilities Charges ("PFC") receipts were transferred to the Marathon Airport from the Key
West Airport in the amount of$3,097 to fund approved projects by the Federal Aviation Administration
("FAA") including updating the Marathon Airport's master plan and performing an environmental
assessment.
The Governmental Grants Fund transferred $843,281 to the Risk Management Fund to cover the costs
incurred by adjusters for its insurance recoveries received from Hurricane Irma.
The remaining transfers are related to supporting the County's operations.
D-49
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 17—GOVERNMENTAL FUND BALANCE CLASSIFICATIONS
Fund Balances are presented in the following categories; non-spendable, restricted, committed, assigned
and unassigned (see Note 1 for a description of these categories). A detailed schedule of governmental
fund balances at September 30, 2020 is presented below:
One Cent Infrastructure
Fine& Governmental Infrastructure Revenue Bonds
General Forfeiture Grants Surtax Series 2014
Fund Balance:
Non-spendable:
Inventory $ 3,062 -
Total Non-spendable 3,062 - - - -
Restricted for:
Law Enforcement - 19,499,623 - - -
Fire&Ambulance - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Housing Programs - - - - -
Tourist Development - - - - -
Human Services - - - - -
Libraries - - - - -
Library Donations - - - - -
Culture&Recreation - - - - -
Court Programs - - - - -
Comprehensive Planning - - - - -
Federal&State Grants - - 3,273,855 - -
Wastewater Projects - - - - -
Other Purposes - - - - -
Debt Service - - - - -
Capital Projects - - - 26,102,553 15,826,008
Total Restricted - 19,499,623 3,273,855 26,102,553 15,826,008
Committed to:
Disaster Recovery 10,000,000 - - - -
Physical Environment - - - - -
Sheriff Contract Administration - - - - -
Wastewater Projects - - - - -
Beach Re-nourishment - - - - -
Health Care - - - - -
Total Committed 10,000,000 - - - -
Assigned to:
Other Purposes 88,699 - - - -
Fire&Ambulance - - - - -
Subsequent Year Expenditures 7,140,939 - - - -
Total Assigned 7,229,638 - - - -
Unassigned 18,555,734 - - - -
Total Fund Balances $ 35,788,434 $ 19,499,623 $3,273,855 $ 26,102,553 $ 15,826,008
D-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 17—GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued)
Cudjoe
Regional All Debt Nonmajor Total
Wastewater Service Governmental Governmental
Project Fund Funds Funds
Fund Balance:
Non-spendable:
Inventory $ - $ - $ - $ 3,062
Total Non-spendable - - - 3,062
Restricted for:
Law Enforcement - - 6,757,108 26,256,731
Fire&Ambulance - - 1,308,551 1,308,551
Public Safety - - 3,986,396 3,986,396
Physical Environment - - 3,732,961 3,732,961
Transportation - - 12,103,293 12,103,293
Housing Programs - - 2,483,324 2,483,324
Tourist Development - - 41,785,718 41,785,718
Human Services - - 50,605 50,605
Libraries - - 1,249,561 1,249,561
Library Donations - - 318,562 318,562
Culture&Recreation - - 1,938,003 1,938,003
Court Programs - - 6,964,764 6,964,764
Comprehensive Planning - - 3,867,488 3,867,488
Federal&State Grants - - - 3,273,855
Wastewater Projects 4,969,890 - 2,865,019 7,834,909
Other Purposes - - 425,916 425,916
Debt Service - 2,834,407 - 2,834,407
Capital Projects - - 3,598,104 45,526,665
Total Restricted 4,969,890 2,834,407 93,435,373 165,941,709
Committed to:
Disaster Recovery - - - 10,000,000
Physical Environment - - 4,374,450 4,374,450
Wastewater Projects - - 373,806 373,806
Beach Re-nourishment - - 227,018 227,018
Health Care - - 122,326 122,326
Total Committed - - 5,097,600 15,097,600
Assigned to:
Other Purposes - - - 88,699
Fire&Ambulance - - 4,974,285 4,974,285
Subsequent Year Expenditures - - - 7,140,939
Total Assigned - - 4,974,285 12,203,923
Unassigned - - - 18,555,734
Total Fund Balances $4,969,890 $ 2,834,407 $ 103,507,258 $ 211,802,028
D-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 18—RISK MANAGEMENT
The Board is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended
1976, 1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk
Management Funds, respectively, as internal service funds to account for and finance its uninsured risks
of loss.
Under these programs, the Workers' Compensation has self-insured coverage up to the first $500,000
per claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage
of$500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self-insured
excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims
with a $200,000 self-insured retention and building property damage is covered for the actual value of
the building with a deductible of $50,000. Deductibles for windstorm and flood vary by location. The
Board purchases commercial insurance for claims in excess of coverage provided by the funds and for
all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past
three years.
All funds of the Board participate in the programs and make payments to the Workers' Compensation,
Group Insurance, and Risk Management Funds based on management's estimates of the amounts needed
to pay prior and current year claims. The claims liabilities reported are based on the requirements of
Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims
be reported if information prior to the issuance of the financial statements indicates that it is probable
that a liability has been incurred at the date of the financial statements and the amount of the loss can be
reasonably estimated. These claim liabilities have not been discounted.
Changes in the claim liability amounts in fiscal years 2020 and 2019 were:
Workers' Group Risk
Compensation Insurance Management Total
Unpaid Claims at Sept. 30, 2018 $ 1,264,822 $ 1,164,891 $ 3,776,208 $ 6,205,921
Incurred Claims
(Including IBNR) 1,587,278 16,071,855 (2,748,478) 14,910,655
Claim Payments (1,518,584) (16,115,487) (381,060) (18,015,131)
Unpaid Claims at Sept. 30, 2019 1,333,516 1,121,259 646,670 3,101,445
Incurred Claims
(Including IBNR) 2,169,013 14,933,097 502,258 17,604,368
Claim Payments (1,862,141) (14,991,833) (468,918) (17,322,892)
Unpaid Claims at Sept. 30, 2020 $ 1,640,388 $ 1,062,523 $ 680,010 $ 3,382,921
D-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 19—LITIGATION AND CLAIMS
The Board is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. The Board vigorously defends itself with respect to these matters. The Board's
practice is to provide for these claims when a loss is probable and a loss becomes fixed or determinable
in amount. The Board is involved in a handful of lawsuits. Most claims have been defeated to date, but
three merit mention.
The first claim,AshBritt, Inc. v. Monroe County is an action for declaratory relief and damages from the
alleged breach of a June 2017 agreement between the parties. The Plaintiff claimed that it provided
debris collection, processing, and removal services in response to Hurricane Irma in September 2017
and that the Board thereafter failed to pay invoices of approximately $1.5 million. Issues to do with
some invoices (approximately $400,000) appear to have been resolved. As to the remainder, the Board
maintains that three specific invoices (totaling approximately $1.1 million) for long distance haul out
and for removal of putrid waste from white goods (refrigerators and freezers) are not payable because
they represent charges not contemplated by the agreement. On February 24, 2020, the trial court denied
the Board's Motion for Summary Judgment, which had asserted sovereign immunity as a defense to the
claims. The Board filed a Notice of Appeal on March 23, 2020. The matter is now fully briefed by both
sides and oral argument was scheduled for March 10, 2021. The Board has several viable contract
defenses. However, in the event of an adverse outcome, there is a reasonably probable likelihood that
the Board will be subject to a judgment in the amount determined to be due and unpaid under the
agreement,plus additional amounts for attorney's fees and costs under Section 9.11 of the agreement.
The second claim, Disaster Solutions, LLC v. Monroe County, is an action for breach of contract and
other claims brought by a firm that had a purchase order to provide services during Hurricane Irma. The
purchase order had an explicit monetary cap of"not to exceed $50,000", and the Board paid $49,999,
but the firm submitted requests for payment in excess of $740,000. As of September 1, 2020, the
Plaintiff claimed an amount owed in excess of $1.1 million as a result of statutory interest under the
Florida Local Government Prompt Payment Act ("Act"), plus attorneys' fees and costs. The Plaintiff
claims that the Board waived any right to contest its claim by failing to comply with the procedures in
the Act. The Board disputes that "contract formation" theories asserted by the Plaintiff, relies upon
sovereign immunity as a primary defense, and denies any allegation to pay the additional amounts
claimed. The case is at issue but has not yet been set for trial. In the event of an adverse judgment, there
is a reasonably probable likelihood that the Board would be subject to a judgment in an amount to be
determined in connection with the alleged transaction, plus additional amounts for attorneys' fees, costs,
and interest under the Act.
D-53
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 19—LITIGATION AND CLAIMS (continued)
The third claim, Galleon Bay vs. Monroe County and the State of Florida, is an inverse condemnation
action involving thirteen lots on No Name Key. Liability was established by the appellate courts in
December of 2012 and remanded the case for a valuation trial. On February 18, 2016, a jury valued the
thirteen lots at $285,500 as of July 2001. The trial court entered final judgment in the amount of
$480,511.60, as of June 1, 2016, plus statutory post judgment interest. After the judgment was affirmed
on appeal, the Board deposited $531,390.67 in the Court Registry to satisfy the judgment and the Clerk
issued a Satisfaction of Judgment. The Florida Legislature approved a measure during the 2020
legislative session to reimburse the Board for the State's 50 percent share of the amount paid; the
payment from the State had not been received as of September 30, 2020. Contemporaneously, the
property owners moved to invalidate the final judgment, which the trial court denied. On September 13,
2019, the property owner appealed that order to the Third District Court of Appeal. On December 2,
2020, the appellate court affirmed that order. On February 17, 2021, the appellate court denied the
Plaintiff's motion for rehearing or in the alternative to certify conflict; the Court issued a mandate on
March 5, 2021. Absent an unlikely acceptance of discretionary review by the Florida Supreme Court
and/or the U.S. Supreme Court, this appeal is concluded and the judgment is now final.
The Plaintiff will next ask the courts to determine any entitlement to costs and attorney's fees. It is
anticipated that the Plaintiffs will seek an award of costs and attorney's fees of approximately $1 million
though motions have not been filed or amounts asserted at this time. Because judgment has been entered
jointly and severally against the Board and the State, any estimations of the Board's ultimate
responsibility for any amounts due to be paid to the property owner should reflect a 50-50
apportionment between the State and the Board. Therefore, the claim should be characterized as a loss,
with liability recorded in the approximate amount of $500,000. The property owner's motion for
rehearing or to certify conflict remains pending. Once the appeal is concluded, the courts will determine
any entitlement to costs and attorney fees. It is anticipated that the property owner will seek an award of
costs and attorney fees of approximately $1 million though motions have not been filed or amounts
asserted at this time.
In the opinion of the Board, it is reasonably possible that there are other open suits and claims that could
result in judgements or settlements, which, in aggregate, would have a material adverse effect on the
Board's financial condition. Based on the uncertainty at this point of the proceedings, an estimate of the
amount or range of potential losses cannot be determined.
NOTE 20—COMMITMENTS AND CONTINGENCIES
Grant Programs — The Board participates in a number of federal and state grant programs that are
governed by various rules and regulations of the grantor agencies. Amounts received or receivable from
grant agencies are subject to financial and compliance audits by the grantors or their representatives.
Any disallowed claims, including amounts already collected, may constitute a liability of the applicable
funds. The amount, if any, which may be disallowed by the grantor, cannot be determined at this time,
although the Board expects such amounts, if any,to be immaterial.
D-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2020
NOTE 20—COMMITMENTS AND CONTINGENCIES (continued)
Impact Fee Refunds — Unexpended or unencumbered funds arising from the collection of impact fees
may be refunded within one year following the end of the sixth year from the date on which the impact
fee was paid or within three months of the non-commencement of construction, subject to certain
conditions.
NOTE 21 —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 22— SUBSEQUENT EVENTS
Management has evaluated subsequent events through March 19, 2021, in connection with the
preparation of these financial statements, which is the date the financial statements were available to be
issued.
D-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2020 2019 2018
Board's proportion of the net pension liability 0.127836047% 0.122381778% 0.129013726%
Board's proportionate share of the net pension liability $ 55,407,179 $ 42,146,581 $ 38,859,603
Board's covered payroll $ 40,912,184 $ 36,840,027 $ 37,018,101
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 135.43% 114.40% 104.97%
Plan fiduciary net position as a percentage of the total pension liability 78.85% 82.61% 84.26%
*The amounts presented for each fiscal year were determined as of June 30.
No data is available for the previous three years.
E-1
2017 2016 2015 2014
0.110416195% 0.107471975% 0.103158114% 0.104891393%
$ 32,660,370 $ 27,136,758 $ 13,324,254 $ 6,399,917
$ 31,567,083 $ 29,517,681 $ 28,496,269 $ 27,856,637
103.46% 91.93% 46.76% 22.97%
83.89% 84.88% 92.00% 96.09%
E-2
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2020 2019 2018
Contractually required contribution $ 4,418,540 $ 3,552,282 $ 3,545,505
Contributions in relation to the contractually required contributions (4,418,540) (3,552,282) (3,545,505)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 32,741,086 $ 30,285,349 $ 31,178,120
Contributions as a percentage of covered payroll 13.50% 11.73% 11.37%
*The amounts presented for each fiscal year were determined as of September 30.
No data is available for the previous three years.
E-3
2017 2016 2015 2014
$ 3,169,065 $ 2,620,875 $ 2,515,082 $ 2,297,567
(3,169,065) (2,620,875) (2,515,082) (2,297,567)
$ 26,245,139 $ 29,517,681 $ 29,097,726 $ 28,100,694
12.07% 8.88% 8.64% 8.18%
E-4
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2020 2019 2018
Board's proportion of the net pension liability 0.117668137% 0.110141787% 0.113326095%
Board's proportionate share of the net pension liability $ 14,367,077 $ 12,323,764 $ 11,994,561
Board's covered payroll $ 40,912,184 $ 36,840,027 $ 37,018,101
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 35.12% 33.45% 32.40%
Plan fiduciary net position as a percentage of the total pension liability 3.00% 2.63% 2.15%
*The amounts presented for each fiscal year were determined as of June 30.
No data is available for the previous three years.
E-5
2017 2016 2015 2014
0.098952229% 0.095343347% 0.093902398% 0.093727524%
$ 10,580,429 $ 11,111,872 $ 9,576,567 $ 8,763,852
$ 31,567,083 $ 29,517,681 $ 28,496,269 $ 27,856,637
33.52% 37.64% 33.61% 31.46%
1.64% 0.97% 0.50% 0.99%
E-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2020 2019 2018
Contractually required contribution $ 689,830 $ 621,670 $ 628,246
Contributions in relation to the contractually required contributions (689,830) (621,670) (628,246)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 32,741,086 $ 30,285,349 $ 31,178,120
Contributions as a percentage of covered payroll 2.11% 2.05% 2.02%
*The amounts presented for each fiscal year were determined as of September 30.
No data is available for the previous three years.
E-7
2017 2016 2015 2014
$ 435,699 $ 488,695 $ 358,953 $ 321,079
(435,699) (488,695) (358,953) (321,079)
$ 26,245,139 $ 29,517,681 $ 29,097,726 $ 28,100,964
1.66% 1.66% 1.23% 1.14%
E-8
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULES OF CHANGES IN THE BOARD'S NET PENSION LIABILITY AND RELATED RATIOS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
LAST TEN FISCAL YEARS*
(Dollar amounts in thousands)
2020 2019 2018
Total pension liability
Service cost $ (11,774) $ (6,170) $ 12,761
Interest 8,130 8,724 9,146
Differences between expected and actual experience (50,828) (35,295) 182
Benefit payments,including refunds of employee contributions (30,945) (31,680) (32,265)
Net change in total pension liability (85,417) (64,421) (10,176)
Total pension liability-beginning 803,550 867,971 878,147
Total pension liability-ending $ 718,133 $ 803,550 $ 867,971
Covered payroll N/A N/A N/A
County's total pension liability as a percentage of covered payroll N/A N/A N/A
Notes to Schedule:
*This schedule is presented to illustrate the requirement to show information for 10 years. However,until a full 10-year trend is
compiled,governments should present information for those years for which information is available.
There are no assets accumulated in a trust,as defined by Statement of Governmental Accounting Standards No.73,to pay benefits.
E-9
2017 2016 2015 2014
$ 22,937 $ 16,394 $ 16,455 $ 18,434
9,146 8,895 8,054 12,219
(39,039) 33,108 89,397 (9,696)
(32,265) (28,365) (30,855) (25,575)
(39,221) 30,032 83,051 (4,618)
917,368 887,336 804,285 808,903
$ 878,147 $ 917,368 $ 887,336 $ 804,285
N/A N/A N/A N/A
N/A N/A N/A N/A
E-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED SEPTEMBER 30,2020
TEN YEAR SCHEDULE OF EMPLOYER CONTRIBUTIONS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
Year Ending December 31, 2019 2018 2017 2016
Actuarially determined contribution $ 3,265 $ 61,388 $ 39,899 $ 39,899
Contributions in relation to the actuarially
determined contribution 3,265 61,388 39,899 39,899
Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ - $ - $ - $ -
Contributions as a percentage of covered
payroll N/A N/A N/A N/A
Notes to Schedule
Valuation Date:
Actuarially determined contribution rates are calculated as of January 1, which is nine months prior to the end of
the fiscal year in which contributions are reported.
Methods and Assumptions used to determine contribution rates:
Inflation -No increase as benefits are based on a flat amount per year of service
Salary Increases-N/A
Investment rate of return - 1.0% net of investment expenses, including inflation
Retirement age- N/A
Mortality-N/A
E-11
2015 2014 2013 2012 2011 2010
$ 30,304 $ 28,575 $ 36,788 $ 28,145 $ 30,379 $ 28,914
30,304 28,575 36,788 28,145 30,379 28,914
N/A N/A N/A N/A N/A N/A
E-12
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULES OF CHANGES IN THE BOARD'S TOTAL OPEB LIABILITY AND RELATED RATIOS
LAST TEN FISCAL YEARS*
2020 2019 2018
Total OPEB liability
Service cost $ 650,000 $ 496,958 $ 1,067,439
Interest 678,000 932,494 1,695,315
Changes of benefit terms - - (17,266,329)
Changes in assumptions or other inputs 7,549,000 3,431,990 (1,964,239)
Benefit payments (2,110,000) (1,549,168) (868,434)
Net change in total OPEB liability 6,767,000 3,312,274 (17,336,248)
Total OPEB liability-Beginning of Year 25,898,900 22,586,638 39,922,886
Total OPEB liability-End of Year $ 32,665,900 $ 25,898,912 $ 22,586,638
Covered-employee payroll $ 35,430,000 $ 32,520,000 $ 31,420,000
Total OPEB liability as a percentage of covered-employee payroll 92.20% 79.64% 71.89%
Notes to Schedule:
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No.75.
Effective January 1,2018,the Board implemented cost-saving benefit changes for its other postemployment benefit plan.These included premium rates
that are calculated based on expected retiree costs for Medicare retirees and lower premium subsidies for eligible retirees.
Changes include updating the mortality to be a generational table with updated projection scales as published by the Society of Actuaries,an interest rate
using 20-year bond rates,and a change in Actuarial Cost methodology to the Entry Age Normal method.
*This schedule should present information for the last ten years.However,until a full ten years of information can be compiled,information will be
presented for as many years as are available.
E-13
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES
IN FUND BALANCES -BUDGET AND ACTUAL
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 23,000,000 $ 18,500,000 $ 19,863,169 $ 1,363,169
Investment Income 50,000 50,000 573,293 523,293
Total Revenues 23,050,000 18,550,000 20,436,462 1,886,462
EXPENDITURES:
Current:
Capital Outlay:
General Government 4,396,105 5,589,505 4,027,192 1,562,313
Public Safety 150,000 377,800 340,024 37,776
Physical Environment 236,790 360,797 294,303 66,494
Transportation: Const. Mgmt. 1,877,899 2,348,270 1,263,310 1,084,960
Economic Environment 656,496 230,068 124,846 105,222
Culture and Recreation 3,305,253 577,104 414,552 162,552
Total Capital Outlay Expenditures 10,622,543 9,483,544 6,464,227 3,019,317
Excess/Deficiency of Revenues
Over(Under) Expenditures 12,427,457 9,066,456 13,972,235 4,905,779
Other Financing Sources (Uses):
Reserve for Contingencies (1,085,238) (570,220) - 570,220
Reserve for Cash Balance (2,190,153) (5,190,153) - 5,190,153
Transfers from Other Funds 300,000 5,485,250 5,000,000 (485,250)
Transfers to Other Funds (27,665,533) (25,456,333) (23,313,033) 2,143,300
Total Other Financing Sources (Uses) (30,640,924) (25,731,456) (18,313,033) 7,418,423
Net Change in Fund Balances (18,213,467) (16,665,000) (4,340,798) 12,324,202
Fund Balances-October 1 18,213,467 16,665,000 30,443,351 13,778,351
Fund Balances-September 30 $ - $ - $ 26,102,553 $ 26,102,553
F-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
INFRASTRUCTURE REVENUE BONDS SERIES 2014 CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 301,170 $ 301,170
Total Revenues - - 301,170 301,170
EXPENDITURES:
Capital Projects - General Government 1,680,089 - - -
Capital Projects - Culture and Recreation 5,905,385 5,905,385 4,826,503 1,078,882
Capital Projects - Buildings 17,900,856 19,580,945 13,435,542 6,145,403
Total Expenditures 25,486,330 25,486,330 18,262,045 7,224,285
Excess/Deficiency of Revenues
Over (Under) Expenditures (25,486,330) (25,486,330) (17,960,875) 7,525,455
Other Financing Sources (Uses):
Transfers from Other Funds 13,000,000 13,000,000 13,000,000 -
Total Other Financing Sources (Uses) 13,000,000 13,000,000 13,000,000 -
Net Change in Fund Balances (12,486,330) (12,486,330) (4,960,875) 7,525,455
Fund Balances-October 1 12,486,330 12,486,330 20,786,883 8,300,553
Fund Balances-September 30 $ - $ - $ 15,826,008 $ 15,826,008
F-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CUDJOE REGIONAL WASTEWATER CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 2,343,905 $ 2,343,905 $ 1,816,257 $ (527,648)
Investment Income - - 791,144 791,144
Miscellaneous - - 130,043 130,043
Total Revenues 2,343,905 2,343,905 2,737,444 393,539
EXPENDITURES:
Capital Outlay:
Physical Environment:
Cudjoe Regional Wastewater Project
Special Assessment Refunds 25,000 25,000 - 25,000
Special Assessments 2,701,871 7,039,209 2,608,624 4,430,585
Total Physical Environment 2,726,871 7,064,209 2,608,624 4,455,585
Total Capital Outlay Expenditures 2,726,871 7,064,209 2,608,624 4,455,585
Excess/Deficiency of Revenues
Over(Under) Expenditures (382,966) (4,720,304) 128,820 4,849,124
Other Financing Sources (Uses):
Transfers to Other Funds (5,508,675) (10,508,675) (10,508,675) -
Transfers to/from Consititutional Officers - - 2,771 2,771
Total Other Financing Sources (Uses) (5,508,675) (10,508,675) (10,505,904) 2,771
Net Change in Fund Balances (5,891,641) (15,228,979) (10,377,084) 4,851,895
Fund Balances-October 1 5,891,641 15,228,979 15,346,974 117,995
Fund Balances-September 30 $ - $ - $ 4,969,890 $ 4,969,890
F-3
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 5,100 $ 5,100 $ 92,146 $ 87,046
Total Revenues 5,100 5,100 92,146 87,046
EXPENDITURES:
Clean Water SRF Loan
Principal 9,522,486 3,582,351 842,486 2,739,865
Interest 164,416 6,104,551 4,506,030 1,598,521
Total Clean Water SRF Loan 9,686,902 9,686,902 5,348,516 4,338,386
2014 Revenue Bonds
Principal 3,854,958 3,810,000 3,810,000 -
Interest 426,334 471,292 471,292 -
Total 2014 Revenue Bonds 4,281,292 4,281,292 4,281,292 -
Mayfield Loan
Principal 2,125,000 2,125,000 2,125,000 -
Total Mayfield Loan 2,125,000 2,125,000 2,125,000 -
2016 Revenue Bonds
Principal 872,310 865,000 865,000 -
Interest 246,444 253,754 253,674 80
Total 2016 Revenue Bonds 1,118,754 1,118,754 1,118,674 80
(Continued)
F-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
2018 PNC Hurricane Irma Loan
Principal - 5,605,984 5,323,676 282,308
Interest 1,200,000 726,758 253,240 473,518
Total 2018 PNC Hurricane Irma Loan 1,200,000 6,332,742 5,576,916 755,826
Total Expenditures 18,411,948 23,544,690 18,450,398 5,094,292
Excess/Deficiency of Revenues
Over(Under) Expenditures (18,406,848) (23,539,590) (18,358,252) 5,181,338
Other Financing Sources (Uses):
Reserve for Contingencies (1,000,000) (1,000,000) - 1,000,000
Reserve for Cash Balance (1,000,000) (1,000,000) - 1,000,000
Transfers from Other Funds 17,411,948 22,544,690 20,280,114 (2,264,576)
Total Other Financing Sources (Uses) 15,411,948 20,544,690 20,280,114 (264,576)
Net Change in Fund Balances (2,994,900) (2,994,900) 1,921,862 4,916,762
Fund Balances-October 1 2,994,900 2,994,900 912,545 (2,082,355)
Fund Balances-September 30 $ - $ - $ 2,834,407 $ 2,834,407
F-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2020
SPECIAL
Tourist Tourist
Affordable Development Development Tourist
Housing All Districts Admin & Promo Development
Programs Two Cent Two Cent District One
ASSETS
Cash and Cash Equivalents $ 66,187 $ 994,785 $ 1,356,298 $ 2,334,695
Investments 349,180 5,248,216 7,171,350 12,340,326
Accounts Receivable, Net - - - -
Assessments Receivable - - - -
Due from Other Funds - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - 760,390 1,564,508 898,692
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 5 72 106 184
Total Assets $ 415,372 $ 7,003,463 $ 10,092,262 $ 15,573,897
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 393,685 $ 533,965 $ 1,613,710
Retainage Payable - - - 2,244
Accrued Wages and Benefits Payable - - 903 1,313
Due to Other Funds - - - -
Due to Other Governmental Units - - - 191,750
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - 393,685 534,868 1,809,017
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 415,372 6,609,778 9,557,394 13,537,862
Committed - - - 227,018
Assigned - - - -
Total Fund Balances 415,372 6,609,778 9,557,394 13,764,880
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 415,372 $ 7,003,463 $ 10,092,262 $ 15,573,897
G-1
REVENUE FUNDS
Tourist Tourist Tourist Tourist Impact Fees,
Development Development Development Development Impact Fees, Parks, and
District Two District Three District Four District Five Roadways Recreation
$ 241,614 $ 658,774 $ 373,520 $ 557,231 $ 245,878 $ 128,766
1,292,145 3,475,511 1,970,587 2,956,641 1,297,186 679,333
205,276 518,460 305,136 397,335 - -
21 51 29 40 22 10
$ 1,739,056 $ 4,652,796 $ 2,649,272 $ 3,911,247 $ 1,543,086 $ 808,109
$ 145,575 $ 248,580 $ 150,020 $ 317,320 $ 9,354 $ -
923 - - 912 - -
29 8,328 - - - -
146,527 256,908 150,020 318,232 9,354 -
1,592,529 4,395,888 2,499,252 3,593,015 1,533,732 808,109
1,592,529 4,395,888 2,499,252 3,593,015 1,533,732 808,109
$ 1,739,056 $ 4,652,796 $ 2,649,272 $ 3,911,247 $ 1,543,086 $ 808,109
(Continued)
G-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2020
SPECIAL
Fire &Amb
District#1,
Impact Fees, Impact Fees, Impact Fees, Lower and
Libraries Solid Waste Fire& EMS Middle Keys
ASSETS
Cash and Cash Equivalents $ 199,105 $ 20,333 $ 24,956 $ 369,572
Investments 1,050,423 107,272 131,661 4,414,666
Accounts Receivable, Net 16 - - 196,562
Assessments Receivable - - - -
Due from Other Funds - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - - - 234,507
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 17 1 2 110
Total Assets $ 1,249,561 $ 127,606 $ 156,619 $ 5,215,417
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ - $ 33,682
Retainage Payable - - - -
Accrued Wages and Benefits Payable - - - 105,766
Due to Other Funds - - - -
Due to Other Governmental Units - - - 699
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - - - 140,147
Deferred Inflows of Resources:
Unavailable Revenues - - - 100,985
Deferred Inflows of Resources - - - 100,985
Fund Balances:
Restricted 1,249,561 127,606 156,619 -
Committed - - - -
Assigned - - - 4,974,285
Total Fund Balances 1,249,561 127,606 156,619 4,974,285
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 1,249,561 $ 127,606 $ 156,619 $ 5,215,417
G-3
REVENUE FUNDS
Unincorp. Unincorp.
Area Service Area Service 911 Duck Key Local
District, Dist., Planning Municipal Enhancement Security Housing
Parks& Rec. Bldg. &Zoning Policing Fees District Assistance
$ 149,851 $ 1,065,494 $ 872,277 $ 502 $ 59,222 $ 337,814
960,518 5,745,728 1,118,251 40,312 312,438 1,814,662
1,620 1,034 - - - 45,000
33,258 179,638 - 38,246 - -
41,027 300 387,812 - 462 -
- - - - - 9,523,118
- - - - - (9,523,118)
12 138 19 - 5 34
$ 1,186,286 $ 6,992,332 $ 2,378,359 $ 79,060 $ 372,127 $ 2,197,510
$ 27,195 $ 94,774 $ - $ - $ 18,275 $ 127,720
9,240 65,964 - - - 1,654
14,735 7,138 - - - 184
- - - 40,524 - -
5,222 223,434 - - - -
56,392 391,310 - 40,524 18,275 129,558
1,129,894 6,601,022 2,378,359 38,536 353,852 2,067,952
1,129,894 6,601,022 2,378,359 38,536 353,852 2,067,952
$ 1,186,286 $ 6,992,332 $ 2,378,359 $ 79,060 $ 372,127 $ 2,197,510
(Continued)
G-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2020
SPECIAL
Miscellaneous Law
Boating Special Environmental Enforcement
Improvement Revenue Restoration Trust
ASSETS
Cash and Cash Equivalents $ 523,046 $ 502,511 $ 669,669 $ 3,836,170
Investments 2,792,583 2,651,110 3,692,959 509,161
Accounts Receivable, Net - 499 - -
Assessments Receivable - - - -
Due from Other Funds - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers 53,873 60,855 - 1,621
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 43 41 49 8
Total Assets $ 3,369,545 $ 3,215,016 $ 4,362,677 $ 4,346,960
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 18,480 $ 20,519 $ 16,219 $ -
Retainage Payable - - - -
Accrued Wages and Benefits Payable 1,432 - 1,597 -
Due to Other Funds - 22,965 - -
Due to Other Governmental Units 10,539 13,952 - -
Due to Constitutional Officers - 22,982 - 6,747
Deposits in Escrow - - - -
Total Liabilities 30,451 80,418 17,816 6,747
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 3,339,094 3,134,598 - 4,340,213
Committed - - 4,344,861 -
Assigned - - - -
Total Fund Balances 3,339,094 3,134,598 4,344,861 4,340,213
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 3,369,545 $ 3,215,016 $ 4,362,677 $ 4,346,960
G-5
REVENUE FUNDS
Court Drug Marathon Middle Keys Bay Point
Facility Abuse Municipal Health Care Wastewater
Fees Trust Service MSTU MSTU
$ 720,968 $ 8,297 $ 435 $ 289,571 $ 7,719
3,819,953 43,771 2,297 240,635 40,720
41,938 1,815 - 33,238 -
56 - - - 1
$ 4,582,915 $ 53,883 $ 2,732 $ 563,444 $ 48,440
$ 206 $ 3,278 $ - $ 441,118 $ -
929 - - - -
1,135 3,278 - 441,118 -
4,581,780 50,605 2,732 - -
- - - 122,326 48,440
4,581,780 50,605 2,732 122,326 48,440
$ 4,582,915 $ 53,883 $ 2,732 $ 563,444 $ 48,440
(Continued)
G-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2020
SPECIAL
Big Coppitt Key Largo
Wastewater Wastewater Stock Island Conch Key
MSTU MSTU Wastewater MSTU
ASSETS
Cash and Cash Equivalents $ 84 $ 1,457 $ 161,005 $ 81
Investments 447 7,687 849,491 428
Accounts Receivable, Net - - - -
Assessments Receivable - - 1,786,021 -
Due from Other Funds - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - - 924 -
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable - - 11 -
Total Assets $ 531 $ 9,144 $ 2,797,452 $ 509
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ 3,457 $ -
Retainage Payable - - - -
Accrued Wages and Benefits Payable - - - -
Due to Other Funds - - - -
Due to Other Governmental Units - - - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - - 3,457 -
Deferred Inflows of Resources:
Unavailable Revenues - - 1,747,705 -
Deferred Inflows of Resources - - 1,747,705 -
Fund Balances:
Restricted - - 1,046,290 -
Committed 531 9,144 - 509
Assigned - - - -
Total Fund Balances 531 9,144 1,046,290 509
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 531 $ 9,144 $ 2,797,452 $ 509
G-7
REVENUE FUNDS
Long Key,
Layton Duck Key Canal#266 Building Road and
MSTU MSTU MSBU Fund Bridge
$ 42,512 $ 8,100 $ 4,715 $ 289,221 $ 1,565,469
224,591 42,736 24,874 1,470,487 8,691,174
- - - 700,000 -
- - - - 590,746
3 1 - 39 208
$ 267,106 $ 50,837 $ 29,589 $ 2,459,747 $ 10,847,597
$ 1,110 $ 1,651 $ - $ 55,469 $ 245,390
- - - 44,558 25,059
- - - 44,275 7,587
- - - 8,110 -
1,110 1,651 - 152,412 278,036
- - - 2,307,335 10,569,561
265,996 49,186 29,589 - -
265,996 49,186 29,589 2,307,335 10,569,561
$ 267,106 $ 50,837 $ 29,589 $ 2,459,747 $ 10,847,597
(Continued)
G-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2020
CAPITAL
Total Nonmajor Clerk's Infrastructure
Special Rev Revenue Revenue Bonds
Funds Note Series 2007
ASSETS
Cash and Cash Equivalents $ 18,687,904 $ 2,561,294 $ 101,313
Investments 77,581,510 50,990 84,245
Accounts Receivable, Net 244,731 - -
Assessments Receivable 1,786,021 - -
Due from Other Funds 700,000 - -
Due from Other Governmental Units 841,888 - -
Due from Constitutional Officers 5,508,169 - -
Mortgages/Notes Receivable 9,523,118 - -
Allowance for Mortgages/Notes Receivable (9,523,118) - -
Interest Receivable 1,338 1 -
Total Assets $ 105,351,561 $ 2,612,285 $ 185,558
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable 4,520,752 $ - $ -
Retainage Payable 2,244 - -
Accrued Wages and Benefits Payable 260,250 - -
Due to Other Funds 22,965 - -
Due to Other Governmental Units 299,216 - -
Due to Constitutional Officers 70,253 - -
Deposits in Escrow 236,766 - -
Total Liabilities 5,412,446 - -
Deferred Inflows of Resources:
Unavailable Revenues 1,848,690 - -
Deferred Inflows of Resources 1,848,690 - -
Fund Balances:
Restricted 88,018,540 2,612,285 185,558
Committed 5,097,600 - -
Assigned 4,974,285 - -
Total Fund Balances 98,090,425 2,612,285 185,558
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 105,351,561 $ 2,612,285 $ 185,558
G-9
PROJECT FUNDS
Total
Big Coppitt Duck Key Long Key Land Nonmajor
Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Fund Funds
$ 264,277 $ 110,988 $ 51,006 $ 127,514 $ 21,904,296
286,697 387,484 269,094 672,727 79,332,747
- - - - 244,731
1,737,004 385,051 - - 3,908,076
- - - - 700,000
- - 382,498 - 1,224,386
763 162 - - 5,509,094
- - - - 9,523,118
- - - - (9,523,118)
- 5 4 20 1,368
$ 2,288,741 $ 883,690 $ 702,602 $ 800,261 $ 112,824,698
$ 17,978 $ - $ - $ - $ 4,538,730
- - - - 2,244
- - - - 260,250
- - - - 22,965
- - - - 299,216
- - - - 70,253
- - - - 236,766
17,978 - - - 5,430,424
1,671,939 366,387 - - 3,887,016
1,671,939 366,387 - - 3,887,016
598,824 517,303 702,602 800,261 93,435,373
- - - - 5,097,600
- - - - 4,974,285
598,824 517,303 702,602 800,261 103,507,258
$ 2,288,741 $ 883,690 $ 702,602 $ 800,261 $ 112,824,698
G-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
SPECIAL
Tourist Tourist
Affordable Development Development Tourist
Housing All Districts Admin & Promo Development
Programs Two Cent Two Cent District One
Revenues:
Taxes $ - $ 5,223,576 $ 10,824,275 $ 7,732,273
Licenses and Permits - - - -
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income 8,569 124,543 207,858 354,952
Miscellaneous - - - -
Total Revenues 8,569 5,348,119 11,032,133 8,087,225
Expenditures:
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Economic Environment - 4,650,782 10,658,337 9,323,119
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Total Expenditures - 4,650,782 10,658,337 9,323,119
Excess/Deficiency of Revenues
Over(Under)Expenditures 8,569 697,337 373,796 (1,235,894)
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - (72,713) (114,278) (54,392)
Issuance of Debt - - - -
Transfers from Constitutional Officers - 51,935 96,451 72,398
Total Other Financing Sources (Uses) - (20,778) (17,827) 18,006
Net Change in Fund Balances 8,569 676,559 355,969 (1,217,888)
Fund Balances-October 1 406,803 5,933,219 9,201,425 14,982,768
Fund Balances-September 30 $ 415,372 $ 6,609,778 $ 9,557,394 $ 13,764,880
G-11
REVENUE FUNDS
Tourist Tourist Tourist Tourist Impact Fees,
Development Development Development Development Impact Fees, Parks, and
District Two District Three District Four District Five Roadways Recreation
$ 1,192,494 $ 2,932,163 $ 1,739,244 $ 2,451,676 $ - $ -
- - - - 108,505 27,200
33,179 87,712 47,694 68,698 35,155 16,205
1,225,673 3,019,875 1,786,938 2,520,374 143,660 43,405
- - - - 292,158 -
1,109,522 2,828,886 1,315,778 2,088,737 - -
1,109,522 2,828,886 1,315,778 2,088,737 292,158 -
116,151 190,989 471,160 431,637 (148,498) 43,405
(14,975) (13,595) (13,002) (26,318) - -
10,773 26,932 16,293 21,991 - -
(4,202) 13,337 3,291 (4,327) - -
111,949 204,326 474,451 427,310 (148,498) 43,405
1,480,580 4,191,562 2,024,801 3,165,705 1,682,230 764,704
$ 1,592,529 $ 4,395,888 $ 2,499,252 $ 3,593,015 $ 1,533,732 $ 808,109
(Continued)
G-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
SPECIAL
Fire &Amb
District#1,
Impact Fees, Impact Fees, Impact Fees, Lower and
Libraries Solid Waste Fire and EMS Middle Keys
Revenues:
Taxes $ - $ - $ - $ 12,526,893
Licenses and Permits 16 - 10,257 -
Intergovernmental - - - 136,822
Charges for Services - - - 573,013
Fines and Forfeitures - - - -
Investment Income 25,779 2,317 3,049 173,762
Miscellaneous - 20,000 - 221,651
Total Revenues 25,795 22,317 13,306 13,632,141
Expenditures:
Current:
General Government - - - 592,181
Public Safety - - - 11,859,298
Physical Environment - - - -
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Total Expenditures - - - 12,451,479
Excess/Deficiency of Revenues
Over(Under)Expenditures 25,795 22,317 13,306 1,180,662
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - - (1,173,110)
Issuance of Debt - - - -
Transfers from Constitutional Officers - - - 219,893
Total Other Financing Sources (Uses) - - - (953,217)
Net Change in Fund Balances 25,795 22,317 13,306 227,445
Fund Balances-October 1 1,223,766 105,289 143,313 4,746,840
Fund Balances-September 30 $ 1,249,561 $ 127,606 $ 156,619 $ 4,974,285
G-13
REVENUE FUNDS
Unincorp. Unincorp.
Area Service Area Service 911 Duck Key Local
District, Dist., Planning Municipal Enhancement Security Housing
Parks &Rec. Bldg. &Zoning Policing Fees District Assistance
$ 2,241,642 $ 487,925 $ 4,526,532 $ - $ - $ -
- - - - 112,499 -
427,218 1,789,221 - - - 350,000
86,940 3,280,517 4,079,543 611,771 - -
- 1,526,238 - - - -
27,541 194,347 41,168 566 7,993 53,329
48,088 900 - - - 174,812
2,831,429 7,279,148 8,647,243 612,337 120,492 578,141
65,168 3,616,754 214,234 - 1,000 -
- 3,378,508 8,524,224 573,939 104,444 -
- 882,776 - - - -
- - - - - 891,764
2,193,632 - - - - -
2,258,800 7,878,038 8,738,458 573,939 105,444 891,764
572,629 (598,890) (91,215) 38,398 15,048 (313,623)
(162,768) (1,398,401) (14,338) - - -
39,415 - 1,045,049 - 462 -
(123,353) (1,398,401) 1,030,711 - 462 -
449,276 (1,997,291) 939,496 38,398 15,510 (313,623)
680,618 8,598,313 1,438,863 138 338,342 2,381,575
$ 1,129,894 $ 6,601,022 $ 2,378,359 $ 38,536 $ 353,852 $ 2,067,952
(Continued)
G-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
SPECIAL
Miscellaneous Law
Boating Special Environmental Enforcement
Improvement Revenue Restoration Trust
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits - 37,206 -Intergovernmental 52,849 - - -
Charges for Services 693,117 406,782 - -
Fines and Forfeitures - 215,237 739,100 -
Investment Income 66,658 65,846 81,717 14,397
Miscellaneous 16,769 157,492 - -
Total Revenues 829,393 882,563 820,817 14,397
Expenditures:
Current:
General Government - - - -
Public Safety - 237,106 - 21,247
Physical Environment 578,127 - 262,398 -
Transportation - - - -
Economic Environment - 252,454 - -
Human Services - 103,227 - -
Culture and Recreation - 4,520 - -
Court Related - 263,180 - -
Capital Projects - - - -
Total Expenditures 578,127 860,487 262,398 21,247
Excess/Deficiency of Revenues
Over(Under)Expenditures 251,266 22,076 558,419 (6,850)
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - (22,965) (25,000) -
Issuance of Debt - - - -
Transfers from Constitutional Officers - - - 3,739,620
Total Other Financing Sources (Uses) - (22,965) (25,000) 3,739,620
Net Change in Fund Balances 251,266 (889) 533,419 3,732,770
Fund Balances-October 1 3,087,828 3,135,487 3,811,442 607,443
Fund Balances-September 30 $ 3,339,094 $ 3,134,598 $ 4,344,861 $ 4,340,213
G-15
REVENUE FUNDS
Court Drug Marathon Middle Keys Bay Point
Facility Abuse Municipal Health Care Wastewater
Fees Trust Service MSTU MSTU
$ - $ - $ - $ 1,905,393 $ -
425,143 34,604 - - -
89,223 1,114 57 10,698 1,001
514,366 35,718 57 1,916,091 1,001
- - - 34,851 -
- 47,407 - 1,792,145 -
175,732 - - - -
175,732 47,407 - 1,826,996 -
338,634 (11,689) 57 89,095 1,001
- - - 33,231 -
- - - 33,231 -
338,634 (11,689) 57 122,326 1,001
4,243,146 62,294 2,675 - 47,439
$ 4,581,780 $ 50,605 $ 2,732 $ 122,326 $ 48,440
(Continued)
G-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
SPECIAL
Big Coppitt Key Largo
Wastewater Wastewater Stock Island Conch Key
MSTU MSTU Wastewater MSTU
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits - - 120,910 -
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income 12 178 88,934 10
Miscellaneous - - 10,326 -
Total Revenues 12 178 220,170 10
Expenditures:
Current:
General Government - - 2,000 -
Public Safety - - - -
Physical Environment - - 4,680 -
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Total Expenditures - - 6,680 -
Excess/Deficiency of Revenues
Over(Under)Expenditures 12 178 213,490 10
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - - -
Issuance of Debt - - - -
Transfers from Constitutional Officers - - 924 -
Total Other Financing Sources (Uses) - - 924 -
Net Change in Fund Balances 12 178 214,414 10
Fund Balances-October 1 519 8,966 831,876 499
Fund Balances-September 30 $ 531 $ 9,144 $ 1,046,290 $ 509
G-17
REVENUE FUNDS
Long Key,
Layton Duck Key Canal#266 Building Road and
MSTU MSTU MSBU Fund Bridge
$ - $ - $ - $ - $ 2,295,662
- - 33,735 5,078,674 -
- - - - 3,505,794
- - - 111,581 3,203
5,519 1,098 234 46,577 299,056
- - - 30,905 81,164
5,519 1,098 33,969 5,267,737 6,184,879
- - - 5,282,168 -
1,110 1,651 4,380 - -
- - - - 7,889,654
1,110 1,651 4,380 5,282,168 7,889,654
4,409 (553) 29,589 (14,431) (1,704,775)
- - - 700,000 -
- - - (538,659) (408,919)
- - - 161,341 (408,919)
4,409 (553) 29,589 146,910 (2,113,694)
261,587 49,739 - 2,160,425 12,683,255
$ 265,996 $ 49,186 $ 29,589 $ 2,307,335 $ 10,569,561
(Continued)
G-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
CAPITAL
Total Nonmajor Clerk's Infrastructure
Special Rev Revenue Revenue Bonds
Funds Note Series 2007
Revenues:
Taxes $ 56,079,748 $ - $ -
Licenses and Permits 5,529,002 - -
Intergovernmental 6,261,904 - -
Charges for Services 10,306,214 - -
Fines and Forfeitures 2,480,575 - -
Investment Income 2,286,745 2,737 1,809
Miscellaneous 762,107 - -
Total Revenues 83,706,295 2,737 1,809
Expenditures:
Current:
General Government 4,526,188 - -
Public Safety 29,980,934 - -
Physical Environment 1,735,122 - -
Transportation 8,181,812 - -
Economic Environment 33,119,379 - -
Human Services 1,942,779 - -
Culture and Recreation 2,198,152 - -
Court Related 438,912 - -
Capital Projects - - -
Total Expenditures 82,123,278 - -
Excess/Deficiency of Revenues -
Over(Under)Expenditures 1,583,017 2,737 1,809
Other Financing Sources (Uses):
Transfers from Other Funds 700,000 - -
Transfers to Other Funds (4,053,433) (1,500,000) -
Issuance of Debt - 4,000,000 -
Transfers from Constitutional Officers 5,375,367 - -
Total Other Financing Sources (Uses) 2,021,934 2,500,000 -
Net Change in Fund Balances 3,604,951 2,502,737 1,809
Fund Balances-October 1 94,485,474 109,548 183,749
Fund Balances-September 30 $ 98,090,425 $ 2,612,285 $ 185,558
G-19
PROJECT FUNDS
Total
Big Coppitt Duck Key Long Key Land Nonmajor
Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Fund Funds
$ - $ - $ - $ - $ 56,079,748
290,620 123,049 - - 5,942,671
- - - 12,975 6,274,879
- - - - 10,306,214
- - - - 2,480,575
55,254 20,201 6,601 11,702 2,385,049
31,410 6,658 - 169,185 969,360
377,284 149,908 6,601 193,862 84,438,496
- - - - 4,526,188
- - - - 29,980,934
- - - - 1,735,122
- - - - 8,181,812
- - - - 33,119,379
- - - - 1,942,779
- - - - 2,198,152
- - - - 438,912
20,866 175 42,004 2,452,719 2,515,764
20,866 175 42,004 2,452,719 84,639,042
356,418 149,733 (35,403) (2,258,857) (200,546)
861,358 - - 1,250,000 2,811,358
(682,000) - - - (6,235,433)
- - - - 4,000,000
762 162 - - 5,376,291
180,120 162 - 1,250,000 5,952,216
536,538 149,895 (35,403) (1,008,857) 5,751,670
62,286 367,408 738,005 1,809,118 97,755,588
$ 598,824 $ 517,303 $ 702,602 $ 800,261 $ 103,507,258
G-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 3,000 $ 3,000 $ 8,569 $ 5,569
Total Revenues 3,000 3,000 8,569 5,569
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing Initiatives 290,000 290,000 - 290,000
Total Expenditures 290,000 290,000 - 290,000
Excess/Deficiency of Revenues
Over(Under) Expenditures (287,000) (287,000) 8,569 295,569
Other Financing Sources (Uses):
Reserve for Contingencies (11,000) (11,000) - 11,000
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (26,000) (26,000) - 26,000
Net Change in Fund Balances (313,000) (313,000) 8,569 321,569
Fund Balances-October 1 313,000 313,000 406,803 93,803
Fund Balances-September 30 $ - $ - $ 415,372 $ 415,372
G-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ALL DISTRICTS, TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 5,981,062 $ 5,981,062 $ 5,223,576 $ (757,486)
Investment Income - - 124,543 124,543
Total Revenues 5,981,062 5,981,062 5,348,119 (632,943)
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella 962,469 962,469 644,533 317,936
Fishing Umbrella 847,000 847,000 750,918 96,082
Dive Umbrella 800,000 800,000 723,877 76,123
Operations - Events 3,219,871 3,219,871 2,158,481 1,061,390
Catastrophic Emergency 1,827,833 1,827,833 - 1,827,833
Special Projects 1,174,283 1,174,283 372,973 801,310
Total Expenditures 8,831,456 8,831,456 4,650,782 4,180,674
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,850,394) (2,850,394) 697,337 3,547,731
Other Financing Sources (Uses):
Transfers to Other Funds (72,713) (72,713) (72,713) -
Transfers from Constitutional Officers - - 51,935 51,935
Total Other Financing Sources (Uses) (72,713) (72,713) (20,778) 51,935
Net Change in Fund Balances (2,923,107) (2,923,107) 676,559 3,599,666
Fund Balances-October 1 2,923,107 2,923,107 5,933,219 3,010,112
Fund Balances-September 30 $ - $ - $ 6,609,778 $ 6,609,778
G-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 12,393,938 $ 12,393,938 $ 10,824,275 $ (1,569,663)
Investment Income - - 207,858 207,858
Total Revenues 12,393,938 12,393,938 11,032,133 (1,361,805)
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 11,543,348 11,543,348 9,192,908 2,350,440
Administrative Services 1,399,869 1,399,869 665,429 734,440
Catastrophic Emergency 1,626,982 1,626,982 - 1,626,982
Special Projects 800,000 800,000 800,000 -
Total Expenditures 15,370,199 15,370,199 10,658,337 4,711,862
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,976,261) (2,976,261) 373,796 3,350,057
Other Financing Sources (Uses):
Transfers to Other Funds (114,278) (114,278) (114,278) -
Transfers from Constitutional Officers - - 96,451 96,451
Total Other Financing Sources (Uses) (114,278) (114,278) (17,827) 96,451
Net Change in Fund Balances (3,090,539) (3,090,539) 355,969 3,446,508
Fund Balances-October 1 3,090,539 3,090,539 9,201,425 6,110,886
Fund Balances-September 30 $ - $ - $ 9,557,394 $ 9,557,394
G-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT ONE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 9,975,788 $ 9,975,788 $ 7,732,273 $ (2,243,515)
Investment Income - - 354,952 354,952
Total Revenues 9,975,788 9,975,788 8,087,225 (1,888,563)
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 4,893,949 4,893,949 4,570,275 323,674
Administrative Services 500,152 500,152 193,781 306,371
Special Events 719,398 719,398 221,210 498,188
Bricks and Mortar 11,622,166 11,622,166 3,934,904 7,687,262
Information Services 402,950 402,950 402,949 1
Beaches 314,000 314,000 - 314,000
Total Expenditures 18,452,615 18,452,615 9,323,119 9,129,496
Excess/Deficiency of Revenues
Over(Under) Expenditures (8,476,827) (8,476,827) (1,235,894) 7,240,933
Other Financing Sources (Uses):
Transfers to Other Funds (54,392) (54,392) (54,392) -
Transfers from Constitutional Officers - - 72,398 72,398
Total Other Financing Sources (Uses) (54,392) (54,392) 18,006 72,398
Net Change in Fund Balances (8,531,219) (8,531,219) (1,217,888) 7,313,331
Fund Balances-October 1 8,531,219 8,531,219 14,982,768 6,451,549
Fund Balances-September 30 $ - $ - $ 13,764,880 $ 13,764,880
G-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT TWO SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,205,399 $ 1,205,399 $ 1,192,494 $ (12,905)
Investment Income - - 33,179 33,179
Total Revenues 1,205,399 1,205,399 1,225,673 20,274
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 869,683 869,683 803,004 66,679
Administrative Services 42,117 42,117 20,338 21,779
Special Events 10,960 10,960 - 10,960
Bricks and Mortar 864,810 864,810 194,011 670,799
Information Services 100,548 100,548 92,169 8,379
Total Expenditures 1,888,118 1,888,118 1,109,522 778,596
Excess/Deficiency of Revenues
Over(Under) Expenditures (682,719) (682,719) 116,151 798,870
Other Financing Sources (Uses):
Transfers to Other Funds (14,975) (14,975) (14,975) -
Transfers from Constitutional Officers - - 10,773 10,773
Total Other Financing Sources (Uses) (14,975) (14,975) (4,202) 10,773
Net Change in Fund Balances (697,694) (697,694) 111,949 809,643
Fund Balances-October 1 697,694 697,694 1,480,580 782,886
Fund Balances-September 30 $ - $ - $ 1,592,529 $ 1,592,529
G-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT THREE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,868,338 $ 2,868,338 $ 2,932,163 $ 63,825
Investment Income - - 87,712 87,712
Total Revenues 2,868,338 2,868,338 3,019,875 151,537
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,231,172 1,231,172 1,151,144 80,028
Administrative Services 144,157 144,157 43,962 100,195
Special Events 66,000 66,000 63,256 2,744
Bricks and Mortar 3,627,098 3,627,098 1,394,124 2,232,974
Information Services 176,400 176,400 176,400 -
Total Expenditures 5,244,827 5,244,827 2,828,886 2,415,941
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,376,489) (2,376,489) 190,989 2,567,478
Other Financing Sources (Uses):
Transfers to Other Funds (13,595) (13,595) (13,595) -
Transfers from Constitutional Officers - - 26,932 26,932
Total Other Financing Sources (Uses) (13,595) (13,595) 13,337 26,932
Net Change in Fund Balances (2,390,084) (2,390,084) 204,326 2,594,410
Fund Balances-October 1 2,390,084 2,390,084 4,191,562 1,801,478
Fund Balances-September 30 $ - $ - $ 4,395,888 $ 4,395,888
G-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FOUR SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,929,375 $ 1,929,375 $ 1,739,244 $ (190,131)
Investment Income - - 47,694 47,694
Total Revenues 1,929,375 1,929,375 1,786,938 (142,437)
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 968,359 968,359 942,226 26,133
Administrative Services 55,623 55,623 25,858 29,765
Special Events 40,719 40,719 - 40,719
Bricks and Mortar 1,044,369 1,044,369 182,319 862,050
Information Services 165,375 165,375 165,375 -
Total Expenditures 2,274,445 2,274,445 1,315,778 958,667
Excess/Deficiency of Revenues
Over(Under) Expenditures (345,070) (345,070) 471,160 816,230
Other Financing Sources (Uses):
Transfers to Other Funds (13,002) (13,002) (13,002) -
Transfers from Constitutional Officers - - 16,293 16,293
Total Other Financing Sources (Uses) (13,002) (13,002) 3,291 16,293
Net Change in Fund Balances (358,072) (358,072) 474,451 832,523
Fund Balances-October 1 358,072 358,072 2,024,801 1,666,729
Fund Balances-September 30 $ - $ - $ 2,499,252 $ 2,499,252
G-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FIVE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,396,100 $ 2,396,100 $ 2,451,676 $ 55,576
Investment Income - - 68,698 68,698
Total Revenues 2,396,100 2,396,100 2,520,374 124,274
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,849,717 1,849,717 1,628,418 221,299
Administrative Services 97,565 97,565 45,696 51,869
Special Events 76,640 76,640 60,000 16,640
Bricks and Mortar 1,922,641 1,922,641 198,068 1,724,573
Information Services 156,555 156,555 156,555 -
Total Expenditures 4,103,118 4,103,118 2,088,737 2,014,381
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,707,018) (1,707,018) 431,637 2,138,655
Other Financing Sources (Uses):
Transfers to Other Funds (26,318) (26,318) (26,318) -
Transfers from Constitutional Officers - - 21,991 21,991
Total Other Financing Sources (Uses) (26,318) (26,318) (4,327) 21,991
Net Change in Fund Balances (1,733,336) (1,733,336) 427,310 2,160,646
Fund Balances-October 1 1,733,336 1,733,336 3,165,705 1,432,369
Fund Balances-September 30 $ - $ - $ 3,593,015 $ 3,593,015
G-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -ROADWAYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 106,000 $ 106,000 $ 108,505 $ 2,505
Investment Income 10,525 10,525 35,155 24,630
Total Revenues 116,525 116,525 143,660 27,135
EXPENDITURES:
Current:
Transportation:
Roadway Projects 381,213 254,055 - 254,055
Truman Bridge Ped Bridge 929,520 790,630 - 790,630
Bike/Shared Use Path - 127,158 14,378 112,780
Bimini Drive Bridge 138,890 277,780 277,780 -
Key Colony Beach Road Project 35,233 35,233 - 35,233
Total Expenditures 1,484,856 1,484,856 292,158 1,192,698
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,368,331) (1,368,331) (148,498) 1,219,833
Net Change in Fund Balances (1,368,331) (1,368,331) (148,498) 1,219,833
Fund Balances-October 1 1,368,331 1,368,331 1,682,230 313,899
Fund Balances-September 30 $ - $ - $ 1,533,732 $ 1,533,732
G-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 41,200 $ 41,200 $ 27,200 $ (14,000)
Investment Income 1,200 1,200 16,205 15,005
Total Revenues 42,400 42,400 43,405 1,005
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects 183,585 183,585 - 183,585
District 2 Projects 254,245 254,245 - 254,245
District 3 Projects 194,820 194,820 - 194,820
Total Expenditures 632,650 632,650 - 632,650
Excess/Deficiency of Revenues
Over(Under) Expenditures (590,250) (590,250) 43,405 633,655
Net Change in Fund Balances (590,250) (590,250) 43,405 633,655
Fund Balances-October 1 590,250 590,250 764,704 174,454
Fund Balances-September 30 $ - $ - $ 808,109 $ 808,109
G-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -LIBRARIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ - $ 16 $ 16
Investment Income 2,700 2,700 25,779 23,079
Total Revenues 2,700 2,700 25,795 23,095
EXPENDITURES:
Current:
Culture and Recreation:
County-wide Library Projects 1,207,190 1,207,190 - 1,207,190
Library Automation 25,000 25,000 - 25,000
Total Expenditures 1,232,190 1,232,190 - 1,232,190
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,229,490) (1,229,490) 25,795 1,255,285
Net Change in Fund Balances (1,229,490) (1,229,490) 25,795 1,255,285
Fund Balances-October 1 1,229,490 1,229,490 1,223,766 (5,724)
Fund Balances-September 30 $ - $ - $ 1,249,561 $ 1,249,561
G-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -SOLID WASTE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 300 $ 300 $ 2,317 $ 2,017
Miscellaneous Income - - 20,000 20,000
Total Revenues 300 300 22,317 22,017
EXPENDITURES:
Current:
Physical Environment:
County-wide Solid Waste Projects 104,263 104,263 - 104,263
Total Expenditures 104,263 104,263 - 104,263
Excess/Deficiency of Revenues
Over(Under) Expenditures (103,963) (103,963) 22,317 126,280
Net Change in Fund Balances (103,963) (103,963) 22,317 126,280
Fund Balances-October 1 103,963 103,963 105,289 1,326
Fund Balances-September 30 $ - $ - $ 127,606 $ 127,606
G-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -FIRE AND EMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 15,700 $ 15,700 $ 10,257 $ (5,443)
Investment Income 130 130 3,049 2,919
Total Revenues 15,830 15,830 13,306 (2,524)
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project 61,820 61,820 - 61,820
District 2 Fire & EMS Project 4,295 4,295 - 4,295
District 3 Fire & EMS Project 73,474 73,474 - 73,474
Key Colony Beach Fire & EMS 1,278 1,278 - 1,278
Total Expenditures 140,867 140,867 - 140,867
Excess/Deficiency of Revenues
Over(Under) Expenditures (125,037) (125,037) 13,306 138,343
Net Change in Fund Balances (125,037) (125,037) 13,306 138,343
Fund Balances-October 1 125,037 125,037 143,313 18,276
Fund Balances-September 30 $ - $ - $ 156,619 $ 156,619
G-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
FIRE AND AMBULANCE, DISTRICT#1 -LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 12,896,701 $ 12,896,701 $ 12,526,893 $ (369,808)
Intergovernmental 38,000 38,000 136,822 98,822
Charges for Services 650,000 650,000 573,013 (76,987)
Investment Income 83,000 83,000 173,762 90,762
Miscellaneous - - 221,651 221,651
Total Revenues 13,667,701 13,667,701 13,632,141 (35,560)
EXPENDITURES:
Current:
General Government:
Tax Collector 385,851 385,851 363,477 22,374
Property Appraiser 230,997 228,704 228,704 -
Total General Government 616,848 614,555 592,181 22,374
Public Safety:
Fire Rescue- Central 12,340,121 12,122,609 11,859,298 263,311
Total Public Safety 12,340,121 12,122,609 11,859,298 263,311
Total Expenditures 12,956,969 12,737,164 12,451,479 285,685
Excess/Deficiency of Revenues
Over(Under) Expenditures 710,732 930,537 1,180,662 250,125
Other Financing Sources (Uses):
Reserve for Contingencies (675,925) (895,730) - 895,730
Reserve for Cash Balance (1,075,640) (1,075,640) - 1,075,640
Transfers to Other Funds (1,173,110) (1,173,110) (1,173,110) -
Transfers from Constitutional Officers 180,000 180,000 219,893 39,893
Total Other Financing Sources (Uses) (2,744,675) (2,964,480) (953,217) 2,011,263
Net Change in Fund Balances (2,033,943) (2,033,943) 227,445 2,261,388
Fund Balances-October 1 2,033,943 2,033,943 4,746,840 2,712,897
Fund Balances-September 30 $ - $ - $ 4,974,285 $ 4,974,285
G-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-
PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,303,018 $ 2,303,018 $ 2,241,642 $ (61,376)
Intergovernmental 500,000 500,000 427,218 (72,782)
Charges for Services - - 86,940 86,940
Investment Income 6,000 6,000 27,541 21,541
Miscellaneous 55,000 55,000 48,088 (6,912)
Total Revenues 2,864,018 2,864,018 2,831,429 (32,589)
EXPENDITURES:
Current:
General Government:
Tax Collector 68,941 68,941 65,168 3,773
Culture and Recreation:
Parks and Beaches Unincorporated 2,612,192 2,354,832 1,981,632 373,200
Jacob's Aquatic Center 180,000 180,000 180,000 -
School Board Interlocal 32,000 32,000 32,000 -
Total Culture and Recreation 2,824,192 2,566,832 2,193,632 373,200
Total Expenditures 2,893,133 2,635,773 2,258,800 376,973
Excess/Deficiency of Revenues
Over(Under) Expenditures (29,115) 228,245 572,629 344,384
Other Financing Sources (Uses):
Reserve for Contingencies (112,916) (370,276) - 370,276
Reserve for Cash Balance (127,453) (127,453) - 127,453
Transfers to Other Funds (331,776) (331,776) (162,768) 169,008
Transfers from Constitutional Officers - - 39,415 39,415
Total Other Financing Sources (Uses) (572,145) (829,505) (123,353) 706,152
Net Change in Fund Balances (601,260) (601,260) 449,276 1,050,536
Fund Balances-October 1 601,260 601,260 680,618 79,358
Fund Balances-September 30 $ - $ - $ 1,129,894 $ 1,129,894
G-35
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 630,000 $ 630,000 $ 487,925 $ (142,075)
Intergovernmental 2,042,307 2,042,307 1,789,221 (253,086)
Charges for Services 3,230,000 3,230,000 3,280,517 50,517
Fines and Forfeitures 2,185,000 2,185,000 1,526,238 (658,762)
Investment Income 25,000 25,000 194,347 169,347
Miscellaneous - - 900 900
Total Revenues 8,112,307 8,112,307 7,279,148 (833,159)
Expenditures:
Current:
General Government:
Tax Collector 10,000 10,000 41 9,959
Property Appraiser 41,038 40,879 40,878 1
Affordable Housing 125,537 209,753 206,632 3,121
Planning Department 2,862,668 2,815,378 2,583,704 231,674
Planning Commission 88,409 83,409 83,306 103
Planning Legal 876,860 879,152 687,439 191,713
Planning Building Refunds 20,000 20,000 14,754 5,246
Total General Government 4,024,512 4,058,571 3,616,754 441,817
Public Safety:
Code Enforcement 2,281,778 1,909,223 1,588,061 321,162
Fire & Rescue Coordinator 1,276,421 1,181,779 1,159,338 22,441
Fire Marshall 794,857 641,128 631,109 10,019
Total Public Safety 4,353,056 3,732,130 3,378,508 353,622
Physical Environment:
Environmental Resources 1,097,514 1,076,945 882,776 194,169
Total Physical Environment 1,097,514 1,076,945 882,776 194,169
Total Expenditures 9,475,082 8,867,646 7,878,038 989,608
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,362,775) (755,339) (598,890) 156,449
(Continued)
G-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (427,195) (997,131) - 997,131
Reserve for Cash Balance (1,125,512) (1,125,512) - 1,125,512
Transfers to Other Funds (1,392,847) (1,430,347) (1,398,401) 31,946
Transfers from Constitutional Officers 10,000 10,000 - (10,000)
Total Other Financing Sources (Uses) (2,935,554) (3,542,990) (1,398,401) 2,144,589
Net Change in Fund Balances (4,298,329) (4,298,329) (1,997,291) 2,301,038
Fund Balances-October 1 4,298,329 4,298,329 8,598,313 4,299,984
Fund Balances-September 30 $ - $ - $ 6,601,022 $ 6,601,022
G-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MUNICIPAL POLICING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 4,656,331 $ 4,656,331 $ 4,526,532 $ (129,799)
Charges for Services 4,004,688 4,034,118 4,079,543 45,425
Investment Income 13,000 13,000 41,168 28,168
Total Revenues 8,674,019 8,703,449 8,647,243 (56,206)
EXPENDITURES:
Current:
General Government:
Tax Collector 139,240 139,240 131,672 7,568
Property Appraiser 82,886 82,563 82,562 1
Total General Government 222,126 221,803 214,234 7,569
Public Safety:
Insurance Unincorporated & Layton 617,731 529,544 485,331 44,213
Insurance Islamorada 255,049 219,774 202,089 17,685
Insurance Marathon 231,564 198,494 181,914 16,580
Sheriff Unincorporated & Layton 4,107,385 4,107,385 4,107,385 -
Sheriff Islamorada 1,881,116 1,881,116 1,881,116 -
Sheriff Marathon 1,636,959 1,666,389 1,666,389 -
Total Public Safety 8,729,804 8,602,702 8,524,224 78,478
Total Expenditures 8,951,930 8,824,505 8,738,458 86,047
Excess/Deficiency of Revenues
Over(Under) Expenditures (277,911) (121,056) (91,215) 29,841
Other Financing Sources (Uses):
Reserve for Contingencies (162,841) (319,696) - 319,696
Reserve for Cash Balance (944,105) (944,105) - 944,105
Transfers to Other Funds (14,338) (14,338) (14,338) -
Transfers from Constitutional Officers 355,000 355,000 1,045,049 690,049
Total Other Financing Sources (Uses) (766,284) (923,139) 1,030,711 1,953,850
Net Change in Fund Balances (1,044,195) (1,044,195) 939,496 1,983,691
Fund Balances-October 1 1,044,195 1,044,195 1,438,863 394,668
Fund Balances-September 30 $ - $ - $ 2,378,359 $ 2,378,359
G-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
911 ENHANCEMENT FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 515,000 $ 653,831 $ 611,771 $ (42,060)
Investment Income 300 300 566 266
Total Revenues 515,300 654,131 612,337 (41,794)
EXPENDITURES:
Current:
Public Safety:
911 Enhancement Fund 190,105 190,105 136,963 53,142
911 Wireless 325,195 464,026 436,976 27,050
Total Expenditures 515,300 654,131 573,939 80,192
Excess/Deficiency of Revenues
Over(Under) Expenditures - - 38,398 38,398
Net Change in Fund Balances - - 38,398 38,398
Fund Balances-October 1 - - 138 138
Fund Balances-September 30 $ - $ - $ 38,536 $ 38,536
G-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 117,566 $ 117,566 $ 112,499 $ (5,067)
Investment Income 4,500 4,500 7,993 3,493
Total Revenues 122,066 122,066 120,492 (1,574)
EXPENDITURES:
Current:
General Government:
Tax Collector 2,500 2,500 1,000 1,500
Public Safety:
Island Security 265,000 265,000 104,444 160,556
Total Expenditures 267,500 267,500 105,444 162,056
Excess/Deficiency of Revenues
Over(Under) Expenditures (145,434) (145,434) 15,048 160,482
Other Financing Sources (Uses):
Reserve for Contingencies (35,000) (35,000) - 35,000
Reserve for Cash Balance (70,000) (70,000) - 70,000
Transfers from Constitutional Officers - - 462 462
Total Other Financing Sources (Uses) (105,000) (105,000) 462 105,462
Net Change in Fund Balances (250,434) (250,434) 15,510 265,944
Fund Balances-October 1 250,434 250,434 338,342 87,908
Fund Balances-September 30 $ - $ - $ 353,852 $ 353,852
G-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LOCAL HOUSING ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 475,000 $ 475,000 $ 350,000 $ (125,000)
Investment Income 5,000 5,000 53,329 48,329
Miscellaneous 180,000 180,000 174,812 (5,188)
Total Revenues 660,000 660,000 578,141 (81,859)
EXPENDITURES:
Current:
Economic Environment:
Homeowner Assistance 2,115,618 2,115,618 233,661 1,881,957
Disaster Recovery & Mitigation 1,046,311 1,046,311 658,103 388,208
Total Expenditures 3,161,929 3,161,929 891,764 2,270,165
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,501,929) (2,501,929) (313,623) 2,188,306
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (30,000) (30,000) - 30,000
Net Change in Fund Balances (2,531,929) (2,531,929) (313,623) 2,218,306
Fund Balances-October 1 2,531,929 2,531,929 2,381,575 (150,354)
Fund Balances-September 30 $ - $ - $ 2,067,952 $ 2,067,952
G-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BOATING IMPROVEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 755,000 $ 755,000 $ 693,117 $ (61,883)
Intergovernmental - 52,849 52,849 -
Investment Income 30,000 30,000 66,658 36,658
Miscellaneous - - 16,769 16,769
Total Revenues 785,000 837,849 829,393 (8,456)
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement 1,427,314 1,480,163 258,193 1,221,970
Boating Imp Fees/Retained Vessel 488,088 488,088 319,934 168,154
Total Expenditures 1,915,402 1,968,251 578,127 1,390,124
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,130,402) (1,130,402) 251,266 1,381,668
Other Financing Sources (Uses):
Reserve for Contingencies (200,075) (200,075) - 200,075
Reserve for Cash Balance (350,000) (350,000) - 350,000
Total Other Financing Sources (Uses) (550,075) (550,075) - 550,075
Net Change in Fund Balances (1,680,477) (1,680,477) 251,266 1,931,743
Fund Balances-October 1 1,680,477 1,680,477 3,087,828 1,407,351
Fund Balances-September 30 $ - $ - $ 3,339,094 $ 3,339,094
G-42
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ 37,205 $ 37,206 $ 1
Charges for Services - 363,884 406,782 42,898
Fines and Forfeitures - 75,644 215,237 139,593
Investment Income - - 65,846 65,846
Miscellaneous - 126,360 157,492 31,132
Total Revenues - 603,093 882,563 279,470
EXPENDITURES:
Current:
General Government:
Conservation Land Purchase 50,000 50,000 - 50,000
Total General Government 50,000 50,000 - 50,000
Public Safety:
Interagency Communications 140,000 140,000 139,568 432
Education-Building Department 88,400 124,753 45,023 79,730
Environmental Resource Education 70,000 70,742 52,515 18,227
Fire and Rescue Bldg Educ 5,000 5,110 - 5,110
Crime Prevention Program 50,000 50,000 - 50,000
Total Public Safety 353,400 390,605 237,106 153,499
Economic Environment:
Climate Leadership Summit 100,000 322,360 252,454 69,906
Total Economic Environment 100,000 322,360 252,454 69,906
Human Services:
FL Keys Council for the Handicapped 3,000 3,000 1 2,999
Bayshore Donations 1,557 1,557 275 1,282
Traffic Educ, Ord 021-2002 50,000 121,972 75,798 46,174
Legal Aid - 27,153 27,153 -
Total Human Services 54,557 153,682 103,227 50,455
Culture and Recreation:
Settler's Park Landscaping 2,633 2,633 - 2,633
Library Special Programs 30,000 64,044 4,520 59,524
Library Donation-Golan Trust 250,000 291,537 - 291,537
Total Culture and Recreation 282,633 358,214 4,520 353,694
(Continued)
G-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Court Related:
Teen Court-Ord 016-2004 - 27,153 27,153 -
Ord 016-2004 St Court Sup 33,600 60,753 22,840 37,913
SA Ct Tech FS28.24(12)(E) 335,000 411,582 101,516 310,066
PD Ct Tech FS28.24(12)(E) 100,000 151,055 48,871 102,184
J Ct Tech FS28.24(12)(E) 50,488 178,123 62,800 115,323
Total Court Related 519,088 828,666 263,180 565,486
Total Expenditures 1,359,678 2,103,527 860,487 1,243,040
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,359,678) (1,500,434) 22,076 1,522,510
Other Financing Sources (Uses):
Reserve for Contingencies (1,031,176) (863,267) - 863,267
Transfers to Other Funds - (27,153) (22,965) 4,188
Total Other Financing Sources (Uses) (1,031,176) (890,420) (22,965) 867,455
Net Change in Fund Balances (2,390,854) (2,390,854) (889) 2,389,965
Fund Balances-October 1 2,390,854 2,390,854 3,135,487 744,633
Fund Balances-September 30 $ - $ - $ 3,134,598 $ 3,134,598
G-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Fines and Forfeitures $ 600,000 $ 600,000 $ 739,100 $ 139,100
Investment Income 15,000 15,000 81,717 66,717
Total Revenues 615,000 615,000 820,817 205,817
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration 480,198 480,198 262,398 217,800
Total Physical Environment 480,198 480,198 262,398 217,800
Culture and Recreation:
Settler's Park 9,083 9,083 - 9,083
Total Culture and Recreation 9,083 9,083 - 9,083
Total Expenditures 489,281 489,281 262,398 226,883
Excess/Deficiency of Revenues
Over(Under) Expenditures 125,719 125,719 558,419 432,700
Other Financing Sources (Uses):
Reserve for Contingencies (60,158) (35,158) - 35,158
Reserve for Cash Balance (112,000) (112,000) - 112,000
Transfers to Other Funds - (25,000) (25,000) -
Total Other Financing Sources (Uses) (172,158) (172,158) (25,000) 147,158
Net Change in Fund Balances (46,439) (46,439) 533,419 579,858
Fund Balances-October 1 46,439 46,439 3,811,442 3,765,003
Fund Balances-September 30 $ - $ - $ 4,344,861 $ 4,344,861
G-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 5,000 $ 5,000 $ 14,397 $ 9,397
Miscellaneous - 561,299 - (561,299)
Total Revenues 5,000 566,299 14,397 (551,902)
EXPENDITURES:
Current:
Public Safety:
Law Enforcement 416,000 4,665,075 21,247 4,643,828
Total Expenditures 416,000 4,665,075 21,247 4,643,828
Excess/Deficiency of Revenues
Over(Under) Expenditures (411,000) (4,098,776) (6,850) 4,091,926
Other Financing Sources (Uses):
Reserve for Contingencies (30,000) (30,000) - 30,000
Reserve for Cash Balance (75,000) (75,000) - 75,000
Transfers from Constitutional Officers - - 3,739,620 3,739,620
Total Other Financing Sources (Uses) (105,000) (105,000) 3,739,620 3,844,620
Net Change in Fund Balances (516,000) (4,203,776) 3,732,770 7,936,546
Fund Balances-October 1 516,000 4,203,776 607,443 (3,596,333)
Fund Balances-September 30 $ - $ - $ 4,340,213 $ 4,340,213
G-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
COURT FACILITY FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 450,000 $ 450,000 $ 425,143 $ (24,857)
Investment Income 35,000 35,000 89,223 54,223
Total Revenues 485,000 485,000 514,366 29,366
EXPENDITURES:
Current:
Court Related:
Court Facility 409,188 409,188 175,732 233,456
Total Expenditures 409,188 409,188 175,732 233,456
Excess/Deficiency of Revenues
Over(Under) Expenditures 75,812 75,812 338,634 262,822
Other Financing Sources (Uses):
Reserve for Contingencies (33,000) (33,000) - 33,000
Reserve for Cash Balance (46,897) (46,897) - 46,897
Total Other Financing Sources (Uses) (79,897) (79,897) - 79,897
Net Change in Fund Balances (4,085) (4,085) 338,634 342,719
Fund Balances-October 1 4,085 4,085 4,243,146 4,239,061
Fund Balances-September 30 $ - $ - $ 4,581,780 $ 4,581,780
G-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DRUG ABUSE TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 30,000 $ 30,000 $ 34,604 $ 4,604
Investment Income 500 500 1,114 614
Total Revenues 30,500 30,500 35,718 5,218
EXPENDITURES:
Current:
Human Services:
Drug Abuse Trust Fund 55,000 55,000 47,407 7,593
Total Expenditures 55,000 55,000 47,407 7,593
Excess/Deficiency of Revenues
Over(Under) Expenditures (24,500) (24,500) (11,689) 12,811
Other Financing Sources (Uses):
Reserve for Contingencies (14,025) (14,025) - 14,025
Total Other Financing Sources (Uses) (14,025) (14,025) - 14,025
Net Change in Fund Balances (38,525) (38,525) (11,689) 26,836
Fund Balances-October 1 38,525 38,525 62,294 23,769
Fund Balances-September 30 $ - $ - $ 50,605 $ 50,605
G-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MARATHON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 57 $ 57
Total Revenues - - 57 57
EXPENDITURES:
Current:
General Government:
Tax Collector 300 300 - 300
Physical Environment:
Marathon Wastewater 2,000 2,000 - 2,000
Total Expenditures 2,300 2,300 - 2,300
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,300) (2,300) 57 2,357
Other Financing Sources (Uses):
Reserve for Contingencies (269) (269) - 269
Total Other Financing Sources (Uses) (269) (269) - 269
Net Change in Fund Balances (2,569) (2,569) 57 2,626
Fund Balances-October 1 2,569 2,569 2,675 106
Fund Balances-September 30 $ - $ - $ 2,732 $ 2,732
G-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MIDDLE KEYS HEALTHCARE MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,961,722 $ 1,961,722 $ 1,905,393 $ (56,329)
Investment Income - - 10,698 10,698
Total Revenues 1,961,722 1,961,722 1,916,091 (45,631)
EXPENDITURES:
Current:
General Government:
Property Appraiser 60,000 34,851 34,851 -
Human Services:
Middle Keys Health Care 1,803,636 1,818,636 1,792,145 26,491
Total Expenditures 1,863,636 1,853,487 1,826,996 26,491
Excess/Deficiency of Revenues
Over(Under) Expenditures 98,086 108,235 89,095 (19,140)
Other Financing Sources (Uses):
Reserve for Contingencies - (10,149) - 10,149
Transfers from Constitutional Officers - - 33,231 33,231
Total Other Financing Sources (Uses) - (10,149) 33,231 43,380
Net Change in Fund Balances 98,086 98,086 122,326 24,240
Fund Balances-October 1 (98,086) (98,086) - 98,086
Fund Balances-September 30 $ - $ - $ 122,326 $ 122,326
G-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BAY POINT WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 1,001 $ 1,001
Total Revenues - - 1,001 1,001
EXPENDITURES:
Current:
Physical Environment:
Bay Point Wastewater 41,688 41,688 - 41,688
Total Expenditures 41,688 41,688 - 41,688
Excess/Deficiency of Revenues
Over(Under) Expenditures (41,688) (41,688) 1,001 42,689
Other Financing Sources (Uses):
Reserve for Contingencies (1,900) (1,900) - 1,900
Total Other Financing Sources (Uses) (1,900) (1,900) - 1,900
Net Change in Fund Balances (43,588) (43,588) 1,001 44,589
Fund Balances-October 1 43,588 43,588 47,439 3,851
Fund Balances-September 30 $ - $ - $ 48,440 $ 48,440
G-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BIG COPPITT WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 12 $ 12
Total Revenues - - 12 12
EXPENDITURES:
Current:
Physical Environment:
Big Coppitt Wastewater 407 407 - 407
Total Expenditures 407 407 - 407
Excess/Deficiency of Revenues
Over(Under) Expenditures (407) (407) 12 419
Other Financing Sources (Uses):
Reserve for Contingencies (100) (100) - 100
Total Other Financing Sources (Uses) (100) (100) - 100
Net Change in Fund Balances (507) (507) 12 519
Fund Balances-October 1 507 507 519 12
Fund Balances-September 30 $ - $ - $ 531 $ 531
G-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
KEY LARGO MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 178 $ 178
Total Revenues - - 178 178
EXPENDITURES:
Current:
Physical Environment:
Key Largo Wastewater 7,245 7,245 - 7,245
Total Expenditures 7,245 7,245 - 7,245
Excess/Deficiency of Revenues
Over(Under) Expenditures (7,245) (7,245) 178 7,423
Other Financing Sources (Uses):
Reserve for Contingencies (500) (500) - 500
Total Other Financing Sources (Uses) (500) (500) - 500
Net Change in Fund Balances (7,745) (7,745) 178 7,923
Fund Balances-October 1 7,745 7,745 8,966 1,221
Fund Balances-September 30 $ - $ - $ 9,144 $ 9,144
G-53
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
STOCK ISLAND WASTEWATER SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 140,000 $ 140,000 $ 120,910 $ (19,090)
Investment Income 11,200 11,200 88,934 77,734
Miscellaneous - - 10,326 10,326
Total Revenues 151,200 151,200 220,170 68,970
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 5,000 5,000 2,000 3,000
Physical Environment:
Stock Island Wastewater 672,634 672,634 4,680 667,954
Total Expenditures 677,634 677,634 6,680 670,954
Excess/Deficiency of Revenues
Over(Under) Expenditures (526,434) (526,434) 213,490 739,924
Other Financing Sources (Uses):
Reserve for Contingencies (30,000) (30,000) - 30,000
Reserve for Cash Balance (50,000) (50,000) - 50,000
Transfers from Constitutional Officers 400 400 924 524
Total Other Financing Sources (Uses) (79,600) (79,600) 924 80,524
Net Change in Fund Balances (606,034) (606,034) 214,414 820,448
Fund Balances-October 1 606,034 606,034 831,876 225,842
Fund Balances-September 30 $ - $ - $ 1,046,290 $ 1,046,290
G-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CONCH KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 10 $ 10
Total Revenues - - 10 10
EXPENDITURES:
Current:
Physical Environment:
Conch Key MSTU 400 400 - 400
Total Expenditures 400 400 - 400
Excess/Deficiency of Revenues
Over(Under) Expenditures (400) (400) 10 410
Other Financing Sources/(Uses):
Reserve for Contingencies (100) (100) - 100
Total Other Financing Sources/(Uses) (100) (100) - 100
Net Change in Fund Balances (500) (500) 10 510
Fund Balances-October 1 500 500 499 (1)
Fund Balances-September 30 $ - $ - $ 509 $ 509
G-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LONG KEY-LAYTON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 5,519 $ 5,519
Total Revenues - - 5,519 5,519
EXPENDITURES:
Current:
Physical Environment:
Long Key-Layton Wastewater 202,105 202,105 1,110 200,995
Total Expenditures 202,105 202,105 1,110 200,995
Excess/Deficiency of Revenues
Over(Under) Expenditures (202,105) (202,105) 4,409 206,514
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (35,449) (35,449) - 35,449
Total Other Financing Sources (Uses) (50,449) (50,449) - 50,449
Net Change in Fund Balances (252,554) (252,554) 4,409 256,963
Fund Balances-October 1 252,554 252,554 261,587 9,033
Fund Balances-September 30 $ - $ - $ 265,996 $ 265,996
G-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DUCK KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 1,098 $ 1,098
Total Revenues - - 1,098 1,098
EXPENDITURES:
Current:
Physical Environment:
Duck Key Wastewater 45,563 45,563 1,651 43,912
Total Expenditures 45,563 45,563 1,651 43,912
Excess/Deficiency of Revenues
Over(Under) Expenditures (45,563) (45,563) (553) 45,010
Other Financing Sources (Uses):
Reserve for Contingencies (13,200) (13,200) - 13,200
Total Other Financing Sources (Uses) (13,200) (13,200) - 13,200
Net Change in Fund Balances (58,763) (58,763) (553) 58,210
Fund Balances-October 1 58,763 58,763 49,739 (9,024)
Fund Balances-September 30 $ - $ - $ 49,186 $ 49,186
G-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CANAL#266 MUNICIPAL SERVICE BENEFIT UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 34,943 $ 34,943 $ 33,735 $ (1,208)
Investment Income - - 234 234
Total Revenues 34,943 34,943 33,969 (974)
EXPENDITURES:
Current:
Physical Environment:
Tax Collector 1,049 1,049 - 1,049
Canal#266 32,147 32,147 4,380 27,767
Total Expenditures 33,196 33,196 4,380 28,816
Excess/Deficiency of Revenues
Over(Under) Expenditures 1,747 1,747 29,589 27,842
Net Change in Fund Balances 1,747 1,747 29,589 27,842
Fund Balances-October 1 (1,747) (1,747) - 1,747
Fund Balances-September 30 $ - $ - $ 29,589 $ 29,589
G-58
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BUILDING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 5,900,000 $ 5,900,000 $ 5,078,674 $ (821,326)
Charges for Services 120,000 120,000 111,581 (8,419)
Investment Income 20,000 20,000 46,577 26,577
Miscellaneous 30,000 30,000 30,905 905
Total Revenues 6,070,000 6,070,000 5,267,737 (802,263)
EXPENDITURES:
Current:
Public Safety
Building Department 5,941,434 5,941,434 5,133,424 808,010
Building Legal 68,172 75,172 74,235 937
Building Refunds 30,000 80,000 74,509 5,491
Total Expenditures 6,039,606 6,096,606 5,282,168 814,438
Excess/Deficiency of Revenues
Over(Under) Expenditures 30,394 (26,606) (14,431) 12,175
Other Financing Sources (Uses):
Reserve for Contingencies (154,127) (97,127) - 97,127
Reserve for Cash Balance (271,516) (271,516) - 271,516
Transfer From Other Funds - - 700,000 700,000
Transfer to Other Funds (538,659) (538,659) (538,659) -
Total Other Financing Sources (Uses) (964,302) (907,302) 161,341 1,068,643
Net Change in Fund Balances (933,908) (933,908) 146,910 1,080,818
Fund Balances-October 1 933,908 933,908 2,160,425 1,226,517
Fund Balances-September 30 $ - $ - $ 2,307,335 $ 2,307,335
G-59
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
ROAD AND BRIDGE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes $ 2,612,000 $ 2,612,000 $ 2,295,662 $ (316,338)
Intergovernmental 4,075,000 4,075,000 3,505,794 (569,206)
Charges for Services 66,000 66,000 3,203 (62,797)
Investment Income 70,000 70,000 299,056 229,056
Miscellaneous 22,700 22,700 81,164 58,464
Total Revenues 6,845,700 6,845,700 6,184,879 (660,821)
Expenditures:
Current:
Transportation:
Road Department 4,808,718 4,568,307 4,014,122 554,185
County Engineer Road and Bridge 551,011 749,748 652,793 96,955
Street Lighting 183,808 183,808 150,177 33,631
Local Option Gas Tax Projects 362,583 362,583 287,821 74,762
80% Gas Tax 500,000 500,000 500,000 -
Paving Backlog - 350,000 - 350,000
Roadway Projects 4,809,227 5,306,286 1,411,113 3,895,173
Sugarloaf Blvd Bridge 1,470,000 1,470,000 248,851 1,221,149
Sustainability Roads 911,750 911,750 624,777 286,973
Total Transportation 13,597,097 14,402,482 7,889,654 6,512,828
Total Expenditures 13,597,097 14,402,482 7,889,654 6,512,828
Excess/Deficiency of Revenues
Over(Under) Expenditures (6,751,397) (7,556,782) (1,704,775) 5,852,007
Other Financing Sources (Uses):
Reserve for Contingencies (805,385) - - -
Reserve for Cash Balance (657,268) (657,268) - 657,268
Transfers to Other Funds (408,919) (408,919) (408,919) -
Total Other Financing Sources (Uses) (1,871,572) (1,066,187) (408,919) 657,268
Net Change in Fund Balances (8,622,969) (8,622,969) (2,113,694) 6,509,275
Fund Balances-October 1 8,622,969 8,622,969 12,683,255 4,060,286
Fund Balances-September 30 $ - $ - $ 10,569,561 $ 10,569,561
G-60
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CLERK'S REVENUE NOTE CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 2,737 $ 2,737
Total Revenues - - 2,737 2,737
EXPENDITURES:
Capital Projects 100,000 100,000 - 100,000
Total Expenditures 100,000 100,000 - 100,000
Excess/Deficiency of Revenues
Over (Under) Expenditures (100,000) (100,000) 2,737 102,737
Other Financing Sources (Uses):
Issuance of Debt - 1,500,000 4,000,000 2,500,000
Transfers to Other Funds - (1,500,000) (1,500,000) -
Total Other Financing Sources (Uses) - - 2,500,000 2,500,000
Net Change in Fund Balances (100,000) (100,000) 2,502,737 2,602,737
Fund Balances-October 1 100,000 100,000 109,548 9,548
Fund Balances-September 30 $ - $ - $ 2,612,285 $ 2,612,285
G-61
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
INFRASTRUCTURE REVENUE BONDS SERIES 2007 CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 5,000 $ 5,000 $ 1,809 $ (3,191)
Total Revenues 51000 57000 17809 (37191)
EXPENDITURES:
Capital Projects - - - -
Total Expenditures - - - -
Excess/Deficiency of Revenues
Over (Under) Expenditures 57000 57000 17809 (37191)
Other Financing Sources (Uses):
Transfers to Other Funds (2667271) (2667271) - 2667271
Total Other Financing Sources (Uses) (2667271) (2667271) - 2667271
Net Change in Fund Balances (2617271) (2617271) 17809 2637080
Fund Balances-October 1 2617271 2617271 1837749 (777522)
Fund Balances-September 30 $ - $ - $ 1857558 $ 1857558
G-62
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BIG COPPITT WASTEWATER CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 330,000 $ 330,000 $ 290,620 $ (39,380)
Investment Income 5,000 5,000 55,254 50,254
Miscellaneous Income - - 31,410 31,410
Total Revenues 335,000 335,000 377,284 42,284
EXPENDITURES:
Current:
Capital Outlay:
Physical Environment:
Big Coppitt Refunds 5,000 5,000 - 5,000
Big Coppitt Special Assessment 25,000 25,000 20,866 4,134
Total Physical Environment 30,000 30,000 20,866 9,134
Total Capital Outlay Expenditures 30,000 30,000 20,866 9,134
Excess/Deficiency of Revenues
Over(Under) Expenditures 305,000 305,000 356,418 51,418
Other Financing Sources (Uses):
Transfers from Constitutional Officers - - 762 762
Transfers from Other Funds - - 861,358 861,358
Transfers to Other Funds (682,000) (682,000) (682,000) -
Total Other Financing Sources (Uses) (682,000) (682,000) 180,120 862,120
Net Change in Fund Balances (377,000) (377,000) 536,538 913,538
Fund Balances-October 1 377,000 377,000 62,286 (314,714)
Fund Balances-September 30 $ - $ - $ 598,824 $ 598,824
G-63
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY WASTEWATER PROJECT CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 80,000 $ 80,000 $ 123,049 $ 43,049
Investment Income 3,500 3,500 20,201 16,701
Miscellaneous - - 6,658 6,658
Total Revenues 83,500 83,500 149,908 66,408
EXPENDITURES:
Capital Projects 35,000 35,000 175 34,825
Total Expenditures 35,000 35,000 175 34,825
Excess/Deficiency of Revenues
Over (Under) Expenditures 48,500 48,500 149,733 101,233
Other Financing Sources (Uses):
Reserve for Contingencies (83,100) (83,100) - 83,100
Reserve for Cash Balance (44,225) (44,225) - 44,225
Transfer From Other Funds - - 162 162
Total Other Financing Sources (Uses) (127,325) (127,325) 162 127,487
Net Change in Fund Balances (78,825) (78,825) 149,895 228,720
Fund Balances-October 1 78,825 78,825 367,408 288,583
Fund Balances-September 30 $ - $ - $ 517,303 $ 517,303
G-64
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LONG KEY WASTEWATER PROJECT CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 2,100 $ 2,100 $ 6,601 $ 4,501
Total Revenues 2,100 2,100 6,601 4,501
EXPENDITURES:
Capital Projects - 424,502 42,004 382,498
Total Expenditures - 424,502 42,004 382,498
Excess/Deficiency of Revenues
Over (Under) Expenditures 2,100 (422,402) (35,403) 386,999
Other Financing Sources (Uses):
Reserve for Contingencies (730,569) (306,067) - 306,067
Total Other Financing Sources (Uses) (730,569) (306,067) - 306,067
Net Change in Fund Balances (728,469) (728,469) (35,403) 693,066
Fund Balances-October 1 728,469 728,469 738,005 9,536
Fund Balances-September 30 $ - $ - $ 702,602 $ 702,602
G-65
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LAND ACQUISITION FUND CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental Revenue $ - $ - $ 12,975 $ 12,975
Investment Income - - 11,702 11,702
Miscellaneous Income - - 169,185 169,185
Total Revenues - - 193,862 193,862
EXPENDITURES:
Capital Projects 3,175,000 3,175,000 2,452,719 722,281
Total Expenditures 3,175,000 3,175,000 2,452,719 722,281
Excess/Deficiency of Revenues
Over (Under) Expenditures (3,175,000) (3,175,000) (2,258,857) 916,143
Other Financing Sources (Uses):
Transfer From Other Funds 1,250,000 1,250,000 1,250,000 -
Total Other Financing Sources (Uses) 1,250,000 1,250,000 1,250,000 -
Net Change in Fund Balances (1,925,000) (1,925,000) (1,008,857) 916,143
Fund Balances-October 1 1,925,000 1,925,000 1,809,118 (115,882)
Fund Balances-September 30 $ - $ - $ 800,261 $ 800,261
G-66
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2020
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
ASSETS
Current Assets:
Cash and Cash Equivalents $ 680,697 $ 2,719,202 $ 708,986
Investments 3,530,659 14,405,309 3,815,242
Accounts Receivable, Net - 67,891 249
Due from Other Governmental Units 148 102,643 30,636
Due from Constitutional Officers 17,579 60,851 -
Interest Receivable 41 218 147
Total Current Assets 4,229,124 17,356,114 4,555,260
Noncurrent Assets:
Land and Other Nondepreciable Assets - - -
Capital Assets, Net of Accum. Depreciation - 24,136 26,123
Total Noncurrent Assets - 24,136 26,123
Total Assets 4,229,124 17,380,250 4,581,383
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 65,544 101,786 153,107
Related to OPEB 600 14,500 14,300
Total Deferred Outflows of Resources 66,144 116,286 167,407
LIABILITIES
Current Liabilities:
Accounts Payable 2,794 1,802,677 77,767
Accrued Wages and Benefits Payable 2,298 3,557 4,095
Claims and Judgments Payable 1,640,388 1,062,523 680,010
Due to Other Funds - - -
Due to Other Governmental Units 6,967 9 -
Accrued Comp.Absences Payable 7,407 10,873 16,192
Total Current Liabilities 1,659,854 2,879,639 778,064
Noncurrent Liabilities:
Accrued Comp.Absences Payable 29,629 43,494 64,768
OPEB Liability 4,000 27,000 68,000
Net Pension Liability 232,286 319,788 324,479
Total Noncurrent Liabilities 265,915 390,282 457,247
Total Liabilities 1,925,769 3,269,921 1,235,311
DEFERRED INFLOWS OF RESOURCES
Related to Pensions 6,722 10,535 14,068
Related to OPEB 1,100 46,700 2,700
Total Deferred Inflows of Resources 7,822 57,235 16,768
NET POSITION
Investment in Capital Assets - 24,136 26,123
Unrestricted 2,361,677 14,145,244 3,470,588
Total Net Position $ 2,361,677 $ 14,169,380 $ 3,496,711
H-1
Fleet
Management
Fund Total
$ 406,719 $ 4,515,604
2,496,084 24,247,294
- 68,140
10,831 144,258
- 78,430
34 440
2,913,668 29,054,166
54,000 54,000
644,004 694,263
698,004 748,263
3,611,672 29,802,429
560,423 880,860
71,400 100,800
631,823 981,660
26,429 1,909,667
19,328 29,278
- 3,382,921
616,939 616,939
5 6,981
35,861 70,333
698,562 6,016,119
143,443 281,334
251,000 350,000
1,385,868 2,262,421
1,780,311 2,893,755
2,478,873 8,909,874
53,532 84,857
301,700 352,200
355,232 437,057
698,004 748,263
711,386 20,688,895
$ 1,409,390 $ 21,437,158
H-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Revenues:
Charges for Services $ 2,319,526 $ 17,811,526 $ 4,375,335
Miscellaneous 204,882 50,000 1,997
Total Operating Revenues 2,524,408 17,861,526 4,377,332
Operating Expenses:
Personnel Services 240,027 383,319 467,503
Operations 382,365 2,145,320 3,233,417
Depreciation and Amortization - 5,111 1,038
Asserted and Paid Claims 2,169,013 14,933,097 502,258
Total Operating Expenses 2,791,405 17,466,847 4,204,216
Operating Income (Loss) (266,997) 394,679 173,116
Other Financing Sources (Uses):
Investment Income 70,553 371,895 128,758
Insurance Recoveries - 287,557 1,475,303
Total Other Financing Sources (Uses): 70,553 659,452 1,604,061
Income (Loss) Before Transfers (196,444) 1,054,131 1,777,177
Total Transfers:
Transfers from Other Funds - - 843,281
Transfers to Other Funds (69,064) (127,936) (133,720)
Total Transfers (69,064) (127,936) 709,561
Change in Net Position (265,508) 926,195 2,486,738
Net Position-October 1 2,627,185 13,243,185 1,009,973
Net Position-September30 $ 2,361,677 $ 14,169,380 $ 3,496,711
H-3
Fleet
Management
Fund Total
$ 3,579,866 $ 28,086,253
- 256,879
3,579,866 28,343,132
1,912,031 3,002,880
1,114,727 6,875,829
57,356 63,505
- 17,604,368
3,084,114 27,546,582
495,752 796,550
82,480 653,686
- 1,762,860
82,480 2,416,546
578,232 3,213,096
- 843,281
(792,939) (1,123,659)
(792,939) (280,378)
(214,707) 2,932,718
1,624,097 18,504,440
$ 1,409,390 $ 21,437,158
H-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Activities:
Cash Received for Services $ 2,320,037 $ 17,766,266 $ 4,375,210
Cash Received from Insurance Recoveries - 287,557 1,475,303
Cash Payments to Suppliers for Goods and Svcs (391,913) (1,193,352) (3,339,836)
Cash Payments for Employee Services (208,596) (321,066) (398,395)
Cash Payments for Claims (1,862,141) (14,991,833) (468,918)
Cash Received from (Paid to) Other Sources (4,242) 16,871 (8,734,488)
Other Operating Revenue 211,119 83,137 24,351
Net Cash Provided by(Used in)
Operating Activities 64,264 1,647,580 (7,066,773)
Noncapital Financing Activities:
Transfers to Other Funds (69,064) (127,936) (133,720)
Net Cash Provided by(Used in) Noncapital
Financing Activities (69,064) (127,936) (133,720)
Capital and Related Financing Activities:
Acquisition of Capital Assets - (1,330) (4,715)
Net Cash Provided by(Used in) Capital and
Related Financing Activities - (1,330) (4,715)
Investing Activities:
Investment Income 70,553 371,895 128,758
Proceeds from Sales and Maturities of Investments 1,988,410 13,131,207 1,246,079
Purchase of Investment Securities (2,882,659) (13,359,958) (2,558,885)
Net Cash Provided by(Used in) Investing Activities (823,696) 143,144 (1,184,048)
Net Increase(Decrease) in Cash and
Cash Equivalents (828,496) 1,661,458 (8,389,256)
Cash and Cash Equivalents:
October 1 1,509,193 1,057,744 9,098,242
September 30 $ 680,697 $ 2,719,202 $ 708,986
H-5
Fleet
Management
Fund Total
$ 3,579,866 $ 28,041,379
- 1,762,860
(1,132,094) (6,057,195)
(1,706,378) (2,634,435)
- (17,322,892)
625,004 (8,096,855)
5,157 323,764
1,371,555 (3,983,374)
(792,939) (1,123,659)
(792,939) (1,123,659)
(29,553) (35,598)
(29,553) (35,598)
82,480 653,686
1,809,706 18,175,402
(2,166,638) (20,968,140)
(274,452) (2,139,052)
274,611 (7,281,683)
132,108 11,797,287
$ 406,719 $ 4,515,604
(Continued)
H-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS (CONTINUED)
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2020
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Reconciliation of Operating Income (Loss)
to Net Cash Provided by(Used in)
Operating Activities:
Operating Income (Loss) $ (266,997) $ 394,679 $ 173,116
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
activities:
Depreciation and Amortization - 5,111 1,038
Other - - -
Nonoperating Income-Insurance Recoveries - 287,557 1,475,303
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable 511 (45,260) (125)
(Increase) Decrease in Due from Other Gov't Units 34 16,807 (11,716)
(Increase) Decrease in Due fm Constitutional Ofcrs 3,943 3,859 -
(Increase) Decrease in Interest Receivable 6,237 33,137 22,354
Increase (Decrease)in Accounts Payable (9,548) 951,968 (106,419)
Increase (Decrease)in Accrued Wages/Benefits (3,642) 772 (7,885)
Increase (Decrease)in Claims/Judgments Payable 306,872 (58,736) 33,340
Increase (Decrease)in Due to Other Funds - - (8,722,772)
Increase (Decrease)in Due to Other Gov't Units (8,219) (3,795) -
Increase (Decrease)in Comp. Absences Payable 17,627 21,300 30,415
Increase (Decrease)in OPEB Liability 2,000 (34,000) 14,000
Increase (Decrease)in Pension Liability 40,908 63,459 96,785
Increase (Decrease)in Deferred Outflows (21,711) (19,992) (49,387)
Increase (Decrease)in Deferred Inflows (3,751) 30,714 (14,820)
Total Adjustments 331,261 1,252,901 (7,239,889)
Net Cash Provided by (Used in)
Operating Activities $ 64,264 $ 1,647,580 $ (7,066,773)
Cash Reconciliation:
Unrestricted $ 680,697 $ 2,719,202 $ 708,986
H-7
Fleet
Management
Fund Total
$ 495,752 $ 796,550
57,356 63,505
- 1,762,860
- (44,874)
8,060 13,185
- 7,802
5,157 66,885
(17,367) 818,634
(33,856) (44,611)
- 281,476
616,939 (8,105,833)
5 (12,009)
54,493 123,835
(248,000) (266,000)
352,741 553,893
(131,543) (222,633)
211,818 223,961
875,803 (4,779,924)
$ 1,371,555 $ (3,983,374)
$ 406,719 $ 4,515,604
H-8
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
STATEMENT OF NET POSITION
SEPTEMBER 30, 2020
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Assets:
Cash and investments $ 14,628,392
Due from BOCC 678,944
Due from state of Florida 22,521
Mortgages receivable 8,769,025
Deposits 179,500
Equipment, net of accumulated depreciation 1,468
Capital assets- land 34,109,397
Intangible assets 15,696,806
Total Assets 74,086,053
Deferred Outflows of Resources:
Pension 169,073
Other postemployment benefits 15,952
Total Deferred Outflows 185,025
LIABILITIES,DEFERRED INFLOWS OF RESOURCES,AND NET POSITION
Current Liabilities:
Accounts payable 3,976
Accrued wages 17,488
Compensated absences 24,323
Total Current Liabilities 45,787
Noncurrent Liabilities:
Compensated absences 64,885
Net pension liability 451,209
Other postemployment benefits liability 49,530
Total Noncurrent Liabilities 565,624
Total Liabilities 611,411
Deferred Inflows of Resources:
Pension 6,922
Other postemployment benefits 55,187
Total Deferred Inflows 62,109
Net Position:
Investment in capital assets 49,807,671
Restricted 7,432,691
Unrestricted 16,357,196
Total Net Position $ 73,597,558
The accompanying notes to the financial statements are an integral part of this statement.
1-1
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
(A Component Unit of Monroe County, Florida)
STATEMENT OF ACTIVITIES
YEAR ENDED SEPTEMBER 30, 2020
General Revenues:
Intergovernmental $ 4,470,840
Investment income 159,924
Land contributions 46,450
Total General Revenues 4,677,214
Program Expenses:
General government 553,689
Due diligence land costs 361,400
Land conveyances 2,375,418
Total Program Expenses 3,290,507
Increase in net position 1,386,707
Net position, beginning of year 72,210,851
Net position, end of year $ 73,597,558
The accompanying notes to the financial statements are an integral part of this statement.
1-2
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 Clerk Ex Officio, Mayor
Board of County Commissioners
Monroe County, Florida
We have audited, in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to the financial audits contained in Government Auditing Standards issued by the
Comptroller General of the United States, the financial statements of each major fund and the aggregate
remaining fund information of the Monroe County, Florida Board of County Commissioners (the "Board") as of
and for the year ended September 30, 2020, and the related notes to the financial statements, which collectively
comprise the Board's basic financial statements, and have issued our report thereon dated March 19, 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 Board's internal control over
financial reporting ("internal control") as a basis for designing 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 Board's internal control. Accordingly, we do not express an
opinion on the effectiveness of the Board'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 combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the Board'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 Board'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 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.
J-1
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 Board'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 Board's internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
Tampa, Florida
March 19, 2021
J-2
Cherry rl-
Independent Auditor's Management Letter
To the Clerk Ex Officio, Mayor
Board of County Commissioners
Monroe County, Florida
Report on the Financial Statements
We have audited the financial statements of each major fund and the aggregate remaining fund information of
the Monroe County, Florida Board of County Commissioners (the "Board") as of and for the year ended
September 30, 2020, and have issued our report thereon dated March 19, 2021.
Auditor's Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States; 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 the Financial Statements Performed in Accordance with
Government Auditing Standards; and our 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 those reports, which are dated March 19, 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 audit
report. There were no findings noted in the preceding annual financial 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 the financial statements. Such disclosure is included in notes to the financial
statements.
Financial Condition and Management
Section 10.554(1)(i)2., 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.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to 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.
J-3
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.
C, e_L L-,�P
Tampa, Florida
March 19, 2021
J-4
Cherry rl-
Report of Independent Accountant on Compliance
with Local Government Investment Policies
To the Clerk Ex Officio, Mayor
Board of County Commissioners
Monroe County, Florida:
We have examined the Monroe County, Florida Board of County Commissioners' (the "Board") compliance with
the local government investment policy requirements of Section 218.415, Florida Statutes, for the year ended
September 30, 2020. Management of the Board is responsible for the Board's compliance with the specified
requirements. Our responsibility is to express an opinion on the Board'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 Board complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the Board complied with the specified requirements. The nature, timing and extent of the procedures
selected depend on our judgment, 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 Board's compliance with the specified
requirements.
In our opinion, the Board 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.
C, eL L-,�P
Tampa, Florida
March 19, 2021
J-5