Fiscal Year 2022 MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
FINANCIAL STATEMENTS
As of and for the Year Ended September 30, 2022
And Report of Independent Auditor
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MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2022
TABLE OF CONTENTS
PAGE
Table of Contents A-1
Basic Financial Statements
Independent Auditor's Report B-1
Fund Financial Statements:
Balance Sheet-Governmental Funds C-1
Statement of Revenues, Expenditures, and Changes in Fund Balances-
Governmental Funds C-3
Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
Major Governmental Funds:
General Fund C-5
Fine and Forfeiture Fund C-10
Governmental Grants Fund C-12
Tourist Development,Administration and Promotional Two Cent Fund C-15
Statement of Net Position-Proprietary Funds C-16
Statement of Revenues, Expenses and Changes in Net Position-Proprietary Funds C-20
Statement of Cash Flows-Proprietary Funds C-22
Notes to Financial Statements D-1
Required Supplementary Information (Unaudited):
Florida Retirement System
Schedule of the Board's Proportionate Share of Net Pension Liability-
Florida Retirement System E-1
Schedule of the Board's Contributions-Florida Retirement System E-3
Schedule of the Board's Proportionate Share of Net Pension Liability-
Health Insurance Subsidy Program E-5
Schedule of the Board's Contributions
Health Insurance Subsidy Program E-7
Pension Plan for Volunteer Firefighters and Emergency Medical Services
Schedule of Changes in the Board's Net Pension Liability and Related Ratios E-9
Schedule of Employer Contributions E-11
Post Employment Benefits Other Than Pension
Schedule of Changes in the Board's Total OPEB Liability and Related Ratios E-13
Combininq and Individual Fund Statements and Schedules:
Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
One Cent Infrastructure Surtax Capital Project Fund F-1
Infrastructure Revenue Bonds Series 2014 Capital Projects Fund F-2
Cudjoe Regional Wastewater Capital Project Fund F-3
All Debt Service Funds F-4
(Continued)
A-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2022
TABLE OF CONTENTS (continued)
Combininq and Individual Fund Statements and Schedules(continued): PAGE
Combining Balance Sheet-Nonmajor Governmental Funds G-1
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances-
Nonmajor Governmental Funds G-11
Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
Special Revenue Funds:
Affordable Housing Programs G-21
Tourist Development,All Districts,Two Cent G-22
Tourist Development, District One G-23
Tourist Development, District Two G-24
Tourist Development, District Three G-25
Tourist Development, District Four G-26
Tourist Development, District Five G-27
Impact Fees-Roadways G-28
Impact Fees-Parks and Recreation G-29
Impact Fees-Libraries G-30
Impact Fees-Solid Waste G-31
Impact Fees-Fire and EMS G-32
Fire and Ambulance, District#1 -Lower and Middle Keys G-33
Unincorporated Area Service District-Parks and Recreation G-34
Unincorporated Area Service District-Planning, Building &Zoning G-35
Municipal Policing G-37
911 Enhancement Fees G-38
Duck Key Security District G-39
Local Housing Assistance G-40
Affordable Housing Initiatives G-41
Boating Improvement G-42
Miscellaneous Special Revenue G-43
Environmental Restoration G-45
Law Enforcement Trust G-46
Court Facility Fees G-47
Drug Abuse Trust G-48
Marathon Municipal Service Taxing Unit G-49
(Continued)
A-2
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2022
TABLE OF CONTENTS (continued)
Combininq and Individual Fund Statements and Schedules(continued): PAGE
Middle Keys Health Care Municipal Service Taxing Unit G-50
Bay Point Municipal Service Taxing Unit G-51
Big Coppitt Municipal Service Taxing Unit G-52
Key Largo Municipal Service Taxing Unit G-53
Stock Island Wastewater G-54
Conch Key Municipal Service Taxing Unit G-55
Long Key-Layton Municipal Service Taxing Unit G-56
Duck Key Municipal Service Taxing Unit G-57
Canal#266 Municipal Service Business Unit G-58
Roads and Bridges Fund G-59
Building Fund G-60
Clerk's Revenue Note Capital Projects Fund G-61
Infrastructure Revenue Bonds Series 2007 Capital Projects Fund G-62
Big Coppitt Wastewater Capital Project Fund G-63
Duck Key Wastewater Project Capital Projects Fund G-64
Long Key Wastewater Project Capital Projects Fund G-65
Land Acquisition Fund Capital Projects Fund G-66
Combining Statement of Net Position-Internal Service Funds H-1
Combining Statement of Revenues, Expenses, and Changes in Net Position-
Internal Service Funds H-3
Combining Statement of Cash Flows-Internal Service Funds H-5
COMPONENT UNIT
Comprehensive Plan Land Authority-Statement of Net Position 1-1
Comprehensive Plan Land Authority-Statement of Activities 1-2
OTHER REPORTS
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 J-1
Independent Auditor's Management Letter K-1
Report of Independent Accountant on Compliance with Local Government Investment K-3
Policies
A-3
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RSM
Independent Auditor's Report
Honorable Mayor and
Board of County Commissioners
Monroe County, Florida
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Board of County Commissioners (the Board)of Monroe County, Florida (the County),
as of and for the year ended September 30, 2022, and the related notes to the financial statements, as
listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of each major fund and the aggregate remaining fund
information of the Board of the County as of September 30, 2022, and the respective changes in financial
position, and,where applicable, cash flows thereof and the respective budgetary comparisons for the
General Fund, Fine and Forfeiture, Governmental Grants, and the Tourist Development Administration
and Promotional Two Cent Special Revenue Fund, for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Financial Statements section of our report. We are required to be independent of the Board and to
meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our
audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
Emphasis of Matter
As discussed in Note 1, the accompanying financial statements of the Board of the County are intended
to present the financial position, the changes in financial position, budgetary comparison and cash flows
of only that portion of the governmental activities, business-type activities and each major fund of the
County that is attributable to the transactions of the Board. They do not purport to, and do not, present
fairly the financial position of the County as of September 30, 2022, and the changes in its financial
position, or, where applicable, its cash flows for the year then ended in accordance with accounting
principles generally accepted in the United States of America. Our opinion is not modified with respect to
this matter.
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As discussed in Note 1 to the financial statements, the Board adopted Governmental Accounting
Standards Board (GASB) Statement No. 87, Leases as of October 1, 2021. As a result of the adoption
the Board restated beginning assets, liabilities, and deferred inflows and recorded other lease-related
items in the financial statements. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• Obtain an understanding of internal control relevant to the audit 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 the Board's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
I:3 2
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that that the pension
and other post-employment benefit plan schedules as listed in the table of contents be presented to
supplement the basic financial statements. Such information is the responsibility of management and,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic
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
consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic 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.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Board's basic financial statements. The combining and individual fund statements and
schedules are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the combining and individual fund statements and schedules are fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 31,
2023, on our consideration of the County's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other
matters. The purpose of that report is solely 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
effectiveness of the County's internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering the
County's internal control over financial reporting and compliance.
V.
Fort Lauderdale, Florida
March 31, 2023
133
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30,2022
Fine& Governmental
General Forfeiture Grants
Assets
Cash and Cash Equivalents $ 12,129,084 $ 2,119,411 $ 2,433,149
Investments 32,136,802 11,940,862 2,575,920
Accounts Receivable, Net 18,754 4,229,024 108,693
Assessments Receivable - - -
Due from Other Governmental Units 952,430 27,764 17,934,144
Due from Constitutional Officers 7,928,078 2,167,144 -
Mortgages/Notes Receivable - - 217,974
Allowance for Mortgages/Notes Receivable - - (217,974)
Lease Receivable 652,813 - -
Interest Receivable 55,350 20,281 Inventory 2,088 - -
Total Assets $ 53,875,399 $ 20,504,486 $ 23,051,906
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts Payable $ 1,509,654 $ 90,939 $ 4,358,149
Retainage Payable - - 429,346
Accrued Wages and Benefits Payable 848,071 172,928 151,421
Due to Other Governmental Units 1,484,334 - 33,176
Due to Constitutional Officers 4,461 8,144 -
Unearned Revenues - - 14,223,752
Deposits in Escrow 105,661 - -
Total Liabilities 3,952,181 272,011 19,195,844
Deferred Inflows of Resources:
Leases 636,115 - -
Unavailable Revenues - - 15,904,540
Total Deferred Inflows of Resources 636,115 - 15,904,540
Fund Balances/(Deficits):
Nonspendable 6,851 - -
Restricted - 20,232,475 -
Committed 10,000,000 - -
Assigned 12,364,817 - -
Unassigned 26,915,435 - (12,048,478)
Total Fund Balances/(Deficits) 49,287,103 20,232,475 (12,048,478)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances/(Deficits) $ 53,875,399 $ 20,504,486 $ 23,051,906
The notes to the financial statements are an integral part of these statements.
C-1
Tourist
Development Cudjoe Regional One Cent Debt Nonmajor Total
Admin &Promo Wastewater Infrastructure Service Governmental Governmental
Two Cent Project Surtax Fund Funds Funds
$ 4,554,586 $ 599,889 $ 2,862,073 $ 1,091,348 $ 20,013,184 $ 45,802,724
26,521,054 3,239,570 27,268,299 2,083,280 109,157,343 214,923,130
- - - - 286,228 4,642,699
- 20,108,052 - - 3,040,401 23,148,453
- 1 2,850,243 - 1,073,598 22,838,180
2,427,177 2,876 - - 5,377,534 17,902,809
- - - - 9,973,786 10,191,760
- - - - (9,973,786) (10,191,760)
- - - - - 652,813
45,046 5,502 46,315 3,538 184,872 360,904
- - - - - 2,088
$ 33,547,863 $ 23,955,890 $ 33,026,930 $ 3,178,166 $ 139,133,160 $ 330,273,800
$ 566,955 $ 1 $ 733,719 $ - $ 4,975,901 $ 12,235,318
- - 134,395 - 860,683 1,424,424
5,053 5,385 95,844 - 1,240,907 2,519,609
- - 79,653 - 270,331 1,867,494
- - - - 254,642 267,247
- - - - - 14,223,752
- - - - 277,322 382,983
572,008 5,386 1,043,611 - 7,879,786 32,920,827
- - - - - 636,115
- 19,821,708 - - 2,967,383 38,693,631
- 19,821,708 - - 2,967,383 39,329,746
- - - - - 6,851
32,975,855 4,128,796 31,983,319 3,178,166 115,651,381 208,149,992
- - - - 6,173,665 16,173,665
- - - - 6,460,945 18,825,762
- - - - - 14,866,957
32,975,855 4,128,796 31,983,319 3,178,166 128,285,991 258,023,227
$ 33,547,863 $ 23,955,890 $ 33,026,930 $ 3,178,166 $ 139,133,160 $ 330,273,800
C-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2022
Fine& Governmental
General Forfeiture Grants
Revenues:
Taxes $ 31,938,284 $ 55,979,611 $ -
Licenses and Permits - - -
Intergovernmental 19,322,238 73,808 14,352,879
Charges for Services 731,480 14,242,688 159,792
Fines and Forfeitures 3,422 105,618 -
Investment Income (571,186) (127,066) 25,168
Miscellaneous 780,955 423,530 -
Total Revenues 52,205,193 70,698,189 14,537,839
Expenditures:
Current:
General Government 36,761,683 1,273,755 -
Public Safety 1,809,741 65,427,440 7,002,702
Physical Environment 566,308 - 10,136,059
Transportation 78,508 - 2,814,427
Economic Environment 877,757 - 230,844
Human Services 8,764,085 - 1,451,327
Culture and Recreation 4,461,730 - 1,020,956
Court-Related 4,227,474 2,479,986 -
Capital Outlay - - -
Debt Service:
Principal 526,413 1,643 -
Interest 63,244 110 -
Total Expenditures 58,136,943 69,182,934 22,656,315
Excess/Deficiency of Revenues
Over(Under)Expenditures (5,931,750) 1,515,255 (8,118,476)
Other Financing Sources(Uses):
Transfers from Other Funds 6,409,199 - 692,480
Transfers to Other Funds (70,256) - -
Transfers from Constitutional Officers 5,872,519 2,145,698 -
Total Other Financing Sources (Uses) 12,211,462 2,145,698 692,480
Net Change in Fund Balances 6,279,712 3,660,953 (7,425,996)
Fund Balances/(Deficits)-October 1 43,007,391 16,571,522 (4,622,482)
Fund Balances/(Deficits)-September 30 $ 49,287,103 $ 20,232,475 $ (12,048,478)
The notes to the financial statements are an integral part of these statements.
C-3
Tourist
Development Cudjoe Regional One Cent Debt Nonmajor Total
Admin & Promo Wastewater Infrastructure Service Governmental Governmental
Two Cent Project Surtax Fund Funds Funds
$ 23,299,088 $ - $ 34,358,790 $ - $ 72,462,666 $ 218,038,439
- 1,032,082 - - 6,566,351 7,598,433
- - - - 8,780,130 42,529,055
- - 2,507 - 12,766,308 27,902,775
- - - - 2,887,398 2,996,438
(190,929) 536,796 (220,613) (1,334) (835,299) (1,384,463)
- 124,649 614,419 - 795,428 2,738,981
23,108,159 1,693,527 34,755,103 (1,334) 103,422,982 300,419,658
- - - - 4,849,777 42,885,215
- - - - 33,294,618 107,534,501
- - - - 2,067,104 12,769,471
- - - - 8,947,646 11,840,581
10,114,576 - - - 26,863,095 38,086,272
- - - - 2,162,018 12,377,430
- - - - 3,235,392 8,718,078
- - - - 1,111,053 7,818,513
- 145,272 10,872,248 - 4,541,246 15,558,766
97,259 - 1,630 14,411,327 29,457 15,067,729
21,297 - 128 4,117,982 2,170 4,204,931
10,233,132 145,272 10,874,006 18,529,309 87,103,576 276,861,487
12,875,027 1,548,255 23,881,097 (18,530,643) 16,319,406 23,558,171
- - - 17,611,898 1,711,291 26,424,868
(114,278) (2,125,740) (19,207,766) - (4,727,505) (26,245,545)
221,029 2,876 - 914,516 785,584 9,942,222
106,751 (2,122,864) (19,207,766) 18,526,414 (2,230,630) 10,121,545
12,981,778 (574,609) 4,673,331 (4,229) 14,088,776 33,679,716
19,994,077 4,703,405 27,309,988 3,182,395 114,197,215 224,343,511
$ 32,975,855 $ 4,128,796 $ 31,983,319 $ 3,178,166 $ 128,285,991 $ 258,023,227
C-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 29,674,000 $ 29,674,000 $ 31,938,284 $ 2,264,284
Intergovernmental 14,568,680 14,568,796 19,322,238 4,753,442
Charges for Services 1,009,000 1,009,000 731,480 (277,520)
Fines and Forfeitures 5,000 5,000 3,422 (1,578)
Investment Income 335,000 335,000 (571,186) (906,186)
Miscellaneous 618,500 774,928 780,955 6,027
Total Revenues 46,210,180 46,366,724 52,205,193 5,838,469
EXPENDITURES:
Current:
General Government:
Board of County Commissioners Admin 2,032,743 2,032,743 1,724,668 308,075
Clerk to BOCC-Financial Package 5,000 5,000 - 5,000
Gov't Enterprise Management System 75,000 75,000 29,820 45,180
Clerk Comm & Fees-TDC 520,700 520,700 520,700 -
Clerk Comm & Fees-Noncourt 4,267,500 4,267,500 4,267,500 -
Insurances-Supervisor of Elections 180,110 180,110 166,323 13,787
Promotional Advertising 5,000 5,000 - 5,000
Value Adjustment Board 35,000 35,000 25,984 9,016
FIRM Study 50,000 50,000 50,000 -
County Administrator 1,455,067 1,483,901 1,510,048 (26,147)
Technical Services 3,150,604 3,150,605 2,900,707 249,898
Grants Administration 384,004 384,005 135,649 248,356
Office of Management&Budget 913,677 828,885 637,147 191,738
Purchasing 308,521 393,313 373,624 19,689
Personnel 601,624 630,207 621,050 9,157
Public Works Management 10,835 12,998 13,039 (41)
Public Works Facilities Maintenance 9,139,972 9,367,591 9,297,854 69,737
ADA Compliance 50,000 50,000 3,200 46,800
County Attorney 1,926,661 1,926,660 1,206,429 720,231
Tax Collector 6,600,183 6,600,183 6,375,001 225,182
Property Appraiser 4,785,556 4,785,556 4,703,260 82,296
Supervisor of Elections 2,054,758 2,055,164 2,055,164 -
Quasi External Services 230,000 230,000 144,516 85,484
Hurricane 100,000 100,000 - 100,000
Total General Government 38,882,515 39,170,121 36,761,683 2,408,438
(Continued)
The notes to the financial statements are an integral part of these statements.
C-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Public Safety:
Emergency Management 697,770 697,770 525,903 171,867
Marathon Emergency Operations Center 84,394 84,393 54,118 30,275
Medical Examiner 695,796 695,796 560,006 135,790
Fire Academy 711,603 711,603 637,524 74,079
Fire & EMS Length of Svcs Award Prog 48,000 48,000 32,190 15,810
Total Public Safety 2,237,563 2,237,562 1,809,741 427,821
Physical Environment:
Extension Service 231,973 231,973 212,077 19,896
Sustainability 757,817 757,817 354,231 403,586
Total Physical Environment 989,790 989,790 566,308 423,482
Transportation:
County Engineer 245,122 165,219 78,508 86,711
Total Transportation 245,122 165,219 78,508 86,711
Economic Environment:
Literacy Volunteers of America 60,000 60,000 60,000 -
Veterans Affairs 653,739 653,739 643,410 10,329
Veterans Affairs Transportation 195,270 195,270 174,347 20,923
Total Economic Environment 909,009 909,009 877,757 31,252
Human Services:
Middle Keys Guidance Clinic 35,181 35,181 35,181 -
Older Americans Volunteer Program 500 500 - 500
Domestic Abuse Shelter 80,000 80,000 80,000 -
Positive Steps of Monroe County 25,000 25,000 25,000 -
Florida Keys Outreach Coalition 110,000 110,000 110,000 -
Samuel's House 105,000 105,000 105,000 -
Womankind 155,000 155,000 155,000 -
Grace Jones 70,000 70,000 70,000 -
AIDS Help 95,000 95,000 95,000 -
Good Health Clinic 60,000 60,000 60,000 -
Monroe County Assn for ReMARCable Citizens 200,000 200,000 200,000 -
Florida Keys Children's Shelter 150,000 150,000 150,000 -
Wesley House 157,500 157,500 157,500 -
Florida Keys Area Health Education 130,000 130,000 130,000 -
Heron/Peacock 40,000 40,000 40,000 -
Kids Come First- Florida Keys 30,000 30,000 30,000 -
Boys and Girls Club 100,000 100,000 100,000 -
Florida Keys Healthy Start Coalition 80,000 80,000 80,000 -
(Continued)
The notes to the financial statements are an integral part of these statements.
C-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Human Services (continued):
Keys Area Interdenominational Resources 30,000 30,000 30,000 -
Star of the Sea Foundation 100,000 100,000 100,000 -
Independence Cay 30,000 30,000 30,000 -
Anchors Aweigh 15,000 15,000 15,000 -
Hearts, Hammer, Hands 10,500 10,500 10,281 219
Baker Act LKMC FS 394.463 83,334 83,334 83,333 1
Guidance Care Clinic Baker Act Transp 165,000 165,000 165,000 -
Guidance Care Clinic/Samuel House-FS 394.76 836,518 836,518 836,518 -
Guidance Care Clinic Jail In-house Prog 144,021 177,355 147,036 30,319
Historic Florida Keys Foundation 32,450 32,450 32,450 -
Animal Shelters 1,603,270 1,683,173 1,754,353 (71,180)
Welfare Administration 602,094 762,094 731,740 30,354
Welfare Services 900,500 860,500 847,810 12,690
Lions Eye Clinic 5,000 5,000 5,000 -
Health Care Respite Act 40,000 - - -
Bayshore Manor 973,494 1,017,616 1,023,160 (5,544)
Social Service Transportation 1,054,578 1,084,578 1,175,776 (91,198)
Burton Memorial United Methodist Church 15,000 15,000 15,000 -
Keys to Be Change 50,000 50,000 49,931 69
Autism Society of the Keys 40,000 40,000 40,000 -
Voices for the Florida Keys Children 17,000 17,000 17,000 -
Kreative Kids 25,000 25,000 25,000 -
Specia101ympics 15,000 15,000 7,016 7,984
Employee Suggestion Plan 10,000 10,000 - 10,000
Total Human Services 8,420,940 8,688,299 8,764,085 (75,786)
Culture and Recreation:
Fine Arts Council 79,900 79,900 79,900 -
Lower Keys AARP 4,500 4,500 - 4,500
Middle Keys AARP 4,500 4,500 2,760 1,740
Big Pine Key AARP 4,500 4,500 1,002 3,498
Upper Keys AARP 4,500 4,500 - 4,500
Heart of the Keys Recreation 50,000 50,000 50,000 -
Higgs Beach Maintenance 98,622 107,118 99,526 7,592
Libraries- Florida History 50,846 50,846 192,220 (141,374)
Library Admin Support 921,513 1,171,513 1,156,691 14,822
Library Key West 928,710 728,710 704,909 23,801
Library Key West Donations 100,000 252,557 216,049 36,508
(Continued)
The notes to the financial statements are an integral part of these statements.
C-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Culture and Recreation (continued):
Library Marathon 648,125 648,126 622,113 26,013
Library Marathon Donations 10,000 10,110 2,512 7,598
Library Islamorada 469,597 419,597 383,645 35,952
Library Islamorada Donations 1,000 1,736 320 1,416
Library Key Largo 640,448 640,448 545,967 94,481
Library Key Largo Donations 2,500 5,475 1,566 3,909
Library Big Pine Key 482,742 482,742 395,803 86,939
Library Big Pine Key Donations 200,608 197,758 6,747 191,011
Total Culture and Recreation 4,702,611 4,864,636 4,461,730 402,906
Cou rt-Related:
Law Library 24,362 27,262 85,692 (58,430)
Guardian Ad Litem 295,361 295,361 212,309 83,052
Clerk of the Court-General Mgt 208,000 208,000 208,000 -
Clerk of the Court-Jury Management 38,750 38,750 38,750 -
Clerk Records Management 34,900 34,900 34,900 -
Clerk of the Circuit Court-Criminal 283,950 283,950 283,950 -
Clerk of the Circuit Court-Civil 186,650 186,650 186,650 -
Clerk of the Circuit Court-Family 77,150 77,150 77,150 -
Clerk of the Circuit Court-Juvenile 61,150 61,150 61,150 -
Clerk of the Circuit Court-Probate 56,650 56,650 56,650 -
Clerk County Court-Criminal 238,400 238,400 238,400 -
Clerk County Court-Civil 145,300 145,300 145,300 -
Clerk County Court-Traffic 293,600 293,600 293,600 -
State Attorney 407,780 407,780 189,392 218,388
Public Defender 604,952 604,952 238,737 366,215
Court Administration 2,527 2,527 20,622 (18,095)
Court Admin-Judicial Support 186,339 186,339 145,143 41,196
Court Case Management 179,805 179,805 163,413 16,392
Court Admin-Circuit Ct Reporter Svcs 1,675 1,675 1,380 295
Court Admin-Circuit Drug Court 373,631 373,631 201,476 172,155
Court Admin-Pretrial Release 546,610 546,610 516,570 30,040
Court Ad mi n-Probatio nary Services 481,551 481,551 391,256 90,295
Ct.Admin-Pretrial Svcs Drug Diversion 227,834 227,834 225,009 2,825
Court Admin-Information Systems 224,978 224,978 211,975 13,003
Total Court Related 5,181,905 5,184,805 4,227,474 957,331
Debt Service:
Principal - - 526,413 (526,413)
Interest - - 63,244 (63,244)
Total Debt Service - - 589,657 (589,657)
Total Expenditures 61,569,455 62,209,441 58,136,943 4,072,498
(Continued)
The notes to the financial statements are an integral part of these statements.
C-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Excess/Deficiency of Revenues
Over(Under) Expenditures (15,359,275) (15,842,717) (5,931,750) 9,910,967
Other Financing Sources (Uses):
Reserve for Contingencies (837,786) (301,844) - 301,844
Reserve for Cash Balance (4,427,828) (4,427,828) - 4,427,828
Transfers from Other Funds 6,492,601 6,492,601 6,409,199 (83,402)
Transfers to Other Funds (900,000) (952,500) (70,256) 882,244
Transfers from Constitutional Officers 5,000,000 5,000,000 5,872,519 872,519
Total Other Financing Sources (Uses) 5,326,987 5,810,429 12,211,462 6,401,033
Net Change in Fund Balances (10,032,288) (10,032,288) 6,279,712 16,312,000
Fund Balances-October 1 10,032,288 10,032,288 43,007,391 32,975,103
Fund Balances-September 30 $ - $ - $ 49,287,103 $ 49,287,103
The notes to the financial statements are an integral part of these statements.
C-9
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 58,105,405 $ 58,105,405 $ 55,979,611 $ (2,125,794)
Intergovernmental - - 73,808 73,808
Charges for Services 9,013,000 9,013,000 14,242,688 5,229,688
Fines and Forfeitures 72,500 72,500 105,618 33,118
Investment Income 385,000 385,000 (127,066) (512,066)
Miscellaneous 133,240 133,240 423,530 290,290
Total Revenues 67,709,145 67,709,145 70,698,189 2,989,044
EXPENDITURES:
Current:
General Government:
Tax Increment Payment 1,289,000 1,289,000 1,273,755 15,245
Total General Government 1,289,000 1,289,000 1,273,755 15,245
Public Safety:
Sheriff Law Enforcement 26,163,523 26,743,523 26,729,768 13,755
Sheriff Corrections 27,044,475 27,044,475 26,827,268 217,207
Law Enforcement Education Assistance 75,000 75,000 75,000 -
Correction Facilities 2,963,633 2,963,633 2,536,076 427,557
Medical Air Transport 8,713,533 8,713,532 8,454,356 259,176
Interagency Communications 759,695 759,695 756,798 2,897
Juvenile Detention Cost Share 196,000 196,000 48,174 147,826
Total Public Safety 65,915,859 66,495,858 65,427,440 1,068,418
Court-Related:
Sheriff Extradition 100,000 173,206 165,256 7,950
Sheriff Court Security 2,339,081 2,339,081 2,314,730 24,351
Total Court Related 2,439,081 2,512,287 2,479,986 32,301
Debt Service:
Principal - - 1,643 (1,643)
Interest - - 110 (110)
Total Debt Service - - 1,753 (1,753)
Total Expenditures 69,643,940 70,297,145 69,182,934 1,114,211
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,934,795) (2,588,000) 1,515,255 4,103,255
(Continued)
The notes to the financial statements are an integral part of these statements.
C-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (290,000) (206,795) - 206,795
Reserve for Cash Balance (4,976,982) (4,976,982) - 4,976,982
Transfers to Other Funds (33,334) (43,334) - 43,334
Transfers from Constitutional Officers 1,500,000 1,500,000 2,145,698 645,698
Total Other Financing Sources (Uses) (3,800,316) (3,727,111) 2,145,698 5,872,809
Net Change in Fund Balances (5,735,111) (6,315,111) 3,660,953 9,976,064
Fund Balances-October 1 5,735,111 6,315,111 16,571,522 10,256,411
Fund Balances-September 30 $ - $ - $ 20,232,475 $ 20,232,475
The notes to the financial statements are an integral part of these statements.
C-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmental $ - $ 69,302,348 $ 14,352,879 $ (54,949,469)
Charges for Services - 327,574 159,792 (167,782)
Investment Income - - 25,168 25,168
Total Revenues - 69,629,922 14,537,839 (55,092,083)
Expenditures:
Current:
Public Safety:
Hurricane Recovery - 10,997,665 5,278,318 5,719,347
America Rescue Plan Act - 7,327,538 223,600 7,103,938
Cancer Decontamination Equipment - - 12,100 (12,100)
Emergency Management Base Grant - 322,790 96,333 226,457
Federal Emergency Base Grants - - 61,395 (61,395)
Radiological Emerg. Preparedness - 327,574 123,987 203,587
Emergency Medical Services Award Grant - 38,533 36,730 1,803
SAFER Program - 5,676,808 942,802 4,734,006
Urban Area Security Initiative Grants - 570,124 227,437 342,687
Total Public Safety - 25,261,032 7,002,702 18,258,330
Physical Environment:
Hurricane Irma Canal Debris Removal - 518,400 518,400 -
Canal Restoration Projects - 7,653,019 3,339,469 4,313,550
Flood Control Program - 14,139,257 5,321,593 8,817,664
Conservation Resource Management - 1,156,583 377,463 779,120
EPA Florida Keys Improve Water Quality - 7,621 6,182 1,439
Removal of Vessels - 903,560 572,952 330,608
DEP Mobile Vessels - 88,258 - 88,258
Total Physical Environment - 24,466,698 10,136,059 14,330,639
Transportation:
Roadway Projects - 5,058,129 2,400,226 2,657,903
Transportation Planning Prog 2012 - 1,045,741 166,082 879,659
Pigeon Key Ferry Service - 248,119 248,119 -
Total Transportation - 6,351,989 2,814,427 3,537,562
(Continued)
The notes to the financial statements are an integral part of these statements.
C-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Economic Environment:
Small Cities CDBG - 112,820 3,080 109,740
Community Development Block Grant - 3,548,585 124,886 3,423,699
CARES COVID-19 Funding - 3,809,996 - 3,809,996
Disaster Recovery CDBG - 178,420 102,878 75,542
Total Economic Environment - 7,649,821 230,844 7,418,977
Human Services:
Pandemic Financial Assistance - 760,759 2,806 757,953
Nutritional Services In Progress - 47,813 28 47,785
Title III-B Supportive Services - 129,802 290,413 (160,611)
Title III-C1 Congregate Meals - 351,370 165,592 185,778
Title III-C2 Home Delivered Meals - - 2,568 (2,568)
Title III-E Caregiver Support Services - 238,087 142,945 95,142
Low Income Home Energy Program - 292,691 261,140 31,551
Alzheimer's Disease Initiative - 130,883 78,732 52,151
Community Care Disabled Adults - - 3,525 (3,525)
Weatherization Assistance Program (WAP) - 211,733 76,291 135,442
Drug Program Urinanlysis Lab - 1,754 - 1,754
Edward Byrne Memorial JAG - 14,691 14,691 -
Substance Abuse Treatment Program - 304,472 158,332 146,140
DOJDC Medical Director Initiative - 36,481 - 36,481
Older Americans Act - 402,835 254,264 148,571
Total Human Services - 2,923,371 1,451,327 1,472,044
Culture and Recreation:
State Aid to Libraries - 55,446 4,752 50,694
America Rescue Plan Act - 4,475,470 876,446 3,599,024
Historic Monroe County Jail - 58,500 56,452 2,048
Harry Harris Park Boat Ramp - 762,117 - 762,117
Pigeon Key Commissary - 482,550 27,978 454,572
Lower Keys Scenic VW Area - 55,328 55,328 -
Total Culture and Recreation - 5,889,411 1,020,956 4,868,455
Total Expenditures - 72,542,322 22,656,315 49,886,007
(Continued)
The notes to the financial statements are an integral part of these statements.
C-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Excess/Deficiency of Revenues
Over(Under) Expenditures - (2,912,400) (8,118,476) (5,206,076)
Other Financing Sources (Uses):
Transfers from Other Funds - 2,912,400 692,480 (2,219,920)
Total Other Financing Sources (Uses) - 21912,400 692,480 (2,219,920)
Net Change in Fund Balances - - (7,425,996) (7,425,996)
Fund Balances (Deficits)-October 1 - - (4,622,482) (4,622,482)
Fund Balances (Deficits)-September 30 $ - $ - $ (12,048,478) $ (12,048,478)
The notes to the financial statements are an integral part of these statements.
C-14
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 12,056,687 $ 12,056,687 $ 23,299,088 $ 11,242,401
Investment Income - - (190,929) (190,929)
Total Revenues 12,056,687 12,056,687 23,108,159 11,051,472
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 11,260,822 11,260,822 8,978,568 2,282,254
Administrative Services 1,449,072 1,449,072 1,136,008 313,064
Catastrophic Emergency 2,475,000 2,475,000 - 2,475,000
Total Economic Environment 15,184,894 15,184,894 10,114,576 5,070,318
Debt Service:
Principal - - 97,259 (97,259)
Interest - - 21,297 (21,297)
Total Debt Service - - 118,556 (118,556)
Total Expenditures 15,184,894 15,184,894 10,233,132 4,951,762
Excess/Deficiency of Revenues
Over(Under) Expenditures (3,128,207) (3,128,207) 12,875,027 16,003,234
Other Financing Sources (Uses):
Transfers to Other Funds (114,278) (114,278) (114,278) -
Transfers from Constitutional Officers - - 221,029 221,029
Total Other Financing Sources (Uses) (114,278) (114,278) 106,751 221,029
Net Change in Fund Balances (3,242,485) (3,242,485) 12,981,778 16,224,263
Fund Balances-October 1 3,242,485 3,242,485 19,994,077 16,751,592
Fund Balances-September 30 $ - $ - $ 32,975,855 $ 32,975,855
C-15
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2022
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
ASSETS
Current Assets:
Cash and Cash Equivalents $ 2,647,638 $ 786,345 $ 1,249,998
Investments 16,172,216 4,858,823 13,046,880
Accounts Receivable, Net 151,752 - 575,921
Leases Receivable - - 725,284
Due from Other Funds - - 6,373
Due from Other Governmental Units 406,118 38,867 10,823,955
Due from Constitutional Officers 3,834 - 123,420
Interest Receivable 27,469 8,253 62,051
Total Current Assets 19,409,027 5,692,288 26,613,882
Noncurrent Assets:
Restricted Cash and Cash Equivalents - - 44,868,354
Restricted Accounts Receivable - - 364,348
Leases Receivable, Noncurrent - - 7,128,481
Land and Other Nondepreciable Assets 3,629,620 267,849 27,046,145
Capital Assets, Net of Accum. Depreciation 1,782,082 8,390,084 84,404,603
Right-To-Use Leased Assets, Net of Amortization - - 10,591
Total Noncurrent Assets 5,411,702 8,657,933 163,822,522
Total Assets 24,820,729 14,350,221 190,436,404
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 228,581 65,930 1,115,117
Related to OPEB 152,700 26,400 239,900
Total Deferred Outflows of Resources 381,281 92,330 1,355,017
LIABILITIES
Current Liabilities:
Accounts Payable 1,845,706 18,532 1,274,220
Retainage Payable - - 224,611
Accrued Wages and Benefits Payable 56,615 14,701 207,315
Claims and Judgments Payable - - -
Due to Other Funds - - -
Due to Other Governmental Units - - 21,399
Due to Constitutional Officers - - -
Accrued Comp.Absences Payable 16,365 1,422 96,407
Unearned Revenues - - 5,867
Leases Payable - - 2,439
Other Current Liabilities 129,632 - 24
Deposits in Escrow 33,250 - 8,000
Total Current Liabilities 2,081,568 34,655 1,840,282
The notes to the financial statements are an integral part of these statements.
C-16
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 298,956 $ 4,982,937 $ 4,777,095
2,369,566 36,447,485 22,234,111
245,052 972,725 279,394
364,208 1,089,492 -
- 6,373 -
1,462,262 12,731,202 125,882
- 127,254 301,016
17,545 115,318 37,765
4,757,589 56,472,786 27,755,263
170,689 45,039,043 -
- 364,348 -
5,223,074 12,351,555 -
8,661,270 39,604,884 743,426
13,276,503 107,853,272 645,874
2,212 12,803 397,715
27,333,748 205,225,905 1,787,015
32,091,337 261,698,691 29,542,278
79,828 1,489,456 693,731
135,500 554,500 839,300
215,328 2,043,956 1,533,031
1,563,145 4,701,603 1,726,990
92,237 316,848 -
19,769 298,400 156,394
- - 4,418,041
6,373 6,373 16,485
9,580 30,979 5,434
- - 1,696
6,505 120,699 54,121
- 5,867 -
1,826 4,265 118,685
4 129,660 982
6,306 47,556 -
1,705,745 5,662,250 6,498,828
(Continued)
C-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION (CONTINUED)
PROPRIETARY FUNDS
SEPTEMBER 30, 2022
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Noncurrent Liabilities:
Accrued Comp.Absences Payable $ 65,459 $ 5,687 $ 385,627
Claims &Judgments Payable 4,000 - -
Leases Payable - - 8,147
Revenue Bonds Payable - - 42,459,929
Total OPEB Liability 300,000 107,000 730,000
Net Pension Liability 1,118,032 584,476 3,872,805
Total Noncurrent Liabilities 1,487,491 697,163 47,456,508
Total Liabilities 3,569,059 731,818 49,296,790
DEFERRED INFLOWS OF RESOURCES
Related to Leases - - 7,822,055
Related to Pensions 83,655 24,189 346,964
Related to OPEB 49,300 71,400 126,600
Total Deferred Inflows of Resources 132,955 95,589 8,295,619
NET POSITION
Net Investment in Capital Assets 5,411,702 8,657,933 109,596,520
Restricted for:
Passenger Facility Charges - - 3,463,243
Customs Service Operations - - -
Unrestricted 16,088,294 4,957,211 21,139,249
Total Net Position $ 21,499,996 $ 13,615,144 $ 134,199,012
The notes to the financial statements are an integral part of these statements.
C-18
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 26,018 $ 482,791 $ 216,480
- 4,000 -
465 8,612 299,507
- 42,459,929 -
122,000 1,259,000 1,070,000
370,361 5,945,674 1,658,548
518,844 50,160,006 3,244,535
2,224,589 55,822,256 9,743,363
5,530,378 13,352,433 -
29,063 483,871 244,908
28,500 275,800 146,500
5,587,941 14,112,104 391,408
21,937,694 39,617,687 1,368,823
- 3,463,243 -
170,689 170,689 -
2,385,752 44,570,506 19,571,715
$ 24,494,135 $ 193,808,287 $ 20,940,538
C-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2022
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Revenues:
Franchise Fees $ 661,076 $ - $ -
Charges for Services 22,606,295 2,027,323 12,742,402
Intergovernmental Revenue - - 108,172
Miscellaneous 112,889 - 59,864
Total Operating Revenues 23,380,260 2,027,323 12,910,438
Operating Expenses:
Personnel Services 1,357,811 349,721 4,471,089
Operations 19,898,951 310,214 12,306,247
Depreciation and Amortization 206,584 401,994 3,916,981
Asserted and Paid Claims - - -
Total Operating Expenses 21,463,346 1,061,929 20,694,317
Operating Income (Loss) 1,916,914 965,394 (7,783,879)
Nonoperating Revenues (Expenses):
Operating Grants 93,750 - 16,843,812
Grants and Donations-Other Sources - - -
Investment Income (135,983) (48,649) 136,593
Debt Service Costs - - (755,381)
Gain (Loss)on Disposition of Assets - 13,927 (11,262)
Total Non-Operating Revenues(Expenses) (42,233) (34,722) 16,213,762
Income (Loss)Before Transfers 1,874,681 930,672 8,429,883
Total Capital Contributions and Transfers:
Capital Contributions - - 10,149,681
Transfers from Other Funds - - -
Transfers to Other Funds (235,202) (79,776) (499,097)
Transfers from Constitutional Officers 3,834 - -
Total Capital Contributions and Transfers (231,368) (79,776) 9,650,584
Change in Net Position 1,643,313 850,896 18,080,467
Net Position-October 1 19,856,683 12,764,248 116,118,545
Net Position-September 30 $ 21,499,996 $ 13,615,144 $ 134,199,012
The notes to the financial statements are an integral part of these statements.
C-20
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ - $ 661,076 $ -
1,293,178 38,669,198 31,985,341
- 108,172 -
106,626 279,379 1,616,698
1,399,804 39,717,825 33,602,039
438,448 6,617,069 3,832,570
929,553 33,444,965 10,373,146
776,692 5,302,251 190,271
- - 19,276,880
2,144,693 45,364,285 33,672,867
(744,889) (5,646,460) (70,828)
817,880 17,755,442 -
146,788 146,788 -
161,667 113,628 (274,027)
- (755,381) -
(4,643) (1,978) 5,829
1,121,692 17,258,499 (268,198)
376,803 11,612,039 (339,026)
1,589,402 11,739,083 -
1,563,232 1,563,232 -
(137,385) (951,460) (791,095)
- 3,834 -
3,015,249 12,354,689 (791,095)
3,392,052 23,966,728 (1,130,121)
21,102,083 169,841,559 22,070,659
$ 24,494,135 $ 193,808,287 $ 20,940,538
C-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2022
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Activities:
Cash Received for Services $ 23,304,691 $ 2,027,323 $ 13,017,092
Cash Payments to Suppliers for Goods and Services (18,921,645) (295,544) (13,436,209)
Cash Payments for Employee Services (1,294,611) (362,868) (4,134,378)
Cash Payments for Claims 4,000 - -
Cash Received from(Paid to)Other Sources 41,914 16,253 (6,262,982)
Other Miscellaneous Revenue 109,777 (1,233) 17,690
Net Cash Provided by(Used in)
Operating Activities 3,244,126 1,383,931 (10,798,787)
Noncapital Financing Activities:
Operating Grants Received 93,750 - 16,843,812
Transfers from Other Funds - - -
Transfers to Other Funds (235,202) (79,776) (499,097)
Transfers from Constitutional Officers 3,834 - -
Net Cash Provided by(Used in)Noncapital
Financing Activities (137,618) (79,776) 16,344,715
Capital and Related Financing Activities:
Proceeds from Capital Grants - - 10,149,681
Acquisition of Capital Assets (58,594) (195,515) (12,171,446)
Purchase and Construction of Capital Assets - - (734,329)
Proceeds from Issuance of Capital Debt - - 41,340,000
Proceeds from Sale of Capital Assets - - (11,262)
Net Cash Provided by(Used in)Capital and
Related Financing Activities (58,594) (195,515) 38,572,644
Investing Activities:
Investment Income (Losses) (135,983) (48,649) 136,593
Repayment of Revenue Note - - (1,492,120)
Proceeds from Sales and Maturities of Investments 11,166,563 3,324,924 7,745,579
Purchase of Investment Securities (14,097,951) (4,225,909) (10,964,247)
Net Cash Provided by(Used in) Investing Activities (3,067,371) (949,634) (4,574,195)
Net Increase(Decrease) in Cash and
Cash Equivalents (19,457) 159,006 39,544,377
Cash and Cash Equivalents:
October 1 2,667,095 627,339 6,573,975
September 30 $ 2,647,638 $ 786,345 $ 46,118,352
The notes to the financial statements are an integral part of these statements.
C-22
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 1,095,849 $ 39,444,955 $ 31,764,781
(287,404) (32,940,802) (9,614,268)
(410,364) (6,202,221) (3,663,118)
- 4,000 (18,306,698)
1,315,871 (4,888,944) 23,335
90,368 216,602 1,620,405
1,804,320 (4,366,410) 1,824,437
964,668 17,902,230 -
1,563,232 1,563,232 -
(137,385) (951,460) (791,095)
- 3,834 -
2,390,515 18,517,836 (791,095)
1,589,402 11,739,083 -
(4,116,088) (16,541,643) (857,002)
- (734,329) -
- 41,340,000 -
- (11,262) 5,829
(2,526,686) 35,791,849 (851,173)
161,667 113,628 (274,027)
- (1,492,120) -
(88,389) 22,148,677 23,561,371
(1,506,882) (30,794,989) (22,042,195)
(1,433,604) (10,024,804) 1,245,149
234,545 39,918,471 1,427,318
235,100 10,103,509 3,349,777
$ 469,645 $ 50,021,980 $ 4,777,095
(Continued)
C-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS (CONTINUED)
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2022
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Reconciliation of Operating Income(Loss)
to Net Cash Provided by (Used in)Operating
Activities:
Operating Income (Loss) $ 1,916,914 $ 965,394 $ (7,783,879)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
Activities:
Depreciation and Amortization 206,584 401,994 3,916,981
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable 37,320 - 212,118
(Increase) Decrease in Leases Receivable - - (7,853,765)
(Increase) Decrease in Due from Other Funds 6,026 5,586 (4,232)
(Increase) Decrease in Due from Other Gov't Units 35,512 10,667 (6,281,891)
(Increase) Decrease in Due from Constitutional Ofcrs 376 - 74,909
(Increase) Decrease in Interest Receivable (3,112) (1,233) (42,174)
Increase (Decrease)in Accounts Payable 1,005,421 14,670 (216,406)
Increase (Decrease)in Retainage Payable - - (913,580)
Increase (Decrease)in Accrued Wages/Benefits 3,447 (5,546) 38,642
Increase (Decrease)in Claims/Judgments Payable 4,000 - -
Increase (Decrease)in Other Current Liabilities - - 24
Increase (Decrease)in Due to Other Funds - - -
Increase (Decrease)in Due to Other Gov't Units - - (51,768)
Increase (Decrease)in Comp.Absences Payable (7,445) (16,000) 40,225
Increase (Decrease)in Deposits in Escrow (28,115) - -
Increase (Decrease)in Unearned Revenue - - (13,890)
Increase (Decrease)in OPEB Liability 75,000 (61,000) 133,000
Increase (Decrease)in Pension Liability 419,226 120,666 2,289,204
Increase (Decrease)in Deferred Inflows Leases - - 7,822,055
Increase (Decrease)in Deferred Outflows (96,391) 5,280 (261,981)
Increase (Decrease)in Deferred Inflows Pensions/OPEB (330,637) (56,547) (1,902,379)
Total Adjustments 1,327,212 418,537 (3,014,908)
Net Cash Provided by(Used in)
Operating Activities $ 3,244,126 $ 1,383,931 $ (10,798,787)
Noncash Investing, Capital,and Financing Activities:
Gain on Disposition of Assets $ - $ 13,927 $ (11,261)
Noncash Investing, Capital, and Financing Activities $ - $ 13,927 $ (11,261)
Cash Reconciliation:
Unrestricted $ 2,647,638 $ 786,345 $ 1,249,998
Restricted - - 44,868,354
Total $ 2,647,638 $ 786,345 $ 46,118,352
The notes to the financial statements are an integral part of these statements.
C-24
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ (744,889) $ (5,646,460) $ (70,828)
776,692 5,302,251 190,271
(116,025) 133,413 (220,560)
(5,587,282) (13,441,047) -
10,737 18,117 52,365
1,298,222 (4,937,490) (12,791)
576 75,861 (38,240)
(16,258) (62,777) 3,707
628,249 1,431,934 761,619
13,896 (899,684) -
1,716 38,259 8,658
- 4,000 970,182
4 28 982
6,373 6,373 15,934
(37) (51,805) 6,067
2,511 19,291 24,893
- (28,115) -
(24,400) (38,290) (3,723)
88,000 235,000 688,000
147,019 2,976,115 1,308,183
5,530,378 13,352,433
(93,040) (446,132) (737,495)
(118,122) (2,407,685) (1,122,787)
2,549,209 1,280,050 1,895,265
$ 1,804,320 $ (4,366,410) $ 1,824,437
$ (4,643) $ (1,977) $ -
$ (4,643) $ (1,977) $ -
$ 298,956 $ 4,982,937 $ 4,777,095
170,689 45,039,043 -
$ 469,645 $ 50,021,980 $ 4,777,095
C-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summary of the more significant accounting policies of the Monroe County, Florida
Board of County Commissioners (Board) is presented to assist the reader in interpreting these financial
statements and should be viewed as an integral part of this report.
Reporting Entity:
Monroe County, Florida (County) is a Non-Charter County established as provided by Article VIII
Section 1 of the Florida Constitution and Chapter 125, Florida Statutes. The primary government of the
County is comprised of the Board of County Commissioners and five "constitutional officers": Clerk of
the Circuit Court & Comptroller (Clerk), Property Appraiser, Sheriff, Supervisor of Elections, and Tax
Collector.
Entity status for financial reporting purposes is governed by Statement No. 14, as amended, of the
Governmental Accounting Standards Board (GASB) and Rules of the Auditor General, State of Florida.
The GASB is the standard-setting body for the establishment of accounting principles generally
accepted in the United States of America (GAAP) for governmental entities. The financial statements of
the Board, when combined with all of its blended component units and the constitutional officers,
constitute the "primary government" of Monroe County according to GAAP. The primary government
constitutes the complete GAAP basis financial reporting entity of the County, presented in the Monroe
County, Florida Annual Comprehensive Financial Report.
Since this report excludes the constitutional officers, these Board financial statements do not purport to
reflect the financial position or the results of operations of Monroe County, Florida taken as a whole.
Rather, they have been prepared to provide information at this level of detail greater than what is
available in the County's financial statements. These statements are presented to comply with Section
218.39 Florida Statutes and Section 10.556(4) Rules of the Auditor General for Local Government
Entity Audits.
The Board, composed of five members, is the legislative body for Monroe County and, as such, budgets
and provides the funding used by the separate Constitutional Offices with the exception of fees collected
by the Clerk and the Tax Collector. Under the direction of the Clerk, the Monroe County Finance
Department maintains the accounting system for the Board's operations, excluding those of the Clerk,
Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of which maintains its own
respective accounting system.
Services provided by the Board and accounted for within these financial statements include police
services for unincorporated areas of the County; health and social services; emergency medical services;
cultural and recreational programs; solid waste services and other governmental services.
These financial statements include all funds of the Board and its blended component units, if material.
"Component units" are legally separate entities for which operational or financial responsibility rests
with the Board or for which the nature and significance of their relationship to the Board is such that
exclusion would cause the financial statements to be misleading or incomplete.
D-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Blended component units are legally separate entities that are, in substance, part of the Board's
operation, as they either have governing bodies that are substantively the same as the Board or they
provide their services exclusively, or almost exclusively, to the Board. The financial transactions of the
component unit are merged with similar transactions of the Board as part of the primary government.
The blended component unit of the Board is as follows:
Monroe County Industrial Development Authority (MCIDA) — The MCIDA was created by
Monroe County, Florida Resolution, pursuant to Chapter 159, Florida Statutes. The MCIDA
serves to assist in financing and refinancing capital projects, which will foster economic
development in the County. The Board serves as the governing board and MCIDA provides
services within the County. Therefore, the MCIDA, for financial reporting purposes, is
considered a blended component unit of Monroe County, Florida. The MCIDA is not legally
required to adopt a budget; however, the Board must authorize the issuance of bonded debt.
Neither the MCIDA nor the Board has any legal obligation for repayment of the revenue bonds
of the MCIDA. As an issuer of"conduit" debt obligations, the MCIDA has no assets, liabilities,
or transactions during the current year.
Discretely presented component units are legally separate entities which do not meet the criteria for
blending. They are reported in separately issued financial statements to emphasize their legal separation
from the Board. The following is a discretely presented component unit of the Board:
Monroe County, Florida Comprehensive Plan Land Authority (MCLA) — The MCLA was
created by Monroe County, Florida Ordinance 031-1986 pursuant to Chapter 380, Florida
Statutes and is considered a legally separate entity from Monroe County. The objectives of the
entity are to operate a land acquisition program in Monroe County, implement the Monroe
County Comprehensive Plan and address issues created by it. The Board serves as the governing
board; however, there is no financial benefit or burden relationship. Therefore, the MCLA, for
financial reporting purposes, is considered a discretely presented component unit of Monroe
County, Florida and is presented in a separate section of the County's financial statements.
Complete financial statements for MCLA can be obtained from MCLA's administrative office at
1200 Truman Avenue, Suite 207, Key West, Florida 33040.
Basis of Presentation:
The Board's financial statements are prepared in accordance with Chapter 10.550, Rules of the Auditor
General Local Governmental Entity Audits (Rules), which do not require separate financial statements
for the Board but specify certain requirements if such financial statements are presented. Requirements
include presentation of fund-level and component unit financial statements. Government-wide financial
statements, related disclosures and management's discussion and analysis are not required by the Rules
and are not presented. As such, these statements present information about the Board's funds, but do not
present a complete presentation of the Board's financial position and changes in financial position.
Separate columns are presented for each major governmental fund and for each major enterprise fund.
D-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The following are reported as major governmental funds:
General Fund — The General Fund is the general operating fund of the Board. All general tax
revenues and other receipts not required either legally or by accounting principles generally
accepted in the United States of America to be accounted for in other funds, are accounted for in
the General Fund.
Fine and Forfeiture Special Revenue Fund— The Fine and Forfeiture Fund is used to account for
revenues received from fines and forfeitures imposed from the commission of statutory offenses,
ad valorem taxes transferred to the Sheriff and to account for operations of the County's court
system.
Governmental Grants Special Revenue Fund—The Governmental Grant Fund is used to account
for operating revenues and expenditures for governmental activity of federal and state grants.
Tourist Development Admin & Promo Two Cent — The Tourist Development Admin & Promo
Two Cent Fund is a special revenue fund used to account for the expenditures of advertising,
promotions, and special events of the County Tourist Development Council. The major funding
for this fund is the Bed Tax. The fund is being presented as a major fund for consistency and
public interest.
Cudjoe Regional Wastewater Capital Project Fund — The Cudjoe Regional Wastewater Capital
Project Fund is used to account for the revenues and expenditures for the wastewater
infrastructure for the Cudjoe Regional area of Monroe County.
One Cent Infrastructure Surtax Capital Project Fund — The One Cent Infrastructure Surtax Fund
is used to account for capital improvements funded by the One Cent Infrastructure Surtax.
Debt Service Fund — The Debt Service Fund is used to account for accumulation of resources
for, and payment of, interest and principal on the long-term debt incurred in the issuance of
various revenue bonds and notes.
The following are reported as major enterprise funds:
Municipal Service District Waste — The Municipal Service District Waste Fund is used to
account for the operations of solid waste collection, disposal, and recycling activities. This fund
has been deemed a major fund for public interest purposes.
Card Sound Bridge — The Card Sound Bridge Fund is used to account for the operations of
Monroe County's Card Sound Toll Bridge. This fund has been deemed a major fund for public
interest purposes.
Key West Airport—The Key West Airport Fund is used to account for the operations of Monroe
County's Key West International Airport.
Marathon Airport—The Marathon Airport Fund is used to account for the operations of Monroe
County's Florida Keys Marathon International Airport. This fund has been deemed a major fund
for public interest purposes.
D-3
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board also reports the following fund types:
Internal Service Funds — Internal service funds are used to account for the financing of
workers' compensation insurance, health insurance, general liability insurance, and fleet
maintenance services provided by one department to other departments of the Board or to other
governmental units on a cost reimbursement basis.
Measurement Focus and Basis of Accounting:
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized when they become
susceptible to accrual; that is, when they become both "measurable" and "available" to finance
expenditures of the current period. The Board considers amounts collected within 60 days after year end
to be available and thus recognizes them as revenues of the current year, except for property taxes since
such taxes are collected to finance expenditures of the subsequent period for which they have been
levied.
Expenditures are recognized in the accounting period in which the related fund liability is incurred, if
measurable. Principal and interest on general long-term debt are recorded as fund liabilities when due or
when amounts have been accumulated in the debt service fund for payments to be made early in the
following year. In addition, expenditures related to compensated absences are recorded only when leave
has been taken. Expenditures related to leases,pension and OPEB are recorded only when incurred.
Revenues of the Board, which are susceptible to accrual under the modified accrual basis of accounting,
include property taxes, gas taxes, sales taxes, interest revenue, and charges for services. In applying the
susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements
of the numerous individual programs are used as guidance. There are, however, essentially two types of
these revenues. In one type, monies must be expended for the specific purpose or project before any
amounts will be paid to the Board; therefore, revenues are recognized based upon the expenditures
recorded. In the other type, monies are virtually unrestricted as to purpose of expenditure and
substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance
requirements, such as with equal employment opportunity. These resources are reflected as revenues at
the time of receipt or earlier if they meet the availability criterion. If revenues are expected to be
received later than 60 days following the end of the fiscal year, then a receivable is recorded, along with
deferred inflows of resources. Once the funds are received, revenue and cash are recorded and the
receivable and deferred inflows of resources are eliminated.
The proprietary fund statements use a flow of economic resources measurement focus and the accrual
basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred,
regardless of when the related cash flows take place.
Non-exchange transactions, in which the Board gives (or receives) value without directly receiving (or
giving) equal value in exchange, include grants. On an accrual basis, revenue from grants is recognized
in the fiscal year in which all eligibility requirements have been satisfied.
D-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board has chosen to fund the Volunteer Firefighter and Emergency Medical Services Length of
Service Award Pension Plan (LOSAP) on a pay-as-you-go basis. Pension expenditures are made from
the General Fund, which is maintained on a modified accrual basis of accounting. Benefits and refunds
are recognized when due and payable in accordance with the terms of the LOSAP Plan.
The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB
Statement Nos. 67 and 68:
• Contributions to the pension plan and earnings on those contributions are irrevocable.
• Pension plan assets are dedicated to providing benefits to plan members.
• Pension plan assets are legally protected from the creditors or employers.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Board's enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
Budgets and Bud2etary Data:
Listed below are the statutory procedures followed by the Board of County Commissioners in
establishing the budget for Monroe County:
1) On or before June 1 of each year, the Sheriff, the Clerk, the Property Appraiser, the Tax
Collector, and the Supervisor of Elections shall each submit to the Board a tentative budget for
their respective offices for the ensuing fiscal year.
2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the
County Administrator submits to the Board a proposed budget for the fiscal year commencing
the following October 1. The budget includes proposed expenditures and the means of financing
said expenditures.
3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to
obtain taxpayer comments.
4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and
adoption at a final public hearing.
5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a
resolution. Accordingly, all fund types have an adopted budget, as required by Section 129.03,
Florida Statutes. All funds have legally adopted budgets.
D-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
6) Throughout the fiscal year, the County Administrator acts on intradepartmental budget changes
that do not alter the total revenue or expenditures budgeted to a cost center. A cost center
represents a particular area of Board operations or a department. All other budget changes
(whether they are transfers between cost centers or alterations of total revenues and expenditure
in a fund) are approved by the Board. Supplemental appropriations were necessary and the
budgetary data presented herein was amended by the Board during the year.
7) Chapter 129, Section VII, Florida Statutes as amended in 1978, provides that only expenditures
in excess of total fund budgets are unlawful. However, because the Board acts on all budget
changes between cost centers, this becomes the level of control.
8) Budgeted to actual expenditure reports are employed as a management control device during the
year for all fund types.
9) Budgets for all funds are adopted on a basis consistent with GAAP for that fund type.
10) All appropriations lapse at year-end.
Use of Estimates:
The presentation of financial statements in conformity with accounting principles generally accepted in
the United States of America, as applicable to governmental units, requires management to make use of
estimates that affect the reported amounts in the financial statements. Actual results could differ from
estimates. Actual results could differ from these estimates, particularly given the significant social and
economic disruptions and uncertainties associated with the ongoing coronavirus pandemic (COVID-19)
and the COVID-19 control responses.
Encumbrances:
Encumbrance accounting, under which purchase orders, contracts and other commitments for the
expenditure of moneys are recorded as assigned fund balance and is employed as an extension of the
statutorily required budgetary process. Under Florida Statutes, appropriations, even if encumbered, lapse
at fiscal year-end. The Board's intention is to substantially honor these encumbrances under authority
provided in the subsequent year's budget.
Cash and Cash Equivalents:
Cash balances from the majority of funds are pooled for investment purposes. Earnings from such
investments are allocated to the respective funds based on applicable cash participation by each fund.
The investment pools are managed such that all participating funds have the ability to deposit and
withdraw cash as if they were demand deposit accounts. Therefore, all balances representing
participants' equity in the investment pools are classified as cash equivalents for purposes of these
statements. For investments, held separately from the pools, and are highly liquid (including restricted
assets)with an original or remaining maturity of 90 days or less, are considered cash equivalents.
D-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Investments:
Section 218.415, Florida Statutes, authorizes local governments to invest its funds pursuant to a written
investment plan. Monroe County's written plan allows investment of surplus funds in the following:
1) U.S. Treasury & Government Guaranteed — U.S. Treasury obligations, and obligations the
principal and interest of which are backed or guaranteed by the full faith and credit of the U.S.
Government.
2) Federal Agency/Government Sponsored Enterprise (GSE) — Debt obligations, participations or
other instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or GSE.
3) Supranationals — U.S. dollar denominated debt obligations of a multilateral organization of
governments where the U.S. is a shareholder and voting member.
4) Corporates —U.S. dollar denominated corporate notes, bonds, or other debt obligations issued or
guaranteed by a domestic corporation, financial institution, non-profit, or other entity.
5) Municipals — Obligations, including both taxable and tax-exempt, issued or guaranteed by any
State, territory, or possession of the U.S., political subdivision, public corporation, authority,
agency board, instrumentality or other unit of local government of any state or territory.
6) Agency Mortgage Backed Securities (MBS) — MBS are backed by residential, multi-family or
commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S.
Federal agency or government sponsored enterprise, including but not limited to pass-throughs,
collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits.
7) Asset-Backed Securities —Asset-backed securities (ABS) whose underlying collateral consists of
loans, leases, or receivables, including but not limited to auto loans/leases, credit card
receivables, student loans, equipment loans/leases, or home-equity loans.
8) Non-Negotiable Certificate of Deposit and Savings Accounts —Non-negotiable interest bearing
time certificates of deposit, or savings accounts in banks organized under the laws of the State of
Florida or in national banks organized under the laws of the United States and doing business in
Florida, provided that any such deposits are secured by the Florida Security for Public Deposits
Act, Chapter 280, Florida Statutes.
9) Commercial Paper — U.S. dollar denominated commercial paper issued or guaranteed by a
domestic corporation, company, financial institution, trust or other entity, only unsecured debt
permitted.
10) Bankers' Acceptances —Bankers' acceptances issued, drawn on, or guaranteed by a U.S. bank or
U.S. branch of a foreign bank.
D-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
11) Repurchase Agreements — Repurchase agreements that meet specific requirements listed in
Monroe County Resolution 032-2019.
12) Money Market Funds — Shares in open-end and no-load money market mutual funds, provided
such funds are registered under the Investment Company Act of 1940 and operate in accordance
with Rule 2a-7.
13) Intergovernmental Investment Pools — Intergovernmental Investment Pools that are authorized
pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida
Statutes.
All investments are stated at fair value or at amortized cost, which approximates fair value.
Accounts Receivable:
Amounts due from private individuals, organizations, or other governments, which pertain to charges for
services rendered by Board departments, are reported as accounts receivable. Receivables are reviewed
periodically to establish or update the provisions for uncollectible amounts. These provisions are
estimated based on an analysis of the age of the various accounts.
Leases Receivable:
The Board's lease receivable is measured at the present value of lease payments expected to be received
during the lease term. Under the lease agreement, the Board may receive variable lease payments that
are dependent upon the lessee's revenue. The variable payments are recorded as an inflow of resources
in the period the payment is received.
A deferred inflow of resources is recorded for the lease. The deferred inflow of resources is recorded at
the initiation of the lease in an amount equal to the initial recording of the lease receivable. The deferred
inflow of resources is amortized on a straight-line basis over the term of the lease.
Interfund Balances and Activity:
As part of its normal operations, the Board performs transactions between funds. Examples of these
transactions include providing services, constructing assets, matching grants or servicing debt. These
transactions are generally recorded as interfund transfers, except for internal service fund charges, which
are reflected as revenues to internal service funds and expenses/expenditures to the funds receiving the
services. Additionally, short-term interfund loans are recorded as cash flow needs arise. As of fiscal
year-end, any unpaid amounts related to these transactions are reported as "due from other funds" or
"due to other funds" on the fund financial statements. Interfund balances and transfers are consolidated
for government-wide financial reporting, and residual balances between governmental activities and
business-type activities, if any, are reported on the government-wide statements of the County.
D-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Inventory:
Inventory in the General Fund consists of certain supplies, which are stated at cost using the moving
average cost method. The inventory is determined by an annual physical count. Inventory is reported as
a non-spendable classification of fund balance, as these amounts are not in spendable form and are not
expected to be converted to cash.
Capital Assets:
Capital assets of the Board include property, buildings, equipment, and infrastructure assets (e.g. roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems). Constructed or
purchased assets are recorded at historical or estimated historical cost at the time of purchase. Donated
or contributed capital assets are recorded at estimated acquisition cost at the date of donation.
Capital assets associated with business-type activities and the internal service funds are presented in the
Board's basic financial statements. Capital assets associated with the Board's governmental activities
are presented on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
The Board maintains a $1,000 threshold for additions to equipment with an estimated useful life in
excess of two years. Buildings are capitalized when the value is $15,000 or greater. Public domain and
infrastructure assets represent major expenditures for such items as roads, water and sewer treatment
plants and lines, landfill improvements, parks, and drainage systems. Additions and improvements for
roads, water, sewer, landfill, and drainage infrastructure are capitalized when the cost amounts to
$250,000, while park additions and improvements are capitalized at$25,000.
Depreciation has been provided using the straight-line method. The estimated useful lives of the various
classes of depreciable capital assets are as follows:
Life-Years
Buildings 10-50
Equipment 5-10
Intangible Assets 10-15
Infrastructure 10-50
Public Domain Infrastructure 20-50
Capacity Rights 99
Capacity rights represent an intangible asset that arose from a contract with a private wastewater
operator that includes wastewater processing capacity for 1,500 equivalent dwelling units for a period of
99 years.
D-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Leased Assets:
The Board is the lessee for leases of equipment and property. The Board has recognized intangible right-
to-use leased assets (leased assets) in the financial statements.
The leased assets are measured at the start of the lease as the initial amount of the lease liability,
adjusted for lease payments made at or before the lease commencement date, plus certain initial direct
costs. Subsequently, the lease asset is amortized on a straight-line basis over its useful life.
Key estimates and judgments related to leases include how the Board determines the discount rate it uses
to discount the expected lease payments to present value, lease term and lease payments. The Board uses
the interest rate charged by the lessor as the discount rate. When the interest rate is not provided, the
Board uses its estimated incremental borrowing rate as the discount rate for leases. The lease term
includes the noncancellable period of the lease. Lease payments included in the measurement of the
lease liability are composed of fixed payments and a purchase price option that the Board is reasonably
certain to exercise.
The Board monitors changes in circumstances that would require remeasurement of its leases and will
remeasure the lease asset and liability if certain changes occur that are expected to significantly affect
the amount of the lease liability.
Leased assets for the Board's enterprise and internal service funds are reported with capital assets on the
statement of net position.
Compensated Absences:
Board policy permits employees to accumulate a limited amount of annual and sick leave, which will be
paid to employees upon termination of employment. Accumulated annual and sick leave is accrued
when earned in the proprietary fund financial statements. For the proprietary funds, an expense and a
liability are recorded as the leave is earned. Compensated absences associated with the Board's
governmental activities are presented on the government-wide financial statements of the County, rather
than on the financial statements of the Board.
Restricted Assets:
The use of certain assets of enterprise funds is restricted by specific provisions of resolutions and
agreements with various parties. Assets so designated are identified as restricted assets on the balance
sheet. When both restricted and unrestricted resources are available for use, the hierarchy of enterprise
fund spending is to use restricted resources first, followed by unrestricted resources, as they are needed.
Restricted assets are classified as noncurrent if they are for acquisition or construction of capital assets,
for liquidation of long-term debt, or are for other than current operations.
D-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred Inflows of Resources:
Deferred inflows of resources represent an acquisition of net position that applies to a future period and
therefore will not be recognized as an inflow of resources until that time. The Board has five items that
qualify for reporting in this category: (1) Unavailable revenues; (2) Advances from Other Governments;
(3) Pension-related items; (4) Other Post-Employment Benefits; and (5) Leases. The advances from
other governments are grants received in advance of meeting the timing requirements for revenue
recognition in governmental funds. The governmental funds report unavailable revenues where receipts
are not within the 60-day time frame for revenue recognition. The enterprise and internal service funds
report deferred inflows for pension-related and other post-employment benefit items as actuarially
determined.
Deferred Outflows of Resources:
Deferred outflows of resources represents a consumption of net position that applies to a future period
and therefore will not be recognized as an outflow of resources (expense) until that future time. The
enterprise and internal service funds report deferred outflows for pension-related and other post-
employment benefit items as actuarially determined.
Lone-Term Obligations:
Long-term obligations are reported as a liability in the proprietary fund statement of net position. Long-
term debt associated with the Board's governmental activities is presented on the government-wide
financial statements of the County, rather than on the financial statements of the Board. In the Board's
governmental fund financial statements, the face amount of debt issued is reported as another financing
source, while principal payments are reported as expenditures.
Property Taxes:
Property taxes, based on assessed values at January 1, are levied and become due and payable on
November 1st of each year. A 4% discount is allowed if the taxes are paid in November, with the
discount declining by 1% each month thereafter. Taxes become delinquent on April 1st of each year, and
tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June
1 st of each year. No accrual for the property tax levy becoming due in November of 2022 is included in
the accompanying financial statements, since such taxes are collected to finance expenditures of the
subsequent period.
Investment Income:
Investment income is interest income received plus any realized and unrealized gains or losses on
investments during the fiscal year.
D-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fund Balance Policies:
The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in
governmental funds. The fund balance classifications indicate the level of constraints placed upon how
resources can be spent and identify the sources of those constraints. The following five classifications:
non-spendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial
statements of the extent to which the Board is bound to honor constraints on the specific purposes for
which resources in a fund can be spent.
Fund balances of governmental type funds are classified as follows:
Non-spendable — Include amounts that cannot be spent because they are either not in spendable
form, or for legal or contractual reasons, must be kept intact. This classification includes inventory.
Restricted—Include amounts that can be spent only for specific purposes because of constitutional
provisions or enabling legislation, or because of constraints externally imposed by creditors,
grantors, contributors or the laws or regulations of other governments.
Committed — Include amounts that can be used only for the specific purposes determined by a
formal action in the form of a resolution of the Board, the County's highest level of decision-
making authority. Commitments may be changed or lifted only by the Board taking the same
formal action that imposed the constraint originally.
Assigned—Include amounts intended by the Board to be used for specific purposes determined by
a formal action in the form of a resolution but are neither restricted nor committed. The Board's
policy authorizes the County Administrator to assign fund balance based on intentions for use of
fund balance communicated by the Board.
Unassigned — The residual classification of the 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. Unassigned fund balance does not necessarily represent the
amount of fund balance that can be appropriated.
The Board has the responsibility of responding to emergency disaster and has committed $10 million in
the General Fund's disaster reserve funds to ensure adequate cash flow is available in post-disaster
situations.
The Board has defined unrestricted General Fund balance as the amount of fund balance that the Board
has placed constraints on its use (committed or assigned fund balance) plus the fund balance that does
not have any specific purpose identified for the use of those net resources (unassigned fund balance).
The Board's policy on unrestricted general fund balance is to achieve and maintain an unrestricted
General Fund balance equal to four months of budgeted expenditures. The Board considers a balance of
less than four months to be a cause for concern, barring unusual or deliberate circumstances, and a
balance of more than six months as excessive. Since this is a plan for accumulating resources rather than
a limitation on how existing resources can be spent, the fund balance policy does not affect the
classification of fund balance and is included in the unrestricted fund balance.
D-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board spends restricted amounts first, when both restricted and unrestricted fund balance is
available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the Board
uses committed fund balance, followed by assigned fund balance and then unassigned fund balance
when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance
classifications could be used.
The Board adopts an annual budget for the General Fund at their September meeting preceding the fiscal
year end. All annual appropriations lapse at the fiscal year end. Mid-year and year-end amendments are
made to the budget as necessary. The budget is prepared and controlled at the cost center level. The
Board's budget for the General Fund is prepared under a budgetary basis and adjustments necessary to
convert the results of operations to the modified accrual basis of accounting are made at year-end if
necessary. General Fund actual expenses exceeded budget primarily due to outsourced contract services
for engineering and project management and offset by direct personnel services that were less than
budgeted.
Fund Deficits:
The Board reported one fund with a deficit at September 30, 2022: ($12,048,478) in the Governmental
Grants Fund. The deficit is primarily due to the timing of$11.6 million in grant reimbursements that are
still pending to be paid to the Board due to damage resulting from Hurricane Irma and $3.2 million in
grant reimbursements from the State of Florida for canal programs.
Net Position:
Net position in the proprietary fund financial statements is classified as net investment in capital assets,
restricted, and unrestricted. Restricted net position of $3,633,933 indicates constraints on resources that
are either externally imposed by creditors, grantors, contributors, or laws or regulations of other
governments or imposed by law through state statute.
New Accounting Pronouncements:
In June 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 87,
Leases. This standard requires the recognition of certain lease assets and liabilities for leases that
previously were classified as operating leases and as inflows of resources or outflows of resources
recognized based on the payment provisions of the contract. It establishes a single model for lease
accounting based on the foundational principle that leases are financings of the right to use an
underlying asset.
Under this standard, a lessee is required to recognize a lease liability and an intangible right-to-use lease
asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources.
Effective October 1, 2021, the Board adopted the requirements of the guidance and has applied the
provisions of this standard to the beginning of the period of adoption.
The following are new accounting pronouncements that have been issued but are not yet effective:
D-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
GASB Statement GASB Statement No. 96, Subscription-Based Information Technology Arrangements.
GASB Statement No. 96 provides accounting and financial reporting guidance for subscription-based
information technology arrangements (SBITAs). GASB Statement No. 96 is based on the standards
established in GASB Statement No. 87,Leases. GASB Statement No. 96:
• Defines a SBITA as a contract that conveys control of the right to use a SBITA vendor's IT
software, alone or in combination with tangible capital assets (the underlying IT assets), as
specified in the contract for a period of time in an exchange or exchange-like transaction;
• Requires governments with SBITAs to recognize a right-to-use subscription asset—an intangible
asset—and a corresponding subscription liability (with an exception for short-term SBITAs
those with a maximum possible term of 12 months); and
• Provides guidance related to outlays other than subscription payments, including implementation
costs, and requirements for note disclosures related to a SBITA.
The requirements of this Statement are effective for reporting periods beginning after June 15, 2022.
GASB Statement No. 99, Omnibus 2022. The requirements of this Statement are effective as follows:
The requirements related to extension of the use of LIBOR, accounting for SNAP distributions,
disclosures of nonmonetary transactions, pledges of future revenues by pledging governments,
clarification of certain provisions in Statement 34, as amended, and terminology updates related to
Statement 53 and Statement 63 are effective upon issuance.
The requirements related to leases and SBITAs are effective for fiscal years beginning after June 15,
2022, and all reporting periods thereafter.
The requirements related to financial guarantees and the classification and reporting of derivative
instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023,
and all reporting periods thereafter. Earlier application is encouraged and is permitted by topic.
GASB Statement No. 100, Accounting Changes and Error Corrections an amendment of GASB
Statement No. 62. The primary objective of this Statement is to enhance accounting and financial
reporting requirements for accounting changes and error corrections to provide more understandable,
reliable, relevant, consistent, and comparable information for making decisions or assessing
accountability. Effective Date: For fiscal years beginning after June 15, 2023, and all reporting periods
thereafter. Earlier application is encouraged.
GASB Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the
information needs of financial statement users by updating the recognition and measurement guidance
for compensated absences. That objective is achieved by aligning the recognition and measurement
guidance under a unified model and by amending certain previously required disclosures.
The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and
all reporting periods thereafter. Earlier application is encouraged.
D-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS
The Board maintains a cash and investment pool available for use by all funds except those whose cash
and investments must be segregated due to bond covenants or other legal restrictions.
As of September 30, 2022, the carrying value of the Board's deposits and investments, with their
respective credit ratings, are as follows:
Valuation 6 Months
Measurement Less than to 1 to 5 Over 5
Investment Type Method Value 6 Months 1 Year Years Years
Demand Deposits N/A $100,601,799 $100,601,799 $ $ $
FL CLASS Investments Amortized Cost $ 41,136,040 41,136,040
FL PALM&FL PALM Term Pooled Amortized Cost 64,445,478 64,445,478
Asset-Backed Security(ABS) Fair Value-Level 2 7,356,013 - 22,022 7,138,946 195,045
Corporate Stock Fair Value-Level 2 $ 15,565 15,565 - - -
Corporate Note Fair Value-Level 2 25,702,419 1,238,068 2,565,462 21,709,735 189,154
Commercial Paper Fair Value-Level 3 31,496,054 - 31,496,054 - -
Federal Agency(FHLMC) Fair Value-Level 2 3,339,385 - 3,339,385
Federal Agency Collateralized Mortgage Obligation(CMO) Fair Value-Level 2 2,761,877 2,761,877 -
Federal Agency Mortgage-Backed Security(MBS) Fair Value-Level 2 4,099,994 1,985,229 2,114,765
U.S.Treasury Fair Value-Level 2 93,251,901 34,184,221 23,614,723 35,452,957 -
Totals $374,206,525 $241,621,171 $ 57,698,261 $72,388,129 $ 2,498,964
The Board categorizes its fair value measurements within the fair value hierarchy established by GAAP.
The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs
are unadjusted quoted prices in active markets for identical assets. Level 2 inputs are either directly or
indirectly observable for an asset(including quoted prices for similar assets), which may include inputs
in markets that are not considered active. Level 3 inputs securities are significant unobservable inputs.
Securities classified in Level 2 are evaluated prices from the custodian bank's primary external pricing
vendors. The pricing methodology involves the use of evaluation models such as matrix pricing which is
based on the securities' relationship to benchmark quoted prices. Other evaluation models use actual
trade data, collateral attributes, broker bids, new issue pricings and other observable market information.
There are no restrictions or limitations on withdrawals; however, FLCLASS 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.
Credit Risk and Concentration of Credit Risk — The Board approved and adopted its Investment Policy
(Policy) in January 2019. The Policy outlines permitted investments, and establishes limitations on
portfolio composition, by both investment type and by issuer, to control concentration of credit risk. The
following table identifies the investment requirements and allocation limits on security types, issuers,
and maturities as established by the County.
D-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Under the Policy, the Clerk has the option to further restrict investment percentages from time to time
based on market conditions, risk, and diversification strategies. The percentage allocation requirements
for investment types and issuers are calculated based on the original cost at the time of purchase of each
investment.
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type % % Requirement' Maturity
U.S.Treasury 100% 5.50 Years
GNMA 100% 40% N/A (5.50 Years
Other U.S. Government avg. life'
Guaranteed(e.g.AID,GTC 10% for GNMA)
Federal Agency/GSE:
FNMA,FHLMC, 40%'
FHLB,FFCBS 75% N/A 5.50 Years
Federal Agency/GSE o
other than those above 10/o
Supranationals Highest ST or Highest LT Rating
where U.S.is a shareholder 25% 10% Categories 5.50 Years
and voting member (A-1/P-1,AAA/Aaa,or equivalent)
Highest ST or Three Highest
Corporates 50%' 5% LT Rating Categories 5.50 Years
(A-1/P-1,A-/A3 or equivalent)
Highest ST or Three Highest
Municipals 25% 5% LT Rating Categories 5.50 Years
(SP-1/MIG 1,A-/A3,orequivalent)
Agency Mortgage-Backed 25% 40%1 N/A 5.50 Years
Securities(MBS) Avg.Life'
Asset-Backed Securities 25% 5% Highest ST or LT Rating 5.50 Years
(ABS) (A-1+/P-1,AAA/Aaa,or equivalent) Avg.Life'
Non-Negotiable o None,if fully
Collateralized Bank Deposits 50/o collateralized None,if fully collateralized. 2 Years
or Savings Accounts
Commercial Paper(CP) 50%' 5% Highest ST Rating Category 270 Days
(A-1/P-1,or equivalent)
Bankers' Acceptances(BAs) 10%, 5% Highest ST Rating Category 180 Days
(A-1/P-1,or equivalent)
D-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Portfolio Per Issuer
Investment Minimum Ratings Maximum
Maximum Maximum
Type Requirementl Maturity
Highest Fund Quality and Volatility
Intergovernmental Pools 50% 25% Rating Categories by all NRSROs N/A
(LGIPs) who rate the LGIP,
(AAAm/AAAf, Sl,or equivalent)
Counterparty(or if the counterparty is
not rated by an NRSRO,then the
Repurchase Agreements o counterparty's parent)must be rated in
(Repo or RP) 40/0 20/o the Highest ST Rating Category 1 Year
(A-I/P-1,or equivalent)
If the counterparty is a Federal
Reserve Bank,no rating is required
Money Market Funds o o Highest Fund Rating by all NRSROs
(MMFs) 50% 25/o who rate the fund N/A
(AAAm/Aaa-mf,or equivalent)
Florida Local Government Highest Fund Rating by all NRSROs
Surplus Funds Trust Funds 25% N/A who rate the fund N/A
(Florida Prime) (AAAm/Aaa-mf,or equivalent)
Notes:
Rating by at least one SEC-registered Nationally Recognized Statistical Rating Organization(NRSRO),unless otherwise noted.
ST=Short-term;LT=Long-term.
z Maximum allocation to all corporate and bank credit instruments is 50%combined.
3 Maximum exposure to any one Federal agency,including the combined holdings of Agency debt and Agency MBS,is 40%.
'The maturity limit for MBS and ABS is based on the expected average life at time of settlement,measured using Bloomberg or other
industry standard methods.
s Federal National Mortgage Association(FNMA);Federal Home Loan Mortgage Corporation(FHLMC);Federal Home Loan Bank or
its District banks(FHLB);Federal Farm Credit Bank(FFCB).
At September 30, 2022, the portion of the Board's investment portfolio invested in Federal
instrumentalities is detailed as follows:
Percent of
Investment
Issue Portfolio
Federal Agency Mortgage-Backed Security (MBS) 1.50%
Federal Agency Collateralized Mortgage Obligations (CMO) 1.01%
Federal Home Loan Mortgage Corporation (FHLMC) 1.22%
D-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Custodial Credit Risk — The Policy requires bank deposits to be secured as provided by Chapter 280,
Florida Statutes. This law requires local governments to deposit funds only in financial institutions
designated as qualified public depositories by the Chief Financial Officer of the State of Florida.
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation for the first
$250,000 at each institution and the remaining balances are insured 100% by the State of Florida
collateral pool, a multiple institution pool with the ability to assess its members for collateral shortfalls if
a member institution fails.
The Policy requires execution of a third-party custodial safekeeping agreement for all purchased
securities and requires that securities be held in the Board's name. As of September 30, 2022, all of the
Board's investments are held in a bank's trust department in the Board's name.
Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to 24
months. The Policy limits the investment of noncurrent operating funds to 5.50 years.
Restricted Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash
and cash equivalents at September 30, 2022:
Demand
Cash and Cash Equivalents Deposits
Governmental Activities
Governmental Funds $ 45,802,724
Internal Service Funds 4,777,095
Business-Type Activities 4,982,937
Total Unrestricted Cash and Cash Equivalents 55,562,756
Restricted Cash and Cash Equivalents
Business-Type Activities 45,039,043
Total Cash and Cash Equivalents $100,601,799
D-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 3 —RESTRICTED ASSETS
Restricted assets in the Enterprise Funds include those assets created by resolutions adopted by the
Board for the Airport's unspent bond proceeds, passenger facility charges, and customs service
operations. Total restricted assets as of September 30, 2022 are as follows:
Cash and Cash Accounts
Equivalents Receivable Total
Key West Airport Passenger Facility Charges $ 3,098,895 $ 364,348 $ 3,463,243
Key West Airport Unspent Bond Proceeds 41,769,459 - 41,769,459
Marathon Airport Customs Service Operations 170,689 - 170,689
Total Restricted Assets $45,039,043 $ 364,348 $45,403,391
NOTE 4 —ACCOUNTS RECEIVABLE
Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for
doubtful accounts. The accounts receivable and the allowance balances are as follows:
Allowance for
Accounts Uncollectible Accounts
Service Provided Receivable Accounts Receivable,Net
Governmental Funds:
General Fund Misc $ 23,130 $ (4,376) $ 18,754
Fine&Forfeiture Fund Air Amb Svc 29,363,130 (25,134,106) 4,229,024
Governmental Grants Misc 109,361 (668) 108,693
Nonmajor Funds:
Fire&Amb Dist 1 Fund Ground Amb Svc 2,116,391 (1,849,388) 267,003
Other Nonmajor Funds Misc 24,063 (4,838) 19,225
Internal Service Funds Misc 282,368 (2,974) 279,394
Total Governmental Funds 31,918,443 (26,996,350) 4,922,093
Enterprise Funds:
MSD-Waste Fund: Tipping Fees 167,772 (16,020) 151,752
Key West Airport Rent,Misc 944,025 (3,756) 940,269
Marathon Airport Rent,Misc 245,052 245,052
Total Enterprise Funds 1,356,849 (19,776) 1,337,073
Total Accounts Receivable $ 33,275,292 $ (27,016,126) $ 6,259,166
The Board passed Resolutions 448-2021, 476-2021, 482-2021 and 483-2021 approving air and ground
ambulance billing write offs, respectively, of$4,640,409, $314,183, $550,845 and $6,532 for fiscal year
2022. The Board also passed Resolution 449-2021 to write off $1,829,160 of air ambulance billings
related to resident waivers.
D-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 5 —ASSESSMENTS RECEIVABLE
The County has been improving water quality by replacing cesspits and septic systems with a series of
central wastewater collection and treatment systems. The Board has funded these projects with state
grants and loans, local infrastructure sales surtax, and special assessments levied on the property owners.
The property owners have the option of paying their special assessments up front or on an installment
basis added to their real estate tax bills. Revenue is recognized on the modified accrual basis.
Any remaining assessment owed is recorded as a receivable with an offset to deferred inflows of
resources in the governmental funds for those amounts that are not available.
NOTE 6—MORTGAGES RECEIVABLE
Mortgages receivable at September 30, 2022 consist of the following:
Major Governmental Funds —Governmental Grants Fund:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Payment of principal deferred for 10 years from date of note.
Principal is amortized in equal monthly amounts starting in year 6 until 10 at
which time the loan is fully forgiven. In event of sale/transfer of property or
occupancy, the prorated principal balance is due in full within 30 days of
sale/transfer or cessation of primary residence. $ 217,974
Nonmajor Governmental Funds—Local Housing Assistance:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Commencing in year 16 of the mortgage, principal and accrued
interest at 3% will be forgiven at the rate of 6.66% annually. The entire
principal balance and accrued interest will be forgiven at the end of year thirty.
If the residence is sold before the initiation of the forgiveness period, the full
amount of the mortgage and accrued interest is due at closing. 4,997
Second Mortgages Receivable from individuals, collateralized by personal
residences. Principal payments shall be deferred for the term of the first
mortgage loan, or until the date the last payment is due on the first mortgage.
Interest is not charged on the mortgages unless the mortgagor is in default, in
which case the interest rate is 12% per annum from the date when payment of
the second is due. The entire balance of the loan is intended to be forgiven.
However, in the event the home is sold, transferred, rented, refinanced or the
first mortgage loan is satisfied,the entire mortgage balance is due. 8,013,310
D-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 6—MORTGAGES RECEIVABLE (continued)
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 469,467
Florida Homebuyer Opportunity Tax Credit, Second Mortgages Receivable
from individuals, collateralized by personal residences. Interest is 6% per
annum, except if paid in full within first 18 months of repayment period then
interest rate shall be 0% from the date when the first payment is due. 16,000
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 184,216
Disaster Mitigation Loans that will be deferred for a period of ten years with a
0% interest rate. The entire balance of the mortgages will be forgiven at a rate
of 20% per year upon maturity, provided that the mortgagor complies with the
mortgage covenants. The mortgages are interest free. 1,285,796
Total Nonmajor Governmental Funds-Local Housing Assistance 9,973,786
Total Mortgages Receivable $10,191,760
The mortgages receivable associated with the governmental grants are offset by an allowance for
uncollectible accounts of $217,974. As the mortgages receivable associated with the Local Housing
Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of
$9,973,786 has been established.
NOTE 7—LEASES RECEIVABLE
The Board, acting as lessor, has entered into lease agreements for its governmental funds for buildings
and office space and for its enterprise funds involving airport facilities. For the governmental funds, the
total amount of inflows of resources, including lease revenue, interest revenue and other lease-related
inflows, recognized during FY 2022 was $636,115. For its enterprise funds, the total amount of inflows
of resources, including lease revenue, interest revenue, and other lease-related inflows, recognized
during FY 2022 was $13,352,433. This total includes $1,000,878 of variable and other payments not
previously included in the measurement of the leases receivable.
D-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 8 —CAPITAL ASSETS
Amounts associated with the Board's governmental activities' capital assets, related accumulated
depreciation and depreciation expense are reported on the government-wide financial statements of the
County, rather than on the financial statements of the Board. Amounts associated with the Board's
business-type activities' and internal service funds' capital assets, related accumulated depreciation and
depreciation expense are reported on the proprietary fund financial statements of the Board.
Internal service fund capital asset information is included in the governmental activities on the
government-wide financial statements because the internal service funds predominately serve those
activities.
In addition, in October 2021, the Board passed Resolution 403-2021 approving the sale of the Monroe
County Wastewater System to the Florida Keys Aqueduct Authority consistent with the requirements of
s. 125.3401, Florida Statutes. As a result, $227,065,994, net of depreciation, was removed from
infrastructure assets for the Board during FY 22.
Capital asset activity for the year ended September 30, 2022 is shown in the following table:
Beginning Ending
Balance Additions Reductions Balance
Governmental Activities:
Capital assets not depreciated:
Land $ 84,273,514 $ 7,295,634 $ (152,084) $ 91,417,064
Land Development Rights 1,475,832 133,355 - 1,609,187
Construction in progress 48,761,201 23,323,702 (3,544,598) 68,540,305
Total capital assets not depreciated 134,510,547 30,752,691 (3,696,682) 161,566,556
Capital assets depreciated or amortized:
Buildings 186,932,800 823,195 - 187,755,995
Equipment 41,091,631 3,966,494 (5,128,596) 39,929,529
Infrastructure 407,658,768 1,244,151 (260,868,422) 148,034,497
Intangible Assets 3,150,000 4,834,393 - 7,984,393
Total capital assets depreciated 638,833,199 10,868,233 (265,997,018) 383,704,414
Right-to-use leasedassets*:
Land 36,572 - - 36,572
Buildings 3,453,957 495,875 - 3,949,832
Equipment 276,331 20,226 - 296,557
Total right-to-use leased assets
amortized 3,766,860 516,101 - 4,282,961
Less accumulated depreciation for:
Buildings (78,746,321) (3,907,461) - (82,653,782)
Equipment (27,691,223) (2,782,912) 2,141,286 (28,332,849)
Infrastructure (73,291,202) (10,118,192) 33,803,228 (49,606,166)
Intangible Assets (540,906) (1,417,990) - (1,958,896)
Total accumulated depreciation (180,269,652) (18,226,555) 35,944,514 (162,551,693)
D-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 8 —CAPITAL ASSETS (continued)
Beginning Ending
Governmental Activities(continued) Balance Additions Reductions Balance
Less accumulated amortization for
Right-To-Use Leased Assets*:
Land (8,440) - - (8,440)
Buildings (609,189) (110,194) - (719,383)
Equipment (83,738) (8,191) - (91,929)
Total accumulated amortization (701,367) (118,385) - (819,752)
Total accumulated depreciation and
amortization (180,971,019) S (18,344,940) S 35,944,514 (163,371,445)
Total capital assets
depreciated/amortized,net 461,629,040 224,615,930
Governmental funds,capital assets,net S 596,139,587 S 386,182,486
Beginning Ending
Balance Additions Reductions Balance
Business-Type Activities:
Capital assets not depreciated:
Land S 6,126,028 $ - $ - $ 6,126,028
Construction in progress 16,735,222 17,847,560 (1,103,926) 33,478,856
Total capital assets not depreciated 22,861,250 17,847,560 (1,103,926) 39,604,884
Capital assets depreciated or amortized:
Land improvements 212,925 - - 212,925
Buildings 80,287,491 562,147 - 80,849,638
Equipment 7,377,048 577,436 (273,986) 7,680,498
Infrastructure 84,254,978 541,781 - 84,796,759
Right-to-use leased assets—equipment* - 15,378 - 15,378
Total assets depreciated 172,132,442 1,696,742 (273,986) 173,555,198
Less accumulated
depreciation/amortization for:
Land Improvements (212,925) - - (212,925)
Buildings (22,352,599) (2,264,375) - (24,616,974)
Equipment (4,735,461) (637,982) 240,384 (5,133,059)
Infrastructure (33,326,273) (2,397,319) - (35,723,592)
Right-to-use leased assets—equipment* - (2,575) - (2,575)
Total accumulated depreciation or
amortization (60,627,258) S (5,302,251) S 240,384 (65,689,125)
Total capital assets
depreciated/amortized,net 111,505,184 107,866,073
Business-type activities,capital assets,
net S 134,366,434 S 147,470,957
*GASB Statement No. 87 was implemented as of October 1, 2021 and right-to-use leased assets and
related accumulated amortization were added in the above schedule to reflect the value of the Board's
leased assets as of September 30, 2022.
D-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 8 —CAPITAL ASSETS (continued)
Depreciation and amortization was charged to functions/programs on the government-wide statement of
activities of the County as follows:
Governmental Activities: Business-Type Activities:
General Government $ 3,766,559 Municipal Service District-Waste $ 206,584
Public Safety 2,860,918 Card Sound Bridge 401,993
Physical Environment 6,895,988 Key West Airport 3,917,124
Transportation 2,923,051 Marathon Airport 776,550
Economic Environment 128,590
Human Services 278,398 Total Business-Type Activities $5,302,251
Culture and Recreation 1,379,712
Court-Related 813,091
Total Governmental Activities $19,046,307
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION
General Information about the Other Post-Employment Benefits:
Plan Description — The Board administers a single-employer defined benefits healthcare plan (Plan).
Section 112.0801, Florida Statutes, requires the County to provide retirees and their eligible dependents
with the option to participate in the Plan if the County 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 GASB
Statement No. 75.
The Board 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 Board approves the rates for the coming calendar year for the retiree and
County contributions.
The Plan includes participants from the Board and each Constitutional Officer. The Board is responsible
for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers. However, the
following disclosures are based on the Board's enterprise and internal service funds' share of the net
Other Post-Employment Benefits (OPEB) obligation.
D-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Benefits Provided — Employees who retire as active participants in the Plan and were hired on or after
October 1, 2001 may continue to participate in the Plan by paying the monthly premium established
annually by the Board. Employees who retire as active participants in the Plan, were hired before
October 1, 2001, have at least ten years of full-time service with the County and meet the retirement
criteria of the Florida Retirement System (FRS) but are not eligible for Medicare, may maintain group
insurance benefits with the County following retirement, provided that the retiring employee pays the
retiree contributions based on their years of service with Monroe County. Pre-Medicare retirees with at
least 25 years of service who satisfy the rule of 70 pay the FRS subsidy for coverage, which is $5 per
year of service month with a maximum of $150 per month. For those with 20-24 years of service, the
retirees will pay 25% of the actuarial rate, and for those with 10-19 years of service the retirees will pay
50% of the actuarial rate.
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 rule of 70 is met. At that time, the retiree's cost of 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.
An employee who retires as an active participant in the Plan, was hired prior to October 1, 2001, has at
least ten years of full-time service with the County, and 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 County 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 County subsidy. Alternatively, retirees meeting these
criteria may elect to leave the County health plan and receive a $250 per month payment from the
County,payable for the lifetime of the retiree.
Employees Covered by Benefit Terms — Eligibility for post-employment participation in the Plan is
limited to full-time employees of the County and the Constitutional Officers. At September 30, 2022,
there were no terminated employees entitled to deferred benefits. The membership of the Board's
medical plan consisted of:
Active Employees 584
Retirees and Beneficiaries Currently Receiving Benefits 434
Total Membership 1,018
Contributions —The Board establishes, and may amend, the contribution requirements of Plan members.
The required contribution is based on pay-as-you-go financing requirements, net of member
contributions.
D-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Total OPEB Liability:
The Board's enterprise and internal service funds total OPEB liabilities of $2,329,000 was measured as
of September 30, 2022, and was determined by an actuarial evaluation issued on February 10, 2023.
Actuarial Methods and Assumptions — The valuation as of September 30, 2022, issued on February 10,
2023, 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 Board's enterprise and internal service funds in the September 30, 2022
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.
Salary Increase Rate 3.0%per annum
Discount Rate 2.16%per annum (Beginning of Year)
4.02%per annum (End of Year)
Source: Bond Buyer 20-Bond GO index
Marriage Rate The assumed percentage of married
participants at retirement is 25% and is based
on the current retired population of the Board.
Spouse Age Spouse dates of birth were provided by the
County. 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 9.9 years
starting on October 1, 2021, 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 County's postemployment
benefit plan are:
Retirees with 25+ Years of Service: 100%
Retirees with 20—24 Years of Service: 75%
Retirees with 10-19 Years of Service: 50%
D-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
The actuarial assumptions include health care cost trend assumptions rates of 7.0% initially, reduced by
decrements of 0.25% to an ultimate rate of 4.0%. 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 weighted base mortality table, projected generationally
using Scale MP-2021, applied on a gender-specific and job class basis (teacher, safety, or general, as
applicable).
Expected retiree claim costs were developed using 24 months historical claim experience through July
2022. Recent claims experience did not suggest adjustments for COVID-19 was necessary for future
claim cost projections.
Changes in the Total OPEB Liability For the Board's Enterprise and Internal Service Funds:
Total OPEB
Liability
Balance at the beginning of the year $ 1,406,000
Changes for the year:
Service cost 83,000
Interest cost 30,700
Changes of benefit terms 178,000
Differences between expect and actual experiences (30,200)
Changes in assumptions or other inputs 814,000
Benefit payments (152,500)
Net change in total OPEB liability 923,000
Balance at the end of the year $ 2,329,000
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate — The following presents the
total OPEB liability of the Board's enterprise and internal service funds, as well as what the total OPEB
liability for the Board's enterprise and internal service funds would be if it were calculated using a
discount rate that is 1-percentage-point lower (3.02%) or 1-percentage-point higher (5.02%) than the
current discount rate:
Current Discount
1% Decrease Rate 1% Increase
(3.02%) (4.02%) (5.02%)
Total OPEB Liability $2,441,100 $2,329,000 $2,233,700
D-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates — The following
presents the total OPEB liability of the Board's enterprise and internal service funds, as well as what the
total OPEB liability would be for the Board's enterprise and internal service funds if it were calculated
using a healthcare cost trend rates that are 1-percentage-point lower (6.0% decreasing to 3.0%) or 1-
percentage-point higher(8.0% decreasing to 5.0%)than the current healthcare cost trend rates:
Healthcare Cost Trend Rates
1% Decrease Current Trend 1% Increase
(6.0%decreasing to (7.0%decreasing to (8.0%decreasing to
3.0%) 4.0%) 5.0%)
Total OPEB Liability $2,129,800 $2,329,000 $2,562,800
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended September 30, 2022, the Board's enterprise and internal service funds recognized an
OPEB expense of $255,500. At September 30, 2022, the Board's enterprise and internal service funds
reported deferred outflows of resources and deferred inflows of resources related to the OPEB from the
following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Changes of Assumptions or Other Inputs $ 1,393,800 $ (422,300)
The amounts the Board's enterprise and internal service funds reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
OPEB
For Fiscal Year: Amount
2023 $ 104,500
2024 104,500
2025 109,400
2026 119,500
2027 124,200
Thereafter 409,400
Total $ 971,500
D-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS
General Information:
The Board's employees participate in FRS. As provided by Chapters 121 and 112, Florida Statutes, 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 (Pension
Plan) and the Retiree Health Insurance Subsidy (HIS Plan). Under Section 121.4501, Florida Statutes,
the FRS also provides a defined contribution plan (Investment Plan) alternative to the FRS Pension Plan,
which is administered by the State Board of Administration (SBA). 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 Statutes, 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.dn2s.n2 llorjda.coni/Nvork-force e�at:zc���s/�et:i�eme��t/ ublicat:zc���s.
Pension Plan:
Plan Description — The Pension Plan is a cost-sharing multiple-employer defined benefit pension plan,
with a Deferred Retirement Option Program (DROP) for eligible employees.
Benefits Provided — Benefits under the Pension Plan are computed 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.
D-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
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.
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 —Effective July 1, 2011, all enrolled members 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, 2021 through June 30, 2022 and
from July 1, 2022 through September 30, 2022, respectively, were as follows: Regular10.82% and
11.91%; Special Risk Administrative Support 37.76% and 38.65%; Special Risk25.89% and
27.83%; Senior Management Service29.01% and 31.57%; Elected Officers' 51.42% and 57.00%;
and DROP participants18.34% and 18.60%. These employer contribution rates include 1.66% HIS
Plan subsidy for the periods October 1, 2021 through June 30, 2022 and from July 1, 2022 through
September 30, 2022, respectively.
D-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The Board's contributions, including employee contributions, to the Pension Plan for its business-type
activities, totaled $511,842 for the fiscal year ended September 30, 2022.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions — The Board's governmental funds, which use the current resources
measurement basis of accounting, generally recognize pension expense as amounts are paid. Pension
liabilities are recognized at the fund level only to the extent expected to be liquidated with expendable
available financial resources. Amounts associated with long-term pension liabilities and related deferred
outflows of resources and deferred inflows of resources are reported on the government-wide financial
statements of the County, rather than the financial statements of the Board.
The Board's enterprise and internal service funds recognize pension liabilities, pension expense and
deferred outflows of resources and deferred inflows of resources related to pensions on the accrual basis
of accounting. At September 30, 2022, the Board's enterprise and internal service funds reported a
liability of $5,808,885 for their proportionate share of the Pension Plan's net pension liability. The net
pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the
net pension liability was determined by an actuarial valuation as of July 1, 2022. The Board's
proportionate share of the net pension liability was based on the Board's FY 2022 contributions relative
to the FY 2022 contributions of all participating members. At June 30, 2022, the Board's proportionate
share for all funds was 0.1191%, which was a decrease of 0.00081% from its proportionate share
measured as of June 30, 2021. Approximately 13.11% of the Board's proportionate share of the net
pension liability was allocated to the enterprise and internal service funds of the Board based on their
proportionate share of the Board's Pension Plan contributions.
For the fiscal year ended September 30, 2022, the Board's enterprise and internal service funds
recognized pension benefit of $970,139. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
FRS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 283,815 $ -
Changes of Assumptions 735,947 Net Difference Between Projected and Actual
Earnings on Pension Plan Investments 394,584 -
Changes in Proportion and Differences Between
Pension Plan Contributions and Proportionate Share
of Contributions 193,761 330,148
Pension Plan Contributions Subsequent to
the Measurement Date 212,232 -
Total $ 1,820,339 $ 330,148
D-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The Pension Plan's deferred outflows of resources related to the Board's enterprise and internal service
funds contributions to the Pension Plan subsequent to the measurement date, totaling $212,232, will be
recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2023. Other
amounts reported as deferred outflows of resources and deferred inflows of resources related to the
Pension Plan will be recognized in pension expense of the enterprise and internal service funds as
follows:
FRS
For Fiscal Year: Amount
2023 $ 309,054
2024 116,621
2025 (104,369)
2026 908,093
2027 48,560
Total $ 1,277,959
Actuarial Assumptions — The total pension liability in the June 30, 2022, actuarial valuation was
determined using 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 6.70%, 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 remained at 6.70%, and the active member mortality assumption
was updated.
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 economic model. The allocation policy's
description of each 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:
D-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Compound
Annual Annual
Target Arithmetic (Geometric) Standard
Asset Class Allocation Return Return Deviation
Cash 1.0% 2.6% 2.6% 1.1%
Fixed Income 19.8% 4.4% 4.4% 3.2%
Global Equity 54.0% 8.8% 7.3% 17.8%
Real Estate (Property) 10.3% 7.4% 6.3% 15.7%
Private Equity 11.1% 12.0% 8.9% 26.3%
Strategic Investments 3.8% 6.2% 5.9% 7.8%
Total 100.0%
Discount Rate — The discount rate used to measure the total pension liability was 6.70%. The Pension
Plan's 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.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate —The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 6.70%, as well as what the proportionate
share of the net pension liability would be if it were calculated using a discount rate that is one
percentage point lower(5.70%) or one percentage point higher(7.70%)than the current rate:
FRS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(5.70%) (6.70%) (7.70%)
Enterprise and Internal Service
Funds Proportionate Share of the
Net Pension Plan Liability $10,045,806 $ 5,808,885 $ 2,266,038
Pension Plan Fiduciary Net Position — Detailed information regarding the Pension Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Annual Comprehensive Financial Report.
D-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
HIS Plan:
Plan Description — The HIS Plan is a cost-sharing multiple-employer defined benefit pension plan
established 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 — For the fiscal year ended September 30, 2022, eligible retirees and beneficiaries
received a 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 — The HIS Plan is funded by required 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, 2022, the HIS contribution for the period
October 1, 2021 through June 30, 2022 and from July 1, 2022 through September 30, 2022 was 1.66%
and 1.66%, respectively. The Board 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.
The Board's contributions to the HIS Plan for its business-type activities totaled $73,054 for the fiscal
year ended September 30, 2022.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions —The basis of accounting and financial reporting of the Board's HIS Plan
is identical to that of the Board's Pension Plan. At September 30, 2022, the Board's enterprise and
internal service funds reported a liability of$1,795,337 for their proportionate share of the Board's HIS
Plan's net pension liability. The net pension liability was measured as of June 30, 2022, and the total
pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
July 1, 2022. The Board's proportionate share of the net pension liability was based on the Board's FY
2022 contributions relative to the FY 2022 contributions of all participating members. At June 30, 2022,
the Board's proportionate share of all funds was 0.1135%, which was a decrease of 0.0053% from its
proportionate share measured as of June 30, 2021. Approximately 14.93% of the Board's proportionate
share of the net pension liability was allocated to the enterprise and internal service funds of the Board
based on their proportionate share of the Board's HIS Plan contributions.
D-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
For the fiscal year ended September 30, 2022, the Board's enterprise and internal service funds
recognized HIS pension expense of$122,882. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
HIS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 56,655 $ 8,211
Changes of Assumptions 106,994 288,759
Net Difference Between Projected and Actual
Earnings on HIS Plan Investments 2,702 -
Changes in Proportion and Differences Between
HIS Plan Contributions and Proportionate Share
of Contributions 165,294 101,661
HIS Plan Contributions Subsequent to
the Measurement Date 31,203 -
Total $ 362,848 $ 398,631
The deferred outflows of resources related to the HIS Plan resulting from the Board's enterprise and
internal service funds contributions to the HIS Plan subsequent to the measurement date, totaling
$31,203, will be recognized as a reduction of the net pension liability in the fiscal year ended September
30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to the HIS Plan will be recognized as pension expense in the enterprise and internal service funds
as follows:
HIS
For Fiscal Year: Amount
2023 $ (16,041)
2024 (8,651)
2025 (3,955)
2026 (8,755)
2027 (20,322)
Thereafter (9,262)
Total $ (66,986)
D-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Actuarial Assumptions — The total pension liability in the July 1, 2022, actuarial valuation was
determined using 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 3.54%
Mortality rates were based on the Generational RP-2010 with Projection Scale MP-2018 tables.
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 increased from 2.16%to 3.54%.
Discount Rate — The discount rate used to measure the total pension liability was 3.54%. 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.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate —The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 3.54%, as well as what the proportionate
share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage
point lower(2.54%) or 1-percentage point higher(4.54%)than the current rate:
HIS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(2.54%) (3.54%) (4.54%)
Enterprise and Internal Service
Funds Proportionate Share
of the Net HIS Plan Liability $ 2,054,015 $ 1,795,337 $ 1,581,289
D-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Pension Plan Fiduciary Net Position — Detailed information regarding the HIS Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Annual Comprehensive Financial Report.
Investment Plan:
The SBA administers the defined contribution plan officially titled the FRS Investment Plan. The
Investment Plan is reported in the SBA's annual financial statements and in the State of Florida Annual
Comprehensive Financial Report.
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. County employees participating in DROP
are not eligible to participate in the Investment Plan.Employer and employee contributions, including
amounts contributed to individual member's accounts, are defined by law, but the 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 County 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 0.04% and 0.06% of payroll and by forfeited benefits of plan members
for the periods October 1, 2021 through June 30, 2022 and from July 1, 2022 through September 30,
2022, respectively. Allocations to the investment member's accounts during the F Y 2022, as
established 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 County 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. Non-vested 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, 2022, the information for the amount of forfeitures was unavailable from the
SBA; however, management believes that these amounts, if any, would be immaterial to the Board.
D-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
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 hump slum
distribution, leave the fiends 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.
The Board's Investment Plan pension expense for its business-type activities totaled $118,319 for the
fiscal year ended September 30, 2022.
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES
General Information about the Pension Plan:
Plan Description —The Monroe County, Florida Volunteer Firefighter and Emergency Medical Services
Length of Service Award Plan (LOSAP) is a single-employer public employee retirement system
defined benefit pension plan created in 1999 and administered by the Board. LOSAP provides
retirement and death benefits to plan members and beneficiaries. Monroe County Ordinance 026-1999
defines the authority under which contribution and benefit provisions may be amended. This authority is
presently held by the Board. LOSAP shall be administered in accordance with the requirements of
Chapter 112, Part VII, Florida Statutes. Amounts associated with the Board's LOSAP program are
reported on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
Benefits Provided — Only Volunteer Firefighters and EMS Volunteers (Volunteers) are eligible at the
sole discretion of the Plan Administrator. Any Volunteer who was age 60 or older on January 1, 1999
shall not be eligible to participate. In addition, any Volunteers who are age 60 or older at the time they
commence volunteer service, or who commence service at a time that will not permit them to earn ten
years of service by their Normal Retirement Age, shall not be eligible to participate in this Plan.
Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter and or
Emergency Vehicle Driver-Operator prior to being credited with ten years of service. EMS Volunteers
must meet all requirements as defined by the State of Florida necessary to drive an emergency medical
care and transportation vehicle (ambulance) and/or attain certification as an Emergency Medical
Technician or Paramedic prior to being credited with ten years of service. Eligibility for vesting is
completion of ten years of service. The Plan shall be administered in accordance with the requirements
of Chapter 112, Part VII, Florida Statutes.
D-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
For each year of volunteer service, a participant will accrue a year of benefit accrual if the participant
was enrolled as a member of the nonprofit corporation or municipal service taxing unit(MSTU) and was
eligible for and received reimbursement of expenses for nine or more months of the year. Volunteers are
vested after completion of ten years of service prior to attainment of normal retirement age. Eligible
volunteers can receive an annual benefit of $1,800 for ten years of service up to $4,500 for 25 years of
service.
Employees Covered by Benefit Terms — LOSAP had 22 participants, of which 3 are active, 7 are
terminated with deferred benefits, and 12 are retired members for the plan year ended December 31,
2021 and the County's fiscal year ending September 30, 2022. Separate, stand-alone financial statements
for LOSAP are not provided.
Contributions — Actuarially determined contribution rates are calculated as of January 1, which is nine
months prior to the end of the fiscal year in which contributions are reported.
For each Plan Year, the Board shall appropriate funds from the budgets of the various fire/rescue
Municipal Service Taxing Units. These funds will be applied as a contribution to the LOSAP trust
account in an amount as determined by the Plan Administrator as is necessary to fund the accrued or
prospective benefits for Participants on an actuarially sound basis and in accordance with Part VII of
Chapter 112, Florida Statutes. There are no participant contribution requirements. The authority under
which those obligations are established is the Monroe County Ordinance No. 026-1999.
Net Pension Liability:
The Board's net pension liability was measured as of January 1, 2022 and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions — The valuation dated significant actuarial assumptions used to compute the
pension benefit obligation in the January 1, 2022 valuation for the period of January 1, 2021 through
December 31, 2021 were:
Discount Rate: 1.84%
Investment Return
(net of investment expenses): 1.84%
Inflation 2.5%
Compensation Increases: Funding -Not applicable
GASB — 2.5% (required for entry age normal cost method); equal to
inflation assumption, as prescribed by GASB No. 73, since benefits are
not based on compensation
D-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Measurement Date: Funding—January 1, 2022
GASB —December 31, 2021 for the
fiscal year ending September 30, 2022
Census Date: Funding—January 1, 2022
GASB - January 1, 2021
Mortality: Pub-2010 Headcount Weighted Safety Below Median Employee Male
and Female Mortality Tables, set forward one year, with fully
generational projected mortality improvements using Scale MP-2018.
Retirement Ultimate rates from Godwin's Table 1, V Select & Ultimate Table,
w/50%termination prob. For YOS <1
Termination Godwin's Table 1, V Select & Ultimate Table, w/50% termination probl.
For YOS <1
Benefit Commencement Age 60
Age for Deferred Vested
Administrative Expenses $5,200 annually
Funding Policy: The County's funding policy is to contribute at least the actuarily
determined contribution, as mandated by ordinance.
Summary of Significant Accounting Policies — The financial statements of LOSAP are prepared using
the modified accrual basis of accounting. The contributions are recognized when they become
susceptible to accrual; when they become both measurable and available. Benefits are recognized in the
accounting period in which the related fund liability is incurred in accordance with the terms of LOSAP.
Administrative costs are paid by the Board. Actuarial valuation costs are paid by LOSAP. All plan
investments are reported at fair value.
The resources in the LOSAP fund have been set aside to pay future obligations of the LOSAP but are
not held in a trust that meets the criteria outlined in GASB Statement No. 67, paragraph 3 and GASB
Statement No. 68,paragraph 4.
Investments — Investments are pooled with all Board investments and are held in accordance to the
investment policy included in Note 1. All plan investments consist of U.S. Government and U.S.
Government-guaranteed obligations which represent more than 5.0% of the net position available for
benefits. There are no investments in, loans to or leases with any public employee retirement system
official, government employer official, party related to a public employee retirement system official or
government employer official, nonemployee contributor or organization included in the reporting entity.
D-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Discount Rate — The discount rate was revised from 1.00% as of December 31, 2021, to 1.84% as of
December 31, 2022, based on a 20-year, tax-exempt general obligation municipal bond index with a
rating of AA/Aa or higher, as required by GASB Statement No. 73.
Changes in Total LOSAP Pension Liability:
Total LOSAP
Pension Liability
Balance at September 30, 2021 $ 604,351
Changes for the year:
Service cost 1,819
Interest cost 5,939
Differences Between Expected and Actual Experience (65,332)
Changes of assumptions or other inputs (33,348)
Benefit payments (24,570)
Net change in total LOSAP pension liability (115,492)
Balance at September 30, 2022 $ 488,859
Sensitivity of the Net Pension Liability to Changes in the Discount Rate — The following presents the
total pension liability of LOSAP, calculated using the discount rate of 1.84%, as well as what LOSAP's
total pension liability would be if it were calculated using a discount rate of 1-percentage point lower
(0.84%) or 1-percentage point higher(2.84%)than the current rate.
Current
1% Decrease Discount Rate 1% Increase
(0.84%) (1.84%) (2.84%)
Net LOSAP Pension Liability $ 522,458 $ 488,859 $ 458,696
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions:
For the year ended September 30, 2022, the Board recognized pension expense of $24,570. At
September 30, 2022, the Board reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources, which will be amortized in future periods on
substantially a straight-line basis:
D-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Deferred Deferred
Outflows of Inflows of
Resources Resources
Net Difference Between Projected and Actual Earnings on
LOSAP Pension Plan Investments $ 2,356 $ -
NOTE 12 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS
Construction projects and significant commitments, excluding encumbrances reported below, under
present contractual agreements as of September 30, 2022 are as follows:
Key West Airport Concourse A Terminal $ 100,770,187
Non-Aeronautical Building/Emergency Operations Center 30,529,788
Key West Airport Taxiway Extension 7,155,560
Key West Airport Apron and Mitigation 5,358,657
Key West Airport Access Road 1,955,954
Plantation Key Courthouse 1,712,229
1" and Bertha Avenue Improvements 1,552,813
Bimini Drive Bridge 1,540,023
Canal 28 1,224,025
Key West Airport Noise Improvement Project 1,105,254
Boca Chica Roadway Reports 887,304
Canal 25 728,583
Historic Jail Museum Buildout 445,912
West Martello Seawall Repair 280,490
Other Projects (less than $250,000) 1,613,070
Total $ 156,859,849
D-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 12 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS (continued)
Significant encumbrance commitments at September 30, 2022 are as follows:
Encumbrances
Governmental Activities:
General Fund $ 57,243
Fine & Forfeiture Fund 55,190
Governmental Grants Fund 3,847,403
One Cent Infrastructure Surtax 1,018,632
Infrastructure Revenue Bonds Series 2014 320,353
Nonmajor Governmental Funds 1,337,327
Total Governmental Activities 6,636,148
Business-Type Activities:
Card Sound Bridge 540
Key West Airport 12,522,480
Marathon Airport 406,082
Total Business-Type Activities 12,928,562
Total Encumbrances $ 19,564,710
NOTE 13 —LEASE OBLIGATIONS
The Board leases various office equipment that qualify as other than short-term leases under GASB
Statement No. 87 and, therefore, have been recorded at the present value of the future minimum lease
payments as of the date of their inception.
The Board has seventy lease agreements for the year ending September 30, 2022. The future minimum
lease obligations and the net present value of these minimum lease payments as of September 30, 2022,
were as follows:
Year Ending
September 30 Principal Interest Total
2023 $ 811,912 $ 94,372 $ 906,284
2024 585,609 73,612 659,221
2025 577,139 55,996 633,135
2026 496,766 39,141 535,907
2027 321,152 27,130 348,282
2028-2031 736,073 33,803 769,876
Totals $ 3,528,651 $ 324,054 $ 3,852,705
D-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 14 —LONG-TERM DEBT
Long-term debt activity for the year ended September 30, 2022 is as follows:
Current Portion
Beginning Ending of Long-tenn
Balances Additions Payments Balances Liabilities
Govenmlental Activities:
Revenue Bonds From Direct Borrowings S 25,530,000 S $ 4,890,000 S 20,640,000 S 4,995,000
Revenue Notes From Direct Borrowings 139,545,320 7,396,327 132,148,993 7,579,106
Mayfield Agreement(KLWTD) 8,875,000 2,125,000 6,750,000 2,125,000
Old 7 Mile Bridge Restoration Sinking Fund - 10,669,980 - 10,669,980 355,666
Accrued Comp.Absences 5,021,356 3,186,644 2,782,598 5,425,402 1,085,081
Lease Liabilities* 4,282,961 - 754,310 3,528,651 811,911
OPEB Liability 31,295,000 8,539,800 9,150,800 30,684,000 -
Pension Liability-FRS&HIS 21,215,606 34,828,124 5,647,281 50,396,449
Pension Liability-LOSAP 604,351 7,758 123,250 488,859 -
Total Govenmlental Activities 236,369,594 57,232,306 32,869,566 260,732,334 16,951,764
Business-Type Activities:
Revenue Notes from Direct Borrowing $ 748,000 S - S 748,000 S - $
Revenue Bonds - 42,459,929 - 42,459,929 -
Accrued Comp.Absences 584,199 346,061 326,770 603,490 120,699
Lease Liabilities* - 12,877 - 12,877 4,265
OPEB Liability 1,024,000 524,400 289,400 1,259,000 -
Pension Liability-FRS&HIS 2,969,559 3,561,011 584,896 5,945,674 -
Total Business-Type Activities 5,325,758 46,904,278 1,949,066 50,280,970 124,964
Total Long-Term Debt $ 241,695,352 S 104,136,584 S 34,818,632 S 311,013,304 $ 17,076,728
*GASB Statement No. 87 was implemented as of October 1, 2021 and the lease liabilities in the above
schedule reflect the value of long-term commitments of the Board related to right-to-use leased assets.
The Board has outstanding revenue bonds and revenue notes from direct borrowings related to
governmental activities totaling $152,788,993 at fiscal year-end. The Board has pledged non-ad valorem
tax revenue to repay these borrowings. The Board cannot be compelled to use its ad valorem taxing
power to repay the principal or interest of the revenue bonds or revenue notes and these obligations do
not create any liens on Board property.
Two of the Board's four Revenue Notes are direct borrowings from the State of Florida's Clean Water
State Revolving Fund Construction Loan Program for the Board's wastewater projects. In the event of a
default of either of these two notes, the Board has agreed to an accelerated repayment schedule or an
increased financing rate on the unpaid principal as determined by the State.
D-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 14 —LONG-TERM DEBT (continued)
Amounts associated with the Board's governmental activities long-term liabilities are reported on the
government-wide financial statements of the County rather than on the financial statements of the
Board. Amounts associated with the Board's business-type activities and internal service funds long-
term liabilities are reported on the proprietary fund financial statements of the Board. Internal service
fund long-term debt information is included in the governmental activities on the government-wide
financial statements, because the internal service funds predominately serve those activities.
Governmental activities' compensated absences are liquidated by the funds to which the employee
services are related.
The Group Insurance Internal Service Fund assesses a monthly premium per employee in each fund. The
monthly premiums paid by the various funds provide the resources necessary to liquidate the other
postemployment benefit obligations paid in the current year by the Group Insurance Internal Service
Fund.
The following summary reflects the Board's bonds and notes as of September 30, 2022:
Governmental Activities
Revenue Bonds From Direct Borrowings:
Infrastructure Sales Surtax Revenue Bonds, Series 2014 $ 8,270,000
Infrastructure Sales Surtax Refunding Bond, Series 2016 12,370,000
Total Revenue Bonds From Direct Borrowings 20,640,000
Revenue Notes From Direct Borrowings:
Clean Water State Revolving Fund Construction Loan Agreement 2010 4,600,223
Clean Water State Revolving Fund Construction Loan Agreement 2014 124,863,770
Special Obligation Refunding Revenue Note, Series 2020 Project 2,685,000
Total Revenue Notes From Direct Borrowings 132,148,993
Mayfield Agreement—Key Largo Wastewater Treatment District 6,750,000
Old 7 Mile Bridge Restoration Sinking Fund 10,669,980
Total Government Debt $ 170,208,973
Business-Type Activities
Revenue Bonds:
Key West International Airport Revenue Bonds, Series 2022 $ 41,340,000
Unamortized Original Issue Premium, Series 2022 1,119,929
Total Revenue Bonds $ 42,459,929
D-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 14 —LONG-TERM DEBT (continued)
Debt Service Funding Requirements — The total annual debt service requirements for bonds and notes
outstanding at September 30, 2022 are as follows:
Goveimmental Activities Business-Type Activities
Principal Interest Total Principal Interest Total
2023 15,054,772 3,801,342 18,856,114 1,138,488 1,138,488
2024 15,357,177 3,502,328 18,859,505 2,091,100 2,091,100
2025 15,664,332 3,195,841 18,860,173 - 2,091,100 2,091,100
2026 13,031,367 2,910,457 15,941,824 605,000 2,075,975 2,680,975
2027 7,788,412 2,628,673 10,417,085 480,000 2,048,850 2,528,850
2028-2032 40,506,175 10,124,405 50,630,580 3,795,000 9,775,375 13,570,375
2033-2037 43,765,603 4,910,127 48,675,730 5,610,000 8,561,750 14,171,750
2038-2042 15,484,475 363,076 15,847,551 7,160,000 6,973,000 14,133,000
2043-2047 1,778,330 - 1,778,330 9,165,000 4,907,538 14,072,538
2048-2052 1,778,330 1,778,330 11,800,000 2,216,913 14,016,913
2053-2057 - - - 2,725,000 68,125 2,793,125
Total Required Debt Service $ 170,208,973 $ 31,436,249 $ 201,645,222 $ 41,340,000 $ 41,948,214 $ 83,288,214
Unamortized Original Issue
Prenuumon Series 2022 Bonds 1,119,929
Total Business Debt Service $ 42,459,929
Long-term debt at September 30, 2022 is composed of the following issues:
$31,385,000 Florida Infrastructure Sales Surtax Improvement and Refunding Revenue Bonds, Series
2014
• Type: General Government Revenue Bonds
• Dated: October 2014
• Final maturity: Year 2024
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 2.36%
• Amount outstanding at September 30th: $8,270,000
• Reserve requirement: None; MBIA insured.
• Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $8,563,938. For the
fiscal year, principal and interest paid was $4,279,336 and total pledged revenue was
$34,13 8,177.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
D-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 14 —LONG-TERM DEBT (continued)
$19,500,540 Clean Water State Revolving Fund Construction Loan Agreement
• Type: General Government Revenue Notes
• Dated: April 2010
• Final maturity: Year 2030
• Principal payment date: March 15 and September 15
• Interest payment dates: March 15 and September 15
• Interest rate: 2.71%
• Amount outstanding at September 30th: $4,600,323
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund
and the Unincorporated Area Service District Funds. The total principal and interest remaining to
be paid is $5,114,537. For the fiscal year, principal and interest paid was $681,938 and total
pledged revenue was $58,971,208.
• Purpose: Refund temporary financing for wastewater capital improvements.
• Call provisions: None
Clean Water State Revolving Fund Construction Loan Agreement
• The State awarded a total of $127,200,000 (original award plus seven amendment awards) for
collection, transmission and treatment facilities under the State Revolving Fund loan program.
During the year ended September 30, 2020, the ninth award amendment suspended the June
2020 and the December 2020 loan payments (each totaling $4,502,451 principal and interest)
because of the uncertain impact the COVID-19 pandemic could have on the County's
infrastructure sales surtax revenue.
• Interest rate: various interest rates (2.35% - 3.07%) as of September 30, 2020
• Final maturity: Year 2038
• Principal payment dates: June 15 and December 15
• Interest payment dates: June 15 and December 15
• Amount outstanding as of September 30th: $124,863,769
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax and Cudjoe Regional
Wastewater special assessments. The total principal and interest remaining to be paid is
$154,761,429. For the fiscal year, principal and interest paid was $9,379,482 and total pledged
revenue was $36,442,159.
• Purpose: Financing for wastewater capital improvements.
• Call provisions: None
$16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016
• Type: General Government Refunding Revenue Bond
• Dated: September 2016
• Final maturity: Year 2026
D-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 14 —LONG-TERM DEBT (continued)
$16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016 (continued)
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.69%
• Amount outstanding at September 30th: $12,370,000
• Reserve requirement: None; MBIA insured.
• Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $13,040,508. For the
fiscal year, principal and interest paid was $1,124,262 and total pledged revenue was
$34,13 8,177.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
$17,000,000 Mayfield Interlocal Agreement
• Type: Interlocal Agreement
• Dated: May 2015
• Final maturity: Year 2026
• Principal payment date: April 1
• Interest payment dates: April 1
• Interest rate: N/A
• Amount outstanding at September 30th: $6,750,000
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal
remaining to be paid is $6,750,000. For the fiscal year, principal paid was $2,125,000 total
pledged revenue was $34,138,177.
• Purpose: Capital improvements with respect to Cudjoe Regional Wastewater Project
• Call provisions: None
• See Note 15 for additional information related to this agreement.
Series 2020 Special Obligation Refunding Revenue Note
• Final maturity: Year 2025
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.11%
• Amount outstanding at September 30th: $2,685,000
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture
Fund, the Unincorporated Area Service District Funds. The total principal and interest remaining
to be paid is $2,744,829. For the fiscal year, principal and interest paid was $914,516, and total
pledged revenue was $58,971,208.
D-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 14 —LONG-TERM DEBT (continued)
Series 2020 Special Obligation Refunding Revenue Note (continued)
• Purpose: Acquisition, installation, and implementation of an Enterprise Resources Planning
(ERP) system.
• Call provisions: None
Old 7 Mile Bridge Restoration Sinking Fund
• Type: Sinking Fund to cover annual maintenance costs as stated in Resolution 060-2014
• Dated: November 2022
• Final maturity: Year 2051
• Principal payment date: Annual funding required to be paid by last day of November each year.
• Interest payment dates: none
• Interest rate: none
• Amount outstanding at September 30th: $10,669,980
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund
and the Unincorporated Area Service District Funds. The total principal and interest remaining to
be paid is $5,114,537. For the fiscal year, principal and interest paid was $681,938 and total
pledged revenue was $58,971,208.
• Purpose: In 2017, the Board provided an initial $2.7 million for refurbishment to the Florida
Department of Transportation. Once refurbishment of the bridge was completed in September
2022, the Board agreed to pay $355,666 annually for 30 years as fixed capital outlay to be paid
in year 30 of the agreement with the Florida Department of Transportation.
• Call provisions: None
Series 2022 Monroe County, Florida Key West International Airport(Airport) Revenue Bonds
• Final maturity: October 1, 2052
• Principal payment date: October 1 with first principal payment due October 1, 2025.
• Interest payment dates: April 1 and October 1,with the first payment date being April 1, 2023.
• Interest rate: 5.000% for maturities from October 1, 2025, through October 1, 2042; 5.250%
interest rate apples to term bonds due on October 1, 2047; 5.000% applies to term bonds due on
October 1, 2052.
• Capitalized Interest Fund was established in the amount of $4,275,138, with one installment of
$1,138,488 to be paid April 1, 2023, and three more installments of $1,045,550 to be paid over
each of the next three six-month periods.
• Amount outstanding at September 30, 2022: $41,340,000.
• Reserve requirement: Reserve Fund was established in the initial amount of$2,864,750.
D-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 14 —LONG-TERM DEBT (continued)
Series 2022 Monroe County, Florida Key West International Airport(Airport) Revenue Bonds
(continued)
• Revenue pledged: Eligible PFC Revenues in accordance with the PFC regulation.
• Purpose: Provide Key West Airport funding for the costs related to the Concourse A expansion
proj ect.
• Call provisions: Bonds maturing on or after October 1, 2033, may be redeemed at par at the
option of the Board on or after October 1, 2032.
PNC Line of Credit for Monroe County, Florida Taxable Master Airport Revenue Note Series 2022
• Final maturity: September 15, 2025
• Principal payment date: Principal of all draws are due and payable on the final maturity date.
Minimum draw amounts are $100,000 and must be in denomination of $10,000. Principal
amount shall be in an amount equal to not exceeding $10,000,000; Provided, however, the
aggregate principal amount of draws that may be made against the Tax-exempt Master Note may
not exceed $8,660,000, unless and until the public approval requirements are met to the
Noteholder's satisfaction with respect to the issuance by the County of tax-exempt debt in excess
thereof for the Project.
• Interest payment dates: Payable quarterly in arrears on the first business day of January, April,
July, and October of each year.
• Non-Use Fee: Beginning January 1, 2023, when the total principal drawn is less than 100% of
$10 million, Key West International Airport will be charged a non-use fee of 0.12% annual of
the principal amount not yet drawn.
• Interest rate: The tax-exempt rate equals 79% of Term Secured Overnight Financing Rate
(SOFR)plus 0.73%per annum. The taxable rate equals Term SOFR pls 0.79%per annum.
• Amount outstanding at September 30, 2022: $0
• Reserve requirement: None
• Revenue pledged: A Senior Lien will be placed on all Airport Improvement Program (AIP)
Entitlement Grants for Fiscal Years 2026, 2027, and 2028; Federal Fiscal Year 2026 Bipartisan
Infrastructure Law (BIL) Entitlement Grant; and any BIL Discretionary Grant received in fiscal
years 2023, 2024, 2025, 2026, 2027, and 2028. The Airport cannot use these grant proceeds for
any other purpose than to repay the PNC Line of Credit unless they obtain prior written consent
from PNC. If there is not sufficient grant receipts to pay quarterly interest payments or to repay
principal balances due, the expectation is that the Board will pay PNC from the Airport's net
revenues or eligible PFC. However, paying PNC Line of Credit with net revenues or PFC is
subordinate to repaying the Airport's revenue bonds.
• Purpose: Acquire, construct and equip various capital improvements at the Airport in connection
with the Concourse A Expansion.
D-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 15 —INTERLOCAL AGREEMENT EXPENSE
Administered by the Florida Department of Environmental Protection (FDEP), the Mayfield Grant is the
result of the State of Florida authorizing up to $200 million in grant funding to assist the Keys'
wastewater entities to complete central sewer and related projects.
In May 2015, Monroe County and Key Largo Wastewater Treatment District(KLWTD) entered into an
interlocal agreement (ILA) whereby KLWTD "assigned" its Mayfield grant allocation funding to
Monroe County in exchange for the County repaying those funds over a 10-year period.
As a result of the signed ILA in 2015 between Monroe County and KLWTD, FDEP sent Monroe
County an amendment to the Mayfield Grant in FY 2014-15 to add the $17 million reallocated funds to
the grant agreement between FDEP and Monroe County. The amendment: (1) provided the County an
additional $17 million in Mayfield grant funding; (2) reallocated the project budget and; (3) extended
the date of the completion of the project.
Similarly, during the 2016 legislative session, the Florida Legislature appropriated $5 million for water
quality projects under the Florida Keys Stewardship Act. Of the $5 million, $1.25 million was awarded
to the KLWTD and they subsequently voted to have Monroe County use its 2016 allotment. In turn,
FDEP sent Monroe County an amendment to the Mayfield Grant in FY 2016-17 to add the $1.25 million
reallocated fund to the grant agreement between FDEP and Monroe County. Monroe County entered
into the grant agreement with FDEP in FY 2016-17 and received the $1.25 million in FY 2017-18.
The ILA created transactions with two separate parts 1) a grant between FDEP and Monroe County and
2) a long-term liability payable to KLWTD from Monroe County. For part one, Monroe County
recorded grant revenue, which was a reimbursement for capital expenditures already incurred in the
Cudjoe Regional Wastewater fund. For part two, the County recorded a long-term liability on the
government-wide financial statements, which represents funding the County is obligated to pay
KLWTD. The offset to this liability was an interlocal agreement expense which represents the value of
Monroe County's "right"to receive the Mayfield Grant revenue forfeited by KLWTD.
NOTE 16—INTERFUND BALANCES
The Key West International Airport received $6,373 from the Marathon Airport for the exchange of an
asset.
Receivable Fund Payable Funds Amount
Key West International Airport Marathon Airport 6,373
D-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 17—INTERFUND TRANSFERS
Interfund transfers at September 30, 2022 are as follows:
Transfers to General Fund from:
One Cent Infrastructure Surtax Fund $ 533,877
Tourist Development Admin &Promo Two Cent Fund 114,278
Municipal Service District—Waste 235,202
Card Sound Bridge Fund 79,776
Marathon Airport 137,385
Key West Airport 477,280
Internal Service Funds 791,095
Nonmajor Governmental Funds 4,040,306
Total Transfers to General Fund 6,409,199
Transfers to Governmental Grant Fund from:
General Fund 70,256
One Cent Infrastructure Surtax Fund 617,025
Nonmajor Governmental Funds 5,199
Total Transfers to Governmental Grant Fund 692,480
Transfers to Debt Service Fund from:
One Cent Infrastructure Surtax Fund 14,782,341
Cudj oe Regional Wastewater Project Fund 2,125,740
Key West Airport 21,817
Nonmajor Governmental Funds 682,000
Total Transfers to Debt Service Fund 17,611,898
Transfers to Nonmajor Funds from:
One Cent Infrastructure Sales Surtax 1,711,291
Transfers to Proprietary Funds from:
One Cent Infrastructure Sales Surtax 1,563,232
Total Interfund Transfers $ 27,988,100
D-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 17—INTERFUND TRANSFERS (continued)
The One Cent Infrastructure Sales Surtax Fund, a major fund, transferred $961,291 to the Infrastructure
Revenue Bonds Series 2014 Fund to provide continued financing for the Plantation Key Courthouse and
$1,563,232 to the Marathon Airport to provide financing for the building of the Monroe County
Emergency Operations Center.
The One Cent Infrastructure Surtax Fund also transferred $14,782,341 to the Debt Service Fund to repay
the Board's Infrastructure Sales Surtax Improvement Series 2014 Revenue Bond, the Infrastructure
Sales Surtax Series 2016 Revenue Bond, and the debt related to the Mayfield Interlocal Agreement.
The Cudjoe Regional Wastewater Project transferred $2,125,740 to the Debt Service Fund to repay its
Clean Water State Revolving Fund Construction Loan. Similarly, the Big Coppitt Wastewater Project
transferred $682,000 to the Debt Service Fund for the repayment of debt related to this project. During
FY 2022, the Key West International Airport transferred $21,817 to the Debt Service Fund to pay for
debt service costs related to obtaining revenue bonds to finance the building of a new concourse.
Transfers were made to the Governmental Grants Fund of$666,476 during the fiscal year. The General
Fund transferred $70,256 to finance cost share requirements of various Social Services-related grants. In
addition, $591,021 was transferred from the One Cent Infrastructure Surtax Fund to meet match
requirements for exotic plant removal and the grant received for the Koehn Subdivision road
improvements on Big Pine Key. Also, $5,199 was transferred from the Fire & Ambulance District 1
Fund for grants related to emergency medical services.
The remaining transfers are related to supporting the County's operations.
D-53
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 18 —GOVERNMENTAL FUND BALANCE CLASSIFICATIONS
Fund Balances are presented in the following categories; non-spendable, restricted, committed, assigned
and unassigned (see Note 1 for a description of these categories). A detailed schedule of governmental
fund balances at September 30, 2022 is presented below:
Tourist Cudjoe
Development Regional
Fine& Governmental Admin&Promo Wastewater
General Forfeiture Grants Two Cent Project
Fund Balance:
Non-spendable:
Inventory $ 6,851 -
Total Non-spendable 6,851 - - - -
Restricted for:
Law Enforcement - 20,232,475 - - -
Fire&Ambulance - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Housing Programs - - - - -
Tourist Development - - - 32,975,855 -
Human Services - - - - -
Libraries - - - - -
Library Donations - - - - -
Culture&Recreation - - - - -
Court Programs - - - - -
Comprehensive Planning - - - - -
Wastewater Projects - - - - 4,128,796
Other Purposes - - - - -
Debt Service - - - - -
Capital Projects - - - - -
Total Restricted - 20,232,475 - 32,975,855 4,128,796
Committed to:
Disaster Recovery 10,000,000 - - - -
Physical Environment - - - - -
Sheriff Contract Administration - - - - -
Wastewater Projects - - - - -
Beach Re-nourishment - - - - -
Total Committed 10,000,000 - - - -
Assigned to:
Other Purposes 57,243 - - - -
Fire&Ambulance - - - - -
Subsequent Year Expenditures 12,307,574 - - - -
Total Assigned 12,364,817 - - - -
Unassigned 26,915,435 - (12,048,478) - -
Total Fund Balances(Deficit) $ 49,287,103 $ 20,232,475 $(12,048,478) $ 32,975,855 $ 4,128,796
D-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 18 —GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued)
One Cent All Debt Nonmajor Total
Infrastructure Service Governmental Governmental
Surtax Fund Funds Funds
Fund Balance:
Non-spendable:
Inventory $ - $ - $ - $ 6,851
Total Non-spendable - - - 6,851
Restricted for:
Law Enforcement - - 5,975,738 26,208,213
Fire&Ambulance - - 1,249,120 1,249,120
Public Safety - - 4,863,734 4,863,734
Physical Environment - - 3,663,570 3,663,570
Transportation - - 7,090,779 7,090,779
Housing Programs - - 2,822,359 2,822,359
Tourist Development - - 69,228,474 102,204,329
Human Services - - 44,595 44,595
Libraries - - 143,538 143,538
Library Donations - - 311,617 311,617
Culture&Recreation - - 2,709,586 2,709,586
Court Programs - - 7,120,193 7,120,193
Comprehensive Planning - - 3,708,095 3,708,095
Wastewater Projects - - 2,565,072 6,693,868
Other Purposes - - 1,136,193 1,136,193
Debt Service - 3,178,166 - 3,178,166
Capital Projects 31,983,319 - 3,018,718 35,002,037
Total Restricted 31,983,319 3,178,166 115,651,381 208,149,992
Committed to:
Disaster Recovery - - - 10,000,000
Physical Environment - - 51470,337 5,470,337
Wastewater Projects - - 365,756 365,756
Beach Re-nourishment - - 224,925 224,925
Health Care - - 112,647 112,647
Total Committed - - 6,173,665 16,173,665
Assigned to:
Other Purposes - - - 57,243
Fire&Ambulance - - 6,460,945 6,460,945
Subsequent Year Expenditures - - - 12,307,574
Total Assigned - - 6,460,945 18,825,762
Unassigned - - - 14,866,957
Total Fund Balances(Deficit) $31,983,319 $ 3,178,166 $ 128,285,991 $ 258,023,227
D-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 19 —RISK MANAGEMENT
The Board 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. During the fiscal years ended
1976, 1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk
Management Funds, respectively, as internal service funds to account for and finance its uninsured risks
of loss.
Under these programs, the Workers' Compensation has self-insured coverage up to the first $500,000
per claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage
of$500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self-insured
excess claims. 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 building with a deductible of $50,000. Deductibles for windstorm and flood vary by location. The
Board 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.
All funds of the Board participate in the programs and make payments to the Workers' Compensation,
Group Insurance, and Risk Management Funds based on management's estimates of the amounts needed
to pay prior and current year claims. The claims liabilities reported are based on the requirements of
Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims
be reported if information prior to the issuance of the financial statements indicates that it is probable
that a liability has been incurred at the date of the financial statements and the amount of the loss can be
reasonably estimated. These claim liabilities have not been discounted.
Changes in the claim liability amounts in fiscal years 2022 and 2021 were:
Workers' Group Risk
Compensation Insurance Management Total
Unpaid Claims at Sept. 30, 2020 $ 1,640,388 $ 1,062,523 $ 680,010 $ 3,382,921
Incurred Claims
(Including IBNR) 1,678,053 17,423,291 890,192 19,991,536
Claim Payments (1,775,139) (17,434,467) (716,992) (19,926,598)
Unpaid Claims at Sept. 30, 2021 1,543,302 1,051,347 853,210 3,447,859
Incurred Claims
(Including IBNR) 1,962,687 18,036,767 1,216,236 21,215,690
Claim Payments (1,619,592) (18,301,250) (324,666) (20,245,508)
Unpaid Claims at Sept. 30, 2022 $ 1,886,397 $ 786,864 $ 1,744,780 $ 4,418,041
D-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 20 —LITIGATION AND CLAIMS
The County is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. The County vigorously defends itself with respect to these matters. The County's
practice is to provide for these claims when a loss is probable and a loss becomes fixed or determinable
in amount. The County is involved in a handful of lawsuits. Most claims have been defeated to date, but
four merit mention.
The first claim,AshBritt, Inc. v. Monroe County is an action for declaratory relief and damages from the
alleged breach of a June 2017 agreement between the parties. The Plaintiff claimed that it provided
debris collection, processing, and removal services in response to Hurricane Irma in September 2017
and that the Board thereafter failed to pay three invoices of approximately $1.1 million for long distance
haul out and for removal of putrid waste from white goods (refrigerators and freezers) are not payable
because they represent charges not contemplated by the agreement. On February 24, 2020, the trial court
denied the Board's Motion for Summary Judgment, which had asserted sovereign immunity as a defense
to the claims. The Board filed a Notice of Appeal on March 23, 2020. On March 9, 2022, the appellate
court returned an opinion affirming the decision of the trial court, finding that summary judgement was
not appropriate because of disputed factual issues. Following the appellate decision, the parties
continued to litigate. As a result of court-ordered mediation, the parties agreed to settle the matter
pending approval by the Board.
The second claim, Galleon Bay vs. Monroe County and the State ofFlorida, is an inverse condemnation
action involving thirteen lots on No Name Key. Liability was established by the appellate courts in
December of 2012 and remanded the case for a valuation trial. On February 18, 2016, a jury valued the
thirteen lots at $285,500 as of July 2001. The trial court entered final judgment in the amount of
$480,511.60, as of June 1, 2016, plus statutory post judgment interest. After the judgment was affirmed
on appeal, the Board deposited $531,390.67 in the Court Registry to satisfy the judgment and the Clerk
issued a Satisfaction of Judgment. The Florida Legislature approved a measure during the 2020
legislative session to reimburse the Board for the State's 50 percent share of the amount paid; the
payment from the State was received during FY 2021. Contemporaneously, the property owners moved
to invalidate the final judgment, which the trial court denied. On September 13, 2019, the property
owner appealed that order to the Third District Court of Appeal. On December 2, 2020, the appellate
court affirmed that order. On February 17, 2021, the appellate court denied the Plaintiff's motion for
rehearing or in the alternative to certify conflict; the Court issued a mandate on March 5, 2021. Absent
an unlikely acceptance of discretionary review by the Florida Supreme Court and/or the U.S. Supreme
Court, this appeal is concluded and the judgment is now final.
The Plaintiff asked the courts to determine any entitlement to costs and attorney's fees. It is anticipated
that the Plaintiffs will seek an award of costs and attorney's fees of approximately $800,000. Because
judgment has been entered jointly and severally against the Board and the State, any estimations of the
Board's ultimate responsibility for any amounts due to be paid to the property owner should reflect a 50-
50 apportionment between the State and the Board.
D-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 20 —LITIGATION AND CLAIMS (continued)
Therefore, the claim should be characterized as a loss, with liability recorded in the approximate amount
of$400,000. The property owner's motion for rehearing or to certify conflict remains pending. Once the
appeal is concluded, the courts will determine any entitlement to costs and attorney fees. It is anticipated
that the property owner will seek an award of costs and attorney fees of approximately $1 million
though motions have not been filed or amounts asserted at this time.
The third claim, Monroe County v. Sugarloaf Volunteer Fire Department and Sugarloaf Wi-Fi, Inc., is a
claim where Monroe County, as the Plaintiff, field a complaint for declaratory and injunctive relief
seeking a declaration that a lease entered into by and between the defendants was void. The County
asserted that the landlord, Sugarloaf Volunteer Fire Department, Inc. was subject to Florida's Sunshine
Law and was therefore required to hold a public hearing before entering into a lease with the tenant,
Sugarloaf Wi-Fi, Inc. The litigation prompted counterclaims by the tenant that were all resolved in the
County's favor by the trial court and upon appeal.
Subsequent to the appeal, the County filed a motion for entry of judgement for attorney's fees and costs.
On November 30, 2021, the Court entered a Consent Judgement Awarding Attorney's Fees and Costs in
favor of the County in the amount of $217,159.86. The judgement defeats any possible claim for
attorney fees against Monroe County.
Sugarloaf Wi-Fi, Inc. has communicated its intent to initiate separate litigation against Monroe County
in connection with the County's potential effort to acquire the Sugarloaf Key fire station from the
Sugarloaf Volunteer Fire Department. The potential transaction arises from a proposed settlement
between the County and the Sugarloaf Volunteer Fire Department whereby the County would agree that
its existing judgement would be applied as a credit against the purchase price. The nature of Sugarloaf
Wi-Fi, Inc.'s claims in response to the potential transaction remain uncertain because the transaction has
yet to occur. In the meantime, the County has moved forward with a potential public-private-partnership
transaction whereby the County would enter into an agreement with a private entity to design and build
a new fire station at the same location, and the design and construction would include a tower for Wi-Fi.
Based on these developments, the possibility of any claim against the County that would exceed
$336,250 materiality threshold could be characterized as remote.
The fourth claim, Mark Thompson vs. Monroe County, et. al., is an action by a former employee seeking
maintenance and cure, and negligence damages under the Jones Act. The employee was hired in March
2021 as a temporary pump-out worker assigned to work on a pump-out boat. He alleges that he was
injured when the boat captain accelerated suddenly. Under the Jones Act, an injured employee (seaman)
is entitled to maintenance and cure benefits as well as seek damages for negligence. On February 24,
2022, the former employee filed a suit alleging negligence against the County. Maintenance and cure
benefits were paid beginning immediately after the accident. Through March 9, 2023, the County paid
approximately $150,000 in maintenance and cure benefits. The plaintiff passed away from unrelated
causes in January 2022. A mediation was scheduled for March 28, 2023. While not scheduled, a
projected trial date could be set for December 2023. The County's position that County has timely paid
all of the maintenance and cure that was required and, as a result, should not be found to be liable for
negligence, given that the County did not own or operate the boat on which the plaintiff was employed.
D-58
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2022
NOTE 20 —LITIGATION AND CLAIMS (continued)
Further, the County did not employ or supervise the boat captain (the boat was owned and operated by
the City of Key West. In Jones Act cases, the prevailing party is entitled to attorneys' fees and costs.
Given the uncertainty of the negligence claim, in the event of an adverse outcome on the negligence
claim, there is a remote possibility that the County will be liable for damages (including maintenance
and cure, negligence damages, and opposing counsel fees and costs) in excess of$336,250.
In the opinion of the County, it is reasonably possible that there are other open suits and claims that
could result in judgements or settlements, which, in aggregate, would have a material adverse effect on
the Board's financial condition. Based on the uncertainty at this point of the proceedings, an estimate of
the amount or range of potential losses cannot be determined.
NOTE 21 —COMMITMENTS AND CONTINGENCIES
Grant Programs — The Board participates in a number of federal and state grant programs that are
governed by various rules and regulations of the grantor agencies. Amounts received or receivable from
grant agencies are subject to financial and compliance audits by the grantors or their representatives.
Any disallowed claims, including amounts already collected, may constitute a liability of the applicable
funds. The amount, if any, which may be disallowed by the grantor, cannot be determined at this time,
although the Board expects such amounts, if any,to be immaterial.
Impact Fee Refunds — Unexpended or unencumbered funds arising from the collection of impact fees
may be refunded within one year following the end of the sixth year from the date on which the impact
fee was paid or within three months of the non-commencement of construction, subject to certain
conditions.
NOTE 22 —SUBSEQUENT EVENTS
Management has evaluated subsequent events through March 31, 2023, in connection with the
preparation of these financial statements, which is the date the financial statements were available to be
issued.
D-59
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2022 2021 2020
Board's proportion of the net pension liability 0.119102640% 0.127201763% 0.127836047%
Board's proportionate share of the net pension liability $ 44,316,905 $ 9,609,799 $ 55,407,179
Board's covered payroll $ 41,413,339 $ 42,082,080 $ 40,912,184
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 107.01% 22.84% 135.43%
Plan fiduciary net position as a percentage of the total pension liability 82.89% 96.40% 78.85%
*The amounts presented for each fiscal year were determined as of June 30.
No data is available for the previous year.
E-1
2019 2018 2017 2016 2015 2014
0.122381778% 0.129013726% 0.110416195% 0.107471975% 0.103158114% 0.104891393%
$ 42,146,581 $ 38,859,603 $ 32,660,370 $ 27,136,758 $ 13,324,254 $ 6,399,917
$ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681 $ 28,496,269 $ 27,856,637
114.40% 104.97% 103.46% 91.93% 46.76% 22.97%
82.61% 84.26% 83.89% 84.88% 92.00% 96.09%
E-2
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2022 2021 2020
Contractually required contribution $ 5,499,309 $ 4,755,272 $ 4,418,540
Contributions in relation to the contractually required contributions (5,499,309) (4,755,272) (4,418,540)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 44,175,166 $ 31,198,127 $ 32,741,086
Contributions as a percentage of covered payroll 12.45% 15.24% 13.50%
*The amounts presented for each fiscal year were determined as of September 30.
No data is available for the previous year.
E-3
2019 2018 2017 2016 2015 2014
$ 3,552,282 $ 3,545,505 $ 3,169,065 $ 2,620,875 $ 2,515,082 $ 2,297,567
(3,552,282) (3,545,505) (3,169,065) (2,620,875) (2,515,082) (2,297,567)
$ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681 $ 29,097,726 $ 28,100,694
11.73% 11.37% 12.07% 8.88% 8.64% 8.18%
E-4
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2022 2021 2020
Board's proportion of the net pension liability 0.113535555% 0.1 1 8822 592% 0.117668137%
Board's proportionate share of the net pension liability $ 12,025,218 $ 14,575,366 $ 14,367,077
Board's covered payroll $ 41,413,339 $ 42,082,080 $ 40,912,184
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 29.04% 34.64% 35.12%
Plan fiduciary net position as a percentage of the total pension liability 4.81% 3.56% 3.00%
*The amounts presented for each fiscal year were determined as of June 30.
No data is available for the previous year.
E-5
2019 2018 2017 2016 2015 2014
0.110141787% 0.113326095% 0.098952229% 0.095343347% 0.093902398% 0.093727524%
$ 12,323,764 $ 11,994,561 $ 10,580,429 $ 11,111,872 $ 9,576,567 $ 8,763,852
$ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681 $ 28,496,269 $ 27,856,637
33.45% 32.40% 33.52% 37.64% 33.61% 31.46%
2.63% 2.15% 1.64% 0.97% 0.50% 0.99%
E-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2022 2021 2020
Contractually required contribution $ 732,868 $ 672,957 $ 689,830
Contributions in relation to the contractually required contributions (732,868) (672,957) (689,830)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 44,175,166 $ 31,198,127 $ 32,741,086
Contributions as a percentage of covered payroll 1.66% 2.16% 2.11%
*The amounts presented for each fiscal year were determined as of September 30.
No data is available for the previous year.
E-7
2019 2018 2017 2016 2015 2014
$ 621,670 $ 628,246 $ 435,699 $ 488,695 $ 358,953 $ 321,079
(621,670) (628,246) (435,699) (488,695) (358,953) (321,079)
$ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681 $ 29,097,726 $ 28,100,964
2.05% 2.02% 1.66% 1.66% 1.23% 1.14%
E-8
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE BOARD'S NET PENSION LIABILITY AND RELATED RATIOS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
LAST TEN FISCAL YEARS*
(Dollar amounts in thousands)
2022 2021 2020
Total pension liability
Service cost $ 1,819 $ (24,610) $ (11,774)
Interest 5,939 6,890 8,130
Differences between expected and actual experience (65,332) (61,382) (50,828)
Changes of assumptions or other inputs (33,348)
Benefit payments,including refunds of employee contributions (24,570) (34,680) (30,945)
Net change in total pension liability (115,492) (113,782) (85,417)
Total pension liability-beginning 604,351 718,133 803,550
Total pension liability-ending $ 488,859 $ 604,351 $ 718,133
Covered payroll N/A N/A N/A
County's total pension liability as a percentage of covered payroll N/A N/A N/A
Notes to Schedule:
*This schedule is presented to illustrate the requirement to show information for 10 years. However,until a full 10-year trend is
compiled,government should present information for those years for which information is available.
There are no assets accumulated in a trust,as defined by Statement of Governmental Accounting Standards No.73,to pay benefits.
E-9
2019 2018 2017 2016 2015 2014
$ (6,170) $ 12,761 $ 22,937 $ 16,394 $ 16,455 $ 18,434
8,724 9,146 9,146 8,895 8,054 12,219
(35,295) 182 (39,039) 33,108 89,397 (9,696)
(31,680) (32,265) (32,265) (28,365) (30,855) (25,575)
(64,421) (10,176) (39,221) 30,032 83,051 (4,618)
867,971 878,147 917,368 887,336 804,285 808,903
$ 803,550 $ 867,971 $ 878,147 $ 917,368 $ 887,336 $ 804,285
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A
E-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
TEN YEAR SCHEDULE OF EMPLOYER CONTRIBUTIONS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
Year Ending December 31, 2021 2020 2019 2018
Actuarially determined contribution $ - $ 3,265 $ 5,200 $ 3,265
Contributions in relation to the actuarially
determined contribution - 3,265 5,200 3,265
Contribution deficiency (excess) $ - $ - $ - $ -
Covered payroll $ - $ - $ - $ -
Contributions as a percentage of covered
payroll N/A N/A N/A N/A
Notes to Schedule:
Actuarially determined contribution rates are calculated as of January 1,which is nine months prior to the end of the fiscal year in
which contributions are reported.
Contributions in relation to the actuarially determined contribution is the amount equal to the contributions to the plan during the
plan year shown.
The actuarial cost method used is the Aggregate Cost Method.
The remaining amortization period used for 2022 is 4.733 years. This was determined by individual district using average future
service for districts with active particpants and average remaining life expectancy for districts with only inactives.
The asset valuation method used is the market value of assets held by Monroe County for the LOSAP program.
There was no increase in inflation as benefits are based on a flat amount per year of service.
Discount rate/investment rate of return was 1.84%, net of pension plan investment expenses, including inflation.
Pub-2010 Headcount Weighted Safety Below Median Employee Male and Female Mortality Tables were used,set forward one
year,with fully generational projected mortality improvements using Scale MP-2018.
The above funding assumptions are for the 2022 plan year.The 2021 plan year assumptions are those stated in the prior
actuary's 2021 Actuarial Valuation Report.
E-11
2017 2016 2015 2014 2013 2012
$ 61,388 $ 39,899 $ 39,899 $ 30,304 $ 28,575 $ 28,145
61,388 39,899 39,899 30,304 28,575 28,145
N/A N/A N/A N/A N/A N/A
E-12
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE BOARD'S TOTAL OPEB LIABILITY AND RELATED RATIOS
LAST TEN FISCAL YEARS*
2022 2021 2020 2019 2018
Total OPEB liability
Service cost $ 3,291,000 $ 971,000 $ 650,000 $ 496,958 $ 1,067,439
Interest 743,000 719,000 678,000 932,494 1,695,315
Changes of benefit terms 2,355,000 - - - (17,266,329)
Differences between expected and actual experience (414,000) - - -
Changes in assumptions or other inputs (4,260,000) 189,000 7,549,000 3,431,990 (1,964,239)
Benefit payments (2,091,000) (2,225,000) (2,110,000) (1,549,168) (868,434)
Net change in total OPEB liability (376,000) (346,000) 6,767,000 3,312,274 (17,336,248)
Total OPEB liability-Beginning of Year 32,319,900 32,665,900 25,898,900 22,586,638 39,922,886
Total OPEB liability-End of Year $ 31,943,900 $ 32,319,900 $ 32,665,900 $ 25,898,912 $ 22,586,638
Covered-employee payroll $ 43,801,000 $ 36,493,000 $ 35,430,000 $ 32,520,000 $ 31,420,000
Total OPEB liability as a percentage of covered-employee payroll 72.93% 88.56% 92.20% 79.64% 71.89
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 Board 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 ten years.However,until a full ten years of information can be compiled,information will be presented for as many years as are
available.
E-13
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 24,566,456 $ 24,566,456 $ 34,358,790 $ 9,792,334
Charges for Services - - 2,507 2,507
Investment Income 50,000 50,000 (220,613) (270,613)
Miscellaneous - 822,584 614,419 (208,165)
Total Revenues 24,616,456 25,439,040 34,755,103 9,316,063
EXPENDITURES:
Current:
Capital Outlay:
General Government 9,159,723 9,974,309 5,428,449 4,545,860
Public Safety 1,787,000 2,111,946 96,264 2,015,682
Physical Environment 687,422 689,947 134,497 555,450
Transportation: Const. Mgmt. 2,365,730 6,249,686 2,878,772 3,370,914
Culture and Recreation 1,879,722 2,691,676 2,334,266 357,410
Total Capital Outlay Expenditures 15,879,597 21,717,564 10,872,248 10,845,316
Debt Service:
Principal - - 1,630 (1,630)
Interest - - 128 (128)
Total Debt Service - - 1,758 (1,758)
Total Expenditures 15,879,597 21,717,564 10,874,006 10,843,558
Excess/Deficiency of Revenues
Over (Under) Expenditures 8,736,859 3,721,476 23,881,097 20,159,621
Other Financing Sources (Uses):
Reserve for Contingencies (1,777,420) (772,595) - 772,595
Reserve for Cash Balance (4,427,175) (4,427,175) - 4,427,175
Transfers from Other Funds 1,422,084 1,608,170 - (1,608,170)
Transfers to Other Funds (16,566,218) (19,134,491) (19,207,766) (73,275)
Total Other Financing Sources (Uses) (21,348,729) (22,726,091) (19,207,766) 3,518,325
Net Change in Fund Balances (12,611,870) (19,004,615) 4,673,331 23,677,946
Fund Balances-October 1 12,611,870 19,004,615 27,309,988 8,305,373
Fund Balances-September 30 $ - $ - $ 31,983,319 $ 31,983,319
F-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CUDJOE REGIONAL WASTEWATER CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 2,343,905 $ 2,343,905 $ 1,032,082 $ (1,311,823)
Investment Income - - 536,796 536,796
Miscellaneous - - 124,649 124,649
Total Revenues 2,343,905 2,343,905 1,693,527 (650,378)
EXPENDITURES:
Capital Outlay:
Physical Environment:
Cudjoe Regional Wastewater Project
Special Assessment Refunds 25,000 25,000 - 25,000
Special Assessments 708,328 708,328 145,272 563,056
Total Physical Environment 733,328 733,328 145,272 588,056
Total Capital Outlay Expenditures 733,328 733,328 145,272 588,056
Excess/Deficiency of Revenues
Over(Under) Expenditures 1,610,577 1,610,577 1,548,255 (62,322)
Other Financing Sources (Uses):
Reserve for Contingencies (98,268) (98,268) - 98,268
Transfers to Other Funds (2,125,740) (2,125,740) (2,125,740) -
Transfers to/from Consititutional Officers - - 2,876 2,876
Total Other Financing Sources (Uses) (2,224,008) (2,224,008) (2,122,864) 101,144
Net Change in Fund Balances (613,431) (613,431) (574,609) 38,822
Fund Balances-October 1 613,431 613,431 4,703,405 4,089,974
Fund Balances-September 30 $ - $ - $ 4,128,796 $ 4,128,796
F-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
INFRASTRUCTURE REVENUE BONDS SERIES 2014 CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (53,065) $ (53,065)
Total Revenues - - (53,065) (53,065)
EXPENDITURES:
Capital Projects - Buildings 3,200,000 5,468,202 4,174,952 1,293,250
Total Expenditures 3,200,000 5,468,202 4,174,952 1,293,250
Excess/Deficiency of Revenues
Over (Under) Expenditures (3,200,000) (5,468,202) (4,228,017) 1,240,185
Other Financing Sources (Uses):
Reserve for Contingencies (300,207) (283,607) - 283,607
Transfers from Other Funds - 961,291 961,291 -
Total Other Financing Sources (Uses) (300,207) 677,684 961,291 283,607
Net Change in Fund Balances (3,500,207) (4,790,518) (3,266,726) 1,523,792
Fund Balances-October 1 3,500,207 4,790,518 4,804,886 14,368
Fund Balances-September30 $ - $ - $ 1,538,160 $ 1,538,160
F-3
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 15,000 $ 15,000 $ (1,334) $ (16,334)
Total Revenues 15,000 15,000 (1,334) (16,334)
EXPENDITURES:
Clean Water SRF Loans
Principal 10,061,482 10,061,482 6,521,327 3,540,155
Interest - - 3,540,091 (3,540,091)
Total Clean Water SRF Loan 10,061,482 10,061,482 10,061,418 64
2014 Revenue Bonds
Principal 4,279,336 4,279,336 3,990,000 289,336
Interest - - 289,336 (289,336)
Total 2014 Revenue Bonds 4,279,336 4,279,336 4,279,336 -
Mayfield Loan
Principal 2,125,000 2,125,000 2,125,000 -
Total Mayfield Loan 2,125,000 2,125,000 2,125,000 -
2016 Revenue Bonds
Principal 1,124,263 1,124,263 900,000 224,263
Interest - - 224,263 (224,263)
Total 2016 Revenue Bonds 1,124,263 1,124,263 1,124,263 -
(Continued)
F-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
2018 Hurricane Irma Loan
Principal 388,387 388,387 - 388,387
Interest - - - -
Other Debt Service Costs - - - -
Total 2018 Hurricane Irma Loan 388,387 388,387 - 388,387
2020 Revenue Note
Principal 909,660 909,660 875,000 34,660
Interest - - 39,516 (39,516)
Total 2020 Revenue Note 909,660 909,660 914,516 (4,856)
Key West Aiport Line of Credit
Principal - - - -
Interest - 880,000 14,314 865,686
Other Debt Service Costs - - 10,462 (10,462)
Total Key West Airport Line of Credit - 880,000 24,776 855,224
Total Expenditures 18,888,128 19,768,128 18,529,309 1,238,819
Excess/Deficiency of Revenues
Over(Under) Expenditures (18,873,128) (19,753,128) (18,530,643) 1,222,485
Other Financing Sources (Uses):
Reserve for Contingencies (500,000) (500,000) - 500,000
Reserve for Cash Balance (500,000) (500,000) - 500,000
Transfers from Other Funds 18,888,128 19,768,128 17,611,898 (2,156,230)
Transfers from Constitutional Officers - - 914,516 914,516
Total Other Financing Sources (Uses) 17,888,128 18,768,128 18,526,414 (241,714)
Net Change in Fund Balances (985,000) (985,000) (4,229) 980,771
Fund Balances-October 1 985,000 985,000 3,182,395 2,197,395
Fund Balances-September 30 $ - $ - $ 3,178,166 $ 3,178,166
F-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2022
SPECIAL
Tourist
Affordable Development Tourist Tourist
Housing All Districts Development Development
Programs Two Cent District One District Two
ASSETS
Cash and Cash Equivalents $ 61,543 $ 2,530,494 $ 3,707,549 $ 556,486
Investments 349,906 14,786,852 21,360,204 3,217,752
Accounts Receivable, Net - - - -
Assessments Receivable - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - 1,183,658 1,720,093 280,061
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 594 25,116 36,281 5,465
Total Assets $ 412,043 $ 18,526,120 $ 26,824,127 $ 4,059,764
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 690,739 $ 2,143,666 $ 77,557
Retainage Payable - - 87,540 10,754
Accrued Wages and Benefits Payable - - 7,342 6,636
Due to Other Governmental Units - - 198,417 -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - 690,739 2,436,965 94,947
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 412,043 17,835,381 24,162,237 3,964,817
Committed - - 224,925 -
Assigned - - - -
Total Fund Balances 412,043 17,835,381 24,387,162 3,964,817
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 412,043 $ 18,526,120 $ 26,824,127 $ 4,059,764
G-1
REVENUE FUNDS
Tourist Tourist Tourist Impact Fees,
Development Development Development Impact Fees, Parks, and Impact Fees,
District Three District Four District Five Roadways Recreation Libraries
$ 1,314,228 $ 851,361 $ 1,123,360 $ 145,072 $ 123,946 $ 22,773
7,549,739 4,914,616 6,518,539 824,753 704,700 129,397
640,102 393,540 577,039 - - -
12,823 8,348 11,072 1,401 1,197 220
$ 9,516,892 $ 6,167,865 $ 8,230,010 $ 971,226 $ 829,843 $ 152,390
$ 192,644 $ 197,558 $ 106,961 $ 34,631 $ - $ 8,852
90,252 17,850 38,312 14,460 - -
- - 5,151 - - -
282,896 215,408 150,424 49,091 - 8,852
9,233,996 5,952,457 8,079,586 922,135 829,843 143,538
9,233,996 5,952,457 8,079,586 922,135 829,843 143,538
$ 9,516,892 $ 6,167,865 $ 8,230,010 $ 971,226 $ 829,843 $ 152,390
(Continued)
G-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2022
SPECIAL
Fire &Amb Unincorp.
District#1, Area Service
Impact Fees, Impact Fees, Lower and District,
Solid Waste Fire& EMS Middle Keys Parks& Rec.
ASSETS
Cash and Cash Equivalents $ 19,816 $ 27,010 $ 560,821 $ 71,085
Investments 112,669 153,569 5,890,398 2,021,742
Accounts Receivable, Net - - 267,003 62
Assessments Receivable - - - -
Due from Other Governmental Units - - - 60,410
Due from Constitutional Officers - - 259,740 47,915
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 191 261 10,005 3,434
Total Assets $ 132,676 $ 180,840 $ 6,987,967 $ 2,204,648
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ 68,668 $ 254,990
Retainage Payable - - - -
Accrued Wages and Benefits Payable - - 458,354 66,593
Due to Other Governmental Units - - - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - 3,322
Total Liabilities - - 527,022 324,905
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 132,676 180,840 - 1,879,743
Committed - - - -
Assigned - - 6,460,945 -
Total Fund Balances 132,676 180,840 6,460,945 1,879,743
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 132,676 $ 180,840 $ 6,987,967 $ 2,204,648
G-3
REVENUE FUNDS
Unincorp.
Area Service 911 Duck Key Local Affordable
Dist. Planning Municipal Enhancement Security Housing Housing
Bldg &Zoning Policing Fees District Assistance Initiatives
$ 231,325 $ 267,141 $ 45,854 $ 54,639 $ 361,474 $ 15,232
6,576,429 1,963,752 - 310,646 2,023,704 -
6,701 - - - 12,000 -
252,246 - - - - -
100 88,976 - 479 - -
- - - - 9,973,786 -
- - - - (9,973,786) -
11,170 3,335 - 528 3,437 -
$ 7,077,971 $ 2,323,204 $ 45,854 $ 366,292 $ 2,400,615 $ 15,232
$ 200,518 $ - $ - $ 21,019 $ - $ -
320,366 - - - 5,531 -
- 113,090 44,619 - - -
265,890 - - - - -
786,774 113,090 44,619 21,019 5,531 -
6,291,197 2,210,114 1,235 345,273 2,395,084 15,232
6,291,197 2,210,114 1,235 345,273 2,395,084 15,232
$ 7,077,971 $ 2,323,204 $ 45,854 $ 366,292 $ 2,400,615 $ 15,232
(Continued)
G-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2022
SPECIAL
Miscellaneous Law
Boating Special Environmental Enforcement
Improvement Revenue Restoration Trust
ASSETS
Cash and Cash Equivalents $ 494,239 $ 580,182 $ 823,396 $ 3,166,703
Investments 2,755,069 3,300,571 4,634,221 667,479
Accounts Receivable, Net - - - -
Assessments Receivable - - - -
Due from Other Governmental Units - 72,066 - -
Due from Constitutional Officers 51,428 45,117 - 676
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 4,680 5,606 7,871 1,134
Total Assets $ 3,305,416 $ 4,003,542 $ 5,465,488 $ 3,835,992
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 5,207 $ 86,672 $ 37,542 $ -
Retainage Payable - - - -
Accrued Wages and Benefits Payable 10,793 - 11,632 -
Due to Other Governmental Units - 9,214 - -
Due to Constitutional Officers - 25,330 - 71,603
Deposits in Escrow - - - -
Total Liabilities 16,000 121,216 49,174 71,603
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 3,289,416 3,882,326 - 3,764,389
Committed - - 5,416,314 -
Assigned - - - -
Total Fund Balances 3,289,416 3,882,326 5,416,314 3,764,389
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 3,305,416 $ 4,003,542 $ 5,465,488 $ 3,835,992
G-5
REVENUE FUNDS
Court Drug Marathon Middle Keys Bay Point Big Coppitt
Facility Abuse Municipal Health Care Wastewater Wastewater
Fees Trust Service MSTU MSTU MSTU
$ 696,577 $ 8,025 $ 409 $ 10,820 $ 7,173 $ 79
3,946,086 45,624 2,323 60,934 40,782 451
43,609 2,189 - 40,893 - -
6,702 77 4 - 69 1
$ 4,692,974 $ 55,915 $ 2,736 $ 112,647 $ 48,024 $ 531
$ 1,774 $ 11,320 $ - $ - $ - $ -
4,727 - - - - -
6,501 11,320 - - - -
4,686,473 44,595 2,736 - - -
- - - 112,647 48,024 531
4,686,473 44,595 2,736 112,647 48,024 531
$ 4,692,974 $ 55,915 $ 2,736 $ 112,647 $ 48,024 $ 531
(Continued)
G-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2022
SPECIAL
Key Largo Long Key,
Wastewater Stock Island Conch Key Layton
MSTU Wastewater MSTU MSTU
ASSETS
Cash and Cash Equivalents $ 1,362 $ 200,928 $ 89 $ 39,042
Investments 7,743 1,142,495 505 222,307
Accounts Receivable, Net - - - -
Assessments Receivable - 1,524,553 - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers 1 959 - -
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 13 1,941 1 378
Total Assets $ 9,119 $ 2,870,876 $ 595 $ 261,727
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ - $ -
Retainage Payable - - - -
Accrued Wages and Benefits Payable - - - -
Due to Other Governmental Units - 1 - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - 1 - -
Deferred Inflows of Resources:
Unavailable Revenues - 1,495,044 - -
Deferred Inflows of Resources - 1,495,044 - -
Fund Balances:
Restricted - 1,375,831 - -
Committed 9,119 - 595 261,727
Assigned - - - -
Total Fund Balances 9,119 1,375,831 595 261,727
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 9,119 $ 2,870,876 $ 595 $ 261,727
G-7
REVENUE FUNDS
Duck Key Canal#266 Roads and Building
MSTU MSBU Bridges Fund
$ 6,835 $ 8,392 $ 617,304 $ 343,705
38,859 47,717 5,380,060 3,187,741
- - 142 320
- - 683,051 -
66 81 9,138 5,414
$ 45,760 $ 56,190 $ 6,689,695 $ 3,537,180
$ - $ 2,167 $ 248,074 $ 38,973
- - 115,008 -
- - 121,073 222,709
- - 36,896 25,803
- - - 8,110
- 2,167 521,051 295,595
- - 6,168,644 3,241,585
45,760 54,023 - -
45,760 54,023 6,168,644 3,241,585
$ 45,760 $ 56,190 $ 6,689,695 $ 3,537,180
(Continued)
G-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2022
CAPITAL
Total Nonmajor Infrastructure Clerk's Infrastructure
Special Rev Revenue Bonds Revenue Revenue Bonds
Funds Series 2014 Note Series 2007
ASSETS
Cash and Cash Equivalents $ 19,096,469 $ 545,964 $ 16,980 $ 28,060
Investments 104,890,334 2,014,545 95,618 158,026
Accounts Receivable, Net 286,228 - - -
Assessments Receivable 1,524,553 - - -
Due from Other Governmental Units 1,067,773 - - -
Due from Constitutional Officers 5,376,575 - - -
Mortgages/Notes Receivable 9,973,786 - - -
Allowance for Mortgages/Notes Receivable (9,973,786) - - -
Interest Receivable 178,054 3,422 - -
Total Assets $ 132,419,986 $ 2,563,931 $ 112,598 $ 186,086
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 4,429,532 $ 539,264 $ - $ -
Retainage Payable 374,176 486,507 - -
Accrued Wages and Benefits Payable 1,240,907 - - -
Due to Other Governmental Units 270,331 - - -
Due to Constitutional Officers 254,642 - - -
Deposits in Escrow 277,322 - - -
Total Liabilities 6,846,910 1,025,771 - -
Deferred Inflows of Resources:
Unavailable Revenues 1,495,044 - - -
Deferred Inflows of Resources 1,495,044 - - -
Fund Balances:
Restricted 111,443,422 1,538,160 112,598 186,086
Committed 6,173,665 - - -
Assigned 6,460,945 - - -
Total Fund Balances 124,078,032 1,538,160 112,598 186,086
Total Liabilities, Deferred Inflows of -
Resources, and Fund Balances $ 132,419,986 $ 2,563,931 $ 112,598 $ 186,086
G-9
PROJECT FUNDS
Total
Big Coppitt Duck Key Long Key Land Nonmajor
Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Fund Funds
$ - $ 98,078 $ 59,490 $ 176,721 $ 20,021,762
89,640 557,641 338,235 1,004,726 109,148,765
- - - - 286,228
1,239,827 276,021 - - 3,040,401
- - - 5,825 1,073,598
791 168 - - 5,377,534
- - - - 9,973,786
- - - - (9,973,786)
167 947 575 1,707 184,872
$ 1,330,425 $ 932,855 $ 398,300 $ 1,188,979 $ 139,133,160
$ - $ - $ - $ 7,105 $ 4,975,901
- - - - 860,683
- - - - 1,240,907
- - - - 270,331
- - - - 254,642
- - - - 277,322
- - - 7,105 7,879,786
1,203,889 268,450 - - 2,967,383
1,203,889 268,450 - - 2,967,383
126,536 664,405 398,300 1,181,874 115,651,381
- - - - 6,173,665
- - - - 6,460,945
126,536 664,405 398,300 1,181,874 128,285,991
$ 1,330,425 $ 932,855 $ 398,300 $ 1,188,979 $ 139,133,160
G-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
SPECIAL
Tourist
Affordable Development Tourist Tourist
Housing All Districts Development Development
Programs Two Cent District One District Two
Revenues:
Taxes $ - $ 11,243,667 $ 16,569,470 $ 2,731,576
Licenses and Permits - - - -
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income (4,248) (98,250) (183,638) (28,511)
Miscellaneous - - - -
Total Revenues (4,248) 11,145,417 16,385,832 2,703,065
Expenditures:
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Economic Environment - 5,351,973 10,114,600 1,830,260
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - - - -
Interest - - - -
Total Expenditures - 5,351,973 10,114,600 1,830,260
Excess/Deficiency of Revenues
Over(Under)Expenditures (4,248) 5,793,444 6,271,232 872,805
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - (72,713) (54,392) (14,975)
Transfers from Constitutional Officers - 119,016 162,813 27,000
Total Other Financing Sources (Uses) - 46,303 108,421 12,025
Net Change in Fund Balances (4,248) 5,839,747 6,379,653 884,830
Fund Balances-October 1 416,291 11,995,634 18,007,509 3,079,987
Fund Balances-September 30 $ 412,043 $ 17,835,381 $ 24,387,162 $ 3,964,817
G-11
REVENUE FUNDS
Tourist Tourist Tourist Impact Fees,
Development Development Development Impact Fees, Parks, and Impact Fees,
District Three District Four District Five Roadways Recreation Libraries
$ 6,191,651 $ 3,692,985 $ 5,357,074 $ - $ - $ -
- - - 69,200 28,560 -
(65,344) (40,679) (54,453) (10,439) (8,451) (2,428)
6,126,307 3,652,306 5,302,621 58,761 20,109 (2,428)
- - - 324,883 - -
3,819,551 2,065,138 3,099,245 - - -
- - - - 31,878 26,796
3,819,551 2,065,138 3,099,245 324,883 31,878 26,796
2,306,756 1,587,168 2,203,376 (266,122) (11,769) (29,224)
(13,595) (13,002) (26,318) - - -
61,378 36,317 52,537 - - -
47,783 23,315 26,219 - - -
2,354,539 1,610,483 2,229,595 (266,122) (11,769) (29,224)
6,879,457 4,341,974 5,849,991 1,188,257 841,612 172,762
$ 9,233,996 $ 5,952,457 $ 8,079,586 $ 922,135 $ 829,843 $ 143,538
(Continued)
G-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
SPECIAL
Fire &Amb Unincorp.
District#1, Area Service
Impact Fees, Impact Fees, Lower and District,
Solid Waste Fire and EMS Middle Keys Parks& Rec.
Revenues:
Taxes $ - $ - $ 13,704,459 $ 2,524,030
Licenses and Permits - 9,156 - -
Intergovernmental - - 112,686 891,085
Charges for Services - - 1,047,844 142,922
Fines and Forfeitures - - - -
Investment Income (1,320) (1,782) (34,001) (17,620)
Miscellaneous 6,007 - 13,937 18,700
Total Revenues 4,687 7,374 14,844,925 3,559,117
Expenditures:
Current:
General Government - - 645,823 74,287
Public Safety - - 12,988,388 -
Physical Environment - - - -
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - 3,176,718
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - - 539 -
Interest - - 23 -
Total Expenditures - - 13,634,773 3,251,005
Excess/Deficiency of Revenues
Over(Under)Expenditures 4,687 7,374 1,210,152 308,112
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - (1,178,309) (331,776)
Transfers from Constitutional Officers - - 259,573 47,901
Total Other Financing Sources (Uses) - - (918,736) (283,875)
Net Change in Fund Balances 4,687 7,374 291,416 24,237
Fund Balances-October 1 127,989 173,466 6,169,529 1,855,506
Fund Balances-September 30 $ 132,676 $ 180,840 $ 6,460,945 $ 1,879,743
G-13
REVENUE FUNDS
Unincorp.
Area Service 911 Duck Key Local Affordable
Dist. Planning Municipal Enhancement Security Housing Housing
Bldg &Zoning Policing Fees District Assistance Initiatives
$ 500,157 $ 4,687,146 $ - $ - $ - $ -
1,367 - - 117,093 - 15,232
3,009,995 - - - 825,872 -
3,649,358 4,608,088 566,678 - - -
1,382,318 - - - - -
(40,840) (21,355) 36 (3,425) (19,250) -
651 - - - 396,999 -
8,503,006 9,273,879 566,714 113,668 1,203,621 15,232
3,799,184 221,220 - 1,000 - -
3,942,503 9,384,153 567,139 107,958 - -
671,436 - - - - -
- - - - 510,262 -
5,111 - - - - -
363 - - - - -
8,418,597 9,605,373 567,139 108,958 510,262 -
84,409 (331,494) (425) 4,710 693,359 15,232
(1,392,847) - - - - -
- (24,142) - 479 - -
(1,392,847) (24,142) - 479 - -
(1,308,438) (355,636) (425) 5,189 693,359 15,232
7,599,635 2,565,750 1,660 340,084 1,701,725 -
$ 6,291,197 $ 2,210,114 $ 1,235 $ 345,273 $ 2,395,084 $ 15,232
(Continued)
G-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Miscellaneous Law
Boating Special Environmental Enforcement
Improvement Revenue Restoration Trust
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits - 39,936 - -
Intergovernmental - - - -
Charges for Services 732,924 1,271,802 18 -
Fines and Forfeitures - 290,715 1,214,365 -
Investment Income (36,185) (33,864) (48,590) 27,753
Miscellaneous - 74,464 - 118,396
Total Revenues 696,739 1,643,053 1,165,793 146,149
Expenditures:
Current:
General Government - 4,900 - -
Public Safety - 252,471 - 279,937
Physical Environment 974,952 - 399,524 -
Transportation - - - -
Economic Environment - 72,066 - -
Human Services - 138,989 - -
Culture and Recreation - - - -
Court Related - 466,216 - -
Capital Outlay - - - -
Debt Service:
Principal - 14,436 - -
Interest - 1,280 - -
Total Expenditures 974,952 950,358 399,524 279,937
Excess/Deficiency of Revenues
Over(Under)Expenditures (278,213) 692,695 766,269 (133,788)
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - - -
Transfers from Constitutional Officers - - - 55
Total Other Financing Sources (Uses) - - - 55
Net Change in Fund Balances (278,213) 692,695 766,269 (133,733)
Fund Balances-October 1 3,567,629 3,189,631 4,650,045 3,898,122
Fund Balances-September 30 $ 3,289,416 $ 3,882,326 $ 5,416,314 $ 3,764,389
G-15
SPECIAL REVENUE FUNDS
Court Drug Marathon Middle Keys Bay Point Big Coppitt
Facility Abuse Municipal Health Care Wastewater Wastewater
Fees Trust Service MSTU MSTU MSTU
$ - $ - $ - $ 2,155,999 $ - $ -
573,620 37,579 - - - -
(49,140) (540) (28) 258 (497) (5)
524,480 37,039 (28) 2,156,257 (497) (5)
- - - 101,363 - -
- 40,044 - 1,982,985 - -
644,837 - - - - -
644,837 40,044 - 2,084,348 - -
(120,357) (3,005) (28) 71,909 (497) (5)
- - - 40,738 - -
- - - 40,738 - -
(120,357) (3,005) (28) 112,647 (497) (5)
4,806,830 47,600 2,764 - 48,521 536
$ 4,686,473 $ 44,595 $ 2,736 $ 112,647 $ 48,024 $ 531
(Continued)
G-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
SPECIAL
Key Largo Long Key,
Wastewater Stock Island Conch Key Layton
MSTU Wastewater MSTU MSTU
Revenues:
Taxes $ 48 $ - $ - $ -
Licenses and Permits - 90,735 - -
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income (94) 49,431 (6) (2,707)
Miscellaneous - 10,183 - -
Total Revenues (46) 150,349 (6) (2,707)
Expenditures:
Current:
General Government - 2,000 - -
Public Safety - - - -
Physical Environment - 3,565 - 1,218
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - - - -
Interest - - - -
Total Expenditures - 5,565 - 1,218
Excess/Deficiency of Revenues
Over(Under)Expenditures (46) 144,784 (6) (3,925)
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - - -
Transfers from Constitutional Officers 1 959 - -
Total Other Financing Sources (Uses) 1 959 - -
Net Change in Fund Balances (45) 145,743 (6) (3,925)
Fund Balances-October 1 9,164 1,230,088 601 265,652
Fund Balances-September 30 $ 9,119 $ 1,375,831 $ 595 $ 261,727
G-17
REVENUE FUNDS
Duck Key Canal#266 Roads and Building
MSTU MSBU Bridges Fund
$ - $ - $ 3,104,404 $ -
- 28,897 - 5,961,032
- - 3,925,167 -
- - 5,382 130,093
(482) (397) (54,608) (26,798)
- - 25,879 32,397
(482) 28,500 7,006,224 6,096,724
- - - 5,772,069
1,758 14,651 - -
- - 8,622,763 -
- - 2,319 7,052
- - 52 452
1,758 14,651 8,625,134 5,779,573
(2,240) 13,849 (1,618,910) 317,151
- - (408,919) (538,659)
- - (408,919) (538,659)
(2,240) 13,849 (2,027,829) (221,508)
48,000 40,174 8,196,473 3,463,093
$ 45,760 $ 54,023 $ 6,168,644 $ 3,241,585
(Continued)
G-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
CAPITAL
Total Nonmajor Infrastructure Clerk's Infrastructure
Special Rev Revenue Bonds Revenue Revenue Bonds
Funds Series 2014 Note Series 2007
Revenues:
Taxes $ 72,462,666 $ - $ - $ -
Licenses and Permits 6,361,208 - - -
Intergovernmental 8,764,805 - - -
Charges for Services 12,766,308 - - -
Fines and Forfeitures 2,887,398 - - -
Investment Income (812,497) (53,065) 154 -
Miscellaneous 697,613 - - -
Total Revenues 103,127,501 (53,065) 154 -
Expenditures:
Current:
General Government 4,849,777 - - -
Public Safety 33,294,618 - - -
Physical Environment 2,067,104 - - -
Transportation 8,947,646 - - -
Economic Environment 26,863,095 - - -
Human Services 2,162,018 - - -
Culture and Recreation 3,235,392 - - -
Court Related 1,111,053 - - -
Capital Outlay - 4,174,952 - -
Debt Service:
Principal 29,457 - - -
Interest 2,170 - - -
Total Expenditures 82,562,330 4,174,952 - -
Excess/Deficiency of Revenues
Over(Under)Expenditures 20,565,171 (4,228,017) 154 -
Other Financing Sources (Uses):
Transfers from Other Funds - 961,291 - -
Transfers to Other Funds (4,045,505) - - -
Transfers from Constitutional Officers 784,625 - - -
Total Other Financing Sources (Uses) (3,260,880) 961,291 - -
Net Change in Fund Balances 17,304,291 (3,266,726) 154 -
Fund Balances-October 1 106,773,741 4,804,886 112,444 186,086
Fund Balances-September 30 $ 124,078,032 $ 1,538,160 $ 112,598 $ 186,086
G-19
PROJECT FUNDS
Total
Big Coppitt Duck Key Long Key Land Nonmajor
Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Fund Funds
$ - $ - $ - $ - $ 72,462,666
172,211 32,932 - - 6,566,351
- - - 15,325 8,780,130
- - - - 12,766,308
- - - - 2,887,398
37,111 2,548 (582) (8,968) (835,299)
31,116 6,597 - 60,102 795,428
240,438 42,077 (582) 66,459 103,422,982
- - - - 4,849,777
- - - - 33,294,618
- - - - 2,067,104
- - - - 8,947,646
- - - - 26,863,095
- - - - 2,162,018
- - - - 3,235,392
- - - - 1,111,053
19,736 350 - 346,208 4,541,246
- - - - 29,457
- - - - 2,170
19,736 350 - 346,208 87,103,576
220,702 41,727 (582) (279,749) 16,636,557
250,000 - - 500,000 1,711,291
(682,000) - - - (4,727,505)
791 168 - - 785,584
(431,209) 168 - 500,000 (2,230,630)
(210,507) 41,895 (582) 220,251 14,088,776
337,043 622,510 398,882 961,623 114,197,215
$ 126,536 $ 664,405 $ 398,300 $ 1,181,874 $ 128,285,991
G-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 3,000 $ 3,000 $ (4,248) $ (7,248)
Total Revenues 3,000 3,000 (4,248) (7,248)
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing Initiatives 290,000 290,000 - 290,000
Total Expenditures 290,000 290,000 - 290,000
Excess/Deficiency of Revenues
Over(Under) Expenditures (287,000) (287,000) (4,248) 282,752
Other Financing Sources (Uses):
Reserve for Contingencies (12,850) (12,850) - 12,850
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (27,850) (27,850) - 27,850
Net Change in Fund Balances (314,850) (314,850) (4,248) 310,602
Fund Balances-October 1 314,850 314,850 416,291 101,441
Fund Balances-September 30 $ - $ - $ 412,043 $ 412,043
G-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ALL DISTRICTS, TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 5,818,313 $ 5,818,313 $ 11,243,667 $ 5,425,354
Investment Income - - (98,250) (98,250)
Total Revenues 5,818,313 5,818,313 11,145,417 5,327,104
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella 813,089 813,089 591,885 221,204
Fishing Umbrella 725,000 725,000 662,117 62,883
Dive Umbrella 700,000 700,000 718,968 (18,968)
Operations - Events 3,556,071 3,556,071 2,513,307 1,042,764
Catastrophic Emergency 1,827,833 1,827,833 - 1,827,833
Special Projects 1,425,190 1,425,190 865,696 559,494
Total Expenditures 9,047,183 9,047,183 5,351,973 3,695,210
Excess/Deficiency of Revenues
Over(Under) Expenditures (3,228,870) (3,228,870) 5,793,444 9,022,314
Other Financing Sources (Uses):
Transfers to Other Funds (72,713) (72,713) (72,713) -
Transfers from Constitutional Officers - - 119,016 119,016
Total Other Financing Sources (Uses) (72,713) (72,713) 46,303 119,016
Net Change in Fund Balances (3,301,583) (3,301,583) 5,839,747 9,141,330
Fund Balances-October 1 3,301,583 3,301,583 11,995,634 8,694,051
Fund Balances-September 30 $ - $ - $ 17,835,381 $ 17,835,381
G-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT ONE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 8,642,563 $ 8,642,563 $ 16,569,470 $ 7,926,907
Investment Income - - (183,638) (183,638)
Total Revenues 8,642,563 8,642,563 16,385,832 7,743,269
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 4,475,761 4,475,761 4,090,652 385,109
Administrative Services 358,352 358,352 304,372 53,980
Special Events 650,131 650,131 118,039 532,092
Bricks and Mortar 8,253,363 8,754,170 5,198,588 3,555,582
Information Services 402,950 402,950 402,949 1
Beaches - 314,047 - 314,047
Total Expenditures 14,140,557 14,955,411 10,114,600 4,840,811
Excess/Deficiency of Revenues
Over(Under) Expenditures (5,497,994) (6,312,848) 6,271,232 12,584,080
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds (54,392) (435,451) (54,392) 381,059
Transfers from Constitutional Officers - - 162,813 162,813
Total Other Financing Sources (Uses) (54,392) (435,451) 108,421 543,872
Net Change in Fund Balances (5,552,386) (6,748,299) 6,379,653 13,127,952
Fund Balances-October 1 5,552,386 6,748,299 18,007,509 11,259,210
Fund Balances-September 30 $ - $ - $ 24,387,162 $ 24,387,162
G-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT TWO SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,319,175 $ 1,319,175 $ 2,731,576 $ 1,412,401
Investment Income - - (28,511) (28,511)
Total Revenues 1,319,175 1,319,175 2,703,065 1,383,890
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 986,524 986,524 901,177 85,347
Administrative Services 56,884 56,884 46,177 10,707
Bricks and Mortar 1,236,399 1,236,399 782,358 454,041
Information Services 100,548 100,548 100,548 -
Total Expenditures 2,380,355 2,380,355 1,830,260 550,095
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,061,180) (1,061,180) 872,805 1,933,985
Other Financing Sources (Uses):
Transfers to Other Funds (14,975) (14,975) (14,975) -
Transfers from Constitutional Officers - - 27,000 27,000
Total Other Financing Sources (Uses) (14,975) (14,975) 12,025 27,000
Net Change in Fund Balances (1,076,155) (1,076,155) 884,830 1,960,985
Fund Balances-October 1 1,076,155 1,076,155 3,079,987 2,003,832
Fund Balances-September 30 $ - $ - $ 3,964,817 $ 3,964,817
G-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT THREE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 3,247,888 $ 3,247,888 $ 6,191,651 $ 2,943,763
Investment Income - - (65,344) (65,344)
Total Revenues 3,247,888 3,247,888 6,126,307 2,878,419
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 2,398,535 2,398,535 2,319,551 78,984
Administrative Services 146,151 146,151 113,850 32,301
Bricks and Mortar 2,590,172 2,590,172 1,209,750 1,380,422
Information Services 176,400 176,400 176,400 -
Total Expenditures 5,311,258 5,311,258 3,819,551 1,491,707
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,063,370) (2,063,370) 2,306,756 4,370,126
Other Financing Sources (Uses):
Transfers to Other Funds (13,595) (13,595) (13,595) -
Transfers from Constitutional Officers - - 61,378 61,378
Total Other Financing Sources (Uses) (13,595) (13,595) 47,783 61,378
Net Change in Fund Balances (2,076,965) (2,076,965) 2,354,539 4,431,504
Fund Balances-October 1 2,076,965 2,076,965 6,879,457 4,802,492
Fund Balances-September 30 $ - $ - $ 9,233,996 $ 9,233,996
G-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FOUR SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,978,763 $ 1,978,763 $ 3,692,985 $ 1,714,222
Investment Income - - (40,679) (40,679)
Total Revenues 1,978,763 1,978,763 3,652,306 1,673,543
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,371,337 1,371,337 1,318,022 53,315
Administrative Services 86,682 86,682 69,447 17,235
Special Events 24,300 24,300 - 24,300
Bricks and Mortar 1,662,121 1,662,121 512,344 1,149,777
Information Services 165,375 165,375 165,325 50
Total Expenditures 3,309,815 3,309,815 2,065,138 1,244,677
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,331,052) (1,331,052) 1,587,168 2,918,220
Other Financing Sources (Uses):
Transfers to Other Funds (13,002) (13,002) (13,002) -
Transfers from Constitutional Officers - - 36,317 36,317
Total Other Financing Sources (Uses) (13,002) (13,002) 23,315 36,317
Net Change in Fund Balances (1,344,054) (1,344,054) 1,610,483 2,954,537
Fund Balances-October 1 1,344,054 1,344,054 4,341,974 2,997,920
Fund Balances-September 30 $ - $ - $ 5,952,457 $ 5,952,457
G-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FIVE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,686,611 $ 2,686,611 $ 5,357,074 $ 2,670,463
Investment Income - - (54,453) (54,453)
Total Revenues 2,686,611 2,686,611 5,302,621 2,616,010
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,980,035 1,980,035 1,808,765 171,270
Administrative Services 123,460 123,460 94,460 29,000
Bricks and Mortar 2,706,294 2,706,294 1,039,465 1,666,829
Information Services 156,555 156,555 156,555 -
Total Expenditures 4,966,344 4,966,344 3,099,245 1,867,099
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,279,733) (2,279,733) 2,203,376 4,483,109
Other Financing Sources (Uses):
Transfers to Other Funds (26,318) (26,318) (26,318) -
Transfers from Constitutional Officers - - 52,537 52,537
Total Other Financing Sources (Uses) (26,318) (26,318) 26,219 52,537
Net Change in Fund Balances (2,306,051) (2,306,051) 2,229,595 4,535,646
Fund Balances-October 1 2,306,051 2,306,051 5,849,991 3,543,940
Fund Balances-September 30 $ - $ - $ 8,079,586 $ 8,079,586
G-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -ROADWAYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 110,000 $ 110,000 $ 69,200 $ (40,800)
Investment Income 10,525 10,525 (10,439) (20,964)
Total Revenues 120,525 120,525 58,761 (61,764)
EXPENDITURES:
Current:
Transportation:
Roadway Projects 530,240 468,768 - 468,768
Bike/Shared Use Path 58,402 110,390 35,681 74,709
Bimini Drive Bridge - 581,180 289,202 291,978
Key Colony Beach Road Project 41,926 41,926 - 41,926
Total Expenditures 630,568 1,202,264 324,883 877,381
Excess/Deficiency of Revenues
Over(Under) Expenditures (510,043) (1,081,739) (266,122) 815,617
Net Change in Fund Balances (510,043) (1,081,739) (266,122) 815,617
Fund Balances-October 1 510,043 1,081,739 1,188,257 106,518
Fund Balances-September 30 $ - $ - $ 922,135 $ 922,135
G-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 37,200 $ 37,200 $ 28,560 $ (8,640)
Investment Income 1,200 1,200 (8,451) (9,651)
Total Revenues 38,400 38,400 20,109 (18,291)
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects 252,941 252,941 - 252,941
District 2 Projects 258,778 258,778 - 258,778
District 3 Projects 67,690 67,690 - 67,690
Key Largo Pickleball 178,500 178,500 31,878 146,622
Total Expenditures 757,909 757,909 31,878 726,031
Excess/Deficiency of Revenues
Over(Under) Expenditures (719,509) (719,509) (11,769) 707,740
Net Change in Fund Balances (719,509) (719,509) (11,769) 707,740
Fund Balances-October 1 719,509 719,509 841,612 122,103
Fund Balances-September 30 $ - $ - $ 829,843 $ 829,843
G-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -LIBRARIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (2,428) $ (2,428)
Total Revenues - - (2,428) (2,428)
EXPENDITURES:
Current:
Culture and Recreation:
County-wide Library Projects 7,190 7,190 4,196 2,994
Library Automation 25,000 25,000 22,600 2,400
Total Expenditures 32,190 32,190 26,796 5,394
Excess/Deficiency of Revenues
Over(Under) Expenditures (32,190) (32,190) (29,224) 2,966
Net Change in Fund Balances (32,190) (32,190) (29,224) 2,966
Fund Balances-October 1 32,190 32,190 172,762 140,572
Fund Balances-September 30 $ - $ - $ 143,538 $ 143,538
G-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -SOLID WASTE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 300 $ 300 $ (1,320) $ (1,620)
Miscellaneous - - 6,007 6,007
Total Revenues 300 300 4,687 4,387
EXPENDITURES:
Current:
Physical Environment:
County-wide Solid Waste Projects 128,177 128,177 - 128,177
Total Expenditures 128,177 128,177 - 128,177
Excess/Deficiency of Revenues
Over(Under) Expenditures (127,877) (127,877) 4,687 132,564
Net Change in Fund Balances (127,877) (127,877) 4,687 132,564
Fund Balances-October 1 127,877 127,877 127,989 112
Fund Balances-September 30 $ - $ - $ 132,676 $ 132,676
G-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -FIRE AND EMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 13,700 $ 13,700 $ 9,156 $ (4,544)
Investment Income 131 131 (1,782) (1,913)
Total Revenues 13,831 13,831 7,374 (6,457)
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project 81,330 81,330 - 81,330
District 2 Fire & EMS Project 6,060 6,060 - 6,060
District 3 Fire & EMS Project 94,723 94,723 - 94,723
Key Colony Beach Fire & EMS 1,269 1,269 - 1,269
Total Expenditures 183,382 183,382 - 183,382
Excess/Deficiency of Revenues
Over(Under) Expenditures (169,551) (169,551) 7,374 176,925
Net Change in Fund Balances (169,551) (169,551) 7,374 176,925
Fund Balances-October 1 169,551 169,551 173,466 3,915
Fund Balances-September 30 $ - $ - $ 180,840 $ 180,840
G-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
FIRE AND AMBULANCE, DISTRICT#1 -LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 14,254,218 $ 14,254,218 $ 13,704,459 $ (549,759)
Intergovernmental 35,000 35,000 112,686 77,686
Charges for Services 650,000 684,325 1,047,844 363,519
Investment Income 83,000 83,000 (34,001) (117,001)
Miscellaneous - - 13,937 13,937
Total Revenues 15,022,218 15,056,543 14,844,925 (211,618)
EXPENDITURES:
Current:
General Government:
Tax Collector 426,427 426,427 402,240 24,187
Property Appraiser 244,395 244,395 243,583 812
Total General Government 670,822 670,822 645,823 24,999
Public Safety:
Fire Rescue- Central 14,102,449 14,099,523 12,988,388 1,111,135
SAFER Program - - - -
Lower& Middle Keys Ambulance District - - - -
Total Public Safety 14,102,449 14,099,523 12,988,388 1,111,135
Debt Service:
Principal - - 539 (539)
Interest - - 23 (23)
Total Debt Service - - 562 (562)
Total Expenditures 14,773,271 14,770,345 13,634,773 1,135,572
Excess/Deficiency of Revenues
Over(Under) Expenditures 248,947 286,198 1,210,152 923,954
Other Financing Sources (Uses):
Reserve for Contingencies (726,739) (758,791) - 758,791
Reserve for Cash Balance (1,019,548) (1,019,548) - 1,019,548
Transfers to Other Funds (1,173,110) (1,178,309) (1,178,309) -
Transfers from Constitutional Officers 180,000 180,000 259,573 79,573
Total Other Financing Sources (Uses) (2,739,397) (2,776,648) (918,736) 1,857,912
Net Change in Fund Balances (2,490,450) (2,490,450) 291,416 2,781,866
Fund Balances-October 1 2,490,450 2,490,450 6,169,529 3,679,079
Fund Balances-September 30 $ - $ - $ 6,460,945 $ 6,460,945
G-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-
PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,693,614 $ 2,693,614 $ 2,524,030 $ (169,584)
Intergovernmental 1,060,659 1,060,659 891,085 (169,574)
Charges for Services 75,000 75,000 142,922 67,922
Investment Income 6,000 6,000 (17,620) (23,620)
Miscellaneous 55,000 55,000 18,700 (36,300)
Total Revenues 3,890,273 3,890,273 3,559,117 (331,156)
EXPENDITURES:
Current:
General Government:
Tax Collector 80,583 80,583 74,287 6,296
Culture and Recreation:
Parks and Beaches Unincorporated 3,266,004 3,266,004 2,966,218 299,786
Jacob's Aquatic Center 180,000 180,000 178,500 1,500
School Board Interlocal 32,000 32,000 32,000 -
Total Culture and Recreation 3,478,004 3,478,004 3,176,718 301,286
Total Expenditures 3,558,587 3,558,587 3,251,005 307,582
Excess/Deficiency of Revenues
Over(Under) Expenditures 331,686 331,686 308,112 (23,574)
Other Financing Sources (Uses):
Reserve for Contingencies (90,000) (90,000) - 90,000
Reserve for Cash Balance (182,675) (182,675) - 182,675
Transfers to Other Funds (331,776) (331,776) (331,776) -
Transfers from Constitutional Officers - - 47,901 47,901
Total Other Financing Sources (Uses) (604,451) (604,451) (283,875) 320,576
Net Change in Fund Balances (272,765) (272,765) 24,237 297,002
Fund Balances-October 1 272,765 272,765 1,855,506 1,582,741
Fund Balances-September 30 $ - $ - $ 1,879,743 $ 1,879,743
G-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 510,000 $ 510,000 $ 500,157 $ (9,843)
Licenses and Permits - - 1,367 1,367
Intergovernmental 2,253,901 2,253,901 3,009,995 756,094
Charges for Services 3,305,000 3,465,650 3,649,358 183,708
Fines and Forfeitures 2,200,000 2,201,000 1,382,318 (818,682)
Investment Income 140,000 140,000 (40,840) (180,840)
Miscellaneous - - 651 651
Total Revenues 8,408,901 8,570,551 8,503,006 (67,545)
Expenditures:
Current:
General Government:
Property Appraiser 44,277 44,846 44,846 -
Affordable Housing - 120,000 91,187 28,813
Planning Department 2,767,394 2,767,394 2,668,560 98,834
Planning Commission 88,409 88,409 75,274 13,135
Planning Legal 941,568 965,884 898,516 67,368
Planning Building Refunds - - 20,801 (20,801)
Total General Government 3,841,648 3,986,533 3,799,184 187,349
Public Safety:
Code Enforcement 2,150,052 2,150,052 1,722,819 427,233
Fire & Rescue Coordinator 1,329,019 1,329,019 1,302,539 26,480
Fire Marshall 969,509 969,509 917,145 52,364
Total Public Safety 4,448,580 4,448,580 3,942,503 506,077
Physical Environment:
Environmental Resources 1,082,654 1,082,654 671,436 411,218
Total Physical Environment 1,082,654 1,082,654 671,436 411,218
Debt Service:
Principal - - 5,111 (5,111)
Interest - - 363 (363)
Total Debt Service - - 5,474 (5,474)
Total Expenditures 9,372,882 9,517,767 8,418,597 1,099,170
Excess/Deficiency of Revenues
Over(Under) Expenditures (963,981) (947,216) 84,409 1,031,625
(Continued)
G-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (168,921) (180,686) - 180,686
Reserve for Cash Balance (883,804) (883,804) - 883,804
Transfers to Other Funds (1,392,847) (1,392,847) (1,392,847) -
Transfers from Constitutional Officers 10,000 10,000 - (10,000)
Total Other Financing Sources (Uses) (2,435,572) (2,447,337) (1,392,847) 1,054,490
Net Change in Fund Balances (3,399,553) (3,394,553) (1,308,438) 2,086,115
Fund Balances-October 1 3,399,553 3,394,553 7,599,635 4,205,082
Fund Balances-September30 $ - $ - $ 6,291,197 $ 6,291,197
G-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MUNICIPAL POLICING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 5,002,608 $ 5,002,608 $ 4,687,146 $ (315,462)
Charges for Services 4,527,260 4,663,315 4,608,088 (55,227)
Investment Income 21,000 21,000 (21,355) (42,355)
Total Revenues 9,550,868 9,686,923 9,273,879 (413,044)
EXPENDITURES:
Current:
General Government:
Tax Collector 149,628 149,628 137,950 11,678
Property Appraiser 89,426 89,426 83,270 6,156
Total General Government 239,054 239,054 221,220 17,834
Public Safety:
Insurance Unincorporated & Layton 606,983 606,983 562,743 44,240
Insurance Islamorada 249,516 249,516 231,820 17,696
Insurance Marathon 227,524 227,524 210,934 16,590
Sheriff Unincorporated & Layton 4,328,436 4,328,436 4,328,436 -
Sheriff Islamorada 2,118,836 2,118,836 2,118,836 -
Sheriff Marathon 1,931,384 2,067,439 1,931,384 136,055
Total Public Safety 9,462,679 9,598,734 9,384,153 214,581
Total Expenditures 9,701,733 9,837,788 9,605,373 232,415
Excess/Deficiency of Revenues
Over(Under) Expenditures (150,865) (150,865) (331,494) (180,629)
Other Financing Sources (Uses):
Reserve for Contingencies (181,460) (181,460) - 181,460
Reserve for Cash Balance (916,160) (916,160) - 916,160
Transfers to Other Funds (14,338) (14,338) - 14,338
Transfers from Constitutional Officers 355,000 355,000 (24,142) (379,142)
Total Other Financing Sources (Uses) (756,958) (756,958) (24,142) 732,816
Net Change in Fund Balances (907,823) (907,823) (355,636) 552,187
Fund Balances-October 1 907,823 907,823 2,565,750 1,657,927
Fund Balances-September 30 $ - $ - $ 2,210,114 $ 2,210,114
G-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
911 ENHANCEMENT FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 565,000 $ 565,000 $ 566,678 $ 1,678
Investment Income 300 300 36 (264)
Total Revenues 565,300 565,300 566,714 1,414
EXPENDITURES:
Current:
Public Safety:
911 Enhancement Fund 190,105 119,162 121,001 (1,839)
911 Wireless 375,195 446,138 446,138 -
Total Expenditures 565,300 565,300 567,139 (1,839)
Excess/Deficiency of Revenues
Over(Under) Expenditures - - (425) (425)
Net Change in Fund Balances - - (425) (425)
Fund Balances-October 1 - - 1,660 1,660
Fund Balances-September 30 $ - $ - $ 1,235 $ 1,235
G-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 118,596 $ 118,596 $ 117,093 $ (1,503)
Investment Income 4,500 4,500 (3,425) (7,925)
Total Revenues 123,096 123,096 113,668 (9,428)
EXPENDITURES:
Current:
General Government:
Tax Collector 1,100 1,100 1,000 100
Public Safety:
Island Security 165,000 165,000 107,958 57,042
Total Expenditures 166,100 166,100 108,958 57,142
Excess/Deficiency of Revenues
Over(Under) Expenditures (43,004) (43,004) 4,710 47,714
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (30,000) (30,000) - 30,000
Transfers from Constitutional Officers - - 479 479
Total Other Financing Sources (Uses) (45,000) (45,000) 479 45,479
Net Change in Fund Balances (88,004) (88,004) 5,189 93,193
Fund Balances-October 1 88,004 88,004 340,084 252,080
Fund Balances-September 30 $ - $ - $ 345,273 $ 345,273
G-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LOCAL HOUSING ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 475,000 $ 475,000 $ 825,872 $ 350,872
Investment Income 10,000 10,000 (19,250) (29,250)
Miscellaneous 180,000 180,000 396,999 216,999
Total Revenues 665,000 665,000 1,203,621 538,621
EXPENDITURES:
Current:
Economic Environment:
Homeowner Assistance 1,459,549 1,459,549 510,262 949,287
Total Expenditures 1,459,549 1,459,549 510,262 949,287
Excess/Deficiency of Revenues
Over(Under) Expenditures (794,549) (794,549) 693,359 1,487,908
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (30,000) (30,000) - 30,000
Net Change in Fund Balances (824,549) (824,549) 693,359 1,517,908
Fund Balances-October 1 824,549 824,549 1,701,725 877,176
Fund Balances-September 30 $ - $ - $ 2,395,084 $ 2,395,084
G-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
AFFORDABLE HOUSING INITIATIVES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ 15,232 $ 15,232 $ -
Total Revenues - 15,232 15,232 -
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing - 15,232 - 15,232
Total Expenditures - 15,232 - 15,232
Excess/Deficiency of Revenues
Over(Under) Expenditures - - 15,232 15,232
Net Change in Fund Balances - - 15,232 15,232
Fund Balances-October 1 - - - -
Fund Balances-September 30 $ - $ - $ 15,232 $ 15,232
G-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BOATING IMPROVEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 755,000 $ 755,000 $ 732,924 $ (22,076)
Investment Income 40,000 40,000 (36,185) (76,185)
Total Revenues 795,000 795,000 696,739 (98,261)
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement 1,174,644 629,356 191,593 437,763
Boating Imp Fees/Retained Vessel 537,897 1,052,897 783,359 269,538
Total Expenditures 1,712,541 1,682,253 974,952 707,301
Excess/Deficiency of Revenues
Over(Under) Expenditures (917,541) (887,253) (278,213) 609,040
Other Financing Sources (Uses):
Reserve for Contingencies (200,000) (200,000) - 200,000
Reserve for Cash Balance (350,000) (350,000) - 350,000
Total Other Financing Sources (Uses) (550,000) (580,288) - 580,288
Net Change in Fund Balances (1,467,541) (1,467,541) (278,213) 1,189,328
Fund Balances-October 1 1,467,541 1,467,541 3,567,629 2,100,088
Fund Balances-September 30 $ - $ - $ 3,289,416 $ 3,289,416
G-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ 15,363 $ 39,936 $ 24,573
Charges for Services - 119,179 1,271,802 1,152,623
Fines and Forfeitures - 32,137 290,715 258,578
Investment Income - - (33,864) (33,864)
Miscellaneous - 224,566 74,464 (150,102)
Total Revenues - 391,245 1,643,053 1,251,808
EXPENDITURES:
Current:
General Government:
Legal Scholar Program - 5,000 4,900 100
Total General Government - 5,000 4,900 100
Public Safety:
Interagency Communications 140,000 206,171 191,551 14,620
Education-Building Department 88,400 103,533 31,508 72,025
Environmental Resource Education 50,000 50,230 29,412 20,818
Fire and Rescue Bldg Educ 5,000 5,000 - 5,000
Crime Prevention Program 50,000 50,000 - 50,000
Total Public Safety 333,400 414,934 252,471 162,463
Economic Environment:
Municipality Mobile LIDAR Services - 72,066 72,066 -
Total Economic Environment - 72,066 72,066 -
Human Services:
FL Keys Council for the Handicapped 3,000 3,000 - 3,000
Bayshore Donations 1,557 1,557 - 1,557
Traffic Educ, Ord 021-2002 50,000 117,799 117,799 -
Legal Aid - 31,901 21,190 10,711
Total Human Services 54,557 154,257 138,989 15,268
Culture and Recreation:
Settler's Park Landscaping 2,633 2,633 - 2,633
Smatlak Trust Fund - 150,000 - 150,000
Library Special Programs 30,000 30,255 - 30,255
Library Donation-Golan Trust 250,000 250,000 - 250,000
Total Culture and Recreation 282,633 432,888 - 432,888
(Continued)
G-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Court Related:
Teen Court-Ord 016-2004 - 31,901 31,901 -
Ord 016-2004 St Court Sup 25,000 34,562 534 34,028
SA Ct Tech FS28.24(12)(E) 335,000 364,518 249,450 115,068
PD Ct Tech FS28.24(12)(E) 100,000 119,679 37,142 82,537
J Ct Tech FS28.24(12)(E) 118,755 167,952 147,189 20,763
Total Court Related 578,755 718,612 466,216 252,396
Debt Service:
Principal - - 14,436 (14,436)
Interest - - 1,280 (1,280)
Total Debt Service - - 15,716 (15,716)
Total Expenditures 1,249,345 1,797,757 950,358 847,399
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,249,345) (1,406,512) 692,695 2,099,207
Other Financing Sources (Uses):
Reserve for Contingencies (1,246,893) (1,088,485) - 1,088,485
Transfers to Other Funds - (3,741) - 3,741
Transfers from Other Funds - 2,500 - (2,500)
Total Other Financing Sources (Uses) (1,246,893) (1,089,726) - 1,089,726
Net Change in Fund Balances (2,496,238) (2,496,238) 692,695 3,188,933
Fund Balances-October 1 2,496,238 2,496,238 3,189,631 693,393
Fund Balances-September 30 $ - $ - $ 3,882,326 $ 3,882,326
G-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ - $ - $ 18 $ 18
Fines and Forfeitures 650,000 650,000 1,214,365 564,365
Investment Income 15,000 15,000 (48,590) (63,590)
Total Revenues 665,000 665,000 1,165,793 500,793
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration 625,670 600,670 399,524 201,146
Total Physical Environment 625,670 600,670 399,524 201,146
Culture and Recreation:
Settler's Park 9,083 9,083 - 9,083
Total Culture and Recreation 9,083 9,083 - 9,083
Total Expenditures 634,753 609,753 399,524 210,229
Excess/Deficiency of Revenues
Over(Under) Expenditures 30,247 55,247 766,269 711,022
Other Financing Sources (Uses):
Reserve for Contingencies (65,000) (65,000) - 65,000
Reserve for Cash Balance (125,000) (125,000) - 125,000
Transfers to Other Funds - (25,000) - 25,000
Total Other Financing Sources (Uses) (190,000) (215,000) - 215,000
Net Change in Fund Balances (159,753) (159,753) 766,269 926,022
Fund Balances-October 1 159,753 159,753 4,650,045 4,490,292
Fund Balances-September 30 $ - $ - $ 5,416,314 $ 5,416,314
G-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 30,000 $ 30,000 $ 27,753 $ (2,247)
Miscellaneous - - 118,396 118,396
Total Revenues 30,000 30,000 146,149 116,149
EXPENDITURES:
Current:
Public Safety:
Law Enforcement 4,114,824 4,114,824 279,937 3,834,887
Total Expenditures 4,114,824 4,114,824 279,937 3,834,887
Excess/Deficiency of Revenues
Over(Under) Expenditures (4,084,824) (4,084,824) (133,788) 3,951,036
Other Financing Sources (Uses):
Reserve for Contingencies (8,500) (8,500) - 8,500
Reserve for Cash Balance (20,000) (20,000) - 20,000
Transfers from Constitutional Officers - - 55 55
Total Other Financing Sources (Uses) (28,500) (28,500) 55 28,555
Net Change in Fund Balances (4,113,324) (4,113,324) (133,733) 3,979,591
Fund Balances-October 1 4,113,324 4,113,324 3,898,122 (215,202)
Fund Balances-September 30 $ - $ - $ 3,764,389 $ 3,764,389
G-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
COURT FACILITY FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 450,000 $ 450,000 $ 573,620 $ 123,620
Investment Income 40,000 40,000 (49,140) (89,140)
Total Revenues 490,000 490,000 524,480 34,480
EXPENDITURES:
Current:
Court Related:
Court Facility 997,300 997,300 644,837 352,463
Total Expenditures 997,300 997,300 644,837 352,463
Excess/Deficiency of Revenues
Over(Under) Expenditures (507,300) (507,300) (120,357) 386,943
Other Financing Sources (Uses):
Reserve for Contingencies (50,000) (50,000) - 50,000
Reserve for Cash Balance (45,000) (45,000) - 45,000
Total Other Financing Sources (Uses) (95,000) (95,000) - 95,000
Net Change in Fund Balances (602,300) (602,300) (120,357) 481,943
Fund Balances-October 1 602,300 602,300 4,806,830 4,204,530
Fund Balances-September 30 $ - $ - $ 4,686,473 $ 4,686,473
G-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DRUG ABUSE TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 30,000 $ 30,000 $ 37,579 $ 7,579
Investment Income 1,000 1,000 (540) (1,540)
Miscellaneous - - - -
Total Revenues 31,000 31,000 37,039 6,039
EXPENDITURES:
Current:
Human Services:
Children's Shelter 15,268 15,268 15,268 -
Florida Keys Outreach Coalition 4,865 4,865 4,865 -
Heron/Peacock 34,867 34,867 19,911 14,956
Total Expenditures 55,000 55,000 40,044 14,956
Excess/Deficiency of Revenues
Over(Under) Expenditures (24,000) (24,000) (3,005) 20,995
Other Financing Sources (Uses):
Reserve for Contingencies (5,000) (5,000) - 5,000
Reserve for Cash Balance (5,000) (5,000) - 5,000
Total Other Financing Sources (Uses) (10,000) (10,000) - 10,000
Net Change in Fund Balances (34,000) (34,000) (3,005) 30,995
Fund Balances-October 1 34,000 34,000 47,600 13,600
Fund Balances-September 30 $ - $ - $ 44,595 $ 44,595
G-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MARATHON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (28) $ (28)
Total Revenues - - (28) (28)
EXPENDITURES:
Current:
General Government:
Tax Collector 300 300 - 300
Physical Environment:
Marathon Wastewater 2,000 2,000 - 2,000
Total Expenditures 2,300 2,300 - 2,300
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,300) (2,300) (28) 2,272
Other Financing Sources (Uses):
Reserve for Contingencies (388) (388) - 388
Total Other Financing Sources (Uses) (388) (388) - 388
Net Change in Fund Balances (2,688) (2,688) (28) 2,660
Fund Balances-October 1 2,688 2,688 2,764 76
Fund Balances-September 30 $ - $ - $ 2,736 $ 2,736
G-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MIDDLE KEYS HEALTHCARE MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,225,594 $ 2,225,594 $ 2,155,999 $ (69,595)
Investment Income 5,800 5,800 258 (5,542)
Total Revenues 2,231,394 21231,394 2,156,257 (75,137)
EXPENDITURES:
Current:
General Government:
Property Appraiser 37,885 38,244 38,244 -
Tax Collector 66,738 63,114 63,119 (5)
Total General Government 104,623 101,358 101,363 (5)
Human Services:
Middle Keys Health Care 1,906,480 1,982,985 1,982,985 -
Total Expenditures 2,011,103 2,084,343 2,084,348 (5)
Excess/Deficiency of Revenues
Over(Under) Expenditures 220,291 147,051 71,909 (75,142)
Other Financing Sources (Uses):
Reserve for Contingencies (73,240) - - -
Reserve for Cash Balance (111,297) (111,297) - 111,297
Transfers to Constitutional Officers - - - -
Transfers from Constitutional Officers 31,000 31,000 40,738 9,738
Total Other Financing Sources (Uses) (153,537) (80,297) 40,738 121,035
Net Change in Fund Balances 66,754 66,754 112,647 45,893
Fund Balances-October 1 (66,754) (66,754) - 66,754
Fund Balances-September 30 $ - $ - $ 112,647 $ 112,647
G-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BAY POINT WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (497) $ (497)
Miscellaneous - - - -
Total Revenues - - (497) (497)
EXPENDITURES:
Current:
Physical Environment:
Bay Point Wastewater 46,030 46,030 - 46,030
Total Expenditures 46,030 46,030 - 46,030
Excess/Deficiency of Revenues
Over(Under) Expenditures (46,030) (46,030) (497) 45,533
Other Financing Sources (Uses):
Reserve for Contingencies (2,000) (2,000) - 2,000
Total Other Financing Sources (Uses) (2,000) (2,000) - 2,000
Net Change in Fund Balances (48,030) (48,030) (497) 47,533
Fund Balances-October 1 48,030 48,030 48,521 491
Fund Balances-September 30 $ - $ - $ 48,024 $ 48,024
G-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BIG COPPITT WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (5) $ (5)
Total Revenues - - (5) (5)
EXPENDITURES:
Current:
Physical Environment:
Big Coppitt Wastewater 400 400 - 400
Total Expenditures 400 400 - 400
Excess/Deficiency of Revenues
Over(Under) Expenditures (400) (400) (5) 395
Other Financing Sources (Uses):
Reserve for Contingencies (85) (85) - 85
Total Other Financing Sources (Uses) (85) (85) - 85
Net Change in Fund Balances (485) (485) (5) 480
Fund Balances-October 1 485 485 536 51
Fund Balances-September 30 $ - $ - $ 531 $ 531
G-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
KEY LARGO MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ - $ - $ 48 $ 48
Investment Income - - (94) (94)
Total Revenues - - (46) (46)
EXPENDITURES:
Current:
Physical Environment:
Key Largo Wastewater 8,604 8,604 - 8,604
Total Expenditures 8,604 8,604 - 8,604
Excess/Deficiency of Revenues
Over(Under) Expenditures (8,604) (8,604) (46) 8,558
Other Financing Sources (Uses):
Reserve for Contingencies (500) (500) - 500
Transfers from Constitutional Officers - - 1 1
Total Other Financing Sources (Uses) (500) (500) 1 501
Net Change in Fund Balances (9,104) (9,104) (45) 9,059
Fund Balances-October 1 9,104 9,104 9,164 60
Fund Balances-September 30 $ - $ - $ 9,119 $ 9,119
G-53
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
STOCK ISLAND WASTEWATER SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 120,000 $ 120,000 $ 90,735 $ (29,265)
Investment Income 15,000 15,000 49,431 34,431
Miscellaneous - - 10,183 10,183
Total Revenues 135,000 135,000 150,349 15,349
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 5,000 5,000 2,000 3,000
Physical Environment:
Stock Island Wastewater 400,000 400,000 3,565 396,435
Total Expenditures 405,000 405,000 5,565 399,435
Excess/Deficiency of Revenues
Over(Under) Expenditures (270,000) (270,000) 144,784 414,784
Other Financing Sources (Uses):
Transfers to Other Funds (753,170) (753,170) - 753,170
Transfers from Constitutional Officers 400 400 959 559
Total Other Financing Sources (Uses) (752,770) (752,770) 959 753,729
Net Change in Fund Balances (1,022,770) (1,022,770) 145,743 1,168,513
Fund Balances-October 1 1,022,770 1,022,770 1,230,088 207,318
Fund Balances-September 30 $ - $ - $ 1,375,831 $ 1,375,831
G-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CONCH KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (6) $ (6)
Total Revenues - - (6) (6)
EXPENDITURES:
Current:
Physical Environment:
Conch Key MSTU 409 409 - 409
Total Expenditures 409 409 - 409
Excess/Deficiency of Revenues
Over(Under) Expenditures (409) (409) (6) 403
Other Financing Sources/(Uses):
Reserve for Contingencies (100) (100) - 100
Total Other Financing Sources/(Uses) (100) (100) - 100
Net Change in Fund Balances (509) (509) (6) 503
Fund Balances-October 1 509 509 601 92
Fund Balances-September 30 $ - $ - $ 595 $ 595
G-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LONG KEY-LAYTON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (2,707) $ (2,707)
Total Revenues - - (2,707) (2,707)
EXPENDITURES:
Current:
Physical Environment:
Long Key-Layton Wastewater 219,227 219,227 1,218 218,009
Total Expenditures 219,227 219,227 1,218 218,009
Excess/Deficiency of Revenues
Over(Under) Expenditures (219,227) (219,227) (3,925) 215,302
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (33,000) (33,000) - 33,000
Total Other Financing Sources (Uses) (48,000) (48,000) - 48,000
Net Change in Fund Balances (267,227) (267,227) (3,925) 263,302
Fund Balances-October 1 267,227 267,227 265,652 (1,575)
Fund Balances-September 30 $ - $ - $ 261,727 $ 261,727
G-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DUCK KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (482) $ (482)
Total Revenues - - (482) (482)
EXPENDITURES:
Current:
Physical Environment:
Duck Key Wastewater 43,211 43,211 1,758 41,453
Total Expenditures 43,211 43,211 1,758 41,453
Excess/Deficiency of Revenues
Over(Under) Expenditures (43,211) (43,211) (2,240) 40,971
Other Financing Sources (Uses):
Reserve for Contingencies (5,000) (5,000) - 5,000
Total Other Financing Sources (Uses) (5,000) (5,000) - 5,000
Net Change in Fund Balances (48,211) (48,211) (2,240) 45,971
Fund Balances-October 1 48,211 48,211 48,000 (211)
Fund Balances-September 30 $ - $ - $ 45,760 $ 45,760
G-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CANAL#266 MUNICIPAL SERVICE BENEFIT UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 34,943 $ 34,943 $ 28,897 $ (6,046)
Investment Income - - (397) (397)
Total Revenues 34,943 34,943 28,500 (6,443)
EXPENDITURES:
Current:
General Government:
Tax Collector 1,048 1,048 - 1,048
Physical Environment:
Canal#266 54,583 54,583 14,651 39,932
Total Expenditures 55,631 55,631 14,651 40,980
Excess/Deficiency of Revenues
Over(Under) Expenditures (20,688) (20,688) 13,849 34,537
Other Financing Sources (Uses):
Reserve for Contingencies (5,000) (5,000) - 5,000
Reserve for Cash Balance (10,000) (10,000) - 10,000
Total Other Financing Sources (Uses) (15,000) (15,000) - 15,000
Net Change in Fund Balances (35,688) (35,688) 13,849 49,537
Fund Balances-October 1 35,688 35,688 40,174 4,486
Fund Balances-September 30 $ - $ - $ 54,023 $ 54,023
G-58
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
ROAD AND BRIDGE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes $ 2,550,000 $ 2,550,000 $ 3,104,404 $ 554,404
Intergovernmental 3,765,000 3,765,000 3,925,167 160,167
Charges for Services 34,000 34,000 5,382 (28,618)
Investment Income 150,000 150,000 (54,608) (204,608)
Miscellaneous 30,000 30,000 25,879 (4,121)
Total Revenues 6,529,000 6,529,000 7,006,224 477,224
Expenditures:
Current:
Transportation:
Road Department 5,135,129 5,040,579 4,184,722 855,857
County Engineer Road and Bridge 735,145 735,145 733,653 1,492
Street Lighting 183,617 183,617 166,790 16,827
Local Option Gas Tax Projects 362,583 362,583 240,069 122,514
80% Gas Tax 650,000 93,261 - 93,261
Roadway Projects 1,595,885 4,303,400 2,885,646 1,417,754
No Name Key Bridge Project 16,857 21,178 - 21,178
Sustainability Roads 360,666 817,190 411,883 405,307
Total Transportation 9,039,882 11,556,953 8,622,763 2,934,190
Debt Service:
Principal - - 2,319 (2,319)
Interest - - 52 (52)
Total Debt Service - - 2,371 (2,371)
Total Expenditures 9,039,882 11,556,953 8,625,134 2,931,819
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,510,882) (5,027,953) (1,618,910) 3,409,043
Other Financing Sources (Uses):
Reserve for Contingencies (432,883) (262,172) - 262,172
Reserve for Cash Balance (2,031,865) (2,031,865) - 2,031,865
Transfers to Other Funds (408,919) (408,919) (408,919) -
Total Other Financing Sources (Uses) (2,873,667) (2,702,956) (408,919) 2,294,037
Net Change in Fund Balances (5,384,549) (7,730,909) (2,027,829) 5,703,080
Fund Balances-October 1 5,384,549 7,730,909 8,196,473 465,564
Fund Balances-September 30 $ - $ - $ 6,168,644 $ 6,168,644
G-59
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BUILDING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 5,600,000 $ 5,600,000 $ 5,961,032 $ 361,032
Charges for Services 120,000 120,000 130,093 10,093
Investment Income 40,000 40,000 (26,798) (66,798)
Miscellaneous 33,000 33,000 32,397 (603)
Total Revenues 5,793,000 5,793,000 6,096,724 303,724
EXPENDITURES:
Current:
Public Safety
Building Department 6,127,306 6,127,306 5,690,791 436,515
Building Legal 32,098 38,668 38,307 361
Building Refunds 90,000 90,000 42,971 47,029
Total Public Safety 6,249,404 6,255,974 5,772,069 483,905
Debt Service:
Principal - - 7,052 (7,052)
Interest - - 452 (452)
Total Debt Service - - 7,504 (7,504)
Total Expenditures 6,249,404 6,255,974 5,779,573 476,401
Excess/Deficiency of Revenues
Over(Under) Expenditures (456,404) (462,974) 317,151 780,125
Other Financing Sources (Uses):
Reserve for Contingencies (30,000) (23,430) - 23,430
Reserve for Cash Balance (146,844) (146,844) - 146,844
Transfer From Other Funds - - - -
Transfer to Other Funds (538,659) (538,659) (538,659) -
Total Other Financing Sources (Uses) (715,503) (708,933) (538,659) 170,274
Net Change in Fund Balances (1,171,907) (1,171,907) (221,508) 950,399
Fund Balances-October 1 1,171,907 1,171,907 3,463,093 2,291,186
Fund Balances-September 30 $ - $ - $ 3,241,585 $ 3,241,585
G-60
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CLERK'S REVENUE NOTE CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 154 $ 154
Total Revenues - - 154 154
EXPENDITURES:
Capital Projects 100,000 100,000 - 100,000
Total Expenditures 100,000 100,000 - 100,000
Excess/Deficiency of Revenues
Over (Under) Expenditures (100,000) (100,000) 154 100,154
Net Change in Fund Balances (100,000) (100,000) 154 100,154
Fund Balances-October 1 100,000 100,000 112,444 12,444
Fund Balances-September 30 $ - $ - $ 112,598 $ 112,598
G-61
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
INFRASTRUCTURE REVENUE BONDS SERIES 2007 CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Capital Projects - - - -
Total Expenditures - - - -
Excess/Deficiency of Revenues
Over (Under) Expenditures - - - -
Other Financing Sources (Uses):
Transfers to Other Funds (200,000) (200,000) - 200,000
Total Other Financing Sources (Uses) (200,000) (200,000) - 200,000
Net Change in Fund Balances (200,000) (200,000) - 200,000
Fund Balances-October 1 200,000 200,000 186,086 (13,914)
Fund Balances-September 30 $ - $ - $ 186,086 $ 186,086
G-62
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BIG COPPITT WASTEWATER CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 330,000 $ 330,000 $ 172,211 $ (157,789)
Investment Income 5,000 5,000 37,111 32,111
Total Revenues 335,000 335,000 240,438 (94,562)
EXPENDITURES:
Current:
Capital Outlay:
Physical Environment:
Big Coppitt Special Assessment 30,000 30,000 19,736 10,264
Total Physical Environment 30,000 30,000 19,736 10,264
Total Capital Outlay Expenditures 30,000 30,000 19,736 10,264
Excess/Deficiency of Revenues
Over (Under) Expenditures 305,000 305,000 220,702 (84,298)
Other Financing Sources (Uses):
Transfers from Constitutional Officers - - 791 791
Transfers from Other Funds 250,000 250,000 250,000 -
Transfers to Other Funds (682,000) (682,000) (682,000) -
Total Other Financing Sources (Uses) (432,000) (432,000) (431,209) 791
Net Change in Fund Balances (127,000) (127,000) (210,507) (83,507)
Fund Balances-October 1 127,000 127,000 337,043 210,043
Fund Balances-September 30 $ - $ - $ 126,536 $ 126,536
G-63
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY WASTEWATER PROJECT CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 80,000 $ 80,000 $ 32,932 $ (47,068)
Investment Income 2,500 2,500 2,548 48
Miscellaneous - - 6,597 6,597
Total Revenues 82,500 82,500 42,077 (40,423)
EXPENDITURES:
Capital Projects 30,000 30,000 350 29,650
Total Expenditures 30,000 30,000 350 29,650
Excess/Deficiency of Revenues
Over (Under) Expenditures 52,500 52,500 41,727 (10,773)
Other Financing Sources (Uses):
Transfer From Other Funds - - 168 168
Total Other Financing Sources (Uses) (668,914) (668,914) 168 669,082
Net Change in Fund Balances (616,414) (616,414) 41,895 658,309
Fund Balances-October 1 616,414 616,414 622,510 6,096
Fund Balances-September 30 $ - $ - $ 664,405 $ 664,405
G-64
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LONG KEY WASTEWATER PROJECT CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ (582) $ (582)
Total Revenues - - (582) (582)
EXPENDITURES:
Capital Projects - - - -
Total Expenditures - - - -
Excess/Deficiency of Revenues
Over (Under) Expenditures - - (582) (582)
Other Financing Sources (Uses):
Transfer to Other Funds (425,000) (425,000) - 425,000
Total Other Financing Sources (Uses) (425,000) (425,000) - 425,000
Net Change in Fund Balances (425,000) (425,000) (582) 424,418
Fund Balances-October 1 425,000 425,000 398,882 (26,118)
Fund Balances-September 30 $ - $ - $ 398,300 $ 398,300
G-65
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LAND ACQUISITION FUND CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental Revenue $ - $ - $ 15,325 $ 15,325
Investment Income 5,000 5,000 (8,968) (13,968)
Miscellaneous - - 60,102 60,102
Total Revenues 51000 57000 667459 617459
EXPENDITURES:
Capital Projects 172127715 173627715 3467208 170167507
Total Expenditures 172127715 173627715 3467208 170167507
Excess/Deficiency of Revenues
Over (Under) Expenditures (172077715) (173577715) (2797749) 170777966
Net Change in Fund Balances (7077715) (7077715) 2207251 9277966
Fund Balances-October 1 7077715 7077715 9617623 2537908
Fund Balances-September 30 $ - $ - $ 171817874 $ 171817874
G-66
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2022
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
ASSETS
Current Assets:
Cash and Cash Equivalents $ 682,030 $ 3,322,060 $ 604,448
Investments 3,670,623 12,252,526 4,074,170
Accounts Receivable, Net 3,350 269,177 6,867
Due from Other Governmental Units 288 106,401 -
Due from Constitutional Officers 25,580 275,136 -
Interest Receivable 6,235 20,811 6,920
Total Current Assets 4,388,106 16,246,111 4,692,405
Noncurrent Assets:
Land and Other Nondepreciable Assets - - 689,426
Capital Assets, Net of Accum. Depreciation 585 14,679 51,318
Right-To-Use Leased Assets, Net of Amortization 850 850 -
Total Noncurrent Assets 1,435 15,529 740,744
Total Assets 4,389,541 16,261,640 5,433,149
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 53,282 70,875 92,524
Related to OPEB 2,000 31,100 239,000
Total Deferred Outflows of Resources 55,282 101,975 331,524
LIABILITIES
Current Liabilities:
Accounts Payable 2,048 1,358,299 325,100
Accrued Wages and Benefits Payable 12,209 17,535 19,877
Claims and Judgments Payable 1,886,397 786,864 1,744,780
Due to Other Funds - - -
Due to Other Governmental Units 5,434 - -
Due to Constitutional Officers - 1,696 -
Leases Payable 861 861 -
Other Current Liabilities 1 1 -
Accrued Comp.Absences Payable 4,690 7,564 8,106
Total Current Liabilities 1,911,640 2,172,820 2,097,863
Noncurrent Liabilities:
Accrued Comp.Absences Payable 18,759 30,255 32,424
Leases Payable - - -
Total OPEB Liability 6,000 49,000 275,000
Net Pension Liability 184,350 238,775 233,927
Total Noncurrent Liabilities 209,109 318,030 541,351
Total Liabilities 2,120,749 2,490,850 2,639,214
DEFERRED INFLOWS OF RESOURCES
Related to Pensions 19,432 25,815 30,848
Related to OPEB 2,000 11,900 33,500
Total Deferred Inflows of Resources 21,432 37,715 64,348
NET POSITION
Net Investment in Capital Assets 574 14,668 740,744
Unrestricted 2,302,068 13,820,382 2,320,367
Total Net Position $ 2,302,642 $ 13,835,050 $ 3,061,111
H-1
Fleet
Management
Fund Total
$ 168,557 $ 4,777,095
2,236,792 22,234,111
- 279,394
19,193 125,882
300 301,016
3,799 37,765
2,428,641 27,755,263
54,000 743,426
579,292 645,874
396,015 397,715
1,029,307 1,787,015
3,457,948 29,542,278
477,050 693,731
567,200 839,300
1,044,250 1,533,031
41,543 1,726,990
106,773 156,394
- 4,418,041
16,485 16,485
- 5,434
- 1,696
116,963 118,685
980 982
33,761 54,121
316,505 6,498,828
135,042 216,480
299,507 299,507
740,000 1,070,000
1,001,496 1,658,548
2,176,045 3,244,535
2,492,550 9,743,363
168,813 244,908
99,100 146,500
267,913 391,408
612,837 1,368,823
1,128,898 19,571,715
$ 1,741,735 $ 20,940,538
H-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Revenues:
Charges for Services $ 2,148,797 $ 20,672,941 $ 5,234,329
Miscellaneous 293,341 1,249,912 33,550
Total Operating Revenues 2,442,138 21,922,853 5,267,879
Operating Expenses:
Personnel Services 598,157 376,128 418,126
Operations 1,712,002 2,400,578 4,868,816
Depreciation and Amortization 1,715 7,021 7,460
Asserted and Paid Claims 343,095 18,042,215 891,570
Total Operating Expenses 2,654,969 20,825,942 6,185,972
Operating Income (Loss) (212,831) 1,096,911 (918,093)
Other Financing Sources (Uses):
Investment Income (43,525) (148,545) (57,426)
Gain on Disposition of Assets - - -
Total Other Financing Sources (Uses): (43,525) (148,545) (57,426)
Income (Loss) Before Transfers (256,356) 948,366 (975,519)
Total Transfers:
Transfers to Other Funds - (127,936) (133,720)
Total Transfers - (127,936) (133,720)
Change in Net Position (256,356) 820,430 (1,109,239)
Net Position-October 1 2,558,998 13,014,620 4,170,350
Restatement- Change in Accounting Principle - - -
Net Position-October 1, restated 2,558,998 13,014,620 4,170,350
Net Position-September30 $ 2,302,642 $ 13,835,050 $ 3,061,111
H-3
Fleet
Management
Fund Total
$ 3,929,274 $ 31,985,341
39,895 1,616,698
3,969,169 33,602,039
2,440,159 3,832,570
1,391,750 10,373,146
174,075 190,271
- 19,276,880
4,005,984 33,672,867
(36,815) (70,828)
(24,531) (274,027)
5,829 5,829
(18,702) (268,198)
(55,517) (339,026)
(529,439) (791,095)
(529,439) (791,095)
(584,956) (1,130,121)
2,326,691 22,070,659
2,326,691 22,070,659
$ 1,741,735 $ 20,940,538
H-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Activities:
Cash Received for Services $ 2,145,447 $ 20,460,549 $ 5,229,511
Cash Payments to Suppliers for Goods and Svcs (1,721,420) (1,902,835) (4,616,461)
Cash Payments for Employee Services (585,176) (367,076) (384,930)
Cash Payments for Claims - (18,306,698) -
Cash Received from (Paid to) Other Sources 988 (49,408) 17,290
Other Operating Revenue 293,604 1,251,711 34,762
Net Cash Provided by(Used in)
Operating Activities 133,443 1,086,243 280,172
Noncapital Financing Activities:
Transfers to Other Funds - (127,936) (133,720)
Net Cash Provided by(Used in) Noncapital
Financing Activities - (127,936) (133,720)
Capital and Related Financing Activities:
Acquisition of Capital Assets (1,444) (1,444) (721,477)
Proceeds from Sale of Capital Assets - -Net Cash Provided by(Used in) Capital and
Related Financing Activities (1,444) (1,444) (721,477)
Investing Activities:
Investment Income (Losses) (43,525) (148,545) (57,426)
Proceeds from Sales and Maturities of Investments 3,663,062 12,755,882 4,903,949
Purchase of Investment Securities (3,565,494) (12,072,875) (4,229,058)
Net Cash Provided by(Used in) Investing Activities 54,043 534,462 617,465
Net Increase(Decrease) in Cash and
Cash Equivalents 186,042 1,491,325 42,440
Cash and Cash Equivalents:
October 1 495,988 1,830,735 562,008
September 30 $ 682,030 $ 3,322,060 $ 604,448
H-5
Fleet
Management
Fund Total
$ 3,929,274 $ 31,764,781
(1,373,552) (9,614,268)
(2,325,936) (3,663,118)
- (18,306,698)
54,465 23,335
40,328 1,620,405
324,579 1,824,437
(529,439) (791,095)
(529,439) (791,095)
(132,637) (857,002)
5,829 5,829
(126,808) (851,173)
(24,531) (274,027)
2,238,478 23,561,371
(2,174,768) (22,042,195)
39,179 1,245,149
(292,489) 1,427,318
461,046 3,349,777
$ 168,557 $ 4,777,095
(Continued)
H-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS (CONTINUED)
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2022
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Reconciliation of Operating Income (Loss)
to Net Cash Provided by(Used in)
Operating Activities:
Operating Income (Loss) $ (212,831) $ 1,096,911 $ (918,093)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
activities:
Depreciation and Amortization 1,715 7,021 7,460
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable (3,350) (212,392) (4,818)
(Increase) Decrease in Due from Other Funds 2,818 4,016 -
(Increase) Decrease in Due from Other Gov't Units 5,363 (5,187) 10
(Increase) Decrease in Due fm Constitutional Ofcrs (12,627) (48,319) 17,280
(Increase) Decrease in Interest Receivable 263 1,799 1,212
Increase (Decrease)in Accounts Payable (9,419) 501,465 252,355
Increase (Decrease)in Accrued Wages/Benefits (957) (2,277) 5,020
Increase (Decrease)in Claims/Judgments Payable 343,095 (264,483) 891,570
Increase (Decrease)in Other Current Liabilities 1 1 -
Increase (Decrease)in Due to Other Funds - (551) -
Increase (Decrease)in Due to Other Gov't Units 5,434 633 -
Increase (Decrease)in Comp. Absences Payable 9,000 6,295 16,474
Increase (Decrease)in Unearned Revenue - (3,723) -
Increase (Decrease)in OPEB Liability 1,000 17,000 209,000
Increase (Decrease)in Pension Liability 97,987 130,483 181,730
Increase (Decrease)in Deferred Outflows (1,015) (12,017) (230,706)
Increase (Decrease)in Deferred Inflows Pensions/OPEB (93,034) (130,432) (148,322)
Total Adjustments 346,274 (10,668) 1,198,265
Net Cash Provided by (Used in)
Operating Activities $ 133,443 $ 1,086,243 $ 280,172
Cash Reconciliation:
Unrestricted $ 682,030 $ 3,322,060 $ 604,448
H-7
Fleet
Management
Fund Total
$ (36,815) $ (70,828)
174,075 190,271
- (220,560)
45,531 52,365
(12,977) (12,791)
5,426 (38,240)
433 3,707
17,218 761,619
6,872 8,658
- 970,182
980 982
16,485 15,934
- 6,067
(6,876) 24,893
- (3,723)
461,000 688,000
897,983 1,308,183
(493,757) (737,495)
(750,999) (1,122,787)
361,394 1,895,265
$ 324,579 $ 1,824,437
$ 168,557 $ 4,777,095
H-8
Monroe County, Florida
Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Statement of Net Position
September 30, 2022
Assets and Deferred Outflows of Resources
Assets:
Cash and investments $ 20,585,142
Due from BOCC 1,134,306
Due from state of Florida 64,434
Mortgages receivable, net of allowance 7,419,025
Deposits 225,731
Equipment,net of accumulated depreciation 9,013
Capital assets—land 38,337,051
Intangible assets 15,699,806
Total assets 83,474,508
Deferred Outflows of Resources:
Pension 368,746
Other postemployment benefits 14,975
Total deferred outflows 383,721
Liabilities, Deferred Inflows of Resource and Net Position
Current liabilities:
Accounts payable 8,347
Accrued wages 29,884
Compensated absences 22,225
Total current liabilities 60,456
Noncurrent liabilities:
Compensated absences 166,817
Net pension liability 684,388
Other postemployment benefits liability 55,000
Total noncurrent liabilities 906,205
Total liabilities 966,661
Deferred Inflows of Resources:
Pension 16,858
Other postemployment benefits 35,980
Total deferred inflows 52,838
Net Position:
Investment in capital assets 54,045,870
Restricted 12,449,964
Unrestricted 16,342,896
Total Net Position $ 82,838,730
The accompanying notes to the financial statements are an integral part of this statement.
1-1
Monroe County, Florida
Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Statement of Activities
Year Ended September 30, 2022
General revenues:
Intergovernmental- Tourism Impact and State Parks $ 9,438,516
Investment income 182,129
Miscellaneous income 684,032
Land contributions 20,301
Total general revenues 10,324,978
Program expenses:
General government 5,609,911
Cost of land sold 889,826
Land contribution conveyances 648,248
Total program expenses 7,147,985
Increase in net position 3,176,993
Net Position, beginning of year, as restated 79,661,737
Net Position, end of year $ 82,838,730
The accompanying notes to the financial statements are an integral part of this statement.
1-2
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RSM
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
Independent Auditor's Report
Honorable Mayor and Board County Commissioners
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 (Government Auditing Standards), the
financial statements of each major fund, and the aggregate remaining fund information of Board of
County Commissioners (the Board)of Monroe County, Florida (the County) as of and for the year ended
September 30, 2022, and the related notes to the financial statements, which collectively comprise the
Board 's basic financial statements, and have issued our report thereon dated March 31, 2023. The
Board's October 1, 2021 financial statements have been restated due to the implementation of
Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. As a result of the
adoption, the Board restated the beginning assets and liabilities of the aggregate remaining fund
information and recorded other lease-related items in the financial statements. Our opinion was not
modified with respect to this matter.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Board 's internal
control over financial reporting (internal control)as a basis for designing 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 Board 's internal control.
Accordingly, we do not express an opinion on the effectiveness of the Board 's internal control.
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 possibility that a material
misstatement of the entity's 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.
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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 or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board 's financial 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.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the Board 's internal
control or on compliance. This report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the Board 's internal control and compliance.
Accordingly, this communication is not suitable for any other purpose.
Fort Lauderdale, Florida
March 31, 2023
J-2
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RSM
Management Letter in Accordance with the
Rules of the Auditor General of the State of Florida
To the Honorable Members of the Board
of County Commissioners
Monroe County, Florida
Report on the Financial Statements
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Board of County Commissioners (the Board)of Monroe County, Florida (the County) as
of and for the year ended September 30, 2022 and have issued our report thereon dated March 31, 2023.
Our report also included an emphasis of matter paragraph for the adoption of Government Accounting
Standards Board (GASB) Statement No. 87, Leases, effective October 1, 2021.
Auditor's 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.
Other Reports
We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance
with Government Auditing Standards and Independent Accountant's Report on an examination conducted
in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance
requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those
reports should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)l., 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. There were no findings noted in the preceding annual financial audit report.
Official Title and Legal Authority
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. This information is
disclosed in Note 1 of the Board's financial statements.
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Financial Condition and Management
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any
recommendations to improve financial management. In connection with our audit, we did not have any
such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate 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.
Purpose of This Letter
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor
General, Federal and other granting agencies and applicable management, and is not intended to be and
should not be used by anyone other than these specified parties.
a.
Fort Lauderdale, Florida
March 31, 2023
K-2
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RSM
Independent Accountant's Report
Honorable Members of the Board of County
Commissioners of Monroe County, Florida
Key West, Florida
We have examined Board of County Commissioners (the Board)of Monroe County, Florida's (the
County) compliance with Section 218.415, Florida Statutes, Local Government Investment Policies,
during the period October 1, 2021 to September 30, 2022. Management of the Board is responsible for
the Board's compliance with the specified requirements. Our responsibility is to express an opinion on the
Board's compliance with the specified 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 Board complied, in all material respects,
with the specified requirements referenced above. An examination involves performing procedures to
obtain evidence about whether the Board 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 that the evidence we obtained is
sufficient and appropriate to provide a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Board's compliance with the specified
requirements.
We are required to be independent and to meet our other ethical responsibilities in accordance with
relevant ethical requirements relating to the engagement.
In our opinion, the Board complied, in all material respects, with the aforementioned requirements during
the period October 1, 2021 to September 30, 2022.
This report is intended solely for the information and use of the Florida Auditor General, the Board and
applicable management and is not intended to be, and should not be, used by anyone other than these
parties.
a
Fort Lauderdale, Florida
March 31, 2023
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