Fiscal Year 2005 MONROE COUNTY, FLORIDA
Schedule of Activity of the Landfill Closure and
Long-Term Care Escrow Account
For the Year Ended
September 30, 2005
MONROE COUNTY, FLORIDA
Table ofContents
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Independent Auditors' Report----------------------------------------------------------------------------------------------------------------- 1
FINANCIAL STATEMENTS
Schedule of Activity Of the Landfill Closure and Long-Term Care Escrow
/\coount 2
Notes k} Schedule Of Activity Of the Landfill Closure and Long-Term Care
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor and Board of County Commissioners
of Monroe County, Florida:
e have audited the accompanying Schedule of Activity of the Landfill Closure and Long-Ter
Care Escrow Account (Schedule) of the Monroe County, Florida Municipal Service District
Waste Fund for the year ended September 30, 2005. This Schedule is the responsibility of the
Fund°s managementOur responsibility is to express an opinion on this Schedule based on our
audit.
e conducted our audit in accordance with auditing standards generally accepted in the United
States of America, Those standards require that we plana perform the audit to obtain
reasonable assurance about whether the Schedule is free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
Schedule. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall Schedule presentation. We
believe that our audit provides a reasonable basis for our opinion.
As more fully described in Note 2, the accompanying Schedule was prepared on the basis o
cash receipts and Gash disbursements, which is a comprehensive basis of accounting other
than accounting principles generally accepted in the United States of America, for the purpose
of complying with Section 2-70 .630 of the Florida Administrative Code. The Schedule
referred to above presents only cash receipts and cashdisbursements of the Landfill Closure
and Long-Term Care Escrow Account and is not intended to present fairly the financial position
and results of operations of the Monroe County„ Florida Municipal Service District Waste Fund
in conformity with accounting principles generally accepted in the United Mates of America.
In our opinion, the Schedule referred to above presents fairly, in all material respects, the
activity of the Landfill Closure and Long-Term Care Escrow Account of the Monroe County,
Florida Municipal Service District Waste Fund, for the year ended September 30, 2005, on the
basis of accounting described in Note 2.
This report is intended solely for the information and use of the management, the County Mayor
and the Boardof County Commissioners of Monroe County, Florida, and the State of Florida
Department of Environmental Protection and is not intended to be andshould not be used by
anyone other than these specified parties.
West Palm each, Florida
February 7, 2006
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MONROE COUNTY, FLORIDA
Schedule of Activity of the
Landfill Closure and Long-Term Care Escrow Account
Year Ended September 30, 2005
Balance, September 30, 2004 $ 1,662,096
Plus deposits:
Interest income 46,075
Balance, September 30, 2005 $ 1,708,171
The notes to the financial statements 2
are an integral 1part of this statement.
MONROE COUNTY, FLORIDA
Notes to Schedule of Activity oft e
Landfill Closure and Long-Term Care Escrow Account
Year Ended September 30, 2005
) Deporting Entity
Monroe County, Florida (County) is a Non-Charter County established under the
Constitution and the laws of the State of Florida.. It is governed by an elected Board of
County Commissioners (Board) which is governed by State statutes and regulations. In
addition to the members of the Board, there are five elected constitutional officers: the Clerk
of the Circuit Court, Sheriff, Tax Collector, Property ,appraiser, and the Supervisor of
Elections„
Summary of significant accounting policies
Basis of Accounting
The Landfill Closure and Long-Term Care Escrow account (Escrow Account) was
established to comply with the escrow requirements of Section 2-701.630 of the Florida
Administrative Code ("'Section 2-701..630"), This rule requires the County to have
sufficient funds on deposit in an interest-bearing escrow account for the purpose of
funding the estimated landfill closure coast oft e County"s landfill.
The balance and activity of the Escrow Account is presented and reported within the
County°s Municipal Service District Waste Fund.
The Schedule of Activity of the Landfill Closure and Long-Term Care Escrow Account is
presented on the basis of cash receipts and cash disbursements, which is a
comprehensive basis of accounting other than accounting principles generally accepted
in the United States of America and is only intended to present the balance segregated
forte purpose of complying with Section 2-701 ohm
Landfill Operating Status
The landfill capacity of the County"s previously operated landfills, which include Cudjoe
Key, Long Key, n Largo, are 100% used and have no remaining landfill life.
Closure ofthese landfills was substantially completed during the year ended September
30, 1994. The County also has a landfill site at Cud)oe Key which has never been used
and which the County doses not presently intend to use.
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MONROE COUNTY, FLORIDA
Notes to Schedule of Activity of the
Landfill Closure and Long-Term Care Escrow Account
Year Ended September,30, 2005
c) Landfill Management Escrow Account
The County established a separate investment account for landfill management escrow
in fiscal year 1996. The escrow, which is (part of the Board's cash and investments, is
caicullated based on estimates made anni.jaHy by a registered professional engineer.
The Code requires that the escrow be funded for closing costs on a straight-line basis
over the design life of the permitted portion of the landfiH and for one year's long-term
care costs beginning one year prior to closure. Since the County has no intention to
operate the unused landfill, its closure costs were fully funded in 1996.
At September 30, 2005„ the escrow balance was based on the following calculation-,
Cudjoe Key Long IKey Key Largo
Landfill Landfill Landfill Total
Estimated post closure costs,
beginning of year $ 1,433,618 $ 136,514 $ 83,319 $ 1,,653,451
Change in estimate 15,517 2,730 1,666 19,913
Estlmated post ciosure costs,
end of year $ 1,449,135 $ 139,244 $ 84,985 $ 1,6731,364
I andfiH management
Escrow cash $ 1,483,942 $ 139,244 $ 84,985 $ 1,708,171
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