Fiscal Year 2023 MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
FINANCIAL STATEMENTS
As of and for the Year Ended September 30, 2023
And Report of Independent Auditor
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2023
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
All Debt Service Funds F-2
(Continued)
A-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2023
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
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
(Continued)
A-2
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2023
TABLE OF CONTENTS (continued)
Combininq and Individual Fund Statements and Schedules(continued): PAGE
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 Special Assessments G-58
Roads and Bridges Fund G-59
Building Fund G-60
Infrastructure Revenue Bonds Series 2014 Capital Projects Fund G-61
Clerk's Revenue Note Capital Projects Fund G-62
Infrastructure Revenue Bonds Series 2007 Capital Projects Fund G-63
Big Coppitt Wastewater Capital Project Fund G-64
Cudjoe Regional Wastewater Capital Project Fund G-65
Duck Key Wastewater Project Capital Projects Fund G-66
Long Key Wastewater Project Capital Projects Fund G-67
Land Acquisition Fund Capital Projects Fund G-68
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
Schedule of Findings and Recommendations J-3
Corrective Action Plan J-4
Independent Auditor's Management Letter J-5
Report of Independent Accountant on Compliance with Local Government Investment J-7
Policies
A-3
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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, 2023, 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, 2023, 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 Fund, Governmental Grants Fund, 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, 2023, 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 Notes 1 and 13 to the financial statements, the County adopted Governmental
Accounting Standards Board (GASB)Statement No. 96, Subscription-Based Information Technology
Arrangements (SBITAs), as of October 1, 2022. As a result, beginning right-of-use subscription assets
and subscription liabilities balances were recorded as well as other disclosure related items for the
SBITAs were added to the financial statements. Our opinions are 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 April 8, 2024,
on our consideration of the Board'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 Board'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
Board's internal control over financial reporting and compliance.
Fort Lauderdale, Florida
April 8, 2024
133
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
Fine& Governmental
General Forfeiture Grants
Assets
Cash and Cash Equivalents $ 5,426,580 $ 1,084,747 $ 702,179
Cash with Fiscal Agent - - -
Investments 30,557,921 13,931,909 758,686
Accounts Receivable, Net 90,284 5,213,722 72,980
Assessments Receivable - - -
Due from Other Funds 2,700,000 - -
Due from Other Governmental Units 1,009,239 22,994 20,495,484
Due from Constitutional Officers 8,578,009 2,312,116 -
Mortgages/Notes Receivable - - 151,630
Allowance for Mortgages/Notes Receivable - - (151,630)
Lease Receivable 3,349,127 - -
Prepaid Items 15,274 12,598 -
Interest Receivable 105,215 44,515 2,432
Total Assets $ 51,831,649 $ 22,622,601 $ 22,031,761
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts Payable $ 1,700,020 $ 148,293 $ 1,867,087
Retainage Payable - - 178,598
Accrued Wages and Benefits Payable 993,781 186,071 152,588
Due to Other Funds - - 2,700,000
Due to Other Governmental Units 1,383,842 - 26,139
Due to Constitutional Officers 11,566 27,796 132,417
Unearned Revenues - - 10,429,444
Deposits in Escrow 153,508 - -
Total Liabilities 4,242,717 362,160 15,486,273
Deferred Inflows of Resources:
Leases 3,329,417 - -
Unavailable Revenues - - 2,657,824
Total Deferred Inflows of Resources 3,329,417 - 2,657,824
Fund Balances/(Deficits):
Nonspendable 15,274 12,598 -
Restricted - 22,247,843 3,887,664
Committed 10,000,000 - -
Assigned 22,455,654 - -
Unassigned 11,788,587 - -
Total Fund Balances/(Deficits) 44,259,515 22,260,441 3,887,664
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances/(Deficits) $ 51,831,649 $ 22,622,601 $ 22,031,761
The notes to the financial statements are an integral part of these statements.
C-1
Tourist
Development One Cent Debt Nonmajor Total
Admin &Promo Infrastructure Service Governmental Governmental
Two Cent Surtax Fund Funds Funds
$ 2,761,071 $ 2,844,627 $ 862,695 $ 12,973,380 $ 26,655,279
- 51,550,000 - - 51,550,000
39,297,328 35,751,518 2,659,848 122,827,524 245,784,734
2,474 - - 517,891 5,897,351
- 20,916,902 - - 20,916,902
- - - - 2,700,000
- 2,620,258 - 856,092 25,004,067
2,184,739 4,917 - 5,246,670 18,326,451
- - - 10,365,373 10,517,003
- - - (10,365,373) (10,517,003)
- - - - 3,349,127
- 17,398 - 12,598 57,868
125,910 114,549 8,522 393,541 794,684
$ 44,371,522 $ 113,820,169 $ 3,531,065 $ 142,827,696 $ 401,036,463
$ 473,994 $ 1,331,016 $ - $ 2,148,472 $ 7,668,882
- 562,984 - 365,078 1,106,660
- 80,544 - 1,291,190 2,704,174
- - - - 2,700,000
- - - 441,677 1,851,658
- - - 75,994 247,773
- - - - 10,429,444
- - - 282,752 436,260
473,994 1,974,544 - 4,605,163 27,144,851
- - - - 3,329,417
- 20,690,779 - - 23,348,603
- 20,690,779 - - 26,678,020
- 17,398 - 12,598 57,868
43,897,528 91,137,448 3,531,065 122,449,679 287,151,227
- - - 8,461,441 18,461,441
- - - 7,298,815 29,754,469
- - - - 11,788,587
43,897,528 91,154,846 3,531,065 138,222,533 347,213,592
$ 44,371,522 $ 113,820,169 $ 3,531,065 $ 142,827,696 $ 401,036,463
C-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Fine& Governmental
General Forfeiture Grants
Revenues:
Taxes $ 33,545,425 $ 62,696,980 $ -
Licenses and Permits - - -
Intergovernmental 19,557,074 79,188 44,123,764
Charges for Services 892,298 11,367,098 167,782
Fines and Forfeitures 3,980 113,809 -
Investment Income 1,893,712 2,273,063 98,004
Miscellaneous 797,286 362,092 676
Total Revenues 56,689,775 76,892,230 44,390,226
Expenditures:
Current:
General Government 41,948,661 1,398,636 -
Public Safety 2,123,499 72,773,597 8,541,744
Physical Environment 650,850 - 11,332,303
Transportation 523,939 - 2,552,827
Economic Environment 944,981 - 3,790,323
Human Services 8,638,545 - 1,725,674
Culture and Recreation 5,105,538 - 836,769
Court-Related 4,853,110 2,929,824 -
Capital Outlay - - -
Debt Service:
Principal 663,434 1,635 -
Interest 65,572 70 -
Total Expenditures 65,518,129 77,103,762 28,779,640
Excess/Deficiency of Revenues
Over(Under)Expenditures (8,828,354) (211,532) 15,610,586
Other Financing Sources(Uses):
Transfers from Other Funds 6,538,601 - 325,556
Transfers to Other Funds (10,474,992) (33,708) -
Lease&SBITA Financing 1,039,552 - -
Transfers from Constitutional Officers 6,697,605 2,273,206 -
Total Other Financing Sources(Uses) 3,800,766 2,239,498 325,556
Net Change in Fund Balances (5,027,588) 2,027,966 15,936,142
Fund Balances/(Deficits)-October 1 49,287,103 20,232,475 (12,048,478)
Fund Balances/(Deficits)-September 30 $ 44,259,515 $ 22,260,441 $ 3,887,664
The notes to the financial statements are an integral part of these statements.
C-3
Tourist
Development One Cent Debt Nonmajor Total
Admin & Promo Infrastructure Service Governmental Governmental
Two Cent Surtax Fund Funds Funds
$ 20,733,748 $ 32,729,351 $ - $ 70,180,520 $ 219,886,024
- 1,946,090 - 6,945,504 8,891,594
- - - 8,828,569 72,588,595
- - - 13,809,890 26,237,068
- - - 4,579,416 4,697,205
1,393,206 1,927,187 408,349 5,357,252 13,350,773
- 451,568 - 2,324,917 3,936,539
22,126,954 37,054,196 408,349 112,026,068 349,587,798
- - - 5,285,002 48,632,299
- - - 35,730,506 119,169,346
- - - 2,196,733 14,179,886
- - - 6,427,330 9,504,096
11,152,342 - - 37,205,132 53,092,778
- - - 2,524,250 12,888,469
- - - 3,974,027 9,916,334
- - - 651,548 8,434,482
- 15,878,319 - 379,905 16,258,224
97,140 11,696 14,699,107 51,816 15,524,828
20,428 9,261 3,800,962 2,390 3,898,683
11,269,910 15,899,276 18,500,069 94,428,639 311,499,425
10,857,044 21,154,920 (18,091,720) 17,597,429 38,088,373
- 8,930,144 17,529,815 83,183 33,407,299
(114,278) (22,921,648) - (13,060,333) (46,604,959)
- 52,003,731 - 57,762 53,101,045
178,907 4,380 914,804 1,129,705 11,198,607
64,629 38,016,607 18,444,619 (11,789,683) 51,101,992
10,921,673 59,171,527 352,899 5,807,746 89,190,365
32,975,855 31,983,319 3,178,166 132,414,787 258,023,227
$ 43,897,528 $ 91,154,846 $ 3,531,065 $ 138,222,533 $ 347,213,592
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 33,343,078 $ 33,343,078 $ 33,545,425 $ 202,347
Intergovernmental 15,613,916 15,613,916 19,557,074 3,943,158
Charges for Services 702,000 702,000 892,298 190,298
Fines and Forfeitures 5,000 5,000 3,980 (1,020)
Investment Income 335,000 335,000 1,893,712 1,558,712
Miscellaneous 568,500 568,500 797,286 228,786
Total Revenues 50,567,494 50,567,494 56,689,775 6,122,281
EXPENDITURES:
Current:
General Government:
Board of County Commissioners Admin 2,073,492 2,085,544 1,911,530 174,014
Clerk to BOCC-Financial Package 5,000 5,000 - 5,000
Gov't Enterprise Management System 75,000 75,000 30,723 44,277
Clerk Comm& Fees-TDC 523,700 523,700 523,700 -
Clerk Comm& Fees-Noncourt 4,815,200 4,815,200 4,815,200 -
Insurances-Supervisor of Elections 176,917 188,802 36,914 151,888
Promotional Advertising 5,000 5,000 - 5,000
Value Adjustment Board 35,000 35,000 26,961 8,039
Tax Increment Payment 1,500,000 150,967 - 150,967
FIRM Study - 50,000 50,000 -
County Administrator 1,465,199 1,625,678 1,620,026 5,652
Technical Services 3,276,447 3,334,015 3,148,687 185,328
Grants Administration 407,456 407,456 140,254 267,202
Office of Management& Budget 1,003,226 1,008,114 764,263 243,851
Purchasing 332,094 332,094 519,990 (187,896)
Personnel 729,443 843,537 882,232 (38,695)
Public Works Management 13,384 14,991 14,387 604
Public Works Facilities Maintenance 10,199,675 10,474,986 9,450,039 1,024,947
ADA Compliance 50,000 50,000 - 50,000
County Attorney 2,036,828 2,148,034 2,334,701 (186,667)
Tax Collector 7,055,686 7,301,801 7,300,353 1,448
Property Appraiser 5,374,436 5,417,451 5,415,550 1,901
Supervisor of Elections 2,804,734 2,804,734 2,804,734 -
Quasi External Services 230,000 230,000 158,417 71,583
Hurricane 1,100,000 1,100,000 - 1,100,000
Total General Government 45,287,917 45,027,104 41,948,661 3,078,443
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Public Safety:
Emergency Management 761,315 769,324 675,056 94,268
Marathon Emergency Operations Center 84,550 85,246 73,968 11,278
Medical Examiner 697,085 703,832 664,425 39,407
Juvenile Detention 1,634,172 - - -
Fire Academy 811,608 818,886 620,390 198,496
Fire & EMS Length of Svcs Award Prog 48,000 48,000 89,660 (41,660)
Total Public Safety 4,036,730 2,425,288 2,123,499 301,789
Physical Environment:
Extension Service 255,112 259,060 224,590 34,470
Sustainability 483,458 508,458 426,260 82,198
Total Physical Environment 738,570 767,518 650,850 116,668
Transportation:
County Engineer 327,625 532,417 523,939 8,478
Total Transportation 327,625 532,417 523,939 8,478
Economic Environment:
Literacy Volunteers of America 50,000 50,000 50,000 -
Veterans Affairs 717,101 721,809 698,301 23,508
Veterans Affairs Transportation 205,453 205,453 196,680 8,773
Total Economic Environment 972,554 977,262 944,981 32,281
Human Services:
Middle Keys Guidance Clinic 31,768 42,198 42,198 -
Domestic Abuse Shelter 90,000 90,000 89,945 55
Positive Steps of Monroe County 55,000 55,000 55,000 -
Florida Keys Outreach Coalition 110,000 110,000 110,000 -
Samuel's House 120,000 120,000 120,000 -
Womankind 167,200 167,200 167,200 -
Grace Jones 60,000 60,000 60,000 -
AIDS Help 100,000 100,000 100,000 -
Good Health Clinic 105,600 105,600 105,600 -
Monroe County Assn for ReMARCable Citizens 205,000 205,000 205,000 -
Florida Keys Children's Shelter 150,000 150,000 150,000 -
Wesley House 113,000 113,000 113,000 -
Florida Keys Area Health Education 198,000 198,000 198,000 -
Heron/Peacock 45,000 45,000 45,000 -
Boys and Girls Club 89,000 89,000 89,000 -
Florida Keys Healthy Start Coalition 109,500 109,500 109,500 -
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Human Services (continued):
Keys Area Interdenominational Resources 35,000 35,000 35,000 -
Star of the Sea Foundation 85,000 85,000 85,000 -
Independence Cay 35,000 35,000 35,000 -
Anchors Aweigh 15,000 15,000 15,000 -
Baker Act LKMC FS 394.463 - 83,334 83,333 1
Guidance Care Clinic Baker Act Transp - 213,315 181,519 31,796
Guidance Care Clinic/Samuel House-FS 394.76 - 1,124,535 802,721 321,814
Guidance Care Clinic Jail In-house Prog - 162,988 162,988 -
Historic Florida Keys Foundation 32,450 32,450 32,450 -
Animal Shelters 1,710,280 1,710,280 1,670,594 39,686
Welfare Administration 744,302 932,407 920,690 11,717
Welfare Services 868,000 898,000 874,753 23,247
Health Care Respite Act 20,000 20,000 - 20,000
Bayshore Manor 682,596 725,260 659,987 65,273
Social Service Transportation 1,263,246 1,269,431 1,181,067 88,364
Burton Memorial United Methodist Church 15,000 15,000 15,000 -
Keys to Be Change 42,000 42,000 42,000 -
Autism Society of the Keys 45,000 45,000 45,000 -
Voices for the Florida Keys Children 17,000 17,000 17,000 -
Specia101ympics 20,000 20,000 20,000 -
Total Human Services 7,378,942 9,240,498 8,638,545 601,953
Culture and Recreation:
Fine Arts Council 79,900 79,900 79,900 -
Lower Keys AARP 4,500 7,500 6,900 600
Middle Keys AARP 4,000 4,000 3,048 952
Big Pine Key AARP 4,000 4,000 1,001 2,999
Upper Keys AARP 4,000 1,000 - 1,000
Heart of the Keys Recreation 50,000 50,000 50,000 -
Higgs Beach Maintenance 127,310 128,326 93,251 35,075
Libraries- Florida History 55,901 55,901 108,008 (52,107)
Library Admin Support 1,167,228 1,176,251 1,510,238 (333,987)
Library Key West 1,168,154 1,215,977 877,984 337,993
Library Key West Donations 10,000 10,000 - 10,000
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Culture and Recreation (continued):
Library Marathon 926,003 952,051 826,301 125,750
Library Marathon Donations 2,500 2,500 - 2,500
Library Islamorada 499,257 524,893 517,102 7,791
Library Islamorada Donations 500 500 - 500
Library Key Largo 655,040 686,728 582,865 103,863
Library Key Largo Donations 1,500 1,500 - 1,500
Library Big Pine Key 530,147 539,893 447,795 92,098
Library Big Pine Key Donations 209,805 210,855 1,145 209,710
Total Culture and Recreation 5,499,745 5,651,775 5,105,538 546,237
Court-Related:
Law Library 27,698 26,648 90,619 (63,971)
Guardian Ad Litem 312,165 312,165 247,698 64,467
Clerk of the Court-General Mgt 274,100 274,100 274,100 -
Clerk of the Court-Jury Management 44,250 44,250 44,250 -
Clerk Records Management 37,600 37,600 37,600 -
Clerk of the Circuit Court-Criminal 311,850 311,850 311,850 -
Clerk of the Circuit Court-Civil 227,150 227,150 227,150 -
Clerk of the Circuit Court-Family 67,250 67,250 67,250 -
Clerk of the Circuit Court-Juvenile 83,950 83,950 83,950 -
Clerk of the Circuit Court-Probate 63,750 63,750 63,750 -
Clerk County Court-Criminal 278,200 278,200 278,200 -
Clerk County Court-Civil 152,900 152,900 152,900 -
Clerk County Court-Traffic 355,700 355,700 355,700 -
State Attorney 416,346 418,871 270,943 147,928
Public Defender 592,048 595,373 312,127 283,246
Court Administration 2,531 2,547 (9,091) 11,638
Court Admin-Judicial Support 196,940 201,862 189,543 12,319
Court Case Management 196,367 197,457 172,064 25,393
Court Admin-Circuit Ct Reporter Svcs 1,675 1,675 975 700
Court Admin-Circuit Drug Court 352,757 355,340 269,554 85,786
Court Admin-Pretrial Release 564,542 567,885 534,866 33,019
Court Admin-Probationary Services 517,690 517,690 456,128 61,562
Ct.Admin-Pretrial Svcs Drug Diversion 242,175 242,175 204,854 37,321
Court Admin-Information Systems 263,876 265,225 216,130 49,095
Total Court Related 5,583,510 5,601,613 4,853,110 748,503
(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)
Debt Service:
Principal - - 663,434 (663,434)
Interest - - 65,572 (65,572)
Total Debt Service - - 729,006 (729,006)
Total Expenditures 69,825,593 70,223,475 65,518,129 4,705,346
Excess/Deficiency of Revenues
Over(Under) Expenditures (19,258,099) (19,655,981) (8,828,354) 10,827,627
Other Financing Sources (Uses):
Reserve for Contingencies (206,500) (8,618) - 8,618
Reserve for Cash Balance (3,629,076) (3,629,076) - 3,629,076
Lease Financing - - 1,039,552 1,039,552
Transfers from Other Funds 6,492,601 6,492,601 6,538,601 46,000
Transfers to Other Funds (725,000) (10,525,000) (10,474,992) 50,008
Transfers from Constitutional Officers 5,000,000 5,000,000 6,697,605 1,697,605
Total Other Financing Sources (Uses) 6,932,025 (2,670,093) 3,800,766 6,470,859
Net Change in Fund Balances (12,326,074) (22,326,074) (5,027,588) 17,298,486
Fund Balances-October 1 12,326,074 22,326,074 49,287,103 26,961,029
Fund Balances-September 30 $ - $ - $ 44,259,515 $ 44,259,515
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 65,095,405 $ 65,095,405 $ 62,696,980 $ (2,398,425)
Intergovernmental - - 79,188 79,188
Charges for Services 9,999,281 9,999,281 11,367,098 1,367,817
Fines and Forfeitures 72,500 72,500 113,809 41,309
Investment Income 105,000 105,000 2,273,063 2,168,063
Miscellaneous 120,000 120,000 362,092 242,092
Total Revenues 75,392,186 75,392,186 76,892,230 1,500,044
EXPENDITURES:
Current:
General Government:
Tax Increment Payment 1,500,000 1,500,000 1,398,636 101,364
Total General Government 1,500,000 1,500,000 1,398,636 101,364
Public Safety:
Sheriff Law Enforcement 28,706,665 28,706,665 29,135,274 (428,609)
Sheriff Corrections 29,860,352 29,860,352 30,170,611 (310,259)
Law Enforcement Education Assistance 75,000 75,000 75,000 -
Correction Facilities 3,271,568 3,310,982 3,049,119 261,863
Medical Air Transport 9,548,281 9,548,281 9,413,421 134,860
Interagency Communications 835,907 842,081 843,284 (1,203)
Juvenile Detention Cost Share 250,000 250,000 86,888 163,112
Hurricane - - - -
Total Public Safety 72,547,773 72,593,361 72,773,597 (180,236)
Court-Related:
Sheriff Extradition 100,000 100,000 326,275 (226,275)
Sheriff Court Security 2,607,596 2,630,509 2,603,549 26,960
Total Court Related 2,707,596 2,730,509 2,929,824 (199,315)
Debt Service:
Principal - - 1,635 (1,635)
Interest - - 70 (70)
Total Debt Service - - 1,705 (1,705)
Total Expenditures 76,755,369 76,823,870 77,103,762 (279,892)
Excess/Deficiency of Revenues
Over (Under) Expenditures (1,363,183) (1,431,684) (211,532) 1,220,152
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (250,000) (132,104) - 132,104
Reserve for Cash Balance (3,419,945) (3,419,945) - 3,419,945
Transfers to Other Funds (33,334) (82,729) (33,708) 49,021
Transfers from Constitutional Officers 1,500,000 1,500,000 2,273,206 773,206
Total Other Financing Sources (Uses) (2,203,279) (2,134,778) 2,239,498 4,374,276
Net Change in Fund Balances (3,566,462) (3,566,462) 2,027,966 5,594,428
Fund Balances-October 1 3,566,462 3,566,462 20,232,475 16,666,013
Fund Balances-September 30 $ - $ - $ 22,260,441 $ 22,260,441
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmental $ - $ 80,251,957 $ 44,123,764 $ (36,128,193)
Charges for Services - 203,033 167,782 (35,251)
Investment Income - - 98,004 98,004
Miscellaneous - - 676 676
Total Revenues - 80,454,990 44,390,226 (36,064,764)
Expenditures:
Current:
Public Safety:
Hurricane Recovery - 13,730,183 1,343,093 12,387,090
America Rescue Plan Act - 9,408,998 4,716,242 4,692,756
Emergency Management Base Grant - 269,884 102,078 167,806
Federal Emergency Base Grants - - 65,757 (65,757)
Radiological Emerg. Preparedness - 203,033 128,641 74,392
Emergency Medical Services Award Grant - 43,563 6,200 37,363
SAFER Program - 4,722,301 1,994,190 2,728,111
Urban Area Security Initiative Grants - 602,259 185,543 416,716
Total Public Safety - 28,980,221 8,541,744 20,438,477
Physical Environment:
Canal Restoration Projects - 11,603,935 5,331,485 6,272,450
Flood Control Program - 12,662,472 4,175,656 8,486,816
Conservation Resource Management - 1,329,758 984,649 345,109
HMGP Generators - 519,750 88,872 430,878
Removal of Vessels - 1,575,497 751,641 823,856
DEP Mobile Vessels - 88,258 - 88,258
Total Physical Environment - 27,779,670 11,332,303 16,447,367
Transportation:
Bridge Repair - 3,553,722 912,396 2,641,326
Roadway Projects - 1,984,052 1,461,922 522,130
Transportation Planning Prog 2012 - 879,373 178,509 700,864
Total Transportation - 6,417,147 2,552,827 3,864,320
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Economic Environment:
Small Cities CDBG - 109,740 349 109,391
Community Development Block Grant - 3,423,699 24,950 3,398,749
Pandemic Funding - 2,501,329 3,764,875 (1,263,546)
Disaster Recovery CDBG - 75,542 149 75,393
Total Economic Environment - 6,110,310 3,790,323 2,319,987
Human Services:
Pandemic Financial Assistance - 760,759 - 760,759
Nutritional Services In Progress - 104,007 277 103,730
Title III-B Supportive Services - 440,696 317,616 123,080
Title III-C1 Congregate Meals - 378,518 176,533 201,985
Title III-C2 Home Delivered Meals - - 330 (330)
Title III-E Caregiver Support Services - 322,975 262,504 60,471
Low Income Home Energy Program - 593,461 282,547 310,914
Alzheimer's Disease Initiative - 156,305 144,759 11,546
Weatherization Assistance Program (WAP) - 135,246 77,624 57,622
Edward Byrne Memorial JAG - 15,028 15,028 -
Substance Abuse Treatment Program - 184,363 72,049 112,314
DOJDC Medical Director Initiative - 36,481 - 36,481
Older Americans Act - 706,981 376,407 330,574
Total Human Services - 3,834,820 1,725,674 2,109,146
Culture and Recreation:
State Aid to Libraries - 109,859 37,096 72,763
Pandemic Funding - 4,128,686 695,255 3,433,431
Rowell's Marina Scenic Overlook - 818,000 28,328 789,672
Rowell's Park - 2,956,534 16,800 2,939,734
Historic Courthouse - 482,825 59,290 423,535
Harry Harris Park Boat Ramp - 762,117 - 762,117
Pigeon Key Commissary - 482,550 - 482,550
Total Culture and Recreation - 9,740,571 836,769 8,903,802
Total Expenditures - 82,862,739 28,779,640 54,083,099
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Excess/Deficiency of Revenues
Over(Under) Expenditures - (2,407,749) 15,610,586 18,018,335
Other Financing Sources (Uses):
Transfers from Other Funds - 2,407,749 325,556 (2,082,193)
Total Other Financing Sources (Uses) - 21407,749 325,556 (2,082,193)
Net Change in Fund Balances - - 15,936,142 15,936,142
Fund Balances (Deficits)-October 1 - - (12,048,478) (12,048,478)
Fund Balances (Deficits)-September 30 $ - $ - $ 3,887,664 $ 3,887,664
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 16,019,375 $ 16,019,375 $ 20,733,748 $ 4,714,373
Investment Income - - 1,393,206 1,393,206
Total Revenues 16,019,375 16,019,375 22,126,954 6,107,579
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 14,599,741 14,599,741 10,063,119 4,536,622
Administrative Services 1,288,762 1,288,762 1,089,223 199,539
Catastrophic Emergency 6,825,000 6,825,000 - 6,825,000
Total Economic Environment 22,713,503 22,713,503 11,152,342 11,561,161
Debt Service:
Principal - - 97,140 (97,140)
Interest - - 20,428 (20,428)
Total Debt Service - - 117,568 (117,568)
Total Expenditures 22,713,503 22,713,503 11,269,910 11,443,593
Excess/Deficiency of Revenues
Over(Under) Expenditures (6,694,128) (6,694,128) 10,857,044 17,551,172
Other Financing Sources (Uses):
Transfers to Other Funds (114,278) (114,278) (114,278) -
Transfers from Constitutional Officers - - 178,907 178,907
Total Other Financing Sources (Uses) (114,278) (114,278) 64,629 178,907
Net Change in Fund Balances (6,808,406) (6,808,406) 10,921,673 17,730,079
Fund Balances-October 1 6,808,406 6,808,406 32,975,855 26,167,449
Fund Balances-September 30 $ - $ - $ 43,897,528 $ 43,897,528
C-15
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2023
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
ASSETS
Current Assets:
Cash and Cash Equivalents $ 1,369,911 $ 478,438 $ 15,510,168
Investments 19,095,946 6,765,085 25,444,473
Accounts Receivable, Net 355,474 - 1,614,919
Leases Receivable - - 4,032,383
Due from Other Governmental Units 310,896 47,685 6,086,602
Due from Constitutional Officers 6,390 - 9,906
Interest Receivable 61,184 21,675 166,429
Total Current Assets 21,199,801 7,312,883 52,864,880
Noncurrent Assets:
Restricted Cash and Cash Equivalents - - 26,172,037
Restricted Accounts Receivable - - 409,488
Leases Receivable, Noncurrent - - 19,317,091
Land and Other Nondepreciable Assets 3,629,620 570,171 69,529,313
Capital Assets, Net of Accum. Depreciation 1,727,330 7,989,260 80,969,760
Right-To-Use Leased Assets, Net of Amortization - - 8,040
Total Noncurrent Assets 5,356,950 8,559,431 196,405,729
Total Assets 26,556,751 15,872,314 249,270,609
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 282,151 73,191 1,373,523
Related to OPEB 74,500 13,400 116,800
Total Deferred Outflows of Resources 356,651 86,591 1,490,323
LIABILITIES
Current Liabilities:
Accounts Payable 924,203 229,183 4,779,674
Retainage Payable - 10,885 1,195,159
Accrued Wages and Benefits Payable 59,802 7,734 197,443
Claims and Judgments Payable - - -
Due to Other Governmental Units - - 33,695
Due to Constitutional Officers - - -
Accrued Compensated Absences Payable 20,799 2,289 118,548
Unearned Revenues - - 138,251
Leases Payable - - 1,990
Other Current Liabilities - - 19
Deposits in Escrow 90,052 - -
Total Current Liabilities 1,094,856 250,091 6,464,779
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
$ 299,014 $ 17,657,531 $ 2,197,436
3,547,006 54,852,510 28,898,743
222,150 2,192,543 361,587
374,865 4,407,248 -
5,548,325 11,993,508 130,444
- 16,296 229,053
24,045 273,333 92,593
10,015,405 91,392,969 31,909,856
171,483 26,343,520 -
- 409,488 -
4,848,209 24,165,300 -
28,123,353 101,852,457 1,426,683
15,458,914 106,145,264 763,116
355 8,395 311,312
48,602,314 258,924,424 2,501,111
58,617,719 350,317,393 34,410,967
97,188 1,826,053 775,971
65,500 270,200 400,500
162,688 2,096,253 1,176,471
1,953,222 7,886,282 1,479,864
675,593 1,881,637 -
18,510 283,489 141,107
- - 3,237,786
6,591 40,286 6,828
- - 35
7,268 148,904 67,720
47,110 185,361 400
465 2,455 131,420
- 19 793
6,306 96,358 -
2,715,065 10,524,791 5,065,953
(Continued)
C-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION (CONTINUED)
PROPRIETARY FUNDS
SEPTEMBER 30, 2023
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Noncurrent Liabilities:
Accrued Compensated Absences Payable $ 83,197 $ 9,158 $ 474,192
Leases Payable - - 6,157
Revenue Bonds Payable - - 42,459,929
Total OPEB Liability 293,000 107,000 782,000
Net Pension Liability 1,399,508 656,743 5,071,098
Total Noncurrent Liabilities 1,775,705 772,901 48,793,376
Total Liabilities 2,870,561 1,022,992 55,258,155
DEFERRED INFLOWS OF RESOURCES
Related to Leases - - 23,066,256
Related to Pensions 69,645 17,836 286,716
Related to OPEB 23,400 26,500 52,400
Total Deferred Inflows of Resources 93,045 44,336 23,405,372
NET POSITION
Net Investment in Capital Assets 5,356,950 8,325,945 124,970,056
Restricted for:
Passenger Facility Charges - - 3,877,575
Customs Service Operations - - -
Unrestricted 18,592,846 6,565,632 43,249,774
Total Net Position $ 23,949,796 $ 14,891,577 $ 172,097,405
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
$ 29,071 $ 595,618 $ 270,884
- 6,157 199,096
- 42,459,929 -
123,000 1,305,000 1,025,000
467,253 7,594,602 2,421,579
619,324 51,961,306 3,916,559
3,334,389 62,486,097 8,982,512
5,098,570 28,164,826 -
23,968 398,165 188,162
13,700 116,000 60,300
5,136,238 28,678,991 248,462
41,034,956 179,687,907 2,170,595
- 3,877,575 -
171,483 171,483 -
9,103,341 77,511,593 24,185,869
$ 50,309,780 $ 261,248,558 $ 26,356,464
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 30,2023
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Revenues:
Franchise Fees $ 746,441 $ - $ -
Charges for Services 25,062,753 2,224,170 14,581,544
Miscellaneous 161,746 - 9,409
Total Operating Revenues 25,970,940 2,224,170 14,590,953
Operating Expenses:
Personnel Services 1,724,749 390,779 5,959,621
Operations 22,335,988 316,815 19,193,797
Depreciation and Amortization 211,149 401,916 3,866,036
Asserted and Paid Claims(Adjustments) - - -
Total Operating Expenses 24,271,886 1,109,510 29,019,454
Operating Income (Loss) 1,699,054 1,114,660 (14,428,501)
Nonoperating Revenues (Expenses):
Operating Grants - - 5,003,343
Grants and Donations-Other Sources - - 9,278,229
Investment Income 982,444 240,443 3,185,381
Insurance Recoveries - - 5,010,163
Debt Service Costs - - (1,151,221)
Gain (Loss)on Disposition of Assets - 1,106 (4,867)
Total Non-Operating Revenues(Expenses) 982,444 241,549 21,321,028
Income (Loss)Before Transfers 2,681,498 1,356,209 6,892,527
Total Capital Contributions and Transfers:
Capital Contributions - - 31,483,146
Transfers from Other Funds - - -
Transfers to Other Funds (235,202) (79,776) (477,280)
Transfers from Constitutional Officers 3,504 - -
Total Capital Contributions and Transfers (231,698) (79,776) 31,005,866
Change in Net Position 2,449,800 1,276,433 37,898,393
Net Position-October 1 21,499,996 13,615,144 134,199,012
Net Position-September 30 $ 23,949,796 $ 14,891,577 $ 172,097,405
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
$ - $ 746,441 $ -
1,389,487 43,257,954 37,307,364
85,510 256,665 1,461,993
1,474,997 44,261,060 38,769,357
590,730 8,665,879 4,955,109
1,100,661 42,947,261 12,203,691
837,584 5,316,685 220,617
- - 16,522,406
2,528,975 56,929,825 33,901,823
(1,053,978) (12,668,765) 4,867,534
3,480,587 8,483,930 -
82,384 9,360,613 -
382,013 4,790,281 1,226,775
- 5,010,163 119,604
- (1,151,221) -
104,860 101,099 62,172
4,049,844 26,594,865 1,408,551
2,995,866 13,926,100 6,276,085
7,969,702 39,452,848 -
14,987,462 14,987,462 -
(137,385) (929,643) (860,159)
- 3,504 -
22,819,779 53,514,171 (860,159)
25,815,645 67,440,271 5,415,926
24,494,135 193,808,287 20,940,538
$ 50,309,780 $ 261,248,558 $ 26,356,464
C-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Activities:
Cash Received for Services $ 25,605,472 $ 2,224,170 $ 13,378,282
Cash Received from Insurance Recoveries - - 5,010,163
Cash Payments to Suppliers for Goods and Services (23,330,321) (95,279) (14,728,244)
Cash Payments for Employee Services (1,440,194) (366,655) (4,878,248)
Cash Payments for Claims (4,000) - -
Cash Received from(Paid to)Other Sources 92,666 (8,818) 4,869,536
Other Miscellaneous Revenue 128,031 (13,422) (94,969)
Net Cash Provided by(Used in)
Operating Activities 1,051,654 1,739,996 3,556,520
Noncapital Financing Activities:
Operating Grants Received - - 5,003,343
Transfers from Other Funds - - -
Transfers to Other Funds (235,202) (79,776) (477,280)
Transfers from Constitutional Officers 3,504 - -
Net Cash Provided by(Used in)Noncapital
Financing Activities (231,698) (79,776) 4,526,063
Capital and Related Financing Activities:
Proceeds from Capital Grants - - 31,483,146
Acquisition of Capital Assets (156,397) (68,822) (19,244,439)
Purchase and Construction of Capital Assets - (233,486) (15,545,225)
Proceeds from Sale of Capital Assets - -Net Cash Provided by(Used in)Capital and
Related Financing Activities (156,397) (302,308) (3,306,518)
Investing Activities:
Investment Income (Losses) 982,444 240,443 3,185,381
Proceeds from Sales and Maturities of Investments 25,743,468 7,542,058 18,889,528
Purchase of Investment Securities (28,667,198) (9,448,320) (31,287,121)
Net Cash Provided by(Used in) Investing Activities (1,941,286) (1,665,819) (9,212,212)
Net Increase(Decrease) in Cash and
Cash Equivalents (1,277,727) (307,907) (4,436,147)
Cash and Cash Equivalents:
October 1 2,647,638 786,345 46,118,352
September30 $ 1,369,911 $ 478,438 $ 41,682,205
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
$ 1,391,899 $ 42,599,823 $ 37,225,171
- 5,010,163 119,604
(129,058) (38,282,902) (12,450,606)
(457,536) (7,142,633) (3,970,748)
- (4,000) (17,702,661)
(4,095,425) 857,959 50,649
79,010 98,650 1,407,165
(3,211,110) 3,137,060 4,678,574
3,562,971 8,566,314 -
14,987,462 14,987,462 -
(137,385) (929,643) (860,159)
- 3,504 -
18,413,048 22,627,637 (860,159)
7,969,702 39,452,848 -
(19,829,986) (39,299,644) (1,022,389)
(2,545,371) (18,324,082) -
- - 62,172
(14,405,655) (18,170,878) (960,217)
382,009 4,790,277 1,226,775
3,631,757 55,806,811 34,897,944
(4,809,197) (74,211,836) (41,562,576)
(795,431) (13,614,748) (5,437,857)
852 (6,020,929) (2,579,659)
469,645 50,021,980 4,777,095
$ 470,497 $ 44,001,051 $ 2,197,436
(Continued)
C-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS (CONTINUED)
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2023
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) $ 1,699,054 $ 1,114,660 $ (14,428,501)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
Activities:
Depreciation and Amortization 211,149 401,916 3,866,036
Nonoperating Income-Insurance Recoveries - - 5,010,163
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable (203,722) - (1,084,138)
(Increase) Decrease in Leases Receivable - - (15,495,709)
(Increase) Decrease in Due from Other Funds - - 6,373
(Increase) Decrease in Due from Other Gov't Units 95,222 (8,818) 4,737,353
(Increase) Decrease in Due from Constitutional Ofcrs (2,556) - 113,514
(Increase) Decrease in Interest Receivable (33,715) (13,422) (104,378)
Increase (Decrease)in Accounts Payable (1,051,135) 210,651 3,505,449
Increase (Decrease)in Retainage Payable - 10,885 970,548
Increase (Decrease)in Accrued Wages/Benefits 3,187 (6,967) (9,872)
Increase (Decrease)in Claims/Judgments Payable (4,000) - -
Increase (Decrease)in Other Current Liabilities - - (5)
Increase (Decrease)in Due to Other Funds - - -
Increase (Decrease)in Due to Other Gov't Units - - 12,296
Increase (Decrease)in Comp.Absences Payable 22,172 4,338 110,706
Increase (Decrease)in Deposits in Escrow 56,802 - (8,000)
Increase (Decrease)in Leases Payable - - (2,439)
Increase (Decrease)in Unearned Revenue - - 132,384
Increase (Decrease)in OPEB Liability (7,000) - 52,000
Increase (Decrease)in Pension Liability 281,476 72,267 1,198,293
Increase (Decrease)in Deferred Inflows Leases - - 15,244,201
Increase (Decrease)in Deferred Outflows 24,630 5,739 (135,306)
Increase (Decrease)in Deferred Inflows Pensions/OPEB (39,910) (51,253) (134,448)
Total Adjustments (647,400) 625,336 17,985,021
Net Cash Provided by(Used in)
Operating Activities $ 1,051,654 $ 1,739,996 $ 3,556,520
Noncash Investing, Capital,and Financing Activities:
Gain on Disposition of Assets $ - $ 1,106 $ (4,867)
Noncash Investing, Capital, and Financing Activities $ - $ 1,106 $ (4,867)
Cash Reconciliation:
Unrestricted $ 1,369,911 $ 478,438 $ 15,510,168
Restricted - - 26,172,037
Total $ 1,369,911 $ 478,438 $ 41,682,205
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
$ (1,053,978) $ (12,668,765) $ 4,867,534
837,584 5,316,685 220,617
- 5,010,163 119,604
22,902 (1,264,958) (82,193)
364,208 (15,131,501) -
- 6,373 -
(4,086,063) 737,694 (4,562)
- 110,958 71,963
(6,500) (158,015) (54,828)
390,077 3,055,042 (247,128)
583,356 1,564,789 -
(1,259) (14,911) (15,287)
- (4,000) (1,180,255)
(4) (9) (187)
(6,373) (6,373) (16,485)
(2,989) 9,307 (267)
3,816 141,032 68,003
- 48,802 -
(1,826) (4,265) -
47,110 179,494 400
1,000 46,000 (45,000)
96,892 1,648,928 763,031
(431,808) 14,812,393
52,640 (52,297) 356,560
(19,895) (245,506) (142,946)
(2,157,132) 15,805,825 (188,960)
$ (3,211,110) $ 3,137,060 $ 4,678,574
$ 104,860 $ 101,099 $ -
$ 104,860 $ 101,099 $ -
$ 299,014 $ 17,657,531 $ 2,197,436
171,483 26,343,520 -
$ 470,497 $ 44,001,051 $ 2,197,436
C-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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, 2023
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, 2023
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.
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, 2023
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 and subscription-based information technology
arrangements (SBITA),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, 2023
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 and
amortization on capital assets, right-to-use leased assets, and SBITA. 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, 2023
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.
Encumbrances:
Encumbrance accounting is used, 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, 2023
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, 2023
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, 2023
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, 2023
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Leased Assets and Subscription-Based Software:
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. Similarly, the Board has recognized
SBITA for the right-to-use information technology software.
The leased assets and SBITA are measured at the start of the lease or subscription as the initial amount
of the lease or subscription liability, adjusted for lease or subscription payments made at or before the
lease or subscription commencement date, plus certain initial direct costs. Subsequently, the lease asset
or SIBTA is amortized on a straight-line basis over its useful life.
Key estimates and judgments related to leases and SBITA include how the Board determines the
discount rate it uses to discount the expected lease payments or subscription 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 and SBITA. The lease term or subscription term includes the noncancellable
period of the lease or subscription. Lease payments or subscription payments included in the
measurement of the lease liability or SBITA 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 or SBITA
and will remeasure the leased asset, SBITA, and liability if certain changes occur that are expected to
significantly affect the amount of the lease or SBITA liability. Leased assets and SBITA 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, 2023
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 2023 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, 2023
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, 2023
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.
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 $4,049,058 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:
Effective October 1, 2022, the Board adopted the provisions of GASB Statement No. 96, Subscription-
Based Information Technology Arrangements (SBITAs). As a result, the Board's statements now include
a liability for the present value of payments expected to be made and right-to-use intangible assets that
will be recognized over the term of the subscription. While the Board is responsible for recognizing the
Board's associated subscription liability and any intangible right-to-use information technology
software, Note 13 to the Board's financial statements provides information regarding the Board's
SBITAs that relate to the timing, significance, and purpose of its SBITAs.
The following are new accounting pronouncements that have been issued but are not yet effective:
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 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.
D-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
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.
GASB Statement No. 102, Certain Risk Disclosures. The State and local governments face a variety of
risks that could negatively affect the level of service they provide or their ability to meet obligations as
they come due. Although governments are required to disclose information about their exposure to some
of those risks, essential information about other risks that are prevalent among state and local
governments is not routinely disclosed because it is not explicitly required. The objective of this
Statement is to provide users of government financial statements with essential information about risks
related to a government's vulnerabilities due to certain concentrations or constraints. This Statement
defines a concentration as a lack of diversity related to an aspect of a significant inflow of resources or
outflow of resources. A constraint is a limitation imposed on a government by an external party or by
formal action of the government's highest level of decision-making authority. Concentrations and
constraints may limit a government's ability to acquire resources or control spending. Effective Date:
The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all
reporting periods thereafter.
Management is in the process of determining what impact, if any, implementation of the above
statements may have on the financial statements of the Board.
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.
D-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS
As of September 30, 2023, the carrying value of the Board's deposits and investments, with their
respective credit ratings and years to maturity, are as follows:
Valuation 6 Month
Credit Measurement Less than to 1 to 5 Over 5
Investment Type Rating Method Value 6 Months I Year Years Years
Den and Deposits N,)A N/A S 72,853,766 S 72,853,766 S S S
FL CLASS Investments AAAm Amortized Cost 43,135,499 43,135,499
Fl,PALM&Fl,PALM Term Pooled AAArn Amortized Cost 6,735,683 6,735,683
FL Fixed Income Trust AAAf!S I Amortized Cost 82,024,693 82,024,693
Asset-Backed Security(ABS) Aaa Fair Value-Level 2 13,924,554 - 118,195 13,806,359
Corporate Stock N/A Fair Value-Level 2 19,506 19,506 - -
Corporate Note Al Fair Value-Level 2 22,907,719 1,687,429 8,187,612 13,032,678
Connnercial Paper P-1 Fair Value-Level 3 28,248,528 8,266,673 19,981,855 -
Federal Agency Bond AA+ Fair Value-Level 2 991,140 991,140 -
Federal Agency Bond-Discount P-1 Fair Value-Level 2 20,270,940 20,270.940 - -
Federal Agency Mortgage-Backed Security(MBS) Aaa Fair Value-Level 2 7,571,399 30,123 900,957 6,640,319
U.S.Treasury Aaa Fair Value-Level 2 103,706,326 43,956,245 20,371,761 39,378,320
Totals S 402,399,753 S 279,971,697 S 49,560,380 S 72,857,676 S
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 I 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.
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.
D-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
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)
Highest Fund Quality and Volatility
Intergovernmental Pools 50% 25% Rating Categories by all NRSROs N/A
(LGIPs) who rate the LGIP,
(AAAm/AAAf, S1,or equivalent)
Counterparty(or if the counterparty is
not rated by an NRSRO,then the
Repurchase Agreements o counterparty's parent)must be rated
(Repo or RP) 40/0 20/o in the Highest ST Rating Category 1 Year
(A-1/P-1,or equivalent)
If the counterparty is a Federal
Reserve Bank,no rating is required
D-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type % % Requirement' Maturity
Money Market Funds o o Highest Fund Rating by all NRSROs
(MMFs) 50/0 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.
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%.
4 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, 2023, 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) 2.30%
Federal Agency Bond- Discount 6.15%
Federal Agency Bond 0.30%
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, 2023, all of the
Board's investments are held in a bank's trust department in the Board's name.
D-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
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, 2023:
Demand
Cash and Cash Equivalents Deposits
Governmental Activities
Governmental Funds $ 26,655.279
Internal Service Funds 2,197,436
Business-Type Activities 17,657,531
Total Unrestricted Cash and Cash Equivalents 46,510,246
Restricted Cash and Cash Equivalents
Business-Type Activities 26,343,520
Total Cash and Cash Equivalents $ 72,853,766
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, 2023 are as follows:
Cash and Cash Accounts
Equivalents Receivable Total
Key West Airport Passenger Facility Charges $ 3,468,086 $ 409,488 $ 3,877,574
Key West Airport Unspent Bond Proceeds 22,703,951 - 22,703,951
Marathon Airport Customs Service Operations 171,483 - 171,483
Total Restricted Assets $26,343,520 $ 409,488 $26,753,008
D-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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
Accomits Uncollectible Accounts
Service Provided Receivable Accounts Receivable.Net
Goverrunental Funds:
General Fund Mise 94.660 $ (4,376) $ 90,284
Fhie&Forfeiture Fund Air Anib Svc 26,474,762 (21,261.040) 5.213.722
Goverrunental Grants Misc 73,647 (667) 72.980
TDC Adnihi&Promo Two Cent Travel Advance 2,474 - 2,474
Norunajor Funds:
Fire&Amb Dist 1 Fund Ground Amb Svc 2,160,748 (1,675,441) 485,307
Other Notuwkjor Funds Misc 37.421 (4.837) 32.584
Internal Service Funds Misc 364.559 (2,972) 361,587
Total Goverrunental Funds 29.208,271 (22,949,333) 6.258.938
Enterprise Funds:
MSD-Waste Fund: Tipphig Fees 389,566 (34,092) 355,474
Key West Airport Rent,Rise 1.61&675 (3.756) 1.614.919
Marathon Airport Rent,Misc 222,150 222,150
Total Enterprise Funds 2.230,391 (37.848) 1192,543
Total Accounts Receivable $ 31.438.662 $ (22.987,181) 8.451.481
The Board passed Resolutions 449-2022 approving air and ground ambulance billing write-offs of
$4,899,412 for fiscal year 2023. The Board also passed Resolution 448-2022 to write off$1,221,311 of
air ambulance billings related to resident waivers.
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.
D-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 6—MORTGAGES RECEIVABLE
Mortgages receivable at September 30, 2022 consist of the following:
Major Governmental Funds —Governmental Grants Fund: Mortgage
Receivable
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. $ 151,630
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. 8,402,397
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. 469,466
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. 173,374
D-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 6—MORTGAGES RECEIVABLE (continued)
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. 1,299,138
Total Nonmajor Governmental Funds-Local Housing Assistance—Gross 10,365,373
Total Mortgages Receivable - Gross
$10,517,003
The mortgages receivable associated with the governmental grants are offset by an allowance for
uncollectible accounts of $151,630. As the mortgages receivable associated with the Local Housing
Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of
$10,365,373 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 2023 was $6,879,617. For its enterprise funds, the total amount of
inflows of resources, including lease revenue, interest revenue, and other lease-related inflows,
recognized during FY 2023 was $61,644,892. This total includes $3,999,526 of variable and other
payments not previously included in the measurement of the leases receivable.
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.
D-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 8 —CAPITAL ASSETS (continued)
Capital asset activity for the year ended September 30, 2023 is shown in the following table:
Beginning Ending
Balance Additions Reductions Balance
Governmental Activities:
Capital assets not depreciated:
Land $ 91,417,064 $ 14,372,229 $ - $ 105,789,293
Land Development Rights 1,609,187 196,980 - 1,806,167
Construction in progress 68,540,305 27,011,358 (57,344,909) 38,206,754
Total capital assets not depreciated 161,566,556 41,580,567 (57,344,909) 145,802,214
Capital assets depreciated or amortized:
Buildings 187,755,995 43,615,339 - 231,371,334
Equipment 39,929,529 4,508,584 (2,348,757) 42,089,356
Infrastructure 148,034,497 12,640,227 - 160,674,724
Intangible Assets 7,984,393 - - 7,984,393
Total capital assets depreciated 383,704,414 60,764,150 (2,348,757) 442,119,807
Right-to-use leased assets and SBITAs*:
Right-To-Use Leased Land 36,572 - - 36,572
Right-To-Use Leased Buildings 3,949,832 1,259,245 - 5,209,077
Right-To-Use Leased Equip&SBITAs 296,557 314,649 (54,722) 556,484
Total right-to-use leased assets amortized 4,282,961 1,573,894 (54,722) 5,802,133
Less accumulated depreciation for:
Buildings (82,653,782) (4,054,303) - (86,708,085)
Equipment (28,332,849) (4,769,514) 1,880,296 (31,222,067)
Infrastructure (49,606,166) (5,404,033) - (55,010,199)
Intangible Assets (1,958,896) ( 998,697) - (2,957,593)
Total accumulated depreciation (162,551,693) (15,226,547) 1,880,296 (175,897,944)
Less accumulated amortization for Right-
To-Use Leased Assets and SBITAs*:
Right-To-Use Leased Land (8,440) (8,440) - (16,880)
Right-To-Use Leased Buildings (719,383) (789,789) - (1,509,172)
Right-To-Use Leased Equip&SBITAs (91,929) (178,530) 50,112 (220,347)
Total accumulated amortization (819,752) (976,759) 50,112 (1,746,399)
Total accumulated depreciation and
amortization (163,371,445) $(16,203,306) $ 1,930,408 (177,644,343)
Total capital assets
depreciated/amortized,net 224,615,930 270,277,597
Governmental activities,
capital assets,net $ 386,182,486 $ 416,079,811
D-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 8 —CAPITAL ASSETS (continued)
Beginning Ending
Balance Additions Reductions Balance
Business-Tyne Activities:
Capital assets not depreciated:
Land $ 6,126,028 $ 9,278,229 $ - $ 15,404,257
Construction in progress 33,478,856 55,832,899 (2,863,555) 86,448,200
Total capital assets not depreciated 39,604,884 65,111,128 (2,863,555) 101,852,457
Capital assets depreciated or amortized:
Land improvements 212,925 - - 212,925
Buildings 80,849,638 2,863,555 - 83,713,193
Equipment 7,680,498 750,396 (78,229) 8,352,665
Infrastructure 84,796,759 - - 84,796,759
Right-to-use leased assets—equipment 15,378 - (1,045) 14,333
Total assets depreciated 173,555,198 3,613,951 (79,274) 177,089,875
Less accumulated
depreciation/amortization for:
Land Improvements (212,925) - - (212,925)
Buildings (24,616,974) (2,290,742) - (26,907,716)
Equipment (5,133,059) (669,821) 68,549 (5,734,329)
Infrastructure (35,723,592) (2,351,716) - (38,075,308)
Right-to-use leased assets—equipment (2,575) (4,406) 11043 (5,938)
Total accumulated depreciation or
amortization (65,689,125) $ (5,316,685) $ 69,592 (70,936,216)
Total capital assets depreciated/amortized,net 107,866,073 106,153,659
Business-type activities,capital assets,net $ 147,470,957 $ 208,006,116
*GASB Statement No. 96 was implemented as of October 1, 2022 and right-to-use assets resulting from subscription-based
information technology agreements (SBITA)and related accumulated amortization were added in the above schedule to reflect the
value of the Board's SBITAs as of September 30,2023.
Depreciation and amortization was charged to functions/programs on the government-wide statement of
activities of the County as follows:
Governmental Activities: Business-Tyne Activities:
General Government $ 4,948,322 Municipal Service District-Waste $ 211,154
Public Safety 2,829,087 Card Sound Bridge 401,916
Physical Environment 2,122,480 Key West Airport 3,866,036
Transportation 3,152,836 Marathon Airport 837,584
Economic Environment 153,765
Human Services 1,168,678 Total Business-Type Activities $5,316,685
Culture and Recreation 985,118
Court-Related 843,020
Total Governmental Activities $16,203,306
D-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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.
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.
D-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
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, 2023,
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.
Total OPEB Liability:
The Board's enterprise and internal service funds total OPEB liabilities of $2,330,000 was measured as
of September 30, 2023, and was determined by an actuarial evaluation issued on November 21, 2023.
Actuarial Methods and Assumptions —The valuation as of September 30, 2023, issued on November 21,
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 November 21, 2023
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 4.02%per annum (Beginning of Year)
4.09%per annum (End of Year)
Source: Bond Buyer 20-Bond GO index
D-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
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%
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.
D-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
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 $ 2,329,000
Changes for the year:
Service cost 24,300
Interest cost 32.200
Changes of benefit terms -
Differences between expect and actual experiences -
Changes in assumptions or other inputs 122,700
Benefit payments (178,200)
Net change in total OPEB liability 1,000
Balance at the end of the year $ 2,330,000
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 (3.09%) or 1-percentage-point higher (5.09%) than the
current discount rate:
Current Discount
1% Decrease Rate 1% Increase
(3.09%) (4.09%) (5.09%)
Total OPEB Liability $2,563,900 $2,330,000 $2,130,700
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 $2,234,600 $2,330,000 $2,442,100
D-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended September 30, 2023, the Board's enterprise and internal service funds recognized an
OPEB expense of $478,100. At September 30, 2023, 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 $ 670,700 $ 176,300
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
2024 $ 61,200
2025 65,500
2026 74,300
2027 78,300
2028 78,100
Thereafter 136,900
Total $ 494,300
D-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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:
vww i ntryflglida;,cone/wort icrcc ..c cr t:i ��s/r:ct:ireaie�t/p ubli,catiotis.
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, 2023
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 96 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, 2022 through June 30, 2023 and
from July 1, 2023 through September 30, 2023, respectively, were as follows: Regular11.91% and
13.57%; Special Risk Administrative Support 38.65% and 39.82%; Special Risk27.83% and
32.67%; Senior Management Service31.57% and 34.52%; Elected Officers' 57.00% and 58.68%;
and DROP participants18.60% and 21.13%. These employer contribution rates include 1.66% HIS
Plan subsidy for the periods October 1, 2022 through June 30, 2023 and 2.0% from July 1, 2023 through
September 30, 2023, respectively.
D-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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 $606,529 for the fiscal year ended September 30, 2023.
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, 2023, the Board's enterprise and internal service funds reported a
liability of $6,978,318 for their proportionate share of the Pension Plan's net pension liability. The net
pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the
net pension liability was determined by an actuarial valuation as of July 1, 2023. The Board's
proportionate share of the net pension liability was based on the Board's FY 2023 contributions relative
to the FY 2023 contributions of all participating members. At June 30, 2023, the Board's proportionate
share for all funds was 0.1337%, which was an increase of 0.001464% from its proportionate share
measured as of June 30, 2022. Approximately 13.09% 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, 2023, the Board's enterprise and internal service funds
recognized pension benefit of $1,659,712. 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 $ 651,904 $ -
Changes of Assumptions 452,613 Net Difference Between Projected and Actual
Earnings on Pension Plan Investments 289,966 -
Changes in Proportion and Differences Between
Pension Plan Contributions and Proportionate Share
of Contributions 524,775 234,599
Pension Plan Contributions Subsequent to
the Measurement Date 219,448 -
Total $ 2,138,706 $ 234,599
D-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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 $219,448, will be
recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2024. 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
2024 $ 229,598
2025 (90,965)
2026 1,377,690
2027 130,869
2028 37,467
Total $ 1,684,659
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, 2022, 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, 2023
NOTE 10 -FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Compound
Annual Annual
Target Arithmetic (Geometric) Standard
Asset Class Allocation Return Return Deviation
Cash 1.0% 2.9% 2.9% 1.1%
Fixed Income 19.8% 4.5% 4.4% 3.4%
Global Equity 54.0% 8.7% 7.1% 18.1%
Real Estate (Property) 10.3% 7.6% 6.6% 14.8%
Private Equity 11.1% 11.9% 8.8% 26.3%
Strategic Investments 3.8% 6.3% 6.1% 7.7%
Total 100.0%
Assumed Inflation-Mean 2.4% 1.4%
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 $11,920,131 $ 6,978,318 $ 2,843,624
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, 2023
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, 2023, 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, 2023, the HIS contribution for the period
October 1, 2022 through June 30, 2023 and from July 1, 2023 through September 30, 2023 was 1.66%
and 2.0%, 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 $86,853 for the fiscal
year ended September 30, 2023.
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, 2023, the Board's enterprise and
internal service funds reported a liability of$3,037,863 for their proportionate share of the Board's HIS
Plan's net pension liability. The net pension liability was measured as of June 30, 2023, and the total
pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
July 1, 2023. The Board's proportionate share of the net pension liability was based on the Board's FY
2023 contributions relative to the FY 2023 contributions of all participating members. At June 30, 2023,
the Board's proportionate share of all funds was 0.1272%, which was an increase of 0.0136% from its
proportionate share measured as of June 30, 2022. Approximately 15.04% 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, 2023
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
For the fiscal year ended September 30, 2023, the Board's enterprise and internal service funds
recognized HIS pension expense of $1,227,237. 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 $ 44,969 $ 7,209
Changes of Assumptions 80,757 266,183
Net Difference Between Projected and Actual
Earnings on HIS Plan Investments 1,586 -
Changes in Proportion and Differences Between
HIS Plan Contributions and Proportionate Share
of Contributions 300,581 78,336
HIS Plan Contributions Subsequent to
the Measurement Date 35,425 -
Total $ 463,318 $ 351,728
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
$35,425, will be recognized as a reduction of the net pension liability in the fiscal year ended September
30, 2024. 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
2024 $ 13,308
2025 8,069
2026 13,425
2027 26,331
2028 13,948
Thereafter 1,084
Total $ 76,165
D-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Actuarial Assumptions — The total pension liability in the July 1, 2023, 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 3.65%
Mortality rates were based on the Generational RP-2010 with Projection Scale MP-2018 tables.
The actuarial assumptions used in the July 1, 2022, 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 3.54%to 3.65%.
Discount Rate — The discount rate used to measure the total pension liability was 3.65%. 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 3.65%, 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(2.65%) or 1-percentage point higher(4.65%)than the current rate:
HIS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(2.65%) (3.65%) (4.65%)
Enterprise and Internal Service
Funds Proportionate Share
of the Net HIS Plan Liability $ 3,465,729 $ 3,037,863 $ 2,683,193
D-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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, 2022 through June 30, 2023 and from July 1, 2023 through September 30,
2023, respectively. Allocations to the investment member's accounts for the periods from October 1,
2022 through June 30, 2023 and from July 1, 2023 through September 30, 2023, respectively, as
established by Section 121.72, Florida Statutes, are based on a percentage of gross compensation, by
class, as follows: Regular class 9.30% and 11.30%; Special Risk Administrative Support class 10.95%
and 12.95%; Special Risk class 17.00% and 19.00%; Senior Management Service class 10.67% and
12.67%; and County Elected Officers class 14.34% and 16.34%.
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, 2023, 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, 2023
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 $158,325 for the
fiscal year ended September 30, 2023.
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, 2023
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 21 participants, of which 3 are active, 6 are
terminated with deferred benefits, and 12 are retired members for the plan year ended December 31,
2022 and the County's fiscal year ending September 30, 2023. 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, 2023 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 actuarial assumptions used to compute used to compute the total pension
liability, applied to all periods included in the measurement date were:
Discount Rate: 4.05%
Inflation 2.5%
Compensation Increases: 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
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
D-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Termination Godwin's Table 1, V Select & Ultimate Table, w/50% termination
probability for years of service <1
Benefit Commencement Age 60
Age for Deferred Vested
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, parry related to a public employee retirement system official or
government employer official, nonemployee contributor or organization included in the reporting entity.
Discount Rate — The discount rate was revised from 1.00% as of December 31, 2021, to 4.05% 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.
The projection of cash flows used to determine the discount rate assumed that plan member
contributions will be made at the applicable current contribution rates and that Board contribution will
be made at rates equal to the difference between actuarially determined contributions and member
contributions. Based on those assumptions, the fiduciary net position for the LOSAP pension plans was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on LOSAP's investments was applied to all periods of
projected benefit payments to determine the total pension liability for each plan.
D-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Changes in Total LOSAP Pension Liability:
Total LOSAP
Pension Liability
Balance at September 30, 2022 $ 488,859
Changes for the year:
Service cost 2,772
Interest cost 8,721
Differences Between Expected and Actual Experience (66,343)
Changes of assumptions or other inputs (46,344)
Benefit payments (35,295)
Net change in total LOSAP pension liability (136,489)
Balance at September 30, 2023 $ 352,370
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 4.05%, as well as what LOSAP's
total pension liability would be if it were calculated using a discount rate of 1-percentage point lower
(3.05%) or 1-percentage point higher(5.05%)than the current rate.
Current
1% Decrease Discount Rate 1% Increase
(3.05%) (4.05%) (5.05%)
Net LOSAP Pension Liability $ 375,994 $ 352,370 $ 327,525
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions:
For the year ended September 30, 2023, the Board recognized pension expense of $35,295. At
September 30, 2023, 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:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Net Difference Between Projected and Actual Earnings on
LOSAP Pension Plan Investments $ 5,920 $ -
D-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 12 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS
Construction projects and significant commitments, excluding encumbrances reported below, under
present contractual agreements as of September 30, 2023 are as follows:
Key West Airport Concourse A Terminal $ 80,704,899
Non-Aeronautical Building/Emergency Operations Center 10,067,824
Key West Airport Taxiway Extension 7,155,560
Key West Airport Apron and Mitigation 6,146,884
Harbour Drive Bridge 5,608,854
Seaview Bridge Replacement 4,453,704
Card Sound Road Resurfacing 2,195,810
Key West Airport Noise Improvement Project—Single Family Homes 1,534,833
Marathon Airport Relocate Automated Surface Observation System 1,270,970
Public Defender Office Buildout 910,156
Higgs Beach Park Restrooms 849,884
Canal Restoration Program/Canals 28, 259, 266, 470, and 475 849,582
Marathon Airport Relocate Runway 7-25 750,209
Boca Chica Roadway Repairs 555,186
Hazard Mitigation Grant Program Wind Retrofit 318,758
Tubby's Creek Bridge 303,147
Mosquito Creek Bridge 302,264
Other Projects (less than $300,000) 1,902,732
Total $ 125,881,256
Significant encumbrance commitments at September 30, 2023 are as follows:
Encumbrances
Governmental Activities:
General Fund $ 90,837
Fine & Forfeiture Fund 33,787
Governmental Grants Fund 6,814,478
One Cent Infrastructure Surtax 1,409,638
Nonmajor Governmental Funds 1,648,290
Total Governmental Activities 9,997,030
Business-Type Activities:
Key West Airport 782,778
Marathon Airport 5,453,511
Total Business-Type Activities 6,236,289
Total Encumbrances $ 16,233,319
D-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 13 —LEASE AND SBITA 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 also entered into noncancelable agreements that qualify as subscription-based
information technology arrangements (SBITA) under GASB Statement No. 96 and, therefore, have been
recorded at the present value of the future minimum SBITA payments as of the date of their inception.
The Board has 76 lease agreements and three SBITA for the year ending September 30, 2023. The
future principal and interest payments as of September 30, 2023, were as follows:
Year Ending
September 30 Principal Interest Total
2024 $ 933,997 $ 127,019 $ 1,061,016
2025 924,954 95,666 1,020,620
2026 768,546 65,660 834,206
2027 421,189 46,774 467,963
2028 354,608 34,263 388,871
2029-2033 771,615 44,892 816,507
Totals $ 4,174,909 $ 414,274 $ 4,589,183
NOTE 14 —LONG-TERM DEBT
Long-term debt activity for the year ended September 30, 2023 is as follows:
Current Portion
Beginning Ending of Long-term
Balances Additions Payments Balaarces Liabilities
Governmental Activities:
Revenue Brands From Direct Borrowings $ 20,640,000 S - S 4,995,000 8 1.5,645,000 $ 5,110,000
Revenue`Votes:From Direct Borrowings 132„148,993 - 7„579„106 124,569,887 7,766„511
Lease Purchase of Trauma Star helicopters - 53,000,000 - 53,000,000 3,010,000
�1ayBeld Agreement('ICL f1 ;i 6A750,000 2h12.5,000 4,625,000 2,125,000
Old 7%file Bridge Restoration Sinking Fund 10,669,,980 - 355,666 10,314,314 355,666
Accrued Comp.Absences 5,425,402 4,730,903 3,904,712. 6,251,593 1,250,318
Lease and SBITA Liabilities* 3„528„651 1,599„508 951,862 4,166,297 931„542
OPFBB Liab6ty 30,684,000 988,800 1,336,800 30,336,000 -
Pension Liability •FIBS&HIIS 50,396,449 22,213„029 6,718„110 65,891„368
Pension Liabihty-LOSA'P 488„859 11,493 1.47,982 352,370 -
Total Governmental Act vities 260,732„334 82,533„733 28„114,238 315„1 i 1„829 20,549„037
D-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 14 —LONG-TERM DEBT (continued)
Current Portion
Beginning Ending of Long-term
Balances Additions Rkyments Balances Liabilities
3usiness-Type Acti-�ifies.
Revenue Bonds $ 42,459,929 $ - - $42,459,929 $ -
Accrued Comp.Absences 603,49,0 526,184 385,152 744,522 148,904
Lease Liabilities 12,877 - 4,265 8,612 2,455 1
OPEB Liability 1,259,000 362,200 316,200 1,305,000 -
Pension Liability-FRS&HIS 5,945,674 2,343,379 694,451 7,594,602 -
Total Business-Type Activities 50,280,970 3,231,763 1,400,068 52,112,665 151,359
Total Long-Term Debt $ 311,013,304 $ 85,765,496 $29,514,306 $367,264,404 $ 20,786,128
*GASB Statement No. 96 was implemented as of October 1, 2022 and the liabilities related to SBITA
liabilities in the above schedule reflect the value of long-term commitments of the Board related to right-
to-use leased assets. The beginning balances were restated with the implementation of GASB Statement
No. 96.
The Board has outstanding revenue bonds and revenue notes from direct borrowings related to
governmental activities totaling $140,214,887 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.
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.
D-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 14 —LONG-TERM DEBT (continued)
The following summary reflects the Board's bonds and notes as of September 30, 2023:
Governmental Activities
Revenue Bonds From Direct Borrowings:
Infrastructure Sales Surtax Revenue Bonds, Series 2014 $ 4,185,000
Infrastructure Sales Surtax Refunding Bond, Series 2016 11,460,000
Total Revenue Bonds From Direct Borrowings 15,645,000
Revenue Notes From Direct Borrowings:
Clean Water State Revolving Fund Construction Loan Agreement 2010 4,039,176
Clean Water State Revolving Fund Construction Loan Agreement 2014 118,730,711
Special Obligation Refunding Revenue Note, Series 2020 Project 1,800,000
Total Revenue Notes From Direct Borrowings 124,569,887
Lease Purchase Trauma Star Helicopters 53,000,000
Mayfield Agreement—Key Largo Wastewater Treatment District 4,625,000
Old 7 Mile Bridge Restoration Sinking Fund 10,314,314
Total Government Debt $ 208,154,201
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
Debt Service Funding Requirements — The total annual debt service requirements for bonds and notes
outstanding at September 30, 2023 are as follows:
Govenimental Activities Business-Type Activities
Ptinci al Interest Total Pfinci al hiterest Total
2024 18„367,177 4,04,341 23,366„518 2,091,100 2,091,100
2025 18,539,332 4,825,065 23„364,397 2,091,100 2,091,100
2026 16,001,367 4,445,982 20,447,349 605,000 2,075„975 2,680,975
2027 10,978,412 4,067,403 15,045,81.5 480,000 2,048,850 2,528,850
2028 11,275,606 3,770,318 15,045,924 505,000 2„024,225 2,529,225
2029-2033 58„035,008 14,186,311 72,221,319 4,305,000 9,572,875 13„877„875
2034-2039 65,349,282 5,840,719 71,190„001 5,890„000 8,274,250 14,164,250
2039-2043 6,407,024 61,046 6„468,070 7,520,000 6,,606,000 14,126,000
2044-2048 1,778,330 - 1,778,330 9,640,000 4,415,975 14,055,975
2049-2053 1,422,66.5 - 1,422,665 1.2,395,000 1,601.1,375 14,004,375
Total Required Debt Service 8 208,154,203 8 42,196,185 8 250,350,388 8 41„340,000 8 40„809,725 S 82,149,72.5
Unamortized original Issue
Prenutim on Series 2022 Bonds 1,119,929
Total Business Debt Service 8 42,459,929
D-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 14 —LONG-TERM DEBT (continued)
Long-term debt at September 30, 2023 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: $4,185,000
• 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 $4,283,766. For the
fiscal year, principal and interest paid was $4,280,172 and total pledged revenue was
$34,996,624.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
$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: $4,039,176
• 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 $4,432,598. For the fiscal year, principal and interest paid was $681,938 and total
pledged revenue was $46,799,661.
• Purpose: Refund temporary financing for wastewater capital improvements.
• Call provisions: None
D-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 14 —LONG-TERM DEBT (continued)
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: $118,730,711
• 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
$145,381,948. For the fiscal year, principal and interest paid was $9,379,481 and total pledged
revenue was $37,261,092
• 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
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.69%
• Amount outstanding at September 30th: $11,460,000
• 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 $11,921,455. For the
fiscal year, principal and interest paid was $1,119,053 and total pledged revenue was
$34,996,624
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
D-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 14 —LONG-TERM DEBT (continued)
$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: $4,625,000
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal
remaining to be paid is $4,625,000. For the fiscal year, principal paid was $2,125,000 total
pledged revenue was $34,996,624.
• 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: $1,800,000
• 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 $1,830,026. For the fiscal year, principal and interest paid was $914,804, and total
pledged revenue was $46,799,661.
• 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: $10,314,314
• Reserve requirement: None
D-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 14 —LONG-TERM DEBT (continued)
Old 7 Mile Bridge Restoration Sinking Fund (continued)
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund
and the Unincorporated Area Service District Funds. The total remaining to be paid is
$10,314,314. For the fiscal year, the amount set aside in the sinking fund was $355,666 and total
pledged revenue was $46,799,661.
• 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
$53,000,000 Lease Purchase Financing of Trauma Star Helicopters
• Final maturity: Year 2038
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 3.2591%
• Amount outstanding at September 30th: $53,000,000
• Reserve requirement: None
• Revenue pledged: None. The rental payments are to be made only from legally available
revenues appropriated on an annual basis. Should the required lease payments not be made as
scheduled, the lease shall be deemed terminated and the County agrees to cease use of the
helicopters and return them to the lessor. The total principal and interest remaining to be paid is
$67,561,279. For the fiscal year, no principal and interest was paid.
• Purpose: Lease purchase of three Trauma Star helicopters.
• 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 paid on 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$2,573,827.
D-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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. Non-use fees paid in FY 2023 totaled $12,733.
• 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, 2023: $0
• Reserve requirement: None
PNC Line of Credit for Monroe County, Florida Taxable Master Airport Revenue Note Series 2022
(continued
• 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 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, 2023
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.
D-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 16—INTERFUND TRANSFERS
Interfund transfers at September 30, 2023 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 860,159
Nonmajor Governmental Funds 4,100,644
Total Transfers to General Fund 6,538,601
Transfers to Governmental Grant Fund from:
General Fund 49,992
Fine & Forfeiture Fund 33,708
One Cent Infrastructure Surtax Fund 212,311
Nonmajor Governmental Funds 29,545
Total Transfers to Governmental Grant Fund 325,556
Transfers to One Cent Infrastructure Surtax Fund from:
Nonmajor Funds 8,930,144
Total Transfers to One Cent Infrastructure Fund 8,930,144
Transfers to Debt Service Fund from:
One Cent Infrastructure Surtax Fund 17,529,815
Total Transfers to Debt Service Fund 17,529,815
Transfers to Nonmajor Funds from:
General Fund 83,183
Total Transfers to Nonmajor Funds 83,183
Transfers to Proprietary Funds from:
General Fund 10,341,817
One Cent Infrastructure Sales Surtax 4,645,645
Total Transfers to Proprietary Funds 14,987,462
Total Interfund Transfers $ 48,394,761
D-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 16—INTERFUND TRANSFERS (continued)
During FY 2023, Monroe County closed fifteen funds including funds that were maintained for the
County's various wastewater projects and other capital projects that have been substantially completed.
The fund balances of closed funds were transferred to the One Cent Infrastructure Sales Surtax Fund.
The total transferred was $8,930,144.
The One Cent Infrastructure Surtax Fund also transferred $17,529,815 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, the Clean Water State Revolving Fund Construction Loans for
both the Big Coppitt Wastewater Project and the Cudjoe Regional Wastewater Project, as well as the
debt related to the Mayfield Interlocal Agreement.
In FY 2023, the County transferred $10,341,817 from the General Fund and $4,645,645 from the
Infrastructure Sales Surtax Fund to the Marathon Airport Fund. The building of the County's
Emergency Operation Center (EOC) is accounted for in the Marathon Airport Fund. The EOC will be
funded with grant funds; however, the delay in receiving reimbursements from the grants required the
County to provide temporary cash flow for this capital project.
Transfers were made to the Governmental Grants Fund of$325,556 during the fiscal year. The General
Fund transferred $49,992 to finance cost share requirements of various Social Services-related grants. In
addition, $145,705 was transferred from the One Cent Infrastructure Surtax Fund to meet match
requirements for the County's HGMP Phase 1 Grant for wind retrofit. Also, $19,733 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.
NOTE 17—INTERFUND BALANCES
The General Fund loaned the Governmental Grant $2.7 million due to delayed timing of the receipt of
grant funds.
Receivable Fund Payable Funds Amount
General Fund Governmental Grant Fund $2,700,000
D-53
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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, 2023 is presented below:
Tourist
Development
Admin&
Fine& Governmental Promo Two
General Forfeiture Grants Cent
Fund Balance:
Non-spendable:
Inventory $ 15,274 $ 12,598 -
Total Non-spendable 15,274 12,598 - -
Restricted for:
Law Enforcement - 22,247,843 - -
Fire&Ambulance - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Housing Programs - - - -
Tourist Development - - - 43,897,528
Human Services - - - -
Libraries - - - -
Library Donations - - - -
Culture&Recreation - - - -
Court Programs - - - -
Comprehensive Planning - - - -
Wastewater Projects - - - -
Federal&State Grants - - 3,887,664 -
Other Purposes - - - -
Debt Service - - - -
Capital Projects - - - -
Total Restricted - 22,247,843 3,887,664 43,897,528
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 90,837 - - -
Fire&Ambulance - - - -
Subsequent Year Expenditures 22,364,817 - - -
Total Assigned 22,455,654 - - -
Unassigned 11,788,587 - - -
Total Fund Balances $ 44,259,515 $ 22,260,441 $ 3,887,664 $ 43,897,528
D-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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 $ 17,398 $ - $ 12,598 $ 57,868
Total Non-spendable 17,398 - 12,598 57,868
Restricted for:
Law Enforcement - - 6,966,603 29,214,446
Fire&Ambulance - - 1,039,983 1,039,983
Public Safety - - 5,103,296 5,103,296
Physical Environment - - 3,789,878 3,789,878
Transportation - - 8,164,371 8,164,371
Housing Programs - - 3,993,881 3,993,881
Tourist Development - - 76,721,565 120,619,093
Human Services - - 36,671 36,671
Library Donations - - 294,609 294,609
Culture&Recreation - - 2,587,739 2,587,739
Court Programs - - 7,711,184 7,711,184
Comprehensive Planning - - 3,297,600 3,297,600
Federal&State Grants - - - 3,887,664
Other Purposes - - 1,657,480 1,657,480
Debt Service - 3,531,065 - 3,531,065
Capital Projects 91,137,448 - 1,084,819 92,222,267
Total Restricted 91,137,448 3,531,065 122,449,679 287,151,227
Committed to:
Disaster Recovery - - - 10,000,000
Physical Environment - - 8,006,035 8,006,035
Beach Re-nourishment - - 232,781 232,781
Health Care - - 222,625 222,625
Total Committed - - 8,461,441 18,461,441
Assigned to:
Other Purposes - - - 90,837
Fire&Ambulance - - 7,298,815 7,298,815
Subsequent Year Expenditures - - - 22,364,817
Total Assigned - - 7,298,815 29,754,469
Unassigned - - - 11,788,587
Total Fund Balances $91,154,846 $ 3,531,065 $ 138,222,533 $ 347,213,592
D-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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 Nos. 10 and 62, 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 2023 and 2022 were:
Workers' Group Risk
Compensation Insurance Management Total
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
Incurred Claims
(Including IBNR) 1,694,454 17,537,474 (1,273,615) 17,958,313
Claim Payments (1,384,951) (17,509,247) (244,370) (19,138,568)
Unpaid Claims at Sept. 30, 2023 $ 2,195,900 $ 815,091 $ 226,795 $ 3,237,786
D-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
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
two merit mention.
The first claim, Galleon Bay vs. Monroe County and the State of Florida, 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
$480,512, as of June 1, 2016, plus statutory post judgment interest. After the judgment was affirmed on
appeal, the Board deposited $531,391 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.
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 second 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.
D-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 20 —LITIGATION AND CLAIMS (continued)
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$217,160. The judgement defeats any possible claim for an adverse
award of attorney fees against Monroe County. However, Sugarloaf Wi-Fi, Inc. has filed three motions
contending that because there was a violation of s. 286.011, F.S., Sugarloaf Wi-Fi, Inc. is entitled to
prevailing party attorney's fees. While these motions remain pending as a technical matter, the County
believes they lack merit.
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.
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.
D-58
REQUIRED
SUPPLEMENTARY INFORMATION
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*
2023 2022 2021
Board's proportion of the net pension liability 0.133741137% 0.119102640% 0.127201763%
Board's proportionate share of the net pension liability $ 53,292,762 $ 44,316,905 $ 9,609,799
Board's covered payroll $ 50,500,089 $ 41,413,339 $ 42,082,080
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 105.53% 107.01% 22.84%
Plan fiduciary net position as a percentage of the total pension liability 82.38% 82.89% 96.40%
"The amounts presented for each fiscal year were determined as of June 30.
E-1
2020 2019 2018 2017 2016 2015 2014
0.127836047% 0.122381778% 0.129013726% 0.110416195% 0.107471975% 0.103158114% 0.104891393%
$ 55,407,179 $ 42,146,581 $ 38,859,603 $ 32,660,370 $ 27,136,758 $ 13,324,254 $ 6,399,917
$ 40,912,184 $ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681 $ 28,496,269 $ 27,856,637
135.43% 114.40% 104.97% 103.46% 91.93% 46.76% 22 97%
78.85% 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*
2023 2022 2021
Contractually required contribution $ 6,544,287 $ 5,499,309 $ 4,755,272
Contributions in relation to the contractually required contributions (6,544,287) (5,499,309) (4,755,272)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 50,133,219 $ 44,175,166 $ 31,198,127
Contributions as a percentage of covered payroll 13.05% 12.45% 15.24%
*The amounts presented for each fiscal year were determined as of September 30.
E-3
2020 2019 2018 2017 2016 2015 2014
$ 4,418,540 $ 3,552,282 $ 3,545,505 $ 3,169,065 $ 2,620,875 $ 2,515,082 $ 2,297,567
(4,418,540) (3,552,282) (3,545,505) (3,169,065) (2,620,875) (2,515,082) (2,297,567)
$ 32,741,086 $ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681 $ 29,097,726 $ 28,100,694
13.50% 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*
2023 2022 2021
Board's proportion of the net pension liability 0.000000000% 0.113535555% 0.118822592%
Board's proportionate share of the net pension liability $ 20,193,219 $ 12,025,218 $ 14,575,366
Board's covered payroll $ 50,500,089 $ 41,413,339 $ 42,082,080
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 39.99% 29.04% 34.64%
Plan fiduciary net position as a percentage of the total pension liability 4.12% 4.81% 3.56%
"The amounts presented for each fiscal year were determined as of June 30.
E-5
2020 2019 2018 2017 2016 2015 2014
0.117668137% 0.110141787% 0.113326095% 0.098952229% 0.095343347% 0.093902398% 0.093727524%
$ 14,367,077 $ 12,323,764 $ 11,994,561 $ 10,580,429 $ 11,111,872 $ 9,576,567 $ 8,763,852
$ 40,912,184 $ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681 $ 28,496,269 $ 27,856,637
35.12% 33.45% 32.40% 33.52% 37.64% 33.61% 31.46%
3.00% 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*
2023 2022 2021
Contractually required contribution $ 868,274 $ 732,868 $ 672,957
Contributions in relation to the contractually required contributions (868,274) (732,868) (672,957)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 50,133,219 $ 44,175,166 $ 31,198,127
Contributions as a percentage of covered payroll 1.73% 1.66% 2.16%
*The amounts presented for each fiscal year were determined as of September 30.
E-7
2020 2019 2018 2017 2016 2015 2014
$ 689,830 $ 621,670 $ 628,246 $ 435,699 $ 488,695 $ 358,953 $ 321,079
(689,830) (621,670) (628,246) (435,699) (488,695) (358,953) (321,079)
$ 32,741,086 $ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681 $ 29,097,726 $ 28,100,964
2.11% 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)
2023 2022 2021
Total pension liability
Service cost $ 2,772 $ 1,819 $ (24,610)
Interest 8,721 5,939 6,890
Differences between expected and actual experience (66,343) (65,332) (61,382)
Changes of assumptions or other inputs (46,344) (33,348)
Benefit payments,including refunds of employee contributions (35,295) (24,570) (34,680)
Net change in total pension liability (136,489) (115,492) (113,782)
Total pension liability-beginning 488,859 604,351 718,133
Total pension liability-ending $ 352,370 $ 488,859 $ 604,351
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:
There are no assets accumulated in a trust,as defined by Statement of Governmental Accounting Standards No.73,to pay benefits.
E-9
2020 2019 2018 2017 2016 2015 2014
$ (11,774) $ (6,170) $ 12,761 $ 22,937 $ 16,394 $ 16,455 $ 18,434
8,130 8,724 9,146 9,146 8,895 8,054 12,219
(50,828) (35,295) 182 (39,039) 33,108 89,397 (9,696)
(30,945) (31,680) (32,265) (32,265) (28,365) (30,855) (25,575)
(85,417) (64,421) (10,176) (39,221) 30,032 83,051 (4,618)
803,550 867,971 878,147 917,368 887,336 804,285 808,903
$ 718,133 $ 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 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, 2022 2021 2020 2019
Actuarially determined contribution $ - $ - $ 3,265 $ 5,200
Contributions in relation to the actuarially
determined contribution - - 3,265 5,200
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 2023 plan year.The 2022 plan year assumptions are those stated in the prior
actuary's 2022 Actuarial Valuation Report.
E-11
2018 2017 2016 2015 2014 2013
$ 3,265 $ 61,388 $ 39,899 $ 39,899 $ 30,304 $ 28,575
3,265 61,388 39,899 39,899 30,304 28,575
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*
2023 2022 2021 2020 2019 2018
Total OPEB liability
Service cost $ 962,000 $ 3,291,000 $ 971,000 $ 650,000 $ 496,958 $ 1,067,439
Interest 1,274,000 743,000 719,000 678,000 932,494 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 (118,000) (4,260,000) 189,000 7,549,000 3,431,990 (1,964,239)
Benefit payments (2,420,000) (2,091,000) (2,225,000) (2,110,000) (1,549,168) (868,434)
Net change in total OPEB liability (302,000) (376,000) (346,000) 6,767,000 3,312,274 (17,336,248)
Total OPEB liability-Beginning of Year 31,943,900 32,319,900 32,665,900 25,898,900 22,586,638 39,922,886
Total OPEB liability-End of Year $ 31,641,900 $ 31,943,900 $ 32,319,900 $ 32,665,900 $ 25,898,912 $ 22,586,638
Covered-employee payroll $ 45,115,000 $ 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 70.14% 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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 31,542,441 $ 31,542,441 $ 32,729,351 $ 1,186,910
Licenses and Permits - - 1,946,090 1,946,090
Investment Income 50,000 50,000 1,927,187 1,877,187
Miscellaneous - - 451,568 451,568
Total Revenues 31,592,441 31,592,441 37,054,196 5,461,755
EXPENDITURES:
Current:
Capital Outlay:
General Government 9,090,200 9,505,187 6,081,509 3,423,678
Public Safety 8,852,518 58,699,060 660,537 58,038,523
Physical Environment 1,357,714 3,682,030 1,184,305 2,497,725
Transportation: Const. Mgmt. 12,348,175 15,339,033 6,551,305 8,787,728
Culture and Recreation 3,132,866 3,464,616 1,400,663 2,063,953
Total Capital Outlay Expenditures 34,781,473 90,689,926 15,878,319 74,811,607
Debt Service:
Principal - - 11,696 (11,696)
Interest - - 9,261 (9,261)
Total Debt Service - - 20,957 (20,957)
Total Expenditures 34,781,473 90,689,926 15,899,276 74,790,650
Excess/Deficiency of Revenues
Over (Under) Expenditures (3,189,032) (59,097,485) 21,154,920 80,252,405
Other Financing Sources (Uses):
Reserve for Contingencies (500,000) (4,656) - 4,656
Reserve for Cash Balance (4,182,551) (4,182,551) - 4,182,551
Lease Financing - 53,000,000 52,003,731 (996,269)
Transfers from Other Funds 645,292 4,273,357 8,930,144 4,656,787
Transfers from Constitutional Officers - - 4,380 4,380
Transfers to Other Funds (16,161,844) (20,307,489) (22,921,648) (2,614,159)
Total Other Financing Sources (Uses) (20,199,103) 32,778,661 38,016,607 5,237,946
Net Change in Fund Balances (23,388,135) (26,318,824) 59,171,527 85,490,351
Fund Balances-October 1 23,388,135 26,318,824 31,983,319 5,664,495
Fund Balances-September30 $ - $ - $ 91,154,846 $ 91,154,846
F-1
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 15,000 $ 15,000 $ 408,349 $ 393,349
Total Revenues 15,000 15,000 408,349 393,349
EXPENDITURES:
Current:
Clean Water SRF Loans
Principal 6,783,458 6,783,458 6,694,107 89,351
Interest 3,278,024 3,278,024 3,367,313 (89,289)
Total Clean Water SRF Loan 10,061,482 10,061,482 10,061,420 62
2014 Revenue Bonds
Principal 4,085,000 4,085,000 4,085,000 -
Interest 195,172 195,172 195,172 -
Total 2014 Revenue Bonds 4,280,172 4,280,172 4,280,172 -
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 910,380 910,380 910,000 380
Interest 208,673 208,673 208,673 -
Total 2016 Revenue Bonds 1,119,053 1,119,053 1,118,673 380
(Continued)
F-2
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
2020 Revenue Note
Principal 885,000 885,000 885,000 -
Interest 29,804 29,804 29,804 -
Total 2020 Revenue Note 914,804 914,804 914,804 -
Total Expenditures 18,500,511 18,500,511 18,500,069 442
Excess/Deficiency of Revenues
Over(Under) Expenditures (18,485,511) (18,485,511) (18,091,720) 393,791
Other Financing Sources (Uses):
Reserve for Contingencies (500,000) (500,000) - 500,000
Reserve for Cash Balance (500,000) (500,000) - 500,000
Lease Liabiliites Issued - - - -
Transfers from Other Funds 17,585,707 17,585,707 17,529,815 (55,892)
Transfers from Constitutional Officers 914,804 914,804 914,804 -
Total Other Financing Sources (Uses) 17,500,511 17,500,511 18,444,619 944,108
Net Change in Fund Balances (985,000) (985,000) 352,899 1,337,899
Fund Balances-October 1 985,000 985,000 3,178,166 2,193,166
Fund Balances-September 30 $ - $ - $ 3,531,065 $ 3,531,065
F-3
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
SPECIAL
Tourist
Affordable Development Tourist Tourist
Housing All Districts Development Development
Programs Two Cent District One District Two
ASSETS
Cash and Cash Equivalents $ 27,667 $ 1,401,533 $ 1,659,659 $ 235,062
Investments 397,000 19,859,870 23,404,739 3,336,452
Accounts Receivable, Net - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - 1,064,309 1,436,124 254,417
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Prepaid Items - - - -
Interest Receivable 1,272 63,631 74,989 10,690
Total Assets $ 425,939 $ 22,389,343 $ 26,575,511 $ 3,836,621
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 130,299 $ 697,674 $ 164,481
Retainage Payable - - 71,594 17,602
Accrued Wages and Benefits Payable - - 7,028 5,474
Due to Other Governmental Units - - - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - 130,299 776,296 187,557
Fund Balances:
Nonspendable - - - -
Restricted 425,939 22,259,044 25,566,434 3,649,064
Committed - - 232,781 -
Assigned - - - -
Total Fund Balances 425,939 22,259,044 25,799,215 3,649,064
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 425,939 $ 22,389,343 $ 26,575,511 $ 3,836,621
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
$ 668,145 $ 418,076 $ 516,205 $ 54,182 $ 57,552 $ -
9,464,690 5,921,553 7,320,546 751,959 817,275 -
- 19,500 - - - -
651,132 376,803 530,572 - - -
30,325 18,973 23,455 2,409 2,619 -
$ 10,814,292 $ 6,754,905 $ 8,390,778 $ 808,550 $ 877,446 $ -
$ 435,438 $ 74,121 $ 50,690 $ - $ - $ -
90,252 17,850 38,312 14,460 - -
- - 6,289 - - -
525,690 91,971 95,291 14,460 - -
10,288,602 6,662,934 8,295,487 794,090 877,446 -
10,288,602 6,662,934 8,295,487 794,090 877,446 -
$ 10,814,292 $ 6,754,905 $ 8,390,778 $ 808,550 $ 877,446 $ -
(Continued)
G-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
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 $ 9,082 $ 12,614 $ 729,141 $ 117,011
Investments 128,122 181,602 6,345,098 1,711,214
Accounts Receivable, Net - - 485,309 2,199
Due from Other Governmental Units - - - 55,136
Due from Constitutional Officers - - 261,292 36,223
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Prepaid Items - - - 12,598
Interest Receivable 411 582 20,328 5,483
Total Assets $ 137,615 $ 194,798 $ 7,841,168 $ 1,939,864
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ 13,620 $ 146,545
Retainage Payable - - - -
Accrued Wages and Benefits Payable - - 528,733 66,306
Due to Other Governmental Units - - - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - 4,122
Total Liabilities - - 542,353 216,973
Fund Balances:
Nonspendable - - - 12,598
Restricted 137,615 194,798 - 1,710,293
Committed - - - -
Assigned - - 7,298,815 -
Total Fund Balances 137,615 194,798 7,298,815 1,722,891
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 137,615 $ 194,798 $ 7,841,168 $ 1,939,864
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
$ 539,831 $ 140,829 $ 45,828 $ 24,794 $ 230,517 $ 3,688
5,211,146 1,970,088 - 350,430 3,272,337 55,104
10,563 - - - - -
231,795 - - - - -
13,930 406,342 - 461 - -
- - - - 10,365,373 -
- - - - (10,365,373) -
16,696 6,312 - 1,123 10,485 177
$ 6,023,961 $ 2,523,571 $ 45,828 $ 376,808 $ 3,513,339 $ 58,969
$ 44,270 $ - $ - $ 8,559 $ 95 $ -
308,915 - - - 4,271 -
1,440 - - - - -
- - 43,593 - - -
270,520 - - - - -
625,145 - 43,593 8,559 4,366 -
5,398,816 2,523,571 2,235 368,249 3,508,973 58,969
5,398,816 2,523,571 2,235 368,249 3,508,973 58,969
$ 6,023,961 $ 2,523,571 $ 45,828 $ 376,808 $ 3,513,339 $ 58,969
(Continued)
G-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
SPECIAL
Miscellaneous Law
Boating Special Environmental Enforcement
Improvement Revenue Restoration Trust
ASSETS
Cash and Cash Equivalents $ 224,452 $ 324,620 $ 555,074 $ 3,678,155
Investments 3,240,160 4,314,082 7,367,385 761,976
Accounts Receivable, Net - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers 51,553 61,561 - 998
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Prepaid Items - - - -
Interest Receivable 10,382 13,822 23,606 2,441
Total Assets $ 3,526,547 $ 4,714,085 $ 7,946,065 $ 4,443,570
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 4,245 $ 101,550 $ 790 $ -
Retainage Payable - - - -
Accrued Wages and Benefits Payable 10,619 - 7,049 -
Due to Other Governmental Units - 966 - -
Due to Constitutional Officers - 29,628 - 2,773
Deposits in Escrow - - - -
Total Liabilities 14,864 132,144 7,839 2,773
Fund Balances:
Nonspendable - - - -
Restricted 3,511,683 4,581,941 - 4,440,797
Committed - - 7,938,226 -
Assigned - - - -
Total Fund Balances 3,511,683 4,581,941 7,938,226 4,440,797
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 3,526,547 $ 4,714,085 $ 7,946,065 $ 4,443,570
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
$ 337,550 $ 3,448 $ - $ 11,121 $ - $ -
4,781,151 52,593 - 165,822 - -
51,010 4,786 - 45,151 - -
15,319 169 - 531 - -
$ 5,185,030 $ 60,996 $ - $ 222,625 $ - $ -
$ 402 $ 24,325 $ - $ - $
4,837 - - - - -
5,239 24,325 - - - -
5,179,791 36,671 - - - -
- - - 222,625 - -
5,179,791 36,671 - 222,625 - -
$ 5,185,030 $ 60,996 $ - $ 222,625 $
(Continued)
G-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
SPECIAL
Key Largo Long Key,
Wastewater Stock Island Conch Key Layton
MSTU Wastewater MSTU MSTU
ASSETS
Cash and Cash Equivalents $ - $ - $ - $ -
Investments - - - -
Accounts Receivable, Net - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - - - -
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Prepaid Items - - - -
Interest Receivable - - - -
Total Assets $ - $ - $ - $ -
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ - $ -
Retainage Payable - - - -
Accrued Wages and Benefits Payable - - - -
Due to Other Governmental Units - - - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - - - -
Fund Balances:
Nonspendable - - - -
Restricted - - - -
Committed - - - -
Assigned - - - -
Total Fund Balances - - - -
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ - $ - $ - $ -
G-7
REVENUE FUNDS
Canal
Duck Key Special Roads and Building
MSTU Assessments Bridges Fund
$ - $ 4,491 $ 487,927 $ 383,416
- 63,540 7,066,996 3,499,596
- - - 320
- - 567,536 -
- 6 - -
- 204 22,643 11,212
$ - $ 68,241 $ 8,145,102 $ 3,894,544
$ - $ 432 $ 130,357 $ 113,813
- - 115,008 -
- - 139,850 201,819
- - 389,606 49,665
- - - 8,110
- 432 774,821 373,407
- - 7,370,281 3,521,137
- 67,809 - -
- 67,809 7,370,281 3,521,137
$ - $ 68,241 $ 8,145,102 $ 3,894,544
(Continued)
G-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2023
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 $ 12,901,670 $ - $ 7,703 $ -
Investments 121,812,526 - 105,373 -
Accounts Receivable, Net 517,891 - - -
Due from Other Governmental Units 854,467 - - -
Due from Constitutional Officers 5,246,670 - - -
Mortgages/Notes Receivable 10,365,373 - - -
Allowance for Mortgages/Notes Receivable (10,365,373) - - -
Prepaid Items 12,598 - - -
Interest Receivable 390,289 - 338 -
Total Assets $ 141,736,111 $ - $ 113,414 $ -
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 2,141,706 $ - $ - $ -
Retainage Payable 365,078 - - -
Accrued Wages and Benefits Payable 1,291,190 - - -
Due to Other Governmental Units 441,677 - - -
Due to Constitutional Officers 75,994 - - -
Deposits in Escrow 282,752 - - -
Total Liabilities 4,598,397 - - -
Fund Balances:
Nonspendable 12,598 - - -
Restricted 121,364,860 - 113,414 -
Committed 8,461,441 - - -
Assigned 7,298,815 - - -
Total Fund Balances 137,137,714 - 113,414 -
Total Liabilities, Deferred Inflows of -
Resources, and Fund Balances $ 141,736,111 $ - $ 113,414 $ -
G-9
PROJECT FUNDS
Total
Big Coppitt Duck Key Cudjoe Regional Long Key Land Nonmajor
Wastewater Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Project Fund Funds
$ - $ - $ - $ - $ 64,007 $ 12,973,380
- - - - 909,625 122,827,524
- - - - - 517,891
- - - - 1,625 856,092
- - - - - 5,246,670
- - - - - 10,365,373
- - - - - (10,365,373)
- - - - - 12,598
- - - - 2,914 393,541
$ - $ - $ - $ - $ 978,171 $ 142,827,696
$ - $ - $ - $ - $ 6,766 $ 2,148,472
- - - - - 365,078
- - - - - 1,291,190
- - - - - 441,677
- - - - - 75,994
- - - - - 282,752
- - - - 6,766 4,605,163
- - - - - 12,598
- - - - 971,405 122,449,679
- - - - - 8,461,441
- - - - - 7,298,815
- - - - 971,405 138,222,533
978,171 $ 142,827,696
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, 2023
SPECIAL
Tourist
Affordable Development Tourist Tourist
Housing All Districts Development Development
Programs Two Cent District One District Two
Revenues:
Taxes $ - $ 10,005,686 $ 14,309,261 $ 2,502,163
Licenses and Permits - - - -
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income 13,896 754,672 926,561 144,414
Miscellaneous - - - -
Total Revenues 13,896 10,760,358 15,235,822 2,646,577
Expenditures:
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Economic Environment - 6,360,317 13,897,915 2,969,732
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - - - -
Interest - - - -
Total Expenditures - 6,360,317 13,897,915 2,969,732
Excess/Deficiency of Revenues
Over(Under) Expenditures 13,896 4,400,041 1,337,907 (323,155)
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - (72,713) (54,392) (14,975)
Lease Financing - - - -
Transfers from Constitutional Officers - 96,335 128,538 22,377
Total Other Financing Sources (Uses) - 23,622 74,146 7,402
Net Change in Fund Balances 13,896 4,423,663 1,412,053 (315,753)
Fund Balances-October 1 412,043 17,835,381 24,387,162 3,964,817
Fund Balances-September 30 $ 425,939 $ 22,259,044 $ 25,799,215 $ 3,649,064
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
$ 5,686,656 $ 3,438,131 $ 4,803,224 $ - $ - $ -
- - - 55,778 24,690 -
369,784 239,760 307,589 30,521 30,062 -
6,056,440 3,677,891 5,110,813 86,299 54,752 -
- - - 214,344 - -
5,039,076 2,985,184 4,911,312 - - -
- - - - 7,149 -
5,039,076 2,985,184 4,911,312 214,344 7,149 -
1,017,364 692,707 199,501 (128,045) 47,603 -
(13,595) (13,002) (26,318) - - (143,538)
50,837 30,772 42,718 - - -
37,242 17,770 16,400 - - (143,538)
1,054,606 710,477 215,901 (128,045) 47,603 (143,538)
9,233,996 5,952,457 8,079,586 922,135 829,843 143,538
$ 10,288,602 $ 6,662,934 $ 8,295,487 $ 794,090 $ 877,446 $ -
(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, 2023
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 $ - $ - $ 14,488,020 $ 2,778,922
Licenses and Permits - 7,866 - -
Intergovernmental - - 124,782 841,795
Charges for Services - - 1,179,129 137,655
Fines and Forfeitures - - - -
Investment Income 4,939 6,092 468,423 119,635
Miscellaneous - - 325,460 32,569
Total Revenues 4,939 13,958 16,585,814 3,910,576
Expenditures:
Current:
General Government - - 682,334 81,308
Public Safety - - 14,104,317 -
Physical Environment - - - -
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - 3,689,960
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - - 507 -
Interest - - 8 -
Total Expenditures - - 14,787,166 3,771,268
Excess/Deficiency of Revenues
Over(Under) Expenditures 4,939 13,958 1,798,648 139,308
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - (1,219,110) (331,776)
Lease Financing - - - -
Transfers from Constitutional Officers - - 258,332 35,616
Total Other Financing Sources (Uses) - - (960,778) (296,160)
Net Change in Fund Balances 4,939 13,958 837,870 (156,852)
Fund Balances-October 1 132,676 180,840 6,460,945 1,879,743
Fund Balances-September 30 $ 137,615 $ 194,798 $ 7,298,815 $ 1,722,891
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
$ 677,826 $ 5,471,260 $ - $ - $ - $ -
- - - 119,459 - 43,024
2,841,488 - - - 1,068,564 -
4,253,014 5,039,156 555,116 - - -
1,428,205 - - - - -
308,678 135,112 2,912 14,622 104,346 713
1,229 - - - 758,779 -
9,510,440 10,645,528 558,028 134,081 1,931,689 43,737
4,144,520 257,712 - 973 - -
3,883,416 10,465,168 557,028 110,570 - -
989,332 - - - - -
- - - - 817,800 -
15,309 - - - - -
475 - - - - -
9,033,052 10,722,880 557,028 111,543 817,800 -
477,388 (77,352) 1,000 22,538 1,113,889 43,737
(1,412,580) (14,338) - - - -
28,881 - - - - -
13,930 405,147 - 438 - -
(1,369,769) 390,809 - 438 - -
(892,381) 313,457 1,000 22,976 1,113,889 43,737
6,291,197 2,210,114 1,235 345,273 2,395,084 15,232
$ 5,398,816 $ 2,523,571 $ 2,235 $ 368,249 $ 3,508,973 $ 58,969
(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, 2023
Miscellaneous Law
Boating Special Environmental Enforcement
Improvement Revenue Restoration Trust
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits - 46,048 - -
Intergovernmental - - - -
Charges for Services 755,157 1,074,274 - -
Fines and Forfeitures - 298,611 2,852,600 -
Investment Income 124,925 159,273 217,620 194,032
Miscellaneous - 315,678 - 671,962
Total Revenues 880,082 1,893,884 3,070,220 865,994
Expenditures:
Current:
General Government - 100 - -
Public Safety - 273,784 - 189,589
Physical Environment 650,452 - 539,262 -
Transportation - - - -
Economic Environment - 223,796 - -
Human Services - 140,909 - -
Culture and Recreation - 270,321 6,597 -
Court Related - 350,349 - -
Capital Outlay - - - -
Debt Service:
Principal - 16,861 - -
Interest - 1,332 - -
Total Expenditures 650,452 1,277,452 545,859 189,589
Excess/Deficiency of Revenues
Over(Under) Expenditures 229,630 616,432 2,524,361 676,405
Other Financing Sources (Uses):
Transfers from Other Funds - 83,183 - -
Transfers to Other Funds (7,363) - (2,449) -
Lease Financing - - - -
Transfers from Constitutional Officers - - - 3
Total Other Financing Sources (Uses) (7,363) 83,183 (2,449) 3
Net Change in Fund Balances 222,267 699,615 2,521,912 676,408
Fund Balances-October 1 3,289,416 3,882,326 5,416,314 3,764,389
Fund Balances-September 30 $ 3,511,683 $ 4,581,941 $ 7,938,226 $ 4,440,797
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
$ - $ - $ - $ 2,507,643 $
616,666 45,221 - - - -
177,851 1,832 - 4,092 - -
794,517 47,053 - 2,511,735 - -
- - - 118,055 - -
- 54,977 - 2,328,364 - -
301,199 - - - - -
301,199 54,977 - 2,446,419 - -
493,318 (7,924) - 65,316 - -
- - (2,736) - (48,024) (531)
- - - 44,662 - -
- - (2,736) 44,662 (48,024) (531)
493,318 (7,924) (2,736) 109,978 (48,024) (531)
4,686,473 44,595 2,736 112,647 48,024 531
$ 5,179,791 $ 36,671 $ - $ 222,625 $ - $ -
(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, 2023
SPECIAL
Key Largo Long Key,
Wastewater Stock Island Conch Key Layton
MSTU Wastewater MSTU MSTU
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits - - - -
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income - - - -
Miscellaneous - - - -
Total Revenues - - - -
Expenditures:
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - - - -
Interest - - - -
Total Expenditures - - - -
Excess/Deficiency of Revenues
Over(Under) Expenditures - - - -
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds (9,119) (1,375,831) (595) (261,727)
Lease Financing - - - -
Transfers from Constitutional Officers - - - -
Total Other Financing Sources (Uses) (9,119) (1,375,831) (595) (261,727)
Net Change in Fund Balances (9,119) (1,375,831) (595) (261,727)
Fund Balances-October 1 9,119 1,375,831 595 261,727
Fund Balances-September 30 $ - $ - $ - $ -
G-17
REVENUE FUNDS
Canal
Duck Key Special Roads and Building
MSTU Assessments Bridges Fund
$ - $ - $ 3,511,728 $ -
- 28,873 - 6,619,766
- - 3,880,970 -
- - 3,736 150,766
- 2,600 270,933 182,856
- - 137,887 20,578
- 31,473 7,805,254 6,973,966
- - - 6,146,634
- 17,687 - -
- - 6,212,986 -
- - 10,590 8,549
- - 3 572
- 17,687 6,223,579 6,155,755
- 13,786 1,581,675 818,211
(45,760) - (408,919) (538,659)
- - 28,881 -
(45,760) - (380,038) (538,659)
(45,760) 13,786 1,201,637 279,552
45,760 54,023 6,168,644 3,241,585
$ - $ 67,809 $ 7,370,281 $ 3,521,137
(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, 2023
CAPITAL
Total Nonmajor Infrastructure Clerk's Infrastructure
Special Rev Revenue Bonds Revenue Revenue Bonds
Funds Series 2014 Note Series 2007
Revenues:
Taxes $ 70,180,520 $ - $ - $ -
Licenses and Permits 6,945,504 - - -
Intergovernmental 8,757,599 - - -
Charges for Services 13,809,890 - - -
Fines and Forfeitures 4,579,416 - - -
Investment Income 5,318,745 - 816 -
Miscellaneous 2,264,142 - - -
Total Revenues 111,855,816 - 816 -
Expenditures:
Current:
General Government 5,285,002 - - -
Public Safety 35,730,506 - - -
Physical Environment 2,196,733 - - -
Transportation 6,427,330 - - -
Economic Environment 37,205,132 - - -
Human Services 2,524,250 - - -
Culture and Recreation 3,974,027 - - -
Court Related 651,548 - - -
Capital Outlay - - - -
Debt Service:
Principal 51,816 - - -
Interest 2,390 - - -
Total Expenditures 94,048,734 - - -
Excess/Deficiency of Revenues
Over(Under) Expenditures 17,807,082 - 816 -
Other Financing Sources (Uses):
Transfers from Other Funds 83,183 - - -
Transfers to Other Funds (6,018,050) (1,538,160) - (186,086)
Lease Financing 57,762 - - -
Transfers from Constitutional Officers 1,129,705 - - -
Total Other Financing Sources (Uses) (4,747,400) (1,538,160) - (186,086)
Net Change in Fund Balances 13,059,682 (1,538,160) 816 (186,086)
Fund Balances-October 1 124,078,032 1,538,160 112,598 186,086
Fund Balances-September 30 $ 137,137,714 $ - $ 113,414 $ -
G-19
PROJECTFUNDS
Total
Big Coppitt Duck Key Cudjoe Regional Long Key Land Nonmajor
Wastewater Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Project Fund Funds
$ - $ - $ - $ - $ - $ 70,180,520
- - - - - 6,945,504
- - - - 70,970 8,828,569
- - - - - 13,809,890
- - - - - 4,579,416
- - - - 37,691 5,357,252
- - - - 60,775 2,324,917
- - - - 169,436 112,026,068
- - - - - 5,285,002
- - - - - 35,730,506
- - - - - 2,196,733
- - - - - 6,427,330
- - - - - 37,205,132
- - - - - 2,524,250
- - - - - 3,974,027
- - - - - 651,548
- - - - 379,905 379,905
- - - - - 51,816
- - - - - 2,390
- - - - 379,905 94,428,639
- - - - (210,469) 17,597,429
- - - - - 83,183
(126,536) (664,405) (4,128,796) (398,300) - (13,060,333)
- - - - - 57,762
- - - - - 1,129,705
(126,536) (664,405) (4,128,796) (398,300) - (11,789,683)
(126,536) (664,405) (4,128,796) (398,300) (210,469) 5,807,746
126,536 664,405 4,128,796 398,300 1,181,874 132,414,787
$ - $ - $ - $ - $ 971,405 $ 138,222,533
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 3,000 $ 3,000 $ 13,896 $ 10,896
Total Revenues 3,000 3,000 13,896 10,896
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) 13,896 300,896
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) 13,896 328,746
Fund Balances-October 1 314,850 314,850 412,043 97,193
Fund Balances-September 30 $ - $ - $ 425,939 $ 425,939
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 7,730,625 $ 7,730,625 $ 10,005,686 $ 2,275,061
Investment Income - - 754,672 754,672
Total Revenues 7,730,625 7,730,625 10,760,358 3,029,733
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella 1,037,276 1,037,276 748,418 288,858
Fishing Umbrella 917,000 917,000 746,254 170,746
Dive Umbrella 850,000 850,000 841,996 8,004
Operations - Events 3,719,592 3,419,592 2,538,963 880,629
Catastrophic Emergency 1,827,833 1,827,833 - 1,827,833
Special Projects 1,587,000 1,887,000 1,484,686 402,314
Total Expenditures 9,938,701 9,938,701 6,360,317 3,578,384
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,208,076) (2,208,076) 4,400,041 6,608,117
Other Financing Sources (Uses):
Transfers to Other Funds (72,713) (72,713) (72,713) -
Transfers from Constitutional Officers - - 96,335 96,335
Total Other Financing Sources (Uses) (72,713) (72,713) 23,622 96,335
Net Change in Fund Balances (2,280,789) (2,280,789) 4,423,663 6,704,452
Fund Balances-October 1 2,280,789 2,280,789 17,835,381 15,554,592
Fund Balances-September 30 $ - $ - $22,259,044 $22,259,044
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 11,062,750 $ 11,062,750 $ 14,309,261 $ 3,246,511
Investment Income - - 926,561 926,561
Total Revenues 11,062,750 11,062,750 15,235,822 4,173,072
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 9,929,556 9,929,556 9,426,349 503,207
Administrative Services 609,437 579,437 122,375 457,062
Special Events 2,524,486 2,524,486 900,198 1,624,288
Bricks and Mortar 8,345,293 8,375,293 3,098,544 5,276,749
Information Services 350,450 350,450 350,449 1
Beaches 314,047 314,047 - 314,047
Total Expenditures 22,073,269 22,073,269 13,897,915 8,175,354
Excess/Deficiency of Revenues
Over(Under) Expenditures (11,010,519) (11,010,519) 1,337,907 12,348,426
Other Financing Sources (Uses):
Transfers to Other Funds (54,392) (54,392) (54,392) -
Transfers from Constitutional Officers - - 128,538 128,538
Total Other Financing Sources (Uses) (54,392) (54,392) 74,146 128,538
Net Change in Fund Balances (11,064,911) (11,064,911) 1,412,053 12,476,964
Fund Balances-October 1 11,064,911 11,064,911 24,387,162 13,322,251
Fund Balances-September 30 $ - $ - $25,799,215 $25,799,215
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,957,000 $ 1,957,000 $ 2,502,163 $ 545,163
Investment Income - - 144,414 144,414
Total Revenues 1,957,000 1,957,000 2,646,577 689,577
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 2,438,851 2,438,851 2,335,906 102,945
Administrative Services 105,701 80,701 23,549 57,152
Special Events 138,666 138,666 6,341 132,325
Bricks and Mortar 1,223,793 1,248,793 503,388 745,405
Information Services 100,548 100,548 100,548 -
Total Expenditures 4,007,559 4,007,559 2,969,732 1,037,827
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,050,559) (2,050,559) (323,155) 1,727,404
Other Financing Sources (Uses):
Transfers to Other Funds (14,975) (14,975) (14,975) -
Transfers from Constitutional Officers - - 22,377 22,377
Total Other Financing Sources (Uses) (14,975) (14,975) 7,402 22,377
Net Change in Fund Balances (2,065,534) (2,065,534) (315,753) 1,749,781
Fund Balances-October 1 2,065,534 2,065,534 3,964,817 1,899,283
Fund Balances-September 30 $ - $ - $ 3,649,064 $ 3,649,064
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 4,341,500 $ 4,341,500 $ 5,686,656 $ 1,345,156
Investment Income - - 369,784 369,784
Total Revenues 4,341,500 4,341,500 6,056,440 1,714,940
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 4,282,630 4,282,630 3,913,119 369,511
Administrative Services 205,617 205,617 50,393 155,224
Special Events 17,200 17,200 10,000 7,200
Bricks and Mortar 2,758,604 2,758,604 889,164 1,869,440
Information Services 176,400 176,400 176,400 -
Total Expenditures 7,440,451 7,440,451 5,039,076 2,401,375
Excess/Deficiency of Revenues
Over(Under) Expenditures (3,098,951) (3,098,951) 1,017,364 4,116,315
Other Financing Sources (Uses):
Transfers to Other Funds (13,595) (13,595) (13,595) -
Transfers from Constitutional Officers - - 50,837 50,837
Total Other Financing Sources (Uses) (13,595) (13,595) 37,242 50,837
Net Change in Fund Balances (3,112,546) (3,112,546) 1,054,606 4,167,152
Fund Balances-October 1 3,112,546 3,112,546 9,233,996 6,121,450
Fund Balances-September 30 $ - $ - $ 10,288,602 $ 10,288,602
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,667,125 $ 2,667,125 $ 3,438,131 $ 771,006
Investment Income - - 239,760 239,760
Total Revenues 2,667,125 2,667,125 3,677,891 1,010,766
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 2,279,165 2,279,165 2,186,392 92,773
Administrative Services 136,576 136,576 34,967 101,609
Special Events 137,700 137,700 - 137,700
Bricks and Mortar 2,254,115 2,254,115 598,450 1,655,665
Information Services 165,375 165,375 165,375 -
Total Expenditures 4,972,931 4,972,931 2,985,184 1,987,747
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,305,806) (2,305,806) 692,707 2,998,513
Other Financing Sources (Uses):
Transfers to Other Funds (13,002) (13,002) (13,002) -
Transfers from Constitutional Officers - - 30,772 30,772
Total Other Financing Sources (Uses) (13,002) (13,002) 17,770 30,772
Net Change in Fund Balances (2,318,808) (2,318,808) 710,477 3,029,285
Fund Balances-October 1 2,318,808 2,318,808 5,952,457 3,633,649
Fund Balances-September 30 $ - $ - $ 6,662,934 $ 6,662,934
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 3,721,625 $ 3,721,625 $ 4,803,224 $ 1,081,599
Investment Income - - 307,589 307,589
Total Revenues 3,721,625 3,721,625 5,110,813 1,389,188
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 4,305,630 4,305,630 3,987,415 318,215
Administrative Services 209,419 199,419 40,035 159,384
Special Events 23,300 23,300 20,000 3,300
Bricks and Mortar 3,136,656 3,146,656 707,307 2,439,349
Information Services 156,555 156,555 156,555 -
Total Expenditures 7,831,560 7,831,560 4,911,312 2,920,248
Excess/Deficiency of Revenues
Over(Under) Expenditures (4,109,935) (4,109,935) 199,501 4,309,436
Other Financing Sources (Uses):
Transfers to Other Funds (26,318) (26,318) (26,318) -
Transfers from Constitutional Officers - - 42,718 42,718
Total Other Financing Sources (Uses) (26,318) (26,318) 16,400 42,718
Net Change in Fund Balances (4,136,253) (4,136,253) 215,901 4,352,154
Fund Balances-October 1 4,136,253 4,136,253 8,079,586 3,943,333
Fund Balances-September 30 $ - $ - $ 8,295,487 $ 8,295,487
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 110,000 $ 110,000 $ 55,778 $ (54,222)
Investment Income 10,525 10,525 30,521 19,996
Total Revenues 120,525 120,525 86,299 (34,226)
EXPENDITURES:
Current:
Transportation:
Roadway Projects 495,633 495,633 - 495,633
Bike/Shared Use Path 259,602 259,602 214,344 45,258
Key Colony Beach Road Project 43,608 43,608 - 43,608
Total Expenditures 798,843 798,843 214,344 584,499
Excess/Deficiency of Revenues
Over(Under) Expenditures (678,318) (678,318) (128,045) 550,273
Net Change in Fund Balances (678,318) (678,318) (128,045) 550,273
Fund Balances-October 1 678,318 678,318 922,135 243,817
Fund Balances-September 30 $ - $ - $ 794,090 $ 794,090
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 37,200 $ 37,200 $ 24,690 $ (12,510)
Investment Income 1,200 1,200 30,062 28,862
Total Revenues 38,400 38,400 54,752 16,352
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects 308,069 308,069 - 308,069
District 2 Projects 304,603 304,603 - 304,603
District 3 Projects 79,557 79,557 - 79,557
Key Largo Pickleball 185,000 185,000 7,149 177,851
Total Expenditures 877,229 877,229 7,149 870,080
Excess/Deficiency of Revenues
Over(Under) Expenditures (838,829) (838,829) 47,603 886,432
Net Change in Fund Balances (838,829) (838,829) 47,603 886,432
Fund Balances-October 1 838,829 838,829 829,843 (8,986)
Fund Balances-September 30 $ - $ - $ 877,446 $ 877,446
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Current:
Culture and Recreation:
County-wide Library Projects 164,512 164,512 - 164,512
Total Expenditures 164,512 164,512 - 164,512
Excess/Deficiency of Revenues
Over(Under) Expenditures (164,512) (164,512) - 164,512
Other Financing Sources (Uses):
Transfers to Other Funds - - (143,538) (143,538)
Total Other Financing Sources (Uses) - - (143,538) (143,538)
Net Change in Fund Balances (164,512) (164,512) (143,538) 20,974
Fund Balances-October 1 164,512 164,512 143,538 (20,974)
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 300 $ 300 $ 4,939 $ 4,639
Total Revenues 300 300 4,939 4,639
EXPENDITURES:
Current:
Physical Environment:
County-wide Solid Waste Projects 128,575 128,575 - 128,575
Total Expenditures 128,575 128,575 - 128,575
Excess/Deficiency of Revenues
Over(Under) Expenditures (128,275) (128,275) 4,939 133,214
Net Change in Fund Balances (128,275) (128,275) 4,939 133,214
Fund Balances-October 1 128,275 128,275 132,676 4,401
Fund Balances-September 30 $ - $ - $ 137,615 $ 137,615
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 13,700 $ 13,700 $ 7,866 $ (5,834)
Investment Income 131 131 6,092 5,961
Total Revenues 13,831 13,831 13,958 127
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project 82,735 82,735 - 82,735
District 2 Fire & EMS Project 6,060 6,060 - 6,060
District 3 Fire & EMS Project 100,415 100,415 - 100,415
Key Colony Beach Fire & EMS 1,268 1,268 - 1,268
Total Expenditures 190,478 190,478 - 190,478
Excess/Deficiency of Revenues
Over(Under) Expenditures (176,647) (176,647) 13,958 190,605
Net Change in Fund Balances (176,647) (176,647) 13,958 190,605
Fund Balances-October 1 176,647 176,647 180,840 4,193
Fund Balances-September 30 $ - $ - $ 194,798 $ 194,798
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 15,038,405 $ 15,038,405 $ 14,488,020 $ (550,385)
Intergovernmental 35,000 35,000 124,782 89,782
Charges for Services 650,000 650,000 1,179,129 529,129
Investment Income 83,000 83,000 468,423 385,423
Miscellaneous - 121,588 325,460 203,872
Total Revenues 15,806,405 15,927,993 16,585,814 657,821
EXPENDITURES:
Current:
General Government:
Tax Collector 454,452 454,452 424,272 30,180
Property Appraiser 278,826 278,826 258,062 20,764
Total General Government 733,278 733,278 682,334 50,944
Public Safety:
Fire Rescue- Central 14,201,648 14,510,717 14,104,317 406,400
Total Public Safety 14,201,648 14,510,717 14,104,317 406,400
Debt Service:
Principal - - 507 (507)
Interest - - 8 (8)
Total Debt Service - - 515 (515)
Total Expenditures 14,934,926 15,243,995 14,787,166 456,829
Excess/Deficiency of Revenues
Over(Under) Expenditures 871,479 683,998 1,798,648 1,114,650
Other Financing Sources (Uses):
Reserve for Contingencies (250,000) (16,519) - 16,519
Reserve for Cash Balance (845,697) (845,697) - 845,697
Transfers to Other Funds (1,173,110) (1,219,110) (1,219,110) -
Transfers from Constitutional Officers 180,000 180,000 258,332 78,332
Total Other Financing Sources (Uses) (2,088,807) (1,901,326) (960,778) 940,548
Net Change in Fund Balances (1,217,328) (1,217,328) 837,870 2,055,198
Fund Balances-October 1 1,217,328 1,217,328 6,460,945 5,243,617
Fund Balances-September 30 $ - $ - $ 7,298,815 $ 7,298,815
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,881,391 $ 2,881,391 $ 2,778,922 $ (102,469)
Intergovernmental 1,655,533 1,655,533 841,795 (813,738)
Charges for Services 75,000 75,000 137,655 62,655
Investment Income 6,000 6,000 119,635 113,635
Miscellaneous 30,000 30,000 32,569 2,569
Total Revenues 4,647,924 4,647,924 3,910,576 (737,348)
EXPENDITURES:
Current:
General Government:
Tax Collector 86,217 86,217 81,308 4,909
Culture and Recreation:
Parks and Beaches Unincorporated 3,446,763 3,920,615 3,469,778 450,837
Jacob's Aquatic Center 192,600 212,600 188,182 24,418
School Board Interlocal 32,000 32,000 32,000 -
Total Culture and Recreation 3,671,363 4,165,215 3,689,960 475,255
Total Expenditures 3,757,580 4,251,432 3,771,268 480,164
Excess/Deficiency of Revenues
Over(Under) Expenditures 890,344 396,492 139,308 (257,184)
Other Financing Sources (Uses):
Reserve for Contingencies (90,000) (46,148) - 46,148
Reserve for Cash Balance (308,342) (308,342) - 308,342
Transfers to Other Funds (331,776) (331,776) (331,776) -
Transfers from Constitutional Officers - - 35,616 35,616
Total Other Financing Sources (Uses) (730,118) (686,266) (296,160) 390,106
Net Change in Fund Balances 160,226 (289,774) (156,852) 132,922
Fund Balances-October 1 (160,226) 289,774 1,879,743 1,589,969
Fund Balances-September 30 $ - $ - $ 1,722,891 $ 1,722,891
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 438,423 $ 438,423 $ 677,826 $ 239,403
Intergovernmental 4,635,494 4,635,494 2,841,488 (1,794,006)
Charges for Services 2,986,445 2,986,445 4,253,014 1,266,569
Fines and Forfeitures 2,400,000 2,400,000 1,428,205 (971,795)
Investment Income 20,000 20,000 308,678 288,678
Miscellaneous - - 1,229 1,229
Total Revenues 10,480,362 10,480,362 9,510,440 (969,922)
Expenditures:
Current:
General Government:
Property Appraiser 51,335 51,335 49,592 1,743
Affordable Housing 130,454 130,454 130,000 454
Planning Department 3,022,909 3,041,847 2,812,400 229,447
Planning Commission 27,402 31,132 79,449 (48,317)
Planning Legal 1,059,113 1,109,113 1,042,021 67,092
Planning Building Refunds - - 31,058 (31,058)
Total General Government 4,291,213 4,363,881 4,144,520 219,361
Public Safety:
Code Enforcement 2,352,378 2,329,512 1,585,758 743,754
Fire & Rescue Coordinator 1,422,005 1,466,123 1,409,020 57,103
Fire Marshall 1,093,574 1,102,374 888,638 213,736
Total Public Safety 4,867,957 4,898,009 3,883,416 1,014,593
Physical Environment:
Environmental Resources 1,189,045 1,251,256 989,332 261,924
Total Physical Environment 1,189,045 1,251,256 989,332 261,924
Debt Service:
Principal - - 15,309 (15,309)
Interest - - 475 (475)
Total Debt Service - - 15,784 (15,784)
Total Expenditures 10,348,215 10,513,146 9,033,052 1,480,094
Excess/Deficiency of Revenues
Over(Under) Expenditures 132,147 (32,784) 477,388 510,172
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (188,921) (23,990) - 23,990
Reserve for Cash Balance (662,976) (662,976) - 662,976
Lease Financing - - 28,881 28,881
Transfers to Other Funds (1,392,847) (1,392,847) (1,412,580) (19,733)
Transfers from Constitutional Officers 10,000 10,000 13,930 3,930
Total Other Financing Sources (Uses) (2,234,744) (2,069,813) (1,369,769) 700,044
Net Change in Fund Balances (2,102,597) (2,102,597) (892,381) 1,210,216
Fund Balances-October 1 2,102,597 2,102,597 6,291,197 4,188,600
Fund Balances-September 30 $ - $ - $ 5,398,816 $ 5,398,816
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 5,672,500 $ 5,672,500 $ 5,471,260 $ (201,240)
Charges for Services 5,031,612 5,031,612 5,039,156 7,544
Investment Income 21,000 21,000 135,112 114,112
Total Revenues 10,725,112 10,725,112 10,645,528 (79,584)
EXPENDITURES:
Current:
General Government:
Tax Collector 169,725 169,725 160,084 9,641
Property Appraiser 95,318 98,318 97,628 690
Total General Government 265,043 268,043 257,712 10,331
Public Safety:
Insurance Unincorporated & Layton 649,973 649,973 600,226 49,747
Insurance Islamorada 297,913 297,913 274,878 23,035
Insurance Marathon 276,834 276,834 254,546 22,288
Sheriff Unincorporated & Layton 4,872,244 4,873,244 4,873,002 242
Sheriff Islamorada 2,355,554 2,362,554 2,360,818 1,736
Sheriff Marathon 2,101,311 2,102,311 2,101,698 613
Total Public Safety 10,553,829 10,562,829 10,465,168 97,661
Total Expenditures 10,818,872 10,830,872 10,722,880 107,992
Excess/Deficiency of Revenues
Over(Under) Expenditures (93,760) (105,760) (77,352) 28,408
Other Financing Sources (Uses):
Reserve for Contingencies (100,000) (88,000) - 88,000
Reserve for Cash Balance (916,160) (916,160) - 916,160
Transfers to Other Funds (14,338) (14,338) (14,338) -
Transfers from Constitutional Officers 355,000 355,000 405,147 50,147
Total Other Financing Sources (Uses) (675,498) (663,498) 390,809 1,054,307
Net Change in Fund Balances (769,258) (769,258) 313,457 1,082,715
Fund Balances-October 1 769,258 769,258 2,210,114 1,440,856
Fund Balances-September 30 $ - $ - $ 2,523,571 $ 2,523,571
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 565,000 $ 565,000 $ 555,116 $ (9,884)
Investment Income 300 300 2,912 2,612
Miscellaneous - - - -
Total Revenues 565,300 565,300 558,028 (7,272)
EXPENDITURES:
Current:
Public Safety:
911 Enhancement Fund 190,105 190,105 110,296 79,809
911 Wireless 375,195 375,195 446,732 (71,537)
Total Expenditures 565,300 565,300 557,028 8,272
Excess/Deficiency of Revenues
Over(Under) Expenditures - - 1,000 1,000
Net Change in Fund Balances - - 1,000 1,000
Fund Balances-October 1 - - 1,235 1,235
Fund Balances-September 30 $ - $ - $ 2,235 $ 2,235
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 118,596 $ 118,596 $ 119,459 $ 863
Investment Income 4,500 4,500 14,622 10,122
Total Revenues 123,096 123,096 134,081 10,985
EXPENDITURES:
Current:
General Government:
Tax Collector 1,100 1,100 973 127
Public Safety:
Island Security 174,660 174,660 110,570 64,090
Total Expenditures 175,760 175,760 111,543 64,217
Excess/Deficiency of Revenues
Over(Under) Expenditures (52,664) (52,664) 22,538 75,202
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 - - 438 438
Total Other Financing Sources (Uses) (45,000) (45,000) 438 45,438
Net Change in Fund Balances (97,664) (97,664) 22,976 120,640
Fund Balances-October 1 97,664 97,664 345,273 247,609
Fund Balances-September 30 $ - $ - $ 368,249 $ 368,249
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 475,000 $ 475,000 $ 1,068,564 $ 593,564
Investment Income 10,000 10,000 104,346 94,346
Miscellaneous 180,000 180,000 758,779 578,779
Total Revenues 665,000 665,000 1,931,689 1,266,689
EXPENDITURES:
Current:
Economic Environment:
Homeowner Assistance 1,459,549 1,459,549 817,800 641,749
Total Expenditures 1,459,549 1,459,549 817,800 641,749
Excess/Deficiency of Revenues
Over(Under) Expenditures (794,549) (794,549) 1,113,889 1,908,438
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) 1,113,889 1,938,438
Fund Balances-October 1 824,549 824,549 2,395,084 1,570,535
Fund Balances-September 30 $ - $ - $ 3,508,973 $ 3,508,973
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ - $ 43,024 $ 43,024
Investment Income - - 713 713
Total Revenues - - 43,737 43,737
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing 15,232 15,232 - 15,232
Total Expenditures 15,232 15,232 - 15,232
Excess/Deficiency of Revenues
Over(Under) Expenditures (15,232) (15,232) 43,737 58,969
Net Change in Fund Balances (15,232) (15,232) 43,737 58,969
Fund Balances-October 1 15,232 15,232 15,232 -
Fund Balances-September 30 $ - $ - $ 58,969 $ 58,969
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 755,000 $ 755,000 $ 755,157 $ 157
Investment Income 40,000 40,000 124,925 84,925
Total Revenues 795,000 795,000 880,082 85,082
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement 638,913 638,913 145,336 493,577
Boating Imp Fees/Retained Vessel 551,203 555,665 505,116 50,549
Total Expenditures 1,190,116 1,194,578 650,452 544,126
Excess/Deficiency of Revenues
Over(Under) Expenditures (395,116) (399,578) 229,630 629,208
Other Financing Sources (Uses):
Reserve for Contingencies (200,000) (182,013) - 182,013
Reserve for Cash Balance (269,248) (269,248) - 269,248
Transfers to Other Funds - (13,525) (7,363) 6,162
Total Other Financing Sources (Uses) (469,248) (464,786) (7,363) 457,423
Net Change in Fund Balances (864,364) (864,364) 222,267 1,086,631
Fund Balances-October 1 864,364 864,364 3,289,416 2,425,052
Fund Balances-September 30 $ - $ - $ 3,511,683 $ 3,511,683
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ - $ 46,048 $ 46,048
Charges for Services - 24,000 1,074,274 1,050,274
Fines and Forfeitures - - 298,611 298,611
Investment Income - - 159,273 159,273
Miscellaneous - 602,717 315,678 (287,039)
Total Revenues - 626,717 1,893,884 1,267,167
EXPENDITURES:
Current:
General Government:
Legal Scholar Program - - 100 (100)
Total General Government - - 100 (100)
Public Safety:
Interagency Communications 140,000 140,000 192,508 (52,508)
Education-Building Department 88,400 88,400 45,639 42,761
Environmental Resource Education 51,680 51,680 35,637 16,043
Fire and Rescue Bldg Educ 5,000 5,000 - 5,000
Crime Prevention Program 50,000 50,000 - 50,000
Opiod Settlements - 78,101 - 78,101
Total Public Safety 335,080 413,181 273,784 139,397
Economic Environment:
Municipality Mobile LIDAR Services - 500,434 223,796 276,638
Total Economic Environment - 500,434 223,796 276,638
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 87,369 87,369 -
Legal Aid - 42,950 53,540 (10,590)
Total Human Services 54,557 134,876 140,909 (6,033)
Culture and Recreation:
Settler's Park Landscaping 2,633 2,633 - 2,633
Summer Camp Program - 28,736 750 27,986
Library Special Programs 30,000 30,000 - 30,000
Library Donations 250,000 359,084 269,571 89,513
Total Culture and Recreation 282,633 420,453 270,321 150,132
(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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Court Related:
Teen Court-Ord 016-2004 - 37,636 42,829 (5,193)
Ord 016-2004 St Court Sup 26,200 26,200 22,398 3,802
SA Ct Tech FS28.24(12)(E) 310,000 310,000 140,557 169,443
PD Ct Tech FS28.24(12)(E) 145,000 145,000 46,514 98,486
J Ct Tech FS28.24(12)(E) 123,888 123,888 98,051 25,837
Total Court Related 605,088 642,724 350,349 292,375
Debt Service:
Principal - - 16,861 (16,861)
Interest - - 1,332 (1,332)
Total Debt Service - - 18,193 (18,193)
Total Expenditures 1,277,358 2,111,668 1,277,452 834,216
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,277,358) (1,484,951) 616,432 2,101,383
Other Financing Sources (Uses):
Reserve for Contingencies (1,245,213) (1,122,522) - 1,122,522
Transfers from Other Funds - 84,902 83,183 (1,719)
Total Other Financing Sources (Uses) (1,245,213) (1,037,620) 83,183 1,120,803
Net Change in Fund Balances (2,522,571) (2,522,571) 699,615 3,222,186
Fund Balances-October 1 2,522,571 2,522,571 3,882,326 1,359,755
Fund Balances-September 30 $ - $ - $ 4,581,941 $ 4,581,941
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Fines and Forfeitures $ 650,000 $ 650,000 $ 2,852,600 $ 2,202,600
Investment Income 15,000 15,000 217,620 202,620
Total Revenues 665,000 665,000 3,070,220 2,405,220
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration 1,423,544 1,428,260 539,262 888,998
Settler's Park - - 6,597 (6,597)
Total Physical Environment 1,423,544 1,428,260 545,859 882,401
Culture and Recreation:
Settler's Park 9,083 9,083 - 9,083
Total Culture and Recreation 9,083 9,083 - 9,083
Total Expenditures 1,432,627 1,437,343 545,859 891,484
Excess/Deficiency of Revenues
Over(Under) Expenditures (767,627) (772,343) 2,524,361 3,296,704
Other Financing Sources (Uses):
Reserve for Contingencies (130,036) (95,320) - 95,320
Reserve for Cash Balance (120,664) (120,664) - 120,664
Transfers to Other Funds - (30,000) (2,449) 27,551
Total Other Financing Sources (Uses) (250,700) (245,984) (2,449) 243,535
Net Change in Fund Balances (1,018,327) (1,018,327) 2,521,912 3,540,239
Fund Balances-October 1 1,018,327 1,018,327 5,416,314 4,397,987
Fund Balances-September 30 $ - $ - $ 7,938,226 $ 7,938,226
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 25,000 $ 25,000 $ 194,032 $ 169,032
Miscellaneous - - 671,962 671,962
Total Revenues 25,000 25,000 865,994 840,994
EXPENDITURES:
Current:
Public Safety:
Law Enforcement 3,411,004 3,411,004 189,589 3,221,415
Total Expenditures 3,411,004 3,411,004 189,589 3,221,415
Excess/Deficiency of Revenues
Over(Under) Expenditures (3,386,004) (3,386,004) 676,405 4,062,409
Other Financing Sources (Uses):
Reserve for Contingencies (6,250) (6,250) - 6,250
Reserve for Cash Balance (17,500) (17,500) - 17,500
Transfers from Constitutional Officers - - 3 3
Total Other Financing Sources (Uses) (23,750) (23,750) 3 23,753
Net Change in Fund Balances (3,409,754) (3,409,754) 676,408 4,086,162
Fund Balances-October 1 3,409,754 3,409,754 3,764,389 354,635
Fund Balances-September 30 $ - $ - $ 4,440,797 $ 4,440,797
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 450,000 $ 450,000 $ 616,666 $ 166,666
Investment Income 40,000 40,000 177,851 137,851
Total Revenues 490,000 490,000 794,517 304,517
EXPENDITURES:
Current:
Court Related:
Court Facility 826,922 826,922 301,199 525,723
Total Expenditures 826,922 826,922 301,199 525,723
Excess/Deficiency of Revenues
Over(Under) Expenditures (336,922) (336,922) 493,318 830,240
Other Financing Sources (Uses):
Reserve for Contingencies (50,000) (50,000) - 50,000
Reserve for Cash Balance (41,542) (41,542) - 41,542
Total Other Financing Sources (Uses) (91,542) (91,542) - 91,542
Net Change in Fund Balances (428,464) (428,464) 493,318 921,782
Fund Balances-October 1 428,464 428,464 4,686,473 4,258,009
Fund Balances-September 30 $ - $ - $ 5,179,791 $ 5,179,791
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 30,000 $ 30,000 $ 45,221 $ 15,221
Investment Income 1,000 1,000 1,832 832
Total Revenues 31,000 31,000 47,053 16,053
EXPENDITURES:
Current:
Human Services:
Children's Shelter - 14,321 14,298 (23)
Florida Keys Outreach Coalition - 17,934 4,936 12,998
Samuel's House - - 12,998 (12,998)
Heron/Peacock - 22,745 22,745 --
Total Expenditures - 55,000 54,977 (23)
Excess/Deficiency of Revenues
Over(Under) Expenditures 31,000 (24,000) (7,924) 16,076
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 21,000 (34,000) (7,924) 26,076
Fund Balances-October 1 34,000 34,000 44,595 10,595
Fund Balances-September 30 $ 55,000 $ - $ 36,671 $ 36,671
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
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) - 2,300
Other Financing Sources (Uses):
Reserve for Contingencies (275) (275) - 275
Transfers to Other Funds - - (2,736) (2,736)
Total Other Financing Sources (Uses) (275) (275) (2,736) (2,461)
Net Change in Fund Balances (2,575) (2,575) (2,736) (161)
Fund Balances-October 1 2,575 2,575 2,736 161
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,625,381 $ 2,625,381 $ 2,507,643 $ (117,738)
Investment Income 800 800 4,092 3,292
Total Revenues 2,626,181 2,626,181 2,511,735 (114,446)
EXPENDITURES:
Current:
General Government:
Property Appraiser 43,778 45,778 44,869 909
Tax Collector 78,731 78,731 73,186 5,545
Total General Government 122,509 124,509 118,055 6,454
Human Services:
Middle Keys Health Care 2,328,364 2,328,364 2,328,364 -
Total Expenditures 2,450,873 2,452,873 2,446,419 6,454
Excess/Deficiency of Revenues
Over(Under) Expenditures 175,308 173,308 65,316 (107,992)
Other Financing Sources (Uses):
Reserve for Contingencies (75,000) (73,000) - 73,000
Transfers from Constitutional Officers 31,000 31,000 44,662 13,662
Total Other Financing Sources (Uses) (44,000) (42,000) 44,662 86,662
Net Change in Fund Balances 131,308 131,308 109,978 (21,330)
Fund Balances-October 1 (131,308) (131,308) 112,647 243,955
Fund Balances-September 30 $ - $ - $ 222,625 $ 222,625
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Current:
Physical Environment:
Bay Point Wastewater 46,121 46,121 - 46,121
Total Expenditures 46,121 46,121 - 46,121
Excess/Deficiency of Revenues
Over(Under) Expenditures (46,121) (46,121) - 46,121
Other Financing Sources (Uses):
Reserve for Contingencies (2,000) (2,000) - 2,000
Transfers to Other Funds - - (48,024) (48,024)
Total Other Financing Sources (Uses) (2,000) (2,000) (48,024) (46,024)
Net Change in Fund Balances (48,121) (48,121) (48,024) 97
Fund Balances-October 1 48,121 48,121 48,024 (97)
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Current:
Physical Environment:
Big Coppitt Wastewater 400 400 - 400
Total Expenditures 400 400 - 400
Excess/Deficiency of Revenues
Over (Under) Expenditures (400) (400) - 400
Other Financing Sources (Uses):
Reserve for Contingencies (85) (85) - 85
Transfers to Other Funds - - (531) (531)
Total Other Financing Sources (Uses) (85) (85) (531) (446)
Net Change in Fund Balances (485) (485) (531) (46)
Fund Balances-October 1 485 485 531 46
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Current:
Physical Environment:
Key Largo Wastewater 8,624 8,624 - 8,624
Total Expenditures 8,624 8,624 - 8,624
Excess/Deficiency of Revenues
Over(Under) Expenditures (8,624) (8,624) - 8,624
Other Financing Sources (Uses):
Reserve for Contingencies (500) (500) - 500
Transfers to Other Funds - - (9,119) (9,119)
Total Other Financing Sources (Uses) (500) (500) (9,119) (8,619)
Net Change in Fund Balances (9,124) (9,124) (9,119) 5
Fund Balances-October 1 9,124 9,124 9,119 (5)
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 120,000 $ 120,000 $ - $ (120,000)
Investment Income 15,000 15,000 - (15,000)
Total Revenues 135,000 135,000 - (135,000)
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 5,000 5,000 - 5,000
Physical Environment:
Stock Island Wastewater 400,000 400,000 - 400,000
Total Expenditures 405,000 405,000 - 405,000
Excess/Deficiency of Revenues
Over(Under) Expenditures (270,000) (270,000) - 270,000
Other Financing Sources (Uses):
Reserve for Contingencies (30,000) (30,000) - 30,000
Transfers to Other Funds - - (1,375,831) (1,375,831)
Transfers from Constitutional Officers 400 400 - (400)
Total Other Financing Sources (Uses) (29,600) (29,600) (1,375,831) (1,346,231)
Net Change in Fund Balances (299,600) (299,600) (1,375,831) (1,076,231)
Fund Balances-October 1 299,600 299,600 1,375,831 1,076,231
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Current:
Physical Environment:
Conch Key MSTU 501 501 - 501
Total Expenditures 501 501 - 501
Excess/Deficiency of Revenues
Over(Under) Expenditures (501) (501) - 501
Other Financing Sources/(Uses):
Reserve for Contingencies (100) (100) - 100
Transfers to Other Funds - - (595) (595)
Total Other Financing Sources/(Uses) (100) (100) (595) (495)
Net Change in Fund Balances (601) (601) (595) 6
Fund Balances-October 1 601 601 595 (6)
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Current:
Physical Environment:
Long Key-Layton Wastewater 220,227 220,227 - 220,227
Total Expenditures 220,227 220,227 - 220,227
Excess/Deficiency of Revenues
Over(Under) Expenditures (220,227) (220,227) - 220,227
Other Financing Sources (Uses):
Reserve for Contingencies (10,000) (10,000) - 10,000
Reserve for Cash Balance (30,000) (30,000) - 30,000
Transfer To Other Funds - - (261,727) (261,727)
Total Other Financing Sources (Uses) (40,000) (40,000) (261,727) (221,727)
Net Change in Fund Balances (260,227) (260,227) (261,727) (1,500)
Fund Balances-October 1 260,227 260,227 261,727 1,500
Fund Balances-September 30 $ - $ - $ - $ -
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Current:
Physical Environment:
Duck Key Wastewater 43,211 43,211 - 43,211
Total Expenditures 43,211 43,211 - 43,211
Excess/Deficiency of Revenues
Over(Under) Expenditures (43,211) (43,211) - 43,211
Other Financing Sources (Uses):
Reserve for Contingencies (3,000) (3,000) - 3,000
Transfer To Other Funds - - (45,760) (45,760)
Total Other Financing Sources (Uses) (3,000) (3,000) (45,760) (42,760)
Net Change in Fund Balances (46,211) (46,211) (45,760) 451
Fund Balances-October 1 46,211 46,211 45,760 (451)
Fund Balances-September 30 $ - $ - $ - $ -
G-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CANAL SPECIAL ASSESSMENTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 34,943 $ 34,943 $ 28,873 $ (6,070)
Investment Income - - 2,600 2,600
Total Revenues 34,943 34,943 31,473 (3,470)
EXPENDITURES:
Current:
General Government:
Tax Collector 1,048 1,048 - 1,048
Physical Environment:
Canal#266 58,404 58,404 17,687 40,717
Total Expenditures 59,452 59,452 17,687 41,765
Excess/Deficiency of Revenues
Over(Under) Expenditures (24,509) (24,509) 13,786 38,295
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 (39,509) (39,509) 13,786 53,295
Fund Balances-October 1 39,509 39,509 54,023 14,514
Fund Balances-September 30 $ - $ - $ 67,809 $ 67,809
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes $ 3,000,677 $ 3,000,677 $ 3,511,728 $ 511,051
Intergovernmental 3,713,038 3,713,038 3,880,970 167,932
Charges for Services 3,700 3,700 3,736 36
Investment Income 150,000 150,000 270,933 120,933
Miscellaneous - - 137,887 137,887
Total Revenues 6,867,415 6,867,415 7,805,254 937,839
Expenditures:
Current:
Transportation:
Road Department 6,695,241 6,663,742 4,415,729 2,248,013
County Engineer Road and Bridge 851,966 859,762 821,758 38,004
Street Lighting 198,643 200,541 168,727 31,814
Local Option Gas Tax Projects 427,583 570,320 373,140 197,180
80% Gas Tax 650,000 650,000 273,777 376,223
Roadway Projects 241,598 303,088 101,353 201,735
Sustainability Roads - 85,382 58,502 26,880
Total Transportation 9,065,031 9,332,835 6,212,986 3,119,849
Debt Service:
Principal - - 10,590 (10,590)
Interest - - 3 (3)
Total Debt Service - - 10,593 (10,593)
Total Expenditures 9,065,031 9,332,835 6,223,579 3,109,256
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,197,616) (2,465,420) 1,581,675 4,047,095
Other Financing Sources (Uses):
Reserve for Contingencies (363,627) (95,823) - 95,823
Reserve for Cash Balance (1,915,263) (1,915,263) - 1,915,263
Lease Financing - - 28,881 28,881
Transfers to Other Funds (408,919) (408,919) (408,919) -
Total Other Financing Sources (Uses) (2,687,809) (2,420,005) (380,038) 2,039,967
Net Change in Fund Balances (4,885,425) (4,885,425) 1,201,637 6,087,062
Fund Balances-October 1 4,885,425 4,885,425 6,168,644 1,283,219
Fund Balances-September 30 $ - $ - $ 7,370,281 $ 7,370,281
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 5,600,000 $ 5,660,000 $ 6,619,766 $ 959,766
Charges for Services 120,000 120,000 150,766 30,766
Investment Income 40,000 40,000 182,856 142,856
Miscellaneous 33,000 33,000 20,578 (12,422)
Total Revenues 5,793,000 5,853,000 6,973,966 1,120,966
EXPENDITURES:
Current:
Public Safety
Building Department 6,405,779 6,404,779 5,966,822 437,957
Building Legal 41,787 42,787 42,375 412
Building Refunds 60,000 150,000 137,437 12,563
Total Public Safety 6,507,566 6,597,566 6,146,634 450,932
Debt Service:
Principal - - 8,549 (8,549)
Interest - - 572 (572)
Total Debt Service - - 9,121 (9,121)
Total Expenditures 6,507,566 6,597,566 6,155,755 441,811
Excess/Deficiency of Revenues
Over(Under) Expenditures (714,566) (744,566) 818,211 1,562,777
Other Financing Sources (Uses):
Reserve for Contingencies (30,000) - - -
Reserve for Cash Balance (62,840) (62,840) - 62,840
Transfer to Other Funds (538,659) (538,659) (538,659) -
Total Other Financing Sources (Uses) (631,499) (601,499) (538,659) 62,840
Net Change in Fund Balances (1,346,065) (1,346,065) 279,552 1,625,617
Fund Balances-October 1 1,346,065 1,346,065 3,241,585 1,895,520
Fund Balances-September 30 $ - $ - $ 3,521,137 $ 3,521,137
G-60
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Capital Projects - Buildings 500,000 900,000 - 900,000
Total Expenditures 500,000 900,000 - 900,000
Excess/Deficiency of Revenues
Over (Under) Expenditures (500,000) (900,000) - 900,000
Other Financing Sources (Uses):
Reserve for Contingencies (297,976) (297,976) - 297,976
Transfer to Other Funds - - (1,538,160) (1,538,160)
Total Other Financing Sources (Uses) (297,976) (297,976) (1,538,160) (1,240,184)
Net Change in Fund Balances (797,976) (1,197,976) (1,538,160) (340,184)
Fund Balances-October 1 797,976 1,197,976 1,538,160 340,184
Fund Balances-September 30 $ - $ - $ - $ -
G-61
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 816 $ 816
Total Revenues - - 816 816
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) 816 100,816
Net Change in Fund Balances (100,000) (100,000) 816 100,816
Fund Balances-October 1 100,000 100,000 112,598 12,598
Fund Balances-September 30 $ - $ - $ 113,414 $ 113,414
G-62
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ - $ -
Miscellaneous - - - -
Total Revenues - - - -
EXPENDITURES:
Capital Projects - - - -
Total Expenditures - - - -
Excess/Deficiency of Revenues
Over (Under) Expenditures - - - -
Other Financing Sources (Uses):
Transfers to Other Funds - (186,086) (186,086) -
Total Other Financing Sources (Uses) - (186,086) (186,086) -
Net Change in Fund Balances - (186,086) (186,086) -
Fund Balances-October 1 - 186,086 186,086 -
Fund Balances-September 30 $ - $ - $ - $ -
G-63
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 330,000 $ 330,000 $ - $ (330,000)
Investment Income 5,000 5,000 - (5,000)
Total Revenues 335,000 335,000 - (335,000)
EXPENDITURES:
Current:
Capital Outlay:
Physical Environment:
Big Coppitt Special Assessment 51,680 51,680 - 51,680
Total Physical Environment 51,680 51,680 - 51,680
Total Capital Outlay Expenditures 51,680 51,680 - 51,680
Excess/Deficiency of Revenues
Over(Under) Expenditures 283,320 283,320 - (283,320)
Other Financing Sources (Uses):
Transfers from Other Funds 350,000 350,000 - (350,000)
Transfers to Other Funds (682,000) (682,000) (126,536) 555,464
Total Other Financing Sources (Uses) (332,000) (332,000) (126,536) 205,464
Net Change in Fund Balances (48,680) (48,680) (126,536) (77,856)
Fund Balances-October 1 48,680 48,680 126,536 77,856
Fund Balances-September 30 $ - $ - $ - $ -
G-64
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 80,000 $ 80,000 $ - $ (80,000)
Investment Income 21500 2,500 - (2,500)
Total Revenues 82,500 82,500 - (82,500)
EXPENDITURES:
Capital Projects 31,000 31,000 - 31,000
Total Expenditures 31,000 31,000 - 31,000
Excess/Deficiency of Revenues
Over (Under) Expenditures 51,500 51,500 - (51,500)
Other Financing Sources (Uses):
Reserve for Contingencies (10,000) (10,000) - 10,000
Reserve for Cash Balance (17,375) (17,375) - 17,375
Transfer to Other Funds (45,000) (45,000) (664,405) (619,405)
Total Other Financing Sources (Uses) (72,375) (72,375) (664,405) (592,030)
Net Change in Fund Balances (20,875) (20,875) (664,405) (643,530)
Fund Balances-October 1 20,875 20,875 664,405 643,530
Fund Balances-September 30 $ - $ - $ - $ -
G-65
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 2,343,905 $ 2,343,905 $ - $ (2,343,905)
Total Revenues 2,343,905 2,343,905 - (2,343,905)
EXPENDITURES:
Current:
Capital Outlay:
Physical Environment:
Cudjoe Regional Wastewater Project
Special Assessment Refunds 25,000 25,000 - 25,000
Special Assessments 711,243 711,243 - 711,243
Total Physical Environment 736,243 736,243 - 736,243
Total Capital Outlay Expenditures 736,243 736,243 - 736,243
Excess/Deficiency of Revenues
Over(Under) Expenditures 1,607,662 1,607,662 - (1,607,662)
Other Financing Sources (Uses):
Reserve for Contingencies (96,218) (96,218) - 96,218
Transfers to Other Funds (2,125,740) (2,125,740) (4,128,796) (2,003,056)
Total Other Financing Sources (Uses) (2,221,958) (2,221,958) (4,128,796) (1,906,838)
Net Change in Fund Balances (614,296) (614,296) (4,128,796) (3,514,500)
Fund Balances-October 1 614,296 614,296 4,128,796 3,514,500
Fund Balances-September 30 $ - $ - $ - $ -
G-66
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, 2023
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):
Transfer to Other Funds (1,115) (398,299) (398,300) (1)
Total Other Financing Sources (Uses) (1,115) (398,299) (398,300) (1)
Net Change in Fund Balances (1,115) (398,299) (398,300) (1)
Fund Balances-October 1 1,115 398,299 398,300 1
Fund Balances-September 30 $ - $ - $ - $ -
G-67
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, 2023
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental Revenue $ - $ - $ 70,970 $ 70,970
Investment Income 5,000 5,000 37,691 32,691
Miscellaneous - - 60,775 60,775
Total Revenues 5,000 5,000 169,436 164,436
EXPENDITURES:
Capital Projects 762,508 1,536,623 379,905 1,156,718
Total Expenditures 762,508 1,536,623 379,905 1,156,718
Excess/Deficiency of Revenues
Over (Under) Expenditures (757,508) (1,531,623) (210,469) 1,321,154
Other Financing Sources (Uses):
Reserve for Contingencies - (150,000) - 150,000
Transfer From Other Funds 500,000 500,000 - (500,000)
Total Other Financing Sources (Uses) 500,000 350,000 - (350,000)
Net Change in Fund Balances (257,508) (1,181,623) (210,469) 971,154
Fund Balances-October 1 257,508 1,181,623 1,181,874 251
Fund Balances-September 30 $ - $ - $ 971,405 $ 971,405
G-68
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2023
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
ASSETS
Current Assets:
Cash and Cash Equivalents $ 440,987 $ 1,227,893 $ 405,947
Investments 4,767,377 16,601,921 5,664,188
Accounts Receivable, Net 47,706 306,889 6,992
Due from Other Governmental Units 190 102,645 -
Due from Constitutional Officers 18,872 188,629 21,552
Interest Receivable 15,275 53,194 18,148
Total Current Assets 5,290,407 18,481,171 6,116,827
Noncurrent Assets:
Land and Other Nondepreciable Assets - - 1,372,683
Capital Assets, Net of Accum. Depreciation 325 9,113 56,066
Right-To-Use Leased Assets, Net of Amortization - - -
Total Noncurrent Assets 325 9,113 1,428,749
Total Assets 5,290,732 18,490,284 7,545,576
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 55,136 83,346 120,425
Related to OPEB 1,000 15,100 113,200
Total Deferred Outflows of Resources 56,136 98,446 233,625
LIABILITIES
Current Liabilities:
Accounts Payable 2,425 1,106,915 22,655
Accrued Compensated Absences Payable 6,637 14,784 17,900
Claims and Judgments Payable 2,195,900 815,091 226,795
Due to Other Governmental Units 6,828 - -
Due to Constitutional Officers - 35 -
Unearned Revenues - 400 -
Leases Payable - - -
Other Current Liabilities - - -
Accrued Comp.Absences Payable 5,231 9,847 11,323
Total Current Liabilities 2,217,021 1,947,072 278,673
Noncurrent Liabilities:
Accrued Compensated Absences Payable 20,922 39,390 45,294
Leases Payable - - -
Total OPEB Liability 8,000 49,000 255,000
Net Pension Liability 239,495 321,874 348,685
Total Noncurrent Liabilities 268,417 410,264 648,979
Total Liabilities 2,485,438 2,357,336 927,652
DEFERRED INFLOWS OF RESOURCES
Related to Pensions 13,650 20,558 28,089
Related to OPEB 700 5,100 12,100
Total Deferred Inflows of Resources 14,350 25,658 40,189
NET POSITION
Net Investment in Capital Assets 325 9,113 1,428,749
Unrestricted 2,846,755 16,196,623 5,382,611
Total Net Position $ 2,847,080 $ 16,205,736 $ 6,811,360
The notes to the financial statements are an integral part of these statements.
H-1
Fleet
Management
Fund Total
$ 122,609 $ 2,197,436
1,865,257 28,898,743
- 361,587
27,609 130,444
- 229,053
5,976 92,593
2,021,451 31,909,856
54,000 1,426,683
697,612 763,116
311,312 311,312
1,062,924 2,501,111
3,084,375 34,410,967
517,064 775,971
271,200 400,500
788,264 1,176,471
347,869 1,479,864
101,786 141,107
- 3,237,786
- 6,828
- 35
- 400
131,420 131,420
793 793
41,319 67,720
623,187 5,065,953
165,278 270,884
199,096 199,096
713,000 1,025,000
1,511,525 2,421,579
2,588,899 3,916,559
3,212,086 8,982,512
125,865 188,162
42,400 60,300
168,265 248,462
732,408 2,170,595
(240,120) 24,185,869
$ 492,288 $ 26,356,464
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, 2023
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Revenues:
Charges for Services $ 2,508,172 $ 21,257,153 $ 9,234,066
Miscellaneous 342,345 1,060,735 -
Total Operating Revenues 2,850,517 22,317,888 9,234,066
Operating Expenses:
Personnel Services 669,848 481,970 692,107
Operations 1,428,956 2,495,068 6,318,340
Depreciation and Amortization 1,109 6,415 14,616
Asserted and Paid Claims 309,503 17,537,474 (1,324,571)
Total Operating Expenses 2,409,416 20,520,927 5,700,492
Operating Income (Loss) 441,101 1,796,961 3,533,574
Other Financing Sources (Uses):
Investment Income 172,401 701,661 228,518
Insurance Recoveries - - 119,604
Gain on Disposition of Assets - - 2,273
Total Other Financing Sources (Uses): 172,401 701,661 350,395
Income (Loss) Before Transfers 613,502 2,498,622 3,883,969
Total Transfers:
Transfers to Other Funds (69,064) (127,936) (133,720)
Total Transfers (69,064) (127,936) (133,720)
Change in Net Position 544,438 2,370,686 3,750,249
Net Position-October 1 2,302,642 13,835,050 3,061,111
Net Position-September30 $ 2,847,080 $ 16,205,736 $ 6,811,360
The notes to the financial statements are an integral part of these statements.
H-3
Fleet
Management
Fund Total
$ 4,307,973 $ 37,307,364
58,913 1,461,993
4,366,886 38,769,357
3,111,184 4,955,109
1,961,327 12,203,691
198,477 220,617
- 16,522,406
5,270,988 33,901,823
(904,102) 4,867,534
124,195 1,226,775
- 119,604
59,899 62,172
184,094 1,408,551
(720,008) 6,276,085
(529,439) (860,159)
(529,439) (860,159)
(1,249,447) 5,415,926
1,741,735 20,940,538
$ 492,288 $ 26,356,464
H-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Activities:
Cash Received for Services $ 2,463,816 $ 21,219,441 $ 9,233,941
Cash Received from Insurance Recoveries - - 119,604
Cash Payments to Suppliers for Goods and Svcs (1,428,580) (2,746,053) (6,620,785)
Cash Payments for Employee Services (623,507) (398,732) (509,499)
Cash Payments for Claims - (17,509,247) (193,414)
Cash Received from (Paid to) Other Sources 8,200 88,602 (21,552)
Other Operating Revenue 333,305 1,028,352 (11,228)
Net Cash Provided by(Used in)
Operating Activities 753,234 1,682,363 1,997,067
Noncapital Financing Activities:
Transfers to Other Funds (69,064) (127,936) (133,720)
Net Cash Provided by(Used in) Noncapital
Financing Activities (69,064) (127,936) (133,720)
Capital and Related Financing Activities:
Acquisition of Capital Assets (860) (860) (702,621)
Proceeds from Sale of Capital Assets - - 2,273
Net Cash Provided by(Used in) Capital and
Related Financing Activities (860) (860) (700,348)
Investing Activities:
Investment Income (Losses) 172,401 701,661 228,518
Proceeds from Sales and Maturities of Investments 5,761,948 19,104,511 6,325,661
Purchase of Investment Securities (6,858,702) (23,453,906) (7,915,679)
Net Cash Provided by(Used in) Investing Activities (924,353) (3,647,734) (1,361,500)
Net Increase(Decrease) in Cash and
Cash Equivalents (241,043) (2,094,167) (198,501)
Cash and Cash Equivalents:
October 1 682,030 3,322,060 604,448
September 30 $ 440,987 $ 1,227,893 $ 405,947
The notes to the financial statements are an integral part of these statements.
H-5
Fleet
Management
Fund Total
$ 4,307,973 $ 37,225,171
- 119,604
(1,655,188) (12,450,606)
(2,439,010) (3,970,748)
- (17,702,661)
(24,601) 50,649
56,736 1,407,165
245,910 4,678,574
(529,439) (860,159)
(529,439) (860,159)
(318,048) (1,022,389)
59,899 62,172
(258,149) (960,217)
124,195 1,226,775
3,705,824 34,897,944
(3,334,289) (41,562,576)
495,730 (5,437,857)
(45,948) (2,579,659)
168,557 4,777,095
$ 122,609 $ 2,197,436
(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, 2023
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) $ 441,101 $ 1,796,961 $ 3,533,574
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
activities:
Depreciation and Amortization 1,109 6,415 14,616
Nonoperating Income-Insurance Recoveries - - 119,604
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable (44,356) (37,712) (125)
(Increase) Decrease in Due from Other Gov't Units 98 3,756 -
(Increase) Decrease in Due fm Constitutional Ofcrs 6,708 86,507 (21,552)
(Increase) Decrease in Interest Receivable (9,040) (32,383) (11,228)
Increase (Decrease)in Accounts Payable 376 (251,385) (302,445)
Increase (Decrease)in Accrued Wages/Benefits (5,572) (2,751) (1,977)
Increase (Decrease)in Claims/Judgments Payable 309,503 28,227 (1,517,985)
Increase (Decrease)in Other Current Liabilities - - -
Increase (Decrease)in Due to Other Funds - - -
Increase (Decrease)in Due to Other Gov't Units 1,394 (1,661) -
Increase (Decrease)in Comp. Absences Payable 2,704 11,418 16,087
Increase (Decrease)in Unearned Revenue - 400 -
Increase (Decrease)in OPEB Liability 2,000 - (20,000)
Increase (Decrease)in Pension Liability 55,145 83,099 114,758
Increase (Decrease)in Deferred Outflows (854) 3,529 97,899
Increase (Decrease)in Deferred Inflows Pensions/OPEB (7,082) (12,057) (24,159)
Total Adjustments 312,133 (114,598) (1,536,507)
Net Cash Provided by (Used in)
Operating Activities $ 753,234 $ 1,682,363 $ 1,997,067
Cash Reconciliation:
Unrestricted $ 440,987 $ 1,227,893 $ 405,947
The notes to the financial statements are an integral part of these statements.
H-7
Fleet
Management
Fund Total
$ (904,102) $ 4,867,534
198,477 220,617
- 119,604
- (82,193)
(8,416) (4,562)
300 71,963
(2,177) (54,828)
306,326 (247,128)
(4,987) (15,287)
- (1,180,255)
(187) (187)
(16,485) (16,485)
- (267)
37,794 68,003
- 400
(27,000) (45,000)
510,029 763,031
255,986 356,560
(99,648) (142,946)
1,150,012 (188,960)
$ 245,910 $ 4,678,574
$ 122,609 $ 2,197,436
H-8
Monroe County, Florida
Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Statement of Net Position
September 30, 2023
Assets and Deferred Outflows of Resources
Assets:
Cash and investments $ 26,360,389
Due from BOCC 991,477
Due from state of Florida 17,903
Mortgages receivable, net of allowance 7,419,025
Deposits 179,500
Equipment, net of accumulated depreciation 13,466
Capital assets—land 39,048,754
Intangible assets 15,699,806
Total assets 89,730,320
Deferred Outflows of Resources:
Pension 424,269
Other postemployment benefits 10,926
Total deferred outflows 435,195
Liabilities, Deferred Inflows of Resource and Net Position
Current liabilities:
Accounts payable 12,504
Accrued wages 42,404
Compensated absences 31,227
Total current liabilities 86,135
Noncurrent liabilities:
Compensated absences 221,043
Net pension liability 929,746
Other postemployment benefits liability 65,171
Total noncurrent liabilities 1,215,960
Total liabilities 1,302,095
Deferred Inflows of Resources:
Pension 15,972
Other postemployment benefits 21,309
Total deferred inflows 37,281
Net Position:
Investment in capital assets 54,762,026
Restricted 12,550,316
Unrestricted 21,513,797
Total Net Position $ 88,826,139
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, 2023
General revenues:
Intergovernmental $ 8,395,062
Investment income 1,087,457
Miscellaneous income 4,490,558
Land contributions 3,050
Total general revenues 13,976,127
Program expenses:
General government 2,443,102
Cost of land sold 5,071,658
Land contribution conveyances 473,958
Total program expenses 7,988,718
Increase in net position 5,987,409
Net Position, beginning of year 82,838,730
Net Position, end of year $ 88,826,139
The accompanying notes to the financial statements are an integral part of this statement.
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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 of 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, 2023, and the related notes to the financial statements, which collectively comprise the
Board's basic financial statements, and have issued our report thereon dated April 8, 2024. The Board's
financial statements include an emphasis of matter paragraph related to the basis of presentation of the
financial statements and an emphasis of matter paragraph related to the implementation of Governmental
Accounting Standards Board (GASB)Statement No. 96, Subscription-Based Information Technology
Arrangements.
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 the 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 and therefore, material weaknesses or significant deficiencies may
exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies
in internal control that we consider to be material weaknesses. We identified a deficiency in internal
control, described in the accompanying schedule of findings and questioned costs as item IC 2023-001,
that we consider to be a significant deficiency.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board's financial statements are free of
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.
Board's Response to Finding
Government Auditing Standards requires the auditor to perform limited procedures on the Board's
response to the finding identified in our audit and described in the accompanying schedule of findings and
questioned costs. The Board's response was not subjected to the other auditing procedures applied in the
audit of the financial statements and, accordingly, we express no opinion on the response.
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 entity'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 entity's internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Fort Lauderdale, Florida
April 8, 2024
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Monroe County, Florida Board of County Commissioners
Schedule of Findings and Questioned Costs
Financial Statement Finding
IC 2023-001 —Financial Reporting
Criteria: Management is responsible for the preparation and fair presentation of financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
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. Internal control policies and procedures should provide reasonable assurance regarding the
reliability of the financial reporting and disclosure of lease balances.
Condition: We noted that management did not detect errors in reporting its lease related balances in
the Key West Airport enterprise fund (the Airport)when implementing Governmental Accounting
Standards Board Statement No. 87, Leases, (GASB 87) in the prior year. During the current year
completeness review of their rental income accounts, we noted that a lessor lease with a third party was
not previously identified and recorded with the adoption of GASB 87 in the prior year. This resulted in the
understatement of the lease receivable and related deferred inflows of resources of approximately$1.1
million.
Context: The condition relates to the proper accounting and financial reporting for leases by the Airport
on an ongoing basis and appears to be an isolated incident.
Cause: The Airport has multiple leases with the third party and inadvertently missed the recognition of
one lease during the implementation of GASB 87.
Effect: See condition above.
Current Year Recommendation: We recommend that management perform an annual completeness
review of all lease balances, which should include a reconciliation of the detail listing of lease accounts to
the general ledger and a review of governing board minutes to ensure that all leases are captured.
Views of Responsible Officials and Planned Corrective Action: Management acknowledges that in
FY 2022 one of the Airport's leases from 2012 was inadvertently missed during the implementation of
GASB Statement No. 87. This was corrected during FY 2023. While the revenue from this lease was
appropriately recognized and accounted for in the Airport's Statement of Revenues, Expenses, and
Changes in Net Position, the lease was not included on the Statement of Net Position as a Lease
Receivable and Deferred Inflows Related to Leases. Management will conduct another review of board
minutes to ensure all lease arrangements that should be recognized are appropriately recognized.
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RSM
Independent Accountant's Report on Compliance
With Section 218.415, Florida Statutes
Honorable Members of the Board of County Commissioners
Monroe County, 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 (the
specified requirements)during the period October 1, 2022 to September 30, 2023. 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 AICPA.
Those standards require that we plan and perform the examination to obtain reasonable assurance about
whether the County complied, in all material respects, with the specified requirements referenced above.
An examination involves performing procedures to obtain evidence about whether the County 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, 2022 to September 30, 2023.
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.
Fort Lauderdale, Florida
April 8, 2024
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RSM
Management Letter in Accordance with the
Rules of the Auditor General of the State of Florida
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, 2023, and have issued our report thereon dated April 8, 2024.
Our report also included an emphasis of matter paragraph to reflect that these financial statements reflect
the transactions attributable to the Board and do not represent a complete presentation of the financial
statements of the County. Our report also included an emphasis of matter paragraph for the adoption of
Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information
Technology Arrangements, effective October 1, 2022.
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. The legal authority is
disclosed in Note 1 to the financial statements.
714 V.M P O VI E" (31° V h E alIA3 d.A 14 D E R 0()N.1
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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.
Fort Lauderdale, Florida
April 8, 2024
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