Fiscal Year 1984 & 1985 MONROE COUNTY,FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
FINANCIAL STATEMENTS
SEPTEMBER 30, 1985 AND 1984
KEW & ROSASCO
CERTIFIED PUBLIC ACCOUNTANTS
CONTENTS
Pa e
Independent Auditors' Opinion
Financial Statements:
Balance Sheets 2
Statements of Revenues, Expenses and Fund Equity 3
Statements of Changes in Financial Position 4
Notes to Financial Statements 5-6
Supplemental Schedule -
Computations of Toll Requirements 7
Bond Compliance Letter 8
1
KEMP & ROSASCO
Certified Publie Aeeountants
1438 KENNEDY DR.
#12 LUANI PLAZA a P. O. BOX 1529
KEY WEST, FL 33041-1529
ORVIS M. KEMP, C.P.A. (305) 294-2581 MEMBER OF AMERICAN INSTITUTE
WM. O. KEMP, C.P.A. AND FLORIDA INSTITUTE OF
PETER L. RCSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS
MARVA E. GREEN, C.P.A.
JOSEPH W. HENDERSON, C.P.A.
Honorable Members of the
Board of County Commissioners
Monroe County, Florida:
We have examined the Balance Sheets of Monroe County Card Sound Road and
Bridge Toll Facility as of September 30, 1985 and 1984, and the related
Statements of Revenues, Expenses, and Fund Equity, and Changes in Financial
Position for the years then ended. Our examination was made in accordance
with generally accepted auditing standards and, accordingly, included such
tests of the accounting records and such other auditing procedures as we con-
sidered necessary in the circumstances.
In our opinion, the financial statements referred to above, present fairly the
financial position of Monroe County Card Sound Road and Bridge Toll Facility
as of September 30, 1985 and 1984, and the results of its operations and
changes in its financial position for the years then ended, in conformity with
generally accepted accounting principles applied on a basis consistent with
that of the preceding year®
Our examination was made for the purpose of forming an opinion on the finan-
cial statements taken as a whole. The supplemental schedule of Computations
of Toll Requirements is presented for additional analysis and is not a
required part of the financial statements® Such information has been sub-
jected to the auditing procedures applied in the examination of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole®
Kemp & Rosasco
Certified Public Accountants
February 21 , 1986
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MONROE COU"dTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
STATEMENTS OF REVENUES, EXPENSES AND FUND EQUITY
FOR THE YEARS ENDED SEPTEMBER 30, 1985 AND 1984
1985 1984
Operating Revenues - Tolls $ 686,693 606,436
Operating Expenses:
Personal services 136,517 19,962
Depreciation 46,042 453,986
Repairs and maintenance 16,276 38,799
Operations 30JI231 21 ,60
Professional services 19,219 15,855
Total Operating Expenses 2.48,285 252,232
Operating Income 438 408 354,20
Nonoperating Revenue (Expense) :
Interest income 43,242 29,565
Interest expense and paying agent fees (61 ,308) (78,355)
Gain (Loss) on redemption of bonds ( 16,595) 4,232
Total Nonoperating Revenue (Expense) (34,661 ) (441558)
Net Income 403,747 309,646
Fund Equity, October 1 998,938 689,292
Fund Equity, September 30 $ 1 ,402,685 998,938
The accompanying notes are an integral
part of these financial statements.
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M01"IROE COUNTY FLORIDA
CARD SOUND ROAD AND TOLL BRIDGE FACILITY
STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS ENDED SEPTEMBERJO 1985 AND 1984
1985 1984
Sources of Working Capital :
Operations:
Net Income $ 403,747 $ 309,646
Items not requiring current outlay of
working capital :
Depreciation 46,042 45,986
Amortization of discounts on bonds 7,565 .....11838
Working Capital Provided By Operations $ 457,354 $ 357.0470
Uses of Working Capital :
( Increase) Decrease in liabilities payable
from restricted assets:
Interest $ 2.0108 $ 552
Revenue bonds 440,000 115,000
Contracts payable 4,456 (6_1762)
Total Decrease in Liabilities
Payable from Restricted Assets 446,564 108.0790
Increase in restricted assets 8.0276 250.0237
Property additions 795 188
Increase (Decrease) in working capital 1,759 1_?745
Total Uses of Working Capital $ 457,394 $ 360.0960
Increase (Decrease) in Components of
Working Capital :
Cash $ (11,296) $ 141- 117
Accounts receivable 424 36
Accounts payable 141-220 ( 15.0898)
Accrued annual leave ( 1 589)
Net Decrease in Working Capital $ 1 .0759 $ (1 .0745)
The accompanying notes are an integral
part of these financial statements.
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND TOLL BRIDGE FACILITY
NOTES TO FINANCIAL STATEMENTS
SEPTEBER 30, 1985 AND 1984
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General - The Monroe County Card Sound Road and Bridge Toll Facility (the
"Bridget') is an instrumentality of Monroe County (the "County")
authorized to own and operate the Monroe County Card Sound Bridge.
Basis of Accounting - The Bridge follows the accrual basis of accounting.
Restricted Assets - Assets that are designated for specified purposes
under revenue bond provisions (Note 2) are included in the accompanying
balance sheets as restricted assets.
Depreciation - Depreciation is provided using the straight-line method
and the following estimated useful lives:
Description Years
Roads and bridges 50
Equipment 5-10
Discount on Bonds Payable - Discounts on revenue bonds payable are amor-
tized using the straight-line method over the maturities of the related
bonds.
NOTE 2 - LONG-TERM DEBT
The Bridge is authorized to issue revenue bonds for the purpose of
constructing and improving Card Sound Road and Bridge. Such revenue
bonds are payable solely from the revenue generated by the Bridge and do
not constitute a general obligation of the County.
An interest rate of 5.75 per annum is payable semi-annually on the
entire term bond issue, which matures September 1 , 1997.
Under the terms of the trust agreement relating to the revenue bonds, the
Bridge is required to establish and collect tolls which will be suf-
ficient at all times to pay 125 of the interest becoming due on such
bonds in such year, pay the annual installment of principal required to
amortize the principal of such bonds according to a standard table of
bond amortization, create and maintain reserves for such purposes, and
pay the costs of maintaining and operating Card Sound Road and Bridge.
Any excess revenues must be set aside to repurchase bonds prior to
maturity.
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1985 AND 1984
NOTE 3 ® PENSION PLAN
The County participates in the Florida Retirement System (the "System")
which covers substantially all of the County's full-time employees.
Presently, the System does not require contributions from covered
employees. Pension costs for Bridge employees for the years ended
September 30, 1985 and 1984, as required and defined by the System,
approximated $ 12,698 and $ 10,878 respectively.
Contributions of all participating agencies throughout the State of
Florida are pooled to fund accrued benefits under the System. System
officials have reported that the System has an actuarially computed
unfunded past service liability of approximately $6.5 billion as of July
1 , 1983, the latest valuation date of the plan. This amount represents an
obligation of the System and not of the participating agencies. The most
recent actuarial study indicates that, if certain assumptions are realized
and certain increases to the contribution rates are made, this unfunded
past service will be liquidated within 30 years.
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
COMPUTATIONS OF TOLL REQUIREMENTS PURSUANT TO INDENTURE AGREEMENT
DATED JU E 17, 1967, ARTICLE 111 , SECTION .04 (A)
FOR THE YEARS ENDED SEPTEMBER 30, 195 AND 194
1985 1984
125 of interest expense $ 74,669 94,354
Bond principal amortization requirements 68,750 97,307
Cost of operations and maintenance 202,243 206,246
Renewal and replacement fund transfer i5,000 15,000
Annual tolls required 360,662 412,907
Actual collections 686,693 606,436
Excess for the year 326,031 193,529
Cumulative deficiency, October 1 799,806 993,335
Cumulative deficiency, September 30 $ 4733,775 $ 799, 06
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KEMP !Ed ROSASCO
Certified Public Accountants
1438 xEmmenY DR.
#l2 LUAN! PLAZA e P. 0. BOX 1529
KEY vvE5r' F| 33041-1529
ORWSaA. KEMP. C.P.x. (305) 2942581 mEmaEm OF AmE0CAN INSTITUTE
VVM. 0. KEwP, [P.A. AND FLORIDAm\ INSTITUTE OF
CERTIFIED pVsu|C ACCOUNTANTS
PETER L. R��*5[o' Jr., [�P�x�
mAow\ E EREGN. C.P.A.
JOSGpx W. n5wD5R5Om' C.P.A.
Honorable Members of the
Board of County Commissioners
Monroe County, Florida
Dear Sirs:
We have examined the balance sheets of Monroe County Card Sound Road and
Bridge Toll Facility (the "Bridge") as of September 30, 1985 and 1984 and the
related statements of revenues and expenses and fund equity and of changes in
financial position for the years then ended and have rendered our opinion
thereon dated February 21 , 1986° Our examination was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In connection with our examination, nothing came to our attention that caused
us to believe that the Bridge was not in compliance with any of the terms
covenants, provisions or conditions of Section 3,04^ Article 111 , of the
Indenture Agreement dated June 17° 1967° relating to the Bridge Revenue Bonds.
However, it should be noted that our examination was not conducted primarily
towards obtaining knowledge of such noncompliance.
Pursuant to Section 3.04(A) ° Article 1l1 of the Indenture Agreement, we have
examined the accompanying computation of fo| | requirements for the years ended
September 30° 1985 and 1984. In our opinion, the computation has been made in
accordance with relevant provision of the Indenture Agreement.
�
64�' T 0����.
'
Kemp & Rosaaoo
Certified Public Accountants
February 21 , 1986
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