Fiscal Year 2005 MONROE COUNTY, FLORIDA
TAX COLLECTOR
Financial Statements
For the Year Ended
September 30, 2005
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Table of Contents
Page
IndependentAuditors' Report.................................................................................................... 2 - 3
BASIC FINANCIAL STATEMENTS
Balance Sheet - General Fund 4
Statement of Revenues, Expenditures and Changes in
Fund Balance - General Fund 5
Statement of Fiduciary Assets and Liabilities - Agency Funds......................................... 6
Notes to Financial Statements 7 - 10
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures - Budget and Actual -
General Fund 11
OTHER SUPPLEMENTARY INFORMATION
Agency Fund Descriptions.................................................................................................... 12
Combining Statement of Changes in Assets and
Liabilities - All Agency Funds......................................................................................... 13
SUPPLEMENTARY INDEPENDENT AUDITORS' REPORTS
Independent Auditors' Report 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...................................................................................14 - 15
Independent Auditors' Management Letter.........................................................................16 - 17
CERTIFIED PUBLIC
ACCOUNTANTS&
INDEPENDENT AUDITORS' REPORT
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida-
We
have audited the accompanying financial statements of the major fund and the aggregate
remaining fund information of the Monroe County, Florida Tax Collector, (the uTax Collector") a
of and forte year ended September 30, 2005, which collectively cornprlse the Tax ollector's
,sic financial statements as listed in the tableof contents. These financial statements are the
responsibility of the Tax Collector°s management. Our responsibility is to express opinions o
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 byte Comptroller General of the United States. Those standards
require that we plan and perform audit to obtain reasonable assurance about whether the
financial statements are free of material. misstatement„ An auditincludes examining„ on a test
basis„ evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used n significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinions.
s discussed in Note 1, the accompanying financial statements were prepared for the purpose
of complying with Section 21839(2), Florida Statutes„ and Chapter 10.550„ Rules of the Auditor
General-Local Govemment rrttty Audits, and arenot intended to be a complete presentation of
the financial position of Monroe County, Florida, and the results of its operations and the cash
flows of its proprietary funs in conformity with accounting principles generally accepted in the
United States of America.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the major fund andaggregate remaining fund Information
of the Tax Collector as of September 30, 2005, and the respective changes in financial position
thereof for the year then ended, in conformity with accounting principles generally accepted in
the United States of America.
In accordance with Government Auditing Standards, we havealso issued our report dated
February 1, 2006 on our consideration of the Tax Coliectores 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 to describe the scope of
our testing of internal control over financial reporting and compliance and the results of that
testing and not to provide an opinion on the internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards and should be considered in assessing the results of our audit.
2
In accordance with Government Auditing Standards, we have also issued our report dated
February 1, 2006 on our consideration of the Tax Collector'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 to describe the scope of
our testing of internal control over financial reporting and compliance and the results of that
testing and not to provide an opinion on the internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards and should be considered in assessing the results of our audit.
The budgetary comparison schedule on page 11 is not a required part of the basic financial
statements but is supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted primarily of
inquiries of management regarding the methods of measurement and presentation of the
required supplementary information. However, we did not audit the information and we express
no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Tax Collector's basic financial statements. The accompanying
combining statement of changes in assets and liabilities — all agency funds is presented for
purposes of additional analysis and is not a required part of the basic financial statements. This
combining statement has been subjected to the auditing procedures applied by us in the audit
of the basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
This report is intended solely for the information and use of management and applicable state
agencies, and is not intended to be and should not be used by anyone other than these
specified parties.
West Palm Beach, Florida
February 1, 2006
3
BASIC FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Balance Sheet - General Fund
Year Ended September 30, 2005
ASSETS
Cash and cash equivalents $ 2,968,967
Due from other governments 10,086
Total assets $ 2,979,053
- --------------
Liabilities and Fund Balances
LIABILITIES
Accounts payable $ 13,474
Accrued wages and benefits payable 102,803
Due to Board of County Commissioners 2,585,746
Due to other governmental units 277,030
Total liabilities 2,979,053
Fund Balance -
Total liabilitiesand Fund balance 2,979,053
The notes to the financial statements 4
are an integral part of this statement.
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Statement of revenues, Expenditures and Changes in Fund Balance
General Fund
Year Ended September 30, 2005
Revenues:
Charges for services 5,932,818
Total revenues 5r932m6118
Expenditures:
Current:
General government-
Personnel services 2,448,619
Operating expenditures 598,207
Capital outlay 17,230
Debt Service- Principal 5,986
Total expenditures 3,070,042
Excess of revenues over expenditures 2u362p776
Other financing sources (uses):
Transfer to Board of County Commissioners (2,585,746)
Transfer-to other governmental units 277,030
Total other financing uses (2u5621,776)
Excess of revenues over expenditures and other
financing uses
Fund balance at the beginning of the year
Fund balance at the end of the year
The notes to the financial statements 5
are an integral part of this statement.
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Statement of Fiduciary Assets and Liabilities
Agency Funds
Year Ended September 30, 2005
Assets
Cash and cash equivalents $ 3,987,336
Due from individuals 2,812
Total assets $ 3,990,148
Liabilities
Undistributed collections $ 3,979,767
Due to individuals 10,381
Total liabilities $ 3,990,148
The notes to the financial statements 6
are an integral part of this statement.
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2005
to I - Summary of significant accounting policies
ReporWng Entity — The Monroe County, Florida Tax Collector (the "Tax Collector') is a
separately elected county official established pursuant to the Constitution of the State of
Florida. The Tax Collector's financial statements do not purport to reflect the financial position
or the results of operations of Monroe County, Florida (the "County") taken as a whole.
Entity status for financial reporting purposes is governed by Statements No. 14 and 39 of the
Governmental Accounting Standards Board (GASB). Although the Tax Collector's Office is
operationally autonomous, it does not hold sufficient corporate powers of its own to be
considered a legally separate entity for financial reporting purposes. Therefore, the Tax
Collector is reported as a part of the primary government of the County.
Description of Funds - The accounting records are organized for reporting purposes on the
basis of a governmental fund and fiduciary funds.
General Fund— The General Fund is used to account for all revenues and expenditures
applicable to the general operations of the Tax Collector and not required legally or by
accounting standards generally accepted in the United States of America to be reported
elsewhere.
Fiduciary Funds — Fiduciary funds of the Tax Collector are Agency Funds, which are
used to account for assets held by the Tax Collector as an agent.
Measurement focus, basis of accounting, and financial statement presentation —The Tax
Collector's financial statements are prepared for the purpose of complying with Section
218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General-Local
Governmental Entity Audits, which require the Tax Collector to only present fund financial
statements.
The General Fund is a governmental fund which uses the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized
when measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the government considers revenues to be available if they are
collected within 60 days of the end of the current fiscal period. Expenditures generally are
recorded when a liability is incurred, as under accrual accounting. However, expenditures
related to compensated absences and claims and judgments are recorded only when payment
is due.
The extent to which General Fund revenues exceed General Fund expenditures is reflected as
transfers out and as liabilities to the Monroe County Board of County Commissioners (the
"BOCC") and to other governmental agencies in the same proportions as the fees paid by each
governmental unit to total fees earned by the Tax Collector.
7
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2005
Note 1 a Summary of significant accounting policies (continued)
The Tax Collector reports the General Fund as a major governmental fund and agency funds
fiduciary fund types. Agency funds arecustodial in nature and do not involve measurement
of results and operations,
udgetary® Requirements — Expenditures are controlled by budget appropriations in
accordance with the budget requirements set forth in the Florida Statutes. The budget is
prepared on a basis consistent with accounting principles generally accepted in the United)
States of America.
Cash and Cash Equivalents ® The Tax Collector"s cash and cash equivalents consist of
demand deposits and highly liquid investments with maturities of 90 days or less when
purchased. All investments are reported at fair valued
Capital Assets — Tangible personal property used in the Tax Collector's operations are
recorded as expenditures in the General Fund at the time assets are received and a liability is
incurred. Purchased assets are capitalized! at historical cost in the government-wide financial
statements of the County, In addition, the Board provides administrative office space used by
the Tax Collector at no charge.
Compensated Absences — The Tax Collector permits employees to accumulate earned but
unused vacation and sick pay benefits, Related long-term obligations, amounting to $85,554 a
September 30, 2005# are included in the government-wide financial statements of the County.
Use of Estimates -The preparation of financial statements requires management to make use
of estimates that affect reported amounts.. Actual results could differ from estimates.
Deposits and Investments
As of September 30, 2005, the Tax Collector has the following deposits and investments:
Demand deposits 466,20
Repurchase agreements 6„4 0,096
Total cash and cash equivalents 6,956,303
Florida Statutes and the Tax Collectors investment policy authorize investments in certificates
of deposit, savings accounts, repurchase agreements, Local Government Surplus Funds Trust
Funds, and obligations of the U.S. Government and government agencies unconditionally
guaranteed by the U.S. Government.
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Motes to Financial Statements
Year Ended September 30, 200
Note 3—Retirement system
Plan Description—The Tax Collector°s employees participate in the Florida Retirement system
("FRS"), a multiple-employer cost-sharing defined benefit retirement plan administered by the
Florida Department of Administration. As a general rule, membership in the FRS is compulsory
for all employees working in a regularly established position for a state agency, county
government, district school board, state university, community college„ or a participating city or
special district within the StateFloridan The FRS provides retirement and disability benefits„
annual cost-of living adjustments, and deathbenefits to plan members and beneficiaries.
Benefits are established by Chapter 121, Florida Statutes„ and Chapter 60S, Florida
Administrative Cade. Amendments -to the law can be made only by an act of the Florida
Legislature. Benefits are computed on the basis of age, average final compensation, and
service credit. Regular class employees who retire at or after age 62 with 6 years of credited
service or 30 years of service regardless of age areentitled to a retirement benefit payable
monthly for life, equal to 1.6% of their final average compensation for each year of credited
service,. 'bested employees with less than 30 years of serviice may retire before age 62 and
receive reduced retirement benefits. Special risk class employees (sworn law enforcement
officers, firefighters, and correctional officers) who retire at or after age 55 with 6 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% of their final average compensation for each year
of credited service. A post-employment health, insurance subsidy is also provided to eligible
retired employees through the FRS in accordance with Florida Statutes,
Effective July 1, 1998, the Legislature established a Deferred Retirement Option Program
("DROP").P"). This program allows eligible employees to defer receipt of monthly retirement
benefit payments while continuing employment with a Florida Retirement System employer for a
period not to exceed 60 months after electing to participate. Deferred monthly benefits are held
in the Florida Retirement System Trust Fund and accrue interest..
The State of Florida annually issues a publicly mailable financial report that includes financial
statements and required supplementary information for the FRS. The latest mailable report
may be obtained by writing 'to the State of Florida Division of Retirement, Department of
Management Services„ 2639 ortMonroe Street, Buildings C, Tallahassee„ Florida 32299-1560
or accessing their interest site at www.frs.state,fi.us.
Funding Poffcy — The FIRS is noncontributory for members. Governmental employers are
required to make contributions tote FRS based on state mide contribution rates. The
contribution rates by job class at September 30, 2005 were as follows. reguilar, 7.63%, special
risk, 16.53%; special risk administrative support, 9.92%/ county elected) officers, 15.23%," senior
management, 10.45%; and DROP participants, 9,33%. During the fiscal year ended
September 30, 2005, the Tax Collector contributed to the Flan an amount equal to 6. 1% o
covered payroll. Tax Collector contributions to the FRS for the fiscal years ended
September 30, 2003 through 2005 were126,716, $151,873 and $169,139 respectively, which
re equal to the required contributions for each fiscal year. The Tax Collector has historically
contributed amounts equal to required contributions and, therefore„ does not have a pension
asset or liability as determined in accordance with LASS Statement No. 27.
9
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Notes to Financial Statements
Year Ended September 30, 2005
Note 4— Risk management
The Tax Collector is exposed to various risks of loss related to tort; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters. The
Tax Collector participates in the coverage provided by the Board of County Commissioners for
Worker's Compensation, Group Insurance, and Risk Management internal service funds.
Under these programs, Worker's Compensation provides $1,000,000 coverage per claim for
regular employees. Risk Management has a $5,000,000 excess insurance policy for general
liability claims with a $100,000 self-insured retention, and building property damage is covered
for the actual value of the buildings with a deductible between $100,000 and $250,000.
Deductibles for windstorm and flood vary by location. The County purchases commercial
insurance for claims in excess of coverage provided by the funds and for all other risks of loss.
Settled claims have not exceeded this commercial coverage in any of the past three years. The
Tax Collector makes payments to the Worker's Compensation and Group Insurance Funds
based on estimates of the amounts needed to pay prior and current year claims.
Note 5— Commitments
Note Payable— The Tax Collector borrowed $29,929 for a vehicle purchase during fiscal 2004
under a non-interest bearing note payable, due in monthly installments of$499 through October
2008. The note payable balance of $19,454 at September 30, 2005 is included as a long-term
obligation in the government wide financial statements of the County.
Operadng Leases— The Tax Collector leases office space under operating lease agreements.
Total lease payments made in 2005 were $87,815.
The following is a schedule by years of loan payments and future minimum rentals under
noncancelable operating leases as of September 30, 2005:
Year Ending Lease Loan
September 30, Payments Payments
2006 $ 63,240 $ 5,988
2007 63,621 5,988
2008 55,529 5,988
2009 52,788 1,490
2010 112,816
Total $ 347,994 $ 19,454
10
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Schedule of Revenues and Expenditures-Budget and Actual
General Fund
Year ended September 3O.2OU5
General Fund
Variance with
Final Budget
Budget Positive
Original Final Actual
Revenues:
Charges for services
Total revenues 4908340 4.990.340 5932818 930478
Expenditures:
Current:
General government:
Personnel services 2.563.390 2.586.617 2.448.619 137.998
Operating expenditures 770.461 764.061 598.207 166.454
Capital outlay 5.986 23.210 17.230 5.980
Qebtaen,ioe-Phnoipa| - - 598
Total expenditures 3330837 3374494 3070042 30A'A 52
Other financing sources (uses):
Transfer Vn Board of County Commissioners (1.656.503) (1.021.846) (2.585.740) (983.900)
Transfer to other governmental units - '
Total other financing sources(ueee)
------------
Exueesmfrevenues over expenditures $ - $ -
OTHER SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Agency Fund Descriptions
The Combining Statement of Changes in Assets and Liabilities—All Agency Funds is presented
on the following page. The purpose of each fund shown on this statement is described below.
Property Tax Agency Fund— To account for the collection and distribution of local property
tax funds.
Licenses Agency Fund — To account for the collection and distribution of funds generated
from the sale of miscellaneous state licenses.
12
MONROE COUNTY, FLORIDA
TAX COLLECTOR
Combining Statement of Changes in Assets and Liabilities
All Agency Funds
Year Ended September 30, 2005
Balance Balance
September 30, September 30,
2004 Additions Deletions 2006
Property Tax Agency
Assets:
Cash and cash equivalents $ 3,626,910 $213,561,856 $213,395,687 $ 3,793,079
Due from individuals 282 - 257 25
$ 3,627,192 $213,561,856 $213,395,944 $ 3,793,104
Liabilities:
Undistributed c6lections $ 3,620,877 $208,630,357 $208,467,412 $ 3,783,822
Due to individuals ............��1315� 4,9311,499 4,928,532 9,,282
$ 3,627,192 $213,561,856 $213,395,944 $ 3,793,104
Licenses Agency Fund:
Assets:
Cash and cash equivalents $ 286,642 $ 12,081,497 $ 12,173,882 $ 194,257
Due from individuals 2,080 707 - 2,787
$ 288,722 $ 12,082,204 $ 12,173,882 $ 197,044
Liabilities:
Undistributed collections $ 286,605 $ 12,057,748 $ 12,148,408 $ 195,945
Due to individuals 2,117 24,456 25,474 1,099
$ 288,722 $ 12,082,204 $ 12,173,882 $ '197,044
Total -All Agency Funds
Assets:
Cash and cash equivalents $ 3,913,552 $225,643,353 $225,569,569 $ 3,987,336
Due from indi0duals 2,362 707 257 2,8112
$ 3,915,914 $225,64,060 $225,569,826 $ 3,990,148
..............
Liabilities:
Undistributed c6lections $ 3,907,482 $220,688,105 $220,615,820 $ 3,979,767
Due to indlvidLWIS 8,4432 4,955,955 4,954,006 10,381
$ 3,915,914 $225,CA4,060 $225,569,826 $ 3,990,148
13
SUPPLEMENTARY INDEPENDENT
AUDITORS' REPORTS
10
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS RASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
To the Honorable Danise D. Hendque „
Tax Collector of Monroe County, Florida:
e have audited the financial statements of the major fund andaggregate remaining fun
information of the Monroe County, Florida Tax Collector (the "Tax Collector") as of and for the
year ended September 30, 2005, which collectively comprise the Tax Collector's basic financial
statements, and have issued our report thereon dated February 1, 2006 for the purpose o
compliance with Section 216.3 (2), Florida Statutes, and Chapter 10.5510, Rules of the Auditor
General-Local Governmental E17tity Audits.. 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 Generai of the United States.
Internal Control over Financial Reporting
In planning and performing our audit considered the Tax Collector's internal control over
financial reporting in order to determine our auditing procedures forte purpose of expressing
our opinions on the financial statements and not to provide assurance on the internal control
over financial reporting. Our consideration of the internal control over financial reporting would
not necessarily disclose all matters in the internal control over financial reporting that might be
material weaknesses. A material weakness is a reportable condition in which the design or
operation of one or more of the internal control components does not reduce to a relatively to
level the risk that misstatements caused by error or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functiionsw We noted no
matters involving the internal control over financial reporting and its operations that we consider
to be material weaknesses.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Tax Collector's financial
statements are free of material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, and contracts, and grant agreements, noncompliance with
which could have a direct and material effect on the determination of financial statement
amounts, However, providinig an opinion on compliance with thoseprovisions was riot an
objective of our audit, and accordiingly, o not express such an opinion„ The results of our
tests disclosed no instances of noncompliance or other matters that arerequired to be reported
under Govemment Auditing Standards,
14
This report is intended solely for the information and use of management and applicable state
agencies, and is not intended to be and should not be used by anyone other than these
specified parties.
West Palm Beach, Florida
February 1, 2006
15
INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Honorable Danise D. Idenriquez&
Tax Collector of Monroe County„ Florida.
We have audited the financial statements of the major fund and the aggregate remaining fund
information of the Monroe County, Florida 'Tax Collector (the "TaxCollector"), as of and for the
year ended September 30, 2005„ which collectively comprise the Tax Collectors basic financial
statements„ and have issued our report thereon dated February 1, 2006 forte purpose of
compliance with Section 218,,39(2)U Florida Statutes„ and Chapter 10„550, Rules of the Auditor
enerat-vocal Governmental Entity Audits.
e conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States, We have issued
our Independent Auditors" Report on Internal Control Over Financial) Reporting and Compliance
and Other flatters Eased on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards„ dated February '1„ 2006„ and it should be considered in
conjunction with this management letter.
Additionally„ our audit was conducted) in accordance with Chapter 101.550„ Rules of the Auditor
General. Those rules (Section 10a554(1)(h)l) require that we address in the management letter
whether of riot corrective actions have been taken to address significant find'inigs and
recommendations made in the preceding annual financial audit report, No recommendations
were made irm the preceding annual financial audit report.
The Ruies of the Auditor General (Section 10a554(1)(h)2) state that a management letter shall
have a statement as to whether or not the Tax Collector complied with Section 218.415, Florida
Statutes„ regarding the investment of public funds. In connection with our audit of the finanicial
statements of the Tax Collector„ the results of our tests did not 'indicate that the Tax Collector
was in noncompliance with Section 218.415 regarding the investment of public fiends.
The Rules of the Auditor General (Section 10.554(1)(h)3) require disclosure in the management
letter of any recommendations to improve the Tax Collector's financial management„ accounting
procedures„ and internal controls. 'There were no recommendations in connection with the fiscal
2005 financial statement audit.
The Rules of the Auditor General (Section 10.554(1)(h)4) require disclosure in the management
letter of the following matters if not already addressed in the auditors„ report on compliance and
internal controls. (1) violations of laws, rules„ regulations, and contractual provisions that have
occurred„ or are likely to have occurred; ( ) improper or illegal expenditures- (3) improper or
inadequate accounting procedures (e g., the omission of required disclosures from the financial
statements), (4) failures to properly record financial transactions n ( ) other inaccuracies„
shortages„ defalcations, and instances of frauddiscovered by, or that come to the attention of,
the auditor. There were no such matters noted..
1
The Rules of the Auditor General (Section 10.554(1)(h)5) also require that the name or official
title and legal authority for the primary government and each component unit of the reporting
entity be disclosed in the management letter, unless disclosed in the notes to the financial
statements. The Tax Collector is a separately elected county official established pursuant to the
Constitution of the State of Florida. There are no component units related to the Tax Collector.
This management letter is intended solely for the information and use of management, the State
of Florida Office of the Auditor General, and applicable state agencies, and is not intended to be
and should not be used by anyone other than these specified parties.
Moa-�'
West Palm Beach, Florida
February 1, 2006
17