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Fiscal Year 2006MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006 DANNY L. KOLHAGE CLERK OF THE CIRCUIT COURT CLERK OF THE CIRCUIT COURT FINANCE DEPARTMENT SANDRA CARLILE FINANCE DIRECTOR THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006 INTRODUCTORY SECTION Transmittal Letter of the Clerk of the Circuit Court Certificate of Achievement for Excellence in Financial Reporting List of Elected and Appointed Officials Organizational Chart FINANCIAL SECTION Independent Auditors' Report Management's Discussion and Analysis Basic Financial Statements: Government -Wide Financial Statements Statement of Net Assets Statement of Activities Fund Financial Statements Balance Sheet -Governmental Funds Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Revenues, Expenditures and Changes in Fund Balances - Major Governmental Funds: General Fund Fine and Forfeiture Fund Road and Bridge Fund Governmental Grants Fund HIDTA Grants Fund Statement of Net Assets - Proprietary Funds Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds Statement of Cash Flows - Proprietary Funds Statement of Fiduciary Net Assets - Fiduciary Funds Statement of Changes in Fiduciary Net Assets - Fiduciary Funds Notes to the Financial Statements Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - NonMajor Governmental Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances -NonMajor Governmental Funds Budget and Actual PAGE Al - A5 A6 A7 A8 61 - B2 C1 - C12 D1 - D2 D3 - D4 E1 - E2 E3 E4 - E5 E6 E7 - E12 E12 - E13 E15 E16 - E18 E19 E20 - E23 E24 - E25 E26 - E29 E30 E31 F1 - F32 G1 - G12 G13 - G24 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006 PAGE Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actw Special Revenue Funds: Affordable Housing Programs G25 Law Library G26 Tourist Development, All Districts, Two Cent G27 Tourist Development, Administrative and Promotional, Two Cent G28 Tourist Development, District #One, Three Cent G29 Tourist Development, District #Two, Three Cent G30 Tourist Development, District #Three, Three Cent G31 Tourist Development, District #Four, Three Cent G32 Tourist Development, District #Five, Three Cent G33 Impact Fees - Roadways G34 Impact Fees - Parks and Recreation G35 Impact Fees - Libraries G36 Impact Fees - Solid Waste G37 Impact Fees - Police Facilities G38 Impact Fees - Fire and EMS G39 Employee Fair Share Housing G40 Fire and Ambulance, District #1 - Lower and Middle Keys G41 Upper Keys Health Care Special Taxing District G42 Fire and Ambulance, District #6 - Key Largo G43 Unincorporated Area Service District - Parks and Recreation G44 Unincorporated Area Service District - Planning, Building and Zoning G45 -G46 Local Housing Assistance G47 Municipal Policing G48 911 Enhancement Fees G49 Duck Key Security District G50 Boating Improvement G51 Miscellaneous Special Revenue G52 - G53 Environmental Restoration G54 Law Enforcement Trust G55 Court Facility Fees G56 Drug Abuse Trust G57 Marathon Municipal Service Taxing Unit G58 Conch Key Municipal Service Taxing Unit G59 Bay Point Municipal Service Taxing Unit G60 Big Coppitt Municipal Service Taxing Unit G61 Key Largo Municipal Service Taxing Unit G62 Comprehensive Plan Land Authority G63 Sheriffs Inmate Commissary G64 Sheriffs Impact Support G65 Sheriffs Off -Duty G66 Sheriffs Grants G67 Sheriffs South Florida Law Enforcement Trust G68 Sheriffs Shared Asset Forfeiture G69 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006 PAGE Sheriffs Federal Forfeiture G70 Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Special Revenue Funds: (continued) Sheriffs HIDTA Administration G71 Sheriffs Airport Services G72 Sheriffs Fine and Forfeiture G73 Clerk's Modernization Trust G74 Clerk's Court Related G75 Debt Service Funds: Infrastructure Sales Surtax Revenue Bonds, Series 2003 G76 Capital Projects Funds: Clerk's Revenue Note G77 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Major Governmental Funds: One Cent Infrastructure Surtax Capital Project Fund G78 Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Projects Fund G79 Combining Statement of Net Assets - Internal Service Funds G80 - G81 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets - Internal Service Funds G82 - G83 Combining Statement of Cash Flows - Internal Service Funds G84 - G87 Combining Statement of Fiduciary Net Assets - All Agency Funds G88 Combining Statement of Changes in Fiduciary Net Assets - All Agency Funds G89 - G90 STATISTICAL SECTION Net Assets by Component H1 Changes in Net Assets H2-H4 Governmental Activities Tax Revenues By Source H5 Fund Balances of Governmental Funds H6 Changes in Fund Balances of Governmental Funds 1-17-1-18 General Governmental Tax Revenues By Source H9 Assessed Value and Estimated Actual Value of Taxable Property H10 Direct and Overlapping Governments H11 Principal Property Taxpayers H12 Property Tax Levies and Collections H13 Ratios of Outstanding Debt by Type H14 Ratios of General Bonded Debt Outstanding H15 Direct and Overlapping Governmental Activities Debt H16 Legal Debt Margin Information H17 Pledged -Revenue Coverage - Governmental Activities H18 Pledged Revenue Bonds and Notes - Business -type Activities H19 Demographic and Economic Statistics H2O Principal Employers H21 Full-time Equivalent County Government Employees by Function H22 Operating Indicators by Function H23 Capital Asset Statistics by Function H24 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006 PAGE SINGLE AUDIT/GRANTS COMPLIANCE SCHEDULES Independent Auditor's Report on Internal Control over Financial Reporting and on 11-12 Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditor's Report on Compliance and Internal Control over Compliance 13-14 Applicable to each Major Federal Awards Program and State Financial Assistance Projects Schedule of Expenditures of Federal Awards and State Financial Assistance 15 - 118 Notes to Schedule of Expenditures of Federal Awards and State Financial 119 Assistance Projects Schedule of Findings and Questioned Costs - Federal Awards Programs and 120-123 State Financial Assistance Projects Summary Schedule of Prior Audit Findings - Federal Programs and State Projects 124 Independent Auditor's Management Letter J1-J2 BRANCH OFFICE MARATHON SUB COURTHOUSE 3117 OVERSEAS HIGHWAY MARATHON, FLORIDA 33050 TEL. (305) 289-6027 FAX (305) 289-1745 March 19, 2007 CLERK OF THE CIRCUIT COURT MONROE COUNTY MONROE COUNTY COURTHOUSE 500 WHITEHEAD STREET, SUITE 101 KEY WEST, FLORIDA 33040 TEL. (305) 292-3550 FAX (305) 295-3663 The Honorable Mario Di Gennaro Mayor, Board of County Commissioners Monroe County, Florida Dear Mayor Di Gennaro: BRANCH OFFICE PLANTATION KEY GOVERNMENT CENTER 88820 OVERSEAS HIGHWAY PLANTATION KEY, FLORIDA 33070 TEL. (305) 852-7145 FAX (305) 852-7146 It is our pleasure to present to you, the Board of County Commissioners and the citizens, the Mon- roe County, Florida Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2006. Chapter 218.39 of the Florida Statutes requires an independent certified public accountant to audit the financial statements of counties in the State. In addition, the Federal Single Audit Act, the Florida Single Audit Act and the federal OMB Circular A-133 require an inde- pendent auditor to report on the government's internal controls and compliance with legal require- ments concerning the administration of federal awards and state financial assistance. This report is published to fulfill these requirements. This report was prepared by the Finance Department of the Clerk of the Court. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Clerk of the Court as Chief Financial Officer of Monroe County. We assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects. It is presented in a format designed to fairly present the finan- cial position and results of operations of Monroe County as measured by the financial activity of its various funds; and that all disclosures needed to allow the reader to gain a comprehensive under- standing of the County's financial activity have been included. The County has established a comprehensive internal control framework that is designed both to protect the County's assets from loss, theft or misuse and to compile sufficient reliable accounting information for financial statement preparation in conformity with United States generally accepted accounting principles (GAAP) established by the Government Accounting Standards Board. Be- cause the cost of internal controls should not outweigh their benefits, the objective is to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. Cherry, Bekaert, and Holland, L.L.P. have issued an unqualified ("clean") opinion on the Monroe County, Florida financial statements for the year ended September 30, 2006. The independent auditor's report is located at the front of the financial section of this report. A-1 Management's discussion and analysis (MD&A) can be found immediately following the independ- ent auditor's report and provides a narrative introduction, overview and analysis of the basic finan- cial statements. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. Monroe County Profile Basic Information Monroe County was constitutionally formed in 1823. It is comprised of a string of subtropical is- lands that stretch more than one hundred miles into the Atlantic Ocean. These islands are con- nected in a chain -like fashion to the mainland by a series of forty-two bridges. The County seat, Key West, is approximately one hundred fifty miles southwest of Miami. Havana, Cuba lies a mere ninety miles to the south. Monroe County is a non -charter county established under the Constitution and the laws of the State of Florida. Legislative authority and policy decisions are vested in the Board of County Commissioners consisting of the mayor and four other members, all of whom are elected. The operation of other specific government functions resides with five Constitutional Officers. These Offices are elective and their titles indicative of their specific function. The positions are the Clerk of the Court, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector. Monroe County provides a full range of services including roads, health and social services, emergency medical services, park and recreational services, solid waste services, airport services and other governmental services. Reporting Entitv For financial reporting purposes, the County's reporting entity consists of (1) the Board of County Commissioners and the Constitutional Officers, 2) the Monroe County Comprehensive Plan Land Authority, a blended component unit which though legally separate is, in substance, part of Monroe County's operations and for which the County is financially accountable, and (3) the Monroe County Housing Finance Authority, a discretely presented component unit which is financially ac- countable to Monroe County, and whose relationship with the County is such that an exclusion would cause the County's financial statements to be misleading or incomplete. The Monroe County Housing Finance Authority is reported in a separate column in the combined financial statements to emphasize that it is legally separate from the County and to differentiate its financial position, results of operations, and cash flows from those of the County. Additional information on the two component units can be found in the notes to the financial statements. The Monroe County School Board and the Monroe County Mosquito Control District have not met the established criteria for inclusion in the reporting entity, and accordingly, are excluded from this report. Budget Formal budgetary integration is employed as a management control device during the year for all fund types except as described in the notes to the financial statements. Monroe County follows the laws of Florida regarding the control, adoption and amendment of the budget during each fis- cal year. The County Commission has increased the level of budgetary control by requiring a County Commission resolution for the all cost center (departmental) budgetary changes. Budgets for the Property Appraiser and the Tax Collector are approved by the Florida Department of Revenue and are adopted as part of the General Fund by the Board of County Commissioners. The Sheriff and Supervisor of Elections prepare their budgets which are submitted to and ap- ON proved by the Board. The Clerk of the Court's budget is divided between court related functions funded by court related revenues, court related functions required to be funded by the Board of County Commissioners and non -court related functions. The court related portion of the Clerk's budget funded by court related revenues is approved by the Clerks of Court Operations Corpora- tion. The rest of the Clerk's budget is approved by the Board of County Commissioners and in- cluded as part of the General Fund. Economic Condition Local Econom Monroe County occupies a unique and very beautiful corner of the U.S. Our subtropical chain of islands offers mild climate year-round and extensive recreational water activities. This makes the Florida Keys and Key West a major domestic and international tourist destination. Eight of the top ten taxpayers in Monroe County are hotels. The price we pay for our location and climate is the susceptibility to seasonal hurricanes. Monroe County sustained serious damage from a hurricane in October, 2006. Although there were no hurricanes for the rest of the year, the tourist industry was affected. Airplane passenger arrivals decreased from 2005. Estimates of the decrease range between 10 and 12%. However, tourist and recreational sales have remained stable with an in- crease of approximately 1.4% and hotel room rentals have increased by 2.7%. Property values through 2006 continued to increase, despite two years of unusually active hurri- cane seasons. The nationwide real estate market in 2007 experienced a decline, and Monroe County expects a similar, though lesser, decline. Over a ten year period, property tax collections have risen 44%. Over the same period, total assessed value of taxable property has increased 197%. All taxable sales have increased 6.6% from 2005 levels. The County continues to experi- ence a strong economic environment. The County's unemployment rate of 2.8% at September 30, 2006 is well below the state and na- tional rates of 3.5% and 4.4%, respectively. The County has historically enjoyed a strong job mar- ket. Local revenues and expenditures continue to be affected by intergovernmental pressures from re- duced federal and state aid, lack of funding for federal and state -mandated programs and ser- vices, and the increased demands for stronger public safety services, affordable health insurance and affordable housing. Long-term Financial Planning The County has developed the Monroe County Year 2010 Comprehensive Plan. This plan has been approved by the state, and describes the County's goals in the areas of land use; conserva- tion and coastal management; traffic circulation; mass transit; ports, aviation and related facilities; affordable housing; potable water; solid waste; sanitary sewer; storm water drainage; natural groundwater aquifer recharge; recreation and open space; intergovernmental coordination; and capital improvements. The County has implemented an employee recruitment and retention program. County staff was significantly reduced from 1998 levels as a result of the incorporation of the City of Marathon and the Village of Islamorada. The County has begun to add employees as it now has a base of ex- perience concerning personnel needs required after the incorporations within the County. The County had been experiencing turnover rates of approximately 18% during 2004. The rate of em- ployee turnover was improved by adding staff, but also by adjusting compensation to better match A-3 salaries with the local cost of living. The Board continues to focus on this area in its attempt to balance costs, services to Monroe County citizens, and fair compensation to its employees. The County provides health care coverage for 291 retirees. The Board is aware of the changes required by the Government Accounting Standards Board which requires the calculation and dis- closure of the cost of post retirement health care benefits. The Board has reviewed estimates of the unfunded cost for future years' benefits, and staff is developing strategies to fund and other- wise manage the financial impact to the County. Relevant Financial Policies During 2006, the Board approved an appropriation policy whereby 77.5% of estimated ending fund balances are appropriated in the budget process as opposed to the previous policy of 72.5% of es- timated fund balance for the prior year. Major Initiatives Several projects were underway in 2006 in furtherance of the County's Comprehensive Plan. Capital project improvements included the construction of a new judicial building in Key West, construction of a new public works compound, construction of two fire stations, a new medical ex- aminer facility, and a new park on Big Pine Key. These improvements are to be funded from the County's capital project funds. The County has issued bonds to assist in the construction of a new Key West airport terminal. The bond proceeds, federal and state entitlement revenues, passenger facility fees and capital project funds will provide a modern, more secure facility. Construction commenced during the summer of 2006. Municipal service taxing districts have been created to support the cost of wastewater projects in Stock Island, Big Coppitt, Cudjoe and Sugarloaf Keys, Big Pine and Summerland Keys, Conch Key, Long Key and the City of Layton, and Duck Key. The Stock Island, Key Largo, Duck Key, Long Key and Big Coppitt Key storm water projects are under construction. The City of Layton project has been completed. The wastewater projects are funded by grants and capital project funds. Awards and Acknowledgments The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Monroe County, Florida for its Comprehensive Annual Financial Report for the fiscal year ended September 30, 2005. This was the eighteenth consecutive year that the government has achieved this prestigious award. In or- der to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both U.S. generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certifi- cate. The County also submits its budget document to GFOA, and has received GFOA's Distinguished Budget Presentation Award for eight years. In This report is the product of the dedication of the Finance Department under the direction of the Clerk of the Court of Monroe County as Auditor and Chief Financial Officer to the Board of County Commissioners. We would like to express our appreciation to the entire Finance Department, as well as other County departments, for their assistance in the preparation of this report. We also ex- tend our thanks and appreciation to our independent auditors Cherry, Bekaert and Holland, L.L.P. for their outstanding efforts and assistance. In closing, we thank the County Commissioners for their interest and support to us throughout the year. Sincerely, nn . Kolhage Clerk of the Circuit Court and Chief Financial Officer `,&4l �� Sandra Carlile Finance Director A-5 Certificate of Achievement for Excellence in Financial Reporting Presented to Monroe County Florida For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 2005 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. 4- R mid President *A Executive Director M MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS CHARLES "SONNY" MCCOY, MAYOR DISTRICT 3 DIXIE M. SPEHAR DISTRICT 1 MARIO DIGENNARO DISTRICT 4 COUNTY ADMINISTRATOR THOMAS J. WILLI GEORGE R. NEUGENT DISTRICT 2 CLERK OF THE CIRCUIT COURT AND CHIEF FINANCIAL OFFICER DANNY L. KOLHAGE A7 GLENN PATTON DISTRICT 5 U I INDEPENDENT AUDITORS' REPORT To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: We have audited the accompanying financial statements of the governmental activities, the business - type activities, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the "County"), as of and for the year ended September 30, 2006, which collectively comprise the County's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the County's management. Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Monroe County Housing Finance Authority (the "Authority'). Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for the Authority, is based solely on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit and the report of other auditors provide a reasonable basis for our opinions. In our opinion, based upon our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the County as of September 30, 2006, and the respective changes in financial position and cash flows, where applicable, thereof and the respective budgetary comparison for the General Fund, the Fine and Forfeiture Fund, the Road and Bridge Fund, the Governmental Grants Fund and the HIDTA Grants Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. As discussed in the notes to the financial statements, the County adopted the retroactive provisions for infrastructure accounting prescribed by Statement 34 of the Governmental Accounting Standards board, Basic Financial Statements — and Management's Discussion and Analysis — for State and Local Governments, as of October 1, 2005. EN In accordance with Government Auditing Standards, we have also issued our report dated February 2, 2007 on our consideration of the County's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. The management's discussion and analysis section as listed in the table of contents is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County's basic financial statements. The introductory section, combining financial statements, supplemental schedules and statistical tables listed in the foregoing table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance Projects are also presented for the purpose of additional analysis as required by the U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations and Chapter 10.550, Rules of the Auditor General, and are not a required part of the basic financial statements. The combining financial statements and supplementary schedules and the accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance Projects have been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, are fairly presented in all material respects when considered in relation to the basic financial statements taken as a whole. The introductory section and statistical tables have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them. CHERRY, BEKAERT & HOLLAND, L.L.P. 6 i ggQ, Orlando, Florida February 2, 2007 Management's Discussion and Analysis As Finance Department management under the direction of the Chief Financial Officer and Clerk of the Circuit Court in Monroe County, we offer readers this narrative overview and analysis of the financial activities of Monroe County Government for the fiscal year ended September 30, 2006. We encourage readers to consider this information in conjunction with additional information furnished in the letter of transmittal of the report and the basic financial statements for an overall view of Monroe County's activities. Financial Highlights • Monroe County's total net assets exceeded its liabilities at September 30, 2006 by $442,370,830, an increase of $44,327,712. Net assets for governmental activities were $371,663,590 and $70,707,240 for business -type activities. • Unrestricted net assets, available for Monroe County's ongoing obligations to citizens and creditors were $106,537,600, an increase of $12,116,807. Governmental activity unrestricted net assets were $83,407,038. Business -type activity unrestricted net assets were $23,130,562. • At September 30, 2006 Monroe County's governmental funds statement reported combined ending fund balances of $150,683,051. Of this amount, $138,448,925 remains in the various fund types of Monroe County as unreserved. • The General Fund reported a fund balance of $17,197,707, a decrease from the last fiscal year of $10,568,079. • Bonded debt and loans of Monroe County increased $28,304,987 in 2006. Monroe County's percentage of bonded debt and loans compared to net assets increased from 6.2 % to 12.0%. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to Monroe County Government's basic financial statements, which include government -wide statements, fund statements, as well as notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. Government -Wide Financial Statements Government -wide financial statements are designed to provide the reader with a broad overview of the financial position of Monroe County and are similar to private -sector financial statements. They include a Statement of Net Assets and a Statement of Activities. These statements appear on pages D-1 through D-4 of this report. The Statement of Net Assets shows the County's assets less its liabilities at September 30, 2006. The difference between these assets and liabilities is reported as net assets. Changes in net assets over time may be indicative of an improving or deteriorating financial position. Net assets are reported in three categories: 1) invested in capital assets, net of related debt, 2) restricted, and 3) unrestricted. The Statement of Activities, which follows the Statement of Net Assets, presents information showing how the net assets changed during fiscal year 2006. The statement presents all underlying events, C-1 which contribute to the change, irrespective of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only affect cash flows in future fiscal periods. Such items include revenues earned and expenses incurred but not yet paid as well as unused vacation leave, all of which will produce changes in cash in a future fiscal period. Both statements attempt to distinguish functions of Monroe County that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges for services (business -type activities). Governmental activities reported in the statements include general government, public safety, physical environment, transportation, economic environment, human services, culture and recreation, and court related. Business -type activities include Monroe County's airports, solid waste and landfill operations, and the Card Sound Road and Toll Bridge. The government -wide financial statements also report the Monroe County Housing Finance Authority, which is considered a legally separate component unit. This financial information is reported separately from the primary government's financial information. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Monroe County, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. All of the funds of Monroe County can be divided into three general categories: governmental, proprietary and fiduciary funds. Governmental Funds Governmental Funds essentially account for the same functions as those reported in the government - wide statements described above. However, unlike the government -wide statements, this set of financial statements focuses on events that produce near -term inflows and outflows of spendable resources available at the end of the fiscal year, which is a narrower focus than the government -wide financial statements. Such information may be useful in evaluating the available spendable resources. These statements appear on pages E-1 through E-19 of this report. It can be useful to compare the information presented for the governmental funds with similar information presented for governmental activities in the government -wide statements. Therefore, reconciliations are provided as a link between both the governmental fund statements and the government -wide statements to assist in this comparison. The governmental fund financial statements present financial information for the County's general, special revenue, debt service and capital project funds. Governmental funds individually presented as major funds in Monroe County's statements include: the General Fund, four Special Revenue Funds: Fine and Forfeiture, Road and Bridge, Governmental Grants, and HIDTA Grants, and two capital project funds: One Cent Infrastructure Surtax and Infrastructure Sales Surtax Revenue Bonds, Series 2003. Although there are many smaller governmental funds in Monroe County, they have been presented in a total column "Nonmajor Governmental Funds." These funds are presented individually in the combining and individual fund statements section of the report. Proprietary Funds Monroe County maintains two different types of proprietary funds, enterprise and internal service. The proprietary fund statements appear on E-20 through E-29 of this report. C-2 Enterprise funds are used to report business -type activities in the government -wide financial statements. Monroe County maintains four major enterprise funds: Municipal Service District -Waste, Key West Airport, Card Sound Bridge, and the Marathon Airport. There are no non -major enterprise funds. Internal service funds are used to accumulate and allocate costs among Monroe County's various functions. Monroe County uses internal service funds to account for insurance activities (worker's compensation, group health and risk management) and fleet maintenance activities. Internal service funds are presented in total in the fund financial statements but may be reviewed individually in the combining and individual fund statements section of the report. Because these services predominantly benefit governmental rather than business -type functions, they have been included within the government -wide financial statements as governmental activities. They are also combined into a single, aggregated presentation in the proprietary fund financial statements. Fiduciary Funds Monroe County uses fiduciary funds to account for resources held for the benefit of parties outside of County government, such as assets held in trust and agency funds by Monroe County as an agent for individuals. Fiduciary funds are not reflected in the government -wide financial statements because the resources of those funds are not available to support Monroe County's own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The fiduciary fund financial statements appear on pages E-30 through E-31 of this report. Notes to the Financial Statements The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in both government -wide and fund financial statements. The notes commence on page F-1 and continue throughout the entire F page section. Other Information Combining and individual statements and schedules mentioned earlier, which present details of non - major funds used in governmental and enterprise funds, commence on page G-1 and continue throughout the entire G page section. This section also includes the budget to actual schedules, and statements for major capital project, internal service and agency funds. Additional information about Monroe County can be found under the Statistical Section in the H page section and the Single Audit Section in the I page section of this report. Government -Wide Financial Analysis Monroe County Net Assets (in thousands) Governmental Business -type Total Primary Activities Activities Government 2006 2005 2006 2005 2006 2005 Current and Other Assets $215,340 $218,696 $ 63,441 $ 31,677 $278,781 $250,373 Capital Assets 217,266 167,824 45,585 44,705 262,851 212,529 Total Assets 432,606 386,520 109,026 76,382 541,632 462,902 C-3 Governmental Activities Business -type Activities Total Primary Government 2006 2005 2006 2005 2006 2005 Current/Other Liabilities 36,459 28,486 3,943 5,764 40,402 34,250 Long -Term Liabilities 24,483 26,225 34,376 4,384 58,859 30,609 Total Liabilities 60,942 54,711 38,319 10,148 99,261 64,859 Net Assets: Invested in Capital Assets, Net of Related Debt 209,763 164,021 41,863 40,516 251,626 204,537 Restricted 78,494 94,138 5,713 4,947 84,207 99,085 Unrestricted 83,407 73,650 23,131 20,771 106,538 94,421 Total Net Assets $371,664 $331,809 $70,707 $ 66,234 $442,371 $ 398,043 The overall financial position of Monroe County improved in both fiscal years 2006 and 2005. Changes in net assets over time can be one of the best and most useful indicators of a government's financial position. Monroe County's increase in net assets for the fiscal years ending 2006 and 2005 were $44,327,712 and $26,894,091, respectively. In 2005, the increase in net assets was entirely attributable to the current year change in net assets. The 2006 current year change in net assets was $11,433,351, a decrease of $15,460,740 from the prior year. The decrease was offset by the addition of retroactive infrastructure in compliance with the requirements of GASB Statement No. 34. The largest portion of net assets for 2006 and 2005 is Monroe County's investment in capital assets (e.g., land and depreciated buildings, infrastructure and equipment) less any outstanding debt related to their acquisition. This category represents 56.9% and 51.3% of total primary government net assets for fiscal years 2006 and 2005. Monroe County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although Monroe County's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. Total primary government net assets above also include restricted net assets. Restricted net assets are resources subject to external restriction on how they may be used. The restrictions reported for business -type activities are comprised of the landfill closure and post closure costs and the Key West Airport's debt service payments and passenger facility charges. Restrictions reported for governmental activities are special purpose funds which report the use of resources as designated by external entities. The remaining component of net assets is unrestricted net assets. Unrestricted net assets may be used to meet the County's ongoing obligations to citizens and creditors. The 2006 change in current and other assets arose from an increase in restricted cash and unrestricted cash, offset by a decrease in investments. As investments matured during the year, the proceeds were added to interest bearing deposits or used to fund operations. The County obtained financing and committed capital project funds to construct a new Key West airport facility. Bond proceeds, passenger C-4 facility fees and the 2006 County funding commitment have been placed in restricted cash accounts until used for the intended purpose. The increase in capital assets is related in part to several large construction projects including the judicial center, continuing infrastructure projects for wastewater facilities, a new fire station, a waterfront property, and the Key West airport facility. The increase in capital assets also includes the addition of retroactive infrastructure in compliance with the requirements of GASB Statement No. 34. Liabilities increased because of the revenue bonds issued to finance the new Key West airport facility, as previously described. Accounts payable also increased because of Hurricane Wilma costs and legal fees. Payment was delayed pending staff review of the vendors' compliance with contractual agreements. Comparison of Current Assets and Liabilities (in thousands) A comparison of current assets as compared to current liabilities for both governmental and business - type activities can be a good indication of Monroe County's ability to meet its current and existing operational responsibilities. The ratios for the current and prior fiscal years are as follows: Governmental Business -type Activities Activities 2006 2005 2006 2005 Current Assets $ 208,200 $ 211,518 $ 25,823 $ 26,709 Current Liabilities $ 36,459 $ 28,486 $ 3,943 $ 5,764 Ratio of Current Assets to Current Liabilities 5.71 7.42 6.55 4.63 The schedule above demonstrates that Monroe County has more than adequate cash flows. Monroe County Changes in Net Assets (in thousands) Governmental Activities Business -type Activities Total Primary Government 2006 2005 2006 2005 2006 2005 Revenues: Charges for Services $28,744 $24,274 $21,420 $20,528 $50,164 $44,802 Operating Grants and Contributions 53,094 29,682 7,112 5,676 60,206 35,358 Capital Grants and Contributions 3,581 3,395 3,417 4,917 6,998 8,312 C-5 Governmental Business -type Total Primary Activities Activities Government 2006 2005 2006 2005 2006 2005 General Revenues: Property Taxes 71,979 65,214 71,979 65,214 Other Taxes 48,661 48,395 48,661 48,395 State Revenue Sharing 3,366 3,296 - - 3,366 3,296 Investment Income 9,504 5,611 1,737 742 11,241 6,353 Miscellaneous 6,221 7,683 29 116 6,250 7,799 Total Revenues 225,150 187,550 33,715 31,979 258,865 219,529 Expenses General Government 39,025 32,120 - - 39,025 32,120 Public Safety 122,030 87,224 - - 122,030 87,224 Physical Environment 8,775 7,228 - - 8,775 7,228 Transportation 8,588 5,021 - - 8,588 5,021 Economic Environment 17,780 16,069 - - 17,780 16,069 Human Services 9,221 7,742 - - 9,221 7,742 Culture and Recreation 4,827 4,359 - - 4,827 4,359 Court Related 7,246 6,467 - - 7,246 6,467 Interest on Long -Term Debt 559 825 - - 549 825 Solid Waste - - 15,429 14,238 15,429 14,238 Toll Bridge - - 1,298 890 1,298 890 Key West Airport - - 10,927 9,140 10,927 9,140 Marathon Airport - - 1,736 1,312 1,736 1,312 Total Expenses 218,041 167,055 29,390 25,580 247,431 192,635 Change in Net Assets Before Transfers 7,109 20,495 4,325 6,399 11,434 26,894 Transfers (148) 974 148 (974) Change in Net Assets 6,961 21,469 4,473 5,425 11,434 26,894 M. Restatement Net Assets, Beginning -Restated Net Assets, Ending Governmental Business -type Total Primary Activities Activities Government 2006 2005 2006 2005 2006 2005 32,894 - - - 32,894 - 331,809 310,340 66,234 60,809 398,043 371,149 $371,664 $331,809 $ 70,707 $ 66,234 $442,371 $398,043 The above restatement is the addition of retroactive infrastructure pursuant to the requirements of GASB Statement No. 34. Governmental Activities The graph below and on the next page represents a comparison of program revenues to program expenses for governmental activities in fiscal years 2006 and 2005. It is apparent from these graphs that general revenues were required to cover expenses in each of the functions noted. Monroe County, Florida Governmental Activities (in Millions) For the year ended September 30, 2006 IN Program Revenues ❑ Program Expenses 140 122.0 120 100 80 58. 60 39.0 40 20 14. 1.58'8 1.38.E 1.4 17.8 1.99.2 0.34.8 5.97.2 -I 0r C D D = n o o m coo c(n c� Cn o �• � o o' o o co v N N v v (gyp ° R° v r', o cu a The largest revenue sources for governmental activities in 2006 are property taxes in the amount of $71,978,592 and all other taxes totaling $48,660,858. Total taxes of $120,639,450 amounted to 53.4% of Monroe County's governmental activity revenues excluding transfers. The second largest revenue source is operating grants at 23.58% of governmental activity revenues excluding transfers. The 2006 graph identifies the largest expense function as public safety amounting to $122,029,364. This is 55.97% of the total expenses for governmental activities. The second largest function is general government with a total of $39,024,722 or 17.9% of total expenses for governmental activities. The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections. C-7 The largest revenue sources for governmental activities in 2005 are property taxes in the amount $65,213,691 and all other taxes totaling $48,394,576. Total taxes of $113,608,267 amounted to of of Monroe County's governmental activity revenues excluding transfers. The second largest revenue source is operating $ ° 9 60.6% P g grants at 29,681,733 or 15.83/° of governmental activity revenues excluding transfers. The 2005 graph identifies the largest expense function as public safety with a total of $87,223,777. This is 52.2% of the total expenses for governmental activities. The second largest function isgeneral government with a total of $32,119,524 or 19.2% of total expenses for governmental activities. The general government expenses include the Tax Collector, Property q and the Supervisor of Elections. P Y Appraiser, Clerk of the Circuit Court, Monroe County, Florida Governmental Activities (in Millions) For the year ended September 30, 2005 ■Program Revenues ❑Program Expenses 100 87.2 80 60 40 L32.1 33.20 0 716.1 .2 1.9 O 5 g .0 1.0 2.2 7.7 0 3 4.4 6.2 6.5 `cu m m <� v m _ n n �� 3 o`< a, �o 3 Z� v �� o n ° � n N C lD n- p o go � v 7 � Q Business -Type Activities The purpose of proprietary funds is to recover the majority of costs incurred in providinga s through user fees and charges for that service. Charges for services revenues in 2006 amount $21,419,750 or 63.5% of all revenue sources. Other revenue sources include operating service grants, contributions, investment income, and miscellaneous. Total revenues excluding to P ng grants, capital other funds were in excess of expenses excluding transfers to other funds by $4,325,19transfers from The change in net assets in 2006 was $4,473,014. This represents a decrease of $952,434 from prior year. Operating grants received during 2006 increased a the p operating revenues also increased. However, the increase in revenues was offset by an additional $3 8 million of operating expenses. Financial Analysis of Monroe County's Funds Governmental Funds As mentioned earlier in the Financial Highlights, Monroe County's governmental funds report combined fund balances of $150,683,051 at the end of the current fiscal year. This represents a 114 3 d C-8 decrease from the prior year. Governmental funds' unreserved fund balance totals were $138,448,925, a decrease of 17.0% from the prior year and 91.9% of the total fund balance. Reserved fund balances are as follows: $1,712,984 to meet current commitments (encumbrances) in the next fiscal year; $2,791,423 for Monroe County Land Authority land and land rights acquisition; $6,754,563 for mortgage loans receivable; and $975,156 for payment of debt service. The Monroe County Land Authority is a blended component unit of Monroe County and is reported as a non -major special revenue fund. The General Fund is the chief operating fund of Monroe County and automatically, one of Monroe County's major funds. At September 30, 2006, total fund balance in the general fund was $17,197,707. Total revenues increased $1,126,811 or 3.1% from the previous year. Expenditures also increased $13,679,924 or 18.5%. Most of the expenditure increase is attributable to the increase in the public safety function (11.5%) and an increase in general government expenditures (3.91 %). Other Maior Fund Information (in thousands) Fine and Forfeiture Road and Governmental Grants 2006 2005 2006 2005 2006 2005 Revenues and Other Sources $ 48,875 $ 39,774 $ 5,972 $ 5,820 $ 21,827 $ 6,051 Expenses and Other Uses 45,702 40,849 8,606 5,390 30,474 7,865 Increase/(Decrease) In Fund Balance $ 3,173 $ (1,075) $ (2,634) $ 430 $ (8,647) $ (1,814) HIDTA One Cent Infrastructure Surtax Grants Infrastructure Surtax 2006 Revenue Bonds 2006 2005 2006 2005 2006 2005 Revenues and Other $ 20,777 $ 19,769 $ 16,976 $ 16,320 $ 830 $ 488 Sources Expenses and Other Uses 20,777 19,769 19,802 16,443 8,518 450 Increase/(Decrease) In Fund Balance $ $ $ (2,826) $ (123) $ (7,688) $ 38 Fine and Forfeiture Special Revenue Fund Although ad valorem millage rates were slightly lowered, tax revenues increased because of the increase in property values. Revenues also increased due to interfund transfers from the capital projects and special revenue funds to cover the cost of Sheriff assets. Expenditures increased to fund a transfer to the Sheriff's general fund for the purchase of an emergency rescue helicopter and improvements to the Sheriff's radio communications system. Road and Bridge Special Revenue Fund Expenditures in 2006 increased because of better progress in various projects due to better staffing and no hurricane evacuations. Gas tax revenues increased to more normal levels as there were no hurricane disruptions this year. C-9 Governmental Grants Special Revenue Fund The receipt of grant funds related to hurricane assistance caused the increase in intergovernmental revenue. The grants were used to fund an increase in public safety expenditures necessary due to Hurricane Wilma. HIDTA Grants Special Revenue Fund This fund is used to account for reimbursement grants funded by the U.S. Department of Justice to fight drug trafficking. The volume of revenues and expenditures has not significantly changed as programs established by the grantor have been continued. One Cent Infrastructure Surtax Capital Projects Fund The citizens of Monroe County approved a one cent sales surtax which is the main revenue source in this fund. Sales tax revenues increased as the hurricane season caused very little disruption to business. Expenditures were increased due to purchases of equipment, provision of grant match and local funding for the Key West airport project. Infrastructure Surtax 2006 Revenue Bonds Capital Projects Fund In 2003, Monroe County issued $21,455,000 in revenue bonds to be paid from one cent sales surtax revenues. Revenues in 2006 consist of investment earnings on unused bond proceeds. Expenditures increased as the projects funded by bond proceeds are in the midst of construction. Proprietary Funds Proprietary fund statements provide the same information as in the business -type activities column of the government -wide statements, but in greater detail and on a fund basis for enterprise funds and internal service funds. The Municipal Service District -Waste Enterprise Fund maintains Monroe County's landfills and transfer sites. Monroe County continues to outsource the waste haul -out services through a major contract. The revenues are pledged to meet the debt service payment requirements on the Monroe County, Florida Solid Waste Disposal System Refunding Revenue Note, Series 2002. The Key West Airport Enterprise Fund receives numerous operating and capital grants. The major source of match for these grants is accumulated funds from passenger facility fee charges paid by the various airlines. During the year, the Key West Airport issued revenue bonds to fund the cost of a new airport terminal and related facilities. Part of the revenue stream committed for the payment of bond principal and interest is the collection of passenger facility fees. Operating expenses increased due to the grant funded noise improvement program and Hurricane Wilma costs, offset by the completion of several small maintenance projects. Other factors concerning the finances of these two major funds have already been addressed in the discussion of Monroe County's business -type activities. The internal service funds include the Worker's Compensation Fund, Group Insurance Fund, Risk Management Fund and the Fleet Management Fund. The self-insurance funds are a major focus in Monroe County's operations. Operating revenues in the internal service funds increased from $21,327,820 in 2005 to $24,524,725 in 2006, an increase of 15.0%. The increase is mostly attributable to insurance proceeds received as a result of Hurricane Wilma and higher interest earnings on cash and investments. Operating expenses increased $1,286,867 or 7.5% as a result of higher asserted and paid claims, and fees paid to maximize insurance proceeds. C-10 Capital Assets Monroe County's financial statements present capital assets in two categories: those assets subject to depreciation, such as buildings, infrastructure, and equipment and those not subject to depreciation such as land and construction in process. Investment in capital assets for both governmental and business -type activities, net of related debt at September 30, 2006, was $251,626,394. Investment in capital assets for governmental activities is $209,762,788 and $41,863,606 for business -type activities. These capital assets include assets purchased as well as donated. They also include infrastructure assets, e.g., bike paths, roads, bridges, stormwater and wastewater sites recorded at historical cost. Infrastructure assets consisting of roads and bridges acquired prior to the effective implementation date of GASB Statement No. 34 were reported this year as a restatement to net assets in the amount of $32,894,361. Monroe County has several significant general government construction projects. A new courthouse facility and a new Upper Keys fire station are underway. Monroe County is constructing central sewer systems to replace the existing method of wastewater disposal and improve Monroe County's fragile environment. There are also several roadway improvement projects, which will provide better road drainage, create bike paths, and upgrade safety measures. Monroe County has received approximately $729,000 in land donated by citizens as part of the building permit process. Monroe County further increased its investment in real estate by purchasing property in the lower keys to preserve the public's access to waterfront. The Key West airport has begun construction of a new airport terminal. The project is presently estimated to cost $32,000,000. The Card Sound Bridge is also undergoing a major renovation project. Further details are available in Note 7 to the financial statements pages F-17 through F-18 Long -Term Debt At September 30, 2006, Monroe County had long-term debt in the amount of $62,501,129. This debt is mainly comprised of revenue bonds and notes secured by pledges of revenues. Revenue secured debt for governmental activities is $19,843,771 and $33,309,611 is for business -type activities. Monroe County has no general obligation bonds. Moody's Investors Service, Standard and Poor's Ratings Services and Fitch Ratings assigned municipal bond ratings of "Aaa" and "AAA" respectively, to the above mentioned bond based upon the municipal bond insurance policy securing such bonds issued by MBIA Insurance Corporation. Further details are available in Note 8 to the financial statements pages F-19 through F-23 Budgetary Highlights The category changes in the General Fund's final budget are summarized below: The total final general fund revenue budget decreased by $428,430 or 1.2% from the original budget. Revenue budget adjustments were made throughout the year to conform estimates to actual funds available. C-11 The largest increase of $4,146,252 was in public safety. The Sheriff's general fund budget was increased to permit the purchase of a helicopter for trauma rescue and fund improvements to the existing radio communication system. Public safety expenditures also increased because of Hurricane Wilma. The second largest expenditure budget increase was general government in the amount of $764,306. The largest part of the increase was in public works facilities maintenance in the amount of $477,066 due, once again, to Hurricane Wilma. The County Attorney also received $200,000 in additional funding for outside counsel. The general government increases were offset by a reduction in expenditures for vehicle replacement of $329,444. Economic Factors and Next Year's Budgets and Rates Monroe County's officials considered many factors when adopting the fiscal year 2007 budget. Included among these factors were the anticipated change in property values, the recovery of various sales tax and other revenues impacted by the tourist economy and the issuance of revenue bonds. Also considered were the costs of employee benefits, increases in insurance premiums for all types of coverage, the implementation of wastewater treatment programs, affordable housing initiatives, and the airport improvement project. Ad valorem taxes based on property values comprise approximately 73% of budgeted tax revenues. The Property Appraiser certified a county -wide property value of roughly $21.7 billion for fiscal year 2006. For fiscal year 2007, the county -wide property value has been certified at approximately $26.5 billion, an increase of 22.1 %. Charges for services paid to Constitutional Officers have increased to cover the cost of those operations, largely attributable to an increase in personnel costs. Other charges for services have increased because the charges are based on property values and tourist related activities, both of which have increased. However, for the eleventh year in a row it was unnecessary to increase the solid waste residential rates because of previous successful negotiations with the contractor providing waste transportation services. Requests for Information This financial report is designed to provide a general overview of Monroe County's finances for all those with an interest in its finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Finance Director, Clerk of the Circuit Court, 500 Whitehead Street, Key West, Florida 33040. C-12 BASIC FINANCIAL STATEMENTS ASSETS Current Assets: Cash and Cash Equivalents Investments Accounts Receivable, Net Internal Balances Due from Other Governmental Units Interest Receivable Inventory Total Current Assets Noncurrent Assets: Mortgage/ Notes Receivable Allowance for Mortgage/ Notes Receivable Deferred Charges Restricted Cash and Cash Equivalents Land and Other Nondepreciable Assets Other Capital Assets, Net of Accumulated Depreciation Total Noncurrent Assets Total Assets LIABILITIES Current Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Claims and Judgements Payable Due to Other Governmental Units Accrued Comp. Absences Payable Note Payable MONROE COUNTY, FLORIDA STATEMENT OF NET ASSETS SEPTEMBER 30, 2006 Component Primary Government Unit Governmental Business -Type Monroe County Activities Activities Total Hsg Fin Auth $ 164,942,523 $21,788,179 $ 186,730,702 $ 54,848 24,363,792 - 24,363,792 - 590,634 963,234 1,553,868 978,346 (978,346) - - 16,942,235 4,048,569 20,990,804 - 378,466 919 379,385 - 3,902 - 3,902 - 208,199,898 25,822,555 234,022,453 54,848 11,818,627 11,818,627 - (5,064,064) - (5,064,064) - 385,448 710,743 1,096,191 - - 36,907,293 36,907,293 - 96,449,622 12,160,293 108,609,915 - 120,816,104 33,425,194 154,241,298 - 224,405,737 83,203,523 3 77,609,260 - 432,605,635 109,026,078 541,631,713 54,848 19,676,211 3,311,081 2,610,553 6,455,955 1,130,910 889,467 5,988 2,202,172 622,441 108,759 129,631 13,643 45,313 21,878,383 3,933,522 2,719,312 6,585,586 1,144,553 934,780 5,988 The notes to the financial statements are an integral part of this statement. 3,795 (Continued) D-1 MONROE COUNTY, FLORIDA STATEMENT OF NET ASSETS - CONTINUED SEPTEMBER 30, 2006 Component Primary Government Unit Governmental Business -Type Monroe County Activities Activities Total Hag Fin Auth Other Current Liabilities 5,853 - 5,853 - Deposits in Escrow 55,508 179,726 235,234 - Unearned Revenue 73,858 19,215 93,073 - Accrued Interest Payable 24,033 140,205 164,238 - Capital Leases Payable 433,340 50,000 483,340 - Revenue Notes Payable 581,630 431,867 1,013,497 - Revenue Bonds Payable 1,205,000 - 1,205,000 - Total Current Liabilities 36,459,387 3,942,972 40,402,359 3,795 Noncurrent Liabilities: Landfill Closure and Post Closure - 379,288 379,288 - Note Payable 7,478 - 7,478 - Accrued Comp. Absences Payable 6,016,845 301,564 6,318,409 - Capital Leases Payable 401,194 817,270 1,218,464 - Revenue Notes Payable 1,227,141 2,422,744 3,649,885 - Revenue Bonds Payable 16,830,000 30,455,000 47,285,000 Total Noncurrent Liabilities 24,482,658 34,375,866 58,858,524 Total Liabilities 60,942,045 38,318,838 99,260,883 3,795 NET ASSETS Invested in Capital Assets, Net of Related Debt 209,762,788 41,863,606 251,626,394 - Restricted Debt Service 441,853 - 441,853 - Capital Projects 35,121,124 - 35,121,124 - Special Purposes 42,930,787 5,713,072 48,643,859 - Unrestricted 83,407,038 23,130,562 106,537,600 51,053 Total Net Assets $ 371,663,590 $ 70,707,240 $ 442,370,830 $ 51,053 The notes to the financial statements are an integral part of this statement. D-2 MONROE COUNTY, FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2006 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Proarams Expenses Services Contributions Contributions Primary government: Governmental activities: General Government $ 39,024,722 $ 11,906,927 $ 208,282 $ 2,716,861 Public Safety 122,029,364 8,379,746 49,916,093 59,845 Physical Environment 8,775,244 1,001,082 413,566 50,000 Transportation 8,587,895 327,244 169,236 754,715 Economic Environment 17,780,225 1,358,255 72,117 - Human Services 9,221,347 355,277 1,507,475 Culture and Recreation 4,827,160 172,712 107,885 - Court Related 7,245,797 5,242,898 698,974 - Interest on Long Term Debt 548,987 - - - Total governmental activities 218,040,741 28,744,141 53,093,628 3,581,421 Business -type activities: Solid Waste 15,429,328 15,734,794 241,403 - Toll Bridge 1,297,922 1,166,093 - 4,823 Key West Airport 10,927,409 3,770,658 6,221,444 3,189,542 Marathon Airport 1,735,427 748,205 649,421 222,255 Total business -type activities 29,390.086 21,419,750 7,112,268 3,416,620 Total primary government $ 247,430,827 $ 50,163,891 $ 60,205,896 $ 6,998,041 Component Unit: Monroe Cnty Hag Fin Auth $ 3,100 $ - $ - $ - General Revenues: Taxes: Ad Valorem Taxes Tourist Impact Tax Gas Tax 1/2 Cent Sales Tax One Cent Infrastructure Tax Tourist Development Tax Other Taxes Other State Shared Revenue Investment Income Miscellaneous Transfers Total General Revenues and Trsfs Change in Net Assets Total Net Assets -As previously reported Restatement (see Note 7) Total Net Assets -Beg., Restated Total Net Assets -Ending (Continued) The notes to the financial statements are an integral part of this statement. D-3 Net (Expense) Revenue and Changes in Net Assets Component _ Primary Government Unit Governmental Business -type Monroe County Activities Activities Total Hsg Fin Auth $ (24,192,652) $ - $ (24,192,652) $ - (63,673,680) - (63,673,680) - (7,310,596) - (7,310,596) - (7,336,700) - (7,336,700) - (16,349,853) - (16,349,853) - (7,358,595) - (7,358,595) - (4,546,563) - (4,546,563) - (1,303,925) - (1,303,925) - (548,987) - (548,987) - (132,621,551) - (132,621,551) - - 546,869 546,869 - - (127,006) (127,006) - - 2,254,235 2,254,235 - - (115,546) (115,546) - - 2,558,552 2,558,552 - (132,621,551) 2,558,552 (130,062,999) (3,100) 71,978,592 - 71,978,592 - 2,337,667 - 2,337,667 - 5,442,950 - 5,442,950 - 8,453,482 - 8,453,482 - 15,201,005 - 15,201,005 - 13,658,344 - 13,658,344 - 3,567,410 - 3,567,410 - 3,366,289 - 3,366,289 - 9,502,953 1,737,753 11,240,706 497 6,221,014 28,891 6,249,905 - (147,818) 147,818 - - 139,581,888 1,914,462 141,496,350 497 6,960,337 4,473,014 11,433,351 (2,603) 331,808,892 66,234,226 398,043,118 53,656 32,894,361 - 32,894,361 - 364,703,253 66,234,226 430,937,479 53,656 $ 371,663,590 $ 70,707,240 $ 442,370,830 $ 51,053 MONROE COUNTY, FLORIDA BALANCE SHEET GOVERNMENTALFUNDS SEPTEMBER30,2006 Assets Cash and Cash Equivalents Investments Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Interest Receivable Inventory Total Assets Liabilities and Fund Balances Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Other Current Liabilities Deposits in Escrow Deferred Revenues Total Liabilities Fund Balances: Reserved for: Encumbrances Land Acquisition Mortgage Loans Debt Service Unreserved, Designated for Spec Rev Fund Unreserved, Undesignated Unreserved, report in nonmajor: Special Revenue Funds Capital Project Funds Total Fund Balances Total Liabilities and Fund Balances Fine & Road & Governmental General Forfeiture Bridge Grants $ 7,252,448 7,922,410 70,352 7,437,670 411,563 $ 3,470,093 78 1,626,112 1,592,094 49,940 50,589 _ (49,940) 3,902 _ - $ 23,148,934 $11,546,845 $ 7,257,637 $ 6,688,377 $10,263,659 $ 6,742,268 1,953 821,924 459,309 1,391 513,978 $ 2,416,059 $ 85,270 $ 85,786 $ 8,626,475 9,101 - 221,906 1,713,457 1,850,984 20,512 69,162 53,452 1,399,359 101,134 833,735 4,073,369 215,860 - 130,004 75,263 4,758 _ - 55,106 - - - - 4,963 5,951,227 206,916 1,340,593 14,546,979 66,462 4,800 163,459 278,264 17,131,245 11,335,129 5,753,585 (8,136,866) 17,197,707 11,339,929 5,917,044 (7,858,602) $ 23,148,934 $11,546,845 $ 7,257,637 $ 6,688,377 The notes to the financial statements are an integral part of these statements. E-1 Infrastructure One Cent Sales Surtax Nonmajor Total HIDTA Infrastructure Revenue Bonds, Governmental Governmental Grants Surtax Series 2003 Funds Funds $ 172,197 $ 20,501,061 $ 9,673,488 $ 77,288,621 $ 135,363,835 - 12,926,037 3,515,345 - 24,363,792 - - 473,939 546,322 - 4,033,628 - 1,889,537 15,810,262 1,955,994 1,127,109 - 2,519,818 8,579,865 - 914,285 - 10,854,402 11,818,627 (914,285) - (4,099,839) (5,064,064) 210,923 65,399 51,555 378,466 - - - - 3,902 $ 2,128,191 $ 38,798,758 $ 13,254,232 $ 88,978,033 $ 191,801,007 $ 1,564,700 $ 160,028 $ 1,216,211 $ 4,926,326 $ 19,080,855 - 732,309 553,199 81,109 3,311,081 147,977 13,595 15,545 390,602 2,561,829 263,461 1,141,149 - 6,357,529 14,169,736 150,328 - 529,962 1,101,417 - - 4,758 - 402 55,508 1,725 - - 826,084 832,772 2,128,191 2,047,081 1,784,955 13,112,014 41,117,956 44,666 1,027,376 127,957 1,712,984 - - 2,791,423 2,791,423 - - 6,754,563 6,754,563 - - 975,156 975,156 - - 441,853 441,853 36,707,011 10,441,901 - 73,232,005 64,686,064 64,686,064 - - 89,003 89,003 36,751,677 11,469,277 75,866,019 150,683,051 $ 2,128,191 $ 38,798,758 $ 13,254,232 $ 88,978,033 $ 191,801,007 E-2 MONROE COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO STATEMENT OF NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Amounts reported for governmental activities in the Statement of Net Assets are different because: Ending fund balance - total governmental funds $ 150,683,051 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of accumulated depreciation of $58,647,014. 215,920,848 Deferred charges, bond/note issuance costs, used in governmental activities are amortized over the life of the debt and are not financial resources. Therefore, they are not reported in the governmental funds. 385,448 Deferred revenues are reported in the governmental funds as they are not current financial resources. They are reported as revenues in the Statement of Net Assets. 8,778,692 Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the governmental funds. Note Payable $ (13,466) Revenue Notes Payable (1,808,771) Revenue Bonds Payable (18,035,000) Capital Leases Payable (834,534) Accrued Interest Payable (24,033) Accrued Compensated Absences (6,779,987) Total (27,495,791) The Assets and Liabilities of the Internal Service Funds (funds are used to charge the costs of insurance and fleet maintenance activities to individual funds) are not reported in the Governmental Funds. 23,391,342 Net Assets of governmental activities $ 371,663,590 The notes to the financial statements are an integral part of this statement. E-3 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTALFUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 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 Projects Debt Service Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Proceeds from Sale of Capital Assets Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 Fine & Road & Governmental General Forfeiture Bridge Grants $19,209,205 $41,442,400 $ 1,582,487 $ 353,804 - - - 9,580,034 63,874 3,805,348 16,189,785 6,756,235 1,597,559 115,408 205,983 2,985 376,369 - - 1,200,596 769,610 402,689 132,573 900,201 546,786 66,022 632,759 38,003,060 44,796,598 5,971,954 17,161,100 25,725,973 507,711 47,362,710 7,461,512 25,562,414 659,895 - 1,410,636 46,284 - 7,773,240 1,576,432 1,068,937 - - - 6,810,877 - - 1,783,216 3,075,295 - - 107,885 2,521,497 48,538 - 33,270 222,831 - - - 87,494,299 8,017,761 7,773,240 30,473,853 (49,491,239) 36,778,837 (1,801,286) (13,312,753) 44,974,197 4,078,000 4,665,577 (6,051,037) (37,683,983) (832,289) - 38,923,160 (33,605,983) (832,289) 4,665,577 (10,568,079) 3,172,854 (2,633,575) (8,647,176) 27,765,786 8,167,075 8,550,619 788,574 $17,197,707 $11,239,929 $ 5.917.044 The notes to the financial statements are an integral part of these statements. E-4 One Cent HIDTA Infrastructure Grants Surtax Infrastructure Sales Surtax Revenue Bonds, Series 2003 Nonmajor Governmental Funds Total Governmental Funds $ $ 15,201,005 $ - $ 30,310,508 $ 107,745,605 - - 2,571,874 2,925,678 20,777,250 - - 14,747,369 65,163,660 - 284,101 - 9,773,996 18,733,282 - - 2,923,774 3,303,128 1,491,068 676,808 3,594,816 8,268,160 - - - 1,381,843 3,527,611 20,777,250 16,976,174 676,808 65,304,180 209,667,124 7,614,245 33,847,929 20,723,500 - 24,332,929 125,443,065 - - - 2,900,134 4,970,665 - - - 767,857 10,163,813 - - - 16,732,898 17,801,835 - - - 462,407 9,056,500 - - - 1,518,284 4,701,464 - - - 4,388,894 6,992,199 - 11,553,537 8,518,487 2,700 20,074,724 53,750 - - 2,796,366 3,072,947 20,777,250 11,553,537 8,518,487 61,516,714 236,125,141 5,422,637 (7,841,679) 3,787,466 (26,458,017) 153,189 4,317,992 58,188,955 (8,248,557) - (5,165,221) (57,981,087) - - 1,135,742 1,135,742 (8,248,557) 153,189 288,513 1,343,610 (2,825,920) (7,688,490) 4,075,979 (25,114,407) 39,577,597 19,157,767 71,790,040 175,797,458 $ - $ 36.751.677 $ 11.469.277 $ 75.866.019 $ 150.683.051 E-5 MONROE COUNTY, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2006 Amounts reported for governmental activities in the Statement of Activities are different because: Net change in fund balances - total governmental funds $ (25,114,407) Governmental funds report capital outlays as expenditures. However, in the Statement of Activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays of $29,515,588 exceeded depreciation of $8,076,202 in the current Deriod. 21,439,386 Governmental funds do not report donated capital assets as they do not provide current financial resources. Governmental activities report donated assets at the fair market value. (937,444) Governmental funds only report the disposal of assets to the extent proceeds are received from the sale. In the Statement of Activities, transfers of property to other governmental agencies are reported as expenses. (3,926,693) Payment of long-term debt is reported as an expenditure on the governmental funds as current financial resources are used, but a reduction of long-term 2,380,105 liabilities in the Statement of Net Assets. The change in compensated absences is reported in the Statement of Activities and is not reported in governmental funds as current financial resources are not used. (1,064,418) Governmental tunds report the effect of issuance costs, premiums, discounts, and similar items when debt is first issued; whereas, these amounts are deferred and amortized in the Statement of Activities. In addition, interest and other accruals not using current financial resources is reported as governmental activities. The amount is the net effect of these transactions. (37,680) Revenues that do not provide current financial resources are not reported on governmental funds. However, revenues that are earned in the current period are reported in the Statement of Activities. 7,610,689 Net revenues of internal service funds (funds used to charge the costs of certain activities to individual funds) are reported with governmental activities. 6,610,799 Change in net assets of governmental activities $ 6,960,337 The notes to the financial statements are an integral part of these statements. E-6 MONROE COUNTY, FLORIDA GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: General Government: Board of County Commissoners County Administrator Strategy & Policy Public Works Management Community Services Management County Attorney Office of Management & Budget Technical Services Technology Replacement File Management Services Grants Administration Personnel Vehicle Replacement Public Works Facilities Maintenance ADA Compliance Value Adjustment Board Community Services -Marine Projects Promotional Advertising Tax Increment Payment Quasi External Services Clerk to BOCC-Financial Package Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 19,369,558 $ 19,369,558 $ 19,209,205 $ (160,353) 300,000 300,000 353,804 53,804 9,871,639 9,586,027 9,580,034 (5,993) 6,196,443 5,891,461 6,756,235 864,774 - - 2,985 2,985 500,000 500,000 1,200,596 700,596 280,000 442,164 900,201 458,037 36,517,640 36,089,210 38,003,060 1,913,850 1,557,670 1,557,670 1,485,855 71,815 566,588 644,434 635,890 8,544 - 51,974 32,347 19,627 166,838 166,838 161,569 5,269 218,464 279,976 282,093 (2,117) 1,355,242 1,555,242 1,372,438 182,804 581,805 585,074 570,306 14,768 1,599,691 1,574,685 1,559,266 15,419 400,000 400,000 371,018 28,982 - 181,204 29,412 151,792 232,623 220,209 181,525 38,684 426,016 435,161 433,884 1,277 382,456 53,012 - 53,012 5,763,705 6,240,771 5,909,705 331,066 155,000 55,000 13,283 41,717 25,000 25,000 20,530 4,470 123,155 123,155 120,972 2,183 5,000 5,000 4,980 20 200,000 212,837 212,837 - 46,000 62,600 70,988 (8,388) 5,000 5,000 480 4,520 The notes to the financial statements are an integral part of these statements!Continued) E-7 MONROE COUNTY, FLORIDA GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Tax Collector Property Appraiser Supervisor of Elections Insurances -Supervisor of Elections Gov't Enterprise Management System Sterling Award Program Clerk of the Court -Recording Clerk of the Court -Finance Clerk of the Court -Internal Audit Clerk of the Court -Info. Systems Tourist Tax Audit Non -Court Administration Non -Court Records Management Total General Government Public Safety: Hurricane Communications Emergency Management Marathon Emer Operations Center Medical Examiner American Red Cross Lower Keys Sheriff Fire Academy Total Public Safety Physical Environment: Extension Service Upper Keys Wild Bird Ctr Marathon Wild Bird Ctr Exotic Wild Bird Rescue Land Steward Hazardous Waste Total Physical Environment Transportation: County Engineer Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 4,219,232 4,222,133 3,930,491 291,642 4,196,888 4,201,969 3,603,062 598,907 1,223,814 1,223,814 1,204,521 19,293 126,343 129,078 129,078 - 35,000 35,000 26,700 8,300 235,500 356,500 354,040 2,460 552,295 552,295 514,599 37,696 1,419,964 1,419,964 1,415,586 4,378 229,556 229,556 154,133 75,423 678,546 678,546 536,201 142,345 187,851 187,851 169,932 17,919 109,783 109,783 102,875 6,908 122,215 122,215 115,377 6,838 27,147,240 27,903,546 25,725,973 2,177,573 10,000 757,047 748,397 8,650 478,862 478,862 376,049 102,813 294,015 334,695 330,946 3,749 50,509 50,509 49,924 585 564,642 564,642 555,497 9,145 30,000 30,000 30,000 - 42,191,077 45,566,803 45,063,635 503,168 272,422 255,221 208,262 46,959 43.891,527 48.037.779 47.362 71n a79; nAo 275,356 292,326 271,038 21,288 20,000 20,000 20,000 - 14, 000 14,000 13,889 111 14,000 14,000 13,822 178 84,376 84,376 63,996 20,380 244,562 279,078 277,150 1,928 652,294 703.780 659,895 43,885 118,280 118,280 46,284 71,996 (Continued) The notes to the financial statements are an integral part of these statements. E-8 MONROE COUNTY, FLORIDA GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Economic Environment: Literacy Volunteers of America Affordable Housing Initiatives Land Acquisition Appraisals Veteran's Affairs Veteran's Affairs Transportation Total Economic Environment Human Services: Health Care Respite Act Hospice of the Florida Keys Public Works Animal Shelter Bayshore Manor Middle Keys Guidance Clinic Middle Keys Guidance Clinic Middle Keys Guidance Clinic Middle Keys Guidance Clinic Care Center for Mental Health Monroe Cnty Assoc. for Retarded Citizens Heron/ Peacock Older Americans Volunteer Program Welfare Administration Welfare Services Caring Friends for Seniors Big Brothers\ Big Sisters Florida Keys Children's Shelter Wesley House Pace MCEF/ Monroe Youth Challenge Helpline Domestic Abuse Shelter Florida Keys Outreach Coalition Healthy Kids Program Habitat for Humanity Samuel's House Youth Summer Rec DePoo Baker Act Womankind Rural Health Network Rural Health Network STD Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 12,000 12,000 12,000 - - 607,543 434,704 172,839 - 30,000 10,000 20,000 486,800 486,800 477,050 9,750 154,048 154,048 135,183 18,865 652,848 1,290,391 1,068,937 221,454 90,000 - - 50,000 50,000 50,000 - 885,997 886,670 886,389 281 636,481 642,481 614,561 27,920 385,961 385,961 385,961 - 46,179 46,179 46,179 86,287 86,287 86,287 - 328,627 328,627 300,103 28,524 345,000 345,000 310,313 34,687 194,868 194,868 194,868 - 60,000 60,000 60,000 - 2,500 2,500 361 2,139 824,052 832,920 754,409 78,511 522,500 762,500 611,627 150,873 5,000 5,000 4,793 207 30,000 30,000 30,000 - 220,000 220,000 220,000 - 172,100 172,100 172,100 - 30,000 30,000 30,000 - 25,000 25,000 25,000 - 20,000 20,000 20,000 - 40,000 40,000 40,000 - 68,856 68,856 68,856 - 46,440 49,753 49,751 2 21,246 21,246 6,992 14,254 90,000 90,000 90,000 - 40,000 40,000 31,423 8,577 200,000 200,000 - 200,000 55,000 55,000 55,000 - 300,000 300,000 299,991 9 100,000 100,000 99,300 700 The notes to the financial statements are an integral part of these statements. (Continued) E-9 MONROE COUNTY, FLORIDA GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Social Service Transportation Catholic Charities Just for Kids Aids Help Center for Independent Living Fountains of Living Good Health Clinic Grace Jones Community Ctr FI Keys Area Hlth Educ Ct Total Human Services Culture and Recreation: Heart of the Keys Recreation Big Pine Athletic Association Boys and Girls Club Upper Keys YMCA Higgs Beach Maintenance Lower Keys AARP Middle Keys AARP Big Pine Key AARP Fine Arts Council Historic Keys Foundation Upper Keys Community Pool Art Behind Bars Library Admin Support Library Key West Library Key West Donations Library Marathon Library Marathon Donations Library Islamorada Library Islamorada Donations Library Key Largo Library Key Largo Donations Library Big Pine Key Library Big Pine Key Donations Total Culture and Recreation Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 1,171,800 1,187,025 1,077,764 109,261 10,000 10,000 9,941 59 25,000 25,000 25,000 - 36,000 36,000 34,631 1,369 5,000 5,000 5,000 - 5,000 5,000 5,000 - 17,995 17,995 17,277 718 80,000 80,000 80,000 - 12,000 12,000 12,000 - 7,284,889 7,468,968 6,810,877 658,091 40,000 40,000 40,000 - 45,000 45,000 45,000 - 50,000 50,000 50,000 - 15,000 15,000 15,000 - 37,100 37,980 37,949 31 5,000 5,000 3,930 1,070 5,000 5,000 4,057 943 5,000 5,000 4,475 525 120,000 120,000 119,789 211 30,000 30,000 30,000 - 225,000 225,000 225,000 2,500 2,500 2,500 - 515,185 514,526 506,442 8,084 763,060 763,060 712,890 50,170 - 115,753 59,746 56,007 350,781 350,781 320,733 30,048 - 26,125 20,892 5,233 301,458 301,458 264,800 36,658 - 1,062 16 1,046 384,627 384,627 358,955 25,672 - 6,071 - 6,071 250,526 250,526 245,394 5,132 - 13,154 7,727 5,427 3,145,237 3,307,623 3,075,295 232,328 The notes to the financial statements are an integral part of these statements. E-10 MONROE COUNTY, FLORIDA GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Court Related: Law Library Guardian Ad Litem State Attorney Public Defender Court Administration Court Admin-Judicial Support Court Admin-Staff Attorney Court Admin-Article V Resid/Conting Court Admin-Circuit Ct Reporter Svcs Court Admin-Circuit Drug Court Court Admin-Pretrial Release Ct. Admin-Other Circuit Ct. Criminal Co: Court Admin-Family Ct Case Mgmt Ct. Admin-Other Circuit Court Juvenile Court Admin-Information Systems Total Court Related Debt Service: Principal Interest Total Debt Service Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 76,975 77,636 77,636 - 180,448 180,448 142,676 37,772 261,643 261,643 220,903 40,740 532,279 532,279 506,637 25,642 13,734 13,734 13,124 610 169,966 169,966 154,691 15,275 5,802 5,802 3,416 2,386 18,375 18,375 12,495 5,880 4,574 4,574 4,234 340 500,211 500,211 482,014 18,197 528,727 528,727 484,280 44,447 913 913 913 - 137, 085 137,085 123,387 13,698 77,939 77,939 69,358 8,581 253,838 253,836 225,733 28,103 2,762,509 2,763,168 2,521,497 241,671 157,025 205,879 194.446 11,433 26,780 30,172 28,385 1,787 183,805 236,051 222,831 13,220 85,838,629 91,829,586 87,494,299 4,335,287 (49,320,989) (55,740,376) (49,491,239) 6,249,137 The notes to the financial statements are an integral part of these statements. E-11 MONROE COUNTY, FLORIDA GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Other Financing Sources/(Uses): Reserve for Contingencies (3,938,030) (641,320) - 641,320 Transfers from Other Funds 41,169,438 45,883,115 44,974,197 (908,918) Transfers to Other Funds (1,537,288) (6,094,195) (6,061,037) 43,158 Total Other Financing Sources/(Uses) 35,694,120 39,147,600 38,923,160 (224,440) Net Change in Fund Balances (13,626,869) (16,592,776) (10,568,079) 6,024,697 Fund Balances, October 1 27,765,786 27,765,786 27,765,786 Fund Balances, September30 $ 14,138,917 $ 11,173,010 $ 17,197,707 $ 6,024,697 The notes to the financial statements are an integral part of these statements. E-12 MONROE COUNTY, FLORIDA FINE AND FORFEITURE SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: General Government: Tax Increment Payment Vehicle Replacement Total General Government Public Safety: Sheriffs Group Insurance Bond Refunds LEEA Funds Jail Operations Public Works Correction Facilities Teen Court MCSO Grants Juvenile Detention Cost Share Total Public Safety Court Related: Sheriff Extradition Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 43,275,895 $ 43,275,895 $ 41,442,400 $ (1,833,495) 20,000 20,000 63,874 43,874 1,875,000 1,875,000 1,597,559 (277,441) - - 376,369 376,369 200,000 200,000 769,610 569,610 15,000 911,276 546,786 (364,490) 45,385,895 46,282,171 44,796,598 (1,485,573) 400,000 507,711 507,711 39,661 39.661 5,061,820 5,061,820 4,498,293 563,527 50,000 50,000 4,689 45,311 75,000 75,000 75,000 - 138,967 138,967 137,915 1,052 1,743,943 1,743,943 1,462,009 281,934 50,000 90,000 35,609 54,391 - 865,750 865,750 - 300,000 385,600 382,247 3,353 7,419,730 8,411,080 7,461,512 949,568 76,000 76,000 48,538 27,462 7,935,391 9,034,452 8,017,761 1,016,691 37,450,504 37,247,719 36,778,837 (468,882) The notes to the financial statements are an integral part of these statements. (Continued) E-13 MONROE COUNTY, FLORIDA FINE AND FORFEITURE SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Other Financing Sources/(Uses): Reserve for Contingencies (788,679) (578,701) - 578,701 Transfers from Other Funds 4,118,000 4,078,000 (40,000) Transfers to Other Funds (36,419,438) (40,544,631) (37,683,983) 2,860,648 Total Other Financing Sources/(Uses) (37,208,117) (37,005,332) (33,605,983) 3,399,349 Net Change in Fund Balances 242,387 242,387 3,172,854 2,930,467 Fund Balances, October 1 8,167,075 8,167,075 8,167,075 - Fund Balances, September 30 $ 8,409,462 $ 8,409,462 $11,339,929 $ 2,930,467 The notes to the financial statements are an integral part of these statements. E-14 MONROE COUNTY, FLORIDA ROAD AND BRIDGE SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 Revenues: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues Expenditures: Current: General Government: Vehicle Replacement Total General Government Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 1,325,000 $ 1,325,000 $ 1,582,487 $ 257,487 3,350,000 3,350,000 3,805,348 455,348 18,000 18,000 115,408 97,408 175,000 175,000 402,689 227,689 20,000 20,000 66,022 46,022 4,888,000 4,888,000 5,971,954 1,083,954 459,592 192,459 192,459 459,592 192,459 192,459 Transportation: Road Department 3,289,091 3,738,014 3,288,383 449,631 County Engineer Road and Bridge 914,714 747,421 648,006 99,415 Street Lighting 192,396 192,396 163,268 29,128 Local Option Gas Tax Projects 400,000 400,000 150,488 249,512 80% Gas Tax 3,376,542 3,968,533 3,364,401 604,132 In -House Projects 365,000 365,000 158,694 206,306 Marathon Roads 897,529 64,775 - 64,775 Islamorada Roads 318,000 318,000 - 318,000 Total Transportation 9,753,272 9,794,139 7,773,240 2,020,899 Total Expenditures 10,212,864 9,986,598 7,773,240 2,213,358 Excess/Deficiency of Revenues Over/(Under) Expenditures (5,324,864) (5,098,598) (1,801,286) 3,297,312 Other Financing Sources/(Uses): Reserve for Contingencies (225,827) (25,827) 25,827 Transfers to Other Funds (606,023) (1,032,289) (832,289) 200,000 Total Other Financing Sources/(Uses) (831,850) (1,058,116) (832,289) 225,827 Net Change in Fund Balances (6,156,714) (6,156,714) (2,633,575) 3,523,139 Fund Balances, October 1 8,550,619 8,550,619 8,550,619 - Fund Balances, September30 $ 2,393,905 $ 2,393,905 $ 5,917,044 $ 3,523,139 The notes to the financial statements are an integral part of these statements. E-15 MONROE COUNTY, FLORIDA GOVERNMENTAL GRANTS SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Revenues: Intergovernmental $ $ 38,626,802 $16,189,785 $ (22,437,017) Charges for Services 162,337 205,983 43,646 Investment Income 4,106 132,573 128,467 Miscellaneous 78,994 632,759 553,765 Total Revenues 38,872,239 17,161,100 (21,711,139) Expenditures: Current: General Government: Grant Match Public Safety: FEMA-Tropical Storm Mitch Emergency Management Base Grant Radiological Emerg Preparedness EMS Award Grant EOC Enhancements EOC Security Improvement Sheriffs Livescan Grant Homeland Security Grant FEMA-Hurricane Dennis FEMA-Hurricane Katrina FEMA-Hurricane Rita FEMA-Hurricane Wilma Total Public Safety Physical Environment: Stormwater Improvement Stormwater Master Plan Sanitary Wastewater Master Plan Homeowners Wastewater Assistance Community Development Block Grnt Exotic Plant Control Svc Public Water Access Clean Vessel Act LE 507 Boat Ramp Repairs 600,000 294,850 294,850 - 24,794 - 24,794 - 132,780 132,780 - - 156,822 124,833 31,989 - 125,680 59,846 65,834 - 25,352 1,440 23,912 - 115,743 31,016 84,727 - 115,296 115,293 3 - 36,322 - 36,322 - 1,886,177 965,461 920,716 1,977,098 1,179,631 797,467 1,568,781 944,078 624,703 30,000,000 22,008,036 7,991,964 36,164,845 25,562,414 10,602,431 - 57,080 25,400 31,680 - 20,304 9,899 10,405 - 24,800 - 24,800 - 940,241 831,132 109,109 - 760,629 364,508 396,121 - 426,896 72,564 354,332 - 66,000 66,000 - - 288,280 28,539 259,741 - 1,360,000 - 1,360,000 Boat Ramp -Public Launch Fac Plan 46,660 12,594 34,066 Total Physical Environment 3,990,890 1,410,636 2,580,254 The notes to the financial statements are an integral part of these statements. (Continued) E-16 MONROE COUNTY, FLORIDA GOVERNMENTAL GRANTS SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Transportation: S FI Water Mgmt Dist Grant Stormwater Transportation Study Plan Update Safety Improvement Heritage Trail Florida Keys Scenic Hwy Planning Bicycle/Pedestrian Plan 2 Overseas Heritage Trail Scenic Highway Interpretive Total Transportation Economic Environment: Affordable Housing Coordinator Human Services: Residential Substance Abuse Treatment Title III-B Homemaker 2005 Title III-B Homemaker 2006 Title III-Cl 2005 Title III-Cl 2006 Title III-C2 2005 Title III-C2 2006 Title III-E 2005 Title III-E 2006 Alzheimer's Disease Initiative 05/06 Alzheimer's Disease Initiative 06/07 Community Care for Disabled Adults 05/06 Community Care for Disabled Adults 06/07 Community Care for the Elderly 06/07 Community Care for the Elderly 05/06 Home Care for the Elderly 06/07 Home Care for the Elderly 05/06 Boys and Girls Club US Fellowship of Florida MC Education Foundation Low Income Home Energy Program 2005 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) - 400,000 - 400,000 - 559,919 180,349 379,570 - 928,171 894,922 33,249 - 28,865 - 28,865 - 99,287 26,767 72,520 - 723,659 360,944 362,715 - 113,450 113,450 - - 2,853,351 1,576,432 1,276,919 45,081 - 45,081 - 163,675 66,667 97,008 - 67,759 67,135 624 - 79,600 68,524 11,076 - 130,661 102,244 28,417 - 130,950 104,379 26,571 - 155,279 120,251 35,028 - 144,192 133,880 10,312 - 22,307 17,058 5,249 - 46,301 27,228 19,073 - 65,435 58,139 7,296 - 66,488 23,572 42,916 - 77,668 61,745 15,923 - 81,733 25,216 56,517 - 487,837 173,740 314,097 - 488,287 422,779 65,508 - 51,544 1,267 50,277 - 4,714 82 4,632 - 28,690 16,975 11,715 - 66,504 66,504 - - 39,620 39,620 - - 59,931 53,498 6,433 Low Income Home Energy Program 2006 172,872 84,395 88,477 Care Center Mental Health 56,764 48,318 8,446 Total Human Services 2,688,811 1,783,216 905,595 The notes to the financial statements are an integral part of these statements. (Continued) E-17 MONROE COUNTY, FLORIDA GOVERNMENTAL GRANTS SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Culture and Recreation: State Aid to Libraries - 107,885 107,885 - Court Related: Juvenile Drug Court LLEBG-2003 - 21,020 5,450 15,570 Juvenile Drug Court LLEBG-2004 - 28,942 27,820 1,122 Total Court Related - 49,962 33,270 16,692 Total Expenditures 600,000 46,195,675 30,473,853 15,721,822 Excess/Deficiency of Revenues Over/(Under) Expenditures (600,000) (7,323,436) (13,312,753) (5,989,317) Other Financing Sources/(Uses): Reserve for Contingencies (175,000) (166,718) - 166,718 Transfers from Other Funds - 10,723,436 4,665,577 (6,057,859) Transfers to Other Funds - (4,008,282) - 4,008,282 Total Other Financing Sources/(Uses) (175,000) 6,548,436 4,665,577 (1,882,859) Net Change in Fund Balances (775,000) (775,000) (8,647,176) (7,872,176) Fund Balances, October 1 788,574 788,574 788,574 Fund Balances, September 30 $ 13,574 $ 13,574 $ (7,858,602) The notes to the financial statements are an integral part of these statements. E-18 MONROE COUNTY, FLORIDA SHERIFF'S HIDTA GRANT SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Intergovernmental Total Revenues EXPENDITURES: Current: Public Safety Debt Service Total Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 20,210,500 $ 20,777,535 $ 20,777,250 $ (285) 20,210,500 20,777,535 20,777,250 (285) 20,165,500 20,723,785 20,723,500 285 45,000 53,750 53,750 - 20,210,500 20,777,535 20,777,250 285 The notes to the financial statements are an integral part of these statements. E-19 MONROE COUNTY, FLORIDA STATEMENT OF NET ASSETS PROPRIETARY FUNDS SEPTEMBER 30, 2006 ASSETS Current Assets: Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Interest Receivable Total Current Assets Noncurrent Assets: Restricted Cash and Cash Equivalents Deferred Charges, Net Land and Other Nondepreciable Assets Capital Assets, Net of Accum. Depreciation Total Noncurrent Assets Total Assets LIABILITIES Current Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Claims and Judgements Payable Due to Other Funds Due to Other Governmental Units Accrued Interest Payable Accrued Comp. Absences Payable Capital Leases Payable Other Current Liabilities Deposits in Escrow Unearned Revenue Notes Payable Accrued Interest Payable Total Current Liabilities Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport $ 9,598,479 $ 10,055,325 $ 1,457,681 420,140 45 497,125 72,090 - 579 14,604 371 3,444,101 919 - - 10,106,232 10,055,741 5,399,486 1,790,740 35,116,553 17,465 - 693,278 3,629,620 50,000 7,635,075 172,650 5,263,077 16,411,951 5,610,475 5,313,077 59,856,857 15,716,707 15,368,818 65,256,343 1,132,500 23,201 672,227 - - 622,441 28,111 18,696 55,413 129,631 - - 377,121 133,835 955,663 682 - 10,226 50,459 - - 12,631 14,949 5,544 50,000 - - 160,538 - 12,267 18,922 - - 431,867 - - - - 89,746 2,392,462 190,681 2,423,527 The notes to the financial statements are an integral part of these statements. E-20 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ 676,694 $ 21,788,179 $ 29,578,688 45,924 963,234 43,088 8,841 81,510 241,159 589,493 4,048,569 336,422 - 919 1,225 1,320,952 26,882,411 30,200,582 36,907,293 - 710,743 - 845,598 12,160,293 54,000 11,577,516 33,425,194 1,290,878 12,423,114 83,203,523 1,344,878 13,744,066 110,085,934 31,545,460 374,244 2,202,172 595,356 - 622,441 - 6,539 108,759 48,723 - 129,631 6,455,955 134,576 1,601,195 355,832 2,735 13,643 29,493 - 50,459 - 12,189 45,313 33,969 - 50,000 - - - 1,095 6,921 179,726 - 293 19,215 - - 431,867 - - 89,746 - 537,497 5,544,167 7,520,423 (Continued) E-21 MONROE COUNTY, FLORIDA STATEMENT OF NET ASSETS - CONTINUED PROPRIETARY FUNDS SEPTEMBER 30, 2006 Noncurrent Liabilities: Closure/post closure costs Accrued Comp. Absences Payable Capital Leases Payable Notes Payable Revenue Bonds Payable Total Noncurrent Liabilities Total Liabilities NET ASSETS Invested in Capital Assets, Net of Related Debt Restricted Unrestricted Total Net Assets Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport 379,288 - 120,244 42,541 125,749 817,270 - - 2,422,744 - - - 30,455,000 3,739,546 42,541 30,580,749 6,132,008 233,222 33,004,276 80,389 5,313,077 24,047,026 1,790,740 - 3,922,332 7,713,570 9,822,519 4,282,709 $ 9,584,699 $ 15,135,596 $ 32,252,067 Adjustment to reflect the consolidation of internal service activities related to enterprise funds The notes to the financial statements are an integral part of these statements. E-22 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds - 379,288 - 13,030 301,564 92,356 - 817,270 - 2,422,744 - 30,455,000 - 13,030 34,375,866 92,356 550,527 39,920,033 7,612,779 12,423,114 41,863,606 1,344,878 - 5,713,072 - 770,425 22,589,223 22,587,803 $ 13,193,539 $ 70,165,901 $ 23,932,681 541,339 $ 70,707,240 E-23 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Operating Revenues: Franchise Fees Charges for Services Fines and Forfeitures Miscellaneous Total Operating Revenues Operating Expenses: Personnel Services Operations Depreciation and Amortization Asserted and Paid Claims Total Operating Expenses Operating Income/(Loss) Nonoperating Revenues/(Expenses): Operating Grants Grant and Donations - Other Sources Other Income - PFC Investment Income Gain (Loss) on Disposition of Assets Interest Expenses and Fiscal Charges Revenues/(Expenses) Income/(Loss) Before Contributions and Transfers Transfers from Other Funds Transfers to Other Funds Capital Grants and Contributions Change in Net Assets Total Net Assets -October 1 Total Net Assets -September 30 Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport $ 248,832 $ - $ - 15,485,962 1,166,093 3,765,121 - - 5,537 4,139 - 10,536 15,738,933 1,166,093 3,781,194 875,782 585,255 1,417,474 14,488,303 427,712 8,521,071 44,810 321,332 788,492 15, 408, 895 1,334,299 10, 727, 037 330,038 (168,206) (6,945,843) 191,403 6,221,444 50,000 - - - 1,013,697 638,746 466,406 591,209 (2,857) - (855) (121,975) - (257,125) 755,317 466,406 7,568,370 1,085,355 298,200 622,527 1,000,000 (375,730) (132,062) (221,280) 4,823 2,175,845 709,625 170,961 3,577,092 8,875,074 14,964,635 28,674,975 $ 9,584,699 $ 15,135,596 $ 32,252,067 Adjustment to reflect the consolidation of internal service activities related to enterprise funds Change in Net Assets of Business -type Activities The notes to the financial statements are an integral part of these statements. E-24 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ $ 248,832 $ - 748,205 21,165,381 20,896,996 - 5,537 - 14,216 28,891 3,627,729 762,421 21,448,641 24,524,725 214,912 3,093,423 1,397,516 1,030,212 24,467,298 4,413,298 519,763 1,674,397 79,305 - - 12,635,949 1,764,887 29,235,118 18,526,068 (1,002,466) (7,786,477) 5,998,657 649,421 7,062,268 - 50,000 - 1,013,697 - 41,392 1,737,753 1,234,793 (303) (4,015) (64,624) - (379,100) - 690,510 9,480,603 1,170,169 (311,956) 1,694,126 7,168,826 11,466 1,011,466 (134,576) (863,648) (355,686) 222,255 2,402,923 30,210 (212,811) 4,244,867 6,843,350 13,406,350 17,089,331 $ 13,193,539 $ 23,932,681 228,147 $ 4,473,014 E-25 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Operating Activities: Cash received for services Cash rec'vd from other funds for goods and svcs Cash payments to suppliers for goods and svcs Cash payments to employees for services Cash payments to other funds Other operating revenue Net Cash Provided by/(Used in) Operating Activities Noncapital Financing Activities: Operating grants received Transfers from other funds Transfers to other funds Other Income PFC Net Cash Provided/(Used) by Noncapital Financing Activities Capital and Related Financing Activities: Proceeds from capital grants Acquisition of capital assets Principal paid on capital debt Interest paid on capital debt Capital contributions Proceeds from sale of capital assets Proceeds from issuance of capital debt Net Cash Provided/(Used) by Capital and Related Financing Activities Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport $ 15,684,299 $ 1,165,677 $ 3,567,808 (15,135,185) (359,795) (9,620,647) (595,138) (457,093) (953,439) (342,334) (157,248) (273,063) 4,139 10,536 (384,219) 191,541 (7,268,805) 191,403 6,349,449 - 1,000,000 (465,330) (244,496) (173,303) 1,013,697 (273,927) (244,496) 8,189,843 1,940,875 (96,022) (4,020) (2,028,762) (416,935) (129,441) (860,657) 72,338 30,455,000 (642,398) (4,020) 29,578,794 Investing Activities: Investment income 637,827 466,406 591,209 Net Cash Provided/(Used) in Investing Activities 637,827 466,406 591,209 Net Increase/(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents: October 1 September 30 (662,717) 409,431 31,091,041 12,051,936 9,645,894 5,483,193 $ 11,389,219 $ 10,055,325 $ 36,574,234 The notes to the financial statements are an integral part of these statements. E-26 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ 732,401 $ 21,150,185 $ 5,237,292 15,503,040 (777,066) (25,892,693) (16,766,927) (142,990) (2,148,660) (982,232) (86,119) (858,764) (360,685) 14,216 28,891 3,603,700 (259,558) (7,721,041) 6,234,188 131,139 6,671,991 11,466 1,011,466 (100,826) (983,955) (355,686) 1,013,697 41,779 7,713,199 (355,686) 555,578 2,496,453 (274,725) (2,403,529) (86,161) (416,935) - (990,098) 2,012 74,350 - - - 157 30,455,000 - 282,865 29,215,241 (86,004) 41,392 1,736,834 1,233,569 41,392 1,736, 834 1,233,569 106,478 30,944,233 7,026,067 570,216 27,751,239 22,552,621 $ 676,694 $ 58,695,472 $ 29,578,688 E-27 (Continued) MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS -CONTINUED PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Reconciliation of operating income/(loss) to net cash provided by/(used in) operating activities: Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport Operating income/(loss) $ 330,038 $ (168,206) $ (6,945,843) Adjustments to reconcile operating income/(loss) to net cash provided by/(used in) operating activities: Depreciation and Amortization Change in Assets and Liabilities: (Increase)/Decrease in Accounts receivable (Increase)/Decrease in Due from other funds (Increase)/Decrease in Due from other gov't units Increase/(Decrease) in Accounts payable Increase/(Decrease) in Accrued wages/benefits Increase/(Decrease) in Claims/judgments payable Increase/(Decrease) in Due to other funds Increase/(Decrease) in Due to other gov't units Increase/(Decrease) in Comp.absences payable Increase/(Decrease) in Other current liabiliities Increase/(Decrease) in Deposits in escrow Increase/(Decrease) in Landfill Closure Costs Increase /(Decrease) in Deferred revenue Total adjustments Net Cash Provided by/(Used in) Operating Activities 44,810 321,332 788,492 (22,048) (45) (205,314) (64,175) - (579) 26,964 (371) 2,464 (707,982) 17,869 (395,752) 9,036 7,632 26,356 (1) (28,487) (1,618) (544,173) 12,631 14,948 5,544 (4,817) - _ (10,158) 11,048 18,922 - (714,257) 359,747 (322,962) $ (384,219) $ 191,541 $ (7,268,805) Noncash investing, capital, and financing activities: Contribution of capital assets from gov't $ - $ 4,823 $ Loss on disposition of assets Forgiveness of capital lease amount Cash Reconciliation: Unrestricted Restricted Total $ (2,857) $ - $ (855) $ 50,000 $ - $ $ 9,598,479 $ 10,055,325 $ 1,457,681 1,790,740 - 35,116,553 $ 11,389,219 $ 10,055,325 $ 36,574,234 The notes to the financial statements are an integral part of these statements. E-28 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ (1,002,466) $ (7,786,477) $ 5,998,657 519,763 1,674,397 79,305 (6,963) (234,370) (24,367) (64,754) 1,473 (8,841) 20,216 (157,799) 225,631 (860,234) 282,180 750 43,774 16,632 (1) 126,305 - - (95,753) 380 (573,898) (1,264) 12,188 45,311 14,859 - (4,817) (6,040) (10,158) 11,048 - 18,922 742,908 65,436 235,531 $ (259,558) $ (7,721,041) $ 6,234,188 $ $ 4,823 $ 30,210 $ (303) $ (4,015) _$ (62,119) $ $ 50,000 $ $ 676,694 $ 21,788,179 $ 29,578,688 - 36,907,293 - $ 676,694 $ 58,695,472 $ 29,578,688 E-29 MONROE COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS SEPTEMBER 30, 2006 ASSETS Cash and Cash Equivalents Accounts Receivable Total Assets LIABILITIES Accounts Payable Due to Others Due to Other Funds Due to Other Governmental Units Total Liabilities NET ASSETS Held in Trust Tor Pension Benefits and Other Purposes Fire and EMS Pension Agency Trust Fund Funds $ 721,597 $ 8,659,807 - 8,499 721,597 $ 8,668,306 4,270 $ - - 3,061,037 6,168 5,601,101 4,270 $ 717,327 $ 8,668,306 The notes to the financial statements are an integral part of these statements. E-30 MONROE COUNTY, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS FIDUCIARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Additions: Employer Contributions Investment Income Total Additions Deductions: Administration Pension Benefits Total Deductions Change in Net Assets Total Net Assets- October 1 Total Net Assets- September 30 Fire and EMS Pension Trust Fund $ 61,050 33,802 94,852 (4,270) (9,270) (13,540) 81,312 636,015 $ 717,327 The notes to the financial statements are an integral part of these statements. E-31 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following summary of the more significant accounting policies of the Monroe County, Florida (County) is presented to assist the reader in interpreting these financial statements and should be viewed as an integral part of this report. Reporting Entity - Entity status for financial reporting purposes is governed by Statement No. 14 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. Determination of the financial reporting entity of the County is founded upon the objective of accountability. Therefore, these financial statements include the County government (the primary government) and legally separate component units for which operational or financial responsibility rests with the elected officials of the County or for which the nature and significance of their relationship to the County are such that exclusion would cause the financial statements to be misleading or incomplete. Operational or financial responsibility is considered to have been met if the primary government appoints a voting majority of the component unit's governing board and it is able to impose its will on the unit or there is potential for the unit to provide specific financial benefits or impose specific financial burdens on the primary government. All component units of the County have a September 30 fiscal year end. The County is a Non -Charter County established as provided by Article VIII Section 1 of the Florida Constitution and Section 125 of the Florida Statutes. The Board of County Commissioners, composed of five members, is the legislative body for the County and as such budgets and provides funding used by the separate Constitutional Offices with the exception of fees collected by the Clerk of Circuit Court and the Tax Collector. The County Administrator also serves as the principal executive officer. In addition, certain designated governmental functions are performed by constitutional officers who are elected at -large. The constitutional officers are the Clerk of the Circuit Courts, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Although these five officers are operationally autonomous, they do not hold sufficient corporate powers of their own to be considered legally separate component units for financial reporting purposes. Therefore, they are reported together with the Board as part of the primary government. Under the direction of the Clerk of Circuit Court, the Monroe County Finance Department maintains the accounting system for the Board's operations, but excludes those of the Property Appraiser, Sheriff, Tax Collector, Clerk of the Circuit Court and Supervisor of Elections, each of which maintains its own 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. Blended component units are legally separate entities that are in substance part of the County's operation, as they either have governing bodies that are substantively the same as the County or they provide their services exclusively or almost exclusively to the County. The financial transactions of the component units are merged in with similar transactions of the County as part of the primary government. The blended component units of the County are as follows: F-1 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Monroe County Florida Comprehensive Plan Land Authority (MCLA) - The MCLA was created by Monroe County, Florida Ordinance 031-1986 pursuant to Florida Statute 380 and is considered a legally separate entity from Monroe County. Its purpose is to operate a land acquisition program in Monroe County, to implement the Monroe County Comprehensive Plan and address issues created by it. The Monroe County Board of County Commissioners serves as the governing board and is able to impose its will. Therefore, the MCLA, for financial reporting purposes, is considered a blended component unit of Monroe County, Florida and is presented as a special revenue fund of the County. Complete financial statements for MCLA can be obtained from MCLA's administrative office at 1200 Truman Avenue, Ste. 207, Key West, Florida 33040. Monroe County Industrial Development Authority (MCIDA) - The MCIDA was created by Monroe County, Florida Resolution pursuant to Florida Statute 159. The MCIDA serves to assist in financing and refinancing capital projects, which will foster economic development in the County. The Monroe County Board of County Commissioners serves as the governing board and is able to impose its will. 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 County 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 or liabilities. Discretely -presented component units are legally separate entities, which do not meet the criteria for blending. The Monroe County Housing Finance Authority (Authority) qualifies as a discretely presented component unit of the County and is reported in a separate column to emphasize it is legally separate from the County. Following is a description of the Authority: Monroe County Housing Finance Authority (Authority) - The legal authority by which the Authority, the discretely -presented component unit, was created is Section 159.604 of the Florida Statutes and Monroe County, Florida Ordinance 1019-1979. This Authority serves to finance dwelling accommodations for low, moderate, and middle income persons in Monroe County. Its five - member board is appointed by the Board of County Commissioners. There is no budget approval required by the Board, although there is an approval requirement for any bonded debt issuance. The County has no obligation to pay the outstanding debt of the Authority; however, it does have the power to remove an Authority board member without cause. Complete financial statements for MCHFA can be obtained from MCHFA's administrative office at 1400 Kennedy Drive, Key West, Florida 33040. Basis of Presentation: Government -wide Financial Statements: The statement of net assets and the statement of activities report information about the nonfiduciary activities of the primary government and its discretely presented component unit. Adjustments have been made to minimize the double counting of interfund activity. These statements distinguish between governmental activities and business -type activities. Governmental activities are primarily financed through taxes and intergovernmental revenues, while business -type activities are primarily financed through charges for services to external parties. The statement of activities presents a comparison between direct expenses of the program revenues for each function of the County's governmental activities, and for each of the business -type activities. F-2 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Direct expenses are those that are clearly identified with a specific program or segment. Program revenues include (a) fees, fines and charges for services, and (b) grants and contributions that are restricted for the operating or capital requirements of a specific program. All taxes and other revenues not meeting the criteria for classification as program revenues are reported as general revenues. Fund Financial Statements: The fund financial statements provide information about the County's funds, including its fiduciary fund and blended component unit. Separate statements for each fund category — governmental, proprietary, and fiduciary — are presented. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds. Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment earnings, result from non -exchange transactions or ancillary activities. The following are reported as major governmental funds: General Fund - The General Fund is the general operating fund of the County. All general tax revenues and other receipts that are 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 & 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 that are transferred to the Sheriff and to account for operations of the County's court support system. Road & Bridge Special Revenue Fund - The Road and Bridge Fund is used to account for all revenues, operating expenditures and capital improvements for the construction and maintenance of roads and bridges which are not grant funded. Governmental Grants Special Revenue Fund - The Governmental Grant Fund is used to account for operating revenues and expenditures for all governmental activity of federal and state grants. Sheriff HIDTA Grants Special Revenue Fund - The Sheriffs HIDTA Grants Fund is used to account for all revenues and expenditures for the ONDCP Programs. 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. Infrastructure Sales Surtax Revenue Bonds Series 2003 Capital Project Fund — The Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Project Fund is used to account for the proceeds of this bond issue. F-3 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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, as well as the closure and post closure of the landfills. Card Sound Bridge - The Card Sound Bridge Fund is used to account for the operations of Monroe County's Card Sound Toll Bridge. 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 Marathon Airport. The County 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. Pension Trust Fund - The pension trust fund is used to account for assets held by the Board in a trustee capacity for a volunteer firefighters and emergency services length of service award plan. Agency Funds — These funds account for assets held on behalf of third parties and do not involve the measurement of operating results. Examples include taxes, fees, and fines collected on behalf of other governments. Measurement Focus and Basis of Accounting: Government -wide, Proprietary, and Fiduciary Fund Financial Statements - The government -wide, proprietary fund, and pension trust fund financial statements use a flow of economic resources measurement focus and the accrual basis of accounting. Eliminations have been made to minimize the double counting of internal activities. Revenues and expenses that involve parties external to the primary government and interfund services provided and used are not eliminated in the process of consolidation. The agency funds have no measurement focus. 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 County gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, grants, entitlements, and donations. On an accrual basis, revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. F-4 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. 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 County's enterprise funds are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Governmental Fund Financial Statements - Governmental fund financial statements are a current financial resources measurement focus, and are maintained on 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 County 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. 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 funds for payments to be made early in the following year. Revenues of the County, which are susceptible to accrual under the modified accrual basis of accounting, include property taxes, gas 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, monies must be expended for the specific purpose or project before any amounts will be paid to the County; therefore, revenues are recognized based upon the expenditures recorded. In the other, 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. Under the terms of the grant agreements, the County funds certain programs by a combination of specific cost -reimbursement grants, categorical block grants, and general revenues. Thus when program expenses are incurred, there are both restricted and unrestricted net assets available to finance the program. It is the County's policy to first apply cost -reimbursement grant resources to such programs, followed by categorical block grants, and then by general revenues. GASB Statement No. 20 Election - Pursuant to the election option made available by GASB Statement No. 20, pronouncements of the Financial Accounting Standards Board (FASB) issued after November 30,1989 are not applied in the preparation of the County's government -wide and enterprise fund financial statements. F-5 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Budgets and Budgetary Data - The following are the statutory procedures followed by the Board of County Commissioners (the Board) in establishing the budget for the County. 1) On or before June 1 of each year the Sheriff, the Clerk of the Circuit Court, 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 Budget Officer submits to the County a proposed budget for the fiscal year commencing the following October 1. The budget includes proposed expenditures and the means of financing them. 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 Florida Statute 129.03. All funds have legally adopted budgets, except for the Stock Island Wastewater, Sheriff' Teen Court, Sheriff's Law Enforcement Trust, and Supervisor's Voter Education and Equipment Special Revenue Funds. 6) During the year, the Office of Management and Budget 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 expenditures 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) Florida Statute 129, Section 7, 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 accounting principles generally accepted in the United States of America (GAAP) for that fund type, except for mortgage loans made by the Comprehensive Plan Land Authority Special Revenue Fund, for which outlays in connection with financing of mortgages receivable are treated as expenditures for budgetary purposes. Such mortgages amounted to $6,754,563 in fiscal 2006. 10) All appropriations lapse at year-end. F-6 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Encumbrances - Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of moneys are recorded as a reservation of budget, is employed as an extension of the statutorily required budgetary process. Under Florida Statutes, appropriations, even if encumbered, lapse at fiscal year end. Encumbrances outstanding at September 30, 2006, represented by purchase orders and other executory contracts, were approximately $1,712,984. It is the County's intention to substantially honor these encumbrances under authority provided in the subsequent year's budget. Cash and Cash Equivalents — Cash balances for 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, and therefore all balances representing participants' equity in the investment pools are classified as cash equivalents for purposes of these statements. For investments which are held separately from the pools, those which are highly liquid (including restricted assets), with an original or remaining maturity of 90 days or less, are considered to be cash equivalents. Investments - Florida Statute 218.415 authorizes local governments to invest its funds pursuant to a written investment plan. The County's investment policy allows investment of surplus funds in the following investments: a) The Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA). b) United States Government Securities — Negotiable direct obligations, or obligations the principal and interest of which are unconditionally guaranteed by the United States Government. c) United States Government Agencies — Bonds, debentures, notes, callables and fixed rate mortgage -backed securities issued or guaranteed by United States Government Agencies, provided such obligations are backed by the full faith and credit of the United States. d) Federal Instrumentalities (United States Government -sponsored agencies) — Senior obligations, which include bonds, debentures, notes, callables and fixed rate mortgage - backed securities issued or guaranteed by United States government -sponsored agencies (Federal Instrumentalities). These are limited to the following: • Federal Farm Credit Bank (FFCB) • Federal Home Loan Bank or its County banks (FHLB) • Federal National Mortgage Association (FNMA) • Federal Home Loan Mortgage Corporations (Freddie -Macs) including Federal Home Loan Mortgage Corporation participation certificates. e) Interest -bearing Time Deposit or Savings Account — Non-negotiable interest -bearing time certificates of deposit or savings accounts in financial institutions organized under the laws of this state and/or in national financial institutions organized under the laws of the United States and doing business and situated in the State of Florida, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes. Additionally, the financial institution shall not be listed with any recognized credit watch information service. F-7 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) f) Registered Investment Companies (Money Market Mutual Funds) — Shares in open-end and no-load Money Market Mutual Funds provided such funds are registered under the Federal Investment Company Act of 1940 and operate in accordance with 17 C.F.R. 270.2a-7, which stipulates that money market funds must have an average weighted maturity of 90 days or less. In addition, the share value of the money market funds must equal to $1.00. g) Intergovernmental Investment Pool — Intergovernmental Investment Pools that are authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida Statutes. The County invests funds throughout the year in the Local Government Surplus Funds Trust Fund, an investment pool administered by the State Board of Administration of Florida. All investments are stated at fair value. Investments in the Local Government Surplus Funds Trust Fund Investment Pool, which is an external 2a7-like investment pool, are stated at share price, which is substantially the same as fair value. Accounts Receivable - Amounts due from private individuals, organizations, or other governments, which pertain to charges for services rendered by County 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. Interfund Balances and Activity - During the course of normal operations, the County has numerous transactions between funds. Examples of theses transactions include providing services, constructing assets 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 to expenditures to the funds receiving the services. Additionally, short-term interfund loans are recorded from time to time 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, and "internal balances" on the government -wide financial statements. Interfund loans not expected to be repaid within one year are reported as advances. In governmental funds, advances, if any, are offset equally by a fund balance reserve, which indicates that they do not constitute expendable available financial resources and, therefore, are not available for appropriation. 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. No reserve has been established within the General Fund balance as the consumption method is used to account for this inventory. Capital Assets - Capital assets of the County 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 assets are recorded at estimated fair market value at the date of donation. In accordance with GASB Statement No. 34, the infrastructure assets of the County are reported in the capital assets of the County on the government -wide financial statements. Only the transportation infrastructure met the definition of a major infrastructure asset. These assets are recorded at historical cost at the time of acquisition. Retroactive infrastructure was recorded in the current year as described in Note 7. F-8 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The capitalization rate is $1,000 for additions to equipment. Buildings are capitalized when the value is $15,000 or greater. Public domain and system 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. Where the Comprehensive Plan Land Authority acquires land by donation, the asset is recorded at transaction cost plus the higher of the tax assessed value at the time of donation or 115% of the 1986 tax assessed value. 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 System infrastructure 10-50 Public domain infrastructure 20-50 Capacity rights 99 Restricted Assets - The use of certain assets of enterprise funds is restricted by specific provisions of bond 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 County's policy is to use restricted resources first, and then unrestricted resources, as they are needed. Unamortized Issue Expense — Unamortized issue expense of the enterprise funds is reported as a deferred charge and is amortized by using the straight-line method over the life of the debt. 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 four percent discount is allowed if the taxes are paid in November, with the discount declining by one percent 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 1st of each year. No accrual for the property tax levy becoming due in November of 2006 is included in the accompanying fund financial statements, since such taxes are collected to finance expenditures of the subsequent period. Compensated Absences — County policy permits employees to accumulate a limited amount of annual and sick leave, which will be paid to employees upon termination of employment. In the government - wide and proprietary fund financial statements an expense and a liability for compensated absences and the salary -related payments are recorded as the leave is earned. Landfill Closure Costs - Under the terms of current state and federal regulations, the County is required to place a final cover on closed landfill areas, and to perform certain monitoring and maintenance functions for a period of up to 30 years after closure. In accordance with GASB Statement No. 18, the Board is recognizing these costs of closure and post closure maintenance over the active life of each landfill area, based on landfill capacity used during the period. Required obligations for these costs are recognized in the Municipal Service District -Waste enterprise fund for public landfill operations. F-9 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Deferred Revenue - Deferred revenues include amounts collected before revenue recognition criteria are met. In the governmental fund statements, amounts associated with receivables which, under the modified accrual basis of accounting, are measurable but not yet available are reported as deferred revenues. Long -Term Debt — In the government -wide financial statements, and proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business -type activities, or proprietary fund type statement of net assets. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the straight-line method that approximates the effective interest method. Bonds payable are reported net of the applicable bond premiums or discount. Bond issuance costs are reported as deferred charges and amortized over the term of the related debt. In fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. 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. Reclassifications — Certain amounts presented in the prior year's data have been reclassified to be consistent with the current year's presentation. Net Assets — Net assets in the government -wide and proprietary fund financial statements are classified as invested in capital assets, net of related debt, restricted, and unrestricted. Restricted net assets represent 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. Fund Balances — In the governmental fund financial statements, reservations or restrictions of fund balance represent amounts that are not appropriable or are legally segregated for a specific purpose. Designations of fund balance represent tentative management plans that are subject to change. The governmental fund types classify fund balances as follows: Reserved Reserved for Encumbrances - portion of fund balance available to pay for any commitments related to purchase orders and contracts that remain unperformed at year-end. Reserved for Land Acquisition — portion of fund balance used for the operation of the Comprehensive Plan of the Land Authority. F-10 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reserved for Mortgage Loans — portion of fund Comprehensive Plan Land Authority Special I spendable resources. balance offsetting mortgages receivable for the evenue Fund because they are not available Reserved for Debt Service — portion of fund balance available to pay for any commitments related to outstanding debt at year-end. Unreserved Designated for Special Revenue — portion of fund balance is designated by the County in the Tourist Development Fund District I for beach nourishment projects. Designated for Capital Projects — portion of fund balance is designated by the County for use in various capital projects. Undesignated - portion of total fund balance available for appropriation that is uncommitted at year-end. NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS The County maintains a cash and investment pool that is available for use by all funds except those whose cash and investments must be segregated due to bond covenants or other legal restrictions. As of September 30, 2006, the carrying value of the County's deposits and investments, other than that of the Pensions Trust Fund, with their respective credit ratings, was as follows: Investment Type Demand and time Deposits Local Government Surplus Funds Trust Fund U.S. Government Treasuries Federal instrumentalities -Discount notes Federal instrumentalities -Notes and Bonds Total fair value Credit Rating Fair Value N/A $ 31,299,183 Unrated 192,338,812 TSY 1,978,998 A-1+ Im 5,362,577 Less than 6 months 6 months to 1 year $ 31,299,183 $ 192,338,812 1,978,998 5,362,577 17,022,217 8,086,803 8,935,414 $ 248,001,787 $ 239,066,373 $ 8,935,414 Credit Risk — The County's Investment Policy (Policy) limits credit risk by restricting authorized investments to the following: Florida Local Government Surplus Funds Trust Fund Investment Pool administered by Florida's State Board of Administration (a 2a7-like pool), direct obligations of the United States or its agencies and instrumentalities, money market mutual funds, and Intergovernmental Investment Pools authorized by the Florida Statutes. The Policy requires that investments in federal instrumentality debt be guaranteed by the full faith and credit of the U.S. Government sponsored agency, and that investments in money market mutual funds have a rating of AAAm or AAAm-G or better by Standard & Poor's (S&P) or other nationally recognized rating agency. All credit ratings indicated in the previous table are S&P ratings. F-11 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued) Concentration of Credit Risk — The Policy establishes limitations on portfolio composition, both by investment type and by issuer, in order to control concentration of credit risk. The Policy provides the following maximum limits of the portfolio, with limits in any one issuer of the portfolio invested: Investment Type Florida Local Government Surplus Funds Trust Fund United States Government Securities United States Government Agencies Federal Instrumentalities Maximum in callable securities Interest -bearing Time Deposit or Savings Accounts Money Market Mutual Funds Intergovernmental Investment Pool Portfolio Maximum in Maximum anv one issuer 100% n/a 100% n/a 50% 10% 80% 30%, with a maximum of 25% in callable securities 10% 10% 20% 10% 10% n/a At September 30, 2006, the portion of the County's investment portfolio invested in Federal instrumentalities is detailed as follows: Percent of Issue Investment Portfolio US Treasury 1% Federal Home Loan Bank (of which 1 % is callable) 2% Federal Home Loan Mortgage Corporation 1 % Federal National Mortgage Association (of which 7% 4% is callable) Custodial Credit Risk — The Policy requires bank deposits 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, and create the Public Deposits Trust Fund, a multiple financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a default or insolvency has occurred. Demand deposits are insured by the FDIC up to $100,000 at each financial institution, and amounts in excess of $100,000 are secured by the Public Deposits Trust Fund. At September 30, 2006, all of the County's bank deposits were in qualified public depositories. The Policy requires execution of a third -party custodial safekeeping agreement for all purchased securities, and requires that securities be held in the County's name. As of September 30, 2006, all of the County's investments are held in a bank's trust department in the County's name. Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to twelve months. The Policy limits the investment of non current operating funds to five years. F-12 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued) Restricted Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash and cash equivalents at September 30, 2006: Unrestricted Cash and Cash Equivalents: Governmental Activities Governmental Funds Internal Service Funds Business -type Activities Total Unrestricted Cash and Cash Equivalents Restricted Cash and Cash Equivalents: Business -type Activities Total Cash and Cash Equivalents Local Government Demand Surplus Trust Fund Deposits Total $ 113,737,700 $ 21,626,135 $ 135,363,835 26,741,764 2,836,924 29,578,688 20,999,523 788,656 21,788,179 161,478,987 25,251,715 186,730,702 30,859,825 6,047,468 36,907,293 $ 192,338,812 $ 31,299,183 $ 223,637,995 At September 30, 2006, the fiduciary funds had pooled cash balances totaling $ 9,381,404 with the SBA, demand deposits and repurchase agreements comprising $694,566, $1,591,953 and $7,094,885, respectively. Component Unit — At September 30, 2006, the Monroe County Housing Finance Authority maintained deposits totaling $54,848, which are insured by the FDIC up to $100,000. NOTE 3 — ACCOUNTS RECEIVABLE Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for doubtful accounts. The allowance is as follows: $836,783 for nonmajor governmental funds, $580,926 for the Municipal Service District -Waste Fund, and $26,252 for the Key West Airport Fund. NOTE 4 - MORTGAGES RECEIVABLE Mortgages receivable at September 30, 2006 consist of the following: Governmental Grants Fund: Second Mortgages Receivable from individuals, collateralized by personal residences. The entire amount of the loan will be forgiven over a ten-year period at a rate of one fifth per year, beginning on the 7th anniversary of the completion of the construction of the improvements funded by the mortgage, provided that the mortgagor complies with the mortgage covenants. $ 49,940 F-13 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 4 - MORTGAGES RECEIVABLE (Continued) One Cent Infrastructure Surtax Fund: Agreement with the Key Largo Wastewater Treatment District, whereby the County granted an interest free loan to the District in the amount of $914,285, of which $731,428 was provided by the County and $182,857 was provided by the Florida Keys Aqueduct Authority. Affordable Housing Programs Fund: Second Mortgages Receivable from individuals, collateralized by land and buildings, payable in monthly installments of $3,622 including interest at 3% final payment due March 1, 2004. Second Mortgages Receivable from individuals, collateralized by personal residences. The entire amount of the loan will be forgiven over a ten-year period at a rate of one fifth per year, beginning on the 7th anniversary of the completion of the construction of the improvements funded by the mortgage, provided that the mortgagor complies with the mortgage covenants. Local Housing Assistance: Second Mortgages Receivable from individuals, collateralized by personal residences. Commencing in year sixteen 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. 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. Second Mortgages Receivable from individuals, collateralized by personal residences. The entire balance of the mortgage will be forgiven over a ten year period at the rate of ten percent per year upon the anniversary of the mortgage, provided that the mortgagor complies with the mortgage covenants. The mortgages are interest free. 914,285 248,152 14,591 262,743 129,056 2,716,222 991,818 3,837,096 F-14 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 4 - MORTGAGES RECEIVABLE — (Continued) Comprehensive Plan Land Authority Fund: First mortgages due from not -for -profit agency, collateralized by land, payable in full August 2007, interest free. 13,984 First mortgage due from governmental agency, collateralized by land, payable in full April 2028, interest free. 382,554 First mortgage due from governmental agency, collateralized by land and building, payable in full May 2031, interest free. 1,500,000 First mortgage due from governmental agency, collateralized by land, payable in full January 2034, interest free. 2,210,000 First mortgage due from governmental agency, collateralized by land and building, payable in full September 2045, interest free. 59,025 Third mortgage due from private company, collateralized by land, payable in full May 2050, interest free. 1,089,000 Third mortgage due from private company, collateralized by land, payable in full September 2053, interest free. 1,500,000 6.754.563 Total Mortgages/Notes Receivable The mortgages receivable associated with the Governmental Grants, One Cent Infrastructure Surtax, and Affordable Housing Program funds are offset by an allowance for uncollectible accounts of $49,940, $914,285, and $262,743, respectively. As the mortgages receivable associated with the Local Housing Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $3,837,096 has been established. A reserve of fund balance of $6,754,563 represents the mortgages receivable related to the Comprehensive Plan Land Authority Special Revenue Fund that are equally offset by a fund balance reserve, which indicates that they do not constitute "available spendable resources," even though they are a component of total assets. This also represents the primay difference in fund balance for the Comprehensive Plan Land Authority Special Revenue Fund on a GAAP basis versus the budgetary basis. F-15 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 5 — DEFERRED/UNEARNED REVENUE The balance in deferred revenues in the fund financial statements (includes both the deferred and unearned revenue amounts below) and unearned revenue in the government -wide financial statements at year-end was comprised of the following elements: Grant funds not received (Governmental Grants) Unearned Revenue (HITDA Grants Fund) Accounts receivable not received (Unincorporate Area Service) Accounts receivable not received (Misc. Special Revenue) Accounts receivable (Sheriffs Grants Fund) Unearned Revenue (Sheriffs HIDTA Administration Fund) Unearned Revenue (Clerk's Court Related Fund) Unearned Revenue (Municipal Service District) Unearned Revenue (Marathon Airport) NOTE 6 — RESTRICTED ASSETS Deferred Unearned Revenue Revenue $ 4,963 $ - 1,725 1,725 4,900 - 30,271 718,780 - 51,947 51,947 20,186 20,186 18,922 18,922 293 293 $ 851,987 $ 93,073 Restricted assets include those provided for the landfill escrow account and airport passenger facility charges. Total restricted assets as of September 30, 2006 are as follows: Cash and Cash Equivalents Enterprise Fund - Municipal Service District Waste Landfill Closure Escrow $ 1,790,740 Enterprise Fund - Key West Airport Passenger Facility Charge Funds 3,922,332 Unspent Bond Proceeds 31,194,221 $ 36,907,293 (The remainder of this page was intentionally left blank) F-16 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 7 — CAPITAL ASSETS Capital assets activity for the year ended September 30, 2006 is as follows: Governmental activities: Capital assets not being depreciated: Land Construction in progress Total capital assets not being depreciated Capital assets being depreciated: Buildings Equipment Infrastructure Capacity rights Total capital assets being depreciated Less accumulated depreciation for: Buildings Equipment Infrastructure Capacity rights Total accumulated depreciation Total capital assets being depreciated, net Governmental funds, capital assets, net Beginning Ending Balances Additions Adjustments Reductions Balances $ 54.184,492 $ 4,915,927 $ 18,227,219 $ 5,463,199 $ 71,864,439 9,572,018 15,042,990 - 29,825 24,585,183 63,756,510 19,958,917 18,227,219 5,493,024 96,449,622 104,657,089 270,858 23,653 104,904,294 51,748,952 10,818,872 - 4,416,286 58,151,538 3,934,974 - 35,564,097 - 39,499,071 3,150,000 - - - 3,150,000 163,491,015 11,089,730 35,564,097 4,439,939 205,704,903 30,887,320 2,764,417 - 33,651,737 28,136,844 5,168,733 - 3,587,358 29,718,219 367,713 190,539 20,896,955 - 21,455,207 31,818 31,818 - - 63,636 59,423.695 $ 8,155,507 $ 20,8 66,955 $ 3,587,358 84,888,799 104,067,320 120,816,104 $ 167,823,830 $ 217,265,726 Business -type activities: Capital assets not being depreciated: Land Construction in progress Total capital assets not being depreciated Capital assets being depreciated: Land improvements Buildings Equipment System Infrastructure Total capital assets being depreciated Less accumulated depreciation for: Land improvements Buildings Equipment System Infrastructure Total accumulated depreciation Total capital assets being depreciated, net Business -type activities, capital assets, net Beginning Ending Balances Additions Reductions Balances $ 4,802,020 $ - $ - $ 4,802,020 6,617,412 2,338,079 1,597,218 7,358,273 11,419,432 2,338,079 1,597,218 12,160,293 212,925 - 212,925 17,504,935 356,152 - 17,861,087 3,419,188 233,497 20,126 3,632,559 27,510,422 1,241,067 28,751,489 48,647,470 1,830,716 20,126 50,458,060 212,925 - 212,925 3,821,669 432,537 - 4,254,206 2,896,864 147,149 3,479 3,040,534 8,430,490 1,094,711 - 9,525,201 15,361,948 $ 1,674,397 $ 3,479 17,032,866 33,285,522 33,425,194 $ 44,704,954 $ 45,585,487 F-17 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 7 — CAPITAL ASSETS — (Continued) Depreciation was charged to functions/programs on the statement of activities as follows: Govemmental Activities: Business -type Activities: General Government $ 1,456,625 Municipal Service District -Waste $ 44,810 Public Safety 4,968,826 Card Sound Bridge 321,332 Physical Environment 106,020 Key West Airport 788,492 Transportation 445,948 Marathon Airport 519,763 Economic Environment 12,086 Total Business -type Activities $ 1,674,397 Human Services 337,903 Culture and Recreation 348,340 Court Related 479,759 Total Governmental Activities $ 8,155,507 The adjustments column for the governmental activities represents the addition of retroactive infrastructure in compliance with the requirements of GASB Statement No. 34. This amount was reported as a restatement to beginning net assets in the government wide financial statements. 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. An additional $51,522,750 will be required to complete the construction projects under present contractual agreements as of September 30, 2006. In addition, the Comprehensive Plan Land Authority has approximately $1,723,375 of commitments to acquire various properties as of September 30, 2006. (The remainder of this page was intentionally left blank) F-18 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 8 - LONG-TERM DEBT The following is a summary of changes in long-term debt for the year ended September 30, 2006: Governmental Activities: Revenue bonds payable Revenue notes payable Note Payable Accrued compensated absences Capitalized lease obligations Total Governmental Activities Business Type Activities: 2006 Construction Bond Revenue note payable Accrued compensated absences Landfill closure costs Capitalized lease obligations Total Business -type Activities Total Long -Term Debt Current Portion Beginning Ending of Long-term Balances Additions Payments Balances Liabilities $ 19,205,000 $ $ 1,170,000 $ 18,035,000 $ 1,205,000 2,371,849 563,078 1,808,771 581,630 19,454 5,988 13,466 5,988 6,120,436 2,822,800 2,036,924 6,906,312 889,467 1,466,447 - 631,913 834,534 433,340 $ 29,183,186 $ 2,822,800 $ 4,407,903 $ 27,598,083 $ 3,115,425 $ - $ 30,455,000 $ - $ 30,455,000 $ - 3,271,546 - 416,935 2,854,611 431,867 301,566 362,206 316,895 346,877 45,313 368,240 11,048 - 379,288 - 917,270 - 50,000 867,270 50,000 $ 4,858,622 $ 30,828.254 $ 783,830 $ 34,903,046 $ 527,180 $ 34,041,808 $ 33,651,054 $ 5,191,733 $ 62,501,129 $ 3,642,605 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. Also, for governmental activities compensated absences are generally liquidated by the applicable governmental fund. Summary of Indebtedness The following is a summary of the County's bonds and notes as of September 30, 2006: Governmental Activities Revenue Bond: Infrastructure Sales Surtax Revenue Bonds, Series 2003 $ 18,035,000 Revenue Note: Guaranteed Entitlement Refunding Revenue Note, Series 2002 1,826,486 Less Unamortized Discount (17,715) 1,808,771 Note Payable for vehicle purchase, interest free 13,466 Total Governmental Activities $ 19,857,237 F-19 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 8 - LONG-TERM DEBT (Continued) Business -type Activities Business -Type Activities Revenue Bonds: Key West International Airport Revenue Bonds, Series 2006 Revenue Note: Solid Waste Disposal System Refunding Revenue Note, Series 2002 Less Unamortized Discount Total Business -Type Activities $ 30,455,000 2,959,481 (104,870) 2,854,611 $ 33,309,611 Debt Service Funding Requirements - The total annual debt service requirements for bonds and notes outstanding at September 30, 2006 are as follows: 2007 2008 2009 2010 2011 2012-2015 2016-2021 2022-2026 2027-2031 2032-2035 TOTAL Less: Unamortized Costs Govemmental Activities Business -type Activities Principal Interest Total Principal Interest Total $ 1,800,794 $ 659,994 $ 2,460,788 $ 452,841 $ 1,768,167 $ 2,221,008 1,857,481 618,410 2,475,891 1,203,283 1,752,462 2,955,745 1,911,677 570,620 2,482,297 959,252 1,695,796 2,655,048 1,335,000 516,733 1,851,733 960,765 1,652,877 2,613,642 1,386,000 476,683 1,861,683 967,841 1,610,210 2,578,051 7,890,000 1,629,540 9,519,540 2,780,499 7,562,280 10,342,779 3,695,000 223,400 3,918,400 2,940,000 6,874,450 9,814,450 - - - 4,125,000 5,950,450 10,075,450 - - - 7,570,000 4,488,825 12,058,825 - - - 11,455,000 1,846,350 13,301,350 19,874,952 4,695,380 24,570,332 33,414,481 35,201,867 68,616,348 (17,715) - (17,715) (104,870) - (104,870) $ 19,857,237 $ 4,695,380 $ 24,552,617 $ 33,309,611 $ 35,201,867 $ 68,511,478 At September 30, 2006, the current portion of the unamortized discount for the governmental activities totals $ 17,715. F-20 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 8 - LONG-TERM DEBT (Continued) Long -Term Debt at September 30, 2006 is composed of the following issues $21,455,000 Infrastructure Sales Surtax Revenue Bonds, Series 2003 Type: General Government Revenue Bonds Dated: March 2003 Final maturity: Year 2018 Principal payment date: April 1 Interest payment dates: April 1 and October 1 Interest rates: 2.0% to 4.0% Amount outstanding at September 30th: $18,035.000 Reserve requirement: None; MBIA insured. Revenue pledged: One Cent Local Government Infrastructure Sales Surtax Purpose: To construct and acquire equipment and capital improvements. Call provisions: First redemption date may not be later than 4/20/13 and no call premium may exceed 2% of the par amount redeemed. $3 495 144 Guaranteed Entitlement Refunding Revenue Note Series 2002 Type: General Government Revenue Note Dated: December 2002 Final maturity: Year 2009 Principal payment date: December 1 Interest payment dates: June 1 and December 1 Interest rates: 2.96% Amount outstanding at September 30th: $1,808,771 Reserve requirement: None. Revenue pledged: Lien and pledge of Guaranteed Entitlement and Second Guaranteed Entitlement from the State Revenue Sharing Trust Fund provided by Chapter 219, Florida Statutes. Purpose: To refund on a current basis the $7,230,000 Monroe County, Florida Refunding Revenue Bonds, Series 1993. Call provisions: No prepayment penalty. Bank requires 10 days notice. $29,929 Non -Interest Bearing Note Payable: Tax Collector Type: Enterprise Revenue Note Dated: Fiscal2004 Final maturity: October 2008 Principal payment date: October 1 Interest payment dates: N/A — non -interest bearing note Interest rates: 0.00% Amount outstanding at September 30th: $13,466 Reserve requirement: None. Revenue pledged: None Purpose: To finance a vehicle purchase. Call provisions: None F-21 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30. 2006 NOTE 8 - LONG-TERM DEBT (Continued) $30,455,000 Key West International Airport Revenue Bonds Type: Enterprise Revenue Bond Dated: July 2006 Final maturity: Year 2035 Principal payment date: October 1 Interest payment dates: Monthly Interest rates: 5.50% Amount outstanding at September 30th: $30,455,000 Reserve requirement: None. Revenue pledged: (1) Net Revenues (as defined in the Resolution) to be derived from the operation of the Airport, (2) Other Available Moneys (as defined in the Resolution), (3) Hedge Receipts and (4) until applied in accordance with the provisions of the Resolution, all moneys, including investments thereof, in certain of funds and accounts established under the Resolution, and (5) the Reserve Account Purpose: Acquire, construct and equip various capital improvements at the Key West International Airport Call provisions: (1) Optional Redemption at par on any date (2) Mandatory redemption at par at the option of the Bank upon the event of default under the Reimbursement Agreement or with respect to Bank Bonds. At least 15 days notice of mandatory tender of Series 2006 Bonds for purchase; at least 30 days notice of redemption. $4,143,945 Solid Waste Disposal System Refunding Revenue Note Series 2002 Type: Enterprise Revenue Note Dated: December 2002 Final maturity: Year 2012 Principal payment date: October 1 Interest payment dates: April 1 and October 1 Interest rates: 3.41 % Amount outstanding at September 30th: $2,854,611 Reserve requirement: None. Revenue pledged: Gross revenues from the solid waste disposal, collection and management systems. Purpose: To refund on a current basis the Monroe County Municipal Service District Refunding Improvement Bonds, Series 1991. Call provisions: No prepayment penalty. Bank requires 10 days notice. In prior years, the County defeased revenue bonds by placing the proceeds of new bonds with an escrow agent in irrevocable trust accounts to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and liabilities for the defeased bonds are not included in the County's financial statements. F-22 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 8 - LONG-TERM DEBT (Continued) The following schedule reflects the outstanding principal on refunded bonds, by issue, as of September 30, 2006: $2,155,000 Refunding Improvement Revenue Bonds, Series 1983; defeased on January 1, 1993 using proceeds from the Refunding Improvement Revenue Bonds, Series 1993/83 $ 815,000 $5,000,000 Improvement Revenue Bonds, Series 1988; defeased on May 1, 1993 using proceeds from the Refunding Revenue Bonds, Series 1993/88 1,815,000 Total Governmental Activities $8,000,000 Municipal Service District Improvement Revenue Bonds, Series 1980; defeased on December 6, 1985 using proceeds from the $9,211,774 Municipal Service $ 5,370,000 District Refunding Improvement Bonds, Series 1985 $9,211,774 Municipal Service District Refunding Improvement Bonds, Series 1985; defeased on April 1, 1991 using proceeds from the Municipal Service District Refunding 3,955,000 Improvement Bonds, Series 1991 $4,585,000 Card Sound Road and Bridge Improvement Revenue Bonds, Series 1993; defeased on March 8, 1994 using available cash 895.000 Total Business —type Activities NOTE 9 — INTEREST RATE CAP Contracts - The County has an interest rate cap agreement in effect at September 30, 2006 for the $30,455,000 Key West International Airport Variable Rate Revenue Bonds (Key West International Airport), Series 2006 ("Series 2006"). Obiectives - As a means to manage interest rate risk related to the variable rate bonds at the time of issuance on July 18, 2006, the County entered into an interest rate cap agreement in connection with its Series 2006 bonds. The intention of the cap agreement was to effectively limit the County's maximum variable interest rate on the bonds to a fixed rate of 5.50% for a period of three years. Terms, fair values, and credit risk - The terms, fair values, and credit ratings of the outstanding cap as of September 30, 2006 are as follows. The notional amount of the cap agreement matches the principal amount of the associated debt and declines with the principal amortization on the bonds. Counterparty Associated Notional Effective Fixed Variable Rate Termination Credit Rating Bond Issue Amount Date Rate (1) Fair Value Date (2) Series July 18, 2006 $ 30,455.000 2006 5.50% Weekly Rate $5,885 July 18, 2009 Aa2/AA+/AA+ (1) Determined weekly by Remarketing Agent (2) Counterparty's guarantor F-23 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 9 — INTEREST RATE CAP (Continued) Credit risk - As of September 29, 2006 the positive fair value of the agreement represents the County's exposure to credit risk. Should the counterparty to the cap fail to perform according to the terms of the cap agreement, the County faces variable credit risk to the same extent as if the County had not entered into the cap agreement. The counterparty carries a guarantee by an entity ("counterparty guarantor") rated Aa2 by Moody's Investors Service (Moody's), AA+ by Standard and Poor's (S&P), and AA+ by Fitch Ratings (Fitch). Basis risk - The cap does not expose the County to basis risk. Termination Risk - The County or the counterparty may terminate the cap agreement if the other party fails to perform under the terms of the contract. An additional termination event occurs if the counterparty ratings fall below specified categories by Moody's and S&P, and any other Rating Agency. The swap may be terminated by the County with 30 days notice and the counterparty can terminate the swap if the County falls below Baal by Moody's, BBB by S&P, and an equivalent investment grade from any other Rating Agency, provided however that any termination must have insurer consent. Rollover Risk — The County is exposed to rollover risk on the interest cap agreement that terminates prior to the associated debt. When this agreement terminates, the County will not realize the synthetic rate offered by the agreement on the underlying debt issue. NOTE 10 - LEASE OBLIGATIONS Capitalized lease obligations are stated at the original fair market value of leased assets capitalized, less payments since the inception of the lease discounted at the implicit rate of interest in the lease. The future minimum debt reductions under capitalized leases consist of the following at September 30, 2006: Governmental Activities Fiscal year ending September 30: 2007 $ 463,240 2008 215,837 2009 164,739 2010 22,758 2011 16,934 2012-2016 2017-2021 2022-2024 Total minimum payments 883,508 Amounts representing interest (48,974) Present value of net minimum lease payments $ 834,534 Business -type Activities $ 50,000 50,000 50,000 50,000 50,000 250,000 250,000 117,270 867,270 $ 867,270 F-24 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 10 - LEASE OBLIGATIONS (Continued) Leased property which has been capitalized as of September 30, 2006 is as follows: Governmental Business -type Activities Activities Equipment $ 1,607,932 $ 2,335,830 Less: Accumulated Depreciation (314,559) (2,335,830) $ 1,293,373 $ Rental expense under cancelable operating leases for the current year amounted to $3,784,480. The City of Key West leases two properties with a cost of $441,073 from the MCLA. These properties, which are included in capital assets, are used to provide parking and city recreational facilities. The terms of the leases provide for rental of $1 per year for 30 years, expiring in the year 2022. Monroe County provides the MCLA's office space at no cost. NOTE 11 - INTERFUND BALANCES Interfund balances at September 30, 2006 are as follows Payable Fund: Receivable Fund Fne & Road & Governmental One Cent 14mmajor Key west Marathon General Forfeiture Bridge Grants Infrastructure Governmental MSD Airport Airport ISF Total General $ - $ 821,906 $ - $ 109,800 $ - $ 455,943 $ 2,290 $ 579 $ 8,841 $ - $ 1,399,359 Fine &Forteieue 550 - - 16,667 - 83,917 - - - - 101,134 Road & Bridges 832.289 - - _ - - 1,446 - - - 833,735 Govemmenta Grants 14,273 - - - 4,000,000 - 59,096 - - - 4,073,369 HIDTA _ - _ - 263,461 - - - - 263,461 26 One Gerd 253,477 - - 887,672 - - - - - - 1,141,149 NMMjor Govarurental 5,123,045 18 - 611.973 33,628 340,368 7,338 - - 241,159 6,357,529 MSD 375,730 - 1,391 - - - - - - - 377,121 Card Sound &KIP 13ZO61 - - - _ - 1,774 - - - 133,835 Key Was! Arperl 209,815 - - - - 745.848 - - - - 955,663 Marathon Airport 134.576 - - - - - - - - - 134,576 Interna$ayice 355,686 - - _ 146 - - 355,832 Agency 6.168 6,16868 Taal 7,437, 0 821, 24 $1,391 1,626,112 ,033,6 $1�9,537 72,090 579� 41,159 $16, 13$931 During the course of operations, transactions occur which result in amounts owed to a particular fund by another fund, other than for goods provided or services rendered. These receivables and payables are due within a year and are classified as "Due from other funds/Due to other funds" on the governmental funds balance sheet or proprietary fund statement of net assets. F-25 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 12 - INTERFUND TRANSFERS Interfund transfers at September 30, 2006 were as follows: To: From: Fine & Govemmental Revenue Bond Nonmajor Key West Marathon General Forfeiture Grants Series 2003 Governmental Airport Airport Total General $ (1,062,566) $4,078,000 $ 3,0 55.603 $ - $ - $ - $ - $ 6.051,037 Fine & Forfeiture 37,667,317 - 16,666 - - - - 37,683,983 Road & Bridge 832,289 - - - - - - 832,289 One Cent 6,360,885 - 887,672 - - 1,000,000 - 8,248,557 Nonmajor Governmental (31,596) - 725,636 153,189 4,317,992 - - 5,165,221 MSD 375,730 - - - - - - 375,730 Card Sound Bridge 132,062 - - - - - - 132,062 Key West Airport 209,814 - - - - - 11,466 221,280 Marathon Airport 134,576 - - - - - - 134,576 Internal Service 355,686 - - - 356,686 Total $44,974.197 $4,078,000 $ 4,665,577 $ 153,189 $ 4,317,992 $ 1.000,000 $11,466 $59,200,421 Transfers between the major funds, other nonmajor governmental and enterprise funds, and internal service funds were primarily to support the capital projects and operations of the funds. NOTE 13 - RISK MANAGEMENT The County 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 Worker's 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 Worker's Compensation provides $1,000,000 coverage per claim. 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 $100,000 self -insured retention, and building property damage is covered for the actual value of the building with a deductible between $100,000 and $250,000. 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 County participate in the programs and make payments to the Worker's Compensation, Group Insurance and Risk Management Funds based on estimates of the amounts needed to pay prior and current year claims. The claims liabilities reported at September 30, 2006 are based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. F-26 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 13 - RISK MANAGEMENT (Continued) Changes in the claims liability amounts in fiscal year 2006 and 2005 were: Workers Group Risk Compensation Insurance Management Total Balance at September 30, 2004 $ 1,000,000 $ 3,307,897 $ 1,501,607 $ 5,809,504 Current year claims and changes in estimates 1,699,116 10,319,303 85,264 12,103,683 Claim payments (966,864) (10,531,409) (85,264) (11,583,537) Balance at September 30, 2005 1,732,252 3,095,791 1,501,607 6.329,650 Current year claims and changes in estimates 2,033,326 10,308,270 294,353 12,635,949 Claim payments (1,903,711) (10,311,580) (294,353) (12,509,644) Balance at September 30, 2006 $ 1,861.867 $ 3,092,481 $ 1,501,607 $ 6,455,955 NOTE 14 - RETIREMENT PLAN Florida Retirement System: Plan Description - Substantially all full-time County employees are participants in the Florida Retirement System, (FRS), a multiple -employer, cost -sharing public employees defined benefit retirement system administered by the Florida Department of Administration. As a general rule, membership in the FRS is compulsory for all employees working in a regularly established position for a state agency, county government, district school board, state university, community college or 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 605, Florida Administrative Code. Amendments to the law can be made only by Act of the Florida legislature. The FRS provides for vesting of benefits after 6 years of credited service. Normal retirement benefits are available to employees who retire at or after age 62 with 6 or more years of service. Early retirement is available after 6 years of service with a 5% reduction in benefits for each year prior to the normal retirement age. Retirement benefits are based on age, average compensation and years -of - service credit where average compensation is computed as the average of an individual's five highest years of earnings. The Florida Division of Retirement issues a publicly available financial report that includes financial statements and required supplementary information for the FRS. The report may be obtained by writing to Florida Division of Retirement, 2639 Monroe Street, Building C, Tallahassee, FL 32399-1560, or from the website www.frs.state.fl.us. Funding Policy - The FRS is noncontributory for members. Participating employer contributions are based upon state-wide rates established by the State of Florida. These rates are applied to employee salaries as follows: regular employees, 9.85%, special risk employees, 20.92%, special risk administrative support 12.55%; elected officials, 16.53%, senior management 13.12%, and DROP participants 10.91 %. F-27 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 14 - RETIREMENT PLAN (Continued) The County contributed to the plan an amount equal to 7.50% of covered payroll during the fiscal year ended September 30, 2006. The County's contributions made during the years ended September 30, 2006, 2005, and 2004 were $8,206,747, $6,866,565, and $6,170,058, respectively, equal to the required contribution requirements for each year. Therefore, the County does not have a pension asset or liability as determined in accordance with GASB Statement No.27. NOTE 15 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES Plan Description — The Monroe County, Florida Volunteer Firefighter and Emergency Medical Services Length of Service Award Plan (LOSAP) is a single -employer defined benefit pension plan 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 County. LOSAP had 147 participants for the plan year ended December 31, 2005. Separate, stand-alone financial statements for LOSAP are not provided. Funding Policy — The contribution requirements for plan members and the County are established and may be amended by the Board. Plan members are not required to contribute. The County contributes an amount determined by an actuarial study. Benefits are calculated based on years of service as the participants are unpaid volunteers. The current contribution rate is $415 per volunteer year of service. Contributions to the plan, along with benefits and refunds paid to participants are recorded when due and payable in accordance with the terms of LOSAP. Administrative costs are paid by the County. Annual Pension Cost and Net Pension Obligation Annual Required Contribution $61,050 Interest Adjustment - 61,050 Contributions Made (61,050) Increase in Net Pension Obligation Net Pension Obligation, beginning of year Net Pension Obligation, end of year $ The annual required contribution for the past year was determined as part of the December 31, 2005 actuarial valuation using a variation of the aggregate actuarial cost method. This method does not identify or separately amortize unfunded actuarial liabilities. The actuarial assumptions included (a) 4.0% investment rate of return (b) no assumption for mortality pattern as it is inapplicable (c) no assumption for salary increases as benefits are not based on compensation and (d) no increase for inflation as benefits are based on a flat amount per year of service. The actuarial value of assets includes only the fair value of the assets. There was no unfunded actuarial accrued liability at December 31, 2005. F-28 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 15 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES — (Continued) Three Year Trend Information Annual Pension Cost Fiscal Year En( of APC Net Pension 12/31/03 $ 73,840 100% 12/31/04 $ 58,904 100% 12/31/05 $ 61,050 100% NOTE 16 - POST RETIREMENT BENEFITS OTHER THAN PENSION In addition to the retirement plan described in the previous note, the County provides post retirement health care benefits in accordance with state statutes, to all employees who retire from the County with at least 10 years of service and have attained the age of 62; and who are enrolled in the County's group health plan. Currently 278 retirees are eligible for this post employment benefit. Expenditures for post retirement health care benefits, excluding claims, are recognized as the premiums are paid. During the year ended September 30, 2006 expenditures of $ 1,766,149 were recognized for post retirement health care. In regards to these health care benefits the County will be required to implement GASB Statement No. 45 "Accounting and Financial Reporting by Employers for Post -employment Benefits Other Than Pensions' during the year ended September 30, 2008. This statement establishes standards for the measurement, recognition, and display of OPEB expense/expenditures and related liabilities (assets), note disclosures, and, if applicable, required supplementary information (RSI) in the financial reports of the County. In order to determine the projected liability and annual funding costs of this plan the County had an actuarial study performed as of January 1, 2005. The projected accrued actuarial liability (AAL) and required annual contribution (ARC) is projected to be $149,729,833 and $15,444,999 respectively. NOTE 17 — RECOGNITION OF CLOSURE AND POST CLOSURE COST As described in Note 1, current regulations of the U.S. Environmental Protection Agency (EPA) and the Florida Department of Environmental Protection (FDEP) require municipal solid waste landfills to place a final cover on closed landfill areas, and to maintain those areas for up to 30 years after closure. The County periodically obtains updated and revised estimates of total future closure and postclosure costs from its consulting engineers. All amounts recognized are based upon what it would cost to perform closure and postclosure functions in current dollars. Actual costs may be different due to inflation, changes in technology, or changes in laws and regulations. Recognition of the liability for closure and post closure costs is based on the landfill capacity used tc date. The landfill capacity of the County's previously operated landfills is 100% used and has no remaining landfill life. Closure of these landfills was substantially completed during the year ended September 30, 1994. The County has another landfill site, which has never been used. Accordingly, no future closure cost is accruable except for post closure costs estimated to be incurred in the coming year. At September 30, 2006, the estimated future cost for postclosure maintenance, which is reported as a long-term liability in the Municipal Service District -Waste enterprise fund, totaled $ 379,288. F-29 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 17 — RECOGNITION OF CLOSURE AND POST CLOSURE COST (Continued) For the public landfill, accounted for in the Municipal Service District -Waste enterprise fund, expenses associated with the final closure and postclosure maintenance of landfill areas are recognized over the active life of those areas. These costs are recognized in each operating period based on the amount of waste received during that period, regardless of when cash disbursements are made for these costs. The cumulative effect of updated and revised estimates of closure -related costs is recognized in the period of the change to the extent it relates to current and past operations. The Florida Department of Environmental Protection approved a post closure operating plan, which permits the County to fund closure, and post closure costs as an operating expense using annual appropriations. The landfill is required by state and federal laws and regulations to make annual contributions to a cash escrow account to meet financial assurance requirements. In accordance with laws and regulations, the landfill had cash and investments of $1,790,740 held for these purposes at September 30, 2006. In the event closure escrows and interest earnings prove inadequate due to inflation, changes in technology or additional post closure care requirements, these costs may need to be covered by charges to service users. NOTE 18 — OPERATING LEASES The County leases certain office space, equipment and vehicles under operating lease agreements. The following is a schedule by years of minimum future rentals under noncancelable operating leases as of September 30, 2006: Year Ending September 30th 2007 $ 3,704,962 2008 3,671,891 2009 3,773,180 2010 3,768,459 2011 3,678,610 Thereafter 12,019,913 Total $ 30,617,015 NOTE 19 - LITIGATION The County is a defendant in various lawsuits and is involved in other disputes wherein substantial amounts are claimed. In the opinion of the County, these suits and claims should not result in judgments or settlements, which, in aggregate, would have a material adverse effect on the County's financial condition. F-30 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 20 - COMMITMENTS AND CONTINGENCIES Grant Programs - The County participates in a number of federally assisted grant programs. These programs are subject to financial and compliance audits by the grantors or their representatives. Arbitrage Rebate - In accordance with the Tax Reform Act of 1986, any interest earnings on borrowed construction funds in excess of the interest costs are required to be rebated to the federal government. The County has estimated that there will be no significant liability for arbitrage rebate. 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 noncommencement of construction. Letter of Credit — The County has issued $30,455,000 Key West International Revenue Bonds, Series 2006 (the Series 2006 Bonds) for the primary purpose of providing funds necessary to finance the acquisition, construction and equipping of certain airport facilities. In order to provide security for the payment when due of the principal and interest on the Series 2006 bonds, the County has requested the bank to issue its irrevocable direct pay letter of credit naming U.S. Bank National Association as beneficiary. The letter of credit is for an amount sufficient to pay at a maximum interest rate of 12% per annum. This initial agreement expires on October 15, 2009. Deficit Fund Balance — The County is reporting deficit fund balances of $7,858,602 and $459,302 in the Governmental Grants and Sheriff's Special Revenue Funds. The County anticipates receiving grant reimbursements for these expenditures during the next fiscal year. Excess of Expenditures Over Appropriations — For the year ended September 30, 2006, expenditures exceeded appropriations in the Community Services Management cost center (Board's level of budgetary control) of the general fund by $2,117, Growth Management Administration cost center of the Unincorporated Area Service District -Planning, Building and Zoning Special Revenue Fund by $233,858, and Boating Improvement cost center of the Boating Improvement Special Revenue Fund by $30,912. These expenditures were funded by greater than anticipated revenues. Designated for Subsequent Year's Expenditures - During the fiscal year 2007 budget hearings held in September 2006, the Board changed their fund balance policy to enable the County to appropriate 77.5% of the General Fund's fund balance. Based on this policy the Board adopted its fiscal year 2007 operating budget in the General Fund anticipating that fund balance would be $18,301,883. Actual fund balance for the General Fund ended up being $17,197,707 as of September 30, 2006. This resulted in an appropriation of fund balance in the fiscal year 2007 budget in excess of actual of fund balance in the General Fund by $1,104,176. In addition, another $3,869,484, or 22.5% according to fund balance policy, should not have been appropriated. Appropriated revenues for the fiscal year 2007 budget are in excess of $4,973,660. A plan of action, increasing other revenue sources and decreasing expenditures, has been implemented in fiscal year 2007 to correct this deficiency F-31 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2006 NOTE 21 — CONDUIT DEBT ivfr r1eann Lare raciuties Revenue Bonds Series 2003 - The Monroe County Industrial Development Authority approved the issuance of IDA Health Care Facilities Revenue Bonds, Series 2003, not to exceed $2,500,000 and for a loan by the Authority to the Guidance Clinic of the Middles Keys, Inc. to provide for the refinancing of certain outstanding indebtedness of the corporation and for financing certain capital improvements to the corporations health care facilities. Ownership of the acquired facilities is in the name of the private entity served by the bond issuance. Neither the County, the Authority, the State, nor any political subdivision thereof is obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. Maturity of the Series 2003 Bonds is August 1, 2018. Industrial Development Bonds (North Key Largo Utility Corp System) Series 2005 — The Monroe County Industrial Development Authority issued Industrial Development Revenue Bonds (North Key Largo Utility Corporation System), Series 2005 totaling $2,965,000 on September 1, 2005 for the exchange of a like principal of the $3,400,000 of Industrial Development Revenue Bonds issued in 1995 related to the North Key Largo Utility Corporation Project. Neither the County, the Authority the State, nor any political subdivision thereof is obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. Maturity of the Series 2005 Bonds is March 1. 2025. On December 15, 2004, the County entered into an agreement with the Key Largo Wastewater Treatment District (District), whereby the County granted an interest free loan to the District in the amount of $914,285. The District will make annual payments of $91,429 to the County beginning on July 1, 2008 and each July I" thereafter through July 1, 2018. F-32 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES THIS PAGE INTENTIONALLY LEFT BLANK NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS AFFORDABLE HOUSING PROGRAMS To account for revenues and expenditures of various low income housing programs. LAW LIBRARY To account for all revenues and expenditures for the County's law library. TOURIST DEVELOPMENT DISTRICTS To account for the local option three -cent bed tax in five districts, all districts two cent, and administrative and promotional funds for the expenditures of advertising, promotions, and special events of the County Tourist Development Council. IMPACT FEES To account for the revenues and expenditures relating to impact fees collected for roadways, parks and recreation, libraries, solid waste, police facilities, fire and EMS, and fair share housing. FIRE AND AMBULANCE DISTRICTS To account for revenues and expenditures in districts for fire and ambulance services. To account for all transportation and County. costs of Monroe County trauma patients in Dade UNINCORPORATED AREA SERVICE DISTRICTS To account for all revenues and expenditures for planning, building and zoning and parks and recreation services provided only to the unincorporated area of the County. LOCAL HOUSING ASSISTANCE SPECIAL REVENUE FUND — The Local Housing Assistance Fund is used to account for the revenues and expenditures for the administration and implementation of the State Housing Initiatives Partnership Program. MUNICIPAL POLICING To account for all revenues and expenditures for local road patrol law enforcement in the City of Marathon, City of Layton and Islamorada, Village of Islands. 911 ENHANCEMENT FEES To account for fees levied on each telephone access line in Monroe County for the enhancement of the 911 emergency telephone system. DUCK KEY SECURITY DISTRICT To account for the revenues and expenditures in providing security services for the Duck Key District. BOATING IMPROVEMENT To account for revenues and expenditures for providing boating -related activities, for removal of vessels and floating structures deemed a hazard to public safety and health, and for manatee and marine mammal protection and recovery. MISCELLANEOUS SPECIAL REVENUE To account for revenues and expenditures earmarked for specific purposes. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS — CONTINUED ENVIRONMENTAL RESTORATION To account for all revenue and expenditures for fines/fees collected and earmarked for environmental protection. LAW ENFORCEMENT TRUST To account for the funds used for the purpose of training police officers and supporting personnel in the prevention, investigation, detection and identification of crime. COURT FACILITY FEES To account for revenues collected upon the institution of any civil action, suit or proceeding to be used exclusively in providing and maintaining existing and future facilities for the use of the Circuit and County Court systems. DRUG ABUSE TRUST To account for assessments collected for drug abuse programs and to disburse assistance grants for drug abuse treatment and/or educational programs which meet the standards for qualification of such programs by the Department of Health and Rehabilitative Services. MARATHON MUNICIPAL SERVICE To account for the revenues and expenditures for municipal services for Marathon. WASTEWATER; To account for the revenues and expenditures for wastewater services for Conch Key, Bay Point, Big Coppitt, Key Largo and Stock Island. COMPREHENSIVE PLAN LAND AUTHORITY To account for the revenues and expenditures for purchasing unbuildable, recreational and conservational property and repackaging the property to meet the land use requirements. SHERIFF'S INMATE COMMISSARY To account for the revenues and expenditures of inmate telephone commissions, canteen revenues and other inmate programs. SHERIFF'S IMPACT SUPPORT To account for the revenues and expenditures relating to the administration of the South Florida Drug & Money Laundering Task Force. SHERIFF'S OFF -DUTY To account for the revenues, expenditures and related reimbursements for law enforcement services provided to other organizations. SHERIFF'S GRANTS To account for the revenues and expenditures relating to various grants. SHERIFF'S TEEN COURT To account for the revenues and expenditures pertaining to a program designed to deterjuveniles who are becoming involved in crime. To account for the revenues and expenditures pertaining to South Florida Drug & Money Laundering Task Force. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS — CONTINUED SHERIFF'S SHARED ASSET FORFEITURE To account for the revenues and expenditures of the Sheriff Department's shared asset forfeiture program. SHERIFF'S FEDERAL FORFEITURE To account for the Sheriff's revenues produced from forfeitures and expenditures in the prevention, investigation, detection and identification of crime. SHERIFF'S HIDTA ADMINISTRATIVE To account for the revenues of service fees collected for administering HIDTA grants. Expenditures relate to the costs of administering the grants. SHERIFF'S AIRPORT SERVICES To account for expenditures related to providing security at airports throughout the county. SHERIFF'S LAW ENFORCEMENT TRUST To account for expenditures to non-profit organizations to help deter drug use and juvenile delinquency. SHERIFF'S FINE AND FORFEITURE To account for the proceeds from state forfeitures received primarily from the South Florida Drug and Money Laundering Task Force. CLERK'S MODERNIZATION TRUST FUND To account for revenue received through an additional recording fee pursuant to Florida Statute 28.24(15)(d) to be used for equipment, equipment maintenance, training and technical assistance necessary to modernize the clerk's public records system. CLERK'S COURT RELATED To account for revenues and expenditures for providing court related services under the direction of the Clerk of the Circuit Court. SUPERVISOR'S VOTER EDUCATION $ EQUIPMENT To account for revenue received through grants for the education of voters and the purchase of voter equipment. DEBT SERVICE FUNDS To account fior accumulation of resources for, and payment of, interest and principal on the long-term debt incurred in the issuance of $21,455,000 in revenue bonds. CAPITAL PROJECT FUNDS CLERK'S REVENUE NOTE To account for the Clerk's network system from the Florida Local Government Finance Commission Loan. MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 ASSETS Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Interest Receivable Total Assets LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Deposits in Escrow Deferred Revenues Total Liabilities Fund Balances: Reserved for: Encumbrances Land Acquisition Mortgage Loans Debt Service Unreserved, Designated for Special Revenue Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Tourist Tourist Affordable Development Development Housing Law All Districts Admin & Promo Programs Library Two Cent Two Cent $ 346,978 $ $ 2,994,321 $ 3,219,004 - - 755 - 37,603 - 188,303 352,597 262,743 - _ (262,743) $ 346,978 $ $ 3,182,624 $ 3,609,959 $ $ $ 483,445 $ 473,969 97,691 181,079 581,136 655,048 346,978 2,601,488 2,954,911 346,978 2,601,488 2,954,911 $ 346,978 $ $ 3,182,624 $ 3,609,959 G-1 REVENUE FUNDS Tourist Tourist Tourist Tourist Tourist Development Development Development Development Development District #One District #Two District #Three District #Four District #Five Impact Fees, Three Cent Three Cent Three Cent Three Cent Three Cent Roadways $ 4,368,729 $ 412,936 $ 1,038,989 $ 1,516,054 $ 1,059,369 $ 6,866,305 12,451 1,627 5,355 4,775 3,667 - 121,149 15,089 45,043 53,695 26,401 633 $ 4,502,329 $ 429,652 $ 1,089,387 $ 1,574,524 $ 1,089,437 $ 6,866,938 $ 1,184,187 $ 25,814 $ 171,873 $ 389,582 $ 22,322 $ 182,620 - - - - - 44,843 2,836 850 - - 2,274 1,720 69,208 9,679 18,174 16,442 19,544 627,933 26,000 - 17,748 - - - 1,282,231 _ 36,343 207,795 406,024 44,140 857,116 441,853 2,778,245 393,309 881,592 1,168,500 1,045,297 6,009,822 3,220,098 _ 393,309 881,592 1,168,500 1,045,297 6,009,822 $ 4,502,329 _$ 429,652 $ 1,089,387 $ 1,574,524 $ 1,089,437 $ 6,866,938 (Continued) G-2 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 ASSETS Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Interest Receivable Total Assets LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Deposits in Escrow Deferred Revenues Total Liabilities Fund Balances: Reserved for: Encumbrances Land Acquisition Mortgage Loans Debt Service Unreserved, Designated for Special Revenue Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Impact Fees, Parks and Impact Fees, Impact Fees, Impact Fees, Recreation Libraries Solid Waste Police Facilities $ 943,865 $ 612,041 $ 39,585 $ 282,096 484 128 30 $ 9 33,865 $ 612,525 $ 39,713 $ 282,126 400 - - 33,628 400 33,628 943,465 612,525 39,713 248,498 943,465 612,525 39,713 248,498 $ 943,865 $ 612,525 $ 39,713 $ 282,126 G-3 REVENUE rare & Amb Upper Keys Unincorp. Impact Fees, District #1, Health Care Fire & Amb Area Service Impact Fees, Fair Share Lower and Special District #6, District, Fire & EMS Housing Middle Keys Taxing District Key Largo Parks & Rec. $ 285,980 $ 150,547 $ 3,148,750 $ 2,149,528 $ 877,316 $ 1,760,486 - - 365,594 - - 545 125,566 - 23,365 13,769 210 1,466 482 48,366 $ 286,190 _$ 150,547 $ 3,641,376 $ 2,149,528 $ 901,163 $ 1,8 33,166 $ 6,784 $ $ 218,939 $ 169 $ 137,346 $ 90,368 155,735 4,855 1,744 27,948 - 835,036 31,998 34,316 192,050 452 - 11 1,198 - - - 402 6,784 _ 1,210,162 37,022 173,417 311,966 20,747 760 279,406 150,547 2,410,467 2,112,506 726,986 1,511,200 279,406 _ 150,547 2,431,214 2,112,506 727,746 1,511,200 $ 286,190 $ 150,547 $ 3,641,376 $ 2,149, 528 $ 901,163 $ 1,823,166 (Continued) G-4 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 ASSETS Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Interest Receivable Total Assets LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Deposits in Escrow Deferred Revenues Total Liabilities Fund Balances: Reserved for: Encumbrances Land Acquisition Mortgage Loans Debt Service Unreserved, Designated for Special Revenue Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Unincorp. Area Service Local 911 Dist -Planning Housing Municipal Enhancement Bldg. & Zoning Assistance Policing Fees $ 7,194,116 $ 3,198,176 $ 1,422,412 $ 638,491 1,034 - - 22,882 7,313 195,336 - 408,359 - 924 19,626 - 3,837,096 - - - (3,837,096) - 51,555 - - $ 7,610,822 $3,249,731 $ 1,618,672 $ 680,999 $ 700,259 $ 44,188 $ $ 7,503 181,879 - 3,240 1,736,650 - 2,946 - 71 52,966 15 4,900 - - _ 2,623,759 97,154 2,961 10,743 106,450 - 4,880,613 3,152,577 1,615,711 670,256 4,987,063 3,152,577 1,615,711 670,256 $ 7,610,822 $3,249,731 $ 1,618,672 $ 680,999 G-5 REVENUE FUNDS Duck Key Miscellaneous Law Court Security Boating Special Environmental Enforcement Facility District - Improvement Revenue Restoration Trust Fees $ 209,749 $ 1,402,655 $ 3,385,877 $ 244,267 $ 733,847 $ 1,488,694 1,051 - - 56,814 8 36,550 51 _ $ 210,808 _$ 1,439,205 $ 3,385,928 $ 244,267 $ 790,661 $ 1,488,694 $ 4,302 $ 366,757 $ 29,516 $ $ $ - 36,266 - 24,398 63,507 89 - 370 - - _ - 30,271 - _ 4,302 427,421 123,664 89 206,506 1,011,784 3,262,264 244,178 790,661 1,488,694 206,506 _ 1,011,784 3,262,264 244,178 790,661 1,488,694 $ 210,808 _$ 1,439,205 $ 3,385,928 $ 244,267 $ 790,661 $ 1,488,694 (Continued) MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 ASSETS Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Interest Receivable Total Assets LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Deposits in Escrow Deferred Revenues Total Liabilities Fund Balances: Reserved for: Encumbrances Land Acquisition Mortgage Loans Debt Service Unreserved, Designated for Special Revenue Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Drug Marathon Conch Key Bay Point Abuse Municipal Wastewater Wastewater Trust Service MSTU MSTU $ 82,081 $ 1,978,422 $ 14,852 $ 123,604 17,006 - 935 185 - 12 $ 82,081 $ 1,995,613 $ 14,852 $ 124,551 839 - 2 839 2 - 81,242 1,995,611 14,852 124,551 81,242 1,995,611 14,852 124,551 $ 82,081 $ 1,995,613 $ 14,852 $ 124,551 G-7 REVENUE FUNDS Big Coppitt Key Largo Stock Island Comprehensive Sheriff's Sheriff's Wastewater Wastewater Wastewater Plan Land Inmate Impact MSTU _ MSTU Authority Commissary Support $ 176,508 $ 1,315,425 $ 114,811 $ 9,683,180 $ 301,231 $ - - 34,417 - 46,912 483 14,953 483 - 1,827 122,799 - 367 6 264,036 14,682 - - - 6,754,563 - $ 176,991 _$ 1,330,745 $ 1 99,717 $ 16,7 11,779 $ 364,652 $ 1 22,799 $ $ $ $ 4,191 $ 77,975 $ 6,282 - 1,000 - 815 - - 8 - 122,799 1,000 _ 8 10,473 78,790 122,799 2,791,423 6,754,563 175,991 1,330,737 149,717 7,145,320 285,862 175,991 _ 1,330,737 149,717 16,691,306 285,862 - $ 176,991 $ 1,330,745 $ 149,717 $ 16,701,779 $ 364,652 $ 122,799 (Continued) G-8 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 ASSETS Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Interest Receivable Total Assets LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Deposits in Escrow Deferred Revenues Total Liabilities Fund Balances: Reserved for: Encumbrances Land Acquisition Mortgage Loans Debt Service Unreserved, Designated for Special Revenue Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Sheriffs South Florida Sheriffs Sheriffs Sheriffs Law Enforce - Off -Duty Grants Teen Court ment Trust $ $ $ $ 1,551,797 1,518 259,478 48,843 39,205 3,425 889,274 - $ 4,943 $ 1,148,752 $ 48,843 $ 1,591,002 4,878 889,274 48,843 65 - - - 718,780 - 4,943 1,608,054 48,843 - (459,302) - 1,591,002 (459,302) - 1,591,002 $ 4,943 $ 1,148,752 $ 48,843 $ 1,591,002 REVENUE FUNDS Sheriffs Shared Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Asset Federal HIDTA Airport Law Enforce- Fine & Forfeiture Forfeiture Administrative Services ment Trust Forfeiture $ 4,903,867 $ 1,540,061 $ $ $ 250 $ 65,341 - 1,800 - _ - 147,217 745,848 250 $ 4,903,867 _71,541,861 $ 1 77,217 $ 7 55,848 $ 250 $ 65,591 $ 19,987 $ 75,592 $ $ $ $ 8,522 266 48,046 745,848 250 57,069 - - 51,947 - - _ 20,253 123,638 51,947 745,848 250 65,591 4,883,614 _ 1,418,223 95,270 4,883,614 _ 1,418,223 95,270 $ 4,903,867 $ 1,541,861 $ 147,217 $ 745,848 $ 250 $ 65,591 (Continued) G-10 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 ASSETS Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Interest Receivable Total Assets LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Deposits in Escrow Deferred Revenues Total Liabilities Fund Balances: Reserved for: Encumbrances Land Acquisition Mortgage Loans Debt Service Unreserved, Designated for Special Revenue Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL REVENUE FUNDS Clerk's Clerk's Supervisor's Modernization Court Voter Educ. & Trust Related Equipment $ 1,301,990 $ 1,016,418 $ 63,461 28,237 $ 1,301,990 7 1,044,655 $ 33,461 $ 50,776 $ 149,340 $ - 566,872 308,257 20,186 50,776 1,044,655 1,251,214 63,461 1,251,214 - 63,461 $ 1,301,990 $ 1,044,655 $ 63,461 G-11 Total Nonmajor Special Revenue Funds $ 76,224,462 473,939 1,889,537 2,519,818 10,854,402 (4,099,839) 51,555 $ 87,913,874 DEBT SERVICE FUND Infrastructure Sales Surtax Revenue Bonds, Series 2003 $ 975,156 $ 9 55,156 CAPITAL PROJECT FUND Clerk's Revenue Note $ 89,003 $ 89,003 Total Nonmajor Governmental Funds $ 77,288,621 473,939 1,889,537 2,519,818 10,854,402 (4,099,839) 51,555 $ 88,978,033 $ 4,926,326 $ $ $ 4,926,326 61,109 81,109 390,602 390,602 6,357,529 6,357,529 5:29,962 - 529,962 402 402 826,084 826,084 13,112,014 13,112,014 127,957 2,791,423 6,754,563 441,853 64,686,064 74,801,860 $ 87,913,874 975,156 975,156 $ 975,156 89,003 89,003 $ 89,003 127,957 2,791,423 6,754,563 975,156 441,853 64,775,067 75,866,019 $ 88,978,033 G-12 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 SPECIAL Tourist Tourist Affordable Development Development Housing Law All Districts Admin & Promo Programs Library Two Cent Two Cent Revenues: Taxes $ $ $ 2,963,861 $ 6,141,702 Licenses and Permits _ Intergovernmental _ _ Charges for Services 18,147 37,603 Fines and Forfeitures _ Investment Income 15,462 1,558 149,710 161,783 Miscellaneous 38,510 - - Total Revenues 53,972 1,558 3,131,718 6,341,088 General Government - _ _ _ Public Safety _ _ _ _ Physical Environment - _ _ _ Transportation _ _ _ - Economic Environment - - 3,425,464 6,739,726 Human Services _ _ _ Culture and Recreation _ _ _ Court Related - _ _ Capital Projects - _ _ Debt Service _ _ Total Expenditures - - 3,425,464 6,739,726 Over/(Under) Expenditures 53,972 1,558 (293,746) (398,638) Other Financing Sources/(Uses): Transfers from Other Funds - - Transfers to Other Funds - (46,867) (93,654) (177,030) Proceeds from Sale of Capital Assets - Total Other Financing Sources/(Uses) - (46,867) (93,654) (177,030) Net Change in Fund Balances 53,972 (45,309) (387,400) (575,668) Fund Balances -October 1 293,006 45,309 2,988,888 3,530,579 Fund Balances-September30 $ 346,978 $ - $ 2,601,488 $ 2,954,911 G-13 FUNDS Development Development Development Development Development District #One District #Two District #Three District #Four District #Five Impact Fees, Three Cent _ Three Cent Three Cent Three Cent Three Cent Roadways $ 2,390,399 $ 269,128 $ 643,205 $ 625,339 $ 624,710 $ 12,451 1,627 5,355 4,775 3,668 209,677 24,909 61,987 70,450 53,539 344,440 - _ - - - - 161,386 2,612,527 _ 295,664 710,547 700,564 681,917 505,826 - - - - - 767,857 2,884,128 378,485 880,971 759,774 587,945 - 2,884,128 _ 378,485 880,971 759,774 587,945 767,857 (271,601) _ (82,821) (170,424) (59,210) 93,972 (262,031) (67,028) (9,438) (17,649) (15,917) (18,978) (627,933) (67,028) _ (9,438) (17,649) (15,917) (18,978) (627,933) (338,629) (92,259) (188,073) (75,127) 74,994 (889,964) 3,558,727 _ 485,568 1,069,665 1,243,627 970,303 6,899,786 $ 3,220,098 _6 393,309 $ 881,592 $ 1,168,500 $ 1,045,297 $ 6,009,822 (Continued) G-14 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Revenues: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture and Recreation Court Related Capital Projects Debt Service Total Expenditures Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Proceeds from Sale of Capital Assets Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Impact Fees, Parks and Impact Fees, Impact Fees, Impact Fees, Recreation Libraries Solid Waste Police Facilities 48,078 27,356 3,257 12,541 46,921 58,858 9,884 21,234 94,999 86,214 13,141 33,775 43,345 278,790 278,790 - 43,345 - (183,791) 86,214 (30,204) 33,775 (183,791) 86,214 (30,204) 33,775 1,127,256 526,311 69,917 214,723 $ 943,465 $ 612,525 $ 39,713 $ 248,498 G-15 FUNDS Impact Fees, District #1, Health Care Fire & Amb Area Service Impact Fees, Fair Share Lower and Special District #6, District, Fire & EMS _ Housing Middle Keys Taxing District Key Largo Parks & Rec. $ $ $ 7,359,823 $ $ 1,224,243 $ 974,714 66,341 - 701,671 517,758 17,511 62,524 12,854 6,998 232,608 108,067 52,937 89,652 16,145 _ 34,810 7,781 - 179 28,156 28,999 _ 41,808 8,184,311 108,067 1,294,870 1,856,717 - - 348,841 - 54,461 - 6,785 6,285,075 917,089 299,901 - - 1,232,742 - _ 91,989 55,343 - 6,785 _ 6,725,905 299,901 1,026,893 1,232,742 22,214 _ 41,808 1,458,406 (191,834) 267,977 623,975 101,434 19,332 (832,422) (31,998) (31,058) (191,880) - _ - (730,988) (31,998) (11,726) (191,880) 22,214 41,808 727,418 (223,832) 256,251 432,095 257,192 _ 108,739 1,703,796 2,336,338 471,495 1,079,105 $ 279,406 -b 150,547 $ 2,431,214 $ 2,112,506 $ 727,746 $ 1,511,200 (Continued) G-16 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Revenues: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture and Recreation Court Related Capital Projects Debt Service Total Expenditures Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Proceeds from Sale of Capital Assets Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Unincorp. Area Service Local 911 Dist -Planning Housing Municipal Enhancement Bldg. & Zoning Assistance Policing Fees $ 713,287 $ $ 4,035,318 $ 2,551,133 4,746,112 1,348,255 - _ 640,999 - 3,202,180 460,834 99,731 - - - 316,360 143,169 92,189 26,686 40,153 133,246 - - 9,107,775 1,624,670 7,329,687 487,520 4,271,029 - 191,744 - 3,399,155 - 6,619,066 357,292 682,365 - - - 1,076,237 8,352,549 1,076,237 6,810,810 357,292 755,226 548,433 518,877 130,228 504,153 221,279 (1,741,326) (2,945) (1,237,173) - 218,334 - (481,947) 548,433 737,211 130,228 5,469,010 2,604,144 878,500 540,028 $ 4,987,063 $3,152,577 $ 1,615,711 $ 670,256 G-17 REVENUE FUNDS Duck Key Miscellaneous Law Court Security Boating Special Environmental Enforcement Facility District Improvement Revenue Restoration Trust Fees - 20,741 1,052 523,241 638,950 - - 336,201 - - 283,539 176,788 95,012 - 10,259 59,756 154,512 8,978 36,002 65,183 73,248 599 - - _ _ 84,559 _ 583,596 1,097,742 185,766 131,014 401,384 2,177 - - _ - - 45,415 - 202,683 - 96,477 - 576,779 - 23,400 - - 168 - - - 138,865 - - - 6,752 - _ _ - 90,766 - - 269 47,592 576,779 439,234 23,400 96,477 269 36,967 _ 6,817 658,508 162,366 34,537 401,115 657,197 (60,439) (388,273) - (153,189) - _ (60,439) (388,273) - 657,197 (153,189) 36,967 (53,622) 270,235 162,366 691,734 247,926 169,539 _ 1,065,406 2,992,029 81,812 98,927 1,240,768 $ 206,506 _$ 1,011,784 $ 3,262,264 $ 244,178 $ 790,661 $ 1,488,694 (Continued) G-18 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Revenues: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture and Recreation Court Related Capital Projects Debt Service Total Expenditures Over/(Under) Expenditures Other Financing Sources/(Uses).- Transfers from Other Funds Transfers to Other Funds Proceeds from Sale of Capital Assets Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Drug Marathon Conch Key Bay Point Abuse Municipal Wastewater Wastewater Trust Service MSTU MSTU $ 16,720 3,942 $ 1,208,989 $ 17,006 107,619 - 700 $ 67,352 935 5,180 20,662 1,333,614 700 73,467 - - 23,641 35,220 1,045,912 - 1,937 23,641 1,081,132 - 1,937 (2,979) 252,482 700 71,530 (2,979) 252,482 700 71.530 84,221 1,743,129 14,152 53,021 $ 81,242 $ 1,995,611 $ 14,852 $ 124,551 G-19 REVENUE FUNDS Big Coppitt Key Largo Stock Island Comprehensive Sheriffs Sheriff's Wastewater MSTU Wastewater - MSTU Wastewater Plan Land Authority Inmate Commissary Impact Support $ 106 $ 1,068,332 $ $ $ _ $ - - - 2,716,861 - 483 14,953 483 - 434,304 134,784 8,196 69,149 4,844 398,246 11,387 - _ - 88,380 - 70,077 - 8,785 _ 1,152,434 93,707 3,115,107 515,768 134,784 - 30,969 - 2,521,753 - _ - - 446,107 134,784 1,000 527,333 _ 1,000 _ 558,302 - 2,521,753 446,107 134,784 7,785 _ 594,132 93,707 593,354 69,661 - _ 1,135, 742 - _ - - 1,135,742 - 7,785 594,132 93,707 1,729,096 69,661 - 168,206 _ 736,605 56,010 14,962,210 216,201 - $ 175,991 :6 1,330,737 $ 149,717 $ 16,691,306 $ 285,862 $ (Continued) G-20 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Revenues: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture and Recreation Court Related Capital Projects Debt Service Total Expenditures Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Proceeds from Sale of Capital Assets Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Sheriffs South Florida Sheriffs Sheriffs Sheriffs Law Enforce - Off -Duty Grants Teen Court ment Trust 705 1,329,689 86,329 74,536 - - - - - 1,020,352 - - 29,427 - 543,308 - - 75,241 1,872,997 86,329 1,049,779 75,241 2,789,382 104,701 20,058 75,241 2,789,382 104,701 20,058 (916,385) (18,372) 1,029,721 447,189 447,189 - (469,196) (18,372) 1,029,721 9,894 18,372 561,281 $ $ (459,302) $ - $ 1,591,002 G-21 REVENUE FUNDS Sheriffs Shared Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Asset Federal HIDTA Airport Law Enforce- Fine & Forfeiture Forfeiture Administrative Services ment Trust Forfeiture 272,929 - 1,804,962 96,477 16,312 - 233,789 - - _ 209,008 77,673 1,935 209,008 350,602 233,789 1,804,962 96,477 18,247 96,364 605,875 211,694 1,804,962 96,477 18,247 96,364 605,875 211,694 1,804,962 96,477 18,247 112,644 (255,273) 22,095 - _ _ (657,197) - - (657,197) 112,644 (255,273) 22,095 (657,197) 4,770,970 1,673,496 73,175 657,197 $ 4,883,614 $ 1,418,223 $ 95,270 $ $ $ (Continued) G-22 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Revenues: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture and Recreation Court Related Capital Projects Debt Service Total Expenditures Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Proceeds from Sale of Capital Assets Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL REVENUE FUNDS Clerk's Clerk's Supervisor's Modernization Court Voter Educ. & Trust Related Equipment - 694,068 168,148 462,090 1,899,037 - - 1,248,352 - 46,716 - 183 4,500 4,468 - 513,306 3,845,925 168,331 - - 156,114 451,934 3,845,925 223,225 - - 675,159 3,845,925 156,114 (161,853) - 12,217 (161,853) 12,217 1,413,067 51,244 $ 1,251,214 $ - $ 63,461 G-23 Total Nonmajor Special Revenue Funds $ 30,310,508 2,571,874 14,048,859 9,773,996 2,923,774 3,576,162 1,381,843 64,586,016 7,614,245 24,332,929 2,900,134 767,857 16,732,898 462,407 1,518,284 4,388,894 370,557 59,088,205 5,497,811 1,950,584 (5,165,221) 1,135,742 (2,078,895) 3,418,916 71.382.944 DEBT SERVICE FUND Infrastructure Sales Surtax Revenue Bonds, Series 2003 698,510 15,496 714,006 2,425,809 2,425,809 (1,711,803) 2,367,408 2,367,408 655,605 CAPITAL PROJECT FUND Clerk's Revenue Note 4,158 4,158 2,700 2,700 1,458 1,458 319,551 87,545 $ 74,801,860 $ 975,156 $ 89,003 Total Nonmajor Governmental Funds $ 30,310,508 2,571,874 14,747,369 9,773,996 2,923,774 3,594,816 1,381,843 65,304,180 7,614,245 24,332,929 2,900,134 767,857 16,732,898 462,407 1,518,284 4,388,894 2,700 2,796,366 61,516,714 3.787.466 4,317,992 (5,165,221) 1,135, 742 288,513 4,075,979 71,790,040 $ 75,866,019 G-24 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Economic Environment: Affordable Housing Initiatives Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Original Final Budget Budget $ 6,545 $ 6,545 $ Variance with Final Budget Positive Actual (Negative) 15,462 $ 8,917 - - 38,510 38,510 6,545 6,545 53,972 47,427 284,965 284,965 284,965 (278,420) (278,420) 53,972 332,392 (5,000) (5,000) 5,000 (283,420) (283,420) 53,972 337,392 293,006 293,006 293,006 $ 9,586 $ 9,586 $ 346,978 $ 337,392 G-25 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LAW LIBRARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 1,558 $ 1,558 Other Financing Sources/(Uses): Transfers to Other Funds (46,867) (46,867) Net Change in Fund Balances (46,867) (45,309) 1,558 Fund Balances, October 1 45,309 45,309 - Fund Balances, September 30 $ $ (1,558) $ - $ 1,558 G-26 MONROE COUNTY, FLORIDA 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Cultural Umbrella Fishing Umbrella Dive Umbrella Operations - Events Catastrophic Emergency Special Projects Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers to Other Funds Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 3,027,869 $ 3,027,869 $ 2,963,861 $ (64,008) - - 18,147 18,147 - 149,710 149,710 3,027,869 3,027,869 3,131,718 103,849 702,300 702,300 563,690 138,610 722,800 722,800 567,428 155,372 400,000 400,000 384,668 15,332 1,489,278 1,452,655 1,198,852 253,803 807,833 807,833 - 807,833 925,234 925.234 710,826 214.408 (2,019,576) (1,982,953) (293,746) 1,689,207 (57,031) (93,654) (93,654) (2,076,607) (2,076,607) (387,400) 1,689,207 2,988,888 2,988,888 2,988,888 $ 912,281 $ 912,281 $ 2,601,488 $ 1,689,207 G-27 MONROE COUNTY, FLORIDA SCHEDULE 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 6,012,268 $ 6,012,268 $ 6,141,702 $ 129,434 Charges for Services - - 37,603 37,603 Investment Income - - 161,783 161,783 Total Revenues 6,012,268 6,012,268 6,341,086 328,820 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 4,645,569 4,795,569 4,223,899 571,670 Administrative Services 795,668 795,668 614,281 181,387 Catastrophic Emergency 1,254,046 1,104,046 - 1,104,046 Special Projects 1,904,160 1,904,160 1,901,546 2,614 Total Expenditures 8,599,443 8,599,443 6,739,726 1,859,717 Excess/Deficiency of Revenues Over/(Under) Expenditures (2,587,175) (2,587,175) (398,638) 2,188,537 Other Financing Sources/(Uses): Transfers to Other Funds (210,212) (210,212) (177,030) 33,182 Net Change in Fund Balances (2,797,387) (2,797,387) (575,668) 2,221,719 Fund Balances, October 1 3,530,579 3,530,579 3,530,579 - Fund Balances, September 30 $ 733,192 $ 733,192 $ 2,954,911 $ 2,221,719 G-28 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES • BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #ONE, THREE CENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Catastrophic Emergency Special Events Bricks and Mortar Beaches Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers to Other Funds Net Change in Fund Balances Fund Balances, October t Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 2,555,000 $ 2,555,000 $ 2,390,399 $ (164,601) - - 12,451 12,451 - - 209,677 209,677 2,555,000 2,555,000 2,612,527 57,527 1,073,746 1,271,446 1,146,024 125,422 102,082 97,490 87,012 10,478 424,448 226,748 - 226,748 180,568 180,568 120,416 60,152 3,236,835 3,236,835 1,530,676 1,706,159 404,900 404,900 - 404,900 5,422,579 5,417,987 2,884,128 2,533,859 (2,867,579) (2,862,987) (271,601) 2,591,386 (62,436) (67,028) (67,028) (2,930,015) (2,930,015) (338,629) 2,591,386 3,558,727 3,558,727 3,558,727 $ 628,712 $ 628,712 $ 3,220,098 $ 2,591,386 G-29 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #TWO, THREE CENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Catastrophic Emergency Special Events Bricks and Mortar Tourist Information Services Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers to Other Funds Net Change in Fund Balances Fund Balances, October t Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 251,455 $ 251,455 $ 269,128 $ 17,673 - - 1,627 1,627 - - 24,909 24,909 251,455 251,455 295,664 44,209 304,990 338,383 303,917 34,466 11,793 11,793 9,663 2,130 33,393 - - - 48,624 48,624 29,895 18,729 289,354 289,354 30,537 258,817 4,473 4,473 4,473 - 692,627 692,627 378,485 314,142 (441,172) (441,172) (82,821) 358,351 (23,651) (23,651) (9,438) 14,213 (464,823) (464,823) (92,259) 372,564 485,568 485,568 485,568 $ 20,745 $ 20,745 $ 393,309 $ 372,564 G-30 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #THREE, THREE CENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 510,000 $ 510,000 $ 643,205 $ 133,205 Charges for Services - - 5,355 5,355 Investment Income - - 61,987 61,987 Total Revenues 510,000 510,000 710,547 200,547 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 225,593 235,593 214,801 20,792 Administrative Services 24,621 24,621 20,946 3,675 Catastrophic Emergency 73,955 63,955 - 63,955 Special Events 169,628 169,628 107,533 62,095 Bricks and Mortar 975,205 975,205 537,691 437,514 Total Expenditures 1,469,002 1,469,002 880,971 588,031 Excess/Deficiency of Revenues Over/(Under) Expenditures (959,002) (959,002) (170,424) 788,578 Other Financing Sources/(Uses): Transfers to Other Funds (34,056) (34,056) (17,649) 16,407 Net Change in Fund Balances (993,058) (993,058) (188,073) 804,985 Fund Balances, October 1 1,069,665 1,069,665 1,069,665 - Fund Balances, September 30 $ 76,607 $ 76,607 $ 881,592 $ 804,985 G-31 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #FOUR, THREE CENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 506,054 $ 506,054 $ 625,339 $ 119,285 Charges for Services - - 4,775 4,775 Investment Income - - 70,450 70,450 Total Revenues 506,054 506,054 700,564 194,510 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 291,339 349,339 301,345 47,994 Administrative Services 22,275 22,275 20,104 2,171 Catastrophic Emergency 138,782 80,782 - 80,782 Special Events 197,852 197,852 103,138 94,714 Bricks and Mortar 900,649 900,649 335,187 565,462 Total Expenditures 1,550,897 1,550,897 759,774 791,123 Excess/Deficiency of Revenues Over/(Under) Expenditures (1,044,843) (1,044,843) (59,210) 985,633 Other Financing Sources/(Uses): Transfers to Other Funds (41,097) (41,097) (15,917) 25,180 Net Change in Fund Balances (1,085,940) (1,085,940) (75,127) 1,010,813 Fund Balances, October 1 1,243,627 1,243,627 1,243,627 - Fund Balances, September 30 $ 157,687 $ 157,687 $ 1,168,500 $ 1,010,813 G-32 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #FIVE, THREE CENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Catastrophic Emergency Special Events Bricks and Mortar Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers to Other Funds Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 600,000 $ 600,000 $ 624,710 $ 24,710 - - 3,668 3,668 - - 53,539 53,539 600,000 600,000 681,917 81,917 353,278 411,978 403,174 8,804 24,885 24,885 22,563 2,322 117,545 58,845 - 58,845 260,226 260,226 34,861 225,365 646,153 646,153 127,347 518,806 1,402,087 1,402,087 587,946 814,142 (802,087) (802,087) 93,972 896,059 (43,516) (43,516) (18,978) 24,538 (845,603) (845,603) 74,994 920,597 970,303 970,303 970,303 $ 124,700 $ 124,700 $ 1,045,297 $ 920,597 G-33 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL IMPACT FEES - ROADWAYS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 97,400 $ 97,400 $ 344,440 $ 247,040 Miscellaneous 139,000 139,000 161,386 22,386 Total Revenues 236,400 236,400 505,826 269,426 EXPENDITURES: Current: Transportation: Fair Share Improvement County Wide Fair Share Improvement Dist 1 Fair Share Improvement Dist 2 Fair Share Improvement Dist 3 Fair Share Improve Key Colony Beach Duck Key Drive Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers to Other Funds Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 1,167,912 539,979 539,979 249,628 249,628 - 249,628 2,123,951 523,951 133,951 390,000 3,239,020 3,239,020 - 3,239,020 178,613 178,613 171,099 7,514 - 1,600,000 462,807 1,137,193 6,959,124 6,331,191 767,857 5,563,334 (6,722,724) (6,094,791) (262,031) 5,832,760 (627,933) (627,933) (6,722,724) (6,722,724) (889,964) 5,832,760 6,899,786 6,899,786 6,899,786 $ 177,062 $ 177,062 $ 6,009,822 $ 5,832,760 G-34 MONROE COUNTY, FLORIDA 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, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Culture and Recreation: District 1 Projects District 2 Projects Key Largo Skate Park Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 15,300 $ 15,300 $ 48,078 $ 32,778 75,026 75,026 46,921 (28,105) 90,326 90,326 94,999 4,673 324,544 324,544 324,544 221,032 221,032 - 221,032 591,424 591,424 278,790 312,634 1,137.000 1.137.000 278.790 858 91 n (1,046,674) (1,046,674) (183,791) 862,883 (1,046,674) (1,046,674) (183,791) 862,883 1,127,256 1,127,256 1,127,256 $ 80,582 $ 80,582 $ 943,465 $ 862,883 G-35 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL IMPACT FEES - LIBRARIES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Culture and Recreation: County Wide Library Projects Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) $ 7,000 $ 7,000 $ 27,356 $ 20,356 45.000 45.000 58.858 13.858 537,258 537,258 537,258 (485,258) (485,258) 86,214 571,472 (485,258) (485,258) 86,214 571,472 526,311 526,311 526,311 $ 41,053 $ 41,053 $ 612,525 $ 571,472 G-36 MONROE COUNTY, FLORIDA 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, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Physical Environment: County Wide Solid Waste Projects Weigh Bridge Scale Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 4,500 $ 4,500 $ 3,257 $ (1,243) 12,000 12,000 9,884 (2,116) 16,500 16,500 13,141 (3,359) 75,237 31,892 31,892 - 43,345 43,345 - 75,237 75,237 43,345 31,892 (58,737) (58,737) (30,204) 28,533 (58,737) (58,737) (30,204) 28,533 69,917 69,917 69,917 $ 11,180 $ 11,180 $ 39,713 $ 28,533 G-37 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL IMPACT FEES - POLICE FACILITIES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Public Safety: County Wide Police Facility Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 5,000 $ 5,000 $ 12,541 $ 7,541 25,000 25,000 21,234 (3,766) 30,000 30,000 33,775 3,775 210,553 210,553 210,553 (180,553) (180,553) 33,775 214,328 (180,553) (180,553) 33,775 214,328 214,723 214,723 214,723 $ 34,170 $ 34,170 $ 248,498 $ 214,328 G-38 MONROE COUNTY, FLORIDA 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 3,626 $ 3,626 $ 12,854 $ 9,228 Miscellaneous 14,010 14,010 16,145 2,135 Total Revenues 17,636 17,636 28,999 11,363 EXPENDITURES: Current: Public Safety: District 1 Fire & EMS Project 82,871 82,871 82,871 District 2 Fire & EMS Project 14,554 14,554 - 14,554 District 3 Fire & EMS Project 108,828 108,828 6,785 102,043 Key Colony Beach Fire & EMS 17,870 17,870 - 17,870 Total Expenditures 224,123 224,123 6,785 217,338 Excess/Deficiency of Revenues Over/(Under) Expenditures (206,487) (206,487) 22,214 228,701 Net Change in Fund Balances (206,487) (206,487) 22,214 228,701 Fund Balances, October 1 257,192 257,192 257,192 - Fund Balances, September 30 $ 50,705 $ 50,705 $ 279,406 $ 228,701 G-39 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL IMPACT FEES - EMPLOYEE FAIR SHARE HOUSING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 160 $ 160 $ 6,998 $ 6,838 Miscellaneous 26,419 26,419 34,810 8,391 Total Revenues 26,579 26,579 41,808 15,229 Other Financing Sources/(Uses): Reserve for Contingencies (26,579) (26,579) - 26,579 Net Change in Fund Balances 53,158 53,158 41,808 (11,350) Fund Balances, October 1 108,739 108,739 108,739 Fund Balances, September 30 $ 161,897 $ 161,897 $ 150,547 $ (11,350) G-40 MONROE COUNTY, FLORIDA 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 7,685,821 $ 7,685,821 $ 7,359,823 $ (325,998) Intergovernmental 25,000 25,000 66,341 41,341 Charges for Services 300,000 300,000 517,758 217,758 Investment Income 50,000 50,000 232,608 182,608 Miscellaneous - - 7,781 7,781 Total Revenues 8,060,821 8,060,821 8,184,311 123,490 EXPENDITURES: Current: General Government: Tax Collector 225,000 225,000 214,774 10,226 Property Appraiser 94,925 134,067 134,067 - Total General Government 319,925 359,067 348,841 10,226 Public Safety: Fire Rescue - Central 2,648,364 2,273,953 2,017,999 255,954 Lower & Middle Keys Ambulance Dist 4,107,308 4,417,308 4,267,076 150,232 Total Public Safety 6,755,672 6,691,261 6,285,075 406,186 Debt Service: Principal - 85,690 85,690 - Interest 6,299 6,299 Total Debt Service 91,989 91,989 - Total Expenditures 7,075,597 7,142,317 6,725,905 416,412 Excess/Deficiency of Revenues Over/(Under) Expenditures 985,224 918,504 1,458,406 539,902 Other Financing Sources/(Uses): Reserve for Contingencies (381,045) (31,903) - 31,903 Transfers from Other Funds 101,434 101,434 Transfers to Other Funds (550,000) (832,422) (832,422) - Total Other Financing Sources/(Uses) (931,045) (864,325) (730,988) 133,337 Net Change in Fund Balances 54,179 54,179 727,418 673,239 Fund Balances, October 1 1,703,796 1,703,796 1,703,796 - Fund Balances, September 30 $ 1,757,975 $ 1,757,975 $ 2,431,214 $ 673,239 G-41 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL UPPER KEYS HEALTH CARE SPECIAL TAXING DISTRICT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Investment Income EXPENDITURES: Current: General Government: Vehicle Replacement Tax Collector Total General Government Human Services: Trauma District Administration Trauma Transportation and Treatment Trauma Pretransportation Trauma Facility Upgrade Total Human Services Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 62,000 $ 62,000 $ 108,067 $ 46,067 19,360 472 - 472 100 100 100 19,460 572 572 173,927 188,817 183,843 4,974 887,975 887,975 114,846 773,129 147,879 147,879 1,212 146,667 400,000 400,000 - 400,000 1,609,781 1,624,671 2 99, 901 1,324,770 Total Expenditures 1,629,241 1,625,243 299,901 1,326,342 Excess/Deficiency of Revenues Over/(Under) Expenditures (1,567,241) (1,563,243) (191,834) 1,371,409 Other Financing Sources/(Uses): Reserve for Contingencies (61,569) (61,569) 61,569 Transfers to Other Funds (28,000) (31,998) (31,998) - Total Other Financing Sources/(Uses) (89,569) (93,567) (31,998) 61,569 Net Change in Fund Balances (1,656,810) (1,656,810) (223,832) 1,432,978 Fund Balances, October 1 2,336,338 2,336,338 2,336,338 - Fund Balances, September 30 $ 679,528 $ 679,528 $ 2,112,506 $ 1,432,978 G-42 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FIRE AND AMBULANCE DISTRICT #6 - KEY LARGO SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,276,972 $ 1,276,972 $ 1,224,243 $ (52,729) Charges for Services - - 17,511 17,511 Investment Income 14,094 14,094 52,937 38,843 Miscellaneous - - 179 179 Total Revenues 1,291,066 1,291,066 1,294,870 3,804 EXPENDITURES: Current: General Government: Tax Collector Fees 40,000 39,300 35,451 3,849 Property Appraiser Fees 18,875 19,010 19,010 - Total General Government 58,875 58,310 54,461 3,849 Public Safety: Key Largo Ambulance 339,767 340,467 339,339 1,128 Key Largo Fire & Rescue 775,751 720,408 577,750 142,658 Total Public Safety 1,115,518 1,060,875 917,089 143,786 Debt Service: Principal - 52,484 52,484 - Interest 2,859 2,859 Total Debt Service - 55,343 55,343 - Total Expenditures 1,174,393 1,174,528 1,026,893 147,635 Excess/Deficiency of Revenues Over/(Under) Expenditures 116,673 116,538 267,977 151,439 Other Financing Sources/(Uses): Reserve for Contingencies (75,120) (74,985) - 74,985 Transfers from Other Funds 19,332 19,332 Transfers to Other Funds (157,000) (157,000) (31,058) 125,942 Total Other Financing Sources/(Uses) (232,120) (231,985) (11,726) 220,259 Net Change in Fund Balances (115,447) (115,447) 256,251 371,698 Fund Balances, October 1 471,495 471,495 471,495 - Fund Balances, September 30 $ 356,048 $ 356,048 $ 727,746 $ 371,698 G-43 MONROE COUNTY, FLORIDA 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, 2006 REVENUES: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Culture and Recreation: Parks & Beaches Unincorporated School Board Interlocal Islamorada Parks & Beaches Vechicle Replacement Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 1,015,834 $ 1,015,834 $ 974,714 $ (41,120) 500,000 500,000 701,671 201,671 35,000 35,000 62,524 27,524 20,000 20,000 89,652 69,652 25,000 25,000 28,156 3,156 1,595,834 1,595,834 1,856,717 260,883 1,238,715 1,394,100 1,217,366 176,734 111,508 111,508 15,376 96,132 80,000 80,000 - 80,000 141,831 71,910 - 71,910 1,572,054 1,657,518 1,232,742 424,776 23,780 (61,684) 623,975 685,659 Reserve for Contingencies (229,676) (144,212) 144,212 Transfers from Other Funds _ Transfers to Other Funds (220,000) (220,000) (191,880) 28,120 Total Other Financing Sources/(Uses) (449,676) (364,212) (191,880) 172,332 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (425,896) (425,896) 432,095 857,991 1,079,105 1,079,105 1,079,105 $ 653,209 $ 653,209 $ 1,511,200 $ 857,991 G-44 MONROE COUNTY, FLORIDA UNINCORPORATED AREA SERVICE DISTRICT - PLANNING, BUILDING AND ZONING SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues Expenditures: Current: General Government: Tax Collector Fees Property Appraiser Fees Growth Mgmt County Attorney Planning Department 2010 Comprehensive Plan GIS Planning Commission Growth Mgmt Administration Planning and Building Refunds Vehicle Replacement Total General Government Public Safety: Building Department Code Enforcement Fire & Rescue Coordinator Fire Marshall Total Public Safety Physical Environment: Pump -Out Vessel Environmental Resources Marine Resources Total Physical Environment Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) $ 624,553 $ 624,553 $ 713,287 $ 88,734 2,370,000 2,636,145 2,551,133 (85,012) 3,404,000 3,404,000 4,746,112 1,342,112 602,000 603,545 640,999 37,454 83,000 83,000 99,731 16,731 200,000 200,000 316,360 116,360 10,000 10,000 40,153 30,153 7,293,553 7,561,243 9,107,775 1,546,532 60,000 48,160 30,580 17,580 35,200 35,200 22,371 12,829 119,796 128,102 128,102 - 1,338,253 1,269,137 1,200,075 69,062 355,000 544,042 183,216 360,826 721,168 500,646 455,462 45,184 107,835 88,236 86,405 1,830 921,349 1,903,589 2,137,447 (233,858) 8,000 28,000 27,371 629 261,692 - - - 3,928,293 4,545,111 4,271,029 274,082 1,598,021 1,700,960 1,694,301 6,659 1,121,337 1,086,307 999,955 86,352 450,987 450,987 443,986 7,001 248,846 262,653 260,913 1,740 3,419,191 3,500,907 3,399,155 101,752 69,362 70,907 56,183 14,724 400,119 422,340 410,453 11,887 175,885 220,619 215,729 4,890 645,366 713,866 682,365 31,501 G-45 (Continued) MONROE COUNTY, FLORIDA UNINCORPORATED AREA SERVICE DISTRICT - PLANNING, BUILDING AND ZONING SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Total Expenditures 7,992,850 8,759,884 8,352,549 407,335 Excess/Deficiency of Revenues Over/(Under) Expenditures (699,297) (1,198,641) 755,226 1,953,867 Other Financing Sources/(Uses): Reserve for Contingencies (806,442) (84,135) - 84,135 Transfers from Other Funds - 500,000 504,153 4,153 Transfers to Other Funds (1,062,104) (1,785,067) (1,741,326) 43,741 Total Other Financing Sources/(Uses) (1,868,546) (1,369,202) (1,237,173) 132,029 Net Change in Fund Balances (2,567,843) (2,567,843) (481,947) 2,085,896 Fund Balances, October 1 5,469,010 5,469,010 5,469,010 - Fund Balances, September 30 $ 2,901,167 $ 2,901,167 $ 4,987,063 $ 2,085,896 G-46 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LOCAL HOUSING ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Intergovernmental Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Economic Environment: Down Pymt,Wastewater,Rehab 03 Down Pymt, Wastewater, Rehab 04 Down Pymt,Wastewater,Rehab 05 Down Pymt,Wastewater,Rehab 06 Rental Rehab 04 Rental Rehab 05 SHIP Fair Housing 05 SHIP Fair Housing 06 Administration 05 Administration 06 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies 04 Reserve for Contingencies 05 Reserve for Contingencies 06 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 650,000 $ 650,000 $ 1,348,255 $ 698,255 - - 143,169 143,169 75,856 133,246 57,390 650,000 725,856 1,624,670 898,814 - 75,856 69,056 6,800 1,550,000 977,888 608,315 369,573 869,780 869,780 182,786 686,994 - 270,000 - 270,000 270,000 409,113 147,860 261,253 - 163,000 - 163,000 24,000 24,000 24,000 24,000 24,000 - 24,000 60,240 68,220 68,220 - 70,050 62,069 - 62,069 2,868,070 2,943,926 1,076,237 1,867,689 (2,218,070) (2,218,070) 548,433 2,766,503 (5,000) (5,000) - 5,000 (5,000) (5,000) 5,000 (104,149) (104,149) 104,149 Total Other Financing Sources/(Uses) (114,149) (114,149) - 114,149 Net Change in Fund Balances (2,332,219) (2,332,219) 548,433 2,880,652 Fund Balances, October 1 2,604,144 2,604,144 2,604,144 - Fund Balances, September30 $ 271,925 $ 271,925 $ 3,152,577 $ 2,880,652 G-47 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MUNICIPAL POLICING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: General Government: Property Appraiser Tax Collector Total General Government Public Safety: Insurance Unincorporated & Layton Insurance Islamorada Insurance Marathon Sheriff Unincorporated & Layton Sheriff Islamorada Sheriff Marathon School Crossing Guard Total Public Safety Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 4,213,075 $ 4,213,075 $ 4,035,318 $ (177,757) 2,770,437 2,770,437 3,202,180 431,743 25,000 25,000 92,189 67,189 7,008,512 7,008,512 7,329,687 321,175 75,119 75,119 73,685 1,434 110,000 130,000 118,059 11,941 185,119 205,119 191,744 13,375 437,000 437,000 436,495 505 179,604 179,604 178,863 741 164,300 164,300 149,154 15,146 3,022,214 3,022,214 3,022,214 - 1,421,135 1,421,135 1,420,017 1,118 1,157,973 1,157,973 1,157,973 - 254,350 254,350 254,350 - 6,636,576 6,636,576 6,619,066 17,510 Total Expenditures 6,821,695 6,841,695 6,810,810 30,885 Excess/Deficiency of Revenues Over/(Under) Expenditures 186,817 166,817 518,877 352,060 Other Financing Sources/(Uses): Reserve for Contingencies (171,190) (151,190) - 151,190 Transfers from Other Funds 221,279 221,279 Transfers to Other Funds (78,384) (78,384) (2,945) 75,439 Total Other Financing Sources/(Uses) (249,574) (229,574) 218,334 447,908 Net Change in Fund Balances (62,757) (62,757) 737,211 799,968 Fund Balances, October 1 878,500 878,500 878,500 - Fund Balances, September 30 $ 815,743 $ 815,743 $ 1,615,711 $ 799,968 G-48 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL 911 ENHANCEMENT FEES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Public Safety: 911 Enhancement Fund 911 Wireless Mapping Software Total Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 407,144 $ 407,144 $ 460,834 $ 53,690 10,000 10,000 26,686 16,686 417,144 417,144 487,520 70,376 335,132 335,132 256,092 79,040 110,000 110,000 101,200 8,800 250,043 250,043 - 250,043 695,175 695,175 357,292 337,883 (278,031) (278,031) 130,228 408,259 540,028 540,028 540,028 $ 261,997 $ 261,997 $ 670,256 $ 408,259 G-49 MONROE COUNTY, FLORIDA 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, 2006 REVENUES: Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: General Government: Tax Collector Public Safety: Island Security Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Original Final Budget Budget 4,000 4,000 5,000 75,000 Variance with Final Budget Positive Actual (Negative) 1,052 $ 1,052 10,259 6,259 6,000 6,000 2,177 3,823 150,000 150,000 45,415 104,585 156,000 156,000 47,592 108,408 (77,000) (77,000) 36,967 113,967 (14,225) (14,225) - 14,225 (91,225) (91,225) 36,967 128,192 169,539 169,539 169,539 - $ 78,314 $ 78,314 $ 206,506 $ 128,192 G-50 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BOATING IMPROVEMENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Physical Environment: Boating Improvement Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 500,000 $ 500,000 $ 523,241 $ 23,241 15,000 15,000 59,756 44,756 - - 599 599 515,000 515,000 583,596 68,596 600,000 545,867 576,779 (30,912) (85,000) (30,867) 6,817 37,684 Other Financing Sources/(Uses): Reserve for Contingencies (42,337) (1,627) 1,627 Transfers to Other Funds (94,843) (60,439) 34,404 Total Other Financing Sources/(Uses) (42,337) (96,470) (60,439) 36,031 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (127,337) (127,337) (53,622) 73,715 1,065,406 1,065,406 1,065,406 $ 938,069 $ 938,069 $ 1,011,784 $ 73,715 G-51 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MISCELLANEOUS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ - $ 20,741 $ 20,741 Charges for Services 196,000 1,243,718 638,950 (604,768) Fines and Forfeitures 80,500 104,786 283,539 178,753 Investment Income 40,000 40,000 154,512 114,512 Total Revenues 316,500 1,388,504 1,097,742 (290,762) EXPENDITURES: Current: Public Safety: Interagency Communications 708,787 370,788 139,395 231,393 Education -Building Department 15,000 15,000 13,015 1,985 Teen Court 40,000 50,273 50,273 - Total Public Safety 763,787 436,061 202,683 233,378 Economic Environment: SFETC Travel 9,000 9,000 168 8,832 Human Services: FL Keys Council for the Handicapped 24,878 24,878 8,542 16,336 Traffic Educ, Ord 021-2002 80,500 80,500 80,050 450 Legal Aid - 50,273 50,273 - Total Human Services 105.378 155.651 1 AA MR 1A 7RA Culture and Recreation: Settler's Park Landscaping Key Largo Community Park Total Culture and Recreation Court Related: Alt Dispute Resolution - Family Alt Dispute Resolution - Civil Ord 016-2004 St Court Sup SA Ct Tech FS28.24(12)(E) PD Ct Tech FS28.24(12)(E) J Ct Tech FS28.24(12)(E) Total Court Related Total Expenditures 10,315 10,315 10,315 - 24,786 6,752 18,034 10,315 35,101 6,752 28,349 25,304 25,304 5,874 19,430 11,904 11,904 1,551 10,353 - 101,409 11,540 89,869 238,647 - 238,647 159,097 71,801 87,296 - 397,745 397,745 37,208 934,106 90,766 843,340 925,688 1,569,919 439,234 1,130,685 (Continued) G-52 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED MISCELLANEOUS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers to Other Funds Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) (609,188) (181,415) 658,508 839,923 (428,273) (388,273) 40,000 (609,188) (609,688) 270,235 879,923 2,992,029 2,992,029 2,992,029 $ 2,382,841 $ 2,382,341 $ 3,262,264 $ 879,923 G-53 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ 330,000 $ 330,000 $ 176,788 $ (153,212) Investment Income - - 8,978 8,978 Total Revenues 330,000 330,000 185,766 (144,234) EXPENDITURES: Current: Physical Environment: Environmental Restoration 320,980 320,980 23,400 297,580 KLWT Plant Site Mitg Pro - 294,708 - 294,708 Total Environmental Restoration 320,980 615,688 23,400 592,288 Culture and Recreation: Settler's Park 9,083 9,083 - 9,083 Total Expenditures 330,063 624,771 23,400 601,371 Excess/Deficiency of Revenues Over/(Under) Expenditures (63) (294,771) 162,366 457,137 Other Financing Sources/(Uses): Reserve for Contingencies (50,138) (50,138) - 50,138 Transfers from Other Funds - 294,708 (294,708) Total Other Financing Sources/(Uses) (50,138) 244,570 - (244,570) Net Change in Fund Balances (50,201) (50,201) 162,366 212,567 Fund Balances, October 1 81,812 81,812 81,812 - Fund Balances, September 30 $ 31,611 $ 31,611 $ 244,178 $ 212,567 G-54 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ - $ 774,075 $ 95,012 $ (679,063) Investment Income 2,000 2,000 36,002 34,002 Total Revenues 2,000 776,075 131,014 (645,061) EXPENDITURES: Current: Public Safety: Law Enforcement 1,900 775,975 96,477 679,498 Excess/Deficiency of Revenues Over/(Under) Expenditures 100 100 34,537 34,437 Other Financing Sources/(Uses): Transfers from Other Funds - - 657,197 657,197 Transfers to Other Funds - - Total Other Financing Sources/(Uses) - - 657,197 657,197 Net Change in Fund Balances 100 100 691,734 691,634 Fund Balances, October 1 98,927 98,927 98,927 - Fund Balances, September 30 $ 99,027 $ 99,027 $ 790,661 $ 691,634 G-55 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL COURT FACILITY FEES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 250,000 $ 250,000 $ 336,201 $ 86,201 Investment Income - - 65,183 65,183 Total Revenues 250,000 250,000 401,384 151,384 EXPENDITURES: Current: Court Related: Court Facility 1,000,000 846,811 269 846,542 Excess/Deficiency of Revenues Over/(Under) Expenditures (750,000) (596,811) 401,115 997,926 Other Financing Sources/(Uses): Reserve for Contingencies (5,000) (5,000) - 5,000 Transfers to Other Funds (153,189) (153,189) - Total Other Financing Sources/(Uses) (5,000) (158,189) (153,189) 5,000 Net Change in Fund Balances (755,000) (755,000) 247,926 1,002,926 Fund Balances, October 1 1,240,768 1,240,768 1,240,768 - Fund Balances, September 30 $ 485,768 $ 485,768 $ 1,488,694 $ 1,002,926 G-56 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DRUG ABUSE TRUST SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Human Services: Care Center Women's Program Juvenile Drug Court Total Human Services Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 9,775 $ 9,775 $ 16,720 $ 6,945 35,465 35,465 - 35,465 28,430 28,430 23,641 4,789 63,895 63,895 3,641 40,254 (54,120) (54,120) (2,979) 51,141 84,221 84,221 84,221 $ 30,101 $ 30,101 $ 81,242 $ 51,141 G-57 MONROE COUNTY, FLORIDA 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: General Government: Tax Collector Fees Physical Environment: Marathon Wastewater Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Net Change in Fund Balances Fund Balances, October 7 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 1,258,344 $ 1,258,344 $ 1,208,989 $ (49,355) - - 17,006 17,006 - 107,619 107,619 1,258,344 1,258,344 1,333,614 75,270 50,000 50,000 35,220 14,780 1,980,427 1,980,427 1,045,912 934,515 2,030,427 2,030,427 1,081,132 949,295 (772,083) (772,083) 252,482 1,024,565 (180,000) (180,000) (952,083) (952,083) 180,000 252,482 1,204,565 1,743,129 1,743,129 1,743,129 $ 791,046 $ 791,046 $ 1,995,611 $ 1,204,565 G-58 MONROE COUNTY, FLORIDA 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ $ 600 $ 700 $ 100 Other Financing Sources/(Uses): Reserve for Contingencies (600) - 600 Net Change in Fund Balances - 700 700 Fund Balances, October 1 - 14,152 14,152 Fund Balances, September 30 $ - $ 14,152 $ 14,852 $ 700 G-59 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BAY POINT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: General Government: Tax Collector Fees Physical Environment: Bay Point Wastewater Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 69,723 $ 69,723 $ 67,352 $ (2,371) - - 935 935 - - 5,180 5,180 69,723 69,723 73,467 3,744 560 3,560 1,937 1,623 72,172 72,172 72,172 72,732 75,732 1,937 73,795 (3,009) (6,009) 71,530 77,539 (3,046) (46) m (6,055) (6,055) 71,530 77,585 53,021 53,021 53,021 $ 46,966 $ 46,966 $ 124,551 $ 77,585 G-60 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BIG COPPITT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 106 $ 106 483 483 196 8.196 EXPENDITURES: Current: Physical Environment: Big Coppitt Wastewater 104,991 104,991 - 104,991 Big Coppitt Municipal Svc District 6,000 6,000 1,000 5,000 Total Expenditures 110,991 110,991 1,000 109,991 Excess/Deficiency of Revenues Over/(Under) Expenditures (110,991) (110,991) 7,785 118,776 Other Financing Sources/(Uses): Reserve for Contingencies (8,334) (8,334) - 8,334 Net Change in Fund Balances (119,325) (119,325) 7,785 127,110 Fund Balances, October 1 168,206 168,206 168,206 - Fund Balances, September 30 $ 48,881 $ 48,881 $ 175,991 $ 127,110 G-61 MONROE COUNTY, FLORIDA 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,114,243 $ 1,114,243 $ 1,068,332 $ (45,911) Charges for Services - - 14,953 14,953 Investment Income - 69,149 69,149 Total Revenues 1,114,243 1,114,243 1,152,434 38,191 EXPENDITURES: Current: General Government: Tax Collector Fees 30,000 40,000 30,969 9,031 Physical Environment: Key Largo Wastewater 1,620,000 1,620,000 527,333 1,092,667 Total Expenditures 1,650,000 1,660,000 558,302 1,101,698 Excess/Deficiency of Revenues Over/(Under) Expenditures (535,757) (545,757) 594,132 1,139,889 Other Financing Sources/(Uses)- Reserve for Contingencies (40,062) (30,062) - 30,062 Net Change in Fund Balances (575,819) (575,819) 594,132 1,169,951 Fund Balances, October 1 736,605 736,605 736,605 - Fund Balances, September 30 $ 160,786 $ 160,786 $ 1,330,737 $ 1,169,951 G-62 MONROE COUNTY, FLORIDA COMPREHENSIVE PLAN LAND AUTHORITY SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Intergovernmental Investment Income Total Revenues EXPENDITURES: Current: General Government: Administrative Capital Outlay: Land and Land Rights Acquisition Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 2,500,000 $ 2,500,000 $ 2,716,861 $ 216,861 100.000 100.000 398246 99A 94F 339,200 339,200 236,723 102,477 9,487,444 9,487,444 2,285,030 7,202,414 9,826,644 9,826,644 2,521,753 7,304,891 (7,226,644) (7,226,644) 593,354 7,819,998 Other Financing Sources/(Uses): Proceeds from Sale of Capital Asset 1,260,000 1,260,000 1,135,742 (124,258) Total Other Financing Sources/(Uses) 1,260,000 1,260,000 1,135,742 (124,258) Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Reconciliation of Budgetary To Full Accrual Basis Reconciling Items Mortgage Receivable (5,966,644) (5,966,644) 1,729,096 7,695,740 8,207,647 8,207,647 8,207,647 $ 2,241,003 $ 2,241,003 9,936,743 $ 7,695,740 6,754,563 $16,691,306 G-63 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S INMATE COMMISSARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ - $ - $ 434,304 $ 434,304 Investment Income 10,000 11,387 11,387 - Miscellaneous 368,000 434,720 70,077 (364,643) Total Revenues 378,000 446,107 515,768 69,661 EXPENDITURES: Current: Public Safety 378,000 446,107 446,107 - Excess/(Deficiency) of Revenues Over/(Under) Expenditures - - 69,661 69,661 Fund Balances, October 1 216,201 216,201 216,201 - Fund Balances, September 30 $ 216,201 $ 216,201 $ 285,862 $ 69,661 G-64 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S IMPACT SUPPORT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 145,000 $ 145,000 $ 134,784 $ (10,216) EXPENDITURES: Current: Public Safety 145,000 145,000 134,784 10,216 Excess/(Deficiency) of Revenues Over/(Under) Expenditures - - _ _ Fund Balances, October 1 Fund Balances, September 30 $ $ $ $ G-65 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S OFF -DUTY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Intergovernmental Charges for Services Total Revenues EXPENDITURES: Current: Public Safety Excess/(Deficiency) of Revenues Over/(Under) Expenditures Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 705 $ 705 94,600 75,251 74,536 (715) 94,600 75,251 75,241 (10) 94,600 75,241 75,241 10 (10) $ - $ 10 $ $ (10) C MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 573,000 $ 1,710,469 $ 1,329,689 $ (380,780) Miscellaneous - 631,724 543,308 (88416) Total Revenues 573,000 2,342,193 1,872,997 (469,196) EXPENDITURES: Current: Public Safety 707,700 2,789,382 2,789,382 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (134,700) (447,189) (916,385) (469,196) Other Financing Sources/(Uses): Transfers from Other Funds 134,700 447,189 447,189 Net Change in Fund Balances - - (469,196) (469,196) Fund Balances, October 1 9,894 9,894 9,894 Fund Balances, September 30 $ 9,894 $ 9,894 $ (459,302) $ (469,196) G-67 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S SOUTH FLORIDA LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ 12,000 $ 20,058 $ 1,020,352 $ 1,000,294 Investment Income 13,000 - 29,427 29,427 Total Revenues 25,000 20,058 1,049,779 1,029,721 EXPENDITURES: Current: Public Safety 25,000 20,058 20,058 - Excess/(Deficiency) of Revenues Over/(Under) Expenditures - - 1,029,721 1,029,721 Net Change in Fund Balances 1,029,721 1,029,721 Fund Balances, October 1 561,281 561,281 561,281 - Fund Balances, September 30 $ 561,281 $ 561,281 $ 1,591,002 $ 1,029,721 G-68 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S SHARED ASSET FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 210,000 $ 96,364 $ 209,008 $ 112,644 EXPENDITURES: Current: Public Safety 210,000 96,364 96,364 - Excess/(Deficiency) of Revenues Over/(Under) Expenditures - - 112,644 112,644 Fund Balances, October 1 4,770,970 4,770,970 4,770,970 - Fund Balances, September 30 $ 4,770,970 $ 4,770,970 $ 4,883,614 $ 112,644 G-69 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S FEDERAL FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 440,000 $ 272,929 $ 272,929 $ Investment Income 70,000 77,673 77,673 Total Revenues 510,000 350,602 350,602 EXPENDITURES: Current: Public Safety 1,019,000 605,875 605,875 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (509,000) (255,273) (255,273) Other Financing Sources/(Uses): Transfers to Other Funds Net Change in Fund Balances (509,000) (255,273) (255,273) Fund Balances, October 1 1,673,496 1,673,496 1,673,496 Fund Balances, September 30 $ 1,164,496 $ 1,418,223 $ 1,418,223 $ G-70 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S HIDTA ADMINISTRATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 200,000 $ 211,694 $ 233,789 $ 22,095 EXPENDITURES: Current: Public Safety 220,000 211,694 211,694 - Excess/(Deficiency) of Revenues Over/(Under) Expenditures (20,000) - 22,095 22,095 Fund Balances, October 1 73,175 73,175 73,175 - Fund Balances, September 30 $ 53,175 $ 73,175 $ 95,270 $ 22,095 G-71 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S AIRPORT SERVICES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 1,585,000 $ 1,804,962 $ 1,804,962 $ EXPENDITURES: Current: Public Safety 1,585,000 1,804,962 1,804,962 Excess/(Deficiency) of Revenues Over/(Under) Expenditures Fund Balances, October 1 Fund Balances, September 30 $ $ $ $ G-72 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S FINE AND FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 30,000 $ 30,413 $ 16,312 $ (14,101) Investment Income 1,500 1,935 1,935 Miscellaneous 50,000 81,389 (81,389) Total Revenues 81,500 113,737 18,247 (95,490) EXPENDITURES: Current: Public Safety 81,500 113,737 18,247 95,490 Excess/(Deficiency) of Revenues Over/(Under) Expenditures - - - - Other Financing Sources/(Uses): Transfers to Other Funds Fund Balances, October 1 Fund Balances, September 30 (657,197) (657,197) 657,197 657,197 657,197 $ 657,197 $ 657,197 $ - $ (657,197) G-73 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CLERK'S RECORDS MODERNIZATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Court Related: Modernization Trust Debt Service Total Expenditures Excess/(Deficiency) of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 564,000 $ 564,000 $ 462,090 $ (101,910) 10,000 10,000 46,716 36,716 - - 4,500 4,500 574,000 574,000 513,306 (60,694) 841,500 1,149,275 451,934 697,341 (597,521) (905,296) (161,853) 743,443 Other Financing Sources/(Uses): Contingency (93,500) (152,500) 152,500 Total Other Financing Sources/(Uses) (93,500) (152,500) 152,500 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (691,021) (1,057,796) (161,853) 895,943 1,413,067 1,413,067 1,413,067 $ 722,046 $ 355,271 $ 1,251,214 $ 895,943 G-74 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CLERK'S COURT RELATED SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Intergovernmental Charges for Services Fines and Forfeitures Miscellaneous Total Revenues EXPENDITURES: Current: Court Related: Clerk Administration Clerk Records Management Clerk Jury Management Clerk Circuit Court Criminal Clerk Circuit Court Civil Clerk Circuit Court Family Clerk Circuit Court Juvenile Clerk Circuit Court Probate Clerk County Court Criminal Clerk County Court Civil Clerk County Court Traffic Total Expenditures Excess/(Deficiency) of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Transfer to Board of County Commissioners Transfer to Florida Department of Revenue Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 206,443 $ 683,752 $ 694,068 $ 10,316 2,677,723 2,630,414 1,899,037 (731,377) 1,247,982 1,263,982 1,248,352 (15,630) - 4,468 4,468 4,132,148 4,578,148 3,845,925 (732,223) 310,034 310,034 291,396 18,638 345,143 345,143 323,965 21,178 141,964 94,484 84,835 9,649 820,340 811,840 758,109 53,731 389,437 389,437 361,127 28,310 117,359 125,859 123,744 2,115 154,666 162,666 162,361 305 67,774 98,254 98,251 3 700,987 658,987 614,579 44,408 309,906 301,906 272,937 28,969 700,616 759,616 754,621 4,995 4,058,226 4,058,226 3,845,925 212,301 73,922 519,922 (519,922) (299,922) (299,922) 299,922 (220,000) 220,000 (299,922) 519,922 519,922 (226,000) 226,000 G-75 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL INFRASTRUCTURE SALES SURTAX REVENUE BONDS, SERIES 2003 DEBT SERVICE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Intergovernmental Investment Income Total Revenues EXPENDITURES: Current: Debt Service: 2003 Revenue Bonds: Principal Interest Other Debt Service Costs Total 2003 Revenue Bonds Guaranteed Entitlement Loan: Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 698,510 $ 698,510 $ 698,510 $ - - - 15,496 15,496 698,510 998,510 T- 15,4 1,170,000 1,170,000 1,170,000 - 629,330 629,330 617,630 11,700 10,000 10,000 4,500 5,500 1,809,330 1,809,330 1,792,130 17,200 Principal 571,254 571,254 571,254 - Interest 63,000 63,000 62,425 575 Other Debt Service Costs 20,000 20,000 20,000 Total Guaranteed Entitlement Ln 654,254 654,254 633,679 20,575 Total Expenditures 2,463,584 2,463,584 2,425,809 37,775 Excess/Deficiency of Revenues Over/(Under) Expenditures (1,765,074) (1,765,074) (1,711,803) 53,271 Other Financing Sources/(Uses): Reserve for Contingencies (289,038) (289,038) - 289,038 Transfer from Other Funds 2,367,408 2,367,408 2,367,408 - Total Other Financing Sources/(Uses) 2,078,370 2,078,370 2,367,408 289,038 Net Change in Fund Balances 313,296 313,296 655,605 342,309 Fund Balances, October 1 319,551 319,551 319,551 - Fund Balances, September 30 $ 632,847 $ 632,847 $ 975,156 $ 342,309 G-76 MONROE COUNTY, FLORIDA 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, 2006 REVENUES: Investment Income EXPENDITURES: Current: Capital Outlay: Court Services Network System Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ 4,158 $ 4,158 90,000 2,700 87,300 (90,000) 1,458 91,458 (90,000) 1,458 91,458 - 87,545 87,545 $ - $ (2,455) $ 89,003 $ 91,458 G-77 MONROE COUNTY, FLORIDA ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Capital Outlay: Vehicle Replacement Strategy & Policy General Government Projects Total General Government Public Safety Physical Environment Transportation: Const. Mgmt Economic Environment: Hsg Dev Human Services Culture and Recreation Total Capital Outlay Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Transfers to Other Funds Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) $11,500,000 $ 11,500,000 $15,201,005 - - 284,101 000 1,491.068 $ 3,701,005 284,101 16,445 16,445 16,445 51,974 - - - 15,808,000 6,258,074 226,707 6,031,367 15,876,419 6,274,519 226,707 6,047,812 999,949 5,890,100 478,472 5,411,628 6,100,000 8,621,583 8,530,359 91,224 579,272 570,558 325,612 244,946 182,543 1,709,714 1,709,712 2 400,000 199,000 3,751 195,249 8,748,000 5,748,000 278,924 5,469,076 32,886,183 29,013,474 11,553,537 17,459,937 32,886,183 29,013,474 11,553,537 17,459,937 (20,736,183) (16,863,474) 5,422,637 22,286,111 (1,844,820) (8,428) 8,428 (6,587,443) (12,296,544) (8,248,557) 4,047,987 Total Other Financing Sources/(Uses) (8,432,263) (12,304,972) (8,248,557) 4,056,415 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (29,168,446) (29,168,446) (2,825,920) 26,342,526 39,577,597 39,577,597 39,577,597 $ 10,409,151 $ 10,409,151 $ 36,751,677 $ 26,342,526 G-78 MONROE COUNTY, FLORIDA INFRASTRUCTURE SALES SURTAX REVENUE BONDS, SERIES 2003 CAPITAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Investment Income EXPENDITURES: Current: Capital Outlay: General Government Projects General Government Projects Total General Government Public Safety: Public Safety Projects I Public Safety Projects II Total Public Safety Human Services: Human Service Projects I Human Service Projects II Total Human Services Total Capital Outlay Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 300,000 $ 300,000 $ 676,808 $ 376,808 1,220,330 8,153,189 625,818 7,527,371 6,500,000 6,500,000 6,263,785 236,215 7,720,330 14,653,189 6,889,603 7,763,586 5,050,000 1,600,000 1,341,940 258,060 1,000,000 - - - 6�0�-000 1,600 00 1,341, VW 25�F 3,000,000 1,670,330 286,944 1,383,386 1,000,000 - - - 4,000,000 1,670,330 286,944 1,383,386 17,770,330 17,923,519 8,518,487 9,405,032 (17,470,330) (17,623,519) (7,841,679) 9,781,840 153,189 153,189 (17,470,330) (17,470,330) (7,688,490) 9,781,840 19,157,767 19,157,767 19,157,767 $ 1,687,437 $ 1,687,437 $ 11,469,277 $ 9,781,840 G-79 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA COMBINING STATEMENT OF NET ASSETS INTERNAL SERVICE FUNDS SEPTEMBER 30, 2006 ASSETS Current Assets: Cash and Cash Equivalents Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Interest Receivable Total current assets Worker's Group Compensation Insurance Fund Fund Risk Management Fund $ 7,301,461 $ 15,075,641 $ 5,873,144 36,045 5,323 1,382 19,169 221,990 - - 79,512 1,225 - 7, 356, 675 15, 383, 691 5,874,526 Noncurrent Assets: Land and Other Nondepreciable Assets - - - Capital Assets, Net of Accum. Depreciation 4,735 1,006 3,041 Total Noncurrent Assets 4,735 1,006 3,041 Total Assets LIABILITIES Current Liabilities: Accounts Payable Accrued Wages and Benefits Payable Claims and Judgements Payable Due to Other Funds Due to Other Governmental Units Accrued Comp. Absences Payable Other Current Liabilities Total Current Liabilities Noncurrent Liabilities: Accrued Comp. Absences Payable Total Liabilities NET ASSETS Invested in Capital Assets, Net of Related Debt Unrestricted Total Net Assets 7,361,410 15,384,697 5,877,567 80,140 257,302 175,445 5,317 5,838 5,427 1,861,867 3,092,481 1,501,607 29,493 - 11,054 11,867 599 496 - 1,988,470 3,356,117 1,694,346 9,485 16,711 9,288 1,997,955 3,372,828 1,703,634 4,735 1,006 3,041 5,358,720 12,010,863 4,170,892 $ 5,363,455 $ 12,011,869 $ 4,173,933 RM Fleet Management Fund Total $ 1,328,442 $ 29,578,688 338 43,088 - 241,159 256,910 336,422 - 1,225 1,585,690 30,200,582 54,000 54,000 1,282,096 1,290,878 1,336,096 1,344,878 2,921,786 31,545,460 82,469 595,356 32,141 48,723 - 6,455,955 355,832 355,832 - 29,493 11,048 33,969 - 1,095 481,490 7,520,423 56,872 92,356 538,362 7,612,779 1,336,096 1,344,878 1,047,328 22,587,803 $ 2,383,424 $ 23,932,681 G-81 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Operating Revenues: Charges for Services Miscellaneous Total operating revenues Operating Expenses: Personnel Services Operations Depreciation and Amortization Asserted and Paid Claims Total operating expenses Operating Income/Loss Non -Operating Revenues/(Expenses): Worker's Group Risk Compensation Insurance Management Fund Fund Fund $ 1,640,018 $ 14,346,845 $ 1,568,888 245,626 189,005 3,192,153 1,885,644 14,535,850 4,761,041 137,728 171,122 148,504 404,346 588,233 1,575,969 1,296 911 709 2,033,326 10,308,270 294,353 2,576,696 11,068,536 2,019,535 (691,052) 3,467,314 2,741,506 Investment Income 342,638 570,096 237,467 Gain (Loss) on Disposition of Assets - (349) (61,770) Total Non -Operating Revenues/(Expenses) 342,638 569,747 175,697 Income/Loss Before Contributions and Transfers Transfers to Other Funds Capital Grants and Contributions Change in Net Assets Total Net Assets -October 1 Total Net Assets -September 30 (348,414) 4,037,061 2,917,203 (348,414) 4,037,061 2,917,203 5,711,869 7,974,808 1,256,730 $ 5,363,455 $ 12,011,869 $ 4,173,933 G-82 Fleet Management Fund Total $ 3,341,245 $ 20,896,996 945 3,627,729 3,342,190 24,524,725 940,162 1,397,516 1,844,750 4,413,298 76,389 79,305 - 12,635,949 2,861,301 18,526,068 480,889 5,998,657 84,592 1,234,793 (2,505) (64,624) 82,087 1,170,169 562,976 7,168,826 (355,686) (355,686) 30,210 30,210 237,500 6,843,350 2,145, 924 17,089,331 $ 2,383,424 $ 23,932,681 G-83 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Operating Activities: Cash received for services Cash rec'vd from other funds for goods and svcs Cash payments to suppliers for goods and svcs Cash payments to employees for services Cash payments to other funds Other operating revenue Net Cash Provided by/(Used in) Operating Activities Noncapital Financing Activities: Transfers to other funds Net Cash Provided/(Used) by Noncapital Financing Activities Capital and Related Financing Activities: Acquisition of capital assets Proceeds from sale of capital assets Net Cash Provided/(Used) by Capital and Related Financing Activities Investing Activities: Investment income Net Cash Provided/(Used) in Investing Activities Net lncrease/(Decrease)in Cash and Cash Equivalents Cash and Cash Equivalents: October 1 September 30 Worker's Group Compensation Insurance Fund Fund $ 69,344 $ 3,709,807 1,575,442 10,585,767 (2,280,663) (10,784,649) (96,753) (124,953) (22,383) (27,793) 209,581 199,432 Risk Management Fund $ 29,775 1,539,113 (1,722,129) (100,189) (28,293) 3,193,742 (545,432) 3,557,611 2,912,019 (63,535) (63,535) 342,638 568,872 237,467 342,638 568,872 237,467 (202,794) 4,126,483 3,085,951 7,504,255 10,949,158 2,787,193 $ 7,301,461 $ 15,075,641 $ 5,873,144 G-84 Fleet Management Fund Total 1,428,366 $ 5,237,292 1,802,718 15,503,040 (1,979,486) (16,766,927) (660,337) (982,232) (282,216) (360,685) 945 3,603,700 309,990 6,234,188 (355,686) (355,686) (355,686) (355,686) (22,626) (86,161) 157 157 (22,469) (86,004) 84,592 1,233,569 84,592 1,233,569 16,427 7,026,067 1,312,015 22,552,621 $ 1,328,442 $ 29,578,688 (Continued) G-85 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS - CONTINUED INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Reconciliation of operating income/(loss) to net cash provided by/(used in) operating activities: Operating income/(loss) Adjustments to reconcile operating income/(loss) to net cash provided by/(used in) operating activities: Depreciation and Amortization Change in assets and liabilities: (Increase)/Decrease in Accounts receivable (Increase)/Decrease in Due from other funds (Increase)/Decrease in Due from other gov't units Increase/(Decrease) in Accounts payable Increase/(Decrease) in Accrued wages/benefits Increase/(Decrease) in Claims/judgments payable Increase/(Decrease) in Due to other funds Increase/(Decrease) in Due to other gov't units Increase/(Decrease) in Comp.absences payable Increase/(Decrease) in Other current liabiliities Total adjustments Net cash provided by/(used in) operating activities Noncash investing, capital, and financing activities: Contribution of capital assets from gov't Loss on disposition of assets Cash Reconciliation: Unrestricted Worker's Compensation Fund Group Risk Insurance Management Fund Fund $ (691,052) $ 3,467,314 $ 2,741,506 1,296 911 709 (36,045) 10,427 1,589 4,768 (51,271) - 50, 368 135,987 160,893 1,633 1,495 1,378 129,615 (3,310) - (142) (5,923) (1,228) - (994) (1,553) 11,867 (3,651) (2,389) - 145,620 90,297 170,513 $ (545,432) $ 3,557,611 $ 2,912,019 $ $ (349) $ (61,770) $ 7,301,461 $ 15,075,641 $ 5,873,144 Fleet Management Fund Total $ 480,889 $ 5,998,657 76,389 79,305 (338) (24,367) 1,473 1,473 (111,296) (157,799) (65,068) 282,180 12,126 16,632 - 126,305 (89,688) (95,753) (36) (1,264) 5,539 14,859 (6,040) (170,899) 235,531 $ 309,990 $ 6,234,188 $ (30,210) $ (30,210) $ $ (62,119) $ 1,328,442 $ 29,578,688 G-87 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET ASSETS ALL AGENCY FUNDS SEPTEMBER 30, 2006 Clerk's Sheriffs Tag General General and Property Agency Agency License Tax Totals ASSETS Cash and Cash Equivalents $ 3,660,167 $ 745,585 $ 177,593 $ 4,076,462 $ 8,659,807 Accounts Receivable 6,327 - 2,032 140 8,499 Total assets $ 3,666,494 $ 745,585 $ 179,625 $ 4,076,602 $ 8,668,306 LIABILITIES Due to Others $ 2,301,091 $ 739,417 $ 2,096 $ 18,433 $ 3,061,037 Due to Other Governmental Units 1,365,403 - 177,529 4,058,169 5,601,101 Due to Other Funds - 6,168 - - 6,168 Total liabilities $ 3,666,494 $ 745,585 $ 179,625 $ 4,076,602 $ 8,668,306 G-88 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS ALL AGENCY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Clerk's General Assets Cash and Cash Equivalents Accounts Receivable Total assets Liabilities Due to Others Due to Other Governmental Units Total liabilities Sheriffs General Assets Cash and Cash Equivalents Total assets Liabilities Due to Others Due to Other Funds Total liabilities Tan and License Assets Cash and Cash Equivalents Accounts Receivable Total assets Liabilities Due to Others Due to Other Governmental Units Total liabilities 10/01/2005 Additions Deductions 09/30/2006 $ 4,516,534 $ 48,424,231 $ 49,280,598 $ 3,660,167 10,798 4,527,332 53,232 48,477,463 57,703 49,338,301 6,327 $ 3,666,494 $ 2,886,950 $ 3,262,056 $ 3,847,915 $ 2,301,091 1,640,382 45,215,407 45,490,386 1,365,403 4,527,332 48,477,463 $ 49,338,301 3,666,494 $ 632,896 $ 2,509,420 $ 2,396,731 $ 745,585 63 ,896 2,509, 20 ,3 6, 1 7 5,585 $ 632,896 $ 2,503,252 $ 2,396,731 $ 739,417 - 6,168 6,168 632,896 $ 2,509,420 $ 2,396,731 745,585 $ 194,257 $ 12,114,707 $ 12,131,371 $ 177,593 2,787 - 755 2,032 197,044 12,114,7 77 $ 12,132,126 179,625 $ 1,099 $ 32,170 $ 31,173 $ 2,096 195,945 12,082,537 12,100,953 177,529 197,044 1 12,114,707 12,132,126 179,625 (Continued) G-89 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS • CONTINUED ALL AGENCY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 10/01/2005 Additions Deductions 09/30/2006 Property Tax Assets Cash and Cash Equivalents $ 2,583,522 $ 238,928,789 $ 237,435,849 $ 4,076,462 Accounts Receivable 25 115 140 Total assets 2,583,547 238,928,904 237,435,849 4,076,602 Liabilities Due to Others $ 9,282 $ 8,863,697 $ 8,854,546 $ 18,433 Due to Other Governmental Units 2,574,265 230,065,207 228,581,303 4,058,169 Total liabilities $ 2,583,547 $ 238,928,904 -T 237,4 55,849 $ 4,076,602 Total All Agency Funds Assets Cash and Cash Equivalents $ 7,927,209 $ 301,977,147 $ 301,244,549 $ 8,659,807 Accounts Receivable 13,610 53,347 58,458 8,499 Total assets 7,940,819 302,030,494 301,303,007 8,668,306 Liabilities Due to Others $ 3,530,227 $ 14,661,175 $ 15,130,365 $ 3,061,037 Due to Other Governmental Units 4,410,592 287,363,151 286,172,642 5,601,101 Due to Other Funds - 6,168 6,168 Total liabilities $ 7,940,819 302,030,494 301,303,007T 8,668,306 G-90 STATISTICAL SECTION (Unaudited) LL O C C C C LL E } U O (0 N U H w O d LL N U)) U. C A O J u Z0 CU) m 00 co O co OCO CC) ((O O) � coN It 0)co 0 h t. O (n co O M N M N (O M O CD N M t` M cM Cl)O r (O (D t` O O O O CO O, M O N O M h N r- It V CD 00 t� r r (O N (O M aj 17 M O- 17 N� co M V N 00 O V N 69 69 fA 69 69 69 t` CO t` N 00 N O (O M O co 00 r M O 00 N 00 (O 0) c- co coO cM- O N W V r O O 66 W O t� O It (D (O O M N M O t` cM co CO N V N O r (D N Lo O) r- N (p O-It O 7 V CM O '.t O (D O V' Cb (D O f` M V N CD CA 0)M N 69 69 69 69 69 69 O O O O co 00 r� 00 M co CO n O CO O V t� (D M r I- a- M N c-r�(M N N co co t` MCOO O O V V O 00 It(O co N O O CA O 0) 00 (D It I,- O N O r 00 0) N M M CO M r- CO N CO .- I, N M N O (O .- N O O V (O (A CD co N (O co m CO r� I CM M 69 69 (fJ Vi 69 60 I,- CD O h co 'IT It 00 00 V' I co "I r N CO N mc0 m U') CD co O 0) 1 co CO ti O (D O (D N m O (O O h (6 P- N N V O CA CO O co CO CO O O co (A 00 -It O It o0 N r- 00 K) N CO N V M Cl) O 00 (O N O V7 (O M M O P. (O r-V M V N t-- O M N (O r� r O (O 69 69 69 ffl 69 ffl O� V V LO 0)COO co CD 00 .T- O M O M O h O O M N V N co If) h ItO .-- r,- CO (O CD t� co co N O V' V (D 00 M co O (O co CD (O O N 00 , CO O CA N M 0) N N COO N N V) 00 COO V I r N r r M 69 69 69 69 69 Cfl N 0 q y N Ncn N cn N co N w O N w p p ca N .> C) y (6 N .. .@ cu co 'V) (6 C co C coN CL co > O. U N C4 n 0) cu ' N E �CC9 .. Q O O �0 N O U .Q N C C1 L) w C N y C 0) U M E o > O N .. O mC N d N C1 N y N N co a) N n) 0 �� r � 0 CO a` H-1 LL N It It m (O r- O 1- r I OD N O) n m N O It m N V (D m w V N (N O N 00 r M N M N M r� m n co O) V It O V Oi Ld h O 17 1- L6 00 O m 1-n (O U N N 1� 00 CO N N 'ItV et N 0) N M O O O t- LO I'- N OD N lf') O IT N 0) h co N 0000�mvn 00 x I61 CO N `- N n N ITr� O 00 M M N LO n O1 LO n m m It N 00 (OD m N coO Di C6 P. O Oi �i m cD )O (n n m m N m N N N O V LO (D N (O M 00 M, t` O r M V M O N 00 M (O to (D O m M 00 (0 N 'V 00 n In O M (O M_ O '- (O m 1-- M N M IO O m W m 10 (D m m (O n N (O N m (D r m n <t V m V c- 00 7 07 M (O co, O (O LO (n (O M CO CO Cl) It I (O (O n O CM O V m (n (O m O N CO N m m (O m n M n 16 V O 1z tt 00 N cli (D I (y N N (D N M M M )Or W M co 004 m M N m M (O '7 O m m M N M O .-_ m 0 m m N N M O O Di m V 1` O l0 N M N N 00 (O O to V' r` N V t` O t` O O V (O Oom 10100 N �-- co r NM, CD co N m V7 00 [t W M � (tj 17 a0 N IM vmNNn'ItN a M n U� w IO M O h N O m m Co O M r N M (DM MOON LO O L6 Vi .1 O � M N O (D 7 (O V O Ili N w h O N (O M N V' O (O N O m t- M (O w V m m w 1` (D r 1- O 1 O M .- (n L6 11 wi 00 V 'i ((j � co I,. l N za C C w ri c d 2 E .T d E 15 E E c a) > C O , .0 y O �C > O omc°w'Z��j (7 w w (0 O N "O N C C (a C (n W N O y m U a E c a) K N C C C T C C E Y d O O 7 L U 7 7 0 +O- x 0C�adF--w2UU 0 a) 0 0) N C N C a) a a X a X N N N ? LD m .j 2 m (Dm > r a a) c E E m n o (DQ Z� m 1 ( TN mw C N a) (D a) O c O m N m a= N a) T@ oca 0 U) hO- Y � m H m H t` N W O co 7 N (m O V' m 4A 00 m co co m 00 ao (D N co LO r— O O 00 w H-2 Continued I,- 0 N V UO 1- N 0 0 r O 00 N It0 V 0 rh r m N N O) 0) N m 0 (00 N co N M r O N N N r- 0 0 V h 0 0 N N 0 (0 0 0 O 0 m r N 0 0 N N M r d) M CD P- C) I- O N LO LO r- -It m 0 O) M r V, V M N O CO CO M r N O LO V r� r t` h r-It O) M 0 r r Ln M M L 0 1-7cM n M t` LO 0 r M r 69 Vi LO CO 0 r 0 CO 0) O M h h V 0) 0 LO N 00 r 000 M M 0 LO LO 00 mN N LO r 0 0 0 r r N 0 r r m 0) 00 CO LO LO r 0 0 0 LO O n W W MmM OCIS r V O (O 000 (60 0 O (O M M 0) 0 0) LO 0 m LO 0 N r- 0 1- r N r- N V (O 0) N LO V `- r 0 CO M M N N 0 0 0) r IT W h L(] M � V r 7 LO V N M 000 (A if) •- @ LO O N 0 m m m M O n O 0) 0 0 0 r� 0) O) d 0 LO m m 0 N N O O Ui r M M >— .4 N r-M LO 0 m 0 0 N� r (00 00 N LO l0O N t_ (0 r N 0 V 0 0) 0 r M (O N N m (O n VCD 0 (0 r p- V O m N 0 V r 00 h r r I LO N CD C) N N00 r 000 V (O N 0 LO N V 0 U) 0 O M C6 M d r V M M 6 IL00 C6 N V 69 V) 4! O N V V r- O N O LO � M IT N. 0 Or N C _ 0) r V C7 N M M 0 CO 0 m cliN 00LU) Om) O C 00 N N m 0 0 0 LO N N 0 n N m 0 V N 0 V W .0 C to M Lf) 0 0 h 0 0 r N N LO M r m M O r N m M 0 0 C O 0 m N r- N r 0 0 M M 0 r 0 N O 'It 0 0 M 0 7 N CO M ITr 1- 0 r N N It M 0 r 0 0 r h N (0 O 0) O r- L r N M � � rr M N LO 0 w UO @ N C N y 60 V3 O O V LL y •((00 m LO N r 0 r CO 0 r 0 0 1f0 N O 0 V 1- M r cl) N> (n0 00 IT m N �� M V 0 0 CO OP- d Z r (0 0000 , r r r (07 LL a N O L O O 0 V M O O N 0 L n 0 0 (M V m r m V C« h 0) 0 N 00 O lO O M m 0 0 Ln M 0 0 0 0 C' N N N m NM 0 0 0 �- O r 0 0 N �- 0 0 00 M O y d J LO N r O M � 17 M N N (r0 LO N lC0 v s U 69 6s N N a) a) J 7 N > a) a) C d E E N a) y Ccu C @ E O m O O C m O @ C �o n. `o. �o a 0) O y j C.0 y CD ` n W �. C C .J O w m E m -a o 0 aNi ri -o o E 0 = a) E c N C O (0 .� a) C 0 @ 0> � � c o 0 1 co'o � > c) r r@� d E 0 Z 0 C> N 0 w e 'j V Q' 'a) c@ Z o 0 w C N 0- a > N @ N > p c a) a) @ w N N E. c@ Q¢ w ..�`. O m OUw@w @ m ' 0 f wN m n 0)0" @ Q E m @N N C m d c n> c o E= C m «° m a) m a_> 0 o@o o U t'�o>>o0'a c7 a a H w x 0 0 0 �@ooa)@o0 Y C7 0 U U~ 0 U o 0 a F m F F H-3 Continued Net(expe n se)/reve n u e Governmental activities Business -type activities Total primary government net expense General Revenues and Other Changes in Net Assets Governmental activities: Taxes: Ad Valorem Taxes Tourist Impact Tax Gas Tax 112 Cent Sales Tax One Cent Infrastructure Tax Tourist Development Tax Other Taxes Other State Shared Revenue Investment Income Miscellaneous Transfers Total government activities Business -type activities: Investment Income Miscellaneous Transfers Total business -type activities Total primary government Change in Net Assets Governmental activities Business -type activities Total primary government Monroe County, Florida Changes in Net Assets - Continued Last Five Fiscal Years (accrual basis of accounting) Fiscal Year 2002 2003 2004 2005 2006 (96,910,755) $ (108,411,019) $ (103,535,358) $ (109,704,143) $ (132,621,551) 1,174,783 5,927,559 4,024,816 5,540,995 2,558,552 $ (95,735,972) $ (102,483,460) $ (99,510,542) $ (104,163,148) $ (130,062,999) 54,584,047 1,972,187 5,038,354 7,424,697 12,769,884 11,799,207 1,128,287 3,154,471 3,848,672 3,890,714 749,401 58,170,115 2,078,380 5,087,735 7,787,670 12,884,890 12,395,648 1,233,000 3,152,543 2,939,632 3,082,404 659,908 60,113,153 2,280,226 5,391,138 8,484,851 15,365,641 13,653,340 3,044,564 3,200,402 2,744,110 2,418,079 973,933 106,359,921 109,471,925 117,669,437 554,700 401,560 358,972 - 57,779 16,825 (749,401) (659,908) (973,933) (194,701) (200,569) (598,136) 65,213,691 2,319,138 6,565,189 8,163,088 14,875,923 13,924,863 3,546,375 3,296,240 5,611,225 7,683,121 973,933 131.172.786 742,461 115,925 (973,933) (115,547) 71,978,592 2,337,667 5,442,950 8,453,482 15,201,005 13,658,344 3,567,410 3,366,289 9,502,953 6,221,014 (147,818) 139,581,888 1,737,753 28,891 147,818 1,914,462 $ 106,165,220 $ 109,271,356 $ 117,071,301 $ 131,057,239 $ 141,496,350 9,449,166 $ 1,060,906 $ 14,134,079 $ 21,468,643 $ 6,960,337 980,082 5,726,990 3,426,680 5,425,448 4,473,014 $ 10,429,248 $ 6,787,896 $ 17,560,759 $ 26,894,091 $ 11,433,351 H-4 Monroe County, Florida Governmental Activities Tax Revenues By Source Last Five Fiscal Years (accrual basis of accounting) Sales Taxes State Local Local Tourist Fiscal Property Tourist Sales Development Other Year Tax Impact Tax Tax Tax Taxes Total 2002 $ 54,584,047 $ 1,972,187 $ 25,232,935 $ 11,799,207 $ 1,128,287 $ 94,716,663 2003 58,170,115 2,078,380 25,760,295 12,395,648 1,233,000 99,637,438 2004 60,113,153 2,280,226 29,241,630 13,653,340 3,044,564 108,332,913 2005 65,213,691 2,319,138 28,604,200 13,924,863 3,546,375 113,608,267 2006 71,978,592 2,337,667 29,097,437 13,658,344 3,567,410 120,639,450 [: a O CNO CEO � V CV m p (OO m CrO M N •- C CV '7 O r r N v r of o F» ei v3 f» va N r A (n p O O r � r o5 d ro ro ui (i3 Vi M f9 fA O 0 COO M 0 OBI O O O V ry OM1 V � Hf Ni Vi 4A N O �- N fT r DD t0 r m N N m fD O N N N W r t00 N C O01 CP m N m r V3 V3 � (A E9 VO r m N V W N N V O m' N p CO C C � � EH 4f Vi Vl A q p ILL fA M M 1f1 CO t0 O O ME C p p N Ch CA (D Ili CV N N p EOOi C O W m fA fA fA b3 0 V' jL O V o m ro o 0 0 o n m lc c A rn m a m V O A V A LL r V N M CO Cn CD C7 O M CN OOi OOi M N r �-- 4Y 4i 43 V3 Cfl Ol M N N V r Cn Cl CO O CA N M O O � O V LQ M (A M CO O O pmj CO CMO m ' N m N r F9 4% V3 Cq Eq O O CO M O yp A M C' N O f� O LLOJ �j W O CO CO O COO M COO N A i0 N cc O Vi IA fA fA V3 N N N c C N N C G N W U U 0 m E c E n u m m g d d > c c N @ N N O >p N y �- m `w 4 E d Z m d 2 mrn m 5 > 0 0 F�- H-6 Nm W m N m N N W N O Q W d W O O fOp t N lD m M O m W N N N O m W m N m _ m O N W W N d n N N N N N m m m W n n Q Q N m M O m N m V V tNp O 1 O m N m m n W n M N N m W 'It O W O n m O M n O N m W M W M O ry N d m N OV M m O m n M M m d O O M m N N WO mO mm O N N n N N d m N N M tm`J fO m ITn O N N m N m N N m N N m O 08.1 m M m O N n W m m m O m O N d N N m m O N N N N N NM r% � m N M IQ n r 00 N� f0 lV N IT m V V th N [G n? (D V (V m m m N d N d M O N Q O m d m N n N O m m N O n m m M N n m m m m m d m 'm N M O m d N N m m m W M N n d n n m (O d Hi n (U of th n O O- O W m n ( W t d M d n N Q Q ^ O W N m n M n n N m Q m N Q n 1(l O m m m W t+- N m m N n m N N- N N N N d N N^ m m � O m N mN N n n d N m O N m N n O Q m W O M M m m N N m n N Q W N m m N d N m m m n m N m N N m N m N Q W n O m W M n% O m N m N d m W N W O N N m m (7 fh h y N m n mn' O M O N d M O W n m O N Nm mN nN Nn m IQ d nm N� MNN N -Lq N m d W Q n m N N N m � V y n � m � W fNO th OOi In ONi N i0il N (m0 OWi W m � d � fV t0 N at W < m Q W n W N m (V O y tp th tp Ip n 0) m (V W N m n m m W n N W N m M Q n n M O M M n w N M m N m N M m m m W N N N O N n M IT I M N d M M Q W m n m m r O m d M IT IT m m � M m n M m m m_d N N W m O N O d m N Q d N m O N N W m m W d w n n m m N MN N N N N n m O m 1A m W N N O n n n N m O O N O QQ W W Om a h V m lV N N O N h^ n (h r N V NW w N O V n fQOV M �(IM m W Q M n N m r V W O m N m m N O N d m m NmQm W m QN m W n O m m N m !mm -MO W O m n d N N m rl:Q m m N m d m m m M N M m W m n m N N n n N m N d- W m n n N m P% W n_n W W m m m m n N O O N M Q^ m C6,6 O d N n M m m n m N n O m n O m N m N M N Q N M N O ^ m m N M N Q m m W N m O N Q m m M d d O M n d m m O_O W m N n V O m (p N N Q N W M N m N n O m t0 M N N O W O' m m O N N n Q W- n m N m N m O Q n W M n m N M N Om N� m N n d tnO N N m d W d d � N16 M O m O m m W N m n m d N O W N n N W N 0 W W O N � m( t M W O m 2 Q Q m W m W m n M N N m N N N O N A O N m n O N m W R N N r W [n0 M M N NW N m m m n M O m N Q O W M m N M r N m m O Q nl M N N W m m IT N^ W N M t N m Om1 N Q Q Q N N m W N n W W n N n m N N n N O O N m Q M !� t0 m r N n m M N d m N Q m N m m M N N n d N co m O s{ N N m mmmd r Nd I O N n N m m d m N o N m W M Q m N n N ml N N C C m N C U O u B C y E E o w E ° a o ip w m O E w N` G W 2 N 9 x' `o .C�.. m c d w (D a' L F w m U U 00 a— w° H-7 Continued LL N OJ O) O r N y O V (O O M n N p N N r i N ri n N N Ci T CN] O T M O N tD N (O N (DO W OJ N V N O N < a OJ O O C" i O O (O WN O W O r N C V V r O) N n N O O O N G Nt N N m O O) N W N CJ (O � N N r o w n r O r c p M r d f9 try r N N O O) m v (O o0 o M N r (O O T N C W O p h di (q N O f�0 r O r rom �(po m ip T O N N N (O N O) O) N C O O CNJ (O O c m v G ui � vs N y D a d U C dN � d a d C C N y J p q d j O. N O O a a E O g d E y C N C q d U G L d C Q U y 'O _Q C C y p« C C d a 2 L N C Z q C N N C y 0 d C y y U O d L N L (O`0 t0`V N O N N L N O U0 0 « U n C of rOf 0A c�za F° y z Do H-8 OD 00 O N 0) 'IT N O M 0(V N N C N (O (O N Ld Cl) O M C n N M M V 0) � ~ n N O 1 O M n c0 O n n 00 0 0 c0 a0 0 0) O O 69 � M O m M Cl)0 N n 0) Cl) ` 0) (n n M n (O N (O N n M O (n c0 � I Cl) O M N M M LO O O M V W n O M M V3 v CO (O oo n n c v 'IT 7 M M W M N ((O M M U (OA C WOOO N N Itm M (NO ai (CO r ( 'tP, Ce) (O V ON m M (O (O n (O 00 O O V V d M C r- lx6 co r- M co O 0 0 ~ O) n n N M O In n fM eM- LO -t -It (O (O (0 M M V N N 00 � N Mn (0 n o0 n n 14 M N (O d d n n N M ch N 00 O 0) rl- O LQ cn O N Cl) M N N N N N ER co O n V m M n n O O O O D W n 0 n cD .- anp co O N n 'V O (A 7 (h r M O 0 (0) W u0j N ((00 M 1 (n M M Cl) M M � (n (NO (n0 (0 A n 00 0) O 1 N M d' In O 0 d 0) 0) 0) O O O O O O O 0 >- 0) 0) m O O O O O O O E I I N N N N N N N ME V- r m O v y m Im/) N m m Ta m m m m m m m m m m d� c> c c c c c c c c c c Q > y aQ v C) _ N r m m X d m m m m m m m m m m E; x c c c 2 c c c c c c N Q Fm ; W (n co (D LO O 7 r M 0) w y x 4) r— w m N CC)w p m m N 1 (co .r- Cl) O LO co O co h f� O CJ l0 l0 V V V (h O co M Ln M O co O M IM 0) a p m 0 7 cam') C V h M M 0) W F 44)) CIO ui v U) 00 Cl) om (o vi r y N 7 C' ODD M O m m (D Or Cl) 'IT N 60 fA (A 69 ffl UA ce 64 (A (H D) N (D O a M co r- n a co (n r` cc v E C) Q Q Q Q Q N M ((C 00 N M J W p Z Z Z Z Z It0 04 ro O N a w v o) rn rn F- 7 (O w m o (A H3 (A (A (A LO A _LO co CD IT co 0) W N It Cl) C) Cp m N Z 00 cD C.ciNO a Ln 0aa. 0 m a r- U (D (D (D n h m 7 0) M m 7 I Cl) 04 m O V W 0 Q Q Q Q Q M IliN M O N ECL Z Z Z Z Z ( r ^ M � E o co (ri ar 1 Cl)m O r M C U P-Cl M r (n y N (D c0 W W CL 2 fA 69 to 69 69 n It )O r� NN 0) IT W U) O V r v co d C) Q Q Q Q Q M M M N p Z z Z z Z r o0 -It 0) r o w w W w IL n m o v 0) p O U m ++ 0) 0) m O O 0 O co O O O U)i C C) 0) 0) 0)0 O O O CD CDW N N N N N N N H-10 I 'O c 0 O U m U 07 O a G. N co co O 1 co p r V O. m (LO O I (O c00 (O 0)) It It O 00 V Cl) m O d 07 R 07 W n (D n I 1 O ~ Lo Lo Lo Cj (0 m G m > <M- � W O m O >, p_ L_ m 3 w V O 00 00 � � � � � O CD m w (O 0o M (D cD (D O O co O O O d w m O. N cD (O m M M M M coM U C N n- n T N r m O O O O O O O O O (D `d n r 0 m O r � � M N N N > O O L R N O) O cD co p) n N V M 00 M p n H (D (O (D (O l0 V V V m M — N m u p t z 3 m N c 0 o p U L m m T O L tp rn c m c m CLO O) 0 O O O O 0 0 m ) (O Cln M Ln �O co00 CD m N CN m ONO d N O O to IO n d; CA M C N 0 CD 66 (c') c0 V It ItM M w C 3 ` o m U d Y O 0 0 OD co On oL-' (p O V= 0 M c (D v 7 ao It ti 'IT cD v coO) w � 4) O m m o- °o p d V O O CL m T D- G h o. m C n w W O L � c m W T N c O 0 CD co co r-co co co 7 'V �t coO G T I{ OD n (D V M 1 d mCL co m N > U w m Q) 00 cD n CD00 c- Cl) 0)O) O y Y c A n L CO0 N 00 co It co a m N (D ClO n m O O t6 N au) O. L n C n 0 N m a O► V O o m m O Z �_ m m y m y o m 2 v c C m O) n co M N co M O) C =O N O (D N 7 (OD U Vni m— (D (i O t- M O U0 n n O (Dl0 (n V V V' M m O O N w Q� c C m �r a c o 0 n 3 N m o a) m m n 00 0)o 0 0 Cl) 0 co m `m u y m rn 0) a) 0) 0) 0)0 0 0 0 > m O 0 0 0 0 0 D. 11 N N N N N N N p .-. O O (n a L H-11 Monroe County, Florida Principal Property Taxpayers September 30, 2006 2006 1997 Percentage oj7 Percentage of Taxable Total Taxable Taxable Total Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Value Value Rank Value BellSouth/Southern Bell $ 73,458,624 1 0.34% $ 65,015,092 1 0.89% Fla. Keys Electric Co -Op 72,406,440 2 0.33% - Casa Marina Owner LLC 45,887,445 3 0.21 % 47,486,846 2 0.65% Windward Point LLC 43,709,650 4 0.20% - Galleon Condo. Assoc. 42,086,530 5 0.19% - Cheeca Holdings LLC 32,816,249 6 0.15% 22,978,118 4 0.31% Tannex Development Corp. 32,349,480 7 0.15% - Hawks Cay Investors LTD 28,325,854 8 0.13% - Pier House Joint Venture 27,176,268 9 0.12% 26,717,925 3 0.36% KW Beach Suites LTD 22,000,000 10 0.10% - Holiday Inn Key West - - 18,967,691 5 0.26% Hyatt Key West - - 18,633,955 6 0.25% The Reach - - 18,461,335 7 0.25% Southernmost Beach LP - - 16,356,173 8 0.22% Holiday Isle - - 15,365,591 9 0.21% Ocean Key House - - 15 339 123 10 0 210/ 0 $ 420,216,540 1.93% $ 265,321,849 3.62% Source: Monroe County Property Appraiser H-12 o e e o 0 0 o a e e O O0 Cl) n (D n co n (O O A 4-' n 04 V CD CA (DD (OD m V N 1 co 't C O) O 00 m (n (D 0� N H O N O M M O Cl)I N n m E Cr! O0 (0 0 'tt OD CO Q in ( LO LO (n LO 0 m cno r- Lo c m •- m N % O C CVr- M O O co (nD O V O w 0) m (n 0 m M In t17 to m O O d M n N coM (n O r r W CD 0 C 0 O N U � N EA Y J m n O co (D (D m CD co co C_ 01 C O) m O) m 0) O) 0) m m O) L w 0 3 O 0) � ;a Q) 0 0 C to N N (D O M O to co (n U O O V � r co O O co m N U. O m n (n O (`N0 (D conv) co O- Q (n Lo (Mn LO m Cq cno n �3 x m n n m CO m O as v v v v rn v CD 04 rn m m v v n w m o N rn T— co m (D 7 c0 N CD p 0 W ((! V a O n V V co ~ J IL N tmn LO (On LO (On c0O (CD r n �3 O � M v i LO CD D E m m m O O O O O O O A m m a) o 0 0. C. O o y W« N N N N N N N LL d y 0) m m U n a m 0 C m c H-13 c o � A O c 1° o JEM m chi, o rn m a c c a o o 0 0 E C N V 7 O N M O O) F E fp th O) O) m CMcli ch rp V Ol a 0 M N N M N N N fA fA f9 ER 69 fA fA fA fA fA m N (O LQ M N N N N N N 6 N O) V O n N n n (nD N � b3 � v) f9 EA fA fA fA to f9 N ap O O N O W M n a a0i Z v c•i C6 M c a o 0 0 0 0 0 N O .-- � 7 C N r r r av » f» » es » f» e» » f» y m 06 of C6 ni m o n ai e v v a m e» vs » ss f» f» » F» f» e» 0 0 0 0 o rn a �p c a L6 T C6 O '7 0p t0 a N N J a m V a�D a W c aNi � n n a a0i Z N N fA EA fA f9 M fA f9 fA fA fA N O O O O O O O O O O C a O O O O O O O O O O G N 10 Ld O O ip O O L6 N y fO0 M O) 7 OOi M N O Q' m M M N N oi N ry O C6 fR 69 fA fA fA f9 fA fA fA fA o AI m rn rn o 0 0 0 0 0 0 H-14 General Fiscal Obligation Year Bonds Monroe County, Florida Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Less: Amounts Available in Debt Service Fund Percentage of Estimated Actual Taxable Value of Total Property Monroe County does not have any outstanding general bonded debt for years 1997-2006. Per Capita H-15 Monroe County, Florida Direct and Overlapping Governmental Activities Debt As of September 30, 2006 Estimated Estimated Share of Debt Percentage Overlapping Governmental Unit Outstanding Applicable Debt Monroe County does not have any direct and overlapping governmental activities debt as of September 30, 2006. H-16 Monroe County, Florida Legal Debt Margin Information Last Ten Fiscal Years There are no State laws or County ordinances establishing a legal debt margin for years 1997-2006. H-17 Monroe County, Florida Pledged -Revenue Coverage Governmental Activities Last Ten Fiscal Years Sales Tax Revenue Bonds Fiscal Debt Service Year Collections Principal Interest Total Coverage 1997 $ 12,009,003 $ 3,185,000 $ 1,698,580 $ 4,883,580 2.46 1998 13,217,392 3,450,000 999,484 4,449,484 2.97 1999 12,996,907 3,732,500 972,300 4,704,800 2.76 2000 12,387,681 3,945,000 760,366 4,705,366 2.63 2001 12,719,998 4,127,500 574,555 4,702,055 2.71 2002 12,645,370 4,280,000 419,774 4,699,774 2.69 2003 12,884,890 4,995,000 604,715 5,599,715 2.30 2004 15,039,016 3,387,500 750,952 4,138,452 3.63 2005 14,875,923 1,157,500 640,780 1,798,280 8.27 2006 15,201,005 1,187,500 617,630 1,805,130 8.42 Guaranteed Entitlement Bonds and Notes Fiscal Debt Service Year Collections Principal Interest Total Coverage 1997 $ 2,387,289 $ 383,333 $ 290,620 $ 673,953 3.54 1998 2,886,806 397,500 276,170 673,670 4.29 1999 2,946,989 416,667 260,270 676,937 4.35 2000 2,448,727 432,500 243,040 675,540 3.62 2001 2,065,418 451,667 224,223 675,890 3.06 2002 1,951,730 471,667 203,743 675,410 2.89 2003 1,992,079 530,299 143,080 673,379 2.96 2004 2,170,003 553,597 95,444 649,041 3.34 2005 2,249,626 568,719 79,157 647,876 3.47 2006 2,332,385 587,428 62,425 649,853 3.59 Racetrack Funds Bonds Fiscal Debt Service Year Collections Principal Interest Total Coverage 1997 $ 223,250 $ 182,500 $ 25,790 $ 208,290 1.07 1998 223,250 197,500 18,050 215,550 1.04 1999 223,250 150,000 9,500 159,500 1.40 Note: Details regarding the Countys outstanding debt can be found in the notes to the financial statements. H-18 MONROE COUNTY, FLORIDA PLEDGED REVENUE BONDS AND NOTES BUSINESS -TYPE ACTIVITIES LAST TEN FISCAL YEARS MUNICIPAL SERVICE DISTRICT - WASTE NET DEBT SERVICE FISCAL GROSS AVAILABLE TIMES YEAR REVENUE* EXPENSES** REVENUE PRINCIPAL INTEREST TOTAL COVERAGE 1997 $ 15,352,388 $ 13,452,269 $ 1,900,119 $ 355,000 $ 536,732 $ 891,732 2.13 1998 16,116,708 14,058,422 2,058,286 375,000 515,788 890,788 2.31 1999 43,130,141 42,069,856 1,060,285 405,000 493,288 898,288 1.18 2000 14,648,737 12,760,853 1,887,884 425,000 468,380 893,380 2.11 2001 14,283,981 12,046,585 2,237,396 455,000 441,605 896,605 2.50 2002 13,891,015 12,738,898 1,152,117 480,000 412,485 892,485 1.29 2003 13,459,762 12,663,904 795,858 323,087 205,854 528,941 1.50 2004 13,963,983 13,459,548 504,435 423,468 151,265 574,733 0.88 2005 14,980,597 14,113,833 866,764 437,909 136,825 574,734 1.51 2006 16,619,082 15,364,085 1,254,997 452,841 121,975 574,816 2.18 KEY WEST AIRPORT NET DEBT SERVICE FISCAL AVAILABLE AVAILABLE TIMES YEAR REVENUE*** EXPENSES** REVENUE PRINCIPAL INTEREST TOTAL COVERAGE 2006 $ N/A $ N/A $ N/A $ - $ 222,372 $ 222,372 N/A (a) (a) Pursuant to Resolution 238-B Section 5.03, the rate covenant for this bond issue commences in fiscal year 2007. N/A = Not Available * "Gross Revenue" shall mean all rates, fees, charges, assessments or other income received pursuant to the management and operation of the Municipal Service District -Waste facilities. Fiscal year 1999 revenue includes grants and transfers necessary to fund Hurricane Georges expenditures. ** "Expenses" exclude depreciation of fixed assets and amortization of deferred charges which are reflected as expenses in the financial statements. *** "Available Revenue" shall mean income from operations, PFC revenues and PFC fund balance. H-19 w v c o �0 o o r u0 N 't .�— N O CD at m E m N N N cl] M M ch C7 N N C M OC O d Q) M V O) I� h co 00 (D E IN N O) 0) co r- m (O (D V 0 N O 0) 0) 0) C6 Oo C6 Oo 6 0 of 0 c W (yj C N Z Z Z V Z Z Z Z v Z wQ •� O A 'E O d LL O % C .� O U 0 D LL a) �= CO (D 0)0) O O tOO N ((DD O Q Q C 6. A u, JOE) (O cO V O O D) NC Z Z W U Q) N N Cl) c7 M rl M n co P. co n M O V C r V a C (� O O. J m O N N E _ W d n V NW V co ((j co 00 O O O o E d a W O co V 7 00 O (O Q Q U L U N N O O O (O Cl) N h 'Q O It (O N (c) m (D Cl) Z Z O a C« C O V m (D O) m O) m C 70 t M N N N N N N N c`') E (o n m � m m D U C N '2 O E N r co m co m �` O O OD A O) W M V I O 00 O Z Z C m W CL OCL m 00 O O) O) W O- co U O C O D J u m E J u m O m W j J N _ O p O U J d O Q U c U R O O O O c O O �O0) I mCl 1 N O N N O N N OOm: N N Lji r. Q 0 N M Z H-20 N w C CI y m E o' ¢ ¢ ¢ Q ¢ Q ¢ ¢ ¢ ¢ Q d UA C Z Z Z Z Z Z Z Z Z Z Z U 0w IL clQ Q Q Q ¢ Q Q ¢ Q Q Z Z Z Z Z Z Z Z Z Z I Z Z Z Z Z Z Z Z Z Z Z c o e o 0 0 o e o 0 0 o c N C N M N ao of N (D n M N N O N W N n m N co m O) 7 F O E M o m u Y CLO ILF W o 0 u W Y C O N M y 10 (D n CJ O 00 � 1' u N d OM OD n �O Y] N O lM O C A W U ` y C E N_ U y 0 N O U O 0 cLi fn o'� CO w t U)CD y m N O E t m U c E c N Y °� y C) a m 0 O m C o 2 d t0 m` U °� �' 0 U U 0 `0 E f0 r a O 0 ca Z O C O Y l` O = L 0 Y Z _ 11 W � O � U U J U) U ~ 0 2 Z H-21 O (O M N N V V OI IT O M � M N III M m N -It7 GI M �I MII N M N M mml co NI coN NII E d N M WI O N OI CO (D N V y N NII U C p 7 >1 O NI N M a 00 N O) N 7 0) M N C co (0 II a) N N d O T Oce) E co It oil c W C V M '7 co N a�0 N M LO m m O I CI) ay C 1-7 O y d co 0 M w C m 7 pl M 0 N m(�O ailI u o cy tl > W N > LL y E O N V 1N M ((0 D m C) coN W 0 C Y (m II 7 0 J LL � C O ry W (O (D (O O N LO (O O)I m M V �I > O' m N co M (O ml co E CI ((DCII MII 7 LL c O O G (i c d E E > O iy c C� O 0N a a ( (CD E C p C N U �. a v a c E F E c O N> O E O w N N U Z O co c E x m U a)> O c m a) 23 U O N a)m d' 7 U m F°- C r m O. 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O O> N N N V V O O Q Q m Z Z Z Z N N^ N Z Z m N N N N th W m (V � m O O N V Z Z N(o N r m N 0 o O o m p o 0 N V m m0 O O N N Q Q N N r rn m N v) N N N Z Z N r N m N m m � 0 0 0 0 m r N rn 0 o r rn n oo Q Q W w m m m ,_. m M N Z Z N t7 � .- r o N m a N m O O O O O O R m p O O o o N N N a Q Q m Q m m (p (p N m n N Z Z m N (o Z N N Q Q 0 0 o O N 0 o o m Z Z o N N o trD- r Q Q '- Q m 0 Z Z N a Z N N Q Q Q Q N m o o N r Z Z 2 Z Lr r Q¢ m m Q N - y y G C E E n r N N N N y 0 N N y 3 E o C E O a y l0 y N y OI N O d V C O y o d m C d N C y y C V E O LL y V y O 75 O U 't > T -O T V y C 01 y C N O. ii 6 OI y ✓I ip C O O 0 O y 0 0 Y 0 Y c H .Z J V Q `� y m N O 41 0 O y Z a n o a a a m n y O a u c > >> f- O J- O$ c y E E m v m E w 0 Z Z m Z _w E E Q m Q E Q¢ Q Q Z H-23 m 0 z C, -Qe2 m� @2CN �» §=ter = Co 'tCN r� 1Co 74a, §===m \ 'IT 04 04 ID 24 /} _ { |)_ $& J f\/§)\{)/\ ra)[ ®_ °}\±=G ®{ 2E ;\ )2/]-Fo -> £f117°g«2f2)2S \a� 2fE)-g^Eco«y»§`E =ID )\) _ƒ© 2<222§=�!%a!)#§�=2ou=o LL z a e +24 = o J THIS PAGE INTENTIONALLY LEFT BLANK COMPLIANCE SECTION THIS PAGE INTENTIONALLY LEFT BLANK To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: We have audited the financial statements of the governmental activities, the business -type activities, each major fund and the aggregate remaining fund information of Monroe County, Florida (the "County") as of and for the year ended September 30, 2006, which collectively comprise the County's basic financial statements, and have issued our report thereon dated February 2, 2007. We did not audit the financial statements of the Monroe County Housing Finance Authority (the "Authority"), the County's discretely presented component unit. Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for the Authority, is based solely on the report of other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Internal Control over Financial Reporting In planning and performing our audit, we considered the County's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinions on the financial statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. 1-1 Compliance and Other Matters As part of obtaining assurance about whether the County'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 determination of financial statement amounts. 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 an instance of noncompliance or other matters that are required to be reported under Government Auditing Standards, which is described in the accompanying schedule of findings and questioned costs as item 06-01. We noted other matters involving internal control over financial reporting that we have reported to management of the County in a separate management letter dated February 2, 2007. This report is intended solely for the information and use of management, the County Mayor, and Board of County Commissioners of Monroe County, Florida, and applicable state and federal agencies, and is not intended to be and should not be used by anyone other than these specified parties. CHERRY, BEKAERT & HOLLAND, L.L.P Orlando, Florida February 2, 2007 1-2 To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: Compliance We have audited the compliance of Monroe County, Florida (the "County") with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement, and the requirements described in the Executive Office of the Governor's State Projects Compliance Supplement, that are applicable to each of its major federal awards programs and state financial assistance projects for the year ended September 30, 2006. The County's major federal awards programs and state financial assistance projects are identified in the summary of auditors' results section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts, and grants applicable to each of its major federal awards programs and state financial assistance projects is the responsibility of the County's management. Our responsibility is to express an opinion on the County's compliance based on our audit. We conducted our audit of compliance 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; OMB Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations, and Chapter 10.550, Rules of the Auditor General. Those standards, OMB Circular A-133, and Chapter 10.550, Rules of the Auditor General, require that we plan and perform the audit to obtain reasonable assurance about whether non- compliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal awards program or state financial assistance project occurred. An audit includes examining, on a test basis, evidence about the County's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination of the County's compliance with those requirements. In our opinion, the County complied, in all material respects, with the requirements referred to above that are applicable to each of its major federal awards programs and state financial assistance projects for the year ended September 30, 2006. However, the results of our auditing procedures disclosed one instance of noncompliance with those requirements that is required to be reported in accordance with applicable sections of OMB Circular A-133, which is described in the accompanying Schedule of Findings and Questioned Costs as Item 06-2. N Internal Control over Compliance The management of the County is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts, and grants applicable to federal awards programs and state financial assistance projects. In planning and performing our audit, we considered the County's internal control over compliance with requirements that could have a direct and material effect on a major federal awards program or state financial assistance project in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General. Our consideration of the internal control over compliance would not necessarily disclose all matters in the internal control that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that non-compliance with applicable requirements of laws, regulations, contracts, and grants caused by error or fraud that would be material in relation to a major federal awards program or state financial assistance project being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over compliance and its operation that we consider to be material weaknesses. This report is intended solely for the information and use of management, the County Mayor and the Board of County Commissioners of Monroe County, Florida, and applicable state and federal agencies, and is not intended to be and should not be used by anyone other than these specified parties. CHERRY, BEKAERT & HOLLAND, L.L.P. 4,11 Orlando, Florida March 19, 2007 1-4 THIS PAGE INTENTIONALLY LEFT BLANK Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2006 Federal/State Agency, Pass -through Entity Federal Program/State Project Department of Agriculture: Passed through State Department of Elder Affairs and Alliance for Aging: NSIP 2006 NSIP 2005 Total Federal Agency Department of Health and Human Services: Passed through State Department of Elder Affairs and Alliance for Aging: Title IIIB Support Services - 2005 Title IIIB Support Services - 2006 Total Program Title IIIC-1 Congregate Meals - 2005 Title IIIC-2 Home Delivered Meals 2005 Title IIIC-1 Congregate Meals - 2006 Title IIIC-2 Home Delivered Meals 2006 Total Program Title III-E In -Home Services - 2005 Title III-E In -Home Services - 2006 Total Program Passed through Florida Department of Revenue: Child Support Enforcement Title IV-D Passed through State Department of Community Affairs: Low Income Home Energy Assistance Frog 2005 Low Income Home Energy Assistance Frog 2006 Total Program Total Federal Agency Department of Housing and Urban Development: Passed through State Department of Community Affairs: Community Development Block Grant Department of the Interior: Direct Program: Fish and Wildlife Service: Clean Vessel Act - 2006 The accompanying notes are an integral part of this schedule. 1-5 CFDA Number Contract Grant Number 10.570 US651 10.570 US551 93.044 AA529 93.044 AA629 93.045 AA529 93.045 AA529 93.045 AA629 93.045 AA629 93.052 AA529 93.052 AA629 93.563 CC344 93.568 05EA-5K-11-54-01-019 93.568 06EA-3M-11-54-01-019 14.228 03DB-1A-11-54-01-H32 15.616 V-10, Segment 1 Expenditures $ 33,304 849 34,153 63,679 53,061 116,740 74,835 100,706 58,128 105,835 339,504 12,684 40,972 53,656 140,313 53,498 82,362 135,860 786,073 307,968 21,404 (Continued) E Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects - Continued For the Year Ended September 30, 2006 Federal/State Agency, Pass -through Entity Federal Program/State Project Department of Justice: Direct Program: Bureau of Justice Assistance: Bulletproof Vest Partnership Program Local Law Enforcement Block Grant Program Local Law Enforcement Block Grant Program Total Program Passed through Office of the Attorney General: Victims of Crime Acts Passed through Florida Department of Law Enforcement: Edward Byrne Memorial Justice Assistance Grant Program - US Fellowship - 2006 Edward Byrne Memorial Justice Assistance Grant Program - Boys & Girls Club - 2006 Edward Byrne Memorial Justice Assistance Grant Program - Care Center - 2006 Edward Byrne Memorial Justice Assistance Grant Program - MC Educ. Foundation - 2006 Total Program Edward Byrne Memorial Formula Grant Program - Sheriff Livescan Grant - 2006 Edward Byrne Memorial Formula Grant Program - Sheriff Livescan Grant - 2006 Total Program Residential Substance Abuse Treatment MC Jail Incarceration Program Total Federal Agency Executive Office of the President: Direct Program: High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas The accompanying notes are an integral part of this schedule. 1-7 CFDA Number Contract Grant Number 16.607 16.592 2003-LB-BX-0804 16.592 2004-LB-BX-1113 16.575 V5082 16.738 2006-JAGC-MONR-I-M8-138 16.738 2006-JAGC-MONR4-M8-136 16.738 2006-JAGC-MONR-2-M8-135 16.738 2006-JAGC-MONR4-M8-139 16.579 06-CJ-K3-11-54-01-264 16.579 06-CJ-J3-11-54-01-289 16.593 07.13PMIP586 07.13PPRP578 07.13PMIP5980 07.13PMIP999 07.14PMIP586 07.14PMIP598 07.14PPRP578 07.11 PPRP578 07.12PPRP578 07.12PMIP5981 07.14 PM I P999Z 07.14PMIP5980 2006-RSAT-MO N R-1-7Q-003 13PMIP586 13PPRP578 13PMIP5980 13PMIP999 14PMIP586 14PMIP598 14PPRP578 IIPPRP578 12PPRP578 12PMIP5981 14PMIP999Z 14PMIP5980 Expenditures $ 32,602 4,906 25,038 29,944 305,051 49,878 16,975 42,573 29,715 139,141 76,862 38,431 115,293 50,000 672,031 432,723 109,218 450,120 129,073 519,868 596,300 173,841 78,179 155,378 612,114 14,884 302,229 (Continued) a] Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects- Continued For the Year Ended September 30, 2006 Federal/State Agency, Pass -through Entity Federal Program/State Project Executive Office of the President Continued: High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas High Intensity Drug Trafficking Areas Total Federal Agency Department of Transportation: Direct Program: Federal Aviation Administration: Key West AIP-3718 Key West AIP-3721 Key West AIP-3722 Key West AIP-3723 Key West AIP-3724 Key West AIP-3725 Key West AIP-3727 Key West AIP-3728 Key West AIP-3729 Key West AIP-3730 Marathon AIP-4420 Marathon AIP-4421 Marathon AIP-4422 Marathon AIP-4423 Total Federal Agency Federal Highway Administration: Passed through State Department of Transportation Highway Planning and Construction Transportation Planning Assistance Florida Keys Scenic Highway Interpretive/Master Plan Total Federal Agency The accompanying notes are an integral part of this schedule. CFDA Number Contract Grant Number Expenditures 07.15PMIP586 15PMIP586 $ 4,181,905 07.15PM I P598 15PMIP598 1,457, 079 07.15PPRP578 15PPRP578 3,457,043 07.15PMIP5980 15PMIP5980 138,430 07.15PMIP5981Z 15PMIP5981Z 9,080 07.15PLAP600Z 16PLAP60OZ 12,000 07.16PMIP586 16PMIP586 4,814,293 07.16PMIP598 16PMIP598 844,477 07.16PPRP578 16PPRP578 2,289,301 20,777,535 20.106 3-12-0037-1802 (5,492) 20.106 3-12-0037-021-2003 (11,526) 20.106 3-12-0037-022-2003 7,954 20.106 3-12-0037-023-2004 1,746,229 20.106 3-12-0037-024-2004 169,466 20.106 3-12-0037-025-2004 8,353 20.106 3-12-0037-027-2005 3,984,268 20.106 3-12-0037-028-2006 491,524 20.106 3-12-0037-029-2006 9,211 20.106 3-12-0037-030-2006 29,636 20.106 3-12-0044-020-2004 150,216 20.106 3-12-0044-021-2005 83,647 20.106 3-12-0044-022-2006 1,375 20.106 3-12-0044-023-2006 557,125 7,221,986 20.205 FAP#8888-488 174,999 20.205 SBF3-003 90,760 265,759 (Continued) 1-10 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects - Continued For the Year Ended September 30, 2006 Federal/State Agency, Pass -through Entity Federal Proaram/State Project Department of Homeland Security: Passed through State Department of Community Affairs: Public Assistance Programs Hurricane Dennis - FEMA-DR-1595-DR-FL Hurricane Katrina - FEMA-DR-1602-FL Hurricane Rita - FEMA-DR-3259-EM-FL Hurricane Wilma- FEMA-DR-1609-FL Hurricane Wilma -Sheriff- FEMA-DR-1609-FL Total Program Homeland Security-EOC Security Improvements Law Enforcement Terrorism Prevention Total Program Fire Technical Rescue Resource Emergency Management Base Grant Homeland Security Florida's Domestic Security Deep Water Vessel Issue Total Program Total Federal Agency United States Treasury Department: Passed through Office of the Attorney General: Federal Asset Sharing Forfeiture Program Total Expenditures of Federal Awards The accompanying notes are an integral part of this schedule. CFDA Number Contract Grant Number Expenditures 97.036 06-DN-@G-11-54-00-632 $ 565,560 97.036 06-KT-B&-11-54-01-516 429,190 97.036 06-RT-&W-11-54-01-529 506,449 97.036 10,860,365 97.036 06-WL-&K-11-54-23-794 1,826,827 14,188,391 97.004 2005-CJ-L2-07-54-01-165 22,947 97.004 2006-LETP-MONR-1-N1-027 83,985 106,932 97.007 7,522 97.042 06BG-04-11-54-01-098 29,703 97.067 06-DS-3W-11-54-01-309 8,069 97.067 FWCC 05187 114,302 122,371 14,454,919 21.000 605,876 $ 45,147,704 (Continued) 1-12 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects - Continued For the Year Ended September 30, 2006 State Aaencv Name Florida Department of Community Affairs: Bicycle & Pedestrian Plan 2005 Emergency Management Base Grant - 2006 Total Department Florida Department of Children and Families: Community Care for Disabled Adults 2005 Community Care for Disabled Adults 2006 Total Department Florida Department of Elder Affairs: Passed through The Alliance for Aging: Home Care for the Elderly - 2005 Home Care for the Elderly - 2006 Total Program Alzheimer's Disease Initiative - 2005 Alzheimer's Disease Initiative - 2006 Total Program Community Care for Elderly 2005 Community Care for Elderly 2006 Total Program Total Department Florida Department of Environmental Protection: Exotic Plant Control Services Small Counties Solid Waste -2006 Total Department Florida Department of Health and Rehabilitative Services: EMS County Award 2006 Florida Department of Juvenile Justice: Intensive Delinquency Diversion Service " Information provided for state financial assistance but not required for federal awards. The accompanying notes are an integral part of this schedule. 1-13 CSFA Transfer To Number ract Grant Number Expenditures Subrecipients* 52.004 FM#252077114011/AN082 $ 28,605 $ 52.008 06-BG-04-11-54-01-098 102,959 131,564 60.008 KG-052 51,255 60.008 KG-058 16,611 67,866 65.001 KH-572 35,644 65.001 KH-672 12,736 48,380 65.004 KZ597 39,341 65.004 KZ697 17,805 57,146 65.010 KC571 313,756 65.010 KC671 115,360 429,116 534,642 PL029 70,764 37.012 SC624 191,176 261,940 64.005 C5044 59,845 80.022 P6K01 179,855 (Continued) 1-14 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects - Continued For the Year Ended September 30, 2006 State Agency Name Florida Department of State: State Aid to Libraries Florida Department of Transportation: Overseas Heritage Trail Design & Construction Overseas Heritage Trail Safety Improvements Total Program Litter Control and Prevention Grant - Keep America Beautiful Systems - 05/06 Key West Airport Key West Airport Key West Airport Key West Airport Key West Airport Key West Airport Key West Airport Key West Airport Key West Airport Key West Airport Key West Airport Key West & Marathon Airport Marathon Airport Total Program Total Department Florida Fish & Wildlife Conservation Commission: Boating Improvement Fund Public Water Access and Marine Facilities Management Plan Total Department " Information provided for state financial assistance but not required for federal awards. The accompanying notes are an integral part of this schedule. 1-15 CSFA Number ract Grant Number 45.030 55.008 55.008 55.004 55.004 55.004 55.004 55.004 55.004 55.004 55.004 55.004 55.004 55.004 55.004 55.004 77.006 77.006 06-ST-38 AL005/FM#410504-1-54-01 AL146/FM#410504-1-54-02 AOF24 41265919401/AL021 412865194011AL288 41458418401/AN103 41459819401/ANB43 41646619401/AN111 41253519401/ANJ94 41468319401/ANL56 41646419401/ANL57 41646919401/AN K50 41265919401/ANU96 41265819401/ANU97 25426919402/AK043 41468419401/ANJ96 Expenditures $ 107,885 $ 180,471 447,461 627,932 228 (380) 31,704 1,137,314 (648) (761) 13,806 1,386 389 (6,595) 5,217 32,147 127,699 1,053 1,342,331 1,970,491 — 261,969 04148 25,290 287,259 Transfer To Subrecipients* (Continued) 1-16 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects - Continued For the Year Ended September 30, 2006 State Aaency Name Florida Housing Finance Corp.: State Housing Initiative Program State Housing Initiative Program State Housing Initiative Program Total Department Total Expenditures of State Financial Assistance Information provided for state financial assistance but not required for federal awards. The accompanying notes are an integral part of this schedule. 1-17 CSFA Number Contract Grant Number 52.901 SHIP 02-03 PLAN 4 YR 2 52.901 SHIP 03-04 PLAN 4 YR 3 52.901 SHIP 04-05 PLAN 5 YR 1 Transfer To Expenditures Subrecipients* $ 69,056 $ 756,174 251,007 1,076,237 $ 4,677,584 w Monroe County, Florida Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2006 Note 1 — Reporting Entity For reporting entity purposes, the Schedule of Federal Awards and State Financial Assistance Projects (the "Schedule") presents the Federal and State grant activity of Monroe County, Florida (the "County") primary government and its blended component units. Note 2 — Summary of Significant Accounting Policies The accounting policies and presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects are presented on the modified accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America as applicable to governmental organizations. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations and the Florida Single Audit Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Over the past years, the County was declared a major disaster area by the President of the United States due to damages incurred from several hurricanes. As a result the County is eligible for financial relief from the Department of Homeland Security, Federal Emergency Management Agency. Amounts included on the schedule are eligible expenditures incurred by the County through September 30, 2006 and paid primarily from the Governmental Grants fund. These funds were reimbursed with the grant from the awarding agencies. 1-19 MONROE COUNTY, FLORIDA Schedule of Findings and Questioned Costs — Federal Awards Programs and State Financial Assistance Projects For the Year Ended September 30, 2006 PART I - SUMMARY OF AUDITORS' RESULTS The Independent Auditors' Report on the financial statements expresses unqualified opinions. 2. No reportable conditions relating to the audit of the financial statements are reported in the Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements in Accordance with Government Auditing Standards. 3. One nonmaterial instance of noncompliance to the financial statements of Monroe County, Florida was disclosed during the audit. 4. No reportable conditions relating to the audit of major federal or state financial assistance projects are reported in the Independent Auditors' Report on Compliance and Internal Control over Compliance Applicable to Each Major Federal Awards Program and State Financial Assistance Projects. 5. The Independent Auditors' Report on Compliance for each Major Federal Awards Program and State Financial Assistance Projects expressed an unqualified opinion. 6. One audit finding relative to major federal awards programs for Monroe County, Florida is reported in this Schedule. 7. No audit findings relative to major state financial assistance projects for Monroe County, Florida are reported in this Schedule. 8. The threshold for distinguishing Type A and Type B programs/projects was $1,354,432 for major federal awards programs and $300,000 for major state financial assistance projects. 9. The County qualified as a low -risk auditee for federal Single Audit purposes, as that term is defined in OMB Circular A-133. 10. The programs/projects tested as major programs/projects included the following: Federal Programs Federal CFDA No. Federal Aviation Administration Public Assistance Programs 1-20 97.036 MONROE COUNTY, FLORIDA Schedule of Findings and Questioned Costs — Federal Awards Programs and State Financial Assistance Projects For the Year Ended September 30, 2006 PART I - SUMMARY OF AUDITORS' RESULTS (CONTINUED) State Projects State CSFA No. Aviation Development Grants 55.004 County Incentive Grant Program - Overseas Heritage Trail 55.008 Community Care for the Elderly PART II - FINDINGS — FINANCIAL STATEMENTS 65.010 This section identifies the reportable conditions, material weaknesses, and instances of noncompliance related to the financial statements that are required to be reported in accordance with Government Auditing Standards. FINDING 06-01: Non-compliance with Laws and Regulations Criteria: Florida General Statutes require that actual expenditures do not exceed appropriated expenditures at the legal level of budgetary control. Condition: During our audit we became aware of several instances where vendor invoices had been received by various department personnel, held for a period of time by these departments, and then submitted for payment to the finance department. Effect: The delay in payment, and therefore, the grant revenue resulted in the County having to report a deficit fund balance of $7,858,602 in the Government Grants Special Revenue Fund and $459,302 in the Sheriffs Grants Special Revenue Fund. The lack of the timely submission of these invoices for payment also resulted in the expenditures exceeding appropriations in the Community Services Management cost center (Board's level of budgetary control) of the General Fund by $2,117, Growth Management Administration cost center of the Unincorporated Area Service District -Planning, Building and Zoning Special Revenue Fund by $233,858, and the Boating Improvement cost center of the Boating Improvement Special Revenue Fund by $30,912. 1-21 MONROE COUNTY, FLORIDA Schedule of Findings and Questioned Costs — Federal Awards Programs and State Financial Assistance Projects For the Year Ended September 30, 2006 FINDING 06-01: (continued) Cause: There appears to be a lack of understanding by departments for the need to submit invoices timely to the Finance Department. Recommendation: We recommend that the County implement appropriate procedures to prevent this from reoccurring in the future. PART III - FINDINGS AND QUESTIONED COSTS— MAJOR FEDERAL AWARDS PROGRAMS FINDING 06-02: Non-compliance with Laws and Regulations Federal Aviation Administration Program Name: Airport Improvement Program CFDA#: 20.106 Criteria: The use of federal funding for construction projects requires monitoring of the Davis Bacon Act requirements for contracts exceeding $2,000. Condition: During our audit, we were not provided with construction contracts that included the required language for compliance with the Davis Bacon Act for several contractors used in airport construction projects. While the required payroll information was provided for our selected items, there was no documentation to support that the information was actually reviewed for compliance with appropriate Department of Labor wage determinations. We also noted that one of the payrolls tested did not include the certification signed by an official of the contractor. Effect: Non-compliance with the requirements of grant agreements. Questioned Costs: N/A - We compared the wage rates per the payrolls provided against the Department of Labor's wage determinations, noting the wages paid were in compliance. Cause: Lack of established procedures for documentation of compliance. 1-22 MONROE COUNTY, FLORIDA Schedule of Findings and Questioned Costs — Federal Awards Programs and State Financial Assistance Projects For the Year Ended September 30, 2006 FINDING 06-02: (continued) Recommendation: We recommend that a procedure be implemented to ensure the review of Davis Bacon compliance is documented. We also recommend that contracts with subcontractors contain the appropriate language to ensure compliance with the Davis Bacon Act. PART IV - FINDINGS AND QUESTIONED COSTS —MAJOR STATE FINANCIAL ASSISTANCE PROJECTS There are no findings or questioned costs reported. 1-23 Monroe County, Florida Summary Schedule of Prior Audit Findings and Corrective Action Plan Federal Awards Programs and State Projects For the Year Ended September 30, 2006 Prior Year Audit Findings: There were no audit findings in the prior year independent auditors' reports that required corrective action. Corrective Action Plan: Finding: 06-1 A. Name of Contact Person: Sal Zappulla, Budget and Finance Director Tina Boan, OMB Director B. Corrective Action: Appropriate action has been taken regarding the management and control of invoices. Measures have been implemented to ensure all departments follow the current Monroe County procurement policy, which requires, that departments encumber funds from their budget allocations in advance for all goods and services. This process is being closely monitored for compliance which we feel will improve internal controls and prevent any future budgetary compliance issues. C. Proposed Completion: Corrective action to be taken immediately upon completion of the audit. Finding: 06-2 A. Name of Contact Person: Peter Horton, Airport Director B. Corrective Action: Both the Monroe County Legal Department and URS, the Airport Engineering firm, will be notified of the need for Davis Bacon Compliance language in all future construction contracts for General Contractor or Subcontractor work on airport projects. In the future, at project closeout and before the final check is drawn for retainage, proof of Davis Bacon compliance will be required from all General and Subcontractors who worked on the project. C.Proposed Completion: Corrective action to be taken immediately upon completion of the audit. 1-24 THIS PAGE INTENTIONALLY LEFT BLANK Independent Auditors' Management Letter To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: We have audited the basic financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the "County') as of and for the year ended September 30, 2006, and have issued our report thereon dated February 2, 2007. These financial statements are the responsibility of the County's management. Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Monroe County Housing Finance Authority (the `Authority"), a discretely presented component unit of the County. Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for the Authority is based solely on the report of other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Auditors' Report on Compliance and Internal Control over Compliance Applicable to each Major Federal Awards Program and State Financial Assistance Project. Disclosures in these reports, which are dated February 2, 2007 and March 19, 2007, respectively, should be considered in conjunction with this management letter. Additionally, our audit was conducted in accordance with Chapter 10.550, Rules of the Auditor General. Those rules (Section 10.554(1)(h)1) require that we address in the management letter, if not already addressed in the auditors' reports on internal controls, compliance and other matters or schedule of findings and questioned costs, whether or not corrective actions have been taken to address significant findings and recommendations made in the preceding annual financial audit report. There were no findings in the preceding annual financial audit report. The Rules of the Auditor General (Section 10.554(1)(h)2) state that a management letter shall have a statement as to whether or not the County complied with Section 218.415, Florida Statutes, regarding the investment of public funds. In connection with our audit of the basic financial statements of the County, the results of our tests did not indicate that the County was in noncompliance with Section 218.415 regarding the investment of public funds. The Rules of the Auditor General (Section 10.554(1)(h)3) require disclosure in the management letter of any recommendations to improve the County's management, accounting procedures, and internal controls. Reference to recommendations is provided in separate management letters for each County agency. J-1 The Rules of the Auditor General (Section 10.554(1)(h)4) require disclosure in the management letter of the following matters if not already addressed in the auditors' reports on compliance and internal controls or schedule of findings and questioned costs: (1) violations of laws, rules, regulations, and contractual provisions that have occurred, or are likely to have occurred; (2) improper or illegal expenditures; (3) improper or inadequate accounting procedures (e.g., the omission of required disclosures from the financial statements); (4) failures to properly record financial transactions; and (5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to the attention of, the auditor. There were no such matters noted. The Rules of the Auditor General (Section 10.554(1)(h)5) also require that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in the management letter, unless disclosed in the notes to the financial statements. Such disclosure is included in notes to the financial statements. As required by the Rules of the Auditor General (Section 10.554(1)(h)6.a.), the scope of our audit included a review of the provisions of Section 218.503(1), Florida Statutes, regarding financial emergencies. In connection with our audit of the financial statements of the County, the results of our tests did not indicate that the County met any of the specified conditions of a financial emergency contained in Section 218.503(1). However, our audit does not provide a legal determination on the County's compliance with this requirement. The Rules of the Auditor General (Section 10.554(1)(h)6.b.) state that a management letter shall include a statement as to whether or not the financial report filed with the Florida Department of Financial Services, pursuant to Section 218.32, Florida Statutes, is in agreement with the annual financial audit report for the current audit period and, if not, explanations of any significant differences. It should be noted that the County's basic financial statements contain a discretely presented component unit, defined as part of the reporting entity under accounting principles generally accepted in the United States of America, for which the County has not been deemed the local governing authority for purpose of the annual report. In connection with our audit of the County, the results of our tests indicate that the annual financial report for the year ended September 30, 2006, filed with the Department of Financial Services, is in agreement with the annual financial audit report for the current audit period. As required by the Rules of the Auditor General (Sections 10.554(1)(h)6.c. and 10.556), the scope of our audit included financial condition assessment procedures as of September 30, 2006, It is management's responsibility to monitor the County's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. The financial condition assessment procedures described above disclosed no deteriorating financial conditions. This report is intended solely for the information and use of management, the County Mayor and Board of County Commissioners of Monroe County, Florida, and applicable state and federal agencies, and is not intended to be and should not be used by anyone other than these specified parties. 40�7. 6.,O-R� � 11402 -1191, Orlando, Florida February 2, 2007 J-2