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Fiscal Year 2014
MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014 AMY HEAVILIN, CPA CLERK OF THE CIRCUIT COURT & COMPTROLLER PREPARED BY: CLERK OF THE CIRCUIT COURT FINANCE DEPARTMENT MAUREEN O'BRIEN ASSISTANT FINANCE DIRECTOR, MSA THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014 PAGE INTRODUCTORY SECTION Transmittal Letter of the Clerk of the Circuit Court Al - A6 Certificate of Achievement for Excellence in Financial Reporting A7 List of Elected and Appointed Officials A8 Organizational Chart A9 FINANCIAL SECTION Report of Independent Auditor B1 - B3 Management's Discussion and Analysis Cl - C12 Basic Financial Statements: Government -Wide Financial Statements Statement of Net Position D1 - D2 Statement of Activities D3 - D4 Fund Financial Statements Balance Sheet -Governmental Funds E1 - E2 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position E3 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds E4 - E5 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities E6 Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Major Governmental Funds: General Fund E7 - E10 Fine and Forfeiture Fund Ell - E12 HIDTA Grants Fund E13 Governmental Grants Fund E14 - E16 Statement of Net Position - Proprietary Funds E17 - E20 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds E21 - E22 Statement of Cash Flows - Proprietary Funds E23 - E26 Statement of Fiduciary Net Position - Fiduciary Funds E27 Statement of Changes in Fiduciary Net Position - Fiduciary Funds E28 Notes to the Financial Statements F1 - F37 Required Supplementary Information G1-G5 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - NonMajor Governmental Funds H1-H12 Combining Statement of Revenues, Expenditures and Changes in Fund H13-H24 Balances - NonMajor Governmental Funds Schedules of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual Special Revenue Funds: Affordable Housing Programs H25 Road and Bridge Fund H26 Tourist Development, All Districts, Two Cent H27 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014 PAGE Tourist Development, Administration and Promotional, Two Cent H28 Tourist Development, District #One H29 Tourist Development, District #Two H30 Tourist Development, District #Three H31 Tourist Development, District #Four H32 Tourist Development, District #Five H33 Impact Fees - Roadways H34 Impact Fees - Parks and Recreation H35 Impact Fees - Libraries H36 Impact Fees - Solid Waste H37 Impact Fees - Police Facilities H38 Impact Fees - Fire and EMS H39 Impact Fees - Employee Fair Share Housing H40 Fire and Ambulance, District #1 - Lower and Middle Keys H41 Upper Keys Health Care Special Taxing District H42 Unincorporated Area Service District - Parks and Recreation H43 Unincorporated Area Service District - Planning, Building and Zoning H44-H45 Municipal Policing H46 Duck Key Security District H47 Local Housing Assistance H48 Boating Improvement H49 Miscellaneous Special Revenue H50-1-151 Environmental Restoration H52 Court Facility Fees H53 Drug Abuse Trust H54 Marathon Municipal Service Taxing Unit H55 Bay Point Municipal Service Taxing Unit H56 Big Coppitt Municipal Service Taxing Unit H57 Key Largo Municipal Service Taxing Unit H58 Stock Island Wastewater H59 Cudjoe-Sugarloaf Municipal Service Taxing Unit H60 Conch Key Municipal Service Taxing Unit H61 Long Key -Layton Municipal Service Taxing Unit H62 Duck Key Municipal Service Taxing Unit H63 Building Fund H64 Sheriffs Teen Court H65 Sheriffs Federal Forfeiture H66 Sheriffs State Forfeiture H67 Sheriffs Contract Administration H68 Sheriffs Commissary H69 Sheriffs Interagency Communications H70 Sheriffs Trauma Star H71 Sheriffs Radio Communications H72 Sheriffs Grants H73 Sheriffs Shared Asset Forfeiture H74 Sheriffs E911 H75 Clerk's Records Modernization H76 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014 PAGE Clerk's Court Related H77 Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Major Governmental Funds: One Cent Infrastructure Surtax Capital Project Fund H78 Big Coppitt Wastewater Capital Projects Fund H79 Cudjoe Regional Wastewater Capital Projects Fund H80 All Debt Service Funds H81 Combining Statement of Net Position - Internal Service Funds H82-H83 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds 1-184-1-185 Combining Statement of Cash Flows - Internal Service Funds 1-186-1189 Combining Statement of Fiduciary Net Position - All Agency Funds H90 Combining Statement of Changes in Fiduciary Net Position - All Agency Funds H91-H92 STATISTICAL SECTION Introduction 11 Net Position by Component 12 Changes in Net Position 13-15 Governmental Activities Tax Revenues By Source 16 Fund Balances of Governmental Funds 17 Changes in Fund Balances of Governmental Funds 18-19 General Governmental Tax Revenues By Source 110 Assessed Value and Estimated Actual Value of Taxable Property 111 Direct and Overlapping Governments 112 Principal Property Taxpayers 113 Property Tax Levies and Collections 114 Ratios of Outstanding Debt by Type 115 Ratios of General Bonded Debt Outstanding 116 Direct and Overlapping Governmental Activities Debt 117 Legal Debt Margin Information 118 Pledged -Revenue Coverage - Governmental Activities 119 Pledged Revenue Bonds and Notes - Business -type Activities 120 Demographic and Economic Statistics 121 Principal Employers 122 Full-time Equivalent County Government Employees by Function 123 Operating Indicators by Function 124 Capital Asset Statistics by Function 125 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2014 PAGE SINGLE AUDIT/GRANTS COMPLIANCE SCHEDULES Report of Independent Auditor on Internal Control over Financial Reporting and on J1-J2 Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Report of Independent Auditor on Compliance for Each Major Federal Awards J3-J4 Program and State Financial Assistance Project and on Internal Control Over Compliance Required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General Schedule of Expenditures of Federal Awards and State Financial Assistance J5 - J10 Projects Notes to Schedule of Expenditures of Federal Awards and State Financial J11 Assistance Projects Schedule of Findings and Questioned Costs - Federal Awards Programs and State J12-J16 Financial Assistance Projects Corrective Action Plan - Federal Awards Programs and State Financial Assistance J17 Projects Summary Schedule of Prior Year Audit Findings - Federal Awards Programs and State J18 Financial Assistance Projects Independent Auditor's Management Letter K-1-K-2 Report of Independent Accountant on Compliance with Local Government K-3 Investment Policies AMY NEAVILIN, CPA CLERK OF CIRCUIT COURT 8 COMPTROLLER WNW coumr, aaxw► March 31, 2015 The Honorable Danny Kolhage Mayor, Board of County Commissioners Monroe County, Florida Dear Mayor Kolhage: It is our pleasure to present to you, the Board of County Commissioners and the citizens, the Monroe County, Florida Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2014. 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 independent auditor to report on the government's internal controls and compliance with legal requirements 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 and Comptroller 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 financial 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 understanding 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. Because 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 LLP has issued an unmodified ("clean") opinion on the Monroe County, Florida financial statements for the year ended September 30, 2014. The report of the independent auditor is located at the front of the financial section of this report. Management's discussion and analysis (MD&A) can be found immediately following the report of the independent auditor and provides a narrative introduction, overview and analysis of the basic financial statements. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. A-1 Monroe County Profile Basic Information Monroe County was constitutionally formed in 1823. It is comprised of a string of subtropical islands that stretch more than one hundred miles into the Atlantic Ocean. These islands are connected 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 and Comptroller, 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 Entity For financial reporting purposes, the County's primary government consists of the Board of County Commissioners, the Constitutional Officers and the Monroe County Industrial Development Authority, a blended corporate unit. The Monroe County Comprehensive Plan Land Authority is legally separate and is treated as a discretely -presented component unit. Additional information on component units can be found in the notes to the financial statements. Budge 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. Constitutional officers funded by the Board must submit their budgets by June 1 of each year. Monroe County follows the laws of Florida regarding the control, adoption and amendment of the budget during each fiscal year. The Board conducts budget meetings on departmental budgets and constitutional officer requests. Based on the information presented at the meetings, a tentative budget is presented to the public by Board resolution. The public then responds to the tentative budget at public hearings. A final public hearing is then held and the final budget is adopted. 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. All other budget changes including transfers between cost centers or alterations of total revenues and expenditures in a fund are approved by the Board. A-2 Economic Condition Local Economy Monroe County occupies a unique and very beautiful corner of the United States. 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. Six of the top ten taxpayers in Monroe County are in the hospitality industry. Airplane passenger arrivals decreased by 6.6%. Tourist and recreational sales have increased by 9.2% and hotel room rental revenue has increased by 9.0%. The 2013 tax roll assessed in 2014 remained approximately the same as the prior year. The nationwide real estate market in 2014 continues to improve, as has Monroe County. In addition, over a ten year period, property tax collections have risen 16.2%. All taxable sales have decreased by 6% from 2013 levels. The local economy is continuing on an upward trend. The County's unemployment rate of 3.7% at September 30, 2014 is below the state and national rates of 6.1 % and 5.9%, respectively. Long-term Financial Planninq The County has developed the Monroe County 2010 Comprehensive Plan (Comp Plan), as adopted in 1996. The 2010 Comp Plan has been approved by the State, and describes the County's goals in the areas of land use; conservation 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; capital improvements; and cultural resources. During the current fiscal year, Monroe County adopted the following amendments to the 2010 Comprehensive Plan as follows: • The five-year schedule of Capital Improvements was updated to ensure the adopted level of service standards are achieved and maintained. • The County adopted an amendment to extend the transient ROGO allocation moratorium from May 1, 2014 to May 1, 2022 to coincide with the adoption of the next round of EAR -related Comprehensive plan amendments and the Hurricane Evacuation Clearance Time Memorandum of Understanding. • The County completed a review and sent an Evaluation and Appraisal Notification Letter, as required by § 163.3191, F.S. and Rule 73C-49, F.A.C., to the State Land Planning Agency (the Department of Economic Opportunity [DEO]) specifying necessary plan amendments required to reflect changes in requirements in State Law and changes in local conditions • The County adopted FLUM amendments for one parcel in Key Largo from Mixed Use/Commercial (MC), Residential Low (RL), and Residential Conservation (RC), to Industrial (1), and Conservation (C); creating Policy 107.1.4 Paradise Pit Subarea 1; providing limitations on development and specific restrictions; to achieve consistency with the existing use. A-3 The BOCC voted to transmit the Monroe County 2030 Comprehensive Plan to the State Land Planning Agency. Amendments to the Comprehensive Plan have been prepared to implement the EAR strategies, to reflect the updated Technical Document and to comply with requirements established by state and federal law. Comprehensive Plan amendments also reflect the results of the "Analysis of Coastal Barrier Resources System Policies and Regulations in Monroe County, Florida," data and analysis, prepared by Keith and Schnars, P.A., and the "Monroe County Marina Siting Plan," data and analysis, prepared by the South Florida Regional Planning Council. • The County adopted to facilitate canal restoration projects to improve the water quality in the artificial canals characterized as having poor or fair water quality within the 2013 Monroe County Canal Management Master Plan by providing for organic material removal, by public entities (county, state, or federal), of previously dredged artificial canals. The sanitary sewer or wastewater component of the 2010 Comprehensive Plan addresses an unfunded mandate from the State to improve water quality in the Florida Keys by replacing cesspits and septic systems with a series of central wastewater collection and treatment systems. The County has completed most of its service area, including the Cudjoe Regional project which includes Sugarloaf Key, Summerland Key, Cudjoe Key and Big Pine Key. Construction costs are presently expected to be approximately $190,000,000. To finance the project, the County has levied wastewater special assessments, obtained a state grant and a Florida Department of Environmental Protection loan, which is collateralized by the local infrastructure sales surtax and wastewater special assessments. Although most of the County's capital project funds are committed to the wastewater project, the County is assembling the funding to bring all facilities in compliance with the American Disabilities Act over the next five years. The County has secured funding through a Community Development Block Grant to accomplish this goal. The County is balancing the use of ad valorem tax revenues with the maintenance of General Fund reserves used to insulate the General Fund from revenue fluctuations due to disasters of any kind and provide adequate working capital for operations. The Board continues to respond to the ongoing economic conditions by maintaining rigorous cost controls, carefully analyzing the need for each replacement or addition of staff positions, renegotiating contracts, and scrutinizing the cost benefit of outside contractors. The Board continues to focus on its efforts to balance costs and services to Monroe County citizens, with a relatively flat revenue base. The County provides health care coverage for 416 retirees. The Board has reviewed estimates of the unfunded cost for future years' benefits, and staff is developing strategies to manage the financial impact to the County. As the actual versus expected cost of retiree health care coverage is monitored, provisions of the plan may be modified as part of the management strategy. A-4 Relevant Financial Policies The Board's financial policies conform to the requirements of Florida Statutes and accounting principles generally accepted in the United States. The following updates to the Board's financial policies were approved in fiscal year 2014 and include implementation of the following provisions: The Board implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities, in the fiscal year ending September 30, 2014. The implementation of GASB 65 requires that deferred costs from refunding debt, which were previously deferred and amortized as part of debt, be presented as deferred outflows of resources and bond issuance costs, which were previously deferred and amortized, be included in current expenditures. Implementation of this Statement required a restatement of $326,160 reducing the governmental net position for the remaining bond issuance costs that were outstanding as of September 30, 2013. In addition the County implemented GASB 67, Financial Reporting for Pension Plans — An Amendment of GASB Statement No. 25, in the fiscal year ending September 30, 2014. This implementation resulted in additional disclosures in the footnotes in the current year. Major Initiatives As mentioned above, the County has an unfunded mandate from the State to improve water quality in the Florida Keys by replacing cesspits and septic systems with a series of central wastewater collection and treatment systems. These initiatives have been identified by location and are as follows: • Big Coppitt Regional wastewater treatment system -- This comprises a significant portion of the wastewater project as a whole, was completed in 2011. The project was financed with a loan and grants from the Florida Department of Environmental Protection, local sales tax revenues and assessments paid by property owners in the area. This encompasses Big Coppitt Key, Geiger Key, Shark Key and Rockland Key. • Cudjoe Regional wastewater system -- This also comprises a significant portion of the wastewater project which began in fiscal year 2012. There is an Interlocal Agreement with the Florida Keys Aqueduct Authority for construction of the Cudjoe Regional project. • Other projects which have been completed include Stock Island, Bay Point, City of Layton, and Conch Key. The Florida Keys Municipal service taxing districts have been created to support the cost of wastewater projects in Conch Key, Bay Point, Big Coppitt, Key Largo, Stock Island, Cudjoe and Sugarloaf Keys, Long Key -Layton, and Duck Key. The County continues to stimulate the local economy through increased advertising efforts. Expenditures for the Tourist Development Council increased 13% over those in place last year. The increased costs are funded by Tourist Development taxes. A-5 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, 2013. This was the twenty sixth consecutive year the government has achieved this prestigious award. In order 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 certificate. The County also submits its budget document to GFOA, and has received GFOA's Distinguished Budget Presentation Award for fifteen years. 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 and to other County departments for their assistance in the preparation of this report. Special recognition goes to Sharon Moore, CPA for her efforts. We also extend our thanks and appreciation to our independent auditors Cherry Bekaert LLP for their outstanding efforts and assistance. In closing, we thank the County Commissioners for their interest and support to us throughout the year. Sincerely Amy Heavy n, CPA, CFE Maureen O'Brien, MSA Cle a Circuit Court & Comptroller Assistant Finance Director Chief Financial Officer A-6 1!J Government Finance Officers Association 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, 2013 Executive Director/CEO A-7 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS DANNY KOLHAGE, MAYOR DISTRICT 1 GEORGE NUEGENT DISTRICT 2 HEATHER CARRUTHERS DISTRICT 3 DAVID RICE DISTRICT 4 SYLVIA MURPHY DISTRICT 5 COUNTY ADMINISTRATOR ROMAN GASTESI CLERK OF THE CIRCUIT COURT AND CHIEF FINANCIAL OFFICER AMY HEAVILIN, CPA & CFE A-8 t ►] 9 F w Y z� �a 4 E UFg ,� U` Woo w�F ca m a� a �e a ao �a 0 U z o� H aw 0w aw Fo za a �U hU U ea U � aQ �� F w o wQ w� aaaa ca a F w � Y � Q Y 0 04 C� Q w U ° u U C Y V z '� � z W ►� �+ Q 1% W wWa W wa wa0 A-9 THIS PAGE INTENTIONALLY LEFT BLANK `� Cherry Bekaert"� CPAs & Advisoes Report of Independent Auditor To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the "County"), as of and for the year ended September 30, 2014, and the related notes to the financial statements, which collectively comprise the County's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. 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. 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the County's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the County's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective 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, 2014, and the respective changes in financial position, and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund, Fine and Forfeiture Fund, HIDTA Grants Fund, and Governmental Grants Fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. B-1 Emphasis of Matter Change in Accounting Principle As discussed in Note 22 to the basic financial statements, the County adopted the provisions of Governmental Accounting Standards Board Statement No. 65, Items Previously Reported as Assets and Liabilities, effective October 1, 2013. In addition the County adopted the provisions of Govermmnetal Accounting Standards Board Statement No. 67, Financial Reporting for Pension Plans — An Amendment of Governmental Standards Board Statement No. 25, effective October 1, 2013. Our opinions are not modified with respect to these matters. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to this information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary and Other Information 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 and individual fund statements and schedules, and statistical section, as 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 Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented for purposes of additional analysis as required by 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 is also not a required part of the basic financial statements. The combining and individual fund statements and schedules and the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and schedules and Schedule of Expenditures of Federal Awards and State Financial Assistance Projects are fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. B-2 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 31, 2015, on our consideration of the County's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is 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 internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the County's internal control over financial reporting and compliance. Orlando, Florida March 31, 2015 B-3 THIS PAGE INTENTIONALLY LEFT BLANK Management's Discussion and Analysis As Finance Department management under the direction of the Chief Financial Officer and Clerk of the Circuit Court & Comptroller 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, 2014. 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 assets exceeded its liabilities and deferred inflows of resources at September 30, 2014 by $578,992,382, an increase of $32,178,823. Net position for governmental activities was $470,069,585 and $108,922,797 for business -type activities. • Unrestricted net position, available for Monroe County's ongoing obligations to citizens and creditors was $51,934,724, a decrease of $11,720,352. Governmental activity unrestricted net position was $31,027,325. Business -type activity unrestricted net position was $20,907,399. • At September 30, 2014, Monroe County's governmental funds statement reported combined ending fund balances of $174,737,276, an increase of $177,146 from the previous fiscal year. • The General Fund reported an unassigned fund balance of $11,967,821. The General Fund also reported a total fund balance of $35,527,365, a decrease from the last fiscal year of $119,961. The County experienced a favorable General Fund budget variance, mostly attributable to lower than anticipated expenditures. • Bonded debt and loans of Monroe County increased $22,322,905 in 2014, due primarily to the addition of a Clean Water State Revolving Fund Construction Loan Agreement in 2014. Monroe County's percentage of bonded debt and loans compared to net position increased from 7.2% to 10.7%. 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 govemment-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 Position and a Statement of Activities. These statements appear on pages D-1 through D-4 of this report. The Statement of Net Position shows the County's assets less its liabilities and deferred inflows of resources at September 30, 2014. The difference between these assets, liabilities and deferred inflows of resources is reported as net position. Changes in net position over time may be indicative of an improving or deteriorating financial position. Net position is reported in three categories: 1) net investment in capital assets, 2) restricted, and 3) unrestricted. C-1 The Statement of Activities, which follows the Statement of Net Position, presents information showing how the net position changed during fiscal year 2014. The statement presents all underlying events, 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 include the Monroe County Comprehensive Plan Land Authority, a legally separate entity. Financial information for this component unit is reported separately within the government -wide financial statements from the financial information presented for the primary government. 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-16 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, three Special Revenue Funds: Fine and Forfeiture, HIDTA Grants and Governmental Grants, the Debt Service fund and three capital project funds: One Cent Infrastructure Surtax, Big Coppitt Wastewater Project and Cudjoe Regional Wastewater Project. 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. C-2 Proprietary Funds Monroe County maintains two different types of proprietary funds, enterprise and internal service. The proprietary fund statements appear on E-17 through E-26 of this report. 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 insurance and risk management) and fleet management 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-27 through E-28 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 Required Supplementary Information has been added for fiscal year 2014 for the Pension Plan for Volunteer Firefighters and Emergency Medical Services and is summarized on pages G-1 through page G-5. Combining and individual statements and schedules mentioned earlier, which present details of non - major funds used in governmental and enterprise funds, commence on page H-1 and continue throughout the entire H 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 I page section and the Single Audit Section in the J page section of this report. C-3 Government -Wide Financial Analysis Monroe County Net Position (in thousands) Governmental Business -type Total Primary Activities Activities Government 2014 2013 2014 2013 2014 2013 Current and Other Assets $235,393 $240,217 $32,118 $29,848 $267,511 $270,065 Capital Assets 370,954 303,575 82,285 84,620 453,239 388,195 Total Assets 606,347 543,792 114,403 114,468 720,750 658,260 Current /Other Liabilities 32,077 33,948 2,774 3,195 34,851 37,143 Long -Term Liabilities 99,435 71,262 2,706 2,630 102,141 73,892 Total Liabilities 131,512 105,210 5,480 5,825 136,992 111,035 Deferred inflows 4,765 411 - - 4,765 411 Net Position: Net Investment in Capital Assets 310,396 270,423 81,817 84,103 392,213 354,526 Restricted 128,647 124,146 6,198 4,487 134,845 128,633 Unrestricted 31,027 43,602 20,908 20,053 51,935 63,655 Total Net Position $470,070 $438,171 $108,923 $108,643 $578,993 $546,814 The overall financial position of Monroe County has remained relatively constant in both fiscal years 2014 and 2013. Changes in net position over time can be one of the best and most useful indicators of a government's financial position. Monroe County's net position increased in fiscal year ending 2014 by $32,178,823 following an increase in fiscal year ending 2013 of $26,104,540. The largest portion of net position for 2014 and 2013 is Monroe County's net investment in capital assets (e.g., land and depreciated buildings, infrastructure and equipment) less any outstanding debt related to their acquisition. This category represents 67.8% and 64.8% of total primary government net position for fiscal years 2014 and 2013. 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 position above also includes restricted net position. Restricted net position 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 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 position is unrestricted net position. Unrestricted net position may be used to meet the County's ongoing obligations to citizens and creditors. Current and other assets, decreased in 2014 due to budget variances. The increase in capital assets reflects the County's ongoing commitment of resources to the wastewater improvement construction. The County also continues to construct improvements to public C-4 facilities such as administrative buildings such as the Marathon Courthouse and fire stations as the one located on Stock Island. Total liabilities and deferred inflows were $30,311,032 higher than in 2013. The County received total loan draws of $32,874,273 under the Clean Water State Revolving Fund Construction Agreement that was awarded in 2014. The Counties commitment to continue Waste Water for the collection, transmission and treatment facilities contributed to the increase of long term debt. Other post - employment benefits and compensated absences have continued to increase. 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 2014 2013 2014 2013 Current Assets $235,393 $239,861 $ 25,920 $ 25,192 Current Liabilities $ 32,077 $ 33,948 $ 2,774 $ 3,195 Ratio of Current Assets to Current Liabilities 7.34 7.07 9.34 7.88 The schedule above demonstrates that Monroe County has more than adequate cash flows. C-5 Monroe County Changes in Net Position (in thousands) Governmental Business -type Total Primary Activities Activities Government 2014 2013 2014 2013 2014 2013 Revenues: Charges for Services $ 31,162 $ 34,000 $ 26,677 $ 25,981 $ 57,839 $ 59,981 Operating Grants and Contributions 24,485 26,680 2,546 3,485 27,031 30,165 Capital Grants and Contributions 22,554 9,689 1,089 2,344 23,643 12,033 General Revenues: Property Taxes 73,682 72,393 - - 73,682 72,393 Other Taxes 71,188 64,610 - - 71,188 64,610 State Revenue Sharing 3,298 3,113 - - 3,298 3,113 Investment Income 1,641 1,349 66 91 1,707 1,440 Miscellaneous 2,571 2,682 18 8 2,589 2,690 Total Revenues 230,581 214,516 30,396 31,909 260,977 246,425 Expenses: General Government 37,267 32,495 - - 37,267 32,495 Public Safety 98,221 97,645 - - 98,221 97,645 Physical Environment 2,886 4,057 - - 2,886 4,057 Transportation 5,837 5,810 - - 5,837 5,810 Economic Environment 30,286 27,405 30,286 27,405 Human Services 8,776 8,773 - - 8,776 8,773 Culture and Recreation 4,765 4,945 - 4,765 4,945 Court Related 8,564 8,678 - - 8,564 8,678 Abandonment Loss 1,079 - - - 1,079 - Interest on LT Debt 1,090 1,346 - - 1,090 1,346 Solid Waste - - 17,091 16,147 17,091 16,147 Toll Bridge - - 1,322 1,300 1,322 1,300 Key West Airport - - 9,315 8,552 9,315 8,552 Marathon Airport - - 1,973 1,654 1,973 1,654 Total Expenses 198,771 191,154 29,701 27,653 228,472 218,807 Change in Net Position before transfers 38,810 23,362 695 4,256 32,505 27,618 Transfers 415 415 (415) (415) - - Change in Net Position 32,225 23,777 280 3,841 32,505 27,618 Net Position, Beg, As Prev Stated 438,171 416,116 108,643 104,593 546,814 520,709 Restatement (326) (326) Prior Period Adjust (1,722) - 209 (1,513) Net Position, Beginning, Restated 437,845 414,394 108,643 104,802 546,488 519,196 Net Position, Ending $470,070 $438,171 $108,923 $108,643 $578,993 $546,814 C-6 Governmental Activities The graph below represents a comparison of program revenues to program expenses for governmental activities in fiscal years 2014 and 2013. 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, 2014 ■ Program Revenues 0 Program Expenses 98.2 100.0 80.0 oi, 37.2 33.6 � 40.0, ., 30.2 20.0 15 6 & 22 R2.8 1.6 5.8 2.0 1.7 8.7 0.3 4.7 1.0 8.5 0.0 3" -0m m n 0 �i Q <, < (� m= C o n S. C 3 m o y O o 0 o y M .. m m°1 °1 m� ' Ski m3 y 0Q0 m `� - m o a The largest revenue sources for governmental activities in 2014 are property taxes in the amount of $73,682,489 and all other taxes totaling $71,188,506. Total taxes of $144,870,995 amounted to 62.8% of Monroe County's governmental activity revenues excluding transfers. The second largest revenue source is charges for services at 13.7% of governmental activity revenues excluding transfers. The 2014 graph identifies the largest expense function as public safety amounting to $98,221,343. This is 49.5% of the total expenses for governmental activities. The second largest function is general government in the amount of $37,267,214 or 18.8% 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 Monroe County, Florida Governmental Activities (in Millions) For the year ended September 30, 2013 ■ Program Revenues 0 Program Expenses 97.6 100.0 80.0 60.0 33 40.0 32.4 27.4 20.0 9.9 }+ 16.0 4.1 5.8 2.0 8.8 1.8 5.0 4.9 8.6 t 1.7 - 0.3 0.0 =. o c = m N= c N n E o CD <7 v f) s < (p� z O O y 0 C c m�' °' 7 N �_ m d m�' m3 ci o mCL The largest revenue sources for governmental activities in 2013 are property taxes in the amount of $72,392,013 and all other taxes totaling $64,609,291. Total taxes of $137,001,304 amounted to 63.9% of Monroe County's governmental activity revenues excluding transfers. The second largest revenue source is operating grants at 15.8% of governmental activity revenues excluding transfers. The 2013 graph identifies the largest expense function as public safety amounting to $97,644,691. This is 51 % of the total expenses for governmental activities. The second largest function is general government in the amount of $32,494,968 or 17% 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. Business -Type Activities The purpose of proprietary funds is to recover the majority of costs incurred in providing a service through user fees and charges for that service. Charges for services revenues in 2014 amounted to $26,676,888 or 88% of all revenue sources. Other revenue sources include operating grants, capital grants, contributions, investment income, and miscellaneous. Total revenues excluding transfers from other funds were in excess of expenses excluding transfers to other funds by $695,229. The change in net position in 2014 was $280,060. Fiscal year 2014 had (mainly airports) a decrease of $2,194,020 in capital and operating grants, as well as an increase in charges for services of $695,833. Financial Analysis of Monroe County's Funds Governmental Funds Governmental funds provide information on near -term inflows, outflows, and balances of spendable resources. In assessing Monroe County's financing requirements, unassigned fund balance represents the County's net resources available for spending at the end of the fiscal year. The governmental fund types include the general fund, special revenue, debt service and capital project funds. .W, As mentioned earlier in the Financial Highlights, Monroe County's governmental funds reported combined fund balances of $174,737,276 at the end of the current fiscal year. This represents a slight increase in prior year. Governmental funds held non -spendable, restricted, committed or assigned amounts totaling $162,769,455 to reflect the various constraints placed on those resources for future use. The General Fund is the chief operating fund of Monroe County and automatically, one of Monroe County's major funds. At September 30, 2014, total fund balance in the General Fund was $35,527,365, a decrease of $119,961 from the prior year. The unassigned portion of the General Fund fund balance is $11,967,821 or 33.7%. Total revenues increased $2,426,233 or 7.0% from the previous year. Revenue from taxes increased $1,725,785 due to a decision by the Board of County Commissioners to increase the aggregate millage rate. Expenditures increased $4,619,157 or 5.7%. Other Maior Fund Information (in thousands) Fine and Forfeiture HIDTA Grants Governmental Grants 2014 2013 2014 2013 2014 2013 Revenues and Other Sources $ 46,601 $ 45,051 $ 19,541 $ 19,072 $ 6,135 $ 8,743 Expenses and Other Uses 49,461 47,065 19,541 19,072 5,662 6,903 Increase/(Decrease) in Fund Balance $ 2,860 $ 2,014 $ - $ - $ 473 $ 1,840 One Cent Big Coppitt Wastewater Infrastructure Surtax Project 2014 2013 2014 2013 Revenues and Other Sources $ 20,246 $ 17,298 $ 569 $ 510 Expenses and Other Uses Increase/(Decrease) in Fund Balance Revenues and Other Sources Expenses and Other Uses Increase/(Decrease) in Fund Balance 13,961 30,976 725 1,054 $ 6,285 $ (13,678) $ (156) $ (544) Cudjoe Regional Wastewater Project Debt Service 2014 2013 2014 2013 $ 53,710 $ 29,474 $ 5,758 $ 6,281 57,846 19,297 6,181 6,183 $ (4,136) $ 10,177 $ (423) $ 98 C-9 Fine and Forfeiture Special Revenue Fund Revenue for this fund increased slightly. Ad Valorem taxes increased. Expenditures decreased from 2013 values in public safety and court related. 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. Governmental Grants Special Revenue Fund The majority of fiscal year 2014 revenue decreased in the area of intergovernmental activity. The majority of decreased expenditures is due to completion of Tom's Harbor Bridge in prior year. One Cent Infrastructure Surtax Capital Projects Fund Monroe County voted during the 2012 general election to extend the surtax expiration date from 2018 to 2033. This is similar to the State shared revenues based on sales tax; the trend for this receipt has been growing each year. The revenue source will be used to continue annual capital projects; specifically to include the Canal Master Plan, Bernstein Park and Old Seven Mile Bridge. Big Coppitt Wastewater Project Revenues increased approximately 18% over prior year; this was primarily from the licensing and permits fee increases implemented by the county. Expenditures decreased as a result of a transfer to the Debt Service Fund to cover the payments due during the year. Cudjoe Regional Wastewater Project During 2014 revenue increased due to the Counties commitment to construct collection, transmission and treatment facilities. In 2014, the treatment plant was constructed and is close to completion and about 70% of the collection system was installed. Debt Service All debt service revenue decreased in Investment Income. Expenditures remained relatively the same. 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. Revenues for Charges for Services - tipping fees are slightly higher than the prior year. The change in service revenues is attributed to an improvement in the County's rate of recycling, which continues to increase. The cost of operations also increased slightly due to an increase in contractual services for waste haul -out. Card Sound Bridge Enterprise Fund The Bridge is an alternative route to the "Eighteen Mile Stretch." Revenues from tolls increased slightly as tourism rebounds somewhat. Investment revenues declined due to a decrease in investments. The Key West Airport Enterprise Fund Revenue increased slightly in charges for services. There were significant decreases in capital grants over the prior year. The Marathon Airport Enterprise Fund This fund experienced a relatively stable year. Operating grants decreased. Marathon had a loss on the abandonment of CIP in the amount of $500,049. Other factors concerning the finances of these three major funds have already been addressed in the discussion of Monroe County's business -type activities. C-10 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 an important part of Monroe County's operations. Internal service fund operating revenues increased slightly in all funds except Worker's Compensation and the Risk Management funds, which experienced a slight decrease. Operating expenses rose slightly higher due to higher asserted and paid claims in the Workers' Compensation and Group Insurance Funds. 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. Net investment in capital assets for both governmental and business -type activities, at September 30, 2014, was $453,238,242. Net investment in capital assets for governmental activities is $310,395,551 and $81,817,278 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. Monroe County has several significant general government construction projects. The County's primary focus for general government capital assets is the construction of its wastewater collection systems and solid waste disposal. Other ongoing miscellaneous projects include the enhancement at both Key West and Marathon Airports as well as the North Key Largo Utility and Bike Path. Further details are available in Note 7 to the financial statements pages F-16 through F-17. Long -Term Debt At September 30, 2014, Monroe County had long-term debt in the amount of $107,995,462. This debt is mainly comprised of revenue bonds and notes secured by pledges of revenues. Revenue secured debt for governmental activities is $61,877,312. Monroe County has no general obligation bonds. Additions to long-term debt consisted of the following: • Clean Water State Revolving Fund Construction Loan Agreement 2014 for $32,874,273 • Increases to accrued compensated absences for $3,031,798 • Increases in the cost of other post -employment benefits for $6,182,000 Retirements of long-term debt amounted to $10,433,391 which included the retirement of $5,090,027 of revenue bonds and notes. Moody's Investors Service rates Monroe County, Florida Infrastructure Sales Surtax Revenue Bonds, Series 2003 and 2007 as "Al". Standard and Poor's Ratings Services have rated these issues "A+". Further details are available in notes to the financial statements pages F-26 through F-29. Budgetary Highlights — General Fund There were slight variations from the original budget to the amended budget for miscellaneous revenues. Public Safety had an increase to cover the Sheriff's law enforcement needs. C-11 The more significant variations from the amended budget to the actual were the following: • Clerk Commission and Fees as well as Court Related Costs were less than anticipated. • Public Works Facility Maintenance was under budget in various categories. • Property Appraiser and Supervisor of Elections were both under budget for fiscal year 2014. • Hurricane budget was not needed in fiscal year 2014. • Transportation and Human Services expenditures were down. Economic Factors and Next Year's Budgets and Rates Monroe County's short and long-term goals and policies are developed during the budget process each year. The BOCC discusses trends, capital projects and policy priorities at public meetings held during the budget planning phase. These priorities are further refined, clarified and adopted during the budget preparation. The fiscal year 2015 budget was developed in consideration of the economic stabilization being experienced and the resulting moderate increases to sales tax revenues. The financial outlook for Monroe County remains sound. There is a modest rebounding of property values, slow gains in consumer spending and declining unemployment. Revenues from tourism, our main economic source, continue to reflect increases. Total budgeted revenues/sources increased between 2014 and 2015. The increase in the overall budget is attributable to major infrastructure and capital projects. The largest revenue source of the County's General Fund is ad valorem taxes. The aggregate millage rate for 2015 is 3.986 which is higher than the Rolled Back millage rate of 3.8331 in fiscal year 2014. The overall increase is 2.75%. After property taxes, the Local Government Half -Cent Sales Tax is the single, largest revenue source in the General Fund. An increase of approximately 8% is expected, as the tourism industry shows signs of recovery. Licenses and Permits are expected to increase 47% due to additional building permits and special assessments. Budgeted expenditures have increased particularly in the Physical Environment and Transportation categories. Expenditures for capital projects are ongoing. Significant capital projects include the following: • Construction of the Cudjoe Regional Wastewater system • Canal Master Plan • Freeman Justice Center - Acoustics • Magnolia Street — Public Works Offices • Libraries • Bernstein Park — Stock Island • Summerland Fire Station • Training Academy — Crawl Key • Plantation Key Courthouse and Jail • Roads/Paving County -wide • Harvey Senior Center Tourism revenues are very important to the Keys' economic health, and the County will continue to advertise the Keys as a tourist destination. 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 Amy Heavilin, CPA/CFE, Clerk of the Courts & Comptroller located at 500 Whitehead Street, Key West, Florida 33040. C-12 BASIC FINANCIAL STATEMENTS ASSETS Current Assets: Cash and Cash Equivalents Investments Accounts Receivable, Net Assessments Receivable Internal Balances Due from Other Governmental Units Advances from other governments Interest Receivable Inventory Restricted Cash and Cash Equivalents Total Current Assets Noncurrent Assets: Restricted Cash and Cash Equivalents Restricted Accounts Receivable Mortgage/ Notes Receivable Allowance for Mortgage/ Notes Receivable Land and Other Nondepreciable Assets Other Capital Assets, Net of Accum Deprec 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 Other Current Liabilities Deposits in Escrow Unearned Revenue Accrued Interest Payable MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2014 Primary Government Component Unit Governmental Business -Type Monroe County- Comp Activities Activities Total Plan Land Authority $ 86,915,296 $9,969,601 $ 96,884,897 $ 16,011,764 120,781,098 14,553,220 135,334,318 - 508,536 1,291,383 1,799,919 - 4,192,339 - 4,192,339 - 1,304,033 (1,304,033) - - 7,494,089 1,381,262 8,875,351 500,265 12,605,089 - 12,605,089 - 269,651 28,289 297,940 - 4,048 - 4,048 - 1,319,171 - 1,319,171 - 235,393,350 25,919,722 261,313,072 16,512,029 6,047,317 6,047,317 - 150,803 150,803 - 9,035,380 - 9,035,380 9,151,579 (9,035,380) - (9,035,380) - 165,020,569 6,557,389 171,577,958 23,434,129 205,933,125 75,727,159 281,660,284 35 370,953,694 88,482,668 459,436,362 32,585,743 606,347,044 114,402,390 720,749,434 49,097,772 11,701,559 2,285,483 13,987,042 11 347,032 57,161 404,193 - 4,111,819 107,513 4,219,332 13,338 2,448,156 - 2,448,156 - 3,134,242 50,105 3,184,347 - 730,620 119,665 850,285 18,718 3,313 - 3,313 - 63,411 63,421 126,832 - 4,243,727 40,291 4,284,018 - 9,560 - 9,560 - (Continued) The notes to the financial statements are an integral part of this statement. D-1 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION - CONTINUED SEPTEMBER 30, 2014 Capital Leases Payable Revenue Notes Payable Revenue Bonds Payable Total Current Liabilities Noncurrent Liabilities: Payable from Restricted Assets - Landfill Closure/Postclosure Costs Accrued Comp. Absences Payable Capital Leases Payable Revenue Notes Payable Revenue Bonds Payable Other Liabilities OPEB Liability Total Noncurrent Liabilities Total Liabilities DEFERRED INFLOWS OF RESOURCES Advances from Other Governments NET POSITION Net Investment in Capital Assets Restricted: Public Safety Physical Environment Transportation Economic Environment Land Authority Court Programs Human Services Cultural and Recreation General Landfill Closure and Post Closure Capital Projects Debt Service Unrestricted Total Net Position Primary Government Component Unit Governmental Business -Type Monroe county -Comp Activities Activities Total Plan Land Authority - 50,000 50,000 - 452,352 - 452,352 - 4,831,091 - 4,831,091 - 32,076,882 2,773,639 34,850,521 32,067 - 171,563 171,563 - 9,981,026 284,238 10,265,264 67,249 - 417,270 417,270 - 41,006,048 - 41,006,048 - 15,587,821 - 15,587,821 - 200,000 129,632 329,632 - 32,660,517 1,703,251 34,363,768 - 99,435,412 2,705,954 102,141,366 67,249 131,512,294 5,479,593 136,991,887 99,316 4,765,165 - 4,765,165 - 310,395,551 81,817,278 392,212,829 23,434,164 33,749,695 - 33,749,695 - 7,884,582 - 7,884,582 - 14,508,621 4,471,453 18,980,074 - 23,478,276 - 23,478,276 - - - - 9,254,104 6,372,081 - 6,372,081 - 3,399,325 - 3,399,325 - 2,937,699 - 2,937,699 - 3,278,122 - 3,278,122 - - 1,726,667 1,726,667 - 30,834,927 - 30,834,927 - 2,203,381 - 2,203,381 - 31,027,325 20,907,399 51,934,724 16,310,188 $ 470,069,585 $ 108,922,797 $ 578,992,382 $ 48,998,456 D-2 MONROE COUNTY, FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2014 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Primary government: Governmental activities: General Government $ 37,267,214 $ 15,516,640 $ - $ - Public Safety 98,221,343 13,096,102 20,465,344 87,913 Physical Environment 2,885,932 94,236 220,643 21,786,579 Transportation 5,836,775 294,635 675,598 679,259 Economic Environment 30,286,372 454,473 1,617,115 - Human Services 8,776,107 431,788 1,331,907 - Culture and Recreation 4,765,301 212,996 174,137 - Court Related 8,564,174 1,061,006 - - Loss on Abandonment 1,078,820 - - - Interest on Long Term Debt 1,090,490 - - - Total governmental activities 198,772,528 31,161,876 24,484,744 22,553,751 Business -type activities: Solid Waste 17,090,607 17,978,598 140,909 - Toll Bridge 1,321,780 994,032 - - Key West Airport 9,315,084 6,874,905 2,156,870 1,034,985 Marathon Airport 1,973,093 829,353 247,753 54,465 Total business -type activities 29,700,564 26,676,888 2,545,532 1,089,450 Total primary government $ 228,473,092 $ 57,838,764 $ 27,030,276 $ 23,643,201 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 St. Shared Rev, Unrestricted Investment Income Settlements, Insurance Recoveries Donations, and Other Income Transfers Total General Revenues and Trsfs Change in Net Position Total Net Position -Beginning Restatement Total Net Position -Beginning, Restated Total Net Position -Ending The notes to the financial statements are an integral part of these statements. D-3 Net (Expense) Revenue and Changes in Net Position Primary Government Component Unit Governmental Business -type Monroe County- Comp Activities Activities Total Plan Land Authority $ (21,750,574) $ - $ (21,750,574) $ (368,649) (64,571,984) - (64,571,984) - 19,215,526 - 19,215,526 - (4,187,283) - (4,187,283) - (28,214,784) - (28,214,784) - (7,012,412) - (7,012,412) - (4,378,168) - (4,378,168) - (7,503,168) - (7,503,168) - (1,078,820) - (1,078,820) (1,090,490) - (1,090,490) - (120,572,157) - (120,572,157) (368,649) - 1,028,900 1,028,900 - - (327,748) (327,748) - - 751,676 751,676 - - (841,522) (841,522) - - 611,306 611,306 - (120,572,157) 611,306 (119,960,851) (368,649) 73,682,489 - 73,682,489 - 4,348,864 - 4,348,864 4,378,316 5,722,072 - 5,722,072 - 9,947,619 - 9,947,619 - 18,653,970 - 18,653,970 - 30,555,397 - 30,555,397 - 1,960,584 - 1,960,584 - 3,298,568 - 3,298,568 - 1,641,621 65,637 1,707,258 4,654 2,570,727 18,286 2,589,013 250 415,169 (415,169) - - 152,797,080 (331,246) 152,465,834 4,383,220 32,224,923 280,060 32,504,983 4,014,571 438,170,822 108,642,737 546,813,559 44,983,885 (326,160) - (326,160) - 437,844,662 108,642,737 546,487,399 44,983,885 $ 470,069,585 $ 108,922,797 $ 578,992,382 $ 48,998,456 D-4 MONROE COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2014 Assets Cash and Cash Equivalents Investments Accounts Receivable, Net Assessments Receivable Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Advances Interest Receivable Inventory Total Assets Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units Unearned Revenues Other Current Liabilities Deposits in Escrow Total Liabilities Deferred Inflows of Resources: Advances from Other Governments Unavailable Revenues Total Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources and Fund Balances General Fine & Forfeiture HIDTA Grants Governmental Grants $ 23,905,559 $ 4,910,527 $ 585,879 $ 1,320,292 21,148,040 8,773,807 - 1,740,417 93,342 275,055 15,317 10 389,817 1,245,809 6,975 - 1,262,036 316,409 1,792,256 1,177,389 - - - 368,089 - - - (368,089) 40,805 17,054 3,383 4,048 - - - $ 46,843,647 $15,538,661 $ 2,400,427 $ 4,241,491 $ 3,913,327 $ 128,312 $ 738,024 $ 384,367 - - - 66,756 3,457,461 34,914 126,494 13,878 2,436,295 7,091 558,023 96,950 1,485,306 - 977,886 198,359 15,130 - - - 3, 313 - - - 5,450 - - - 11,316,282 170,317 2,400,427 760,310 - - 37,580 - 18,937 - 581,751 18,937 - 619,331 4,048 - - - 116,890 15,349,407 - 2,861,850 10,000,000 - - - 13,438,606 - - - 11,967,821 - - - 35,527,365 15,349,407 - 2,861,850 $ 46,843,647 $15,538,661 $ 2,400,427 $ 4,241,491 The notes to the financial statements are an integral part of these statements. E-1 One Cent Infrastructure Surtax Big Coppitt Cudjoe Regional Wastewater Wastewater Project Project Nonmajor Total All Governmental Governmental Debt Service Funds Funds $ 5,655,436 $ 972,128 $ 1,450,759 $ 750,403 $ 39,208,984 $ 78,759,967 11,025,634 1,893,923 2,826,972 1,450,159 53,480,663 102,339,615 - - - - 115,969 499,693 - 3,190,731 - - 1,001,608 4,192,339 - 878 2,336 - 2,633,463 4,279,278 1,547,603 - - - 1,367,206 7,462,899 - - - - 8,667,291 9,035,380 - - - - (8,667,291) (9,035,380) - - 12,454,430 - 150,659 12,605,089 21,431 3,681 5,495 2,819 139,136 233,804 - - - - - 4,048 $ 18,250,104 $ 6,061,341 $ 16,739,992 $ 2,203,381 $ 98,097,688 $ 210,376,732 $ 742,058 $ - $ - $ - $ 3,776,262 $ 9,682,350 17,768 - - - 262,508 347,032 10,544 - 1,813 - 436,437 4,081,541 - - - - 1,452,549 4,550,908 5 - - - 475,288 3,136,844 - - 8,925,911 - - 8,941,041 - - - - - 3,313 - - - - 57,961 63,411 770,375 - 8,927,724 - 6,461,005 30,806,440 30,271 67,851 3,135,701 - - 1,028,776 4,765,165 3,135,701 - - 1,059,047 4,833,016 - - - - - 4,048 17,479,729 2,925,640 7,812,268 2,203,381 81,216,715 129,965,880 - - - - 3,208,266 13,208,266 - 6,152,655 19,591,261 - - - - - 11,967,821 17,479,729 2,925,640 7,812,268 2,203,381 90,577,636 174,737,276 $ 18,250,104 $ 6,061,341 $ 16,739,992 $ 2,203,381 $ 98,097,688 $ 210,376,732 E-2 MONROE COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO STATEMENT OF NET ASSETS SEPTEMBER 30, 2014 Amounts reported for governmental activities in the Statement of Net Position are different because: Ending Fund Balance - Governmental Funds $ 174,737,276 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of accumulated depreciation of $131,735,112 369,976,534 Deferred inflows of resources are not recognized in the governmental funds as they are not current financial resources. They are reported as a reduction of deferred inflows in the Statement of Net Position 4,765,165 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the funds. Revenue Bonds Payable $ (20,418,912) Revenue Notes Payable (41,458,400) OPEB Liability (31,874,746) Accrued Interest Payable (9,560) Other Liabilities (200,000) Accrued Compensated Absences (10,560,244) Total (104,521,862) 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 25,112,472 Net Position of governmental activities $ 470,069,585 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 GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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): General Fine & Forfeiture HIDTA Governmental Grants Grants $ 22,787,160 $ 39,366,872 $ - $ - 8,350,486 78,715 19,540,567 5,684,674 4,231,103 4,142,077 - 12,427 84,438 - - 151,467 85,036 - 3,410 1,707,186 2,150 - 40,598 37,239,829 43,759,288 19,540,567 5,728,682 26,455,191 471,116 - - 45,672,476 7,247,174 19,540,567 504,471 175,748 - - 221,908 108,263 - 1,463,304 596,303 - - 1,272,486 6,559,668 - - 1,686,285 2,925,667 - - 88,648 3,967,048 256,230 - - 86,460,364 7,974,520 19,540,567 5,237,102 (49,220,535) 35,784,768 - 491,580 Transfers from Other Funds 51,624,378 2,841,935 Transfers to Other Funds (2,523,804) (41,486,376) Debt Proceeds - - Total Other Financing Sources/(Uses) 49,100,574 (38,644,441) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 (119,961) (2,859,673) 35,647, 326 18,209,080 406,325 (424,515) (18,190) 473,390 2,388,460 $ 35,527,365 $ 15,349,407 $ - $ 2,861,850 The notes to the financial statements are an integral part of these statements. E-4 One Cent Big Coppitt Cudjoe Regional Nonmajor Total Infrastructure Wastewater Wastewater All Governmental Governmental Surtax Project Project Debt Service Funds Funds $ 18,653,970 $ 815 $ 467 $ - $ 49,898,721 $ 130,708,005 - 397,994 - - 3,962,823 4,360,817 149,308 - 25,290,595 - 12,394,029 71,488,374 - - - - 11,845,991 20,219,171 - - - - 2,966,928 3,063,793 28,028 128,617 842,137 7,986 323,560 1,570,241 701,719 41,123 161,893 - 187,701 2,842,370 19,533,025 568,549 26,295,092 7,986 81,579,753 234,252,771 - - - - 2,591,526 29,517,833 - - - - 24,601,654 97,566,342 - - - - 1,523,268 1,920,924 - - - - 6,630,778 8,202,345 - - - - 28,401,900 30,270,689 - - - - 365,643 8,611,596 - - - - 1,479,155 4,493,470 - - - - 4,062,263 8,285,541 8,440,195 41,253 57,840,520 - 1,248,752 67,570,720 - - - 6,181,008 - 6,181,008 8,440,195 41,253 57,840,520 6,181,008 70,904,939 262,620,468 11,092,830 527,296 (31,545,428) (6,173,022) 10,674,814 (28,367,697) 713,401 878 2,336 5,750,271 4,628,606 65,968,130 (5,520,878) (683,938) (5,020) - (14,191,688) (64,836,219) - - 27,412,932 - - 27,412,932 (4,807,477) (683,060) 27,410,248 5,750,271 (9,563,082) 28,544,843 6,285,353 (155,764) (4,135,180) (422,751) 1,111,732 177,146 11,194,376 3,081,404 11,947,448 2,626,132 89,465,904 174,560,130 $ 17,479,729 $ 2,925,640 $ 7,812,268 $ 2,203,381 $ 90,577,636 $ 174,737,276 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, 2014 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances - total governmental funds 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 $76,990,093 exceed depreciation of $9,721,576 in the current period. Governmental Funds do not report donated capital assets as they do not provide current financial resources. Governmental activities report donated assets at fair market value. Debt issuance is reported as revenue on the governmental funds as current financial resources are available, but as a long-term liability on the Statement of Net Position. 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 liabilities in the Statement of Net Position. The change in compensated absences is reported on the Statement of Activities but is not reported in the governmental funds as current financial resources are not used. The change in OPEB liability is reported on the Statement of Activities but is not reported in governmental funds as current financial resources are not used. Other liability is reported on the Statement of Activities but is not reported in governmental funds as current financial resources are not used. 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. The net revenues of internal service funds (funds used to charge the costs of certain activities to individual funds) are reported with governmental activities. Change in net position of governmental activities $ 177,146 67,268,517 111,268 (27,412,932) 5,090,518 (507,207) (3,532,000) (200,000) (6,472,501) (2,297,886) $ 32,224,923 The notes to the financial statements are an integral part of this statement. E-6 MONROE COUNTY, FLORIDA GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 22,793,368 $ 22,793,368 $ 22,787,160 $ (6,208) Intergovernmental 7,918,786 7,918,786 8,350,486 431,700 Charges for Services 3,822,026 3,877,912 4,231,103 353,191 Fines and Forfeitures 13,000 13,000 12,427 (573) Investment Income 107,144 107,144 151,467 44,323 Miscellaneous 517,450 1,441,481 1,707,186 265,705 Total Revenues 35,171,774 36,151,691 37,239,829 1,088,138 EXPENDITURES: Current: General Government: Board of County Commissioners Admin 1,699,075 1,699,075 1,616,191 82,884 Clerk to BOCC-Financial Package 5,000 5,000 - 5,000 Gov't Enterprise Management System 100,000 100,000 25,107 74,893 Clerk Comm & Fees-Noncourt 3,625,005 3,625,005 3,111,632 513,373 Insurances -Supervisor of Elections 116,362 116,362 98,641 17,721 Promotional Advertising 5,000 5,000 2,185 2,815 Value Adjustment Board 35,000 35,000 29,185 5,815 Tax Increment Payment 300,000 300,000 226,291 73,709 Employee Suggestion Plan 10,000 10,000 - 10,000 Firm Study - 30,000 - 30,000 Lobbyist 126,000 126,000 57,000 69,000 County Administrator 1,176,203 1,179,203 1,043,214 135,989 Technical Services 1,694,086 1,694,086 1,606,501 87,585 Technology 476,320 476,320 447,130 29,190 Grants Administration 113,532 113,532 109,895 3,637 Office of Management & Budget 476,066 476,066 406,181 69,885 Purchasing 220,091 220,091 205,503 14,588 Personnel 364,340 364,340 362,431 1,909 Public Works Management 128,435 134,592 131,968 2,624 Public Works Facilities Maintenance 6,594,208 6,541,051 6,247,904 293,147 ADA Compliance 10,000 10,000 10,000 - County Attorney 1,488,112 1,488,112 1,161,924 326,188 Tax Collector 4,366,679 4,389,620 4,323,199 66,421 Property Appraiser 3,958,255 4,313,279 3,602,424 710,855 Supervisor of Elections 1,744,383 1,744,383 1,517,805 226,578 Quasi External Services 125,000 125,000 112,880 12,120 Total General Government 28,957,152 29,321,117 26,455,191 2,865,926 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, 2014 Public Safety: Hurricane Emergency Management Marathon Emer Operations Center Medical Examiner American Red Cross Lower Keys Sheriff Law Enforcement Sheriff Corrections Fire Academy Total Public Safety Physical Environment: Extension Service Transportation: County Engineer Economic Environment: Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) 300,000 300,000 - 300,000 221,740 206,518 194,713 11,805 70,210 58,210 27,218 30,992 685,346 685,346 662,030 23,316 15,000 15,000 15,000 - 24,192,943 26,641,205 26,066,736 18,746, 020 18, 746, 020 18, 349, 613 429,661 429,661 357,166 72,495 44,660,920 47,081,960 45,672,476 438,608 189,427 189,427 175,748 13,679 304,500 250,500 108,263 142,237 Literacy Volunteers of America 10,000 10,000 10,000 - Veteran's Affairs 468,747 461,997 453,575 8,422 Veteran's Affairs Transportation 130,088 136,838 132,728 4,110 Total Economic Environment 608,835 608,835 596,303 12,532 Human Services: Middle Keys Guidance Clinic Older Americans Volunteer Program Helpline Domestic Abuse Shelter Hospice of the Florida Keys Florida Keys Outreach Coalition Samuel's House Womankind Grace Jones AIDS Help Good Health Clinic Monroe Cty Assn for Retarded Citizens Heron/ Peacock Florida Keys Children's Shelter Wesley House Florida Keys Area 41,151 41,151 41,151 - 500 500 128 372 10,000 10,000 - 10,000 30,000 30,000 29,998 2 141,000 141,000 141,000 - 43, 000 43,000 43,000 - 90,000 90,000 89,982 18 93,600 93,600 93,600 - 40,000 40,000 39,656 344 30,000 30,000 30,000 - 60, 000 60,000 60,000 155,000 155,000 155,000 - 35,000 35,000 34,634 366 159,000 159,000 159,000 - 157,000 157,000 157,000 - 45,000 45,000 45,000 - The notes to the financial statements are an integral part of these statements. (Continued) 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, 2014 Rural Health Network FL Keys Healthy Start Coalition Keys Area Interdenominational Resources Star of the Sea Foundation Independence Cay Be the Change of the FL Keys Anchors Aweigh Burton Memorial UMC A Positive Step of MC Baker Act LKMC FS 394.463 GCC Baker Act Transp GCC SamH FS 394.76 GCC Jail Inhouse Program Health Department Lease Historic FI Keys Foundation Health Department ILA Animal Shelters Welfare Administration Welfare Services Health Care Respite Act Bayshore Manor Social Service Transportation Total Human Services Culture and Recreation: Fine Arts Council Lower Keys AARP Middle Keys AARP Big Pine Key AARP Upper Keys AARP Boys and Girls Club Heart of the Keys Recreation Higgs Beach Maintenance Library Admin Support Library Key West Library Key West Donations Library Marathon Library Marathon Donations Library Islamorada Library Islamorada Donations Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) 300,000 300,000 300,000 - 30, 000 30,000 30,000 - 25,000 25,000 25,000 - 55,000 55,000 55,000 - 25,000 25,000 25,000 - 40, 000 40,000 40,000 - 5,000 5,000 5,000 - 5,000 5,000 5,000 - 20,000 20,000 17,010 2,990 83,334 83,334 83,333 1 146,000 146,000 146,000 - 657,066 657,066 657,066 107,363 107,363 107,363 - 66,000 66,000 38,500 27,500 28,500 28,500 28,500 - 226,640 226,640 77,358 149,282 990,784 1,091, 784 1,091,557 227 569,414 477,027 444,959 32,068 897,266 851,410 708,712 142,698 40,000 40,000 976 39,024 736,830 727,830 681,018 46,812 856,112 899,112 873,167 25,945 7,040,560 7,037,317 6,559,668 477,649 72,500 72,500 63,000 9,500 4,500 4,500 4,324 176 4,500 4,500 2,143 2,357 4,500 4,500 2,994 1,506 4,500 4,500 187 4,313 99,000 99,000 99,000 - 35,000 35,000 35,000 - 95,500 95,500 93,681 1,819 717,321 697,321 651,535 45,786 739,627 739,627 649,659 89,968 1,000 120,544 30,976 89,568 337,887 337,887 292,460 45,427 500 11,289 755 10,534 297,624 297,624 267,322 30,302 250 1,735 146 1,589 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, 2014 Library Key Largo Library Key Largo Donations Library Big Pine Key Library Big Pine Key Donations Total Culture and Recreation Court Related: Law Library Guardian Ad Litem Clerk of the Court - Jury Management State Attorney Public Defender Sheriff Court Security Court Administration Court Admin-Judicial Support Ct. Admin-Other Circuit Court Juvenile Court Admin-Family Ct Case Mgmt Court Admin-Circuit Ct Reporter Svcs Court Admin-Circuit Drug Court Court Admin-Pretrial Release Ct. Admin-Pretrial Svcs Drug Diversion Court Admin-Information Systems Total Court Related Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 403,140 407,140 384,771 22,369 500 2,705 - 2,705 345,214 361,194 347,207 13,987 500 10,391 507 9,884 3,163,563 3,307,457 2,925,667 381,790 67,735 69,335 68,220 1,115 198,377 198,377 137,381 60,996 578,563 578,563 578,563 326,000 326,000 214,317 111,683 578,557 578,557 555,611 22,946 1,497,563 1,497,563 1,459,006 38,557 4,300 4,300 1,302 2,998 177,323 177,323 163,438 13,885 46,399 46,399 45,728 671 153,883 153,883 152,500 1,383 1,675 1,675 1,435 240 386,188 386,188 379,871 6,317 472,399 472,399 463,966 8,433 160,888 160,888 155,426 5,462 174,762 174,762 168,847 5,915 4,824,612 4,826,212 3,967,048 859,164 89,749,569 92,622,825 86,460,364 5,191,585 (54,577,795) (56,471,134) (49,220,535) 7,250,599 Reserve for Contingencies (1,053,467) (521,784) - 521,784 Reserve for Cash Balance (9,300,810) (9,300,810) - 9,300,810 Transfers from Other Funds 53,305,407 54,911,450 51,624,378 (3,287,072) Transfers to Other Funds (2,403,155) (2,647,542) (2,523,804) 123,738 Total Other Financing Sources/(Uses) 40,547,975 42,441,314 49,100,574 6,659,260 Net Change in Fund Balances (14,029,820) (14,029,820) (119,961) 13,909,859 Fund Balances, October 1 14,029,820 14,029,820 35,647,326 21,617,506 Fund Balances, September 30 $ - $ - $ 35,527,365 $ 35,527,365 The notes to the financial statements are an integral part of these statements. E-10 THIS PAGE INTENTIONALLY LEFT BLANK 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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $40,864,992 $40,864,992 $39,366,872 $ (1,498,120) Intergovernmental - - 78,715 78,715 Charges for Services 3,587,000 3,587,000 4,142,077 555,077 Fines and Forfeitures 85,250 85,250 84,438 (812) Investment Income 93,500 90,500 85,036 (5,464) Miscellaneous - 845,219 2,150 (843,069) Total Revenues 44,630,742 45,472,961 43,759,288 (1,713,673) EXPENDITURES: Current: General Government: Tax Increment Payment Public Safety: Sheriff Law Enforcement Sheriff Corrections Bond Refunds LEEA Funds Correction Facilities Medical Air Transport Interagency Communications Juvenile Detention Cost Share Total Public Safety 550,000 550,000 471,116 78,884 2,304,572 2,478,509 2,336,153 142,356 2,163,820 2,138,820 1,928,655 210,165 25,000 25,000 160 24,840 75,000 75,000 75,000 - 2,334,577 2,334,577 1,636,463 698,114 1,137,622 1,116,895 1,016,844 100,051 23,824 23,824 8,704 15,120 408,629 303,919 245,195 58,724 8,473,044 8,496,544 7,247,174 1,249,370 Court Related: Sheriff Extradition 50,000 50,000 25,486 24,514 Sheriff Court Security 257,396 257,396 230,744 26,652 Total Court Related 307,396 307,396 256,230 51,166 Total Expenditures 9,330,440 9,353,940 7,974,520 1,379,420 Excess/Deficiency of Revenues Over/(Under) Expenditures 35,300,302 36,119,021 35,784,768 (334,253) The notes to the financial statements are an integral part of these statements. (Continued) E-11 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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Other Financing Sources/(Uses): Reserve for Contingencies (1,443,181) (1,443,181) - 1,443,181 Reserve for Cash Balance (6,772,102) (6,772,102) - 6,772,102 Transfers to Other Funds (39,883,205) (42,307,967) (41,486,376) 821,591 Transfers from Other Funds - 1,606,043 1,606,043 - Transfers from Constitutional Officers - 1,500,000 1,235,892 (264,108) Total Other Financing Sources/(Uses) (48,098,488) (47,417,207) (38,644,441) 8,772,766 Net Change in Fund Balances Fund Balances, October 1 (12,798,186) (11,298,186) (2,859,673) 8,438,513 12,798,186 11,298,186 18,209,080 6,910,894 Fund Balances, September 30 $ - $ - $15,349,407 $15,349,407 The notes to the financial statements are an integral part of these statements. E-12 MONROE COUNTY, FLORIDA HIDTA SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2014 Revenues: Intergovernmental Total Revenues Expenditures: Current: Public Safety: Public Safety: Total General Government Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 20,000,000 $ 20,025,000 $19,540,567 $ (484,433) 20,000,000 20,025,000 19,540,567 (484,433) 20,000,000 20,025,000 19,540,567 484,433 20,000,000 20,025,000 19,540,567 484,433 The notes to the financial statements are an integral part of these statements. E-13 THIS PAGE INTENTIONALLY LEFT BLANK 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, 2014 Revenues: Intergovernmental Investment Income Miscellaneous Total Revenues Expenditures: Current: Public Safety: Emergency Management Base Grant Federal Emergency Base Grant Federal Emergency Base Grant Radiological Emerg Preparedness EMS Award Grant SHSGP 11DS-40-11-54-01 SHSGP 12DS-20-12-54-01 SHSGP 12SS-00-10-9S-01 SHSGP 14DS-15-11-54-01 MCSO/Emg Mgmt UASI 11 Grant MCSO/Emg Mgmt UASI 12 Grant DOJ DC Medical Director Initiative FKOC Sa Ed & Relap Prev Total Public Safety Physical Environment: Canal Demonstration IE Plant Removal Crew FK116 IE Plant Removal Crew FK119 Total Physical Environment Transportation: Old SR940 Leg A Bridge Repair No Name Key Brdg #904320 Card Sound Bridge Repair Tom's Harbor Channel Bridge FDOT Transit Buses Transp Planning Prog 2012 Pigeon Key Ferry Service LAP Wayfinding Signage Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ 49,021,626 $ 5,684,674 $ (43,336,952) - 3,410 3,410 - 53,427 40,598 (12,829) - 49,075,053 5,728,682 (43,346,371) - 207,891 104,857 103,034 - 55,625 28,757 26,868 - 66,349 37,083 29,266 - 147,232 122,964 24,268 - 125,181 87,913 37,268 - 14,500 - 14,500 - 90 - 90 - 1,105 1,105 - - 18,815 - 18,815 - 59,649 59,649 - - 48,462 47,832 630 - 12,096 6,803 5,293 7,508 7,508 - - 764,503 504,471 260,032 - 100,000 99,814 186 - 75,291 72,094 3,197 - 50,000 50,000 - - 225,291 221,908 3,383 - 545,510 499,476 46,034 - 6,358,736 3,792 6,354,944 - 513,186 320,941 192,245 - 59,310 600 58,710 - 137,824 125,253 12,571 - 445,970 242,590 203,380 - 405,480 230,616 174,864 - 1,098,031 1,098,031 The notes to the financial statements are an integral part of these statements. (Continued) E-14 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, 2014 US 1 Bayside Shared Use Lower Keys Scenic View Area Scenic Highway Overlooks Total Transportation Economic Environment: Disaster Recovery CDBG Small Cities CDBG 2010 CBDG DR 2008 DREF Go Solar Program Total Economic Environment Human Services: Residential Substance Abuse Treatment Drug Court Pgm Urin Lab DCF#LHZ237 CJMHSA RA GRN H/P Res: Prevention of Mental Illness Be The Change -Viol & Subst Abuse GCC Male Jail inhouse Program Title 1116 Supportive Services - 2013 Title 1116 Supportive Services - 2014 Title IIIC1 Congregate Meals - 2013 Title IIIC1 Congregate Meals - 2014 Title IIIC2 Home Delivered Meals-2013 Title IIIC2 Home Delivered Meals-2014 Title III-E Caregiver Support Svc-2013 Title III-E Caregiver Support Svc-2014 Low Income Home Energy Prog Low Income Home Energy Prog Alzheimer's Disease Initiative 12/13 Alzheimer's Disease Initiative 13/14 Community Care Disabled Adults Community Care for the Elderly 12/13 Community Care for the Elderly 13/14 Home Care for the Elderly 12/13 Home Care for the Elderly 13/14 ESG KPZ06 13/14 ESG KPZ06 14/15 ARRA Weatherization Asst Program Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) - 2,106,042 39,700 2,066,342 - 100,000 - 100,000 - 1,230,000 336 1,229,664 - 13,000,089 1,463,304 11,536,785 - 1,016,690 863,153 153,537 - 600,192 50,380 549,812 - 580,719 358,953 221,766 - 150,000 - 150,000 - 2,347,601 1,272,486 1,075,115 - 66,667 55,177 11,490 - 3,847 3,847 - - 185,573 - 185,573 - 18,780 18,780 - - 28,543 28,543 - - 28,544 27,622 922 - 33,575 10,139 23,436 - 18,456 18,456 - - 51,284 41,726 9,558 - 151,316 132,891 18,425 - 97,667 61,558 36,109 - 237,896 178,468 59,428 - 14,134 13,575 559 - 64,246 52,828 11,418 - 125,343 124,448 895 - 203,466 167,703 35,763 - 76,898 66,551 10,347 - 62,934 12,941 49,993 - 139,166 85,825 53,341 - 349,246 338,525 10,721 - 334,271 86,408 247,863 - 18,557 16,584 1,973 - 13,963 5,216 8,747 - 63,456 57,242 6,214 - 153,196 39,660 113,536 - 1,149 1,149 - The notes to the financial statements are an integral part of these statements. (Continued) E-15 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, 2014 SAFF SHIP to WAP Weather Asst Prgm Weather Asst Prgm Total Human Services Culture and Recreation: State Aid to Libraries Total Culture and Recreation Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds 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) - 2,151 2,151 - - 35,000 - 35,000 - 31,103 31,103 - - 11,819 7,169 4,650 - 2,622,246 1,686,285 935,961 118,039 88,648 29,391 118,039 88,648 29,391 - 19,077,769 5,237,102 13,840,667 - 29,997,284 491,580 (29,505,704) - 2,446,222 406,325 (2,039,897) - (32,443,506) (424,515) 32,018,991 - (29,997,284) (18,190) 29,979,094 473,390 2,388,460 473,390 2,388,460 - $ 2,861,850 $ 2,861,850 The notes to the financial statements are an integral part of these statements. E-16 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS SEPTEMBER 30, 2014 ASSETS Current Assets: Cash and Cash Equivalents Investments Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Interest Receivable Total Current Assets Noncurrent Assets: Restricted Cash and Cash Equivalents Restricted Accounts Receivable 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 Comp. Absences Payable Capital Leases Payable Unearned Revenues Deposits in Escrow Total Current Liabilities Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport $ 4,344,995 $ 2,216,142 $ 2,849,248 8,464,334 4,317,862 681,548 458,545 - 791,710 3,737 - 70,626 98,949 - 1,170,211 16,453 8,393 1,325 13,387,013 6,542,397 5,564,668 1,726,667 - 4,180,595 - - 150,803 3,786,970 50,000 1,634,878 202,484 7,815,557 58,253,828 5,716,121 7,865,557 64,220,104 19,103,134 14,407,954 69,784,772 1,556,981 2,723 716,344 15,305 - 41,856 37,517 15,515 45,390 - 1,249 - 31,953 - 15,942 29,285 5,409 76,884 50,000 - - 21,404 49,115 - 8,000 1,770,156 24,896 925,820 The notes to the financial statements are an integral part of these statements. E-17 Major Funds Marathon Airport Total Governmental Activities Internal Service Funds $ 559,216 $ 9,969,601 $ 9,474,500 1,089,476 14,553,220 18,441,483 41,128 1,291,383 8,843 - 74,363 198,516 112,102 1,381,262 31,190 2,118 28,289 35,847 1,804,040 27,298,118 28,190,379 140,055 6,047,317 - - 150,803 - 1,085,541 6,557,389 54,000 9,455,290 75,727,159 923,160 10,680,886 88,482,668 977,160 12,484,926 115,780,786 29,167,539 9,435 2,285,483 2,011,538 - 57,161 - 9,091 107,513 35,341 - 2,448,156 - 1,249 - 2,210 50,105 6 8,087 119,665 42,363 - 50,000 - 18,887 40,291 - 6,306 63,421 - 54,016 2,774,888 4,537,404 (Continued) E-18 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION - CONTINUED PROPRIETARY FUNDS Noncurrent Liabilities: Payable from restricted assets -Landfill closure/post closure costs Accrued Comp. Absences Payable Claims & Judgements Payable Capital Leases Payable OPEB Liability Total Noncurrent Liabilities Total Liabilities NET POSITION Net investment in capital assets Restricted for: Passenger Facility Charges Landfill Customs Service Operations Unrestricted Total Net Position SEPTEMBER 30, 2014 Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste 171,563 Bridge Airport 81,360 61,780 126,413 129,632 - - 417, 270 - - 536,783 292,413 543,424 1,336,608 354,193 669,837 3,106,764 379,089 1,595,657 3,522,184 7,865,557 59,888,706 4,331,398 1,726,667 10,747,519 6,163,308 3,969,011 $ 15,996,370 $ 14,028,865 $ 68,189,115 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-19 Major Funds Marathon Airport Total 171,563 Governmental Activities Internal Service Funds 14,685 284,238 109,039 - 129,632 - - 417,270 - 330, 631 1,703,251 785,771 345,316 2,705,954 894,810 399,332 5,480,842 5,432,214 10,540,831 81,817,278 977,160 4,331,398 - - 1,726,667 - 140,055 140,055 1,404,708 22,284,546 22,758,165 $ 12,085,594 110,299,944 $ 23,735,325 (1,377,147) $ 108,922,797 E-20 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Grants and Donations - Other Sources Other Income - PFC Investment Income Insurance Recoveries Loss on Abandonment Gain (Loss) on Disposition of Assets Total Non -Operating Revenues/(Expenses) Income/(Loss) Before Contributions and Transfers Transfers from Other Funds Transfers to Other Funds Capital Grants Change in Net Position Total Net Position -October 1 Total Net Position -September 30 Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport $ 527,233 $ - $ - 17,451,365 994,032 6,874,374 - - 531 4,235 - 7,431 17,982,833 994,032 61882,336 1,118,406 779,434 2,031,148 15,951,441 177,424 5,051,891 51,336 388,080 2,224,514 17,121,183 1,344,938 9,307,553 861,650 (350,906) (2,425,217) 90,909 - 776,014 50,000 - - - - 1,380,856 39,202 16,190 8,067 3,206 - 2,714 183,317 16,190 2,167,651 1,044,967 (334,716) (257,566) 3,737 - - (223,407) (195,499) (703,305) 1,034,985 825,297 (530,215) 74,114 15,171,073 14,559,080 68,115,001 $ 15,996,370 $ 14,028,865 $ 68,189,115 Adjustment to reflect the consolidation of internal service activities related to enterprise funds. Change in Net Position of Business -type Activities The notes to the financial statements are an integral part of these statements. E-21 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ - $ 527,233 $ - 829,353 26,149,124 19,232,527 - 531 - 289 11,955 32,476 829,642 26,688,843 19,265,003 430,125 4,359,113 1,721,452 414,405 21, 595,161 4,781,154 639,737 3,303,667 70,476 - - 14,516,322 1,484,267 29,257,941 21,089,404 (654,625) (2,569,098) (1,824,401) 107,753 974,676 - 140,000 190,000 - - 1,380,856 - 2,178 65,637 71,379 - - 223,611 (500,049) (500,049) - 411 6,331 5,692 (249,707) 2,117,451 300,682 (904,332) (451,647) (1,523,719) 703,305 707,042 - - (1,122,211) (716,742) 54,465 1,089,450 - (146,562) 222,634 (2,240,461) 12,232,156 $ 12,085,594 57,426 $ 280,060 25,975,786 $ 23,735,325 E-22 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Operating Activities: Cash received for services Cash rec'vd from other funds for goods and svcs Cash received from insurance recoveries Cash received from others-PFC Cash payments to suppliers for goods and svcs Cash payments for employee services Cash payments to other funds Cash payments for claims 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 Transfers from Constitutional Officers Restricted contributions received Net Cash Provided/(Used) by Noncapital Financing Activities Capital and Related Financing Activities: Proceeds from capital grants Acquisition of capital assets Proceeds from sale of capital assets Net Cash Provided/(Used) by Capital and Related Financing Activities Investing Activities: Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport $ 17,905,217 $ 996,805 $ 6,908,123 - - 1,444,402 (15,491,818) (78,552) (4,935,965) (929,366) (654,414) (1,752,885) (300,988) (232,082) (253,623) 4,235 - 1,378 1,187,280 31,757 1,411,430 90,909 - 296,927 (223,407) (195,499) (703,305) 3,737 - - (128,761) (195,499) (406,378) 1,476,743 (70,144) (5,806) (1,945,200) 3,000 - - (67,144) (5,806) (468,457) Investment income 110,566 55,721 18,182 Proceeds from sales and maturities of investments 7,215,527 4,371,470 1,546,050 Purchase of investment securities (6,922,687) (3,729,457) (834,118) Net Cash Provided/(Used) in Investing Activities 403,406 697,734 730,114 Net Increase/(Decrease) in Cash and Cash Equivalents 1,394,781 528,186 1,266,709 Cash and Cash Equivalents: October 1 4,676,881 1,687,956 5,763,134 September 30 $ 6,071,662 $ 2,216,142 $ 7,029,843 The notes to the financial statements are an integral part of these statements. E-23 Major Funds H Marathon Airport Total Governmental Activities Internal Service Funds 823,461 $ 26,633,606 $ 17,635,745 - - 1,901,431 - - 929,178 - 1,444,402 - (446,799) (20,953,134) (4,957,854) (351,785) (3,688,450) (1,507,863) (88,077) (874,770) (211,640) - - (13,820,897) 289 5,902 32,476 (62,911) 2,567,556 576 99,196 487,032 - 703,305 703,305 - - (1,122,211) (716,742) - 3,737 - 140,000 140,000 - 942,501 211,863 (716,742) 110,116 1,586,859 - (185,954) (2,207,104) (63,639) 3,000 - (75,838) (617,245) (63,639) 8,749 193,218 240,480 351,339 13,484,386 18,729,123 (725,492) (12,211,754) (15,945,245) (365,404) 1,465,850 3,024,358 438,348 3,628,024 2,244,553 260,923 12,388,894 7,229,947 $ 699,271 $ 16,016,918 $ 9,474,500 (Continued) E-24 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS -CONTINUED PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Nonoperating Income-PFC Nonoperating Income -Insurance Recoveries 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 Due fm constitutional ofcrs 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 Due to constitutional ofcrs Increase/(Decrease) in Comp. absences payable Increase/(Decrease) in Deposits in escrow Increase/(Decrease) in Landfill Closure Costs Increase/(Decrease) in Unearned revenue Increase/(Decrease) in OPEB liability Total adjustments Net Cash Provided by/(Used in) Operating Activities Noncash investing, capital, and financing activities: Loss on abandonment Gain (Loss) on disposition of assets Forgiveness of capital lease amount Change in fair value of investments Cash Reconciliation: Unrestricted Restricted Total Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport $ 861,650 $ (350,906) $ (2,425,217) 51,336 388,080 2,224,514 - - 1,444,402 (36,801) 200 41,062 (9,443) 2,573 - 246 - (29,248) 291,556 (2,197) 65,572 (13,639) (19,258) (45,601) - - (6,053) - - (1,145) 14,938 (1,109) 4,856 - (679) - 29,285 (5,947) 76,884 (27,383) - - 2 535 21,404 23,000 21,000 40,000 325,630 382,663 3,836,647 $ 1,187,280 $ 31,757 $ 1,411,430 $ - $ - $ 2,714 $ 50,000 $ - $ - $ (65,438) $ (35,254) $ (7,885) $ 4,344,995 $ 2,216,142 $ 2,849,248 1,726,667 - 4,180,595 $ 6,071,662 $ 2,216,142 $ 7,029,843 The notes to the financial statements are an integral part of these statements. E-25 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ (654,625) $ (2,569,098) $ (1,824,401) 639,737 3,303,667 70,476 - 1,444,402 - - 223,611 (7,383) (2,922) 705,406 1,145 1,145 - 346 (6,524) 68,315 - (29,002) 248,513 (78,164) 276,767 226,016 (10,590) (89,088) (51,171) - (6,053) 178,781 - (1,145) (172) (1,464) 17,221 (16,896) - (679) (12,018) 8,087 108,309 48,116 - (27,383) - - 2,535 - - 21,404 - 40, 000 124,000 136,000 591,714 5,136,654 1,824,977 $ (62,911) $ 2,567,556 $ 576 $ (500,049) $ (500,049) $ - $ 411 $ 3,125 $ - $ - $ 50,000 $ - $ (6,858) $ (115,435) $ (150,726) $ 559,216 $ 9,969,601 $ 9,474,500 140,055 6,047,317 - $ 699,271 $ 16,016,918 $ 9,474,500 E-26 MONROE COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS September 30, 2014 ASSETS Cash and Cash Equivalents Investments US Treasury Notes Federal Agency Bonds/Notes Accounts Receivable Total Assets LIABILITIES Accounts Payable Due to Others Due to Other Governmental Units Total Liabilities Fire and EMS Pension Trust Fund Agency Funds $ 293,472 $ 6,117,453 445,601 - 126,148 - 1,111 505,749 866,332 $ 6,623,202 4,653,152 1,970,050 - $ 6,623,202 NET POSITION Held in Trust for Pension Benefits and Other Purposes $ 866,332 The notes to the financial statements are an integral part of these statements. E-27 MONROE COUNTY, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Additions: Employer Contributions Investment Income Total Additions Deductions: Pension Benefits Total Deductions Change in Net Position Total Net Position - October 1 Total Net Position - September 30 Fire and EMS Pension Trust Fund $ 28,575 2,090 30,665 (28,290) (28,290) 2,375 863,957 $ 866,332 The notes to the financial statements are an integral part of these statements. E-28 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 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 Monroe County, Florida (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 (Board), 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 the 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 five constitutional officers are: Clerk of the Circuit Court, 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 the 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 County 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. Entity status for financial reporting purposes is governed by Statement No. 14, as amended, of the Governmental Accounting Standards Board (GASB) and Rules of the Auditor General, State of Florida. The GASB is the standard -setting body for the establishment of accounting principles generally accepted in the United States of America (GAAP) for governmental entities. 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 the 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. All component units of the County have a September 30 fiscal year end. These financial statements include the County's blended component units, if material. 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 unit are merged in with similar transactions of the County as part of the primary government. The blended component unit of the County is as follows: 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. The MCIDA F-1 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) is not legally required to adopt a budget; however, the County must authorize the issuance of bonded debt. Therefore, the MCIDA for financial reporting purposes is considered a blended component unit of Monroe County, Florida. 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. They are reported in a separate column to emphasize that they are legally separate. The following is a discretely -presented component unit of the County that is reported on the County financial statements: 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 but there is no financial benefit or burden relationship. Therefore, the MCLA, for financial reporting purposes, is considered a discretely -presented component unit of Monroe County, Florida and is presented as a separate column in the County's financial statements. Complete financial statements for MCLA can be obtained from MCLA's administrative office at 1200 Truman Avenue, Suite 207, Key West, Florida 33040. Basis of Presentation: Government -wide Financial Statements: The statement of net assets and the statement of activities report information about the nonfiduciary activities of the primary government. Fiduciary funds of the government are eliminated from this presentation since these resources are not available for general government funding purposes. These statements provide a consolidated financial picture of the government distinguishing 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. 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. F-2 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) 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 and Forfeiture Special Revenue Fund - The Fine and Forfeiture Fund is used to account for revenues received from fines and forfeitures imposed from the commission of statutory offenses, ad valorem taxes that are transferred to the Sheriff and to account for operations of the County's court support system. HIDTA Grants Special Revenue Fund — This fund is to account for all revenues and expenditures for the ONDCP grants. Governmental Grants Special Revenue Fund - The Governmental Grant Fund is used to account for operating revenues and expenditures for governmental grant activity. 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. Big Coppitt Wastewater Capital Project Fund - The Big Coppitt Wastewater Capital Project Fund is used to account for the revenues and expenditures for the wastewater infrastructure for the Big Coppitt, Geiger Key, Shark Key and Rockland Key areas of Monroe County. Cudjoe Regional Wastewater Capital Project Fund - The Cudjoe Regional Wastewater Capital Project Fund is used to account for the revenues and expenditures for the wastewater infrastructure for the Cudjoe Regional area of Monroe County. All Debt Service Fund — The All Debt Service Fund is used to account for accumulation of resources for, and payment of, interest and principal on the long-term debt incurred in the issuance of various revenue bonds and notes. The following are reported as major enterprise funds: Municipal Service District -Waste - The Municipal Service District -Waste Fund is used to account for the operations of solid waste collection, disposal and recycling activities, 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. F-3 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) The Board also reports the following fund types: Internal Service Funds - Internal service funds are used to account for the financing of worker's compensation insurance, health insurance, general liability insurance and fleet maintenance services provided by one department to other departments of the County or to other governmental units on a cost reimbursement basis. Pension Trust Fund - The fiduciary 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; and therefore, not available to support County programs. 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 Accountin Government -wide, Proprietary, and Fiduciary Fund Financial Statements — These statements use a flow of economic resources measurement focus and the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred, regardless of when the related cash flows take place. 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. 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. 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 — These statements use 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. F-4 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) Expenditures are recognized in the accounting period in which the related fund liability is incurred, if measurable. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Expenditures related to compensated absences are recorded only when leave has been taken. Revenues of the County, which are susceptible to accrual under the modified accrual basis of accounting, include property taxes, gas taxes, sales taxes, grants, 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. If revenues are expected to be received later than 60 days following the end of the fiscal year, then a receivable is recorded, along with deferred inflows of resources. Once the funds are received, revenue and cash are recorded and the receivable and deferred inflows of resources are eliminated. Deferred inflows of resources also includes unearned revenue when receipts have not met all of the earning requirements. The -proprietary fund and pension trust fund financial statements use a flow of economic resources measurement focus and the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred, regardless of when the related cash flows take place. 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. Budgets and Budgetary Data - The following are the statutory procedures followed by the Board of County Commissioners in establishing the budget for Monroe County: 1) On or before June 1 of each year the Sheriff, the Clerk 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 Board 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. F-5 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) 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 expenditure in a fund) are approved by the Board. Supplemental appropriations were necessary and the budgetary data presented herein was amended by the Board during the year. 7) 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. 10) All appropriations lapse at year end. Use of Estimates - The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America, as applicable to governmental units, requires management to make use of estimates that affect the reported amounts in the financial statements. Actual results could differ from estimates. Encumbrances - Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of moneys are recorded in the restricted, committed or assigned fund balance classifications, and is employed as an extension of the statutorily required budgetary process. Under Florida Statutes, appropriations, even if encumbered, lapse at fiscal year end. 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 from the majority of funds are pooled for investment purposes. Earnings from such investments are allocated to the respective funds based on applicable cash participation by each fund. The investment pools are managed such that all participating funds have the ability to deposit and withdraw cash as if they were demand deposit accounts, 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, which allows investment of surplus funds in the following: 1) The Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA). 2) United States Government Securities — Negotiable direct obligations or obligation, the principal and interest of which are unconditionally guaranteed by the United States Government. 3) 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. F-6 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) 4) 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. 5) 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. 6) 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. 7) Intergovernmental Investment Pool — Intergovernmental Investment Pools that are authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida Statutes. All investments are stated at fair value. Accounts Receivable - Amounts due from private individuals, organizations, or other governments, which pertain to charges for services rendered, 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. lnterfund Balances and Activity - During the course of normal operations, the County has numerous transactions between funds. Examples of these transactions include providing services, constructing assets, matching grants or servicing debt. These transactions are generally recorded as interfund transfers, except for internal service fund charges, which are reflected as revenues to internal service funds and expenses/expenditures to the funds receiving the services. As part of the consolidation process, to avoid distorting financial results, the interfund activities are eliminated in the General Fund. Interfund activities such as municipal and unincorporated service district's policing, 911, and interagency communications are reported as revenues in the fund that captures the revenue and as an expenditure in the fund which disburses the funds for the service. The offsetting expenditures and revenues are re -classed to interfund transfers. However, interfund security services provided by the Sheriff and used by the airports, are not eliminated. F-7 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) 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. 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. Inventories are reported as an unspendable classification of fund balance as these amounts are not in spendable form and are not expected to be converted to cash. 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 hierarchy of enterprise fund spending is to use restricted resources first, and then unrestricted resources as they are needed. Mortgage/Notes Receivable - The mortgages receivable associated with the Governmental Grants and the Local Housing Assistance funds are intended to ultimately be forgiven; as such they are offset by an allowance for uncollectible accounts. Capital Assets - Capital assets are reported in the applicable governmental or business -type activities column in the government -wide financial statements. 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. Costs of maintenance and repairs that do not add to the value of assets or extend their useful lives are not capitalized. The County maintains a $1,000 threshold for additions to equipment with an estimated useful life in excess of two years. Buildings are capitalized when the value is $15,000 or greater. Public domain and infrastructure assets represent major expenditures for such items as roads, water and sewer treatment plants and lines, landfill improvements, parks and drainage systems. Additions and improvements for roads, water, sewer, landfill and drainage infrastructure are capitalized when the cost amounts to $250,000 while park additions and improvements are capitalized at $25,000. Depreciation has been provided using the straight-line method. The estimated useful lives of the various classes of depreciable capital assets are as follows: Buildings Equipment Infrastructure Public domain infrastructure Capacity rights Capacity rights represent an intangible asset operator that included wastewater processing of 99 years. Life — Years 10-50 5-10 10-50 20-50 99 that arose from a contract with a private wastewater capacity for 1,500 equivalent dwelling units for a period F-8 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) 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 County 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. Deferred Inflows of Resources and Unearned Revenues — In addition to liabilities, the balance sheet will report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period and so will not be recognized as an inflow of resources until that time. The County has two items that qualifies for reporting in this category, advances from other governments and unavailable revenues. The advances from other governments are grants received in advance of meeting the GASB 33 timing requirements in governmental funds. The governmental funds also report unavailable revenues from services rendered. Unearned revenues in governmental activities are deposits held on exchange transactions that will occur in the future and the corresponding revenue will be recognized at that time. Long -Term Obligations - Long-term debt is reported as a liability in the proprietary fund statement of net position. Long-term debt associated with the County's governmental activities is presented on the government -wide financial statements of the County. In the County's governmental fund financial statements, the face amount of debt issued is reported as another financing source, while principal payments are reported as expenditures. Property Taxes - Property taxes, based on assessed values at January 1, are levied and become due and payable on November 1 st 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 1 st of each year. No accrual for the property tax levy becoming due in November of 2013 is included in the accompanying financial statements, since such taxes are collected to finance expenditures of the subsequent period. Fund Balance Policies — The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in governmental funds. The fund balance classifications indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. The following five classifications: nonspendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial statements of the extent to which the County is bound to honor constraints on the specific purposes for which resources in a fund can be spent. Fund balances of governmental type funds are classified as follows: Nonspendable — Include amounts that cannot be spent because they are either not in spendable form, or for legal or contractual reasons, must be kept intact. This classification includes inventories, prepaid amounts, assets held for sale, and long-term receivables. F-9 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) Restricted — Include amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation, or because of constraints that are externally imposed by creditors, grantors, contributors or the laws or regulations of other governments. Committed — Include amounts that can be used only for the specific purposes determined by a formal action in the form of a resolution of the Board of County Commissioners, the County's highest level of decision making authority. Commitments may be changed or lifted only by the Board taking the same formal action that imposed the constraint originally. Assigned — Include amounts that are intended by the Board to be used for specific purposes determined by a formal action in the form of a resolution, but are neither restricted nor committed. The Board's policy authorizes the County Administrator to assign fund balance based on intentions for use of fund balance communicated by the Board. Unassigned — This is the residual classification of the General Fund. Only the General Fund reports a positive unassigned fund balance. Other governmental funds might report a negative balance in this classification, as the result of overspending for specific purposes for which amounts had been restricted, committed, or assigned. Unassigned fund balance does not necessarily represent the amount of fund balance that can be appropriated. The Board has the responsibility of responding to emergency disaster and has committed $10,000,000 in general fund disaster reserve funds to ensure adequate cash flow is available in post -disaster situations. The Board's policy on unassigned general fund balance is to achieve and maintain an unassigned General Fund balance equal to four months of budgeted expenditures. The Board considers a balance of less than four months to be a cause for concern, barring unusual or deliberate circumstances, and a balance of more than six months as excessive. Since this is a plan for accumulating resources rather than a limitation on how existing resources can be spent, the fund balance policy does not affect the classification of fund balance and is included in the unassigned fund balance. The County spends restricted amounts first, when both restricted and unrestricted fund balance is available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the County uses committed fund balance, followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used. Fund Deficits — The Sheriff's Grants fund had a deficit fund balance of $44,163 due to unavailable revenue of this amount. Excess of Expenditures Over Appropriations — During the fiscal year ended September 30, 2014, the General Fund Clerk court related cost centers exceeded appropriations by $71,578. This was attributable to a budget amount that was court related being allocated to the Clerk commission & fees- noncourt cost center. The Cudjoe Regional Wastewater Capital Projects Fund's County Funding cost center exceeded appropriations by $7,075,233. This was attributable to expenditures incurred that were originally anticipated to be incurred by the Loan Funding cost center in the budget. The Supervisor's Voter Ed & Equipment, a nonmajor special revenue fund, does not have a legally adopted budget. F-10 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued) Net Position — Net position in the proprietary fund financial statements is classified as net investment in capital assets; restricted; and unrestricted. Restricted net position of $6,198,120 represents 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. 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, 2014, except for the Pension Trust Fund cash of $293,472 and investments of $571,749 the carrying value of the County's deposits and investments with their respective credit ratings, are as follows: Credit Less than 6 6 Months to Investment Type Rating Fair Value Months 1 Year 1 to 3 Years Demand and Time Deposits N/A $ 104,251,385 $104,251,385 $ - $ - Local Gov't Surplus Fund Unrated 155,080 155,080 - - Equity Securities N/A 10,546 10,546 - - Municipal Bonds AA-toAAA 4,779,704 502,097 1,201,312 3,076,295 US Treasury Notes AA+ 74,242,844 15,469,275 31,747,901 27,025,668 Federal Agency Bond / Note AA+ 56,146,144 27,673,550 22,523,654 5,948,940 Total Fair Value $239,585,703 $148,061,933 $ 55,472,867 $ 36,050,903 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 20-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, 2014 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: Portfolio Maximum in Investment Type Maximum any one issuer Florida Local Government Surplus Funds Trust Fund 100% n/a United States Government Securities 100% n/a United States Government Agencies 50% 10% Federal Instrumentalities 80% 30%, with a maximum of Maximum in callable securities 25% in callable securities Interest -bearing Time Deposit or Savings Accounts 10% 10% Money Market Mutual Funds 20% 10% Intergovernmental Investment Pool 10% n/a As of September 30, 2014, the Board's asset allocation slightly exceeded policy with Interest -bearing Accounts at 10.32% and Money Market Mutual Funds at 22%. These funds were held in these accounts as projects required payment in the near term and were used to meet these liquidity needs. At September 30, 2014, the portion of the County's investment portfolio invested in Federal instrumentalities is detailed as follows: Issue Federal Home Loan Bank Federal Farm Credit Bank Federal Home Loan Mortgage Corp Federal National Mortgage Assoc Percent of Investment Portfolio 8.06% .88% 6.63% 13.55% 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. Demand and time deposits are fully insured by the FDIC for the first $250,000 at each institution and the remaining balances are insured 100% by the State of Florida collateral pool, a multiple institution pool with the ability to assess its members for collateral shortfalls if a member institution fails. The Policy requires execution of a third -party custodial safekeeping agreement for all purchased securities, and requires that securities be held in the County's name. As of September 30, 2014, 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. Restricted Cash and Cash Equivalents — The County, excluding the Pension Trust Fund, has the following unrestricted and restricted cash and cash equivalents at September 30, 2014: F-12 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS - (Continued) Unrestricted Cash & Cash Equivalents: Governmental Activities: Governmental Funds Internal Service Funds Business -Type Activities Total Unrestricted Cash & Cash Equivalents Restricted Cash and Cash Equivalents: Business -Type Activities Total Cash and Cash Equivalents Local Government Demand Surplus Trust Deposits Total Fund $ - $ 78,759,967 $ 78,759,967 9,474,500 9,474,500 862 9,968,739 9,969,601 862 98,203,206 98,204,068 6.047.317 6.047.317 $ 862 $104,250,523 $104,251,385 In the Sheriffs 911 Wireless fund, cash in the amount of $1,519,103 must be maintained in a separate account according to Statute. This cash can only be used for capital expenditures directly attributable to establishing and provisioning E911 services, which may include next generation development. As of September 30, 2014, the fiduciary funds had cash balances totaling $6,410,925 in demand deposits, including the Pension Trust cash of $293,472. NOTE 3 — RESTRICTED ASSETS Restricted assets in the Enterprise Funds include those created by resolutions adopted by the County for the landfill escrow account, airport passenger facility charges and customs service operations. Total restricted assets as of September 30, 2014 are as follows: Municipal District Waste Landfill Closure Escrow Key West Airport Passenger Facility Charge Marathon Airport Customs Service Operations NOTE 4 — ACCOUNTS RECEIVABLE Cash and Cash Accounts Equivalents Receivable Total $ 1,726,667 $ 4,180,595 140,055 $ 1,726,667 150,803 4,331,398 140 $ 6,047,317 $ 150,803 $ 6,198,120 Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for doubtful accounts. The accounts receivable and the allowance balances are as follows: F-13 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 4 — ACCOUNTS RECEIVABLE - (Continued) Allowance for Accounts Accounts Uncollectible Receivable, Service Provided Receivable Accts Net Governmental Activities: General Fund Misc $ 100,781 $ 7,439 $ 93,342 Fine & Forfeiture Fund Air Amb Svc 7,033,729 6,758,674 275,055 Governmental Grants Misc 10 - 10 HIDTA Grants 15,317 15,317 Nonmajor Funds: Other Nonmajor Funds Misc 50,461 - 50,461 Fire & Amb Dist 1 Fund Ground Amb Svc 2,068,208 2,002,700 65,508 Internal Service Funds Misc 8,843 - 8,843 Total Governmental Activities Business -Type Activities: MSD-Waste Fund: Tipping Fees Waste Assessments Solid Waste Franchise Key West Airport Rent, Misc Marathon Airport Misc Total Business -Type Activities Total Accounts Receivable 9,277,349 8,768,813 508,536 30,549 2,022 28,527 8,139 7,325 814 429,204 - 429,204 844,238 52,528 791,710 41.128 - 41.128 1.353.258 61.875 1.291.383 $10,630,607 $8,830,688 $1,799,919 The County Commissioners approved an air and ground ambulance billing write off of $821,273 and $386,069 during the year. NOTE 5 - ASSESSMENTS RECEIVABLE The County has been improving water quality by replacing cesspits and septic systems with a series of central wastewater collection and treatment systems. The County has funded these projects with state grants and loans, local infrastructure sales surtax and special assessments levied on the property owners. The property owners have the option of paying their special assessments up front or on an installment basis that is added to their real estate tax bills. Revenue is recognized on the modified accrual basis. Once the construction project is substantially complete, the remaining assessment is recorded with an offset to deferred inflows of resources for those amounts that are not available. Property owners who selected the installment option under the Stock Island, Big Coppitt and Duck Key assessment programs continue to pay the assessments remaining for these completed projects. The Cudjoe Regional project which includes Sugarloaf Key, Summerland Key, Cudjoe Key and Big Pine Key is ongoing and all collections are shown as unearned revenues until project completion. F-14 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 6 - MORTGAGES RECEIVABLE Mortgages receivable at September 30, 2014 consist of the following: Major Governmental Funds -Governmental Grants Fund: Second Mortgages Receivable from individuals, collateralized by personal residences. Payment of principal deferred for ten (10) years from date of note. Principal is amortized in equal monthly amounts starting in year six (6) until ten (10) at which time the loan is fully forgiven. In event of sale/transfer of property or occupancy the prorated principal balance is due in full within thirty (30) days of sale/transfer or cessation of primary residence. $ 368,089 Nonmajor Governmental Funds -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. 57,156 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. 7,856,137 Second Mortgages Receivable from individuals, collateralized by personal residences. The entire balance of the mortgages will be forgiven upon maturity, provided that the mortgagor complies with the mortgage covenants. The mortgages are interest free. 505,466 Second Mortgages Receivable from individuals, collateralized by personal residences. The entire balance of the mortgages will be forgiven over ten, fifteen or twenty years, provided that the mortgagor complies with the mortgage covenants. The mortgages are interest free. 223,305 Florida Homebuyer Opportunity Tax Credit (FHOP), Second Mortgages Receivable from individuals, collateralized by personal residences. Interest on note is 6% per annum, except if paid in full within first 18 months of repayment period then interest rate shall be 0% from the date when the first payment is due. 25,227 8,667,291 Total Mortgages Receivable $ 9,035,380 The mortgages receivable associated with the Governmental Grants are offset by an allowance for uncollectible accounts of $368,089. As the mortgages receivable associated with the Local Housing Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $8,667,291 has been established. F-15 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 7 — CAPITAL ASSETS 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. Capital asset activity for the year ended September 30, 2014 is as follows: Governmental Activities Capital assets not depreciated: Land Construction in progress Total capital assets not depreciated Capital assets depreciated: Buildings Equipment Infrastructure Capacity rights Total capital assets depreciated Less accumulated depreciation for: Buildings Equipment Infrastructure Capacity rights Total accumulated depreciation Total capital assets depreciated, net Governmental funds, capital assets, net Business -type Activities: Capital assets not depreciated: Land Construction in progress Total capital assets not depreciated Capital assets depreciated: Land improvements Buildings Equipment Infrastructure Total capital assets depreciated Less accumulated depreciation for: Land improvements Buildings Equipment Infrastructure Total accumulated depreciation Total capital assets depreciated, net Business -type activities, capital assets, net Beginning Ending Balances Additions Reductions Balances $ 71, 858, 568 $ 5,000,242 $ - $ 76, 858, 810 47,741,612 64,511,376 24,091,229 88,161,759 119, 600,180 69, 511, 618 24, 091, 229 165, 020, 569 154,853,590 4,779,387 141,754 159,491,223 63,615,260 8,970,721 3,776,601 68,809,380 87,910,156 18,307,478 - 106,217,634 3,150,000 - - 3,150,000 309,529,006 32,057,586 3,918,355 337,668,237 52,987,487 3,210,851 87,689 56,110,649 42,144,818 4,387,894 3,484,726 43,047,986 30,135,466 2,122,831 - 32,258,297 286,362 31,818 - 318,180 125,554,133 $ 9,753,394 $ 3,572,415 131,735,112 183,974,873 205,933,125 $303,575,053 $370,953,694 $ 5,141, 787 $ 505,819 $ - $ 5,647,606 2,916,406 852,244 2,858,867 909,783 8,058,193 1,358,063 2,858,867 6,557,389 212,925 - - 212,925 55,638,816 886,188 - 56,525,004 5,217,338 105,192 191,738 5,130,792 49,073,842 1,472,630 - 50,546,472 110,142, 921 2,464.010 191,738 112, 415,193 212,925 - - 212,925 10,989,143 1,403,368 - 12,392,511 3,734,387 355,989 196,410 3,893,966 18,644,322 1,544,310 - 20,188,632 33,580,777 $ 3,303,667 $ 196,410 36,688,034 76, 562,144 75, 727,159 $ 84,620,337 $ 82,284,548 F-16 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 7 — CAPITAL ASSETS - (Continued) Depreciation was charged to functions/programs on the government -wide Statement of Activities of the County as follows: Governmental Activities: Business -type Activities: General Government $1,531,502 Municipal Service District -Waste $ 51,336 Public Safety 4,712,366 Card Sound Bridge 388,080 Physical Environment 1,042,114 Key West Airport 2,224,514 Transportation 1,092,747 Marathon Airport 639,737 Economic Environment 25,873 Total Business -type Activities $3,303,667 Human Services 241,871 Culture and Recreation 402,528 Court Related 704,393 Total Governmental Activities $9,753.394 NOTE 8 — POST EMPLOYMENT BENEFITS OTHER THAN PENSION Plan Description The Monroe County Board of County Commissioners (BOCC) administers a single - employer defined benefits healthcare plan (the "Plan"). Florida Statute 112.0801 requires the County to provide retirees and their eligible dependents with the option to participate in the Plan if the County provides health insurance to its active employees and their eligible dependents. The Plan provides medical coverage and prescription drug benefits to both active and eligible retired employees. The Plan does not issue a publicly available financial report. The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels of participant contribution at any time. In an open session, on at least an annual basis and prior to the annual enrollment process, the BOCC approves the rates for the coming calendar year for the retiree and County contributions. The Plan includes participants from the BOCC and each Constitutional Officer. The BOCC is responsible for funding all obligations not funded on a pay as you go basis by Constitutional Officers. Accordingly, all disclosures are on a County -wide basis and the net OPEB obligation for the Board includes obligations related to the Constitutional Officers. Eligibility for post employment participation in the Plan is limited to full time employees of the County, and the Constitutional Officers. At September 30, 2014, there were no terminated employees entitled to deferred benefits. The membership of the County's medical plan consisted of: Active Employees 1,181 Retirees and beneficiaries currently receiving benefits 412 Total Membership 1,593 F-17 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 8 — POST EMPLOYMENT BENEFITS OTHER THAN PENSION - (Continued) Funding Policy The contribution requirements of plan members and the County are established and may be amended by the County. The required contribution is based on pay-as-you-go financing requirements, net of member contributions. Employees who retire as an active participant in the Plan and were hired on or after October 1, 2001 may continue to participate in the Plan by paying the monthly premium established annually by the BOCC. Employees who retire as an active participant in the plan, were hired before October 1, 2001, have at least ten years of full time service with the County, and meet the retirement criteria of the Florida Retirement System (FRS) may continue to participate in the Plan at a cost equal to the FRS Health Insurance Subsidy for ten years of service (currently $5 per month for each year of service credit at retirement or $50 per month). Retirees who have met the requirements for early retirement, have not achieved age 60 and whose age and years of service do not equal 70 (rule of 70) must pay the standard monthly premium until the age criteria or the rule of 70 is met. At that time, the retiree's cost of participation will be equal to the FRS Health Insurance Subsidy. Surviving spouses and dependents of participating retirees may continue in the plan if eligibility criteria specific to those classes are met. For the fiscal year 2014, the County contributed the following: Claims paid by Group Insurance Fund $ 2,964,000 Allocation of administrative expenses and incurred but not reported costs (IBNR) 418,000 OPEB costs 3,382,000 Less retiree contributions (725,000) County contribution $ 2,657,000 Annual OPEB Costs and Net OPEB Obligation — The County's annual other postemployment benefit (OPEB) cost (expenses) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded liabilities over a period not to exceed thirty years. The following table shows the actuarially determined components as of October 1, 2013 (the latest actuarial valuation date), under the current plan provisions, of the County's unfunded annual OPEB cost, the amount actually contributed to the plan and the changes in the County's net OPEB obligation to the plan. Annual required contribution $ 6,240,000 Interest on net OPEB obligation 1,376,000 Adjustment to annual required contribution (1,167,000) Annual OPEB cost 6,449,000 Less Contributions made (2,657,000) Increase in net OPEB obligation 3,792,000 Net OPEB obligation, beginning of year 30,571,768 Net OPEB obligation, end of year $ 34,363,768 F-18 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 8 — POST EMPLOYMENT BENEFITS OTHER THAN PENSION - (Continued) The County's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for 2014 and the two preceding years were as follows (amounts expressed in thousands): Fiscal Annual Percentage of Net Year OPEB Annual OPEB OPEB Ended Cost Cost Contributed Obligation 9/30/12 $ 7,428 46.5% $ 26,884 9/30/13 7,584 51.4% 30,572 9/30/14 6,449 41.2% 34,364 The net OPEB obligation at the end of the year is $32,660,517 for Governmental Activities and $1,703,251 for Business -type Activities. The OPEB obligation for governmental activities is presented only on the government -wide financial statements of the County. No trust or agency fund has been established for the plan; there were no adjustments to the annual required contribution or interest earnings. Funded Status and Funding Progress — At September 30, 2014, funded status and funding progress is as follows (amounts expressed in thousands): Actuarial UAAL as a Accrued Percentage Actuarial Actuarial Liability - of Valuation Value of Projected Unfunded Funded Covered Covered Date Assets Unit Credit AAL Ratio Payroll Payroll 10/01/09 $ - $ 142,473 $ 142,473 0% $ 65,357 217.99% 10/01/11 - 113,588 113,588 0% 67,299 168.78% 10/01/13 - 97,091 97,091 0% 69,338 140,03% Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents trend information about whether the actuarial value of plan assets is increasing or decreasing over the time relative to the actuarial accrued liabilities for benefits. Actuarial Methods and Assumptions Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of benefit cost sharing between the employers and plan members to that point. F-19 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 8 — POST EMPLOYMENT BENEFITS OTHER THAN PENSION - (Continued) The valuation dated March 17, 2015, for the fiscal dates of October 1, 2012 to September 30, 2013, was prepared using generally accepted actuarial principles and practices, and relied on unaudited census data and medical claims data reported by the County. The valuation used the projected unit credit actuarial method. Demographic assumptions mirror those used for the various Florida Retirement System pension funds. The actuarial assumptions include an annual health care cost trend rate of 8.5% initially, reduced by decrements of .5% to an ultimate rate of 5.0%. The assumptions included a discount rate that is tied to the return expected on the funds used to pay the benefits, and assumes for an unfunded plan, that the benefits continue to be funded on a pay-as-you-go basis, that the County's investments earn a 4.5% rate of return over the long term, and the inflation rate will be 3.5%. The unfunded accrued actuarial liability is amortized over thirty years on an open basis, as a level percentage of the projected payroll, which is assumed to increase at 3.5% per annum. NOTE 9 — FLORIDA RETIREMENT SYSTEM RETIREMENT PLAN Plan Description — Substantially all full-time Board employees are participants in the Florida Retirement System, (FRS), administered by the Florida Department of Management Services. Employees elect to participate in either the defined benefit plan ("Pension Plan"), a multiple -employer; cost -sharing public employee defined benefit retirement plan, or the defined contribution plan (Investment Plan) under the FRS. As a general rule, membership in the FRS is compulsory for all employees working in a regularly established position of a state agency, county government, district school board, state university, community college, or a participating city or special district within the state of Florida. FRS provides retirement benefits, disability benefits, annual cost -of -living adjustments, and death benefits to Pension Plan members and beneficiaries of various governmental units within the State of Florida. Benefits are established by Chapter 121, Florida Statutes, and Chapter 60S, Florida Administrative Code. Amendments to the law can be made only by Act of the Florida legislature. For employees hired before July 1, 2011 and enrolled in the Pension Plan, the FRS provides for vesting of benefits after 6 years of credited service. Normal Pension Plan retirement benefits are available to employees who retire at or after age 62 with 6 or more years of service or after 30 years if under age 62. Benefits are also based on the 5 highest state fiscal years of compensation earned during covered employment. For employees hired July 1, 2011 and thereafter enrolled in the Pension Plan, the FRS provides for vesting of benefits after 8 years of credited service. Normal retirement benefits are available to employees who retire at or after age 65 with 8 or more years of service or after 33 years if under age 65. Benefits are also based on the 8 highest state fiscal years of compensation earned during covered employment. Pension Plan retirement benefits for all employees are based on age, average compensation and years -of -service credit. Early retirement is available after 6 years of service with a 5% reduction in benefits for each year prior to the normal retirement age. In addition to the above benefits, the FRS administers a Deferred Retirement Option Program ("DROP"). This program allows eligible employees to defer receipt of monthly retirement benefit payments while continuing employment with a FRS employer for a period not to exceed 60 months after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue interest. For employees who elect to participate in the Investment Plan rather than the Pension Plan, vesting occurs at one year of service. These participants receive a contribution of self -direction in an investment product with a third party administrator selected by the State Board of Administration. Investment accounts may be withdrawn by the employee 90 days after termination or retirement. F-20 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 9 — FLORIDA RETIREMENT SYSTEM RETIREMENT PLAN - (Continued) 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, P.O. Box 9000, Tallahassee, FL 32315-9000, or from the website www.frs.state.fl.us. Funding Policy — The FRS was noncontributory for Pension Plan and Investment Plan members until June 30, 2011. As of July 1, 2011 all members, with the exception of Deferred Retirement Option Program (DROP) members and re-employed retirees, contribute 3% of their eligible wages. Participating employer contributions are based upon state-wide rates established by the State of Florida on an annual basis effective each July 1. The employer contribution rates by job class for the periods October 1, 2013 through June 30, 2014 and July 1, 2014 through September 30, 2014, respectively, were as follows: regular employees, 7.37% and 6.95%, special risk employees, 19.82% and 19.06%, special risk administrative support 42.07% and 35.96%; elected officials, 43.24% and 33.03%, senior management 21.14% and 18.31 %, and DROP participants 12.28% and 12.84%. The Board contributed to the plan an amount equal to 10.49% of covered payroll during the fiscal year ended September 30, 2014. The County's contributions made during the years ended September 30, 2014, 2013, and 2012 were $9,484,767, $7,388,743, and $6,480,465, respectively, equal to the required contributions for each year. The Board has historically contributed amounts equal to required contributions and, therefore, does not have a pension asset or liability as determined in accordance with GASB Statement No. 27. NOTE 10 — 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 public employee retirement system defined benefit pension plan created in 1999 and administered by the Board. Upon completion of ten (10) years of service, prior to normal retirement age, and in accordance with the terms of LOSAP, a plan member is considered vested. LOSAP provides retirement and death benefits to plan members and beneficiaries. Monroe County Ordinance 026-1999 defines the authority under which contribution and benefit provisions may be amended. This authority is presently held by the Board. LOSAP shall be administered in accordance with the requirements of Chapter 112, Part VII, Florida Statutes. LOSAP had 61 participants of which 13 are active, 36 are inactive and 12 are retired members for the plan year ended December 31, 2013 and the County's fiscal year ending September 30, 2014. Separate, stand-alone financial statements for LOSAP are not provided. Annual Pension Cost and Net Pension Asset — In the LOSAP, there were no revisions in benefits or changes in actuarial methods since the last valuation. The assumed investment rate of return has been lowered from 2.0% to 1.5%. Based on the actuarial valuation report as of December 31, 2013, the LOSAP had an actuarial value of assets of $857,126 and actuarial accrued liability of $916,684 resulting in an unfunded AAL (UAAL) of $59,558. There was no covered payroll at December 31, 2013. The annual required contribution was $28,575 for fiscal year 2014. F-21 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES - (Continued) Actuarial Actuarial Actual Accrued Valuation Value of Liability Date Assets (AAL) 12/31 /2011 $ 841,980 $ 870,648 12/31 /2012 849,903 934,705 12/31 /2013 857,126 916,684 UAAL as a Unfunded Percentage AAL Funded Covered of Covered (UAAL) Ratio Payroll Payroll $ 28,668 96.7% NA NA 84,802 90.3% NA NA 59,558 104.93% NA NA NA - Contributions and benefits are calculated based on years of service as the participants are unpaid volunteers. As a result, there are no related covered payroll and no UALL as a percentage of covered payroll. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, present multi -year trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits of LOSAP. Disclosures for the funded status of LOSAP can also be found in the required supplementary information. The employer's contribution is based on the annual required contribution (ARC). The ARC is an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost each year and amortize any unfunded actuarial liability over a period not to exceed 30 years. Net Pension Obligation (NPO) or asset is the cumulative difference between annual pension cost and the employer's contribution to the plan. Because an NPO is a long-term liability, it is not reported as a liability in the County's governmental funds. Instead, an expenditure is recognized in the governmental funds only as the NPO is actually liquidated. However, a net pension asset is not considered to represent a financial asset in the governmental funds of the County and is, therefore, not reported on a fund level. It is reported, however, as an asset in the government -wide statement of net position for the County. The Board's annual pension cost of $28,575 was equal to the required contribution. The annual required contribution was determined as part of the January 1, 2013 actuarial valuation using the Aggregate Method. Allocations are based on years of service and the aggregation used is by fire district. This method does not separately amortize unfunded actuarial liabilities. Under this method, gains and losses are spread over future normal costs. The annual pension cost (APC), the percentage of APC contributed to the plan, and the net obligation for the plan year ending December 31, 2013 and the two preceding years were as follows: Fiscal Annual Percentage Net Year Pension of APC Pension Endinq Cost (APC) Contributed Obligation 12/31/11 $ 22,945 100% $ - 12/31/12 31,588 100% - 12/31/13 28,575 100% - F-22 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES - (Continued) The following table shows the components of the LOSAP costs, the amounts actually contributed, and the changes in the net pension asset for the last three fiscal years: Annual required contribution (ARC) Interest on net pension asset Adjustment to ARC Net annual pension cost Contributions made Increase (decrease) in net pension asset Net pension asset, beginning Net pension asset, ending 2014 2013 2012 $ 28,575 $ 31,588 $ 22,945 28,575 31,588 22,945 28,575 31,588 22,945 28,575 31,588 22,945 Summary of Significant Accounting Policies — The financial statements of LOSAP are prepared using the accrual basis of accounting. The contributions are recognized when due. Benefits are recognized when due and payable in accordance with the terms of LOSAP. Administrative costs are paid by the Board. Actuarial valuation costs are paid by LOSAP. All plan investments are reported at fair value. Funding Policy — Annually, as determined by the actuarial study, the Board shall appropriate funds from the budgets of the various volunteer fire/rescue districts. These funds will be applied as contributions to LOSAP. Plan members do not contribute. The current contribution rate is $535 per volunteer year of service. Because the aggregate method does not identify or separately amortize unfunded actuarial accrued liabilities, information about the funded status and funding progress is prepared using the entry age actuarial cost method, which serves as a surrogate for the funding progress of the plan. Below is a schedule of funding progress for three years. Investments — Investments are pooled with all County investments and are held in accordance to the investment policy included in Note 1. All plan investments consist of U.S. Government and U.S. Government -guaranteed obligations which represent more than 5.0% of the net assets available for benefits. There are no investments in, loans to or leases with any public employee retirement system official, government employer official, party related to a public employee retirement system official or government employer official, nonemployee contributor, or organization included in the reporting entity. For the year ended December 31, 2013, the annual money -weighted rate of return on pension plan investments, net of pension plan investment expenses was 1.5%. The annual money -weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. The components of the net pension liability (asset) of the Board's for each plan at December 31, 2013, calculated in accordance with GASB Statement No. 67, are as follows: LOSAP Total pension liability $ 808,903 Plan fiduciary net position (848,808) Net pension liability (asset) $ (39,905) F-23 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES - (Continued) The significant actuarial assumptions used to compute the pension benefit obligation in the December 31, 2013 valuation for the period of January 1, 2013 through December 31, 2013 were: 1. Investment Yield: 1.0% for both present and future 2. Mortality Pattern: Not applicable 3. Salary increases: Not applicable; Benefits not based on salary 4. Termination: Godwin's Table 1, V Select & Ultimate Table, with 50% termination prob for Y0S<1 5. Inflation: No increase as benefits are based on a flat amount per year of service The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the applicable current contribution rates and that County contribution will be made at rates equal to the difference between actuarially determined contributions and member contributions. Based on those assumptions, the fiduciary net position for the LOSAP pension plans was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on LOSAP's investments was applied to all periods of projected benefit payments to determine the total pension liability for each plan. Sensitivity of the net pension liability to changes in the discount rate. The following presents the net pension liability of LOSAP, calculated based on GASB Statement No. 67 using the current discount rate, as well as what the County's net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate. 1 % Decrease Current Discount Rate 1 % Increase Discount Rate 0% 1 % 2% Net pension liability (asset) $ 31,126 $ (39,905) $ (126,002) NOTE 11 — CAPITAL AND OTHER SIGNIFICANT COMMITMENTS Construction projects and significant commitments, excluding encumbrances reported below, under present contractual agreements as of September 30, 2014 are as follows: Cudjoe Regional Wastewater Solid Waste Disposal Key West Airport North Key Largo Utility Corporation US 1 Bayside Shared Path Marathon Airport CR 905 Bike Path Professional services Animal Shelters Canal Demonstration Miscellaneous Total $ 71,860,000 154,180,000 3,854,854 2,600,000 2,140,590 1,373,246 1,216,723 1,086,068 770,153 524,547 1,757,887 $ 241, 364, 068 The entire construction costs of the Cudjoe Regional Wastewater project are estimated at $168,550,000. There is an interlocal agreement between the County and the Florida Keys Aqueduct Authority (FKAA) for this project. The County obtained partial funding through grants and the issuance F-24 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 11 — CAPITAL AND OTHER SIGNIFICANT COMMITMENTS - (Continued) of revenue notes backed by the pledge of the infrastructure sales surtax and wastewater special assessments to provide funding to FKAA for the administration, planning and construction of wastewater projects. The County executed a grant award of $30,000,000 with the State of Florida on June 12, 2014. During the year ended September 30, 2014, $21,786,579 was earned. The amount shown above as a construction commitment is the amount remaining on the interlocal agreement as of September 30, 2014. Significant encumbrance commitments at September 30, 2014 are as follows: Encumbrance Governmental Activities: General Fund $ 33,085 Road & Bridge Fund 63,180 Governmental Grants Fund 810,209 One Cent Infrastructure Surtax 1,856,886 Cudjoe Regional Wastewater 39,760 Nonmajor Governmental Funds 146,546 Total Governmental Activities 2,949,666 Business -Type Activities: Municipal Sry District Waste 64,866 Key West Airport 457,904 Marathon Airport 100,548 Total Business -Type Activities 623,318 Total Encumbrances $ 3,572,984 NOTE 12 — 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, 2014: Fiscal year ending September 30: 2015 2016 2017 2018 2019 2020-2024 Total minimum payments Less: Amounts representing interest Present value of net minimum lease payments F-25 Business -type Activities $ 50,000 50,000 50,000 50,000 50,000 217.270 467,270 $ 467,270 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 12 — LEASE OBLIGATIONS — (Continued) Leased property which has been capitalized as of September 30, 2014 is as follows: Business -type Activities Buildings $ 774,290 Less: Accumulated Depreciation 774,290 The County leases office space and equipment under operating lease agreements. Total lease payments made in the year ended September 30, 2014 were $6,902,163. The following is a schedule by years of future minimum rentals under non -cancelable operating leases for the fiscal year ended September 30: 2015 2016 2017 2018 2019 NOTE 13 - LONG-TERM DEBT $ 4,285,592 3,176,798 230,591 102,781 1,336 $ 7,797,098 Long-term debt activity for the year ended September 30, 2014 is as follows: Current Portion of Beginning Ending Long-term Balances Additions Payments Balances Liabilities Governmental Activities: Governmental Funds Revenue bonds payable $25,068,601 $ - $ 4,649,689 $20,418,912 $4,831,091 Revenue notes payable 14,485,806 27,412,932 440,338 41,458,400 452,352 Accrued comp. absences 10,156,323 3,031,798 2,476,475 10,711,646 730,620 OPEB Liability 28,992,517 6,182,000 2,514,000 32,660,517 - Total Governmental Activities $78,703,247 $36,626,730 $10,080,502 $105,249,475 $6,014,063 Business -type Activities: Arbitrage payable Landfill closure costs Accrued comp. absences OPEB Liability Capitalized lease obligations $ 6,053 $ - 169,028 2,535 295,594 262,145 1,579,251 267,000 517,270 - $ 6,053 $ - 171,563 153,836 403,903 143,000 1,703,251 50,000 467,270 119,665 50,000 Total Business -type Activities $ 2,567,196 $ 531,680 $ 352,889 $ 2,745,987 $ 169,665 Total Long -Term Debt $81,270,443 $37,158,410 $10,433,391 $107,995,462 $ 6,183,728 F-26 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 13 - LONG-TERM DEBT - (Continued) 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. The current portion of the post closure maintenance liability is expected to be insignificant and will be funded by the County's operations budget instead of the related escrow funds required by federal and state laws. Accordingly, the entire post closure maintenance liability is classified as long-term. Governmental activities' compensated absences are liquidated by the funds to which the related employee services relate. The Group Insurance Internal Service Fund assesses a monthly premium per employee in each fund. The monthly premiums paid by the various funds provide the resources necessary to liquidate the other postemployment benefit obligations paid in the current year by the Group Insurance Internal Service Fund. The following is a summary of the County's bonds and notes as of September 30, 2014: Governmental Activities Revenue Bonds: Infrastructure Sales Surtax Revenue Bonds, Series 2003 $ 7,060,000 Infrastructure Sales Surtax Revenue Bonds, Series 2007 13,010,000 Unamortized Original Issue Premium, (Discount) 348,912 Total Revenue Bonds 20,418,912 Revenue Notes: Clean Water State Revolving Fund Construction Loan Agreement 2010 8,584,127 Clean Water State Revolving Fund Construction Loan Agreement 2014 32,874,273 Total Revenue Notes 41,458,400 Total Government Activities 61,877,312 Debt Service Funds Available to Pay Current Maturities (2,194,961) Debt Service Funding not required for Note in Construction Draw Process (32,874,273) Unamortized Original Issue Premium, Series 2007 (348,912) Governmental Activities Principal Funding Requirements $ 26,459,166 F-27 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 13 - LONG-TERM DEBT - (Continued) Debt Service Fundinq Requirements - The total annual debt service requirements for bonds and notes outstanding at September 30, 2014 are as follows: Governmental Activities Principal Interest Total 2015 $ 5,177, 352 $ 998,519 $ 6,175, 871 2016 5,374,695 798,093 6,172,788 2017 5,577,372 570,891 6,148,263 2018 5,825,398 315,465 6,140, 863 2019 503,777 178,161 681,938 2020-2024 2,732,713 676,978 3,409,691 2025-2030 3,462,820 969,778, 4,432,598 Total $28,654,127 $ 4,507,885 $33,162,012 Long -Term Debt at September 30, 2014 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: 3.6% to 4.0% Amount outstanding at September 30th: $7,060,000 Reserve requirement: None; MBIA insured. Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to Monroe County. The total principal and interest remaining to be paid is $7,632,283. For the fiscal year, principal and interest paid was $1,876,515 and total pledged revenue was $17,106,367. 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. $29,415,000 Infrastructure Sales Surtax Revenue Bonds, Series 2007 Type: General Government Revenue Bonds Dated: November 2007 Final maturity: Year 2018 Principal payment date: April 1 Interest payment dates: April 1 and October 1 Interest rates: 4.0% to 5.0% Amount outstanding at September 30th: $13,010,000 Reserve requirement: None; MBIA insured. Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to Monroe County. The total principal and interest remaining to be paid is $14,277,750. For the fiscal year, principal and interest paid was $3,622,555 and total pledged revenue was $17,106,367. Purpose: To construct and acquire equipment and capital improvements. Call provisions: None F-28 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 13 - LONG-TERM DEBT - (Continued) $19,500,540 Clean Water State Revolving Fund Construction Loan Agreement Type: General Government Revenue Notes Dated: April2010 Final maturity: Year 2020 Principal payment date: March 15 and September 15 Interest payment dates: March 15 and September 15 Interest rate: 2.71 % Amount outstanding at September 30th: $8,584,127 Reserve requirement: None Revenue pledged: Non -Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund, and the Unincorporated Area Service District Funds. The total principal and interest remaining to be paid is $11,251,979. For the fiscal year, principal and interest paid was $681,938 and total pledged revenue was $26,056,995. Purpose: Refund temporary financing for wastewater capital improvements. Call provisions: None Clean Water State Revolving Fund Construction Loan Agreement The State awarded $71,000,000 for collection, transmission and treatment facilities under the State Revolving Fund loan program. During the year ended September 30, 2014, loan draws of $27,072,510 were received and interest of $340,422 capitalized resulting in an outstanding loan balance as of September 30, 2014 of $32,874,273. Interest rate: 2.39% as of September 30, 2014 Final maturity and payment: Details to be determined upon completion of draw process Reserve requirement: None Revenue pledged: One Cent Local Government Infrastructure Sales Surtax and Cudjoe Regional Wastewater special assessments. For the fiscal year, there were no principal and interest payments made as the loan was still in the draw process and total pledged revenue was $19,859,975. Purpose: Financing for wastewater capital improvements. Call provisions: None NOTE 14 — CONDUIT DEBT IDA Health Care Facilities 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 Middle Keys, Inc. to provide for the refinancing of certain outstanding indebtedness of the corporation and for financing certain capital improvements to the corporation's 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. F-29 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 14 — CONDUIT DEBT — (Continued) City of South Miami Health Facilities Authority Hospital Revenue Bonds, Series 2007 - On April 18, 2007, the Board approved an interlocal agreement with the City of South Miami Health Facilities Authority for the issuance of $800,000,000 of tax-free bonds for Mariner's Hospital (Baptist Health South) for the purpose of financing capital improvements to health care facilities and refund outstanding bonds. The facilities will be owned by the issuers of the bonds and the Board is not obligated in any way for the repayment of the bonds. Monroe County was part of a group consisting of the State of Florida and other units of local government that participated to establish the tax-free status of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. Maturity of the Series 2007 Bonds is August 15, 2042. NOTE 15 — 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 Board obtains updated and revised estimates of total future closure and post closure costs from its engineers. All amounts recognized are based upon what it would cost to perform closure and post closure 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 to date. The landfill capacity of the Board's previously operated landfills, which include Cudjoe Key, Long Key, and Key Largo, are 100% used and have no remaining landfill life. Closure of these landfills was substantially completed during the year ended September 30, 1994. During the prior year, the County requested and FDEP agreed to early release of all long term care requirements for the Key Largo and Long Key landfills. The Board also has a landfill site at Cudjoe Key which has never been used and the County does not presently intend to use. Accordingly, no future closure cost is accruable except for post closure costs estimated to be incurred in the coming year. At September 30, 2014, the estimated future cost for post closure maintenance was $171,563. 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 Board to fund closure, and post closure costs as an operating expense using annual appropriations. Since the current portion of the post closure maintenance liability is expected to be insignificant and will be funded by the County's operations budget, the entire post closure maintenance liability is classified as long-term. 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. During the year, additional funding of $25,000 and investment earnings of $146 were added to the escrow account. In accordance with laws and regulations, the landfill had cash and investments of $1,726,667 held for these purposes at September 30, 2014. 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. F-30 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 16 - INTERFUND BALANCES 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 position. There were no interfund balances as of September 30, 2014. NOTE 17 - INTERFUND TRANSFERS Interfund transfers at September 30, 2014 are as follows: Transfers to General Fund from: Fine & Forfeiture Fund One Cent Infrastructure Surtax Fund Municipal Svc District Waste Fund Card Sound Road Fund Internal Service Funds Nonmajor Governmental Funds Total Transfers to Fine & Forfeiture Fund from: General Fund Nonmajor Governmental Fund Total Transfers to Governmental Grants Fund from: General Fund Fine & Forfeiture Fund Nonmajor Governmental Funds Total Transfers to One Cent Infrastructure Surtax Fund from: Nonmajor Governmental Funds Transfers to Big Coppitt Wastewater Project Fund from: Nonmajor Governmental Funds Transfers to Cudjoe Regional Wastewater Project Fund from: Nonmajor Governmental Funds Transfers to Debt Service Fund from: One Cent Infrastructure Surtax Fund Big Coppitt Wastewater Project Fund F-31 $39,505,948 262,191 223,407 195,499 716,742 10,720,591 51,624,378 1,200,583 1,641,352 2.841.935 348,348 13,795 44,182 406,325 713,401 878 2,336 5,068,333 681,938 5,750,271 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 17 - INTERFUND TRANSFERS — (Continued) Transfers to Nonmajor Governmental Funds from: General Fund 974,873 Fine & Forfeiture Fund 1,966,633 One Cent Infrastructure Surtax Fund 190,354 Governmental Grants Fund 424,515 Big Coppitt Wastewater Project Fund 2,000 Cudjoe Regional Wastewater Project Fund 5,020 Nonmajor Governmental Funds 1,065,211 Total 4,628,606 Transfers to Municipal Svc District -Waste Fund from: Nonmajor Governmental Funds 3,737 Transfers to Marathon Airport Fund from: Key West Airport Fund 703,305 Total Interfund Transfers $66,675,172 The One Cent Infrastructure Surtax Fund, a major fund, interfund transfer out of $5,068,333 was related to the funding of debt service and $190,354 was for the partial funding of the construction in the Impact Fees Fund -Roadway, a nonmajor fund. The Impact Fees Police Facilities, a nonmajor fund, transferred $106,043 for the purchase of radios and the Infrastructure Revenue Bonds Series 2007, a nonmajor fund, transferred $1,500,000 for the partial funding of a county -wide emergency communications system to the Fine & Forfeiture Fund, a major fund. The Infrastructure Revenue Bonds Series 2003 fund, a nonmajor fund, was closed during the year and the remaining fund balance of $713,401 was transferred to the One Cent Infrastructure Surtax Fund, a major fund. The $29,728 transferred from Impact Fees Roadways, a nonmajor fund, was for funding the Key Deer Boulevard Roadway Improvements. The Big Coppitt Wastewater Project fund, a major fund, transfer of $681,938 was for debt service. Transfers to the Governmental Grants Fund of $406,325 represent the match requirements of various grants and the transfer from the Governmental Grants Fund of $190,354 represents reimbursement for grant eligible costs incurred by a Nonmajor Governmental fund. The Key West Airport fund transfers out of $703,305 to the Marathon Airport fund provided $697,500 for grant matching for the terminal expansion and planning studies grants and $5,805 for qualifying passenger facility charges grant match. The remaining transfers in and out are related to supporting operations. NOTE 18 — GOVERNMENTAL FUND BALANCE CLASSIFICATIONS Fund Balances are presented in the following categories; nonspendable, restricted, committed, assigned and unassigned (see Note 1 for a description of these categories). A detailed schedule of governmental fund balances at September 30, 2014 is on the following page: F-32 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 18 — GOVERNMENTAL FUND BALANCE CLASSIFICATIONS - (Continued) Fine & General Forfeiture HIDTA Governmental Grants Grants Fund Balances: Nonspendable: Inventory $ 4,048 $ - $ - $ - Total Nonspendable 4,048 - - - Restricted for: Law Enforcement - 15,349,407 - - Fire & Ambulance - - - - Public Safety - - - - Physical Environment - - - - Transportation - - - - Housing Programs - - - - Tourist Development - - - - Human Services - - - - Libraries - - - - Library Donations 116,890 - - - Cultural & Recreation - - - - Court Programs - - - - Comprehensive Planning - - - - Federal & State Grants - - - 2,861,850 Wastewater Projects - - - - Other Purposes - - - - Debt Service - - - - Capital Projects - - - - Total Restricted 116,890 15,349,407 - 2,861,850 Committed to: Disaster Recovery 10,000,000 - - Physical Environment - - - - Sheriff Contract Admin - - - - Wastewater Projects - - - - Beach Renourishment - - - - Total Committed 10,000,000 - - - Assigned to: Other Purposes 33,085 - - - Fire & Ambulance - - - - Subsequent Year's Expenditures 13,405,521 - - - Total Assigned 13,438,606 - - - Unassigned: 11,967,821 - - - Total Fund Balances $35,527,365 $15,349,407 $ - $2,861,850 F-33 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 18 — GOVERNMENTAL FUND BALANCE CLASSIFICATIONS - (Continued) Big Cudjoe Nonmajor Total One Cent Coppitt Regional Govern- Govern- Infrastruc- Wastewater Wastewater All Debt mental mental ture Surtax Project Project Service Funds Funds $ - $ - $ - $ - $ - $ 4,048 - - - - - 4,048 12,997,447 28,346,854 - - - - 1,478,439 1,478,439 - - - - 3,924,402 3,924,402 - - - - 2,976,490 2,976,490 - - - - 14,508,621 14,508,621 - - - - 2,286,315 2,286,315 - - - - 23,478,276 23,478,276 - - - - 1,113,010 1,113,010 - - - - 973,635 973,635 - - - - 357,451 474,341 - - - - 1,489,723 1,489,723 - - - - 6,372,081 6,372,081 - - - - 4,259,348 4,259,348 - - - - - 2,861,850 - 2,925,640 7,812,268 - 3,161,649 13,899,557 - - - - 416,272 416,272 - - - 2,203,381 - 2,203,381 17,479,729 - - - 1,423,556 18,903,285 17,479,729 2,925,640 7,812,268 2,203,381 81,216,715 129,965,880 - - - - - 10, 000, 000 - - - - 1,759,875 1,759,875 - - - - 1,090,391 1,090,391 - - - - 148,294 148,294 - - - - 209,706 209,706 3,208,266 13,208,266 - 33,085 6,152,655 6,152,655 - 13,405,521 - 6,152,655 19,591,261 11, 967,821 $17,479,729 $2,925,640 $7,812,268 $2,203,381 $90,577,636 $174,737,276 F-34 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 19 - 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 Board 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 has self insured coverage up to the first $500,000 per claim for regular employees. Workers' Compensation claims in excess of the self insured coverage of $500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self insured excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims with a $200,000 self -insured retention, and building property damage is covered for the actual value of the building with a deductible of $50,000. Deductibles for windstorm and flood vary by location. The County 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 management's estimates of the amounts needed to pay prior and current year claims. The claims liabilities reported are based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Changes in the claims liability amounts in fiscal years 2014 and 2013 were: Unpaid claims at Sept. 30, 2012 Incurred claims (including IBNRs) Claim payments Worker's Comp. $ 1,812,039 Group Insurance Risk Mgmt Total $ 1,016,833 $ 172,970 $ 3,001,842 1,579,348 12,632,655 208,818 14,420,821 (2,321,486) (12,683,924) (147,878) (15,153,288) Unpaid claims at Sept. 30, 2013 1,069,901 965,564 233,910 2,269,375 Incurred claims (including IBNRs) 1,792,409 12,610,989 112,924 14,516,322 Claim payments (1,651,374) (12,532,788) (153,379) (14,337,541) Unpaid claims at Sept. 30, 2014 $ 1,210,936 $ 1,043,765 $ 193,455 $ 2,448,156 F-35 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 20 — LITIGATION AND CLAIMS The County is a defendant in various lawsuits and is involved in other disputes wherein substantial amounts are claimed. The Board vigorously defends itself with respect to these matters. The Board's practice is to record claims when a loss is probable and a loss becomes fixed or determinable in amount. As a result of regulations adopted to protect the environment and manage growth, the Board is involved in a handful of law suits. Most claims have been defeated to date, but two merit mention. In both of these cases, the County and State of Florida are co-defendants and any amounts awarded are expected to be apportioned between the parties. In one regulatory takings claim, the trial court found the County and the State of Florida to be liable. While the County expects to overturn the liability finding upon appeal, a valuation trial needs to occur first. It is expected that the jury will assign a value of approximately $250,000. Attorney fees and interest would be in addition to this estimate but the amounts for these cannot be reasonably estimated. The Board has not recorded any liability for this claim in its financial statements due to the expectation that this will be overturned upon appeal. In the second regulatory takings claim, the liability has been judicially determined against the County and State of Florida. Based on the Court's order of taking, which will be used to compute the ultimate award, an estimate of the amount or range of potential losses ranges from $200,000 to $3,000,000. Attorney fees and post judgment interest will be assessed in addition to this amount but cannot be determined or estimated at this time. The Board has not recorded any liability for this claim in its financial statements but the minimum estimate of $200,000 is reflected in the government -wide financial statements of the County. In the opinion of the County, it is reasonably possible that there are other open suits and claims that could result in judgments or settlements, which, in aggregate, would have a material adverse effect on the County's financial condition. Based on the uncertainty at this stage of the proceedings, an estimate of the amount or a range of potential losses cannot be determined. NOTE 21 - COMMITMENTS AND CONTINGENCIES Grant Programs - The Board participates in a number of federal and state grant programs that are governed by various rules and regulations of the grantor agencies. Amounts received or receivable from grant agencies are subject to financial and compliance audits by the grantors or their representatives. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, which may be disallowed by the grantor, cannot be determined at this time, although the Board expects such amounts, if any, to be immaterial. Impact Fee Refunds - Unexpended or unencumbered funds arising from the collection of impact fees may be refunded within one year following the end of the sixth year from the date on which the impact fee was paid or within three months of the non -commencement of construction. F-36 MONROE COUNTY, FLORIDA Notes To Financial Statements For the Year Ended September 30, 2014 NOTE 22 — CHANGE IN ACCOUNTING PRINCIPLES The Board implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities, in the fiscal year ending September 30, 2014. The implementation of GASB 65 requires that deferred costs from refunding debt, which were previously deferred and amortized as part of debt, be presented as deferred outflows of resources and bond issuance costs, which were previously deferred and amortized, be included in current expenditures. Implementation of this Statement required a restatement of $326,160, reducing the governmental net position for the remaining bond issuance costs that were outstanding as of September 30, 2013. In addition the County implemented GASB 67, Financial Reporting for Pension Plans — An Amendment of GASB Statement No. 25, in the fiscal year ending September 30, 2014. This implementation resulted in additional disclosures in the footnotes in the current year. NOTE 23 — SUBSEQUENT EVENTS On October 21, 2014, the County issued $31,885,000 Monroe County, Florida Infrastructure Sales Surtax Improvement and Refunding Revenue Bond, Series 2014. This bond refunded the outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003 by funding an escrow account with $7,097,181 to redeem the refunded bonds on November 20, 2014, paid issuance costs of $96,128 and funded the Cudjoe Key Wastewater project with $15,000,000 and other construction projects with $9,691,691. The interest rate for the bond is 2.36% with a final maturity of April 1, 2024. On October 21, 2014, the County issued a Monroe County, Florida Infrastructure Sales Surtax Master Revenue Bond (PNC Bank Line of Credit), Series 2014 for a non -revolving line of credit arrangement not to exceed $16,000,000 in aggregate principal under which the County may draw moneys from time to time to finance or refinance the costs of projects. The interest rate is variable subject to monthly adjustment with a maturity date of December 31, 2016, unless extended under the terms of the agreement. Management has evaluated subsequent events through March 31, 2015, in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. F-37 REQUIRED SUPPLEMENTARY INFORMATION MONROE COUNTY, FLORIDA REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30, 2014 SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES 2014 Total pension liability Service cost $ 24,003 Interest 15,833 Change of benefit terms - Differences between expected and actual experience (24,186) Changes of assumptions 39,609 Benefit payments (including refunds of member contributions) (28,065) Net change in total pension liability 27,194 Total pension liability - beginning 781,709 Total pension liability - ending (a) $ 808,903 Plan fiduciary net position Contributions - employer $ 28,145 Contributions - State - Contributions - employee - Net investment income 3,333 Benefit payments (including refunds of member contributions) (28,065) Administrative expense (4,508) Other Net change in plan fiduciary net position (1,095) Plan fiduciary net position - beginning 849,903 Plan fiduciary net position - ending (b) $ 848,808 County's net pension asset - ending (a) - (b) $ (39,905) Plan fiduciary net position as a percentage of the total pension liability 104.93% Covered employee payroll N/A County's net pension liability as percentage of covered employee payroll N/A Notes to Schedule: Benefit changes. There have been no changes in benefit provisions since GASB 67 implementation. Change of assumptions. The assumed investment rate of return is lowered from 1.5% to 1.0%. G-1 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30, 2014 SCHEDULE OF EMPLOYER CONTRIBUTIONS PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES Year Ending December 31, Actuarially determined contribution Contributions in relation to the actuarially determined contribution Contribution deficiency (excess) Covered employee payroll Contributions as a percentage of covered employee payroll 2013 2012 2011 2010 $ 28,575 $ 31,588 $ 22,945 $ 25,719 28,575 31,588 22,945 25,719 N/A N/A N/A N/A Notes to Schedule Valuation Date: Actuarially determined contribution rates are calculated as of December 31, which is one year prior to the end of the fiscal year in which contributions are reported. Methods and Assumptions used to determine contribution rates: Inflation No increase as benefits are based on a flat amount per year of service Salary Increases N/A Investment rate of return 1.0% net of investment expenses, including inflation Retirement age N/A Mortality N/A G-2 2009 2008 2007 2006 2005 2004 $ 23,714 $ 24,777 $ 28,477 $ 61,050 $ 58,904 $ 73,840 23,714 24,777 28,477 61,050 58,904 73,840 N/A N/A N/A N/A N/A N/A G-3 MONROE COUNTY, FLORIDA REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30, 2014 SCHEDULE OF FUNDING PROGRESS PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES Actuarial Actuarial Value Accrued Liability Unfunded AAL of Assets (AAL) - Entry Age (UAAL) Funded Ratio Actuarial Valuation Date (a) (b) (b) - (a) (a)/(b) 12/31/2008 $ 817,512 $ 841,547 $ 24,035 97% 12/31/2009 $ 831,083 $ 884,715 $ 53,632 94% 12/31/2010 $ 841,980 $ 870,648 $ 28,668 97% 12/31/2011 $ 841,980 $ 870,648 $ 28,668 97% 12/31/2012 $ 849,903 $ 934,705 $ 84,802 91% 12/31/2013 $ 857,126 $ 916,684 $ 59,558 94% SCHEDULE OF EMPLOYER CONTRIBUTIONS County Annual Year Ended Required Percentage December 31, Contributions Contributed 2008 $ 24,777 100% 2009 $ 23,714 100% 2010 $ 25,719 100% 2011 $ 22,945 100% 2012 $ 31,588 100% 2013 $ 28,575 100% G-4 UAAL as a Percentage of Covered Payroll Covered Payroll (c) ([b-a]/c) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a G-5 THIS PAGE INTENTIONALLY LEFT BLANK COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS AFFORDABLE HOUSING PROGRAMS To account for revenues and expenditures of various low income housing programs. ROAD & BRIDGE To account for revenues and expenditures of the constitutional gas taxes. 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 DISTRICT #1, LOWER AND MIDDLE KEYS To account for revenues and expenditures in District #1 for fire and ambulance services. UPPER KEYS HEALTH CARE SPECIAL TAXING DISTRICT To account for all transportation and hospitalization costs of Monroe County trauma patients in Dade County. 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. 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. ENVIRONMENTAL RESTORATION To account for all revenue and expenditures for fines/fees collected and earmarked for environmental protection. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS — CONTINUED 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 MSTU To account for the revenues and expenditures for wastewater services for Conch Key, Bay Point, Big Coppitt, Key Largo, Stock Island, Cudjoe-Sugarloaf, Long Key -Layton and Duck Key. BUILDING FUND To account for the revenues and expenditures relating to building permits and for the administration and enforcement of the building code for the unincorporated area of the County. SHERIFF'S INMATE COMMISSARY To account for the receipts and disbursements of inmate telephone commissions, canteen revenues and other inmate programs. SHERIFF'S GRANTS To account for the revenues and expenditures relating to various grants. SHERIFF'S TEEN COURT To account for receipts and disbursements pertaining to a program designed to deter juveniles who are becoming involved in crime. 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 revenues from the U.S. Departments of Justice and Treasury. Expenditures are made in accordance with the guidelines issued by these agencies. SHERIFF'S CONTRACT ADMINISTRATIVE To account for the receipts of service fees collected for administering HIDTA, South Florida Law Enforcement Trust Fund, Impact Support and the NHAC Financial Unit. Expenditures relate to the costs of administering their activities. SHERIFF'S STATE FORFEITURE To account for the proceeds from state forfeitures received primarily from the South Florida Drug and Money Laundering Task Force. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS — CONTINUED SHERIFF'S INTER -AGENCY COMMUNICATIONS To account for revenues and expenditures allocated for radio communications. SHERIFF'S 911 To account for fees levied on each telephone access line in Monroe County for the enhancement of the 911 emergency telephone systems. SHERIFF'S TRAUMA STAR To account for revenues and expenditures for the Sheriff's operation of the Trauma Star helicopter. SHERIFF'S RADIO COMMUNICATIONS To account for revenues and expenditures from Court fees for radio communications. CLERK'S MODERNIZATION TRUST 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. CAPITAL PROJECT FUNDS CLERK'S REVENUE NOTE To account for the Clerk's network system from the Florida Local Government Finance Commission Loan. INFRASTRUCTURE REVENUE BONDS SERIES 2003 To account for the revenues and expenditures funded by the Infrastructure Revenue Bonds Series 2003 debt issuance. INFRASTRUCTURE REVENUE BONDS SERIES 2007 To account for the revenues and expenditures funded by the Infrastructure Revenue Bonds Series 2007 debt issuance. DUCK KEY WASTEWATER To account for the revenues and expenditures of the wastewater infrastructure for Duck Key. THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2014 SPECIAL Tourist Tourist Affordable Development Development Tourist Housing Road & All Districts Admin & Promo Development Programs Bridge Two Cent Two Cent District #One ASSETS Cash and Cash Equivalents $ 131,333 $ 3,858,368 $ 2,190,252 $ 3,892,843 $ 2,823,903 Investments 255,866 7,062,526 3,125,836 5,229,766 3,570,524 Accounts Receivable, Net - - 8,364 - - Assessments Receivable - - - - - Due from Other Funds - 82,350 163,897 140,316 Due from Other Governmental Units - 575,733 - - - Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Advances - - - - - Interest Receivable 497 13,728 6,076 10,213 6,940 Total Assets $ 387,696 $ 11,510,355 $ 5,412,878 $ 9,296,719 $ 6,541,683 LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable $ - $ 135,425 $ 403,042 $ 1,236,772 $ 83,056 Retainage Payable - - - - 22,326 Accrued Wages and Benefits Payable - 36,307 - - - Due to Other Funds - - - - Due to Other Governmental Units - 48,284 - - 30,992 Accrued Comp. Absences Payable Unearned Revenues Other Current Liabilities - - - - Deposits in Escrow - - - - - Total Liabilities - 220,016 403,042 1,236,772 136,374 Deferred Inflows of Resources: Advances from Other Governments - - - - Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances: Nonspendable - - - - Restricted 387,696 11,290,339 5,009,836 8,059,947 6,195,603 Committed - - - 209,706 Assigned - - - - Unassigned - - - - Total Fund Balances 387,696 11,290,339 5,009,836 8,059,947 6,405,309 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 387,696 $ 11,510,355 $ 5,412,878 $ 9,296,719 $ 6,541,683 H-1 REVENUE FUNDS Tourist Tourist Tourist Tourist Impact Fees, Development Development Development Development Impact Fees, Parks and District #Two District #Three District #Four District Wive Roadways Recreation $ 285,840 $ 652,056 $ 582,694 $ 529,090 $ 1,264,684 $ 170,550 337,050 740,268 739,298 601,188 2,463,886 332,268 14,494 35,022 26,827 29,590 - - 655 1,439 1,437 1,168 4,789 646 $ 638,039 $ 1,428,785 $ 1,350,256 $ 1,161,036 $ 3,733,359 $ 503,464 $ 18,543 $ 133,528 $ 64,932 $ 84,954 $ 274,895 $ - - - - - 240,182 - 1,796 - - 1,006 - - 44,562 15,905 - - - 20,339 178,090 80,837 85,960 515,077 - 617,700 1,250,695 1,269,419 1,075,076 3,218,282 503,464 617,700 1,250,695 1,269,419 1,075,076 3,218,282 503,464 $ 638,039 $ 1,428,785 $ 1,350,256 $ 1,161,036 $ 3,733,359 $ 503,464 (Continued) H-2 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2014 SPECIAL Impact Fees, Impact Fees, Impact Fees, Impact Fees, Libraries Solid Waste Police Facilities Fire & EMS ASSETS Cash and Cash Equivalents $ 329,342 $ 23,024 $ 14,646 $ 16,693 Investments 641,631 44,856 28,532 32,520 Accounts Receivable, Net - - - - Assessments Receivable - - - - Due from Other Funds - - - - Due from Other Governmental Units 1,415 192 45 16 Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Advances - - - - Interest Receivable 1,247 87 56 63 Total Assets $ 973,635 $ 68,159 $ 43,279 $ 49,292 LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ - $ - Retainage Payable - - - - Accrued Wages and Benefits Payable - - - - Due to Other Funds - - - - Due to Other Governmental Units - - - - Accrued Comp. Absences Payable - - - - Unearned Revenues - - - - Other Current Liabilities - - - - Deposits in Escrow - - - - Total Liabilities - - - - Deferred Inflows of Resources: Advances from Other Governments - - - - Unavailable Revenues - - - - Deferred Inflows of Resources - - - Fund Balances: Nonspendable - - - - Restricted 973,635 68,159 43,279 49,292 Committed - - - - Assigned - - - - Unassigned - - - - Total Fund Balances 973,635 68,159 43,279 49,292 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 973,635 $ 68,159 $ 43,279 $ 49,292 H-3 REVENUE FUNDS Fire & Amb Upper Keys Unincorp. Unincorp. Impact Fees, District #1, Health Care Area Service Area Service Fair Share Lower and Special District, Dist., Planning Municipal Housing Middle Keys Taxing District Parks & Rec. Bldg. & Zoning Policing $ 173,280 $ 1,904,053 $ 327,901 $ 360,656 $ 2,479,889 $ 586,250 337,588 4,371,666 638,823 696,928 4,959,895 1,141,398 - 65,508 - - - - - 192,403 - - 36,702 309,093 - 8,459 - - 480,142 - 656 8,498 1,242 1,354 9,641 2,219 $ 511,524 $ 6,550,587 $ 967,966 $ 1,058,938 $ 7,966,269 $ 2,038,960 $ - $ 207,558 $ 13,133 $ 46,053 $ 94,378 $ - 189,309 280 10,792 147,780 - 1,065 - 8,512 9,678 - - - - 7,322 42,529 - 397,932 13,413 72,679 294,365 - 511,524 - 954,553 986,259 7,671,904 2,038,960 6,152,655 - - - - 511,524 6,152,655 954,553 986,259 7,671,904 2,038,960 $ 511,524 $ 6,550,587 $ 967,966 $ 1,058,938 $ 7,966,269 $ 2,038,960 (Continued) H-4 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2014 SPECIAL Duck Key Local Miscellaneous Security Housing Boating Special District Assistance Improvement Revenue ASSETS Cash and Cash Equivalents $ 134,443 $ 469,881 $ 845,151 $ 944,202 Investments 261,926 915,434 1,646,542 1,643,587 Accounts Receivable, Net - - - - Assessments Receivable - - - - Due from Other Funds 467 - 56,850 - Due from Other Governmental Units - - - - Mortgages/Notes Receivable - 8,667,291 - - Allowance for Mortgages/Notes Receivable - (8,667,291) - - Advances - - - - Interest Receivable 509 1,780 3,201 3,195 Total Assets $ 397,345 $ 1,387,095 $ 2,551,744 $ 2,590,984 LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable $ 4,439 $ - $ 98,749 $ 13,151 Retainage Payable - - - - Accrued Wages and Benefits Payable - - 1,354 - Due to Other Funds - - - 38,600 Due to Other Governmental Units - - 22,776 - Accrued Comp. Absences Payable - - - Unearned Revenues - - - Other Current Liabilities - - - - Deposits in Escrow - - - - Total Liabilities 4,439 - 122,879 51,751 Deferred Inflows of Resources: Advances from Other Governments - - - 30,271 Unavailable Revenues - - - - Deferred Inflows of Resources - - - 30,271 Fund Balances: Nonspendable - - - - Restricted 392,906 1,387,095 2,428,865 2,508,962 Committed - - - - Assigned - - - - Unassigned - - - - Total Fund Balances 392,906 1,387,095 2,428,865 2,508,962 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 397,345 $ 1,387,095 $ 2,551,744 $ 2,590,984 H-5 REVENUE FUNDS Court Drug Marathon Bay Point Big Coppitt Environmental Facility Abuse Municipal Wastewater Wastewater Restoration Fees Trust Service MSTU MSTU $ 595,758 $ 913,392 $ 62,179 $ 854 $ 17,179 $ 602 1,166,897 1,598,272 97,640 1,660 33,468 1,147 2,268 3,106 189 3 65 2 $ 1,764,923 $ 2,514,770 $ 160,008 $ 2,517 $ 50,712 $ 1,751 $ 3,455 $ 12,159 $ 1,551 $ - $ - $ - 1,593 1,489 - - 383 - 5,048 13,648 1,551 - 383 - - 2,501,122 158,457 2,517 - - 1,759,875 - - 50,329 1,751 1,759,875 2,501,122 158,457 2,517 50,329 1,751 $ 1,764,923 $ 2,514,770 $ 160,008 $ 2,517 $ 50,712 $ 1,751 (Continued) H-6 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2014 SPECIAL Key Largo Cudjoe- Wastewater Stock Island Sugarloaf Conch Key MSTU Wastewater MSTU MSTU ASSETS Cash and Cash Equivalents $ 2,647 $ 214,646 $ 1,410 $ 172 Investments 5,156 418,205 2,747 335 Accounts Receivable, Net - - - - Assessments Receivable - 310,049 - - Due from Other Funds - 467 10 - Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Advances - - - - Interest Receivable 10 813 5 1 Total Assets $ 7,813 $ 944,180 $ 4,172 $ 508 LIABILITIES AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ - $ - Retainage Payable - - - - Accrued Wages and Benefits Payable 312 183 - 40 Due to Other Funds - - - - Due to Other Governmental Units - - - - Accrued Comp. Absences Payable - - Unearned Revenues - - Other Current Liabilities - - - - Deposits in Escrow - - - - Total Liabilities 312 183 - 40 Deferred Inflows of Resources: Advances from Other Governments - - - - Unavailable Revenues - 295,253 - - Deferred Inflows of Resources - 295,253 - - Fund Balances: Nonspendable - - - Restricted - 648,744 - - Committed 7,501 - 4,172 468 Assigned - - - - Unassigned - - - - Total Fund Balances 7,501 648,744 4,172 468 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 7,813 $ 944,180 $ 4,172 $ 508 ME REVENUE FUNDS Long Key, Sheriff's Sheriff's Sheriff's Layton Duck Key Building Teen Federal State MSTU MSTU Fund Court Forfeiture Forfeiture $ 6,278 $ 22,416 $ 769,262 $ - $ 2,108,254 $ 316,280 12,231 43,671 1,498,694 - - 376,148 - 3 - 36,250 19,804 - - - - 10,556 - - 24 85 2,913 - - 731 $ 18,533 $ 66,175 $ 2,270,869 $ 46,806 $ 2,128,058 $ 693,159 $ 137,077 $ - $ 390 $ 15,497 494 141 42,774 - - - - - - 23,514 - 64,510 - - - - - 8,110 - - - 494 141 252,471 - 23,904 15,497 - - 2,018,398 46,806 2,104,154 677,662 18,039 66,034 - - - - 18,039 66,034 2,018,398 46,806 2,104,154 677,662 $ 18,533 $ 66,175 $ 2,270,869 $ 46,806 $ 2,128,058 $ 693,159 (Continued) H-8 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2014 SPECIAL Sheriffs Sheriffs Sheriffs Contract Sheriffs Interagency Trauma Administration Commissary Communications Star ASSETS Cash and Cash Equivalents $ - $ 628,628 $ 406,606 $ 204,995 Investments - _ _ - Accounts Receivable, Net 3,060 39,037 - - Assessments Receivable _ - _ Due from Other Funds 1,102,500 4,151 36,519 - Due from Other Governmental Units 107,404 - 100 - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Advances - - - - Interest Receivable - - - - Total Assets $ 1,212,964 $ 671,816 $ 443,225 $ 204,995 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts Payable $ - $ 16,346 $ - $ - Retainage Payable - - - - Accrued Wages and Benefits Payable - - - - Due to Other Funds 121,654 18,289 12,788 204,995 Due to Other Governmental Units 569 - - - Accrued Comp. Absences Payable - - - - Unearned Revenues - - - - Other Current Liabilities - - - - Deposits in Escrow - - - - Total Liabilities 122,223 34,635 12,788 204,995 Deferred Inflows of Resources: Advances from Other Governments - - - - Unavailable Revenues 350 - - - Total Deferred Inflows of Resources 350 - - - Fund Balances: Nonspendable - - - - Restricted - 637,181 430,437 - Committed 1,090,391 - - - Assigned - - - - Unassigned - - - - Total Fund Balances 1,090,391 637,181 430,437 - Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 1,212,964 $ 671,816 $ 443,225 $ 204,995 im REVENUE FUNDS Sheriff's Sheriff's Clerk's Clerk's Radio Sheriff's Shared Asset Sheriff's Records Court Communication Grants Forfeiture E911 Modernization Related $ 64,177 $ - $ 336,373 $ 2,363,936 $ 1,898,793 $ 1,124,660 - - 4,779,704 - - - - 99,032 - - 243,565 3,095 - 98,329 - 36,488 - 48,327 - - 44,427 - - - $ 64,177 $ 197,361 $ 5,160,504 $ 2,400,424 $ 2,142,358 $ 1,176,082 $ - $ - $ 64,177 197,361 - - 34,317 $ - - 440,013 $ - $ 23,467 - - - 199,943 747,704 228,435 64,177 197,361 34,317 463,480 - 1,176,082 - 44,163 - - - - - 44,163 - - - - - (44,163) 5,126,187 1,936,944 2,142,358 - - (44,163) 5,126,187 1,936,944 2,142,358 - $ 64,177 $ 197,361 $ 5,160,504 $ 2,400,424 $ 2,142,358 $ 1,176,082 (Continued) H-10 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2014 SPECIAL REVENUE FUNDS ASSETS Cash and Cash Equivalents Investments Accounts Receivable, Net Assessments Receivable Due from Other Funds Due from Other Governmental Units Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable Advances 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 Accrued Comp. Absences Payable Unearned Revenues Other Current Liabilities Deposits in Escrow Total Liabilities Deferred Inflows of Resources: Advances from Other Governments Unavailable Revenues Deferred Inflows of Resources Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Total Fund Balances Total Liabilities, Deferred Inflows of Resources and Fund Balances Supervisor's Total Nonmajor Voter ED & Special Rev Equipment Funds CAPITAL Clerk's Infrastructure Revenue Revenue Bonds Note Series 2003 $ - $ 37,050,521 $ 34,594 $ - - 51,855,777 67,397 - - 115,969 - - - 310,049 - - - 2,633,407 - - - 1,367,206 - - - 8,667,291 - - - (8,667,291) - - - 135,978 131 - $ - $ 93,468,907 $ 102,122 $ - $ - $ 3,773,356 $ - $ - 262, 508 - - 436,033 - - - 1,452,549 - - - 475,288 - - 57,961 - - 6,457,695 - - 30,271 - - 339,766 - - 370,037 - - 77,280,254 102,122 - 3,208,266 - - 6,152,655 - - 86,641,175 102,122 - $ - $ 93,468,907 $ 102,122 $ - H-11 PROJECT FUNDS Total Infrastructure Duck Key Nonmajor Revenue Bonds Wastewater Governmental Series 2007 Project Funds $ 1,324,428 $ 799,441 $ 39,208,984 - 1,557,489 53,480,663 - - 115,969 - 691,559 1,001,608 - 56 2,633,463 - - 1,367,206 - - 8,667,291 - - (8,667,291) - 150,659 150,659 - 3,027 139,136 $ 1,324,428 $ 3,202,231 $ 98,097,688 $ 2,906 $ - $ 3,776,262 - - 262,508 88 316 436,437 - - 1,452,549 475,288 - - 57,961 2,994 316 6,461,005 - 30,271 689,010 1,028,776 - 689,010 1,059,047 1,321,434 2,512,905 81,216,715 - - 3,208,266 - 6,152,655 1,321,434 2,512,905 90,577,636 $ 1,324,428 $ 3,202,231 $ 98,097,688 H-12 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Debt Proceeds Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Tourist Tourist Affordable Development Development Tourist Housing Road & All Districts Admin & Promo Development Programs Bridge Two Cent Two Cent District #One $ - $ 2,352,206 $ 4,972,891 $ 10,304,808 $ 8,675,138 - 3,369,867 - - - - 61,485 - - - 914 27,063 11,190 20,596 13,476 5,998 22,195 - 8,607 - 6,912 5,832,816 4,984,081 10,334,011 8,688,614 4,190,019 - - - - - 4,451,022 10,022,528 7,436,900 4,190,019 4,451,022 10,022,528 7,436,900 6,912 1,642,797 533,059 311,483 1,251,714 - 29,728 82,350 163,898 140,315 - (513,596) (84,536) (98,505) (109,358) - (483,868) (2,186) 65,393 30,957 6,912 1,158,929 530,873 380,784 10,131,410 4,478,963 376,876 1,282,671 7,683,071 5,122,638 $ 387,696 $ 11,290,339 $ 5,009,836 $ 8,059,947 $ 6,405,309 H-13 REVENUE FUNDS Tourist Tourist Tourist Development Development Development District #Two District #Three District #Four Tourist Impact Fees, Development Impact Fees, Parks and District #Five Roadways Recreation $ 906,554 $ 2,181,447 $ 1,678,018 $ 1,836,542 $ - $ - - - - 170,854 58,480 935 3,843 3,316 2,369 12,777 1,106 - - 3,723 - - - 907,489 2,185,290 1,685,057 1,838,911 183,631 59,586 - - - - 2,440,759 - 601,018 2,479,138 1,792,619 1,611,818 - - 601,018 2,479,138 1,792,619 1,611,818 2,440,759 - 306,471 (293,848) (107,562) 227,093 (2,257,128) 59,586 14,493 (27,273) 35,022 (16,354) 26,826 (14,941) 29,590 (53,564) 190,354 - (29,728) - (12,780) 18,668 11,885 (23,974) 160,626 - 293,691 (275,180) (95,677) 203,119 (2,096,502) 59,586 324,009 1,525,875 1,365,096 871,957 5,314,784 443,878 $ 617,700 $ 1,250,695 $ 1,269,419 $ 1,075,076 $ 3,218,282 $ 503,464 (Continued) H-14 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Debt Proceeds Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Impact Fees, Impact Fees, Impact Fees, Impact Fees, Libraries Solid Waste Police Facilities Fire & EMS 51,185 13,441 29,629 20,428 2,663 140 362 84 53,848 13,581 29,991 20,512 53,848 13,581 29,991 20,512 (106,043) - (106,043) - 53,848 13,581 (76,052) 20,512 919,787 54,578 119,331 28,780 $ 973,635 $ 68,159 $ 43,279 $ 49,292 H-15 REVENUE FUNDS Fire & Amb Upper Keys Unincorp. Unincorp. Impact Fees, District #1, Health Care Area Service Area Service Fair Share Lower and Special District, Dist., Planning Municipal Housing Middle Keys Taxing District Parks & Rec. Bldg. & Zoning Policing $ - $ 10,332,079 $ - $ 1,701,551 $ 934,765 $ 4,021,185 88,756 - - - - - - 139,279 - 7,274 5,571,755 - - 600,291 - 43,985 1,035,687 3,369,260 - - - - 447,805 - 1,089 25,763 2,636 4,256 19,259 5,720 - 1,312 - 54,338 7,276 - 89,845 11,098,724 2,636 1,811,404 8,016,547 7,396,165 2,573,808 - 9,142,625 - - 2,443,007 777,060 - - - 583,865 - 203,065 - - - - 1,458,814 - - - 9,142,625 203,065 1,458,814 5,600,680 777,060 89,845 1,956,099 (200,429) 352,590 2,415,867 6,619,105 192,403 - - 36,703 309,093 (1,588,622) (19,137) (280,733) (1,380,649) (6,748,085) (1,396,219) (19,137) (280,733) (1,343,946) (6,438,992) 89,845 559,880 (219,566) 71,857 1,071,921 180,113 421,679 5,592,775 1,174,119 914,402 6,599,983 1,858,847 $ 511,524 $ 6,152,655 $ 954,553 $ 986,259 $ 7,671,904 $ 2,038,960 (Continued) H-16 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 SPECIAL Duck Key Local Miscellaneous Security Housing Boating Special District Assistance Improvement Revenue Revenues: Taxes $ 23 $ - $ - $ - Licenses and Permits 75,633 - - 64,975 Intergovernmental - 365,717 - - Charges for Services - - 673,497 362,938 Fines and Forfeitures - - - 230,830 Investment Income 968 2,751 5,921 5,830 Miscellaneous - 25,000 2,678 - Total Revenues 76,624 393,468 682,096 664,573 Expenditures: Current: General Government - - - - Public Safety 65,760 - - 34,270 Physical Environment - - 727,008 - Transportation - - - - Economic Environment - 6,857 - - Human Services - - - 137,323 Culture and Recreation - - - 20,341 Court Related - - - 212,845 Capital Projects - - - - Total Expenditures 65,760 6,857 727,008 404,779 Excess/Deficiency of Revenues Over/(Under) Expenditures 10,864 386,611 (44,912) 259,794 Other Financing Sources/(Uses): Transfers from Other Funds 467 - - - Transfers to Other Funds (7) - - (188,246) Debt Proceeds - - - - Total Other Financing Sources/(Uses) 460 - - (188,246) Net Change in Fund Balances 11,324 386,611 (44,912) 71,548 Fund Balances -October 1 381,582 1,000,484 2,473,777 2,437,414 Fund Balances -September 30 $ 392,906 $ 1,387,095 $ 2,428,865 $ 2,508,962 H-17 REVENUE FUNDS Court Drug Marathon Bay Point Big Coppitt Environmental Facility Abuse Municipal Wastewater Wastewater Restoration Fees Trust Service MSTU MSTU $ - $ - $ - $ 558 $ - $ - - 523,773 36,278 - - - 500,862 - - - - - 4,000 5,435 361 6 123 4 504,862 529,208 36,639 564 123 4 179,035 - - - 1,826 - - - 25,255 - - - - 158,633 - - - - 179,035 158,633 25,255 - 1,826 - 325,827 370,575 11,384 564 (1,703) 4 325,827 370,575 11,384 564 (1,703) 4 1,434,048 2,130,547 147,073 1,953 52,032 1,747 $ 1,759,875 $ 2,501,122 $ 158,457 $ 2,517 $ 50,329 $ 1,751 (Continued) H-18 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Debt Proceeds Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Key Largo Cudjoe- Wastewater Stock Island Sugarloaf Conch Key MSTU Wastewater MSTU MSTU $ - $ - $ 673 $ - - 42,417 - - 20 14,559 47 2 - 4,011 - - 20 60,987 720 2 1,210 10,015 13,718 500 1,210 10,015 13,729 500 (1,190) 50,972 (13,009) (498) 467 9 - (1,000) - - - (533) 9 - (1,190) 50,439 (13,000) (498) 8,691 598,305 17,172 966 $ 7,501 $ 648,744 $ 4,172 $ 468 H-19 REVENUE FUNDS Long Key, Sheriffs Sheriffs Sheriffs Layton Duck Key Building Teen Federal State MSTU MSTU Fund Court Forfeiture Forfeiture $ - $ 223 $ - $- - - 3,347,025 - - - - - - - 642,713 - - - 85,502 56,040 - - - - - - - 141,476 46 168 4,095 - 10,098 1,837 - - 32,430 - - - 46 391 3,469,052 56,040 652,811 143,313 - - 2,601,814 34,531 600,086 90,449 1,299 4,792 - - - - 1,299 4,792 2,601,814 34,531 600,086 90,449 (1,253) (4,401) 867,238 21,509 52,725 52,864 - 3 - - - - - - - - - (3,487) - 3 - - - (3,487) (1,253) (4,398) 867,238 21,509 52,725 49,377 19,292 70,432 1,151,160 25,297 2,051,429 628,285 $ 18,039 $ 66,034 $ 2,018,398 $ 46,806 $ 2,104,154 $ 677,662 (Continued) H-20 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Debt Proceeds Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL Sheriffs Sheriffs Sheriffs Contract Sheriffs Interagency Trauma Administration Commissary Communications Star 480,260 - - - 3,389,159 433,360 27,390 - 1,818 2,964 2,833 - - 11,655 - - 3,871,237 447,979 30,223 - 3,758,141 369,158 869,250 1,402,986 3,758,141 369,158 869,250 1,402,986 113,096 78,821 (839,027) (1,402,986) 2,154 3,488 135,680 1,607,981 - - - (204,995) 2,154 3,488 135,680 1,402,986 115,250 82,309 (703,347) - 975,141 554,872 1,133, 784 - $ 1,090,391 $ 637,181 $ 430,437 $ - H-21 REVENUE FUNDS Sheriff's Radio Sheriff's Communication Grants Sheriff's Shared Asset Forfeiture Sheriff's E911 Clerk's Records Modernization Clerk's Court Related - 278,477 - 449,689 - 1,088,998 - - - - 246,228 901,118 - - - - 165,100 1,480,855 - - 23,385 13,164 9,506 13,924 - 278,477 23,385 462,853 420,834 3,484,895 294,475 959,629 117,644 1,040,769 - - - - - 3,690,785 294,475 959,629 117,644 1,040,769 - 3,690,785 (294,475) (681,152) (94,259) (577,916) 420,834 (205,890) 358,652 618,733 - (64,177) - - - - 650,141 - - (444,251) 294,475 618,733 - - - 205,890 - (62,419) - 18,256 (94,259) 5,220,446 (577,916) 2,514,860 420,834 - 1,721,524 - $ - $ (44,163) $ 5,126,187 $ 1,936,944 $ 2,142,358 $ - (Continued) H-22 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -CONTINUED NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Debt Proceeds Total Other Financing Sources/(Uses) Net Change in Fund Balances Fund Balances -October 1 Fund Balances -September 30 SPECIAL REVENUE FUNDS CAPITAL Supervisor's Total Nonmajor Clerk's Infrastructure Voter ED & Special Rev Revenue Revenue Bonds Equipment Funds Note Series 2003 $ - $ 49,898,661 $ - $ - 3,962,823 - - 12,394,029 - - 11,845,991 - - 2,966,928 - - 283,422 243 2,053 179,223 - - 81,531,077 243 2,053 17,707 2,591,526 - - - 24,601,654 - - - 1,523,268 - - - 6,630,778 - - - 28,401,900 - - - 365,643 - - - 1,479,155 - - - 4,062,263 - - - - - 262 17,707 69,656,187 - 262 (17,707) 11,874,890 243 1,791 4,628,550 - - (11,977,287) - (713,401) (7,348,737) - (713,401) (17,707) 4,526,153 243 (711,610) 17,707 82,115,022 101,879 711,610 $ - $ 86,641,175 $ 102,122 $ - H-23 PROJECT FUNDS Infrastructure Revenue Bonds Series 2007 Duck Key Wastewater Project Tgtal Nonmajor Governmental Funds $ - $ 60 $ 49,898,721 - - 3,962,823 - - 12,394,029 - - 11,845,991 - - 2,966,928 6,709 31,133 323,560 - 8,478 187,701 6,709 39,671 81,579,753 - 2,591,526 - - 24,601,654 - - 1,523,268 - - 6,630,778 - - 28,401,900 - - 365,643 - - 1,479,155 - - 4,062,263 1,227,459 21,031 1,248,752 1,227,459 21,031 70,904,939 (1,220,750) 18,640 10,674,814 56 4,628,606 (1,500,000) (1,000) (14,191,688) (1,500,000) (944) (9,563,082) (2,720,750) 17,696 1,111,732 4,042,184 2,495,209 89,465,904 $ 1,321,434 $ 2,512,905 $ 90,577,636 H-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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 1,400 $ 1,400 $ 914 $ (486) Miscellaneous - - 5,998 5,998 Total Revenues 1,400 1,400 6,912 5,512 EXPENDITURES: Current: Economic Environment: Affordable Housing Initiatives Excess/Deficiency of Revenues Over/(Under) Expenditures 290,000 290,000 - 290,000 (288,600) (288,600) 6,912 295,512 Other Financing Sources/(Uses): Reserve for Contingencies (5,000) (5,000) - 5,000 Reserve for Cash Balance (11,167) (11,167) - 11,167 Total Other Financing Sources/(Uses) (16,167) (16,167) - 16,167 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (304,767) (304,767) 6,912 311,679 304,767 304,767 380,784 76,017 $ 387,696 $ 387,696 H-25 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, 2014 Revenues: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues Expenditures: Current: Transportation: Road Department County Engineer Road and Bridge Paving Evaluation and Management Street Lighting Local Option Gas Tax Projects 80% Gas Tax Cudjoe Regional Paving Bridge Inventory Management No Name Key Bridge Emerg Repair Total Transportation Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) $ 2,050,000 $ 2,050,000 $ 2,352,206 $ 302,206 3,389,999 3,389,999 3,369,867 (20,132) 56,500 56,500 61,485 4,985 64,528 64,528 27,063 (37,465) - 22,195 22,195 5,561,027 5,561,027 5,832,816 271,789 3,168,092 3,134,780 2,786,055 348,725 319,707 319,707 258,454 61,253 95,895 193,636 97,120 96,516 243,826 243,826 217,684 26,142 377,583 377,583 297,029 80,554 612,590 612,590 219,629 392,961 1,000,000 1,000,000 - 1,000,000 - 191,150 187,122 4,028 - 136,926 126,926 10,000 5,817,693 6,210,198 4,190,019 2,020,179 5,817,693 6,210,198 4,190,019 2,020,179 (256,666) (649,171) 1,642,797 2,291,968 Reserve for Contingencies (1,041,286) (648,781) - 648,781 Reserve for Cash Balance (2,104,520) (2,104,520) - 2,104,520 Transfers from Other Funds - 29,728 29,728 - Transfers to Other Funds (1,559,104) (1,559,104) (513,596) 1,045,508 Total Other Financing Sources/(Uses) (4,704,910) (4,282,677) (483,868) 3,798,809 Net Change in Fund Balances (4,961,576) (4,931,848) 1,158,929 6,090,777 Fund Balances, October 1 4,961,576 4,931,848 10,131,410 5,199,562 Fund Balances, September 30 $ - $ - $ 11,290,339 $ 11,290,339 H-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, 2014 REVENUES: Taxes 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 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 4,072,535 $ 4,072,535 $ 4,972,891 $ 900,356 - - 11,190 11,190 4,072,535 4,072,535 4,984,081 911,546 1,095,324 1,095,324 924,306 171,018 832,000 832,000 699,447 132,553 700,000 700,000 678,922 21,078 2,475,391 2,475,391 1,652,831 822,560 1,527,833 1,527,833 - 1,527,833 818,007 818,007 495,516 322,491 7,448,555 7,448,555 4,451,022 2,997,533 (3,376,020) (3,376,020) 533,059 3,909,079 Other Financing Sources/(Uses): Transfers to Other Funds (105,021) (105,021) (84,536) 20,485 Transfers from Other Funds - - 82,350 82,350 Total Other Financing Sources/(Uses) (105,021) (105,021) (2,186) 102,835 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (3,481,041) (3,481,041) 530,873 4,011,914 3,481,041 3,481,041 4,478,963 997,922 - $ 5,009,836 $ 5,009,836 H-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, 2014 REVENUES: Taxes Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Catastrophic Emergency Special Projects Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 8,439,092 $ 8,439,092 $10,304,808 $ 1,865,716 - - 20,596 20,596 - - 8,607 8,607 8,439,092 8,439,092 10,334,011 1,894,919 9,445,078 9,445,078 8,589,810 855,268 1,037,234 1,037,234 511,389 525,845 2,172,167 2,172,167 - 2,172,167 1,013,318 1,013,318 921,329 91,989 13,667,797 13,667,797 10,022,528 3,645,269 (5,228,705) (5,228,705) 311,483 5,540,188 Other Financing Sources/(Uses): Transfers to Other Funds (206,872) (206,872) (98,505) 108,367 Transfers from Other Funds - - 163,898 163,898 Total Other Financing Sources/(Uses) (206,872) (206,872) 65,393 272,265 Net Change in Fund Balances (5,435,577) (5,435,577) 376,876 5,812,453 Fund Balances, October 1 5,435,577 5,435,577 7,683,071 2,247,494 Fund Balances, September 30 $ - $ - $ 8,059,947 $ 8,059,947 H-28 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #ONE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Special Events Bricks and Mortar Information Services Beaches Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 7,323,166 $ 7,323,166 $ 8,675,138 $ 1,351,972 - - 13,476 13,476 7,323,166 7,323,166 8,688,614 1,365,448 4,876,402 4,973,645 4,967,129 6,516 265,538 265,538 157,031 108,507 972,295 875,052 461,179 413,873 4,443,681 4,443,681 1,431,063 3,012,618 363,117 363,117 363,117 - 191, 547 191,547 57,381 134,166 11,112,580 11,112,580 7,436,900 3,675,680 (3,789,414) (3,789,414) 1,251,714 5,041,128 Other Financing Sources/(Uses): Transfers to Other Funds (110,344) (110,344) (109,358) 986 Transfers from Other Funds - - 140,315 140,315 Total Other Financing Sources/(Uses) (110,344) (110,344) 30,957 141,301 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (3,899,758) (3,899,758) 1,282,671 5,182,429 3,899,758 3,899,758 5,122,638 1,222,880 - $ 6,405,309 $ 6,405,309 H-29 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #TWO SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Special Events Bricks and Mortar Information Services Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 600,473 $ 600,473 $ 906,554 $ 306,081 - - 935 935 600,473 600,473 907,489 307,016 375,304 375,304 370,678 4,626 19,711 19,711 17,180 2,531 75,807 75,807 35,000 40,807 212,955 212,955 86,960 125,995 91,200 91,200 91,200 - 774,977 774,977 601,018 173,959 (174,504) (174,504) 306,471 480,975 Other Financing Sources/(Uses): Transfers to Other Funds (27,387) (27,387) (27,273) 114 Transfers from Other Funds - - 14,493 14,493 Total Other Financing Sources/(Uses) (27,387) (27,387) (12,780) 14,607 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (201,891) (201,891) 293,691 495,582 201,891 201,891 324,009 122,118 $ 617,700 $ 617,700 H-30 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #THREE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Special Events Bricks and Mortar Information Services Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 1,746,784 $ 1,746,784 $ 2,181,447 $ 434,663 - - 3,843 3,843 1,746,784 1,746,784 2,185, 290 438,506 1,846,102 1,846,102 1,814,045 32,057 60,406 60,406 41,349 19,057 115,109 115,109 60,000 55,109 720,052 720,052 403,744 316,308 160,000 160,000 160,000 - 2,901,669 2,901,669 2,479,138 422,531 (1,154,885) (1,154,885) (293,848) 861,037 Other Financing Sources/(Uses): Transfers to Other Funds (16,588) (16,588) (16,354) 234 Transfers from Other Funds - - 35,022 35,022 Total Other Financing Sources/(Uses) (16,588) (16,588) 18,668 35,256 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (1,171,473) (1,171,473) (275,180) 896,293 1,171,473 1,171,473 1,525,875 354,402 - $ 1,250,695 $ 1,250,695 H-31 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #FOUR SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Special Events Bricks and Mortar Information Services Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 1,379,024 $ 1,379,024 $ 1,678,018 $ 298,994 - - 3,316 3,316 - - 3,723 3,723 1,379,024 1,379,024 1,685,057 306,033 1,440,972 1,440,972 1,340,731 100,241 48,742 48,742 32,433 16,309 190,000 190,000 84,410 105,590 536,819 536,819 185,045 351,774 150,000 150,000 150,000 - 2,366,533 2,366,533 1,792,619 573,914 (987,509) (987,509) (107,562) 879,947 Other Financing Sources/(Uses): Transfers to Other Funds (15,125) (15,125) (14,941) 184 Transfers from Other Funds - - 26,826 26,826 Total Other Financing Sources/(Uses) (15,125) (15,125) 11,885 27,010 Net Change in Fund Balances (1,002,634) Fund Balances, October 1 1,002,634 Fund Balances, September 30 (1,002,634) (95,677) 906,957 1,002,634 1,365,096 362,462 - $ 1,269,419 $ 1,269,419 H-32 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT #FIVE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative Services Information Services Special Events Bricks and Mortar Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 1,462,180 $ 1,462,180 $ 1,836,542 $ 374,362 - - 2,369 2,369 1,462,180 1,462,180 1,838,911 376,731 945,982 945,982 870,986 74,996 44,301 44,301 39,260 5,041 142,000 142,000 142,000 - 202,127 202,127 164,308 37,819 531,404 531,404 395,264 136,140 1,865,814 1,865,814 1,611,818 253,996 (403,634) (403,634) 227,093 630,727 Other Financing Sources/(Uses): Transfers to Other Funds (53,833) (53,833) (53,564) 269 Transfers from Other Funds - - 29,590 29,590 Total Other Financing Sources/(Uses) (53,833) (53,833) (23,974) 29,859 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (457,467) (457,467) 203,119 660,586 457,467 457,467 871,957 414,490 $ 1,075,076 $ 1,075,076 H-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, 2014 REVENUES: Licenses and Permits Investment Income Total Revenues EXPENDITURES: Current: Transportation: Fair Share Improvement County Wide Fair Share Improvement Dist 2 Fair Share Improvement Dist 3 Fair Share Improve Key Colony Beach C905 Bike Lane Roadway Projects Truman Bridge Ped Bridge Bike/Shared Use Path Bike Lanes Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 60,914 $ 60,914 $ 170,854 $ 109,940 10,851 10,851 12,777 1,926 71,765 71,765 183,631 111,866 526,857 - 131,220 131,220 577,100 - 32,721 32,721 - 2,617,457 - 713 131,220 - 32,721 2,555,025 62,432 - 713 825,000 825,000 - 825,000 1,087,900 587,900 (114,266) 702,166 1,323,859 - - - 4,504,657 4,195,011 2,440,759 1,754,252 (4,432,892) (4,123,246) (2,257,128) 1,866,118 Other Financing Sources/(Uses): Transfers from Other Funds - 190,354 190,354 - Transfers to Other Funds (30,000) (530,000) (29,728) 500,272 Total Other Financing Sources/(Uses) (30,000) (339,646) 160,626 500,272 Net Change in Fund Balances (4,462,892) (4,462,892) (2,096,502) 2,366,390 Fund Balances, October 1 4,462,892 4,462,892 5,314,784 851,892 Fund Balances, September 30 $ - $ - $ 3,218,282 $ 3,218,282 H-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, 2014 REVENUES: Licenses and Permits Investment Income Total Revenues EXPENDITURES: Current: Culture and Recreation: District 1 Projects District 2 Projects District 3 Projects Bay Point Park Big Coppitt Park Bernstein Park 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) $ 15,500 $ 15,500 $ 58,480 $ 42,980 1,300 1,300 1,106 (194) 16,800 16,800 59,586 42,786 27,899 27,899 - 27,899 224,995 224,995 - 224,995 60,772 60,772 - 60,772 15,000 15,000 15,000 20,000 20,000 - 20,000 25,401 25,401 - 25,401 374,067 374,067 - 374,067 (357,267) (357,267) 59,586 416,853 357,267 357,267 443,878 86,611 - $ 503,464 $ 503,464 H-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, 2014 REVENUES: Licenses and Permits Investment Income Total Revenues EXPENDITURES: Current: Culture and Recreation: County Wide Library Projects Library Automation 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) $ 17,100 $ 17,100 $ 51,185 $ 34,085 2,599 2,599 2,663 64 19,699 19,699 53,848 34,149 692,292 692,292 - 692,292 25,000 25,000 - 25,000 717,292 717,292 - 717,292 (697,593) (697,593) 53,848 751,441 (697,593) (697,593) 53,848 751,441 697,593 697,593 919,787 222,194 $ - $ - $ 973,635 $ 973,635 H-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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 3,700 $ 3,700 $ 13,441 $ 9,741 Investment Income 160 160 140 (20) Total Revenues 3,860 3,860 13,581 9,721 EXPENDITURES: Current: Physical Environment: County Wide Solid Waste Projects 48,149 48,149 - 48,149 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (44,289) (44,289) 13,581 57,870 44,289 44,289 54,578 10,289 - $ 68,159 $ 68,159 H-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, 2014 REVENUES: Licenses and Permits Investment Income Total Revenues EXPENDITURES: Current: Public Safety: County Wide Police Facility 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) $ 8,500 $ 8,500 $ 29,629 $ 21,129 300 300 362 62 8,800 8,800 29,991 21,191 106,043 - - - 106,043 - - - (97,243) 8,800 29,991 21,191 (106,043) (106,043) - (97,243) (97,243) (76,052) 21,191 97,243 97,243 119,331 22,088 $ - $ - $ 43,279 $ 43,279 H-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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 5,200 $ 5,200 $ 20,428 $ 15,228 Investment Income - 84 84 Total Revenues 5,200 5,200 20,512 15,312 EXPENDITURES: Current: Public Safety: District 1 Fire & EMS Project 11,313 11,313 - 11,313 District 2 Fire & EMS Project 344 344 - 344 District 3 Fire & EMS Project 12,312 12,312 - 12,312 Key Colony Beach Fire & EMS 865 865 - 865 Total Expenditures 24,834 24,834 - 24,834 Excess/Deficiency of Revenues Over/(Under) Expenditures (19,634) (19,634) 20,512 40,146 Net Change in Fund Balances (19,634) (19,634) 20,512 40,146 Fund Balances, October 1 19,634 19,634 28,780 9,146 Fund Balances, September 30 $ - $ - $ 49,292 $ 49,292 H-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, 2014 REVENUES: Licenses and Permits Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: District 1 Employee Fair Share Hsg District 3 Employee Fair Share Hsg Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 6,000 $ 6,000 $ 88,756 $ 82,756 800 800 1,089 289 6,800 6,800 89,845 83,045 123,695 123,695 - 123,695 128,852 128,852 - 128,852 252,547 252,547 - 252,547 (245,747) (245,747) 89,845 335,592 Other Financing Sources/(Uses): Reserve for Contingencies (34,000) (34,000) - 34,000 Reserve for Cash Balance (57,006) (57,006) - 57,006 Total Other Financing Sources/(Uses) (91,006) (91,006) - 91,006 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (336,753) (336,753) 89,845 336,753 336,753 421,679 426,598 84,926 $ 511,524 $ 511,524 H-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, 2014 REVENUES: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Public Safety: Fire Rescue - Central SAFER Program Lower & Middle Keys Ambulance Dist Total Public Safety Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $10,718,483 $10,718,483 $10,332,079 $ (386,404) 42,500 42,500 139,279 96,779 600,000 600,000 600,291 291 24,000 24,000 25,763 1,763 - - 1,312 1,312 11,384,983 11,384,983 11,098,724 (286,259) 2,959,918 2,899,918 2,475,287 424,631 1,244,057 1,274,057 1,201,710 72,347 5,755,917 5,785,917 5,465,628 320,289 9,959,892 9,959,892 9,142,625 817,267 9,959,892 9,959,892 9,142,625 817,267 1,425,091 1,425,091 1,956,099 531,008 Reserve for Contingencies (790,815) (787,208) - 787,208 Reserve for Cash Balance (2,636,502) (2,636,502) - 2,636,502 Transfers to Other Funds (1,647,184) (1,650,791) (1,588,622) 62,169 Transfers from Other Funds 131,000 131,000 192,403 61,403 Total Other Financing Sources/(Uses) (4,943,501) (4,943,501) (1,396,219) 3,547,282 Net Change in Fund Balances (3,518,410) (3,518,410) 559,880 4,078,290 Fund Balances, October 1 3,518,410 3,518,410 5,592,775 2,074,365 Fund Balances, September 30 $ - $ - $ 6,152,655 $ 6,152,655 H-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, 2014 REVENUES: Investment Income Total Revenues EXPENDITURES: Current: Human Services: Trauma District Administration Trauma Transportation and Treatment Trauma Pretransportation Trauma Facility Upgrade Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 3,500 $ 3,500 $ 2,636 $ (864) 3,500 3,500 2,636 (864) 17,017 17,017 200,000 200,000 2,000 2,000 100 100 12,220 4,797 190,215 9,785 630 1,370 - 100 219,117 219,117 203,065 16,052 (215,617) (215,617) (200,429) 15,188 Reserve for Contingencies (35,912) (35,912) - 35,912 Reserve for Cash Balance (61,819) (61,819) - 61,819 Transfers to Other Funds (19,137) (19,137) (19,137) - Total Other Financing Sources/(Uses) (116,868) (116,868) (19,137) 97,731 Net Change in Fund Balances (332,485) (332,485) (219,566) 112,919 Fund Balances, October 1 332,485 332,485 1,174,119 841,634 Fund Balances, September 30 $ - $ - $ 954,553 $ 954,553 H-42 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, 2014 REVENUES: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Culture and Recreation: Parks & Beaches Unincorporated Jacob's Aquatic Center School Board Interlocal Total Culture and Recreation Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) $ 1,762,725 $ 1,762,725 $ 1,701,551 $ (61,174) - - 7,274 7,274 36,000 36,000 43,985 7,985 5,500 5,500 4,256 (1,244) 48,200 48,200 54,338 6,138 1,852,425 1,852,425 1,811,404 (41,021) 1,308,274 1,308,274 1,256,604 51,670 180,000 180,000 180,000 - 32,000 32,000 22,210 9,790 1,520,274 1,520,274 1,458,814 61,460 1,520,274 1,520,274 1,458,814 61,460 332,151 332,151 352,590 20,439 Reserve for Contingencies (88,073) (182,813) - 182,813 Reserve for Cash Balance (94,740) - - - Transfers to Other Funds (280,733) (280,733) (280,733) - Total Other Financing Sources/(Uses) (463,546) (463,546) (280,733) 182,813 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (131,395) (131,395) 71,857 203,252 131,395 131,395 914,402 783,007 $ - $ - $ 986,259 $ 986,259 H-43 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL UNINCORPORATED AREA SERVICE DISTRICT - PLANNING, BUILDING AND ZONING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues Expenditures: Current: General Government: Growth Mgmt County Attorney Planning Department 2010 Comprehensive Plan GiS Planning Commission Growth Mgmt Administration Planning and Building Refunds Total General Government Public Safety: Code Enforcement Fire & Rescue Coordinator Fire Marshall Total Public Safety Physical Environment: Environmental Resources Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) $ 868,484 $ 868,484 $ 934,765 $ 66,281 5,381,051 5,381,051 5,571,755 190,704 631,668 631,668 1,035,687 404,019 375,000 375,000 447,805 72,805 20,200 20,200 19,259 (941) - - 7,276 7,276 7,276,403 7,276,403 8,016,547 740,144 554,231 554,231 545,456 8,775 1,239,450 1,239,450 1,199,622 39,828 270,000 270,000 145,278 124,722 202,049 202,049 168,518 33,531 81,000 81,000 76,033 4,967 733,923 733,923 438,901 295,022 12,000 12,000 - 12,000 3,092,653 3,092,653 2,573,808 518,845 1,397,326 1,397,326 1,308,545 88,781 821,198 821,198 772,552 48,646 331,198 346,148 361,910 (15,762) 2,549,722 2,564,672 2,443,007 121,665 630,762 630,762 583,865 46,897 6,273,137 6,288,087 5,600,680 687,407 1,003,266 988,316 2,415,867 1,427,551 (Continued) H-44 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -CONTINUED UNINCORPORATED AREA SERVICE DISTRICT - PLANNING, BUILDING AND ZONING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 Original Final Budget Budget Actual Other Financing Sources/(Uses): Variance with Final Budget Positive (Negative) Reserve for Contingencies (1,164,217) (1,147,640) - 1,147,640 Reserve for Cash Balance (2,184,670) (2,184,670) - 2,184,670 Transfers to Other Funds (1,365,846) (1,367,473) (1,380,649) (13,176) Transfers from Other Funds 20,000 20,000 36,703 16,703 Total Other Financing Sources/(Uses) (4,694,733) (4,679,783) (1,343,946) 3,335,837 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (3,691,467) (3,691,467) 1,071,921 4,763,388 3,691,467 3,691,467 6,599,983 2,908,516 $ 7,671,904 $ 7,671,904 H-45 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, 2014 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Public Safety: Insurance Unincorporated & Layton Insurance Islamorada Insurance Marathon Total Public Safety Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 4,170,573 $ 4,170,573 $ 4,021,185 $ (149,388) 3,315,216 3,315,216 3,369,260 54,044 8,500 8,500 5,720 (2,780) 7,494,289 7,494,289 7,396,165 (98,124) 472,132 461,925 398,333 63,592 200,355 210,562 210,561 1 178,114 178,114 168,166 9,948 850,601 850,601 777,060 73,541 850,601 850,601 777,060 73,541 6,643,688 6,643,688 6,619,105 (24,583) Reserve for Contingencies (75,000) (69,706) - 69,706 Reserve for Cash Balance (866,872) (866,872) - 866,872 Transfers to Other Funds (6,747,012) (6,752,306) (6,748,085) 4,221 Transfers from Other Funds 200,000 200,000 309,093 109,093 Total Other Financing Sources/(Uses) (7,488,884) (7,488,884) (6,438,992) 1,049,892 Net Change in Fund Balances (845,196) (845,196) 180,113 1,025,309 Fund Balances, October 1 845,196 845,196 1,858,847 1,013,651 Fund Balances, September 30 $ - $ - $ 2,038,960 $ 2,038,960 H-46 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, 2014 REVENUES: Taxes Licenses and Permits Investment Income Total Revenues EXPENDITURES: Current: Public Safety: Island Security Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Reserve for Cash Balance Transfers to Other Funds Transfers from Other Funds 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) $ 23 $ 23 75,000 75,000 75,633 633 1,100 1,100 968 (132) 76,100 76,100 76,624 524 235,058 235,058 65,760 169,298 235,058 235,058 65,760 169,298 (158,958) (158,958) 10,864 169,822 (35,200) (35,200) - 35,200 (70,400) (70,400) - 70,400 (2,250) (2,250) (7) 2,243 - - 467 467 (107,850) (107,850) 460 108,310 (266,808) (266,808) 11,324 278,132 266,808 266,808 381,582 114,774 - $ 392,906 $ 392,906 H-47 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LOCAL HOUSING ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Intergovernmental Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Economic Environment: Homeowner Assistance 12 Homeowner Assistance 13 Homeowner Assistance 14 Fair Housing 12 Fair Housing 13 Fair Housing 14 Administration 12 Administration 13 Administration 14 Total Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 350,000 $ 350,000 $ 365,717 $ 15,717 6,000 6,000 2,751 (3,249) 135,000 135,000 25,000 (110,000) 491,000 491,000 393,468 (97,532) 243,241 243,241 - 243,241 305,578 305,578 - 305,578 426,900 426,900 - 426,900 5,000 5,000 - 5,000 5,000 5,000 - 5,000 5,000 5,000 - 5,000 28,693 28,693 6,857 21,836 35,619 35,619 - 35,619 49,100 49,100 - 49,100 1,104,131 1,104,131 6,857 1,097,274 Excess/Deficiency of Revenues Over/(Under) Expenditures (613,131) (613,131) 386,611 999,742 Other Financing Sources/(Uses): Reserve for Contingencies (15,000) (15,000) - 15,000 Reserve for Cash Balance (15,000) (15,000) - 15,000 Total Other Financing Sources/(Uses) (30,000) (30,000) - 30,000 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (643,131) (643,131) 386,611 1,029,742 643,131 643,131 1,000,484 357,353 $ 1,387,095 $ 1,387,095 H-48 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, 2014 REVENUES: Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Physical Environment: Boating Improvement Boating Imp Fees/Retained Vessel Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 705,000 $ 705,000 $ 673,497 $ (31,503) 6,000 6,000 5,921 (79) - - 2,678 2,678 711,000 711,000 682,096 (28,904) 1,706,013 1,706,013 322,193 1,383,820 426,970 426,970 404,815 22,155 2,132,983 2,132,983 727,008 1,405,975 (1,421,983) (1,421,983) (44,912) 1,377,071 Other Financing Sources/(Uses): Reserve for Contingencies (266,112) (469,580) - 469,580 Reserve for Cash Balance (203,468) - - Total Other Financing Sources/(Uses) (469,580) (469,580) - 469,580 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (1,891,563) (1,891,563) 1,891,563 1,891,563 (44,912) 2,473,777 1,846,651 582,214 $ 2,428,865 $ 2,428,865 H-49 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, 2014 REVENUES: Licenses and Permits Charges for Services Fines and Forfeitures Investment Income Total Revenues EXPENDITURES: Current: General Government: Conservation Land Purchase Public Safety: Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) $ - $ 64,979 $ 64,975 $ (4) 296,928 362,938 66,010 12,894 230,830 217,936 - 5,830 5,830 374,801 664,573 289,772 7,088 7,088 - 7,088 Interagency Communications 100 100 83 17 Education -Building Department 23,400 67,784 28,152 39,632 Environmental Resource Education 13,000 33,595 6,035 27,560 Total Public Safety 36,500 101,479 34,270 67,209 Economic Environment: Climate Leadership Summit Total Economic Environment Human Services: FL Keys Council for the Handicapped Bayshore Donations Traffic Educ, Ord 021-2002 Legal Aid Total Human Services Culture and Recreation: Settler's Park Landscaping Library Special Programs Library Donation -Golan Trust Total Culture and Recreation 2,500 - 2,500 2,500 - 2,500 6,881 7,676 1,014 6,662 1,240 1,240 - 1,240 110,027 110,027 110,026 1 - 26,283 26,283 - 118,148 145,226 137,323 7,903 - 11,711 6,130 5,581 - 41,663 6,559 35,104 350,000 360,403 7,652 352,751 350,000 413,777 20,341 393,436 (Continued) H-50 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, 2014 Court Related: 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 Excess/Deficiency of Revenues Over/(Under) Expenditures Original Final Budget Budget Actual 8,780 8,780 - 100,000 126,283 55,010 Variance with Final Budget Positive (Negative) 8,780 71,273 - 561,903 69,266 492,637 10,000 61,737 44,991 16,746 51,988 245,741 43,578 202,163 170,768 1,004,444 212,845 791,599 682,504 1,674,514 404,779 1,269,735 (682,504) (1,299,713) 259,794 1,559,507 Other Financing Sources/(Uses): Reserve for Contingencies (921,772) (626,997) - 626,997 Transfers to Other Funds (514,900) (192,466) (188,246) 4,220 Total Other Financing Sources/(Uses) (1,436,672) (819,463) (188,246) 631,217 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (2,119,176) (2,119,176) 71,548 2,190,724 2,119,176 2,119,176 2,437,414 318,238 $ - $ - $ 2,508,962 $ 2,508,962 H-51 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, 2014 REVENUES: Fines and Forfeitures Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Environmental Restoration KLWT Plant Site Mitg Pro Total Environmental Restoration Culture and Recreation: Settler's Park Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 100,000 $ 100,000 $ 500,862 $ 400,862 3,600 3,600 4,000 400 103,600 103,600 504,862 401,262 174,246 174,246 170,078 4,168 703,635 703,635 8,957 694,678 877,881 877,881 179,035 698,846 9,083 - 9,083 877,881 886,964 179,035 707,929 (774,281) (783,364) 325,827 1,109,191 Reserve for Contingencies (110,000) - - Reserve for Cash Balance (201,764) - - - Transfers to Other Funds - (302,681) - 302,681 Total Other Financing Sources/(Uses) (311,764) (302,681) - 302,681 Net Change in Fund Balances (1,086,045) (1,086,045) 325,827 1,411,872 Fund Balances, October 1 1,086,045 1,086,045 1,434,048 348,003 Fund Balances, September 30 $ - $ - $ 1,759,875 $ 1,759,875 H-52 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, 2014 REVENUES: Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Court Related: Court Facility Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 575,000 $ 575,000 $ 523,773 $ (51,227) 5,500 5,500 5,435 (65) 580,500 580,500 529,208 (51,292) 386,175 386,175 158,633 227,542 194,325 194,325 370,575 176,250 Other Financing Sources/(Uses): Reserve for Contingencies (55,100) (55,100) - 55,100 Reserve for Cash Balance (110,200) (110,200) - 110,200 Total Other Financing Sources/(Uses) (165,300) (165,300) - 165,300 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 29,025 29,025 370,575 341,550 (29,025) (29,025) 2,130,547 2,159,572 - $ 2,501,122 $ 2,501,122 H-53 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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 29,500 $ 29,500 $ 36,278 $ 6,778 Investment Income 300 300 361 61 Total Revenues 29,800 29,800 36,639 6,839 EXPENDITURES: Current: Human Services: Drug Abuse Trust Fund 95,848 95,848 25,255 70,593 Excess/Deficiency of Revenues Over/(Under) Expenditures (66,048) (66,048) 11,384 77,432 Other Financing Sources/(Uses): Reserve for 164 (13,600) (13,600) - 13,600 Reserve for Cash Balance (27,200) (27,200) - 27,200 Total Other Financing Sources/(Uses) (40,800) (40,800) - 40,800 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (106,848) (106,848) 11,384 118,232 106,848 106,848 147,073 40,225 $ 158,457 $ 158,457 H-54 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, 2014 REVENUES: Taxes Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Marathon Wastewater Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 558 $ 558 6 6 564 564 1,413 1,413 - 1,413 1,413 1,413 (1,413) (1,413) Other Financing Sources/(Uses): Reserve for Contingencies (150) (150) Total Other Financing Sources/(Uses) (150) (150) Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (1,563) (1,563) - 1,413 564 1,977 - 150 - 150 564 2,127 1,563 1,563 1,953 390 2,517 $ 2,517 H-55 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, 2014 REVENUES: Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Bay Point Wastewater Total Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 123 $ 123 123 123 33,219 33,219 1,826 31,393 33,219 33,219 1,826 31,393 Excess/Deficiency of Revenues Over/(Under) Expenditures (33,219) (33,219) (1,703) 31,516 Other Financing Sources/(Uses): Reserve for Contingencies (4,150) (4,150) - 4,150 Reserve for Cash Balance (4,150) (4,150) - 4,150 Total Other Financing Sources/(Uses) (8,300) (8,300) - 8,300 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (41,519) (41,519) (1,703) 39,816 41,519 41,519 52,032 10,513 $ - $ - $ 50,329 $ 50,329 H-56 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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 4 $ 4 Total Revenues - - 4 4 EXPENDITURES: Current: Physical Environment: Big Coppitt Wastewater 1,264 1,264 - 1,264 Total Expenditures 1,264 1,264 - 1,264 Excess/Deficiency of Revenues Over/(Under) Expenditures (1,264) (1,264) 4 1,268 Other Financing Sources/(Uses): Reserve for Contingencies (140) (140) - 140 Total Other Financing Sources/(Uses) (140) (140) - 140 Net Change in Fund Balances (1,404) (1,404) 4 1,408 Fund Balances, October 1 Fund Balances, September 30 1,404 1,404 1,747 343 $ 1,751 $ 1,751 H-57 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, 2014 REVENUES: Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Key Largo Wastewater Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 20 $ 20 20 20 5,984 5,984 1,210 4,774 5,984 5,984 1,210 4,774 (5,984) (5,984) (1,190) 4,794 Other Financing Sources/(Uses): Reserve for Contingencies (660) (660) - 660 Total Other Financing Sources/(Uses) (660) (660) - 660 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (6,644) (6,644) 6,644 6,644 (1,190) 5,454 8,691 2,047 7,501 $ 7,501 H-58 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL STOCK ISLAND WASTEWATER SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Licenses and Permits Investment Income Miscellaneous Income Total Revenues EXPENDITURES: Current: Physical Environment: Stock Island Wastewater Stock Island Cap Fee Refund Total Physical Environment Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Reserve for Cash Balance Transfers to Other Funds Transfers from Other Funds 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) $ 47,000 $ 47,000 $ 42,417 $ (4,583) 1,820 1,820 14,559 12,739 - - 4,011 4,011 48,820 48,820 60,987 12,167 330,462 330,462 10,015 320,447 5,000 5,000 - 5,000 335,462 335,462 10,015 325,447 335,462 335,462 10,015 325,447 (286,642) (286,642) 50,972 337,614 (48,125) (48,125) - 48,125 (96,250) (96,250) - 96,250 (1,410) (1,410) (1,000) 410 - - 467 467 (145,785) (145,785) (533) 145,252 (432,427) (432,427) 50,439 482,866 432,427 432,427 598,305 165,878 - $ 648,744 $ 648,744 H-59 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CUDJOE-SUGARLOAF MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Investment Income Total Revenues EXPENDITURES: Current: General Government: Tax Collector Fees Physical Environment: Cudjoe-Sugarloaf Wastewater Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 673 $ 673 47 47 720 720 100 11 89 15,051 15,051 13,718 1,333 15,051 15,151 13,729 1,422 (15,051) (15,151) (13,009) 2,142 Other Financing Sources/(Uses): Reserve for Contingencies (1,600) (1,500) - 1,500 Transfers from Other Funds - - 9 9 Total Other Financing Sources/(Uses) (1,600) (1,500) 9 1,509 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (16,651) (16,651) (13,000) 3,651 16,651 16,651 17,172 521 $ - $ - $ 4,172 $ 4,172 H-60 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, 2014 REVENUES: Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Conch Key MSTU Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 2 $ 2 2 2 791 791 500 291 (791) (791) (498) 293 Other Financing Sources/(Uses): Reserve for Contingencies (50) (50) - 50 Total Other Financing Sources/(Uses) (50) (50) - 50 Net Change in Fund Balances (841) (841) (498) 343 Fund Balances, October 1 841 841 966 125 Fund Balances, September 30 $ - $ - $ 468 $ 468 H-61 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LONG KEY-LAYTON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Long Key -Layton Wastewater Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Reserve for Cash Balance 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) $ - $ - $ 46 $ 46 46 46 8,170 8,170 1,299 6,871 8,170 8,170 1,299 6,871 (8,170) (8,170) (1,253) 6,917 (1,100) (1,100) - 1,100 (2,200) (2,200) - 2,200 (3,300) (3,300) - 3,300 (11,470) (11,470) (1,253) 10,217 11,470 11,470 19,292 7,822 18,039 $ 18,039 H-62 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DUCK KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Duck Key Wastewater Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 223 $ 223 168 168 391 391 31,468 31,468 4,792 26,676 31,468 31,468 4,792 26,676 (31,468) (31,468) (4,401) 27,067 Reserve for Contingencies (4,400) (4,400) - 4,400 Reserve for Cash Balance (8,000) (8,000) - 8,000 Transfers from Other Funds - - 3 3 Total Other Financing Sources/(Uses) (12,400) (12,400) 3 12,403 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (43,868) (43,868) (4,398) 39,470 43,868 43,868 70,432 26,564 66,034 $ 66,034 H-63 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BUILDING FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 2,260,000 $ 2,260,000 $ 3,347,025 $ 1,087,025 Charges for Services 52,500 52,500 85,502 33,002 Investment Income 3,500 3,500 4,095 595 Miscellaneous 8,000 8,000 32,430 24,430 Total Revenues 2,324,000 2,324,000 3,469,052 1,145,052 EXPENDITURES: Current: Public Safety Building Department 2,623,920 2,623,920 2,558,088 65,832 Building Refunds 10,000 44,518 43,726 792 Total Expenditures 2,633,920 2,668,438 2,601,814 66,624 Excess/Deficiency of Revenues Over/(Under) Expenditures (309,920) (344,438) 867,238 1,211,676 Other Financing Sources/(Uses): Reserve for Contingencies (85,488) (50,970) - 50,970 Reserve for Cash Balance (278,119) (278,119) - 278,119 Total Other Financing Sources/(Uses) (363,607) (329,089) - 329,089 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (673,527) (673,527) 673,527 673,527 867,238 1,151,160 1,540,765 477,633 $ 2,018,398 $ 2,018,398 H-64 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S TEEN COURT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 60,000 $ 60,000 $ 56,040 $ (3,960) EXPENDITURES: Current: Public Safety 57,000 47,000 34,531 12,469 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 3,000 13,000 21,509 8,509 Net Change in Fund Balances 3,000 13,000 21,509 8,509 Fund Balances, October 1 28,361 25,561 25,297 (264) Fund Balances, September 30 $ 31,361 $ 38,561 $ 46,806 $ 8,245 H-65 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, 2014 REVENUES: Intergovernmental Investment Income Total Revenues EXPENDITURES: Current: Public Safety: Law Enforcement Grants and Aid Total Expenditures 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) $ 642,713 $ 642,713 - 10,098 10,098 652,811 652,811 170,000 115,000 107,426 7,574 550,000 500,000 492,660 7,340 720,000 615,000 600,086 14,914 (720,000) (615,000) 52,725 667,725 (720,000) (615,000) 52,725 667,725 564,232 155,832 2,051,429 1,895,597 $ (155, 768) $ (459,168) $ 2,104,154 $ 2,563,322 H-66 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S STATE FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Fines and Forfeitures Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Public Safety: Law Enforcement Excess/(Deficiency) of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 114,500 $ 144,500 2,000 2,000 - 171,803 $ 141,476 $ (3,024) 1,837 (163) - (171,803) 116,500 318,303 143,313 (174,990) 384,180 523,983 90,449 433,534 (267,680) (205,680) 52,864 258,544 Reserves for Contingencies (45,597) (45,597) - 45,597 Reserves for Cash Balance (91,194) (91,194) - 91,194 Transfers to Other Funds (50,000) (112,000) (3,487) 108,513 Total Other Financing Sources/Uses (186,791) (248,791) (3,487) 245,304 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (454,471) (454,471) 49,377 503,848 454,471 454,471 628,285 173,814 $ - $ - $ 677,662 $ 677,662 H-67 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S CONTRACT ADMINISTRATIVE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 453,500 $ 478,400 $ 480,260 $ 1,860 Charges for Services 3,145,500 3,394,600 3,389,159 (5,441) Investment Income 1,000 2,000 1,818 (182) Total Revenues 3,600,000 3,875,000 3,871,237 (3,763) EXPENDITURES: Current: Public Safety 3,470,000 3,800,000 3,758,141 41,859 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 130,000 75,000 113,096 38,096 Other Financing Sources/(Uses): Transfers to Other Funds - - 2,154 2,154 Net Change in Fund Balances 130,000 75,000 115,250 40,250 Fund Balances, October 1 953,937 913,437 975,141 61,704 Fund Balances, September 30 $ 1,083,937 $ 988,437 $ 1,090,391 $ 101,954 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S COMMISSARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 406,500 $ 430,000 $ 433,360 $ 3,360 Investment Income 3,400 3,000 2,964 (36) Miscellaneous 5,100 12,000 11,655 (345) Total Revenues 415,000 445,000 447,979 2,979 EXPENDITURES: Current: Public Safety 385,000 375,000 369,158 5,842 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 30,000 70,000 78,821 8,821 Other Financing Sources/(Uses): Transfers from Other Funds 3,500 3,500 3,488 (12) Net Change in Fund Balances 33,500 73,500 82,309 8,809 Fund Balances, October 1 441,781 531,581 554,872 23,291 Fund Balances, September 30 $ 475,281 $ 605,081 $ 637,181 $ 32,100 H-69 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S INTERAGENCY COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Charges for Services Miscellaneous Total Revenues EXPENDITURES: Current: Public Safety 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) $ 65,000 $ 27,000 $ 27,390 $ 390 10,000 3,000 2,833 (167) 75,000 30,000 30,223 223 250,000 901,000 869,250 31,750 (175,000) (871,000) (839,027) 31,973 175,000 145,000 135,680 (9,320) (726,000) (703,347) 22,653 1,157,829 1,182,329 1,133,784 (48,545) $ 1,157,829 $ 456,329 $ 430,437 $ (25,892) H-70 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S TRAUMA STAR SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 EXPENDITURES: Current: Public Safety Excess/(Deficiency) of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 1,607,981 1,607,981 1,402,986 204,995 (1,607,981) (1,607,981) (1,402,986) 204,995 Other Financing Sources/(Uses): Transfers from Other Funds 1,607,981 1,607,981 1,607,981 - Transfers to Other Funds - - (204,995) (204,995) Total Other Financing Sources/Uses 1,607,981 1,607,981 1,402,986 (204,995) Net Change in Fund Balances - - - Fund Balances, October 1 - - - Fund Balances, September 30 H-71 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S RADIO COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 EXPENDITURES: Current: Public Safety Excess/(Deficiency) of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 358,652 $ 358,652 $ 294,475 $ 64,177 (358,652) (358,652) (294,475) 64,177 Other Financing Sources/(Uses): Transfers from Other Funds 358,652 358,652 358,652 - Transfers to Other Funds - - (64,177) (64,177) Total Other Financing Sources/Uses 358,652 358,652 294,475 (64,177) Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 H-72 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, 2014 REVENUES: Intergovernmental EXPENDITURES: Current: Public Safety 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) $ 500,000 $ 450,000 $ 278,477 $ (171,523) 1,045,000 980,000 959,629 20,371 (545,000) (530,000) (681,152) (151,152) 550,000 530,000 618,733 88,733 5,000 - (62,419) (62,419) 149,010 23,010 18,256 (4,754) $ 154,010 $ 23,010 $ (44,163) $ (67,173) H-73 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, 2014 REVENUES: Investment Income EXPENDITURES: Current: Public Safety: Law Enforcement Grants and Aid 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) $ 240,000 $ 24,000 $ 23,385 $ (615) 1,000 2,700 - 2,700 200,000 119,500 117,644 1,856 201,000 122,200 117,644 4,556 39,000 5,245,547 (98,200) 5,212,547 (94,259) 5,220,446 $ 5,284,547 $ 5,114,347 $ 5,126,187 $ 3,941 7,899 11,840 H-74 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S E911 SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 495,000 $ 480,000 $ 449,689 $ (30,311) Investment Income 20,000 20,000 13,164 (6,836) Total Revenues 515,000 500,000 462,853 (37,147) EXPENDITURES: Current: Public Safety 240,000 1,050,000 1,040,769 9,231 Net Change in Fund Balances 275,000 (550,000) (577,916) (27,916) Fund Balances, October 1 2,503,051 2,500,051 2,514,860 14,809 Fund Balances, September 30 $ 2,778,051 $ 1,950,051 $ 1,936,944 $ (13,107) H-75 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, 2014 REVENUES: Charges for Services Fines and Forfeitures Investment Income Total Revenues EXPENDITURES: Current: Court Related: Modernization Trust Clerk Fines Total Expenditures Excess/(Deficiency) of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 279,000 $ 279,000 $ 246,228 $ (32,772) 180,000 180,000 165,100 (14,900) 7,300 7,300 9,506 2,206 466,300 466,300 420,834 (45,466) 281,246 281,246 - 281,246 723,100 723,100 - 723,100 1,004,346 1,004,346 - 1,004,346 (538,046) (538,046) 420,834 958,880 Other Financing Sources/(Uses): Reserve for Contingencies (202,000) (202,000) - 202,000 Total Other Financing Sources/(Uses) (202,000) (202,000) - 202,000 Net Change in Fund Balances (740,046) (740,046) 420,834 1,160,880 Fund Balances, October 1 1,145,046 1,145,046 1,721,524 576,478 Fund Balances, September 30 $ 405,000 $ 405,000 $ 2,142,358 $ 1,737,358 H-76 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, 2014 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 967,287 $ 967,287 $ 1,088,998 $ 121,711 Charges for Services 907,500 907,500 901,118 (6,382) Fines and Forfeitures 1,500,000 1,500,000 1,480,855 (19,145) Investment Income 2,600 2,600 13,924 11,324 Total Revenues 3,377,387 3,377,387 3,484,895 107,508 EXPENDITURES: Current: Court Related: - 105,681 (105,681) Clerk Administration 170,956 170,956 531,508 (360,552) Clerk Records Management 246,775 246,775 273,326 (26,551) Clerk Jury Management 174,015 174,015 143,599 30,416 Clerk Circuit Court Criminal 690,544 690,544 603,696 86,848 Clerk Circuit Court Civil 490,812 490,812 388,514 102,298 Clerk Court Information Systems 140,948 140,948 59,052 81,896 Clerk Circuit Court Foreclosure 79,098 79,098 23,051 56,047 Clerk Circuit Court Family 125,190 125,190 111,956 13,234 Clerk Circuit Court Juvenile 77,550 77,550 98,356 (20,806) Clerk Circuit Court Probate 93,478 93,478 91,872 1,606 Clerk County Court Criminal 543,806 543,806 509,460 34,346 Clerk County Court Civil 146,900 146,900 165,829 (18,929) Clerk County Court Traffic 618,242 618,242 584,885 33,357 Total Expenditures 3,598,314 3,598,314 3,690,785 (92,471) Excess/(Deficiency) of Revenues Over/(Under) Expenditures (220,927) (220,927) (205,890) 15,037 Other Financing Sources/(Uses): Transfer from Other Funds 650,141 650,141 650,141 - Transfer to Other funds (429,214) (429,214) (444,251) (15,037) Total Other Financing Sources/(Uses) 220,927 220,927 205,890 (15,037) Net Change in Fund Balances - - - - Fund Balances, October 1 - - - - Fund Balances, September 30 $ - $ - $ - $ - H-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, 2014 REVENUES: Taxes Intergovernmental Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Capital Outlay: General Government Public Safety Public Safety Capital Projects Med Exam Environmental Mitigtn Total Public Safety Physical Environment Transportation: Const. Mgmt Culture and Recreation Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $16,798,932 $16,798,932 $18,653,970 $ 1,855,038 - 149,308 149,308 - 100,008 100,011 28,028 (71,983) - 700,000 701,719 1,719 16,898,940 17,748,251 19,533,025 1,784,774 1,437,007 2,362,350 1,873,123 489,227 1,521,124 3,517,690 291,893 3,225,797 5,500 5,500 5,500 - 1,526,624 3,523,190 297,393 3,225,797 2,221,028 2,721,028 931,169 1,789,859 5,000,000 5,009,500 108,984 4,900,516 7,610,500 7,610,500 5,229,526 2,380,974 Total Capital Outlay Expenditures 17,795,159 21,226,568 8,440,195 12,786,373 Excess/Deficiency of Revenues Over/(Under) Expenditures (896,219) (3,478,317) 11,092,830 14,571,147 Other Financing Sources/(Uses): Reserve for Contingencies (1,000,000) (224,111) - 224,111 Reserve for Cash Balance (1,320,614) (1,320,614) - 1,320,614 Transfers from Other Funds - 1,996,566 713,401 (1,283,165) Transfers to Other Funds (5,789,612) (5,979,966) (5,520,878) 459,088 Total Other Financing Sources/(Uses) (8,110,226) (5,528,125) (4,807,477) 720,648 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (9,006,445) (9,006,442) 6,285,353 15,291,795 9,006,445 9,006,442 11,194,376 2,187,934 $ - $ - $17,479,729 $ 17,479,729 H-78 MONROE COUNTY, FLORIDA BIG COPPITT WASTEWATER CAPITAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Licenses and Permits Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Capital Outlay: Big Coppitt Refunds Big Coppitt Special Assessment Total Physical Environment Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 815 $ 815 550,000 550,000 397,994 (152,006) 10,000 10,000 128,617 118,617 - - 41,123 41,123 560,000 560,000 568,549 8,549 5,000 5,000 - 5,000 42,050 42,050 41,253 797 47,050 47,050 41,253 5,797 512,950 512,950 527,296 14,346 878 878 (689,950) (689,950) (683,938) 6,012 Total Other Financing Sources/(Uses) (689,950) (689,950) (683,060) 6,890 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (177,000) (177,000) (155,764) 21,236 177,000 177,000 3,081,404 2,904,404 $ 2,925,640 $ 2,925,640 H-79 MONROE COUNTY, FLORIDA CUDJOE REGIONAL WASTEWATER CAPITAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Taxes Licenses and Permits Intergovernmental Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Capital Outlay: Physical Environment Projects Cudjoe Regional Wastewater Project County Funding Grant Funding Loan Funding Special Assessment Refunds Special Assessments Total Physical Environment Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Debt Proceeds Transfers from Other Funds Transfers to Other Funds Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) $ - $ - $ 467 $ 467 725,000 725,000 - (725,000) - - 25,290,595 25,290,595 842,137 842,137 - - 161,893 161,893 725,000 725,000 26,295,092 25,570,092 - 1,750,000 8,825,233 (7,075,233) 30,000,000 30,000,000 21,786,579 8,213,421 27,404,000 56,654,000 27,081,336 29,572,664 25,000 25,000 - 25,000 668,390 668,390 147,372 521,018 58,097,390 89,097,390 57,840,520 31,256,870 (57,372,390) (88,372,390) (31,545,428) 56,826,962 - 58,404,000 27,412,932 (30,991,068) (10,000) (10,000) (5,020) 4,980 - 30,000,000 2,336 (29,997,664) Total Other Financing Sources/(Uses) (10,000) 88,394,000 27,410,248 (60,983,752) Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 (57,382,390) 21,610 (4,135,180) (4,156,790) 57,382,390 (21,610) 11,947,448 11,969,058 - $ 7,812,268 $ 7,812,268 H-80 MONROE COUNTY, FLORIDA ALL DEBT SERVICE FUNDS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2014 REVENUES: Investment Income EXPENDITURES: Current: Debt Service: 2003 Revenue Bonds: Principal Interest Total 2003 Revenue Bonds 2007 Revenue Bonds Principal Interest Other Debt Service Costs Total 2007 Revenue Bonds 2013 Revenue Bonds: Principal Total 2013 Revenue Bonds Clean Water SRF Loan Principal Interest Total Clean Water SRF Loan Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 8,000 $ 8,000 $ 7,986 $ (14) 1,575,000 1,575,000 1,575,000 - 301,515 301,515 301,515 - 1,876,515 1,876,515 1,876,515 - 2,975,000 2,975,000 2,975,000 - 647,300 647,300 647,300 - 255 255 255 - 3,622,555 3,622,555 3,622,555 - 490,080 490,080 - 490,080 490,080 490,080 - 490,080 440,339 440,339 440,338 1 241,661 241,661 241,600 61 682,000 682,000 681,938 62 6,671,150 6,671,150 6,181,008 490,142 (6,663,150) (6,663,150) (6,173,022) 490,128 Reserve for Contingencies (500,000) (500,000) - 500,000 Reserve for Cash Balance (813,195) (813,195) - 813,195 Transfers from Other Funds - 6,671,150 5,750,271 (920,879) Total Other Financing Sources/(Uses) (1,313,195) 5,357,955 5,750,271 392,316 Net Change in Fund Balances (7,976,345) (1,305,195) (422,751) 882,444 Fund Balances, October 1 7,976,345 1,305,195 2,626,132 1,320,937 Fund Balances, September 30 $ - $ - $ 2,203,381 $ 2,203,381 H-81 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS SEPTEMBER 30, 2014 ASSETS Current Assets: Cash and Cash Equivalents Investments Accounts Receivable, Net Due from Other Funds Due from Other Governmental Units Interest Receivable Total current assets Noncurrent Assets: Land and Other Nondepreciable Assets Capital Assets, Net of Accum. Depreciation Total Noncurrent Assets Total Assets LIABILITIES Current Liabilities: Accounts Payable Accrued Wages and Benefits Payable Claims and Judgements Payable Due to Other Governmental Units Accrued Comp. Absences Payable Total Current Liabilities Noncurrent Liabilities: Accrued Comp. Absences Payable OPEB Liability Total Noncurrent Liabilities Total Liabilities NET POSITION Net investment in capital assets Unrestricted Worker's Group Risk Compensation Insurance Management Fund Fund Fund $ 1,804,045 $ 5,038,662 $ 1,899,920 3,499,473 9,814,692 3,701,467 - - 8,682 198,516 - 3,850 - - 6,802 19,078 7,195 5,314,170 15,070,948 5,617,264 868 214 27,199 868 214 27,199 5,315,038 15,071,162 5,644,463 23,798 1,905,364 38,510 4,840 5,199 4,640 1,210,936 1,043,765 193,455 6 - - 14,586 10,151 10,586 1,254,166 2,964,479 247,191 2,097 15,416 20,686 129,784 75,832 175,826 131,881 91,248 196,512 1,386,047 3,055,727 443,703 868 214 27,199 3,928,123 12,015,221 5,173,561 Total Net Position $ 3,928,991 $ 12,015,435 $ 5,200,760 H-82 Fleet Management Fund Total $ 731,873 $ 9,474,500 1,425,851 18,441,483 161 8,843 - 198,516 27,340 31,190 2,772 35,847 2,187,997 28,190,379 54,000 54,000 894,879 923,160 948,879 977,160 3,136,876 29,167,539 43,866 2,011,538 20,662 35,341 - 2,448,156 - 6 7,040 42,363 71,568 4,537,404 70,840 109,039 404,329 785,771 475,169 894,810 546,737 5,432,214 948,879 977,160 1,641,260 22,758,165 $ 2,590,139 $ 23,735,325 H-83 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 $ 1,983,220 $ 14,313,515 $ 27,728 10,766 55 17,279 1,993,986 14,313,570 45,007 218,643 238,475 262,125 577,176 1,311,314 1,801,291 - 214 6,067 1,792,409 12,610,989 112,924 2,588,228 14,160,992 2,182,407 (594,242) 152,578 (2,137,400) Investment Income 13,534 34,604 16,469 Insurance Recoveries 7,824 146,589 69,198 Gain (Loss) on Disposition of Assets - - - Total Non -Operating Revenues/(Expenses) 21,358 181,193 85,667 Income/Loss Before Transfers Transfers to Other Funds Change in Net Position Total Net Position -October 1 Total Net Position -September 30 (572,884) 333,771 (2,051,733) (82,641) (113,658) (64,383) (655,525) 220,113 (2,116,116) 4,584,516 11,795,322 7,316,876 $ 3,928,991 $ 12,015,435 $ 5,200,760 H-84 Fleet Management Fund Total $ 2,908,064 $ 19,232,527 4,376 32,476 2,912,440 19,265,003 1,002,209 1,721,452 1,091,373 4,781,154 64,195 70,476 - 14,516,322 2,157,777 21,089,404 754,663 (1,824,401) 6,772 71,379 - 223,611 5,692 5,692 12,464 300,682 767,127 (1,5239719) (456,060) (716,742) 311,067 (2,240,461) 2,279,072 25,975,786 $ 2,590,139 $ 23,735,325 H-85 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Operating Activities: Cash received for services Cash rec'vd from other funds for goods and svcs Cash received from insurance recoveries Cash payments to suppliers for goods and svcs Cash payments for employee services Cash payments to other funds Cash payments for claims 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 Net Cash Provided/(Used) by Capital and Related Financing Activities Investing Activities: Investment income Proceeds from sales and maturities of investments Purchase of investment securities Net Cash Provided/(Used) in Investing Activities Net Increase/(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents: October 1 September 30 Worker's Group Risk Compensation Insurance Management Fund Fund Fund $ 135,095 $ 14,568,890 $ 15,710 1,901,592 - - 683,522 149,135 96,521 (760,820) (1,401,346) (1,832,256) (183,839) (190,359) (187,671) (25,490) (30,494) (27,162) (1,491,284) (12,170,649) (158,964) 10,766 55 17,279 269,542 925,232 (2,076,543) (82,641) (113,658) (64,383) (82,641) (113,658) (64,383) (868) - - (868) 44,134 119,000 59,807 3,225,112 8,730,512 5,835,364 (2,931,469) (8,131,424) (3,795,720) 337,777 718,088 2,099,451 523,810 1,529,662 (41,475) 1,280,235 3,509,000 1,941,395 $ 1,804,045 $ 5,038,662 $ 1,899,920 H-86 Fleet Management Fund Total $ 2,916,050 $ 17,635,745 (161) 1,901,431 - 929,178 (963,432) (4,957,854) (945,994) (1,507,863) (128,494) (211,640) - (13,820,897) 4,376 32,476 882,345 576 (456,060) (716,742) (456,060) (716,742) (62,771) (63,639) (62,771) (63,639) 17,539 240,480 938,135 18, 729,123 (1,086,632) (15,945,245) (130,958) 3,024,358 232,556 2,244,553 499,317 7,229,947 $ 731,873 $ 9,474,500 (Continued) H-87 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS - CONTINUED INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 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 Nonoperating Income -Insurance Recoveries Change in assets and liabilities: (Increase)/Decrease in Accounts receivable (Increase)/Decrease in Due from other gov't units (Increase)/Decrease in Due fm constitutional ofcrs 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 Due to constitutional ofcrs Increase/(Decrease) in Comp. absences payable Increase/(Decrease) in OPEB liability Total adjustments Net cash provided by/(used in) operating activities Noncash investing, capital, and financing activities: Loss on abandonment Change in fair value of investments Cash Reconciliation: Unrestricted Worker's Group Risk Compensation Insurance Management Fund Fund Fund $ (594,242) $ 152,578 $ (2,137,400) - 214 6,067 7,824 146,589 69,198 675,698 2,546 27,323 (336) 61,267 - 53,803 194,108 - (7,956) 272,107 (37,754) (4,974) (5,529) (13,843) 141,035 78,201 (40,455) (16,896) - - - - (12,018) 14,586 10,151 16,339 1,000 13,000 46,000 863,784 772,654 60,857 $ 269,542 $ 925,232 $ (2,076,543) 27,7 TOT $ (76,8EE35,880 $ 1,804,045 $ 5,038,662 $ 1,899,920 H-88 Fleet Management Fund Total $ 754,663 $ (1,824,401) 64,195 70,476 - 223,611 (161) 705,406 7,384 68,315 602 248,513 (381) 226,016 (26,825) (51,171) - 178,781 (172) (172) - (16,896) - (12,018) 7,040 48,116 76,000 136,000 127,682 1,824,977 $ 882,345 $ 576 10,272 (150,726) $ 731,873 $ 9,474,500 H-89 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET ASSETS ALL AGENCY FUNDS SEPTEMBER 30, 2014 Clerk's Sheriff's Tag General General and Property Agency Agency License Tax Totals ASSETS Cash and Cash Equivalents $ 3,713,323 $ 762,774 $ 314,408 $ 1,326,948 $ 6,117,453 Accounts Receivable 498,209 5,817 1,683 40 505,749 Total assets $ 4,211,532 $ 768,591 $ 316,091 $ 1,326,988 $ 6,623,202 LIABILITIES Due to Others $ 3,864,433 $ 768,591 $ 2,183 $ 17,945 $ 4,653,152 Due to Other Governmental Units 347,099 - 313,908 1,309,043 1,970,050 Total liabilities $ 4,211,532 $ 768,591 $ 316,091 $ 1,326,988 $ 6,623,202 it •I MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION ALL AGENCY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 10/1/2013 Additions Deductions 9/30/2014 Clerk's General Assets Cash and Cash Equivalents $ 3,842,968 $ 46,088,335 $ 46,217,980 $ 3,713,323 Accounts Receivable 9,022 536,514 47,327 498,209 Total assets $ 3,851,990 $ 46,624,849 $ 46,265,307 $ 4,211,532 Liabilities Due to Others $ 3,169,906 $ 46,247,678 $ 45,553,151 $ 3,864,433 Due to Other Governmental Units 682,084 329,844 664,829 347,099 Total liabilities $ 3,851,990 $ 46,577,522 $ 46,217,980 $ 4,211,532 Sheriffs General Assets Cash and Cash Equivalents Accounts Receivable Total assets Liabilities Due to Others Total liabilities Tan and License Assets Cash and Cash Equivalents Accounts Receivable Total assets $ 1,263,083 $ 2,649,564 $ 3,149,873 $ 762,774 14,429 795,675 804,287 5,817 $ 1,277,512 $ 3,445,239 3,954,160 $ 768,591 $ 1,277,512 $ 3,324,789 $ 3,833,710 $ 768,591 $ 1,277,512 $ 3,324,789 $ 3,833,710 $ 768,591 $ 268,299 $ 14,871,613 $ 14,825,504 $ 314,408 589 1,094 - 1,683 $ 268,888 $ 14,872,707 $ 14,825,504 $ 316,091 Liabilities Due to Others $ 1,797 $ 33,347 $ 32,961 $ 2,183 Due to Other Governmental Units 267,091 14,839,360 14,792,543 313,908 Total liabilities $ 268,888 $ 14,872,707 $ 14,825,504 $ 316,091 Property Tax Assets Cash and Cash Equivalents $ 1,534,234 $ 278,467,107 $ 278,674,393 $ 1,326,948 Accounts Receivable 5,695 - 5,655 40 Total assets $ 1,539,929 $ 278,467,107 $ 278,680,048 $ 1,326,988 Liabilities Due to Others $ 14,721 $ 9,425,678 $ 9,422,454 $ 17,945 Due to Other Governmental Units 1,525,208 269,041,429 269,257,594 1,309,043 Total liabilities $ 1,539,929 $ 278,467,107 $ 278,680,048 $ 1,326,988 (Continued) H-91 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION -CONTINUED ALL AGENCY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014 10/1/2013 Additions Deductions 9/30/2014 Total All Aaencv Funds Assets Cash and Cash Equivalents $ 6,908,584 $ 342,076,619 $ 342,867,750 $ 6,117,453 Accounts Receivable 29,735 1,333,283 857,269 505,749 Total assets $ 6,938,319 $ 343,409,902 $ 343,725,019 $ 6,623,202 Liabilities Due to Others $ 4,463,936 $ 59,031,492 $ 58,842,276 $ 4,653,152 Due to Other Governmental Units 2,474,383 284,210,633 284,714,966 1,970,050 Total liabilities $ 6,938,319 $ 343,242,125 $ 343,557,242 $ 6,623,202 H-92 STATISTICAL SECTION (Unaudited) This part of Monroe County, Florida Government's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the County's overall financial health. Statistical schedules differ from financial statements because they usually cover more than one fiscal year and may present non - accounting data. These schedules are designed to give the reader insights into the financial position of Monroe County not readily apparent from the financial statements. Contents Financial Trends These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the government's most significant local revenue source, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government's ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the government's financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the government's financial report relates to the services the government provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. 1-1 c O a ar c p E } oou V a a c A p O 12 p LL p OC c o y A oa as 2 J u 2 rn W) W) m o 0) n 0) 0) a M O N CO n N rn Nrc? 0)N n N N act act n V m N n 0 N N O M OW) M O W O rn a0 rn rn N m at N O N M n W m N O T: N f7 r O r M r V/ N N V/ Vl O nrn O n n N t Cl! Cl! 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V! �N O) Nn O N)O a O O)Mam m M m N O na 10 w) )ON O) O) mm )O m0 a mw )O aD O)a 0ac1ta m m m )O W n%mm m a N Cl Cl) MO �p m N mn NM anmN n naDn a m OM p N) O O n M a ) O O) O m m O N a O)Maa N(q)O M 1ANZ m )O M N a n O) W a n 0!a p m)O N NN O N)Om Oi � ma �hMMM0)CD M e w w w w w l7 N m m 0) m M M 10 O 10 M m )O M n m M m O) W a O) M m m N m n a N N M m01 aD M N N� W m P% (D N M a0)0) a i(f 1 h N a I I. m o ga M .c MoiviMvivmCD�MM mn N NviM awn v) n )O OD)O mN p p n)O m mmnNaO) NMLQ ctw N1Dmm n�O) O va N C w"w m��MM)Dn GN V! V! V! V! V! W H yC 6 x VD m d C F N N N • N a1 o 0 0 W E aO d C a N C N Ao0 '�2 W > > N ID > A W E O H N W d0 E ca0i� mna�i �'E ��0x0E E L12 mc� c m ca�iL R KEm V Si � a a oiEai a • m C m 0 a p L°cEm>� a�i�t 0 W W fa p W N C p m W C OF QFC��OH�Ut N _rn a°1i� C> ._ CIF C W C L 0 7 7 Z U' fD F �!^ W(� U' U' - F 1- m S F F S V O m F- 1-5 Fiscal Property Year Tax 2005 $ 65,213,691 2006 71,978,592 2007 77,370,025 2008 74,581,111 2009 81,181,540 2010 81,685,080 2011 78,492,821 2012 74,644,751 2013 72,392,013 2014 73,682,489 Monroe County, Florida Governmental Activities Tax Revenues By Source Last Ten Fiscal Years (accrual basis of accounting) Sales Taxes State Local Local Tourist Tourist Sales Development Other Impact Tax Tax Tax Taxes $ 2,319,138 $ 28,604,200 $ 13,924,863 $ 3,546,375 2,337,667 29,097,437 13,658,344 3,567,410 2,470,447 28,849,639 15,427,328 3,126,761 2,774,826 28,455,229 15,006,028 2,055,110 2,567,410 25,936,719 14,962,879 1,141,964 2,820,046 27,042,539 19,658,401 1,292,038 3,221,050 29,123,899 22,409,539 1,702,807 6,288,112 30,706,877 25,606,873 1,866,485 3,895,240 31,684,654 27,192,150 1,837,247 4,348,864 34,323,661 30,555,397 1,960,584 Total $ 113,608,267 120,639,450 127,244,200 122,872,304 125,790,512 132,498,104 134,950,116 139,113,098 137,001,304 144,870,995 [r (A (i1 Yl fa U C C LL N (O LL 7 O (On O C 0 O O Cl) (L1 coy A N N O LL C % O N > c101 ff! p(9iLa O(n CD LO ar�~u o �LO C C y N p N J (O m 0 VA (i E 0 OD OD Cl) N r N Of Cl) fA N LO (O IV 4 N p O co V N � 69 CD w CN LO N Ip L N N (0000— �n V OOON (o O cct O (O c0 (n v (o 0 Cl) � �n (D N �OVO) (A N9 N fp c000 N N v v n (o (+i N O phi r- N N (n Ki oG00 i G (o ao 0 w (O V �r N (n (n ' O O O O O cn V Cl) 1- N m V9 r ((1) CY) rn ONi on cnro C N O ' Cr) fn (p LO A rnn n N (n L C Lo C N (0 L c rya�i c Er of 0 z 0: 0 7 O (o N (o rn co (n O N (O _ O n N co co N Of r cct N !g N rl fA (A (fOn(Dn N n n � O con V LO N N O N O Lq O N (n co Ki O u7 l� Go un Lq C , �(O N(n N O W) IT rn n n Of N ul Of O to LO ITa W) NN (n ONi (n Of U.) 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O- y o rL n c0 t is tm rn �0 coo 0coo C i � � coNr0) 000 co - U ai uai cD co r� co r� rn O 1 °Z a) t a� v ri ri �i ri ri v v ri v o c m ..- O 0 CL m o N i0 CD co r- Oo CA O N M V y V R O O O O O N > d C N d O O O O O O O o O O O o- iL } N N N N N N N N N N p p2 p CO aL 1-12 Monroe County, Florida Principal Property Taxpayers September 30, 2014 2014 Taxable Assessed Taxpayer Value Rank Southeast Housing LLC $ 140,324,382 1 Fla. Keys Electric Co -Op 109,036,722 2 Ocean Reef Club Inc 82,139,068 3 CWI Keys Hotel LLC 76,836,014 4 Sunset City LLC 69,204,395 5 Casa Marina Owner Inc 65,621,679 6 Galleon Condominium Assoc Inc 64,894,805 7 NWCL LLC 58,542,906 8 Winward Pointe II LLC 56,504,227 9 City of Key West 49,688,504 10 BellSouth/Southern Bell Tannex Development Group Cheeca Lodge Pier House Hawks Cay KW Beach Suites LTD Grand Key Resort - Sheraton Suites - Reach - 2005 Percentage of Percentage of Total Taxable Taxable Total Taxable Assessed Assessed Assessed Value Value Rank Value 0.73% 0.57% $ 72,406,440 1 0.42% 0.43% 0.40% 0.36% 0.34% 45,887,445 3 0.26% 0.34% 45,887,445 5 0.26% 0.31 % 0.30% 43,709,650 4 0.25% 0.26% 73,458,624 2 0.42% 32,349,480 7 0.19% 32,816,249 6 0.19% 27,176,268 9 0.16% 28,325,854 8 0.16% 22,000,000 10 0.13% $ 772,792,702 4.04% $ 424,017,455 Source: Monroe County Property Appraiser 2.45% 1-13 / $ / a f « $ @ $ R co R e . 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N N N N N N N N N N o Q Z :Z 1-15 Monroe County, Florida Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years General Less: Amounts Fiscal Obligation Available in Debt Year Bonds Service Fund Percentage of Estimated Actual Taxable Value of Total Property Monroe County does not have any outstanding general bonded debt for years 2005-2014 Per Capita 1-16 Monroe County, Florida Direct and Overlapping Governmental Activities Debt September 30, 2014 Estimated Amount Debt Percentage Applicable to Direct Debt Outstanding Applicable County Monroe County, Florida $ 61,877 (a) 100% $ 61,877 Monroe County does not have any overlapping debt as of September 30,2014 Notes Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the county. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Monroe County, Florida. This process recognizes that, when considering the County's ability to issue and repay long-term debt, the entire burden borne by the residents and businesses should be taken into (a) payable. See Legal Debt Margin Information schedule for net bonded debt calculation. (b) Allocation based on assessed valuation. 1-17 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 2005-2014 1-18 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 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 2007 15,200,289 1,222,500 593,880 1,816,380 8.37 2008 15,147,595 2,515,000 1,558,694 4,073,694 3.72 2009 13,702,434 3,857,500 1,728,301 5,585,801 2.45 2010 14,085,030 3,997,500 1,588,708 5,586,208 2.52 2011 15,374,998 4,145,000 1,440,676 5,585,676 2.75 2012 16,318,450 4,300,000 1,284,405 5,584,405 2.92 2013 17,172,360 4,465,000 1,120,502 5,585,502 3.07 2014 17,106,367 4,990,338 1,190,415 6,180,753 2.77 Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements. 1-19 W W W Q Q N (D O M M 00 00 0 �> ZZ(riv- Nc+M O :.i 00000 J 00000 Lo to 0 0 _O O F- fA W ct t� f. 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Lf) 2 r CO m?== n- Gkk®0'gr CO 2 m2=� n- CDCN -# coLO t CO § % n$<� n- GRN®- -# co c % f m$o n- GR�®- -# �m�2® / k \ U)U) CO- GkCN®- -# rm.2m = f( kk /k � c �a 0 CU § k $f E \ ■ .03 0� f E�2 $ � :3 0 \ o = §a _ e �E§/% m ._ ■ ■ � % C§°\ e c r- 0 m e m� ' _ e �* 2 o E 2 e c_ c 0 2■■ 0-# u o t e 7 o m m c< 0 ■ m o t §@ WE CO 2 Q 2 0� 2% -� 0� k I @ %££77�f$«gAr-cu—r- 0 f�k§%-.9 0 Ga 00 0 m2 CLD�=am«@J«75a-co |- 5 THIS PAGE INTENTIONALLY LEFT BLANK COMPLIANCE SECTION `% Cherry Bekaert"° CPAs & Advisors Report of Independent Auditor on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Govemment Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business - type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of Monroe County, Florida (the "County") as of and for the year ended September 30, 2014, and the related notes to the financial statements, which collectively comprise the County's basic financial statements, and have issued our report thereon dated March 31, 2015 for the purpose of compliance with Section 281.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General -Local Government Entity Audits. Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the County's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the County's internal control. Accordingly, we do not express an opinion on the effectiveness of the County's internal control. Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described in the accompanying schedule of findings and questioned costs, we identified certain deficiencies in internal control that we consider to be material weaknesses and a significant deficiency. A deficiency in intemal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the County's financial statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiencies described in the accompanying schedule of findings and questioned costs as items 2014-001 and 2014-002 to be material weaknesses. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the deficiency described in the accompanying schedule of findings and questioned costs as item 2014- 003 to be a significant deficiency. Compliance and Other Matters As part of obtaining reasonable 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 no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. J-1 County's Response to Findings The County's response to the findings identified in our audit are described in the accompanying schedule of findings and questioned costs. The County's responses were not subjected to the auditing procedures applied in the audit of the financial statements and accordingly, we express no opinion on them. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the County's internal control or on compliance. This report is an integral part of an audit performed in accordance with Govemment Auditing Standards in considering the County's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Orlando, Florida March 31, 2015 J-2 on Cherry BekaertLL° CPAs & Advisors Report of Independent Auditor on Compliance for Each Major Federal Awards Program and State Financial Assistance Project and on Internal Control Over Compliance Required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: Report on Compliance for Each Major Federal Program and State Financial Assistance Project We have audited the compliance of Monroe County, Florida (the "County") with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the requirements described in the State of Florida Department of Financial Services' State Projects Compliance Supplement, that could have a direct and material effect on each of the County's major federal programs and state financial assistance projects for the year ended September 30, 2014. The County's major federal programs and state financial assistance projects are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal awards programs and state financial assistance projects. Auditor's Responsibility Our responsibility is to express an opinion on compliance for each of the County's major federal awards programs and state financial assistance projects based on our audit of the types of compliance requirements referred to above. 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 noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal award 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 on compliance for each major federal awards programs and state financial assistance projects. However, our audit does not provide a legal determination of the County's compliance. Opinion on Each Major Federal and State Program In our opinion, the County complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal awards programs and state financial assistance projects for the year ended September 30, 2014. J-3 Report on Internal Control over Compliance Management of the County is responsible for establishing and maintaining effective internal control over compliance with the types of requirements referred to above. In planning and performing our audit, we considered the County's internal control over compliance with the types of requirements that could have a direct and material effect on its major federal awards programs and state financial assistance projects to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinion on compliance for each major federal award program and each state financial assistance project 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, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the County's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal award program or state financial assistance project on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program or state financial assistance project will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency,- or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal award program or state financial assistance project that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A- 133 and Chapter 10.550. Accordingly, this report is not suitable for any other purpose. Cp,., �X-P Orlando, Florida March 31, 2015 J-4 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2014 Federal/State Agency, Pass -through Entity Federal Program/State Project CFDA Number Contract Grant Number Expenditures Department of Health and Human Services: Passed through Florida Department of Elder Affairs and Alliance for the Aging: Title 11113 Community Living Program - 2013 93.044 AA-1329 $ 2,425 Title 11113 Community Living Program - 2014 93.044 AA-1429 10,285 Total Program 12,710 Title IIIC1 Congregate Meals - 2013 93.045 AA-1329 32,830 Title IIIC1 Congregate Meals - 2014 93.045 AA-1429 99,612 Title IIIC2 Home Delivered Meals - 2013 93.045 AA-1329 51,955 Title IIIC2 Home Delivered Meals - 2014 93.045 AA-1429 174,043 Total Program 358,440 Title IIIE Caregiver Support Services - 2013 93.052 AA-1329 1,296 Title IIIE Caregiver Support Services - 2014 93.052 AA-1429 46,443 Total Program 47,739 Nutrition Services Incentive Program - 2014 93.053 US-1451 26,509 Passed through Florida Department of Revenue, Agency for Children and Families, and Office of Child Support Enforcement: Child Support Enforcement Title IV-D 93.563 CD344 140,461 Passed through Florida Department of Economic Opportunity: Low Income Home Energy Assistance Program - 2013 93.568 13EA-OF-11-54-01-019 111,927 Low Income Home Energy Assistance Program - 2014 93.568 14EA-OF-11-54-01-019 158,181 WAP/Low Income Home Energy Assistance Program - 2014 93.568 13WX-OG-11-54-01-039 12,341 Weatherization Assistance Program - 2014 93.568 14WX-OG-11-54-01-039 1,608 Total Program 284,057 Total Federal Agency The accompanying notes are an integral part of this schedule. $ 869,916 (Continued) J-5 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2014 Federal/State Agency, Pass -through Entity CFDA Federal Program/State Project Number Contract Grant Number Expenditures Department of Justice: Equitable Sharing Agreement 16.922 -- $ 520,983 Direct Program: Bureau of Justice Assistance: Drug Court Medical Director Initiative 16.738 2013-DJ-BX-0143 6,803 Drug Court Specialized Software and Technology 16.738 2012-DJ-BX-0316 3,847 Total Program 10,650 Passed through Office of the Attorney General: Victims of Crime Acts 16.575 V13231 223,938 Passed through Florida Department of Law Enforcement: Men's Jail Housed Drug Abuse Treatment Program 16.593 2014-RSAT-MONR-1-A7-001 41,383 Edward Byrne Memorial Justice Assistance Grant: FKOC Substance Abuse Educ & Relapse Prevention 16.738 2014-JAGC-MONR-l-E5-186 7,508 Peacock/ Preventing Recividism of Adults with Mental lllness/Subst Abuse 16.738 2014-JAGC-MONR-3-E5-188 18,780 Edward Byrne Memorial Justice Assistance Grant - Be the Change: Monroe Youth Challenge Anti -Bullying & Violence Program 16.738 2014-JAGC-MONR-4-E5-185 28,543 Edward Byrne Memorial Justice Assistance Grant - Women's Jail Incarceration Drug Abuse Program 16.738 2014-JAGC-MONR-2-E5-206 27,622 Total Program 82,453 Total Federal Agency $ 879,407 Executive Office of the President: Direct Program: High Intensity Drug Trafficking Areas 95.001 G13MI0001A $ 6,322,343 High Intensity Drug Trafficking Areas 95.001 G14MI0001A 2,055,581 High Intensity Drug Trafficking Areas 95.001 G13MI0005A 1,095,494 High Intensity Drug Trafficking Areas 95.001 G14AC0005A 723,853 High Intensity Drug Trafficking Areas 95.001 G13PR0001A 3,485,634 High Intensity Drug Trafficking Areas 95.001 G14PR0001A 2,390,727 High Intensity Drug Trafficking Areas 95.001 G12AC0004A 61,208 High Intensity Drug Trafficking Areas 95.001 G14AC0004A 525 High Intensity Drug Trafficking Areas 95.001 G09PR0001A 16,191 High Intensity Drug Trafficking Areas 95.001 G10PR0001A 3,433 High Intensity Drug Trafficking Areas 95.001 G11M10005A 45,927 High Intensity Drug Trafficking Areas 95.001 G11 PR0001A 137,193 High Intensity Drug Trafficking Areas 95.001 G12MI0001A 2,135,538 High Intensity Drug Trafficking Areas 95.001 G12AC0005A 280,084 High Intensity Drug Trafficking Areas 95.001 G12PR0001A 761,899 Total Federal Agency $ 19,515,630 The accompanying notes are an integral part of this schedule. (Continued) J-6 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2014 Federal/State Agency, Pass -through Entity Federal Program/State Project CFDA Number Contract Grant Number Expenditures Department of Transportation: Direct Program: Federal Aviation Administration: Key West AIP-3745 20.106 3-12-0037-045-2011 $ 45,878 Key West AIP-3746 20.106 3-12-0037-046-2012 52,858 Key West AIP-3747 20.106 3-12-0037-047-2013 1,375,854 Marathon AIP-4431 20.106 3-12-0044-031-2013 8,100 Total Program 1,482,690 Federal Highway Administration: Passed through Florida Department of Transportation: Transportation Planning Program 2012 20.205 25222811407/AQN53 182,023 Scenic Highway Overlooks 20.205 428064-1/AR386 336 No Name Key Bridge Repair Project 20.205 430121-1/43121-2/ARD00 3,792 Local Agency Program: Old SR940 Leg A BPK Bridge 20.205 430193-1/AQE31 486,591 Card Sound Bridge Repair Project 20.205 431917-1-38-01/AQQ60 320,941 Total Program 993,683 Formula Grants for Rural Areas Program - FDOT Transit Buses 20.513 413360-1-94-01 112,727 Total Federal Agency $ 2,589,100 Department of Homeland Security: Passed through Florida Division of Emergency Management: Emergency Management Performance Grant FY13-14 97.042 14-FG-86-11-54-01-111 $ 28,403 Emergency Management Performance Grant FY14-15 97.042 15-FG-4D-11-54-01-111 37,083 Total Program 65,486 The accompanying notes are an integral part of this schedule. (Continued) J-7 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2014 Federal/State Agency, Pass -through Entity CFDA Federal Program/State Project Number Contract Grant Number Expenditures Department of Homeland Security - Continued: Passed through Florida Division of Emergency Management: Stone Garden Grant - Sheriff - 2012 State Homeland Security Grant Program - 2012 Passed through the City of Miami: Urban Area Security Initiative Grant Program - 2011 Urban Area Security Initiative Grant Program - 2012 Urban Area Security Initiative Grant Program - 2013 Total Program Total Federal Agency 97.067 14DS-C8-11-54-23-507 $ 15,448 97.067 2012-SS-00109-S01 1,105 97.067 12DS-22-11-23-02 118,158 97.067 14DS-05-11-23-02 196,295 97.067 14DS-L2-11-23-02 96,925 427,931 $ 493,417 Department of Energy: Passed through Florida Department of Economic Opportunity: ARRA-Weatherization Assistance Program 81.042 13WX-OG-11-54-01-039 $ 15,193 Department of Housing and Urban Development: Passed through Florida Department of Economic Opportunity: Community Development Block Grant 14.228 10-DB-K4-11-54-02-K24 863,153 Community Development Block Grant 14.228 12-DB-05-11-54-01-H15 50,380 Community Development Block Grant 14.228 12-DB-P5-11-54-01-K47 358,953 Total Program 1,272,486 Passed through Department of Children and Families: ESG Emergency Solutions Grant - FY13-14 ESG Emergency Solutions Grant - FY14-15 Total Program Total Federal Agency United States Treasury Department: Equitable Sharing Agreement Total Expenditures of Federal Awards The accompanying notes are an integral part of this schedule. 14.231 KPZ06 32,805 14.231 KPZ14 31,215 64,020 $ 1,336,506 21.000 -- $ 79,103 $ 25,778,272 (Continued) J-8 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2014 CSFA State Agency Number Contract Grant Number Expenditures Florida Division of Emergency Management: Emergency Management Programs FY14 31.063 14-BG-06-11-54-01-044 $ 100,408 Total Department 100,408 Florida Department of Children and Families: Criminal Justice Mental Health and Substance Abuse Reinvestment 60.115 LHZ237 120,618 Florida Department of Elder Affairs: Passed through The Alliance for Aging: Home Care for the Elderly - 2013 65.001 KH1372 5,731 Home Care for the Elderly - 2014 65.001 KH1472 113 Total Program 5,844 Alzheimer's Disease Initiative - 2013 65.004 KZ1397 59,180 Alzheimer's Disease Initiative - 2014 65.004 KZ1497 10,471 Total Program 69,651 Community Care for Elderly - 2013 65.010 KC1371 218,062 Community Care for Elderly - 2014 65.010 KC1471 61,786 Total Program 279,848 Total Department 355,343 Florida Department of Environmental Protection: Small County Recycling 37.012 424SC 90,909 Culvert Design & Permitting & Sediment Characterization 37.039 S0679 99,814 Mayfield Grant 37.039 DEP LP44072 21,786,579 Total Program 21,886,393 Clean Water State Revolving Fund Loan 37.077 WW440710 26,740,914 Total Department 48,718,216 Florida Department of Health: EMS County Award 64.005 C2044 87,913 Florida Department of Juvenile Justice: Intensive Delinquency Diversion Service 80.022 X1718 83,254 The accompanying notes are an integral part of this schedule. (Continued) J-9 Monroe County, Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2014 CSFA State Agency Number Contract Grant Number Expenditures Florida Department of State: State Aid to Libraries - 2013 State Aid to Libraries - 2014 Total Department Florida Department of Transportation: Transportation Planning Program 2012 Pigeon Key Ferry Service Total Program Key West Airport Key West & Marathon Airport Key West & Marathon Airport Marathon Airport Marathon Airport Total Program US 1 Bayside Shared Use Path Total Department Florida Fish & Wildlife Conservation Commission: Exotic Plant Control Services Total Department Florida Housing Finance Corporation: State Housing Initiative Program - 2014 Total Department Total Expenditures of State Financial Assistance The accompanying notes are an integral part of this schedule. 45.030 13-ST-35 45.030 14-ST-37 55.023 25222811407/AQN53 55.023 41454515802/AQO80 $ 33,039 55,609 88,648 30,337 125,000 155,337 55.004 4245819401/APT62 22,581 55.004 43113379401/AQH10 4,503 55.004 25426929401/AQE35 299,574 55.004 42043619401/AQ606 52,163 55.004 43278419401/AR045 40,765 55.008 ARA97 -- 08150 419,586 39,700 614,623 122,094 122,094 52.901 SHIP 13-14 PLAN 3 YR 1 6,857 6,857 $ 50,297,974 (Continued) J-10 Monroe County, Florida Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2014 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"). 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. J-11 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Part I — Summary of Auditor's Results Financial Statement Section Type of auditor's report issued: Internal control over financial reporting: Material weakness(es) identified? Significant deficiency(ies) identified? Noncompliance material to financial statements noted? Federal Awards and State Projects Section Internal control over major programs: Material weakness(es) identified? Significant deficiency(ies) identified? Type of auditor's report issued on compliance for major federal programs and state projects: Any audit findings disclosed that are required to be reported in accordance with Circular A-133 and/or Chapter 10.550 Identification of major federal programs and state projects: Federal Programs: Unmodified X yes no X yes none reported yes X no _yes X no yes X none reported Unmodified yes X no Name of Program or Cluster CFDA Number Executive Office of the President High Intensity Drug Trafficking Areas 95.001 Federal Highway Administration Transportation Planning Program 2012 20.205 Scenic Highway Overlooks 20.205 No Name Key Bridge Repair Project 20.205 Local Agency Program: Old SR940 Leg A BPK Bridge 20.205 Card Sound Bridge Repair Project 20.205 J-12 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Part I — Summary of Auditor's Results (continued) Federal Awards and State Projects Section (continued) State Projects: Name of Project CSFA Number Florida Department of Environmental Protection Clean Water State Revolving Fund Loan 37.077 Dollar threshold used to determine Type A programs: Federal $ 773,348 State $ 1, 508, 939 Auditee qualified as low -risk auditee for federal purposes _ yes X no Part II - Schedule of Financial Statement Findings This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements, and abuse related to the financial statements that are required to be reported in accordance with Government Auditing Standards. Finding 2014-001 Material Weakness Training and Review Criteria: An effective system of internal control contemplates that management properly maintain books and record transactions to ensure the accuracy of the financial statements. This includes ensuring that all employees have the proper training and qualifications in order to perform their assigned functions and that the work performed is reviewed in a timely manner to ensure accuracy. Condition: During our audit we noted instances where Finance staff did not appear to have the training necessary to perform their assigned functions. Additionally we noted a lack of oversight or review of the work performed. Certain specific instances include: • Vacancies existed in accounting staff positions which resulted in a number of accounting issues throughout the year. At times transactions were not posted accurately or timely. • Training of new hires was a challenge due to the lack of experience of existing staff. • Individuals were hired that did not have governmental experience. • The majority of the staff in key positions in the Finance office had less than one year of experience. • Written procedural manuals did not exist. Effect: The County books and records on a monthly basis were not up to date and review processes were not in place. J-13 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Cause: Due to significant turnover in office staff, the Finance Division operated short staffed for most of the past year. The turnover of staff has adversely affected the Clerk's ability to properly train newly hired staff and to effectively review their work for accuracy and timeliness. Recommendation: We recommend that the Clerk hire sufficient Finance staff with the proper qualifications and provide them with appropriate training and oversight to ensure that records can be maintained in a timely fashion in order to provide accurate and reliable financial information. Management Response: Fellow Florida Clerks provided experienced personnel to assist with financial responsibilities as well as hosting Clerk's financial staff for in depth training. In addition, the Clerk utilized the services of a CPA firm recommended by the Florida Clerks and Comptroller's Association and hired an outside CPA consultant recommended by the County's external auditors. Finance staff with the proper qualifications have been hired and/or promoted. Standard operating procedures and "HOW TO" manuals with illustrated examples of the tasks have been created and implemented. Finding 2014-002 Material Weakness Close out procedures Criteria: An effective system of internal control contemplates that management properly maintain books and records to ensure the accuracy of the financial statements. Reconciliations of the accounts should be prepared in a timely manner to ensure completeness and accuracy of the financial information and to allow for timely reporting. Condition: During our audit we noted numerous instances where the reconciliations of significant accounts were not performed in a timely manner and where amounts were recorded in error. Certain specific instances include: • Reconciliations of all accounts were not done on a monthly basis which resulted in transactions being posted, in some cases, months after they occurred. • The books and records for the year ended September 30, 2014 of the County were not finalized until well after year-end. • The reconciliation of the due to/due from accounts between the constitutional officers and the County were not completed until 4 months after year end. • Governmental capital assets were not updated in the subsidiary ledger and reconciled to the general ledger until well after the year end. • Expenditures of federal and State awards were not recorded, reviewed and reconciled on a routine basis and delayed the closing of the books as well as the preparation of the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects. • The County's reliance on a contractor to provide wastewater assessment receivable balances resulted in a timing difference of an adjustment to these balances which affected the fiscal year 2013 and 2014 financial statements. Effect: The County books and records on a monthly basis were not up to date and review processes were not being performed on a timely basis. As a result reports may be filed incorrectly and not on a timely basis. Unposted expenditures could compromise budget controls. J-14 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Cause: Due to significant turnover in the Finance office staff, the County has lost the institutional knowledge of a number of key employees and has operated short staffed for most of the fiscal year. The undocumented procedures adversely affected the ability to maintain proper internal controls over the processes necessary to assure the financial records are accurate and up to date. Recommendation: We recommend that the hiring of sufficient Finance staff with the proper qualifications to ensure that records can be maintained and reconciled in order to provide accurate and timely financial information. Management Response: Fellow Florida Clerks provided experienced personnel to assist with financial responsibilities as well as hosting Clerk's financial staff for in depth training. In addition, the Clerk utilized the services of a CPA firm recommended by the Florida Clerks and Comptroller's Association and hired an outside CPA consultant recommended by the County's external auditors. Finance staff with the proper qualifications have been hired and/or promoted. Standard operating procedures and "HOW TO" manuals with illustrated examples of the tasks have been created and implemented. Finding 2014-003 Significant Deficiency Electronic Transactions Criteria: An effective system of internal control surrounding electronic transactions (wire transfers and ACH transactions) contemplates that management properly maintain controls to ensure that all transactions are being appropriately approved and executed consistent with County cash disbursement policy and procedures as well as industry best practices. This would include maintaining controls to ensure that sufficient authorization is obtained prior to the execution of a transaction and that no unauthorized transactions occur. Further, segregation of duties should be maintained between the individuals approving the transaction and executing the transaction with the financial institution. Condition and Context: During our testing of electronic transactions we noted instances where proper controls were not in place, some of which resulted in errors which had to be reversed. Effect: The County could disburse public funds in a manner that is not consistent with County policy and for unallowable costs and purposes. Cause: Due to limited staffing there is a weak control environment surrounding the electronic transactions. Recommendation: We recommend that the County establish procedures to ensure that proper controls (including approval, authorized execution and segregation of duties) are maintained surrounding electronic transactions. Management Response: Internal Controls as well as backup controls are in place for electronic transactions. Additional protection implemented by the Clerk include "ACH and Electronic Blocking" on all Clerk and BOCC bank accounts. This feature will prompt the bank to require an approval from finance personnel on all electronic "debit" transactions. The "Positive Pay" layer of security has been in place for years for all physical checks issued. Applying this similar technology to the electronic transactions will strengthen the County's financial security. J-15 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Part III - Federal Award Findings and Questioned Costs This section identifies the significant deficiencies, material weaknesses, and material instances of noncompliance, including questioned costs, as well as any material abuse findings, related to the audit of major federal programs, as required to be reported by Section 510(a) of OMB Circular A-133. None noted. Part IV - State Project Findings and Questioned Costs This section identifies the significant deficiencies, material weaknesses, and material instances of noncompliance, including questioned costs, as well as any material abuse findings, related to the audit of major state projects, as required to be reported by Chapter 10.550, Rules of the Auditor General - Local Governmental Entity Audits. None noted. J-16 MONROE COUNTY, FLORIDA CORRECTIVE ACTION PLAN FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Section II - Financial Statement Findings Finding 2014-001 Name of contact person: Amanda Cochran, Finance Director Corrective Action: See management's response in the finding. Proposed completion date: As soon as practicable. Finding 2014-002 Name of contact person: Amanda Cochran, Finance Director Corrective Action: See management's response in the finding. Proposed completion date: As soon as practicable. Finding 2014-003 Name of contact person: Amanda Cochran, Finance Director Corrective Action: See management's response in the finding. Proposed completion date: Complete. J-17 MONROE COUNTY, FLORIDA SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2014 Finding 2013-001 Status: Not corrected — See current year finding 2014-001. Finding 2013-002 Status: Not corrected — See current year finding 2014-002. Finding 2013-003 Status: Corrected Finding 2013-004 Status: Corrected Finding 2013-006 Status: Corrected J-18 `� Cherry Bekaert- CPAs & Advisors Independent Auditor's Management Letter To the Honorable Mayor and Board of County Commissioners of Monroe County, Florida: Report on the Financial Statements We have audited the financial statements of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the "County"), as of and for the year ended September 30, 2014, and have issued our report thereon dated March 31, 2015. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non -Profit Organizations; and Chapter 10.550, Rules of the Auditor General. Other Reports We have issued our Report of Independent Auditor on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; Report of Independent Auditor on Compliance for Each Major Federal Awards Program and State Financial Assistance Project and on Internal Control over Compliance Required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General; Schedule of Findings and Questioned Costs; and Report of Independent Accountant on Compliance with Local Government Investment Policies. Disclosures in those reports and schedule, which are dated March 31, 2015, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. Reference to such matters is provided in separate management letters for each County agency, where applicable. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Such disclosure is included in notes to the financial statements. Financial Condition Section 10.554(1)(i)5.a., Rules of the Auditor General, requires that we report the results of our determination as to whether or not the County has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific condition(s) met. In connection with our audit of the financial statements of the County, the results of our tests did not indicate the County met any of the specified conditions of a financial emergency contained in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures. 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 management. K-1 Annual Financial Report Section 10.554(1)(i)5.b., Rules of the Auditor General, requires that we report the results of our determination as to whether the annual financial report for the County for the fiscal year ended September 30, 2014, filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes, is in agreement with the annual financial audit report for the fiscal year ended September 30, 2014. Our comparison of these two reports resulted in no material differences. Other Matters Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management letter any recommendations to improve the County's financial management. Reference to such matters is provided in separate management letters for each County agency, where applicable. Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts and grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. Reference to such matters is provided in separate management letters for each County agency, where applicable. Purpose of this Letter The purpose of this management letter is to communicate certain matters prescribed by Chapter 10.550, Rules of the Auditor General. Accordingly, this management letter is not suitable for any other purpose. Orlando, Florida March 31, 2015 K-2 `� Cherry BekaertLL° CPAs & Advisors Report of Independent Accountant on Compliance with Local Government Investment Policies To the Clerk Ex Officio, Mayor and Board of County Commissioners of Monroe County, Florida: Report on Compliance We have examined the Monroe County, Florida (the "County") compliance with the local government investment policy requirements of Section 218.415, Florida Statutes, during the year ended September 30, 2014. Management is responsible for the County's compliance with those requirements. Our responsibility is to express an opinion on the County's compliance based on our examination. Scope Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included 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 examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the County's compliance with specified requirements. Opinion In our opinion, the County complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2014. Orlando, Florida March 31, 2015 K-3