Fiscal Year 2015
THIS PAGE INTENTIONALLY LEFT BLANK
Government Auditing Standards
Rules of the Auditor General
A-8
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
HEATHER CARRUTHERS, MAYOR
DISTRICT 3
DANNY KOLHAGEGEORGE NEUGEN
T
DISTRICT 1DISTRICT 2
DAVID RICESYLVIA MURPH
Y
DISTRICT 4DISTRICT 5
COUNTY ADMINISTRATO
R
ROMAN GASTESI
CLERK OF THE CIRCUIT COURT AND
CHIEF FINANCIAL OFFICE
R
AMY HEAVILIN, CPA & CFE
A-10
Government Auditing Standards
Accounting and Financial Reporting
for Pensions – an amendment of GASB Statement No. 27,Pension Transition for
Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement 68
Audits of States, Local
Governments, and Non-Profit Organizations
Government Auditing Standards
Government Auditing Standards
THIS PAGE INTENTIONALLY LEFT BLANK
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 (the County) for the fiscal year ended September
30, 2015. 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
the
Financial Highlights
The assets and deferred outflows of resources exceeded its liabilities and deferred
inflows of resources at September 30, 2015 by $540.1 million, a decrease of $38.9 million or 6.7%.
This overall net decrease was comprised of the following two components:
30.1 million as a result of fiscal year 2015
R
operations.
The County implemented Governmental Accounting Standards (GASB) Statement No. 68,
R
Accounting and Financial Reporting for Pensions - an amendment to GASB Statement No.
27, which requires employers providing a defined benefit plan to report their net pension
beginning net position by $66.2 million for Governmental Activities and $2.7 million for
Business-Type Activities for a total restatement of beginning net position of $69.0 million.
Comparing FY 2015 with FY 2014, the results of governmental activities (excluding restatement)
produced an increase in net position of $26 million, while in FY 2014 net position increased by
$32.2 million.
Comparing FY 2015 with FY 2014, the results of business-type activities (excluding restatement)
produced an increase in net position of $4.1 million, while in FY 2014 net position increased by
$280,060.
Comparing FY 2015 with FY2014, the Countyncreased by $18.7 million or 8.2%.
The majority of this increase, or $15.6 million, is the result of an inter-local agreement expense with
Key Largo Wastewater Treatment District. This agreement is explained in further detail in note 14
of the financial statements.
an increase of $476,822 from the prior year.
Bonded debt and loans of the County increased $70.7 million in FY 2015. This was comprised of
$81.9 million in new debt and $11.2 million in reductions (payments). The
bonded debt and loans compared to net position increased from 10.7% to 24.6%. The other
components of long-term debt are discussed in further detail later in this report.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the County
statements, which include government-wide financial statements, fund financial statements, as well as
notes to the financial statements. This report also contains other supplementary information in addition
to the basic financial statements.
C-1
Government-Wide Financial Statements
Government-wide financial statements are designed to provide the reader with a broad overview of the
financial position of the 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 Coun and deferred outflows or resources less its
liabilities and deferred inflows of resources at September 30, 2015. The difference between these assets
and deferred outflows of resources, and the 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.
The Statement of Activities, which follows the Statement of Net Position, presents information showing
how the net position changed during fiscal year 2015. 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 the 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 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. The 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 the 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.
C-2
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.
cial
revenue, debt service and capital project funds. Governmental funds individually presented as major funds
in the 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 the County. They have been presented in a total column
individual fund statements section of the report.
Proprietary Funds
The 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.
The County maintains five major enterprise funds: Municipal Service District-Waste, Key West Airport,
Card Sound Bridge, PFC & Operations Restrictions and the Marathon Airport. There are no non-major
enterprise funds.
Internal service funds are used to accumulate and allocate costs among the ons.
The County uses internal service funds to account for insurance activities (wor
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
The 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 the 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 the
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.
C-3
Other Information
Required Supplementary Information has been added for fiscal year 2015 for the FRS and HIS Pension
Plan and for the Volunteer Firefighters and Emergency Medical Services Pension Plan and is summarized
on pages G-1 through page G-7.
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 the 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.
Government-Wide Financial Analysis
Monroe County Net Position (in thousands)
The following is a condensed summary of Net Position compared to the prior year.
Governmental Business-type Total Primary
ActivitiesActivitiesGovernment
201520142015201420152014
Current and Other Assets$ 273,222$ 235,393$ 25,653$ 32,118$ 298,875$ 267,511
Capital Assets 431,514 370,954 92,240 82,285 523,754 453,239
Total Assets 704,736 606,347 117,893 114,403 822,629 720,750
Deferred Outflows 11,241 - 428 - 11,669 -
Current 39,696 32,077 2,656 2,774 42,352 34,851
Long-Term Liabilities 232,586 99,435 4,889 2,706 237,475 102,141
Total Liabilities 272,282 131,512 7,545 5,480 279,827 136,992
Deferred inflows 13,868 4,765 462 - 14,330 4,765
Net Position:
Net Investment in Capital
Assets 298,887 310,396 85,161 81,817 384,048 392,213
Restricted 165,286 128,647 6,984 6,198 172,270 134,845
Unrestricted (34,346) 31,027 18,169 20,908 (16,177) 51,935
$ 429,827$ 470,070$ 110,314$ 108,923$ 540,141$ 578,993
Total Net Position
Changes in net position
financial position. The net position decreased in FY 2015 by $38.9 million following an increase
in FY 2014 of $32.2 million. The FY 2015 reduction in net position was largely due to the adoption of
the new pension standard and the restatement of net position.
C-4
The largest portion of net position for 2015 and 2014 is the 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 71.1% and 67.8% of total primary government net position for fiscal
years 2015 and 2014, respectively. The County uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although the
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
(31.9%) 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 ligations
to citizens and creditors.
The increase in capital assets
improvement construction and other projects that have an impact on the citizens of the County. The
County also continues to construct improvements to public facilities such as Plantation Key Courthouse
and Detention Center.
Total liabilities were $142.8 million higher than in 2014. The County received total debt proceeds of
$81.9 million in FY 2015 commitment to continue Waste Water for the collection,
transmission and treatment facilities contributed to the increase of long term debt. As a result of adopting
the new pension standard, the County was required to record a $61.9 net pension liability in FY 2015.
Other post-employment benefits and compensated absences have continued to increase.
The increase in both deferred inflows and deferred outflows of resources was due to the implementation
of the new pension standard.
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 the
responsibilities. The ratios for the current and prior fiscal years are as follows:
The schedule above demonstrates that the County has more than adequate cash flows.
C-5
Monroe County Changes in Net Position (in thousands)
The table below summarizes the changes in net position for the current and previous year.
GovernmentalBusiness-typeTotal Primary
ActivitiesActivitiesGovernment
201520142015201420152014
Revenues:
Charges for Services $ 32,840 $ 31,162 $ 26,943 $ 26,677 $ 59,783 $ 57,839
Operating Grants and Contributions 32,045 24,485 5,997 2,546 38,042 27,031
Capital Grants and Contributions 16,272 22,554 1,362 1,089 17,634 23,643
General Revenues:
Property Taxes 75,323 73,682 - - 75,323 73,682
Other Taxes 76,468 71,188 - - 76,468 71,188
State Revenue Sharing 2,938 3,298 - - 2,938 3,298
Investment Income 2,103 1,641 133 66 2,236 1,707
Miscellaneous 4,782 2,571 102 18 4,884 2,589
Total Revenues 242,771 230,581 34,537 30,396 277,308 260,977
Expenses:
General Government 34,493 37,267 - - 34,493 37,267
Public Safety 99,118 98,221 - - 99,118 98,221
Physical Environment 4,850 2,886 - - 4,850 2,886
Transportation 4,968 5,837 - - 4,968 5,837
Economic Environment 31,304 30,286 - - 31,304 30,286
Human Services 9,117 8,776 - - 9,117 8,776
Culture and Recreation 5,049 4,765 - - 5,049 4,765
Court Related 9,042 8,564 - - 9,042 8,564
Loss on Sale of Land 1,146 1,079 - - 1,146 1,079
Interest on Long Term Debt 2,909 1,090 - - 2,909 1,090
Interlocal Agreement Expense 15,566 - - - 15,566 -
Solid Waste - - 17,445 17,091 17,445 17,091
Toll Bridge - - 1,352 1,322 1,352 1,322
Key West Airport - - 9,390 9,315 9,390 9,315
Marathon Airport - - 1,445 1,973 1,445 1,973
Total Expenses 217,562 198,771 29,632 29,701 247,194 228,472
Change in Net Position before transfers 25,209 31,810 4,905 695 30,114 32,505
Transfers 797 415 (797) (415) - -
Change in Net Position 26,006 32,225 4,108 280 30,114 32,505
470,070 438,171 108,923 108,643 578,993 546,814
Total Net Position-October 1
(66,249) (326) (2,717) - (68,966) (326)
Adjustments to Net Position-October 1
403,821 437,845 106,206 108,643 510,027 546,488
Net Position-October 1 (as Restated)
Net Position - Ending $ 429,827 $ 470,070 $ 110,314 $ 108,923 $ 540,141 $ 578,993
C-6
Governmental Activities
For FY 2015 net position of the governmental activities decreased by $40.2 million, compared to an
increase of $31.9 million in FY2014. The graph below represents a comparison of program revenues to
program expenses for governmental activities for fiscal year 2015. 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, 2015
99.1
100.0
90.0
80.0
70.0
60.0
50.0
36.9
34.5
40.0
31.3
30.0
18.9
20.0
12.6
9.1
9.0
5.9
5.05.0
4.8
10.0
3.0
2.0
1.3
0.6
0.0
GeneralPublic SafetyPhysicalTransportationEconomicHumanCulture &Court Related
GovernmentEnvironmentEnvironmentServicesRecreation
Program RevenuesProgram Expenses
The largest revenue sources for governmental activities in FY 2015 are property taxes in the amount of
$75.3 million and all other taxes totaling $76.5 million. Total taxes of $151.8 million amounted to 62.5%
of the evenue source is
charges for services at $32.8 million or 13.5% of governmental activity revenues excluding transfers.
The 2015 graph identifies the largest expense function as public safety amounting to $99.1 million. This
is 45.6% of the total expenses for governmental activities. The next largest functions are general
government and economic environment that total $65.8 million or 30.2% of total expenses for
governmental activities. The general government expenses include the Tax Collector, Property Appraiser,
Clerk of the Circuit Court, and the Supervisor of Elections.
C-7
The graph below represents a comparison of program revenues to program expenses for governmental
activities for fiscal year 2014.
Monroe County, Florida
Governmental Activities (in Millions)
For the year ended September 30, 2014
98.2
100.0
90.0
80.0
70.0
60.0
50.0
37.2
33.6
40.0
30.2
30.0
22
15.6
20.0
8.7
8.5
5.8
4.7
10.0
2.8
2.0
1.61.7
1.0
0.3
0.0
GeneralPublic SafetyPhysicalTransportationEconomicHumanCulture &Court Related
GovernmentEnvironmentEnvironmentServicesRecreation
Program RevenuesProgram Expenses
The largest revenue sources for governmental activities in 2014 are property taxes in the amount of $73.7
million and all other taxes totaling $71.2 million. Total taxes of $144.9 million amounted to 62.8% of the
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 $98.2 million. This
is 49.5% of the total expenses for governmental activities. The second largest function is general
government in the amount of $37.3 million 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.
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 2015 amounted to $26.9 million
or 78.0% 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 $4.9 million.
The change in net position in 2015 was $4.1 million. Fiscal year 2015 had an increase of $3.7 million in
capital and operating grants, as well as an increase in charges for services of $265,639.
C-8
Governmental Funds
Governmental funds provide information on near-term inflows, outflows, and balances of spendable
resources. In assessing the
f the fiscal year. The governmental fund types
include the general fund, special revenue, debt service and capital project funds.
The 211.8 million at the end of the
current fiscal year. This represents a $37.1 million or 21.2% increase from prior year. Governmental
funds held nonspendable, restricted, committed or assigned amounts totaling $198.1 million to reflect the
various constraints placed on those resources for future use.
The General Fund is the chief operating fund of the County. At September 30, 2015, the total fund balance
in the General Fund was $36.0 million, an increase of $476,822 from the prior year. The unassigned
portion of the General Fund fund balance was $13.7 million or 38.1%. Total revenues had very little
change from the prior year. Revenue from taxes increased $382,576 due to a decision by the Board of
County Commissioners to increase the aggregate millage rate. Expenditures decreased $2.5 million or
2.9%.
Other Major Fund Information (in thousands)
Fine and FofeitureHIDTA GrantsGovernmental Grants
201520142015201420152014
Revenues and Other
Sources$ 47,628 $ 46,601 $ 19,976 $ 19,541 $ 6,323 $ 6,135
Expenses and Other Uses
48,635 49,461 19,976 19,541 8,650 5,662
Increase/(Decrease) in
Fund balance$ (1,007) $ (2,860)$ - $ - $ (2,327) $ 473
One CentBig Coppitt Wastewater
Infrastructure SurtaxProject
2015201420152014
Revenues and Other
Sources$ 23,936 $ 20,246 $ 400 $ 569
Expenses and Other Uses
14,446 13,961 716 725
Increase/(Decrease) in
Fund balance$ 9,490 $ 6,285 $ (316) $ (156)
Cudjoe Regional Wastewater
ActivitiesDebt Service
2015201420152014
Revenues and Other
Sources$ 64,807 $ 53,710 $ 12,637 $ 5,758
Expenses and Other Uses
54,474 57,846 12,155 6,181
Increase/(Decrease) in
Fund balance$ 10,333 $ (4,136) $ 482 $ (423)
C-9
Fine and Forfeiture Special Revenue Fund Revenue for this fund increased slightly as a result of an
increase in Ad Valorem taxes. Total operating expenses in this fund were up slightly and transfers to other
funds were down from last year. In comparing the FY 2015 change in fund balance to FY 2014, there
was an $1.9 million improvement.
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 fiscal year 2015 revenue decreased in the area of
intergovernmental activity. The majority of decreased expenditures was related to construction activity
associated with No Name Key Bridge and Bayside Shared Use Path.
One Cent Infrastructure Surtax Capital Project Fund The 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 fund
on-going capital projects.
Big Coppitt Wastewater Project Capital Project Fund Revenues decreased approximately 30% over prior
year. Expenditures were consistent with the prior year.
Cudjoe Regional Wastewater Capital Project Fund This fund is used to account for the activity associated
with the commitment to construct collection, transmission and treatment facilities. In 2015, the
treatment plant was constructed and a majority of the collection system in installed. Some of the financial
highlights include the following:
Total revenues and other sources increased by $11.1 million or 21%. The funding sources for this
project primarily include:
Mayfield Grant: Inter-local agreement with Key Largo Wastewater Treatment District
R
Clean Water State Revolving Fund Construction Loan
R
Infrastructure Revenue Bonds Series 2014
R
Line of Credit Agreement
R
Total expenses and other sources decreased by $3.4 million or 5.8%. Expense activity was related
to wastewater construction projects.
Debt Service The debt service fund received transfers from other funds to cover $12.2 million in principal
and interest payments on long-term debt.
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.
Municipal Service District-Waste Enterprise Fund: This fund maintains the
sites. The County continues to outsource the waste haul-out services through a major contract. Revenues
for charges for services (special assessments and tipping fees) are slightly higher than the prior year. The
change in service revenues is attributed to an improvement in
continues to increase. The cost of operations remained consistent with the prior year.
C-10
Card Sound Bridge Enterprise Fund: The Bridge is an alternative route to
Revenues from tolls increased slightly as tourism rebounds somewhat. The cost of operations remained
consistent with the prior year.
Key West Airport Enterprise Fund: Revenue decreased slightly in charges for services. The cost of
operations remained consistent with the prior year.
PFC & Operations Restrictions: This fund is used to collect passenger finance charges to be used for
s fund was reported
as part of the Key West Airport Enterprise Fund. During fiscal year ending 2015, this fund had an
$745,658 net increase to the net position.
Marathon Airport Enterprise Fund: This fund experienced a relatively stable year. Grant and contribution
funding increased by approximately $680,130.
Other factors concerning the finances of these four major funds have already been addressed in the
discussion of the -type activities.
Compensation Fund, Group Insurance Fund, Risk
Management Fund and the Fleet Management Fund. The self-insurance funds are an important part of
the
Internal service fund operating revenues were consistent with prior year except Risk Management funds,
which experienced an increase. Operating expenses rose slightly due to higher asserted and paid claims
Capital Assets
The 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 progress.
At September 30, 2015, the County has $516.7 million invested in a variety of capital assets, as reflected
in the following schedule, which represents a net increase (additions less retirements and depreciation) of
$63.4 million or 14% from the end of last year.
MONROE COUNTY, FLORIDA
CAPITAL ASSETS (IN THOUSANDS)
NET OF DEPRECIATION
Governmental ActivitiesBusiness-type ActivitiesTotal
201520142015201420152014
Land$ 74,316 $ 76,859 $ 5,648 $ 5,648 $ 79,964 $ 82,507
Construction In Prog. 153,949 88,162 1,729 910 155,678 89,072
Buildings 100,779 103,381 43,193 44,132 143,972 147,513
Equipment 26,956 25,761 1,093 1,237 28,049 26,998
Infrastructure 72,713 73,959 33,497 30,358 106,210 104,317
Capacity Rights 2,800 2,832 - - 2,800 2,832
Total$ 431,513 $ 370,954 $ 85,160 $ 82,285 $ 516,673 $ 453,239
C-11
The investment in capital assets includes land, buildings, improvements, machinery and equipment, plant
and equipment, infrastructure, roads, bike paths and sidewalks. Major capital asset events during the year
included:
the construction of its
wastewater collection systems and solid waste disposal. During FY 2015 these projects totaled
approximately $55.2 million.
Repairs to the No Name Key Bridge for approximately $2.9 million.
Key West Airport EMAS project at approximately $4.4 million.
Approximately $6.5 million in equipment (public safety and other departments), vehicles,
computers, and furniture.
Ongoing significant projects include the following: Cudjoe Regional Wastewater, North Key Largo Utility
Project, Key West Senior Center, CR8905 Bike Path, Crawl Key Fire Training, and Plantation Key
Courthouse & Detention Center.
Long-Term Debt
At September 30, 2015, the County had long-term debt in the amount of $244.3 million. This debt is
mainly comprised of revenue bonds and notes secured by pledges of revenues. Revenue-secured debt for
governmental activities was $132.6 million. The County has no general obligation bonds.
Additions to long-term debt consisted of the following:
Infrastructure Revenue Bonds Series 2014 - $31.9 million
Clean Water State Revolving Fund Construction Loan Agreement 2014 - $18.5 million
Line of Credit - $16.0 million
Inter-local agreement with Key Largo Wastewater Treatment District - $15.6 million
Increases to accrued compensated absences - $6.6 million
Increases in the cost of other post-employment benefits - $6.7 million
and HIS pension liability - $30.1 million
Retirements of long-term debt amounted to $29.2 million which included the retirement of $11.2 million
of revenue bonds and notes.
Service rates the Infrastructure Sales Surtax Revenue Bonds, Series 2007
and 2014 as have rated these issues Further details
are available in notes to the financial statements pages F-38 through F-43.
Budgetary Highlights General Fund
There were slight variations from the original budget to the amended budget for miscellaneous revenues,
taxes, charges for services, and investment income. The more significant variations from the amended
budget to the actual were the following:
Clerk Commissions 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 2015.
C-12
Hurricane budget was not needed in fiscal year 2015.
Transportation and Human Services expenditures were down.
The -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 2016 budget was developed in consideration of the economic stabilization being
experienced and the resulting moderate increases to sales tax revenues. The financial outlook for the
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 resource, continue to reflect
increases.
Total budgeted revenues/sources increased between 2015 and 2016. The increase in the overall budget is
General Fund is ad valorem taxes. The aggregate millage rate for 2016 is 3.7239 which is 5.5% under last
86 and .03% below the rolled-backed millage rate of 3.725. After property taxes, the
Local Government Half-Cent Sales Tax is the largest revenue source in the General Fund; an increase of
approximately 9.1% is expected. Licenses and Permits are expected to increase 3% in the coming year
due to the adoption of a new building fee schedule. The new permit fees are calculated based upon the
construction value of the proposed improvements.
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
No Name Key Bridge
Training Academy Crawl Key
Plantation Key Courthouse and Jail
Roads/Paving County-wide
Harvey Senior Center
advertise the Keys as a tourist destination.
Requests for Information
This financial report is designed to provide a general overview of the 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-13
THIS PAGE INTENTIONALLY LEFT BLANK
BASICFINANCIALSTATEMENTS
- -
THIS PAGE INTENTIONALLY LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLANK
Thenotestothefinancialstatementsareanintegralpartofthesestatements.
E11
Thenotestothefinancialstatementsareanintegralpartofthesestatements.
E12
Thenotestothefinancialstatementsareanintegralpartofthesestatements.
E13
THIS PAGE INTENTIONALLY LEFT BLANK
Thenotestothefinancialstatementsareanintegralpartofthesestatements.
E14
Thenotestothefinancialstatementsareanintegralpartofthesestatements.
E15
Thenotestothefinancialstatementsareanintegralpartofthesestatements.
E16
THIS PAGE INTENTIONALLY LEFT BLANK
Government-wide Financial Statements:
Fund Financial Statements
governmental, proprietary, and fiduciary
Government-wide, Proprietary, and Fiduciary Fund Financial Statements
Governmental Fund Financial Statements
Accounting and Financial Reporting for Pensions – an amendment of GASB
Statement No. 27Pension Transition for Contributions Made Subsequent
to the Measurement Date – an amendment of GASB Statement No. 68
Accounting and
Financial Reporting for Pensions – an amendment of GASB Statement No. 27
Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of
GASB Statement No. 68
REQUIREDSUPPLEMENTARYINFORMATION
G1
G2
G3
G4
THIS PAGE INTENTIONALLY LEFT BLANK
G6
G7
THIS PAGE INTENTIONALLY LEFT BLANK
COMBININGANDINDIVIDUAL
FUNDSTATEMENTSANDSCHEDULES
THIS PAGE INTENTIONALLY LEFT BLANK
H78
H79
H80
H81
H82
THIS PAGE INTENTIONALLY LEFT BLANK
COMPLIANCESECTION
Government Auditing Standards
Florida StatutesRules of the Auditor General-Local Government Entity Audits
deficiency in internal control
material weakness
significant deficiency
Government Auditing
Standards.
Government Auditing
Standards
OMB Circular A-133 Compliance Supplement
Government
Auditing StandardsAudits of
States, Local Governments, and Non-Profit Organizations, Rules of the Auditor General.
Rules of the Auditor General,
Rules of
the Auditor General
deficiency in internal control over compliance
material weakness in internal control over
compliance
significant deficiency in internal control over compliance
Passed through Florida Department of Elder Affairs and Alliance
for the Aging:
Passed through Florida Department of Revenue, Agency for
Children and Families, and Office of Child Support Enforcement:
Passed through Florida Department of Economic Opportunity:
Direct Program:
Passed through Office of the Attorney General:
Passed through Florida Department of Law Enforcement:
FKOC
Substance Abuse Educ & Relapse Prevention
Court
Mandated, Criminal/Substance Abuse Case Management
Guidance Care:
Assisted Living Prevents Recidivism
Women's Jail
Incarceration Drug Abuse Program
Direct Program:
Direct Program:
Passed through Florida Department of Transportation:
Passed through Florida Division of Emergency Management:
Passed through the City of Miami:
Passed through Florida Department of Economic Opportunity:
Passed through Department of Children and Families:
Audits of States, Local Governments, and Non-Profit Organizations
Government Auditing Standards
Audit Report of the Monroe
County Board of County Commissioners Purchasing Card Policy and Procedures
Rules of the Auditor General - Local Governmental Entity Audits
THIS PAGE INTENTIONALLY LEFT BLANK
Government Auditing Standards
Audits of States, Local Governments, and
Non-Profit Organizations
Government Auditing Standards
Rules of the Auditor General
Rules of the Auditor General
Rules of the Auditor General
Rules of the Auditor General
Rules of the Auditor General
Rules of the Auditor General
Rules of the Auditor General
Rules of the Auditor General
Rules
of the Auditor General
MONROECOUNTY,FLORIDA
SCHEDULEOFRECEIPTSANDEXPENDITURESOF
FUNDSRELATEDTOTHEDEEPWATERHORIZONOILSPILL
FortheFiscalYearEndedSeptember30,2015
AmountAmount
ReceivedExpended
intheinthe
201415201415
SourceFiscalYearFiscalYear
UnitedStatesDepartmentof:
RESTOREActAgreementNo.N/AN/A
EnvironmentalCleanUpConsortium:
AgreementNo.N/AN/A
BritishPetroleum:
AgreementNo.1405961,107,947
L1