Fiscal Year 1982 & 1983 MONROE COUNTY, FLORIDA
WAIST WELOPMENT TRUST FUND
FINANCIAL STATEMENTS
YEARS ENDED SEPTEMSE 30, Q83 AND 1982
KEMP & RUSASCO
CERTIFIED PUBLIC ACCOUNTANTS
CONTENTS
Independent Auditors' Opinion
Financial Statements:
balance Sheets 2
Statements of Revenues, Upenditures and Fund Balance 3
Statement of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual 4
Notes to Financial Statements 5
Management Letter, 6-7
KEMP & ROSASCO
Ccrfified Public Accountants
ORVIS M. KEMP, C.P.A. 1438 KENNEDY DR. MEMBER OF AMERICAN INSTITUTE
WM, 0. KEMP, C.P.A 12 LUANI PLAZA 9 P. 0, BOX 309 AND FLORIDA INSTITUTE OF
KEY WEST, FL 33041-0309 CERTIFIED PUBLIC ACCOUNTANTS
PHER L. ROSASCO, Jr., C.P.A. P05) 2940581
MARVA E. GREEN, C.P,A.
Honorable Members at the Board
of County Commissioners
Monroe County, Florida
We have examined the financial statements of the Monroe County, Florida
Tourist Development Trust Fund as of September 30, 1983 and 1982 and for the
years then ended listed in the accompanying table of contents. Our examina-
tion 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 our opinion, the financial statements referred to above present fairly the
financial position of the Monroe County, Florida Tourist Development Trust
Fund as of September 30, 1983 and 1982 and the results of its operations and
changes in fund balance for the years then ended, in conformity with generally
accepted accounting principles.
Kemp & Rosasco
Certified Public Accountants
February 10, 1984
MONROE CUUNTY, FLU MA
TOURIST DEVELOPMENT TRUST-YUM.)
BALANCE SHEETS
SEPTEMBER
1983 1982
Assets:
Cash 56,381 127,430
Due from other governments 45 868 Q412±)�/, 104
Total Assets $ 102,249 194,534
LIM I itles:
Vouchers Payable 20,390 61,865
Due to General Revenue 46P456
Total Liabilities .....V0439 2� 390 8,3 1
Fund Balance:
Reserved Emus,. encumbrances 3,306 -
Unreserved 78 553 86 213
Total Fund Balance 8 85 06,213
Tbtal Liabilities And Fund Balance 102,249 S 194,534
The accompanying not are an integral
part of these financial statements.
-2-
MON ROE COUNTY, FLORIN
TOU T DEVELOPMENT TRUST FUND
STATEMENTS OF REVENUES, EXPENDITURES AND FUND HALANCE
FOR THE YEARS ENDED SEPTEMHER 30 1983 AND 198ur
1983 1982
Revenues:
Tourist Tax Proceeds 628,362 S 445,731
Interest Income ---50"30
Total Revenues 631,627 451,061
Expenditures:
Promotional Advertising 353,660 341,767
Promotional Events:
Fantasy Fast 85,206 11,943
Power Boat Association 67,985 -
Cultural Events 43,000 -
Chamber of Commerce 33, 150 6,205
Tennessee Williams Fine Arts Council Events 27,000 -
Hemingway Uays Festival 19,774 3,803
Other Promotional Events 5,922 1,090
Administrative 284 -
Total Expenditures, 635,901 364,048
Excess of Revenues Over (Under) Expenditures (4,354) 86,213
Fund Balance, October 1 2 1
Pund Balance, September 30 81,859 86,213
The accompanying notes are an integral
part of these financial statements.
-3-
MONROE COUNTY, F1 OR I DA
TOUl1 U 7 F—)Uzvi-F(TP—m'd�iiT—TRt.Tsi—"rUJND
STATEMENT OF REVENIES, EXPENIL URES, AND (.�HAtO,,ES UN FUND
BALANCE - SURIT ANU ACTUAL
FOR "I'11E YEARS ENDLU SEPTEMBER 30 1983 AND 1982
VARIANCE
FAVORABLE
HWET ACTUAL (UNFAVORABLE)
Hevenues:
Tourist Tax Proceeds $ 628, 179 $ 628,362 $ 183
Interest Income 3 265 3 265
Total Revenues 628, 179 631 6'27 ,44C1
Expenditures:
Promotional Advertising 377,477 353,660 23,01.7
Promotional Events:
Fantasy Fest 05,206 85,206 -
Power Boat Association 68,500 67,985 515
Cultural Events, 48,098 43,000 5,098
Chamber of Commerce 39,000 33,150 5,850
lennessee Williams Fine Arts Council Events 27,000 27,000 -
Hemingway Days Festival 28, 191 19,774 0,417
01"her, Fronx)tional F.-.vents 9,227 5,922 3,305
Administrative 284 284 -
Total Wpenditures 682,983 635,981 47 002
Excess of Revenues Uver (Under) Expenditures S (54Q04) (4,354) S 50,450
Fund Balance, October 1 66 213
Fund dalance, September 30 $ 81,859
The accompanying notes are an integral
part of these financial statements.
-4-
MONROE COUNI'Y, FLORIDA NT T AND OUR lsf DEVEL010ME TRST U
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1983 AND 1982
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
RejQ21jon and Paar ma The Monroe County, Florida Tourist Development Trust
Fund ("TT-77F.") Is as special revenue fund administered by the Monroe County
Tourist Development Council . The sole purpose of the TDTF is to promote
tourism in Monroe County. The TDTF receives its principal funding from the 2%
local option tourist development tax collected by the State of Florida.
Basis of Accounj±g, The TOW follows the modified accrual basis of
accounting. Under the modified accrual basis, revenues are recorded as
received in cash except for revenues susceptible to accrual and revenues of a
material amount that have not been received at the normal time of receipt.
Expenditures are recorded when obligations are incurred or when benefits are
received, except for interest on general obligation bonds which is recorded in
the accounting period in which payment becomes due.
-5-
KEMP lb ROSASCO
Certified Public Accountanis
1438 KENNEDY DR, MEMBER OF AMEMCANI INSTITUTE
ORV�S M. KEMP, C.P.A. #12 LUANI PLAZA e P. O� BOX 309
Wes. 0. KEMP, C.P.A KEY WEST, FL 33041-0309 AND FLORIDA INSTffUTE OF
PETER L. ROSASCO, Jr., C.P.& (305) 294-2581 CERTIFIED PUBLIC ACCOUNTANTS
MARVA EME"E"N, C.P.A.
Mar..® Danny L. Kohlage
Clerk Ex Officio
board of (,ounty Commissioners
Monroe County, Florida
Key West, Florida 33040
Dear Sir:
We have examined the financial statements of Monroe County Tourist Development
Trust Fund (the HTUTF") for the years ended September 30. 1983 and 1982 and
have issued our report thereon dated February 10, 1984 ® As part of our exa-
mination, we made a study and evaluation of the TUTFIs system of internal
accounting control to the extent we considered necessary to evaluate the
system as required by generally accepted auditing standards. The purpose of
our study and evaluation was to determine the nature, timing, and extent of
the auditing procedures necessary for expressing an opinion of the County's
financial statements. Our study and evaluation was more limited than would be
necessary to express an opinion on the system of internal accounting control
taken as a whole.
The observations reported herein should be considered in the context of the
responsibility of management for establishing and maintaining a system of
internal accounting control , the objectives of and inherent limitations an
such a system, and the definition of a material weakness for purposes of this
report, which are described in the Appendix to this report.
Our study and evaluation made for the limited purpose described in the firsl
paragraph would not necessarily disclose all material weaknesses in the
system. Accordingly, we do not express an opinion on the system of internal
accounting control of the TDTF taken as a whole. %wever, our study and eva-
luation disclosed no condition that we believe is a material weakness.
We appreciate the cooperation extended to us during the course of our examina
-
lion. We would be pleased to discuss these matters fOrther with you at your
convenience.
Sincerely,
Kemp & Rosasco
Certified Public Accountants
-6-
APPENDIX
MANAGEMENT'S RESPONSIBILITY FOR, AND THE CHIJEcorIVES ANU LIMITATIONS OF,
INTERNAL ACCOUNTING CONTROL AND THE DEFINITION OF A MATERIAL WEAKNESS
The following comments concerning management's responsibility for internal
accounting control , the objectives of and the inherent limitations an an system
of internal accounting control , and the definition of a material weakness are
excerpts from Statements an Auditing Standards at the American Institute of
Certified Public Accountants.
Management 's Responsibility
Management . .. is responsible for establishing and maintaining a system of
internal accounting control . In fultilling this responsibility, estimates and
judgements by management are required to assess the expected benefits and
related costs of control procedures.
Objectives
The objectives of a system are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from unauthorized
use or disposition, and that transactions are executed in accordance with
management 's authorization and recorded properly to permit the preparation of
financial statements in accordance with generally accepted accounting prin-
ciples.
Limitations
Because of inherent limitations in any system of internal accounting control ,
errors or irregularities nevertheless may occur and not be detected. Also,
projection of any evaluation of the system to future periods is subject to the
risk that procedures may become inadequate because of changes in conditions or,
that the degree of compliance with procedures may deteriorate.
Material Weakness
A material weakness (for the auditor's purpose) is as condition in which the
specific control procedures, or the degree of compliance with them, do not (in
the auditor's judgement) reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in relation to the finan-
cial statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned func-
tions. The criteria may be broader than those that may be appropriate fair
evaluating weaknesses in accounting control for management or other purposes.
-7-