FY2021
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
FINANCIALSTATEMENTSAND
SUPPLEMENTARYINFORMATION
As of and for the Year Ended September 30, 2021
And Reports of Independent Auditor
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
TABLEOFCONTENTS
REPORTOFINDEPENDENTAUDITOR ................................................................................................. 1-2
DISCUSSIONANDANALYSIS .............................................................................. 3-6
BASICFINANCIALSTATEMENTS
Government-Wide Financial Statements:
Statement of Net Position .................................................................................................................................. 7
Statement of Activities ........................................................................................................................................ 8
Fund Financial Statements:
General Fund .......................................................................................................................... 9
Statement of Revenues, Expenditures and Changes in Fund Ba
Notes to the Financial Statements ............................................................................................................. 11-28
REQUIREDSUPPLEMENTARYINFORMATION
Schedule of Changes in t............................................. 29
Florida Retirement System Pension Plan
on Plan Liability .............................................. 30
Florida Retirement System Pension Plan ............................ 30
Health Insurance Subsidy Plan
on Plan Liability ............................................... 31
the Health Insurance Subsidy Plan ........................................... 31
(Budgetary Basis) ....................................................................................................... 32
SUPPLEMENTARYINDEPENDENTREPORTS
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 ............................................................... 33-34
Management Letter .................................................................................................. 35-36
Report of Independent Accountant on Compliance with Local Government Investment Policies ..................... 37
ReportofIndependentAuditor
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
ReportontheFinancialStatements
We have audited the accompanying financial statements of the governmental activities and the major fund of the
Monroe County Comprehensive Plan Land Authority (the unit of Monroe County,
Florida, as of and for the fiscal year ended September 30, 2021, and the related notes to the financial
statements, as listed in the table of contents.
ResponsibilityfortheFinancialStatements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of the
financial statements that are free from material misstatement, whether due to fraud or error.
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 risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
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
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 the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities and the major fund of the Authority as of September 30, 2021,
and the respective changes in financial position for the year then ended, in accordance with accounting
principles generally accepted in the United States of America.
cbh.com
OtherMatters
RequiredSupplementaryInformation
Accounting principles generally accepted in the United States of America requi
Discussion and Analysis and the Required Supplementary Information as listed in the table of contents be
presented to supplement the basic financial statements. Such information, although not a part of the 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
nquiries, 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.
OtherReportingRequiredby GovernmentAuditingStandards
In accordance with Government Auditing Standards, we have also issued our report dated March 14, 2022 on
ternal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to pr
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards
compliance.
Tampa, Florida
March 14, 2022
2
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComprehensiveUnitofMonroeCounty,Florida)
DISCUSSIONANDANALYSIS
As management of the Monroe County Comprehensive Plan
the fiscal year ended September 30, 2021.
Overview of the Financial Statements
This discussion and analysis serves as an introduction and guisic financial statements.
ree components: 1) government-wide financial statements,
2) fund financial statements, and 3) notes to the financial statements. Following the notes is the required
supplementary information. This section contains fu
Government-Wide Financial Statements. The government-wide financial statements are designed to provide
readers with a broad overview of the
The Statement of Net Position presents information on all
liabilities, and deferred inflows of resources, with the difference reported as net position. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the Authority is
improving or deteriorating.
The Statement of Activities presents information show
most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Compensated absences and pension related items
do not use current financial resources and, therefore, are not reported as expenditures in the General Fund.
Fund Financial Statements. The General Fund is used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide
financial statements, the General Fund financial statements focus on near-term inflows and outflows of spendable
resources, as well as on balances of spendable resources available at the end of the fiscal year. This information
ty to fund new acquisitions in the near-term.
Since the focus of the General Fund is narrower than that of the government-wide financial statements, it is useful
to compare the information presented for the General Fund with similar information presented for governmental
activities in the government-wide financial statements. By doing so, readers may better understand the long-term
Both the General Fund Balance Sheet and the General
Fund Statement of Revenues, Expenditures, and Changes in Fund Balance provide a reconciliation to facilitate
this comparison between fund level and government-wide activities.
The Authority adopts an annual appropriated budget. A budgetary comparison statement has been provided to
demonstrate compliance with this budget.
Notes to the Financial Statements. The notes contained in this report provide additional information that is
essential to a full understanding of the data provided. The notes are an integral part of the basic financial
statements.
Other Information. In addition to financial statements and accompanying notes, this report also presents
supplementary information required by the Governmental Accounting Standards Board.
3
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComprehensiveUnitofMonroeCounty,Florida)
DISCUSSIONANDANALYSIS
Government-Wide Financial Analysis
Statement of Net Position. In the Statement of Net Position present
$81,592,077 and include cash and investments, amounts due from other governments for tourist impact tax and
park surcharge fees, mortgages receivable, deposits, capital assets in the form of acquired land, equipment, and
intangible assets in the form of affordable housing restrictions. The mortgage receivables consist of nine long-term
balloon loans issued for the acquisition of affordable housing sites as described in Note 3, two of which are forgivable.
Cash and investments are the assets typically of most impord of Directors and to the
public, as these assets are the resources most readily available to meet current and future needs for property
$21,069,138. This amount compares with $14,628,392 at
the end of the previous fiscal year, an increase of $6,440,746. Largely due to an increase in revenue of $3,820,872
compared to prior year and a decrease in expenditures of $2,206,600. Approximately 62%
consist of land and intangible assets acquired for specific public purposes, approximately 11% consist of
mortgages, and approximately 26% are categorized as cash and investments.
unts payable, accrued wages, and compensated absences
(annual leave and sick leave) forecasted to be used during
consist of compensated absences that are forecasted not to be used during the upcoming year, as well as net
pension and net other postemployment benefits liabilities. Total liabilities are $452,090.
stment in capital assets, restricted specifically for the
acquisition of land or the activities described in Section 380.0666, Florida Statutes
011,737, an increase of $7,414,179 from prior year. Of this
total, $50,384,478 is invested in capital assets, $13,891,925 is restricted, and $16,735,334 is unrestricted.
The following table provides a condensed comparison of tNet Position at year-end for
2021 and 2020:
20212020
Cash and investments21,069,138$ 14,628,392$
Capital and other assets60,522,939 59,457,661
Total Assets81,592,077 74,086,053
Deferred Outflows of Resources150,538 185,025
Total Liabilities452,090 611,411
Deferred Inflows of Resources278,788 62,109
Net Position:
Investment in capital assets50,384,478 49,807,671
Restricted13,891,925 7,432,691
Unrestricted16,735,334 16,357,196
Total Net Position81,011,737$ 73,597,558$
4
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComprehensiveUnitofMonroeCounty,Florida)
DISCUSSIONANDANALYSIS
Statement of Activities. In the Statement of Activities present
$8,498,086 and include intergovernmental revenue consisting of tourist impact tax and park surcharge fees and
investment income consisting of interest on cash and investment accounts. Tourism impact tax represents a 1%
tourist impact tax charged on short term rentals remitted back from the State of Florida Department of Revenue
as a result of areas of critical state concern identified by the State of Florida within Monroe County. Park surcharge
fees are fees that are remitted back from the State of Florida Department of Environmental Protection as a result
of a surcharge for individuals attending state parks in identified areas of critical state concern within Monroe
County, as enacted by Florida Statute 380.0685. The
compared to the prior year. This increase was largely due to the negative economic impact brought on by the
COVID-19 pandemic on the tourism industry in fiscal year 2020 and refunds of prior year judgments and claims
costs.
The program expenses in the Statement of Activities total $1,083,907 and consist of amounts paid as a result of
general government expenses and land conveyances. The $600,324 in general government expenses includes
the amount by which compensated absences increased
during the current year. Total program expenses for fiscal year 2021 decreased by $2,206,600 compared to the
prior year, largely due to a decrease in land contribution conveyances in fiscal year 2021 compared to fiscal year
2020.
The following table provides a condensed comparison of ttivities at year-end for
2021 and 2020:
20212020
General Revenues:
Intergovernmental7,780,532$ 4,470,840$
Investment income25,629 159,924
Miscellaneous Income473,504 -
Land contributions218,421 46,450
Total General Revenues8,498,086 4,677,214
Program Expenses:
General government600,324 553,689
Due diligence land costs- 361,400
Land contribution conveyances483,583 2,375,418
Total Program Expenses1,083,907 3,290,507
Increase in net position7,414,179 1,386,707
Net position, beginning of year73,597,558 72,210,851
Net position, end of year81,011,737$ 73,597,558$
Financial Analysis of the General Fund
As noted above, the Authority uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
ovide information on near-term inflows, outflows, and
balances of spendable resources. This information can be useful in assessi
acquisitions in the near-term.
5
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComprehensiveUnitofMonroeCounty,Florida)
DISCUSSIONANDANALYSIS
Balance Sheet.
in a manner similar to the government-wide Statement of Net Position. However, since the General Fund Balance
Sheet is a fund-level presentation providing a near-term perspective, the assets sect
capital assets, the liability section excludes compensated absences and net pension and other postemployment
red outflows and inflows related to pensions and OPEB are excluded.
are $31,207,599 and its liabilities are $44,944.
This statement identifies $31,162,655 of total fund balance. Of this total, $8,769,025 is attributable to funds the
Authority may receive in the future from the repayment of mortgage loans and is, therefore, classified as
nonspendable; $13,891,925 is attributable to funds restricted for land acquisition and is, therefore, classified as
restricted; $4,293,248 is attributable to funds assigned for reserves; and $4,208,457 is attributable to funds which
s enabling legislation and is, therefore, classified as
unassigned. The Authority budgets its assigned for reserves fund balance based on contingency needs, end of
year cash balance, and Rate of Growth f and is subject to fluctuate yearly.
Statement of Revenues, Expenditures, and Changes in Fund Balance. The General Fund Statement of
expenditures in a manner similar to the government-wide Statement of Activities. However, in this format the
expenditures include land purchases (as capital outlay) and excludes pension related items, and compensated
absences. Presented in this manner, the Authorit
$1,373,928.
General Fund Budgetary Highlights. The Authority budgets its revenues and expenditures on the same basis
of accounting as presented in the basic financial statements of the General Fund, except that mortgage assistance
cash outlays and receipts are budgeted as operating activities and compensated absences are not budgeted in
personnel expenditures. There were no supplemental appropriations to amounts originally budgeted for fiscal year
2021.
As shown in the Budget and Actual schedule on page 32, the Authority operated within the limits established by
its adopted budget. Actual revenues were more than the budgeted amount by $4,164,665, while actual
expenditures are $15,698,314 less than budget. Most of the revenue surplus consists of an increase in
intergovernmental revenue. The investment income of $25,629 consists of interest. The majority of the
expenditure surplus is due to fewer land acquisitions th
includes budgeted reserves held for specific acquisition projects.
Capital Asset Administration
in capital assets amounts to $50,384,478, an increase
of $576,807, compared to the prior year. The increase was the net result of land and intangible asset acquisitions
less depreciation, conveyances, contributions, and write offs.
Long-Term Debt. of compensated absences, pension, and OPEB
liabilities. During the year, the Authorited by $182,801, primarily due to a decrease in
the pension liability.
Requests for Information
This financial report is designed to provide a general overvi
ng any of the information should be addressed to the
uman Avenue, Suite 207, Key West, FL 33040.
6
BASICFINANCIALSTATEMENTS
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
STATEMENTOFNETPOSITION
SEPTEMBER30,2021
ASSETSANDDEFERREDOUTFLOWSOFRESOURCES
Assets:
Cash and investments$ 21,069,138
Due from BOCC1,163,858
Due from state of Florida26,078
Mortgages receivable8,769,025
Deposits 179,500
Equipment, net of accumulated depreciation11,728
Capital assets - land34,675,944
Intangible assets15,696,806
Total Assets 81,592,077
Deferred Outflows of Resources:
Pension137,381
Other postemployment benefits13,157
Total Deferred Outflows 150,538
LIABILITIES,DEFERREDINFLOWSOFRESOURCES,ANDNETPOSITION
Current Liabilities:
Accounts payable 9,149
Accrued wages35,795
Compensated absences42,146
Total Current Liabilities 87,090
Noncurrent Liabilities:
Compensated absences134,589
Net pension liability176,411
Other postemployment benefits liability54,000
Total Noncurrent Liabilities365,000
Total Liabilities 452,090
Deferred Inflows of Resources:
Pension 237,196
Other postemployment benefits41,592
Total Deferred Inflows 278,788
Net Position:
Investment in capital assets50,384,478
Restricted13,891,925
Unrestricted 16,735,334
Total Net Position$ 81,011,737
The accompanying notes to the financial statements are an integral part of this statement. 7
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
STATEMENTOFACTIVITIES
YEARENDEDSEPTEMBER30,2021
General Revenues:
Intergovernmental$ 7,780,532
Investment income25,629
Miscellaneous income473,504
Land contributions218,421
Total General Revenues8,498,086
Program Expenses:
General government600,324
Land contribution conveyances 483,583
Total Program Expenses1,083,907
Increase in net position 7,414,179
Net position, beginning of year73,597,558
The accompanying notes to the financial statements are an integral part of this statement. 8
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
BALANCESHEETGENERALFUND
SEPTEMBER30,2021
ASSETS
Cash and investments$ 21,069,138
Due from BOCC1,163,858
Due from state of Florida26,078
Mortgages receivable8,769,025
Deposits 179,500
Total Assets$ 31,207,599
LIABILITIESANDFUNDBALANCE
Liabilities:
Accounts payable$ 9,149
Accrued wages 35,795
Total Liabilities 44,944
Fund Balance:
Nonspendable, mortgage loans8,769,025
Restricted, land acquisition13,891,925
Assigned, reserves 4,293,248
Unassigned, fund balance4,208,457
Total Fund Balance31,162,655
Total Liabilities and Fund Balance$ 31,207,599
Amounts reported in the statement of net position differ from amounts
reported above as follows:
Fund balance - total governmental funds31,162,655$
Capital assets used in governmental activities are not financial resources
and, therefore, are not reported above50,384,478
Deferred outflows of resources related to pensions137,381
Deferred outflows of resources related to other postemployment benefits13,157
Compensated absences are not due and payable in the current period and,
therefore, are not reported in the governmental funds(176,735)
Net pension liability(176,411)
Other postemployment benefits liability(54,000)
Deferred inflows of resources related to pensions(237,196)
Deferred inflows of resources related to other postemployment benefits(41,592)
Net Position of Governmental Activities$ 81,011,737
The accompanying notes to the financial statements are an integral part of this statement. 9
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESINFUNDBALANCE
GENERALFUND
YEARENDEDSEPTEMBER30,2021
Revenues:
Intergovernmental
State park revenue$ 445,470
Tourism impact revenue7,065,769
Tax Collector excess fees269,293
Miscellaneous income473,504
Investment income25,629
Total Revenues 8,279,665
Expenditures:
Current:
Personnel429,469
Operating99,610
Capital outlay844,849
Total Expenditures 1,373,928
Deficiency of revenues over expenditures 6,905,737
Fund balance, beginning of year 24,256,918
Fund balance, end of year$ 31,162,655
Amounts reported for governmental activities in the statement of activities
are different because:
Net change in fund balance-total governmental fund6,905,737$
Governmental funds report capital outlays as expenditures.
However, in the statement of activities, the cost of those
assets is capitalized net of accumulated depreciation of $2,880841,969
Land contributions and conveyances are not reported in government
funds; this is the amount of land conveyances and
land contributions during the fiscal year 2021(265,162)
Some expenses do not use current financial resources and,
therefore, are not reported as expenditures in government funds:
Compensated absences
(87,527)
Change in pension accounts
12,832
Change in other postemployment benefits accounts
6,330
Change in net position of governmental activities$ 7,414,179
The accompanying notes to the financial statements are an integral part of this statement. 10
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
Noteofoperationsandsummaryofsignificantaccountingpolicies
Reporting Entity
separate entity from Monroe County, Florida. However, the Monroe County Board of County Commissioners
serves as the governing board of the Authority; therefore, for financial reporting purposes, the Authority is
considered a component unit of Monroe County, Florida. The financial statements of the Authority are included
as a discretely presented component unit in the Monroe County, Florida Annual Comprehensive Financial
Report.
The Authority was established under Monroe County, Florida Ordinance 031-1986 pursuant to Florida
Statute 380. Its purpose is to operate a land acquisition program in Monroe County, to implement the Monroe
County Comprehensive Plan and address issues created by it.
Basis of Accounting ganized for reporting purposes on the basis
r fund, which accounts for all activities of the Authority and is accounted
for using the modified accrual basis of accounting. Revenues are recognized when they become measurable
s the amount of the transaction can be determined and
or soon enough thereafter to pay liabilities of the current
period. The Authority considers all revenues available if collected within 60 days after year-end. Expenditures
are recognized when the related fund liability is incurred.
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a
liability is incurred, regardless of the timing of related cash flows.
legally enacted through passage of a resolution.
Budgeted to Actual Expenditure reports are employed as a management control device during the year for the
fund. The budget is adopted on a basis consistent with accounting principles generally accepted in the United
xcept that mortgage assistance cash outlays and receipts are budgeted as
operating activities and compensation accruals are not budgeted. For the fiscal year 2021, the following
adjustments were necessary to present the actual data on a budgetary basis for the General Fund excess of
revenues over expenditures:
U.S. GAAP basis$ 6,905,737
Compensation accrual difference18,307
Non-U.S. GAAP budgetary basis6,924,044$
Capital Assets land and those assets with an initial, individual
cost of $1,000 or more and an estimated useful life in excess of two years. Such assets consist of land and
equipment which, when purchased, are Where land was acquired by donation
on or prior to September 30, 2010, the transaction cost plus the higher of
the tax assessed value at the time of donation or 115% of the 1986 tax assessed value. Where land was
acquired by donation after September 30, 2010, the asset is recorded at estimated acquisition cost, derived
ed value at the time of donation. Land is not depreciated
since it does not have a determinable useful life. Equipment is depreciated using the straight-line method over
the useful life of the equipment.
11
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
Noteofoperationsandsummaryofsignificantaccountingpolicies(continued)
Deferred Outflows and Inflows of Resources
sometimes report a separate section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net position that applies to a future period and so will
not be recognized as an expense or expenditure until then. The Authority has several items that meet this
plans subsequent to the measurement date. The statement of financial position also reports a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents
an acquisition of net position that applies to a future period and so will not be recognized as revenue until then. The
Authority has several items that meet this
Long-Term Obligations ents, long-term debt and other long-term
obligations are reported as liabilities in the applicable governmental activities.
Compensated Absences annual leave and sick leave in varying
amounts. Upon termination of employment, employees with six months or more of credited service can receive
payment for accumulated annual leave. In general, sick leave payments are granted upon termination of
employment to employees with five years or more of credited service. The maximum payment is subject to
percentage and maximum hour limitations. The amount of vested accumulated compensated absences payable
eave policies, is reported as a liability in the government-wide financial
statements. That liability includes earned but unused vacation and sick leave. Vacation leave is accrued based
on length of employment. Sick time is paid out based on length of employment up to one half of all accrued sick
leave, with a maximum of 120 days with 15 or more years of service.
Net Position al statements is classified as net investment in
capital assets; restricted; and unrestricted. Restricted net position represents constraints on resources that are
either externally imposed by creditors, grantors, contributors, or laws or regulations of other governments
imposed by law through state statute.
Fund Balances fund balance is composed of five classifications
designated to disclose the hierarchy of constraints placed on how fund balance can be spent. The government
fund types classify fund balances as follows:
Nonspendable are either not in spendable form, or for
legal or contractual reasons, must be kept intact. This classification includes inventories, prepaid amounts,
assets held for sale, and long-term receivables.
Restricted ces are either externally imposed by creditors
(such as through debt covenants), grantors, contributors, or other governments; or are imposed by law
(through constitutional provisions or enabling legislation).
Committed oses because of formal action (resolution or
level of decision-making authority.
Assigned intent to be used for specific purposes, but do
not meet the criteria to be classified as restricted or committed. Intent can be stipulated by the governing
body, another body (such as a Finance Committee), or by the Executive Director to whom that authority has
been given. With the exception of the General Fund, this is the residual fund balance classification for all
governmental funds with positive balances.
12
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
Noteofoperationsandsummaryofsignificantaccountingpolicies(continued)
Unassigned General Fund. Only the General Fund reports a
positive unassigned fund balance. Other governmental funds might report a negative balance in this
classification, as the result of overspending for specific purposes for which amounts had been restricted,
committed, or assigned.
Cash and Investments onsist of demand deposits and highly-liquid
investments with maturities of 90 days or less when purchased.
Use of Estimates al statements requires management to make use of estimates
that affect reported amounts. Actual results could differ from those estimates.
Noteandinvestments
As of September 30, 2021, the Authority has the following deposits and investments:
Demand deposits$ 470,791
Local Governmental Surplus Trust Florida PRIME20,598,347
Total deposits and investments21,069,138$
The Authority places its cash and investments on deposit with financial institutions in the United States. The
Federal Deposit Insurance Corporation covers $250,000 for substantially all depository accounts. The Authority,
from time to time, may have amounts on deposit in excess of the insured limits and the remaining balances are
insured 100% by the state of Florida collateral pool, a multiple-financial institution pool with the ability to assess
its members for collateral shortfalls if a member institution fails. As of September 30, 2021, the demand deposits
have a bank balance of $475,998.
orida Statute 218.415. This policy authorizes investments
in demand deposits, the Local Government Surplus Trust Fund, money market funds with the highest credit quality
rating from a nationally recognized agency, or direct obligations of the United States Treasury.
As of September 30, 2021, the Authority had $20,598,347 invested in the Local Government Surplus Trust
Fund, all of which is invested in Florida PRIME. Florida PRIME is a qualifying external investment pool
presented at amortized cost, which approximates fair value. There are no restrictions or limitations on
withdrawals; however, Florida PRIME 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.
, 2021 is 49 days. Next interest rate reset days for
floating rate securities are used in the calculation of the WAM. The weighted average life (WAL) of Florida
PRIME at September 30, 2021 is 64 days. The Florida PRIME was not exposed to any foreign currency risk
during the period from October 1, 2020 through September 30, 2021. The Florida PRIME did not participate in
any securities lending program in the period October 1, 2020 through September 30, 2021.
13
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
Notereceivable
Mortgages receivable as of September 30, 2021 are as follows:
Secondmortgageduefromgovernmentalagency,collateralizedbyland,payableinfull
November 2034, interest free (OR 1697-2076) and (as amended at OR 2442-1497)
$ 1,500,000
Secondmortgageduefromgovernmentalagency,collateralizedbyland,payableinfull
January 2034, interest free (OR 1965-1039)
2,210,000
Firstmortgageduefromgovernmentalagency,collateralizedbyland,payableinfull
September 2045, interest free (OR 1395-1409)
59,025
Thirdmortgageduefromprivatecompany,collateralizedbyland,payableinfullMay2050,
interest free (OR 1749-2340)
1,089,000
Thirdmortgageduefromprivatecompany,collateralizedbyland,payableinfullSeptember
2053, interest free (OR 1939-405)
1,500,000
Secondmortgageduefromgovernmentalagency,collateralizedbyland,payableinfullJuly
2040, interest free (OR 2475-1762)
836,000
Thirdmortgageduefromgovernmentalagency,collateralizedbyland,forgivableJuly2040,
interest free (OR 2475-1767)
800,000
Secondmortgageduefromgovernmentalagency,collateralizedbyland,payableinfull
November 2041, interest free (OR 2541-877/884)
225,000
Thirdmortgageduefromgovernmentalagency,collateralizedbyland,forgivableNovember
2041, interest free (OR 2541-885/895)
550,000
Total mortgages receivable8,769,025$
The mortgages receivable are presented as nonspendable fund balance, which indicates they do not constitute
14
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
Noteassets
A summary of changes in capital assets is as follows:
BalanceBalance
September30,September30,
2020AdditionsDeductions2021
Capital assets, not depreciated:
Land34,109,397$ 1,050,129$ (483,582)$ 34,675,944$
Intangible assets15,696,806 - - 15,696,806
Total capital assets, not depreciated49,806,203 1,050,129 (483,582) 50,372,750
Capital assets, depreciated:
Equipment4,373 13,140 - 17,513
Total capital assets, depreciated4,373 13,140 - 17,513
Less accumulated depreciation(2,905) (2,880) - (5,785)
Total capital assets, depreciated, net1,468 10,260 - 11,728
Total capital assets, net49,807,671$ 1,060,389$ (483,582)$ 50,384,478$
Current year additions include $218,420 of land contributions. City of Key West leases one property with a cost
of $101,606 from the Authority. This property, which is included in capital assets, is used to provide city
recreational facilities. The term of the lease provides for rental of $1 per year for 30 years, expiring in the year
e at no cost. The intangible assets referenced in the
above table consist of affordable housing restrictions that run in favor of the Authority.
Notetermdebt
The following is a summary of changes in the Aut
September 30, 2021:
BalanceCurrent
October1September30Portion
2020IncreasesDecreases2021ofBalance
Compensated absences89,208$ 104,713$ 17,186$ 176,735$ 42,146$
Net pension liability451,209 159,560 434,358 176,411 -
OPEB liability49,530 4,887 417 54,000 -
$ 269,160589,947$ 451,961$ 407,146$ 42,146$
15
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NotePostemploymentBenefitsPlan
GeneralInformationabouttheOtherPostemploymentBenefits:
Plan Description ngle-employer, defined benefits healthcare plan
Florida Statutes,
requires the Authority to provide retirees and their eligible dependents with the option to participate in the Plan if
the Authority 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 Government Accoun Accounting and
Financial Reporting for Postemployment Benefits Other than Pensions.
The County 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 County approves the rates for the coming calendar year for the retiree and Authority contributions.
The Authority is responsible for funding all obligations
net OPEB obligation.
Benefits Provided
October 1, 2001 may continue to participate in the Plan by paying the monthly premium established annually by
the County. Employees who retire as active participants in the Plan, were hired before October 1, 2001, have at
least 10 years of full-time service with the Authority and meet the retirement criteria of the Florida Retirement
maintain group insurance benefits with the Authority
following retirement, provided the retiring employee contributes the amounts as shown in the following table.
(1)
ContributionasPercentageofAnnualActuarialRate
PlanYearsofServicewithMonroeCounty
Year
25+20241019
(2)
2018 HIS 17% 18%
2019 HIS 18% 26%
2020 HIS 20% 34%
2021 HIS 22% 42%
2022 and 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 10
years of service (currently $5 per month for each year of service credit at retirement with a
minimum HIS payment of $30 and a maximum HIS payment of $150 per month).
Retirees who have met the requirements for early retirement, have not achieved age 60, and whose age and
years of service do not equal 70 (rule of 70), must pay the standard monthly premium until the age criteria or the
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.
16
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NotePostemploymentBenefitsPlan(continued)
An employee who retires as an active participant in the Plan, was hired prior to October 1, 2001, has at least
10 years of full-time service with the Authority, 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 Authority 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 Authority subsidy. Alternatively, retirees meeting these criteria may elect to leave the Authority health
plan and receive a $250 per month payment from the Authority, payable for the lifetime of the retiree.
Employees Covered by Benefit Terms loyment participation in the Plan is limited to
full-time employees of the Authority. At September 30, 2021, there were no terminated employees entitled to
deferred benefits. The membership of
Active employees4
Retirees and beneficiaries currently receiving benefit0
Total memberships4
Contributions ontribution requirements of Plan members. The
required contribution is based on pay-as-you-go financing requirements, net of member contributions.
TotalOPEBLiability:
ured as of September 30, 2021, and was determined by
an actuarial valuation as of October 25, 2021.
Actuarial Methods and Assumptions 021 as of September 30, 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 Authority in the September 30, 20201 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 2.21% per annum (Beginning of Year)
2.15% per annum (End of Year)
Source Bond Buyer 20-Bond GO index
Marriage Rate The assumed percentage of eligible dependents was based on the
current proportions of single and family contracts in the census
provided.
17
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NotePostemploymentBenefitsPlan(continued)
TotalOPEBLiability(continued):
Spouse Age Spouse dates of birth were provided by the Authority. 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
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 healthcare cost trend rate of 5.5% 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 Pub-2010 projected forward using the SOA scale MP-19.
Expected retiree claim costs were developed using 24 months historical claim experience through May 2020.
ChangesintheTotalOPEBLiability:
TotalOPEB
Liability
Balance at the beginning of the year49,530$
Changes for the year:
Service cost 3,461
Interest cost 1,166
Changes in assumptions or other inputs329
Benefit payment (486)
Net change in total OPEB liability4,470
Balance at the end of the year54,000$
18
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NotePostemploymentBenefitsPlan(continued)
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
liability of the Authority, as well as would be if it were calculated using a
discount rate that is 1-percentage-point lower (1.15%) or 1-percentage-point higher (3.15%) than the current
discount rate:
Current
1%DecreaseDiscountRate1%Increase
1.15%2.15%3.15%
Total OPEB liability 63,000$ 54,000$ 49,000$
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates
the total OPEB liability of the Authority, as well as whatability would be if it were
calculated using a healthcare cost trend rates that are one-percentage-point lower (4.5% decreasing to 3.5%) or
one-percentage-point higher (6.5% decreasing to 5.5%) than the current healthcare cost trend rates:
1%Decrease
CurrentTrend1%Increase
(4.5%decreasing(5.5%decreasing(6.5%decreasing
to3.5%)to4.5%)to5.5%)
Total OPEB liability47,000$ 54,000$ 64,000$
OPEBExpenseandDeferredOutflowsofResourcesandDeferredInflowsofResourcesRelatedto
OPEB
For the year ended September 30, 2021, the Authority recognized OPEB (benefit) expense of ($5,845). At
September 30, 2021, the Authority reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the following sources:
DeferredDeferred
OutflowsofInflowsof
ResourcesResources
Differences between expected and actual experience-$ (39,574)$
Changes of assumptions or other inputs13,157 (2,018)
$ (41,592)13,157$
19
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NotePostemploymentBenefitsPlan(continued)
The amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will
be recognized in OPEB (benefit) expense as follows:
Years Ending June 30,OPEB Amount
2022$ (10,472)
2023 (10,472)
2024 (10,472)
2025 903
2026 837
Thereafter 1,241
$ (28,435)
NoteRetirementSystemRetirementplans
FloridaRetirementSystem:
General Information e in the FRS. As provided by Chapters 121 and
112, Florida Statute, 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
Florida
Statutes
Plan, which is administered by the 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 Statute, 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.myflorida.com/workforce_operations/retirement/publications.
20
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NoteRetirementSystemRetirementplans(continued)
PensionPlan:
Plan Description -employer defined benefit pension plan, with a
Deferred Retirement Option Program
Benefits Provided puted 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.
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.
21
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NoteRetirementSystemRetirementplans(continued)
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 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, 2020 through June 30, 2021 and from July 1, 2021 through
September 30, 2021, respectively, were as follows: Regul
98% and 18.34%. These employer
contribution rates include 1.66% and 1.66% HIS Plan subsidy for the periods October 1, 2020 through June 30,
2021 and from July 1, 2021 through September 30, 2021, respectively.
led $33,882 for the fiscal year ended September 30, 2021.
Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions rted a liability of $66,539 for its proportionate
he net pension liability was measured as of June 30, 2021,
and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation
as of July 1, 2021.
fiscal year 2021 contributions relative to the fiscal year 2021 contributions of all participating members. At
s .000881%, which was an increase of .000085% from
its proportionate share measured as of June 30, 2020.
For the fiscal year ended September 30, 2021, the Authority recognized pension expense of $15,788. In
addition, the Authority reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
DeferredDeferred
OutflowsofInflowsof
DescriptionResourcesResources
Differences between expected and actual experience11,405$ -$
Changes of assumptions45,529 -
Changes in proportion and differences between Authority Pension
Plan contributions and proportionate share of contributions47,617 232,137
Authority Pension Plan contributions subsequent to the
measurement date9,021 -
$ 232,137113,572$
22
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NoteRetirementSystemRetirementplans(continued)
The deferred outflows of resources related to the Pension Plan, totaling $9,021, resulting from Authority
contributions to the Plan subsequent to the measurement date, will be recognized as a reduction of the net
pension liability in the fiscal year ended September 30, 2021. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to the Pension Plan will be recognized in pension expense as
follows:
YearsEndingJune30,
2022$ (22,471)
2023 (26,203)
2024 (34,709)
2025 (44,478)
Thereafter 275
$ (127,586)
Actuarial Assumptions
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,
2021, 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 on Pension Plan investments was not based on historical returns, but
instead is based on a forward-looking capital market econ
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:
Compound
AnnualAnnual
TargetArithmetic(Geometric)Standard
Allocation
AssetClassReturnReturnDeviation
Cash1.0%2.2%2.2%1.2%
Fixed income19.0%3.0%2.9%3.5%
Global equity54.2%8.0%6.7%17.1%
Real estate (property)10.3%6.4%5.8%11.7%
Private equity11.1%10.8%8.1%25.7%
Strategic investments4.4%5.5%5.3%6.9%
100%
23
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NoteRetirementSystemRetirementplans(continued)
Discount Rate
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.
s Proportionate Share of the Net Position Liability to Changes in the Discount Rate
The following represents the onate share of the net pension liability calculated using the
s proportionate share of the net pension liability (asset)
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:
Current
1%DecreaseDiscountRate1%Increase
5.80%6.80%7.80%
$297,566$66,539($126,573)
Pension Plan Fiduciary Net Position
available in the separately issued FRS Pension Plan and Other State-Administered Systems Annual
Comprehensive Financial Report.
HIS Plan:
Plan Description
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
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 ed 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, 2021, the HIS contribution for the period October 1, 2020
through September 30, 2021 was 1.66%. The Authority 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.
ed $5,228 for the fiscal year ended September 30, 2021.
24
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NoteRetirementSystemRetirementplans(continued)
Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions ed a liability of $109,872 for its proportionate
sion liability was measured as of June 30, 2021 and the
total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
July 1, 2021.
fiscal year contributions relative to the 2021 fiscal year contributions of all participating members. At June 30,
96%, which was a decrease of .000027% from its
proportionate share measured as of June 30, 2020.
For the fiscal year ended September 30, 2021, the Authority recognized pension expense of $6,379. In addition,
the Authority reported deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
DeferredDeferred
OutflowsofInflowsof
ResourcesResources
Differences between expected and actual experience3,677$ 46$
Changes of assumptions8,633 4,527
Net difference between projected and actual earnings on
Pension Plan investments115 -
Changes in proportion and differences between Authority Pension
Plan contributions and proportionate share of contributions10,057 486
Authority Pension Plan contributions subsequent to the
measurement date1,327 -
$ 5,05923,809$
The deferred outflows of resources related to the HIS Plan, totaling $1,327, resulting from Authority
contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of the net
pension liability in the fiscal year ended September 30, 2021. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to the HIS Plan will be recognized in pension expense as
follows:
Years Ending June 30,
2022$ 4,799
2023 1,529
2024 3,154
2025 4,187
2026 3,131
Thereafter 623
$ 17,423
25
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NoteRetirementSystemRetirementplans(continued)
Actuarial Assumptions
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 2.16%
Mortality rates were based on the PUB-2010 base table.
The actuarial assumptions used in the July 1, 2021 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 2.21% to 2.16%.
Discount Rate l pension liability was 2.16%. 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.
s Proportionate Share of the Net Position Liability to Changes in the Discount Rate
The following represents the onate share of the net pension liability calculated using the
discount rate of 2.16%, as well as wof the net pension liability would be if
it were calculated using a discount rate that is one-percentage-point lower (1.16%) or one-percentage-point
higher (3.16%) than the current rate:
Current
1%DecreaseDiscountRate1%Increase
1.16%2.16%3.16%
$127,022$109,872$95,821
HIS Plan Fiduciary Net Position
available in the separately issued FRS Pension Plan and Other State-Administered Systems Annual
Comprehensive Financial Report.
InvestmentPlan:
The SBA administers the defined contribution plan officially titled the FRS Investment Plan. The Investment Plan
statements and in the state of Florida Annual Comprehensive Financial
Report.
26
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
NoteRetirementSystemRetirementplans(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. Authority employees participating in DROP are not eligible to
participate in the Investment Plan. Employer and employee contributions, including amounts contributed to
he 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 Authority 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 0.06% of payroll and by forfeited benefits of plan members for the periods October 1, 2020 through
September 30, 2021. Allocations to the investment member
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 Authority 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. Nonvested
employer contributions are placed in a suspense account for up 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 these amounts, if any, would be immaterial to the
Authority.
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 lump-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.
$-0- for the fiscal year ended September 30, 2021.
Notebalance
As a general rule, the Executive Director will select the most restricted resource permissible and available to
fund a given activity. This practice will generally track the following hierarchy: miscellaneous funds consisting of
grants restricted for specific purposes, State Park and Tourist Impact Tax funds, and lastly unrestricted sources
such as interest income and unrestricted miscellaneous funds. In terms of fund balance classification,
expenditures are generally to be spent from restricted fund balance first, followed in order by committed fund
balance, assigned fund balance, and lastly unassigned fund balance as applicable. The Executive Director has
the authority to deviate from this practice if it is in the best interest of the Authority.
27
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
(AComponentUnitofMonroeCounty,Florida)
NOTESTOTHEFINANCIALSTATEMENTS
SEPTEMBER30,2021
Notebalance(continued)
The following schedule provides management and citizens with information on the position of the General Fund
balance that is available for appropriation.
Total fund balance - General Fund31,162,655$
Less:
Nonspendable, mortgage loans8,769,025
Restricted for land acquisition13,891,925
Assigned for reserves4,293,248
Unassigned fund balance$ 4,208,457
Notemanagement
The Authority is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets;
errors and omissions; injuries to employees; and natural disasters. The Authority participates in the coverage
oup Insurance, and Risk Management internal service
the self-insured coverage are covered by an excess
insurance policy. Risk management has a $5,000,000 excess insurance policy for general liability claims with a
$200,000 self-insured retention, and building property damage is covered for the actual value of the buildings
with a deductible of $50,000. Deductibles for windstorm and flood vary by location. Monroe County purchases
commercial insurance for claims in excess of coverage provided by the funds and for all other risks of loss.
Settled claims have not exceeded this commercial coverage in any of the past three years. The Authority makes
nce, and Risk Management Funds based on estimates
of the amounts needed to pay prior and current year claims.
Note
The Authority had approximately $681,782 of commitments to acquire various properties as of September 30,
2021.
28
REQUIREDSUPPLEMENTARYINFORMATION
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
SCHEDULEOFCHANGESINTHETOTALOPEBLIABILITYANDRELATEDRATIOS
LASTTENFISCALYEARS*
2021202020192018
Total OPEB liability
Service cost3,461$ 4,845$ 3,658$ 3,511$
Interest1,166 2,759 3,577 6,887
Differences between expected
and actual experience- (65,958) - (84,685)
Changes in assumptions or other inputs329 9,083 11,167 (3,632)
Benefit payments(486) (125) (2,802) -
Net change in total OPEB liability4,470$ (49,396)$ 15,600$ (77,919)$
Total OPEB liability - beginning of year$ 98,92649,530$ 83,326$ 161,245$
Total OPEB liability - end of year54,000$ 49,530$ 98,926$ 83,326$
Covered-employee payroll314,000$ 305,163$ 263,000$ 253,896$
Total OPEB Liability as a Percentage
of Covered-Employee Payroll17%16%38%33%
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 Authority 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 10 years. However, until a full 10 years of information
can be compiled, information will be presented for as many years as possible.
29
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
REQUIREDSUPPLEMENTARYINFORMATION
LASTTENFISCALYEARS*
Schedule of the Authority's Proportionate Share of Net Pension Plan Liability
Florida Retirement System Pension Plan
YearEndedJune30
202120202019201820172016201520142013
Authority's proportion of the net pension liability0.000881%0.000796%0.000773%0.000620%0.000609%0.000473%0.000454%0.000455%0.000507%
Authority's proportionate share of the net pension liability66,539$ 345,140$ 266,279$ 186,597$ 180,069$ 119,467$ 58,605$ 27,783$ 87,364$
Authority's covered payroll316,900$ 300,603$ 287,870$ 284,720$ 273,194$ 207,490$ 186,661$ 180,758$ 174,421$
Authority's proportionate share of the net pension
liability as a percentage of its covered payroll21.00%114.82%92.50%65.54%65.91%57.58%31.40%15.37%50.09%
Plan fiduciary net position as a percentage of the
total pension liability96.40%78.85%82.61%84.26%83.89%84.88%92.00%96.09%N/A
*Data was unavailable prior to 2013.
Schedule of the Authority's Contributions to the Florida Retirement System Pension Plan
YearEndedSeptember30
20212020201920182017201620152014
Contractually required contribution33,882$ 28,221$ 25,151$ 18,759$ 16,323$ 12,914$ 11,462$ 9,002$
Contributions in relation to the contractually
required contribution33,882 28,221 25,151 18,759 16,323 12,914 11,462 9,002
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$
Authority's covered payroll314,669$ 303,763$ 294,194$ 282,358$ 276,221$ 227,265$ 193,209$ 182,750$
Contributions as a percentage of covered payroll10.77%9.29%8.55%6.64%5.91%5.68%5.93%4.93%
* Data was unavailable prior to 2014.
30
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
REQUIREDSUPPLEMENTARYINFORMATION
LASTTENFISCALYEARS*
Schedule of the Authority's Proportionate Share of Net Pension Plan Liability
Health Insurance Subsidy Plan
YearEndedJune30
202120202019201820172016201520142013
Authority's proportion of the net pension liability0.000896%0.000869%0.000875%0.000872%0.000857%0.000672%0.000600%0.000607%0.000597%
Authority's proportionate share of the net pension liability109,872$ 106,069$ 97,882$ 92,265$ 91,644$ 78,333$ 61,262$ 56,796$ 51,972$
Authority's covered payroll316,900$ 300,603$ 287,870$ 284,720$ 273,194$ 207,490$ 186,661$ 180,758$ 174,421$
Authority's proportionate share of the net pension
liability as a percentage of its covered payroll34.67%35.29%34.00%32.41%33.55%37.75%32.82%31.42%29.80%
Plan fiduciary net position as a percentage of the
total pension liability3.56%3.00%2.63%2.15%1.64%0.97%0.50%0.99%N/A
* Data was unavailable prior to 2013.
Schedule of the Authority's Contributions to the Health Insurance Subsidy Plan
YearEndedSeptember30
20212020201920182017201620152014
Contractually required contribution5,228$ 5,058$ 4,885$ 4,766$ 4,586$ 3,774$ 2,643$ 2,097$
Contributions in relation to the contractually
required contribution5,228 5,058 4,885 4,766 4,586 3,774 2,643 2,097
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$
Authority's covered payroll314,669$ 303,763$ 294,194$ 282,358$ 276,221$ 227,265$ 193,209$ 182,750$
Contributions as a percentage of covered payroll1.66%1.67%1.66%1.69%1.66%1.66%1.37%1.15%
* Data was unavailable prior to 2014.
31
MONROECOUNTY,FLORIDA
COMPREHENSIVEPLANLANDAUTHORITY
SCHEDULEOFREVENUES,EXPENDITURES,ANDCHANGESINFUNDBALANCE
BUDGETANDACTUALGENERALFUND(BUDGETARYBASIS)
YEARENDEDSEPTEMBER30,2021
Variance
withFinal
Budget
Positive
BudgetActual(Negative)
OriginalFinal
Revenues:
Intergovernmental
State park revenue306,000$ 306,000$ 445,470$ 139,470$
Tourism impact revenue3,734,000 3,734,000 7,065,769 3,331,769
Tax Collector excess fees- - 269,293 269,293
Miscellaneous income- - 473,504 473,504
Investment income75,000 75,000 25,629 (49,371)
Total Revenues4,115,000 4,115,000 8,279,665 4,164,665
Expenditures:
Personnel and operating618,684 618,684 510,772 107,912
Capital outlay16,435,251 16,435,251 844,849 15,590,402
Total Expenditures17,053,935 17,053,935 1,355,621 15,698,314
Excess (deficiency) of revenues
over (under) expenditures(12,938,935) (12,938,935) 6,924,044 19,862,979
Fund balance, beginning of year15,505,38115,505,38115,505,381-
Fund balance, end of year2,566,446$ 2,566,446$ 22,429,425 19,862,979$
Reconciliation of Budgetary to Full Accrual Basis:
Reconciling Items:
Mortgages receivable8,769,025
Compensation accrual(35,795)
Fund balance, end of year (full accrual)31,162,655$
32
SUPPLEMENTARYINDEPENDENTREPORTS
ReportofIndependentAuditoronInternalControloverFinancialReportingandon
ComplianceandOtherMattersBasedonanAuditofFinancialStatementsPerformedin
Accordancewith GovernmentAuditingStandards
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States, the financial statements of the governmental activities and the major
fund of the Monroe County Comprehensive Plan Land Authoritand for the fiscal year
ended September 30, 2021, and the related notes to the financial statements, and have issued our report
thereon dated March 14, 2022 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.
InternalControloverFinancialReporting
In planning and performing our audit of the financial statem
r determining 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 Accordingly, we do not
express an opinion on the effectiveness
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable poss
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.
ComplianceandOtherMatters
As part of obtaining reasonable assurance about whethe 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.
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PurposeofthisReport
The purpose of this report is intended solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to
internal control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Tampa, Florida
March 14, 2022
34
IndependentManagementLetter
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
ReportontheFinancialStatements
We have audited the financial statements of the Monroe County Comprehensive Plan Land Authority
a, as of and for the fiscal year ended September 30,
2021, and have issued our report thereon dated March 14, 2022.
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.
OtherReportingRequirements
We have issued our Report of Independent Auditor on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards and Report of Independent Accountant on Compliance with Local Government
Investment Policies regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor
General. Disclosures in those reports, which are dated March 14, 2022, should be considered in conjunction
with this management letter.
PriorAuditFindings
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. Corrective actions have been taken to address findings and recommendations made in the preceding
annual financial audit report.
OfficialTitleandLegalAuthority
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. The Authority was established by Monroe County,
Florida Ordinance 031-1986 pursuant to Florida Statute 380. There are no component units related to the
Authority.
FinancialConditionandManagement
Sections 10.554(1)(i)5.a and 10.556(7), Rules of the Auditor General, require us to apply appropriate
procedures and communicate the results of our determination as to whether or not the Authority has met one or
more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s)
met. In connection with our audit, we determined that the Authority did not meet any of the conditions described
in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.b and 10.556(8), Rules of the Auditor General, we applied financial condition
financial condition assessment was based in part on representations made by management and the review of
the financial information provided by same.
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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.
SpecificInformation
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General,
the Authority reported (unaudited):
a. The total number of Authority employees compensated
as 4.
b. The total number of independent contractors to whom nonemployee compensation was paid in the last
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $325,428.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid or
accrued, regardless of contingency as $6,720.
e. Each construction project with a total cost of at least $65,000 approved by the Authority that is scheduled
to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for
such projects as follows: None
f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the
beginning of the fiscal year being reported if the Authority amends a final adopted budget under
Section 189.016(6), Florida Statutes, as $-0-.
AdditionalMatters
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of
contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect
on the financial statements that is less than material but which warrants the attention of those charged with
governance. In connection with our audit, we did not have any such findings.
PurposeofthisLetter
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.
Tampa, Florida
March 14, 2022
36
ReportofIndependentAccountantonCompliance
withLocalGovernmentInvestmentPolicies
To the Governing Board
Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
We have examined the Monroe County Florida Compre
component unit of Monroe County, Florida, compliance with the local government investment policy
requirements of Section 218.415, Florida Statutes, during the year ended September 30, 2021. Management is
ified requirements. Our responsibility is to express an
ecified 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 Authority complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the Authority 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 the evidence obtained is sufficient and appropriate to provide a
reasonable basis for our opinion.
Our examination does not provide a legal determinati
requirements.
In our opinion, the Authority complied, in all material respects, with the local investment policy requirements of
Section 218.415, Florida Statutes, during the year ended September 30, 2021.
The purpose of this report is to comply with the audit requirements of Section 218.415, Florida Statutes, and
Rules of the Auditor General.
Tampa, Florida
March 14, 2022
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