Fiscal Year 2017MONROECOUNTY,FLORIDA
TAXCOLLECTOR
FINANCIALSTATEMENTS
As of and for the Year Ended September 30, 2017
And Reports of Independent Auditor
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
TABLEOFCONTENTS
REPORTOFINDEPENDENTAUDITOR
.................................................................................................. 2-3
FINANCIALSTATEMENTS
Balance Sheet - GeneralFund ......................................................................................................................... 4
Statement of Revenues, Expenditures, and Changes in Fund Balance -
General Fund ................................................................................................................................................. 5
Statement of Fiduciary Assets and Liabilities -
Agency Funds ................................................................................................................................................ 6
Notes to Financial Statements ..................................................................................................................... 7-12
REQUIREDSUPPLEMENTARYINFORMATION
Schedule of Revenues and Expenditures - Budget and Actual -
General Fund ............................................................................................................................................... 13
OTHERSUPPLEMENTARYINFORMATION
Agency Fund Descriptions .............................................................................................................................. 14
Combining Statement of Changes in Assets and Liabilities -
All Agency Funds ......................................................................................................................................... 15
SUPPLEMENTARYREPORTS
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 ........................................................... 16-17
Independent Auditor’s ManagementLetter ............................................................................................... 18-19
Report of Independent Accountant on Compliance with Local Government
Investment Policies ...................................................................................................................................... 20
ReportofIndependentAuditor
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida
ReportontheFinancialStatements
We have audited the accompanying financial statements of the major fund and the aggregate remaining fund
information of the Monroe County, Florida Tax Collector (the “Tax Collector”) as of and for the year ended
September 30, 2017, and the related notes to financial statements as listed in the table of contents.
DĂŶĂŐĞŵĞŶƚ͛ƐResponsibilityfortheFinancialStatements
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.
ƵĚŝƚŽƌ͛ƐResponsibility
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 from 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 Tax Collector’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 Tax Collector’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 each major fund and the aggregate remaining fund information of the Tax Collector as of
September 30, 2017, and the respective changes in financial position thereof for the year then ended, in
conformity with accounting principles generally accepted in the United States of America.
EmphasisofMatter
As discussed in Note 1 to the financial statements, the financial statements referred to above were prepared solely
for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the
Rules, the accompanying financial statements are intended to present the financial position and changes in
financial position of each fund of Monroe County, Florida that is attributable to the Tax Collector. They do not
purport to, and do not, present fairly the financial position of Monroe County, Florida as of September 30, 2017,
and the changes in its financial position for the fiscal year then ended in conformity with accounting principles
generally accepted in the United States of America. Our opinions are not modified with respect to this matter.
OtherMatters
RequiredSupplementaryInformation
Accounting principles generally accepted in the United States of America require that the budgetary comparison
schedule on page 13 be presented to supplement the financial statements. Such information, although not a
part of the financial statements, is required by the Governmental Accounting Standards Board, who considers it
to be an essential part of financial reporting for placing the financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management’s responses to our inquiries, the financial statements, and other
knowledge we obtained during our audit of the 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.
SupplementaryandOtherInformation
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Tax Collector’s basic financial statements. The accompanying other supplementary information, as
listed in the table of contents, is presented for purposes of additional analysis and is not a required part of the
basic financial statements.
The other supplementary information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the 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 accounting standards generally
accepted in the United States of America. In our opinion, the other supplementary information is fairly stated, in
all material respects, in relation to the financial statements as a whole.
OtherReportingRequiredbyGovernmentAuditingStandards
In accordance with Government Auditing Standards, we have also issued our report dated February 14, 2018 on
our consideration of the Tax Collector's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Tax Collector’s internal control over financial reporting and compliance.
Orlando, Florida
February 14, 2018
3
FINANCIAL STATEMENTS
MONROECOUNTY,FLORID
A
TAXCOLLECTOR
BALANCESHEET
GENERALFUND
SEPTEMBER30,2017
ASSETS
Cash and cash equivalents$ 4,506,561
Due from Board of County Commissioners439
Due from other governments 4,573
Total Assets
$ 4,511,573
LIABILITIESANDFUNDBALANCE
Liabilities
Accounts payable$ 20,627
Accrued wages and benefits payable128,092
Due to Board of County Commissioners3,991,195
Due to other governmental units371,659
Total Liabilities
4,511,573
Fund Balance -
Total Liabilities and Fund Balance
$ 4,511,573
The accompanying notes to financial statements are an integral part of this statement.4
MONROECOUNTY,FLORID
A
TAXCOLLECTOR
STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESINFUNDBALANCE
GENERALFUND
YEARENDEDSEPTEMBER30,2017
Revenues
Charges for services$ 2,643,926
Intergovernmental - Board of County Commissioners5,813,469
Total revenue 8,457,395
Expenditures
General government
Personnel services 3,179,033
Operating expenditures 882,339
Total expenditures 4,061,372
Excess of revenues over expenditures 4,396,023
Other financing uses
Transfers to Board of County Commissioners(4,021,785)
Transfers to other governmental units(374,238)
Total other financing uses(4,396,023)
Excess of revenues over expenditures and other
financing uses -
Fund balance at beginning of year -
Fund balance at end of year$ -
The accompanying notes to financial statements are an integral part of this statement.5
MONROECOUNTY,FLORID
A
TAXCOLLECTOR
STATEMENTOFFIDUCIARYASSETSANDLIABILITIES
AGENCYFUNDS
SEPTEMBER30,2017
ASSETS
Cash and cash equivalents$ 6,445,866
Due from individuals 5,241
Total Assets
$ 6,451,107
LIABILITIES
Undistributed collections$ 6,372,189
Due to individuals 78,918
Total Liabilities
$ 6,451,107
The accompanying notes to financial statements are an integral part of this statement.6
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2017
NoteϭͶ^ƵŵŵĂƌLJofsignificantaccountingpolicies
Reporting Entity – The Monroe County, Florida Tax Collector (the “Tax Collector”) is a separately elected county
official established pursuant to the Constitution of the State of Florida. The Tax Collector’s financial statements
do not purport to reflect the financial position or the results of operations of Monroe County, Florida (the
“County”) taken as a whole. The financial statements of the Tax Collector have been prepared in accordance
with accounting principles and reporting guidelines established by the Governmental Accounting Standards
Board (“GASB”).
Entity status for financial reporting purposes is governed by Statement No. 14, as amended. Although the Tax
Collector’s Office is operationally autonomous from the County, it does not hold sufficient corporate powers of
its own to be considered a legally separate entity for financial reporting purposes. Therefore, under GASB
guidelines, the Tax Collector is reported as a part of the primary government of Monroe County, Florida.
Description of Funds– The accounting records are organized for reporting purposes on the basis of a
governmental fund and fiduciary funds.
General Fund – The General Fund is used to account for all revenues and expenditures applicable to the
general operations of the Tax Collector that are not required legally or by accounting principles generally
accepted in the United States of America to be accounted for in another fund.
Fiduciary Funds – Fiduciary funds of the Tax Collector are Agency Funds, which are used to account for
assets held by the Tax Collector as an agent.
Measurement Focus, basis of accounting, and financial statement presentation – The Tax Collector’s financial
statements are prepared for the purpose of complying with Florida Statute Section 218.39(2), and Chapter
10.550, Rules of the Auditor General (the “Rules”), which requires the Tax Collector to only present fund
financial statements.
The General Fund is presented as a major governmental fund and uses the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized when measurable
and available. Revenues are considered to be available when they are collectible within the current period or
soon enough thereafter to pay liabilities of the current period. For this purpose, the Tax Collector considers
revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures
generally are recorded when a liability is incurred, as under accrual accounting. However, expenditures related
to compensated absences and claims and judgments are recorded only when payment is due.
The extent to which General Fund revenues exceed General Fund expenditures is reflected as transfers out
and as liabilities to the Monroe County Board of County Commissioners (the “Board”) and other governmental
agencies in the same proportion as fees paid by each governmental unit to total fees earned by the Tax
Collector.
The Tax Collector reports the General Fund as a major governmental fund and agency funds as a fiduciary fund
type. Agency funds are custodial in nature and do not involve measurement of results of operations.
Budgetary Requirements – General Fund expenditures are controlled by budget appropriations in accordance
with the budget requirements set forth in the Florida Statutes. The budget is prepared on a basis consistent with
accounting principles generally accepted in the United States of America.
7
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2017
NoteϭͶ^ƵŵŵĂƌLJofsignificantaccountingpolicies(continued)
Cash and Cash Equivalents – The Tax Collector’s cash and cash equivalents consist of demand deposits and
highly liquid investments with maturities of 90 days or less when purchased. All investments are reported at fair
value.
Capital Assets – Tangible personal property used in the Tax Collector's operations are recorded as
expenditures in the General Fund at the time assets are received and a liability is incurred. Purchased assets
are capitalized at historical cost in the government-wide financial statements of the County. In addition, the
Board provides administrative office space used by the Tax Collector at no charge.
Compensated Absences – The Tax Collector permits employees to accumulate earned but unused vacation
and sick pay benefits. The Tax Collector is not legally required to and does not accumulate expendable
available financial resources to liquidate this obligation. The obligation is accrued in the government-wide
financial statements of the County. A summary of activity for the Tax Collector’s compensated absences
obligation is as follows:
Balance, October 1, 2016 $ 146,313
Additions 285,773
Deletions (271,334)
Balance, September 30, 2017 $ 160,752
Use of Estimates –The preparation of financial statements requires management to make use of estimates that
affect reported amounts. Actual results could differ from estimates.
NoteϮͶĞƉŽƐŝƚƐandinvestments
The Tax Collector follows Florida Statutes for its investment policy, which authorizes investments in certificates
of deposit, savings accounts, repurchase agreements, the Local Government Surplus Funds Trust Fund
administered by the Florida State Board of Administration, and obligations of the U.S. Government and
government agencies unconditionally guaranteed by the U.S. Government.
Cash and cash equivalents consist of demand deposits insured by the Federal Deposit Insurance Corporation
(FDIC) or covered by the State of Florida collateral pool, a multiple financial institution pool with the ability to
assess its members for collateral shortfalls if a member institution fails.
As of September 30, 2017, the Tax Collector has demand deposits with a carrying amount of $10,941,627, a
bank balance of $10,296,386, and petty cash funds of $10,800.
NoteϯͶZĞƚŝƌĞŵĞŶƚsystem
Florida Retirement System
As a general rule, membership in the Florida Retirement System (the "FRS") is compulsory for all employees
working in a regularly established position for a state agency, county government, district school board, state
university, community college, or a participating city or special district within the State of Florida.
FRS was created in Florida Statute Chapter 121. Amendments to all of the following retirement plans can only
be made by an act of the Florida Legislature. Rules governing the operations and administration of the system
may be found in Chapter 60S of the Florida Administrative Code (the "FAC"}, except the Investment Plan, which
rules may be found in Chapter 19, FAC. The FAC is maintained by the Department of State.
8
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2017
NoteϯͶZĞƚŝƌĞŵĞŶƚsystem(continued)
Pension Plan
Description
– The FRS was created to provide public employees a cost sharing, multiple-
employer defined benefit plan (the "Pension Plan"). The Pension Plan is administered by the
Florida Department of Management Services, Division of Retirement.
Benefits
– The Pension Plan provides retirement and disability benefits, annual cost-of-living
adjustments, and death benefits to plan members and beneficiaries. Retirement, disability and
death benefits are based on age, average final compensation and years-of-service credit.
Members enrolled in the Pension Plan before July 1, 2011, will be vested, or eligible to receive
future benefits after 6 years of creditable service. Substantial changes were made to the
Pension Plan during fiscal year 2011, affecting new members enrolled by extending the vesting
requirement. Therefore, on or after July 1, 2011 members will be vested, or eligible to receive
future benefits, after 8 years of creditable service.
Regular class members, Senior Management Service class members and Elected Officers'
class members enrolled before July 1, 2011 are eligible for normal retirement if they are vested
and age 62 or if they have 30 years of creditable service regardless of age. They are entitled to
a retirement benefit payable monthly for life, equal to 1.6%, 2% and 3.0% respectively (3.33%
for judges and justices) of their final average compensation based on the five highest years of
salary, for each year of credited service. On or after July 1, 2011 the normal age of retirement
increased to 65 or 33 years of creditable service regardless of age.
A regular class member may retire early if vested but under the required retirement age.
However, the benefit will be reduced by 5 percent for each year between the age at retirement
and the normal retirement age.
Funding Policy– Governmental employers' contributions are based on state-wide contribution
rates. The employer contribution rates by job class for the periods from October 1, 2016
through June 30, 2017 and July 1, 2017 through September 30, 2017, respectively, were as
follows: regular members -7.52% and 7.92%, senior management -21.77% and 22.71% and,
county elected officers - 42.17% and 45.50%. During the fiscal year ended September 30,
2017, the Tax Collector contributed to the plan an amount equal to 10.0% of covered payroll.
In addition to governmental employer contributions, all enrolled members of the Pension Plan
are required to contribute 3.0% of their salary.
Description– The Investment Plan, under Florida Statute 121.4501, provides an alternative
the Pension Plan. This is a defined contribution plan which is administered by the State
to
of Administration.
Board
Plan Trust Fund.
9
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2017
NoteϯͶZĞƚŝƌĞŵĞŶƚsystem(continued)
–disability
Retirement depends on your class of membership and the first date of hire. The same age and
years-of-service credit applies as in the Pension Plan.
Funding Policy– Governmental employers and class members are required to make
contributions, using the blended contribution rate, to the FRS for investment to pay future
benefits to members and beneficiaries. These contributions are transferred to the FRS Trust
Fund individual member accounts, and the individual members allocate contributions and
account balances among various approved investment choices. The ultimate benefit depends in
part on the performance of investment funds.
(the "DROP")
Deferred Retirement Option Program
Description– DROP is a voluntary retirement program that is available only to FRS Pension
Plan members who qualify for normal retirement. Under Florida Statute 121.091, the FRS
administers DROP, which is a program that allows members to retire without terminating their
employment.
Benefits– DROP allows eligible members to defer receipt of monthly retirement benefit
payments while continuing employment with an FRS employer for a period not to exceed 60
months after electing to participate. While in DROP, employees simultaneously earn a salary
while their monthly retirement benefits are held in the FRS Trust Fund and accrue interest.
When employment terminates at the end of the approved DROP participation period, a DROP
participant receives the DROP payout and begins receiving the monthly retirement benefit in the
same amount determined at retirement, plus annual cost-of-living increases.
Funding Policy–The employer contribution rates for the periods from October 1, 2016 through
June 30, 2017 and July 1, 2017 through September 30, 2017 for DROP participants are 12.99%
and 13.26%, respectively. There are no required contributions by DROP participants.
Health Insurance Subsidy (the "HIS Plan")
–
Description Florida Statutes Chapter 112, established the HIS Plan, a cost-sharing multiple-
employer defined benefit plan, to assist retired members in paying the costs of health insurance.
This monthly benefit is administered by the Florida Department of Management Services, Division
of Retirement.
10
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2017
NoteϯͶZĞƚŝƌĞŵĞŶƚsystem(continued)
Benefits– Eligible retirees and beneficiaries receive a monthly health insurance subsidy
payment of $5 for each year of creditable service, with a minimum payment of $30 and a
maximum payment of $150 per month.
Funding Policy– The HIS Plan is funded by required contributions from FRS participating
employees as set forth by the Florida Legislature, based on a percentage of gross
compensation for all active FRS members.
The Tax Collector recognizes pension expenditures in an amount equal to amounts paid to the Pension Plan,
the Investment Plan and the HIS Plan, amounting to $190,142, $48,350 and $31,388, respectively, for the fiscal
year ended September 30, 2017. The Tax Collector's payments for the Pension Plan and the HIS Plan after
June 30, 2017, the measurement date used to determine the net pension liability associated with the Pension
Plan and HIS Plan, amounted to $48,418 and $10,600, respectively.
The Tax Collector is not legally required to and does not accumulate expendable available resources to
liquidate the retirement obligation related to its employees. Accordingly, the net pension liability and associated
deferred outflows and deferred inflows are resented on the government-wide financial statements of the County,
following requirements of GASB Statement No. 68, Accounting and Financial Reporting for Pensions - an
amendment of GASB Statement No. 27, and GASB Statement No. 71, Pension Transition for Contributions
Made Subsequent to the Measurement Date - an amendment of GASB Statement No. 68, effective October 1,
2014.
The State of Florida annually issues a publicly available financial report that includes financial statements and
required supplementary information for the FRS. The latest available report may be obtained by writing to the
State of Florida Division of Retirement, Department of Management Services, P.O. Box 9000, Tallahassee,
Florida 32315-9000. That report may be viewed on the Florida Department of Management Services website
located at www.dms.myflorida.com/workforce operations/retirement/publications.
NoteϰͶKƚŚĞƌpostemploymentbenefits(OPEB)plan
The Monroe County Board of County Commissioners (“BOCC”) administers a single-employer defined benefit
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, prescription drug benefits, and life insurance 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.
Eligibility for postemployment participation in the Plan is limited to full time employees of the County, and the
Constitutional Officers. 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 FRS may maintain their group
health insurance benefits with Monroe County following their retirement, provided they contribute a premium of $5
per month for each year of creditable service with the FRS at the time of retirement with Monroe County and will
pay at a minimum $50 per month up to the maximum of $150 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
11
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2017
NoteϰͶKƚŚĞƌpostemploymentbenefits(OPEB)plan(continued)
of participation will be $5 for each year of creditable service with the FRS at the time of retirement with Monroe
County and will pay at a minimum $50 per month up to the maximum of $150 per month. Surviving spouses and
dependents of participating retirees may continue in the plan if eligibility criteria specific to those classes are met.
The BOCC engages an actuarial firm on a biennial basis to determine the County’s actuarially determined annual
required contribution and unfunded obligation. The Tax Collector has no responsibility to the Plan other than to make
the periodic payments determined by the BOCC. Further information about the Plan is available in the County’s
Comprehensive Annual Financial Report which is published on the Clerk‘s website at www.clerk-of-the-court.com.
NoteϱͶZŝƐŬmanagement
The Tax Collector 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. The Tax Collector participates in the
coverage provided by the Board for Workers’ Compensation, Group Insurance, and Risk Management internal
service funds. Under these programs, the Workers' Compensation provides $500,000 coverage per claim for
regular employees. Workers’ Compensation claims in excess of the self-insured coverage are covered by an
excess insurance policy. 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 cost of the
buildings with a deductible of $50,000. Deductibles for windstorm and flood vary by location. Monroe 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. The Tax
Collector makes payments to the Workers' Compensation, Group Insurance and Risk Management Funds
based on estimates of the amounts needed to pay prior and current year claims.
NoteϲͶŽŵŵŝƚŵĞŶƚƐ
Operating Leases – The Tax Collector leases office space and equipment under operating lease agreements.
Total lease payments made in 2017 were $103,247.
The following is a schedule by years of future minimum rentals under noncancelable operating leases as of
September 30, 2017:
YearEndingLease
September30Payments
2018$89,601
201986,136
202077,378
202142,034
20221,012
Total$296,161
NoteϳͶ>ŝƚŝŐĂƚŝŽŶ
The Tax Collector is a party from time to time in various lawsuits and other claims incidental to the ordinary
course of its operation, some of which are covered by the Board’s self-insurance program. While the results of
litigation cannot be predicted with certainty, management believes the final outcome of such litigation will not
have a material adverse effect on the Tax Collector’s financial position.
12
REQUIRED SUPPLEMENTARY INFORMATION
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
SCHEDULEOFREVENUESANDEXPENDITURES
BUDGETANDACTUALGENERALFUND
YEARENDEDSEPTEMBER30,201
7
GeneralFund
Variance
OriginalFinalPositive
BudgetBudgetActual(Negative)
Revenues
Charges for services2,460,700$ 2,460,700$ 2,643,926$ 183,226$
Intergovernmental - Board of County Commissioners4,865,800 4,865,800 5,813,469 947,669
Total revenue7,326,500 7,326,500 8,457,395 1,130,895
Expenditures
General government
Personnel services3,339,420 3,308,527 3,179,033 129,494
Operating expenditures759,032 897,196 882,339 14,857
Total expenditures4,098,452 4,205,723 4,061,372 144,351
Excess of revenues over expenditures3,228,048 3,120,777 4,396,023 1,275,246
Other financing uses
Transfer to Board of County Commissioners(3,228,048) (3,120,777) (4,021,785) (901,008)
(374,238)
Transfer to other governmental units - -(374,238)
Total other financing uses(3,228,048)(3,120,777)(4,396,023)(1,275,246)
Excess of revenues over expenditures and other
financing uses
$ -$ -$ -$ -
13
OTHER SUPPLEMENTARY INFORMATION
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
AGENCYFUNDDESCRIPTIONS
The Combining Statement of Changes in Assets and Liabilities – All Agency Funds is presented on the following
page. The purpose of each fund shown on this statement is described below.
Property Tax Agency Fund –To account for the collection and distribution of local property tax funds.
Licenses Agency Fund – To account for the collection and distribution of funds generated from the sale of
miscellaneous state licenses.
14
MONROECOUNTY,FLORID
A
TAXCOLLECTOR
COMBININGSTATEMENTOFCHANGESINASSETSANDLIABILITIES
ALLAGENCYFUNDS
YEARENDEDSEPTEMBER30,2017
BalanceBalance
September30,September30,
2016AdditionsDeletions2017
Property Tax Agency Fund
Assets
Cash and cash equivalents$ 6,734,145$309,492,004$310,040,827$ 6,185,322
Due from individuals 124 - 79 45
$6,734,269$309,492,004$310,040,906$6,185,367
Liabilities
Undistributed collections$ 6,690,231$302,450,669$303,027,793$ 6,113,107
Due to individuals 44,038 7,041,335 7,013,113 72,260
$6,734,269$309,492,004$310,040,906$6,185,367
Licenses Agency Fund
Assets
Cash and cash equivalents$ 293,208$15,258,540$15,291,204$ 260,544
Due from individuals 1,846 3,350 - 5,196
$295,054$15,261,890$15,291,204$265,740
Liabilities
Undistributed collections$ 291,695$15,198,232$15,230,845$ 259,082
Due to individuals 3,359 63,658 60,359 6,658
$295,054$15,261,890$15,291,204$265,740
Total - All Agency Funds
Assets
Cash and cash equivalents$ 7,027,353$324,750,544$325,332,031$ 6,445,866
Due from individuals 1,970 3,350 79 5,241
$7,029,323$324,753,894$325,332,110$6,451,107
Liabilities
Undistributed collections$ 6,981,926$317,648,901$318,258,638$ 6,372,189
Due to individuals 47,397 7,104,993 7,073,472 78,918
$7,029,323$324,753,894$325,332,110$6,451,107
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SUPPLEMENTARY REPORTS
ReportofIndependentAuditoronInternalControloverFinancialReportingandon
ComplianceandOtherMattersBasedonanAuditofFinancialStatements
PerformedinAccordancewithGovernmentAuditingStandards
To the Honorable Danise D. Henriquez,
Tax Collector 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 Government Auditing Standards issued by the
Comptroller General of the United States, the financial statements of the major fund and the aggregate
remaining fund information of the Monroe County, Florida Tax Collector (the “Tax Collector”) as of and for the
year ended September 30, 2017, and the related notes to financial statements, and have issued our report
thereon dated February 14, 2018 for the purpose of compliance with Section 218.39(2), Florida Statutes, and
Chapter 10.550, Rules of the Auditor General-Local Governmental Entity Audits.
InternalControloverFinancialReporting
In planning and performing our audit of the financial statements, we considered the Tax Collector’s internal
control over financial reporting (“internal control”) to determine the audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Tax Collector’s internal control. Accordingly, we do not
express an opinion on the effectiveness of the Tax Collector’s internal control.
Adeficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the Tax Collector’s
financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency
is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness,
yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
ComplianceandOtherMatters
As part of obtaining reasonable assurance about whether the Tax Collector’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.
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PurposeofthisReport
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 Tax Collector’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Tax Collector’s internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Orlando, Florida
February 14, 2018
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IndependentƵĚŝƚŽƌ͛ƐManagementLetter
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida
ReportontheFinancialStatements
We have audited the financial statements of the Monroe County, Florida Tax Collector (the "Tax Collector"), as
of and for the year ended September 30, 2017, and have issued our report thereon dated February 14, 2018.
ƵĚŝƚŽƌ͛ƐResponsibility
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; and Chapter 10.550, Rules of the Auditor General.
OtherReports
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 Financial Statements Performed in Accordance with
Government Auditing Standards and Report of Independent Accountant on Compliance with Local Government
Investment Policies regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor
General.Disclosures in these reports, which are dated February 14, 2018, should be considered in conjunction
with this management letter.
PriorAuditFindings
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
report. No recommendations were made in the preceding annual financial audit report.
OfficialTitleandLegalAuthority
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 financial statements. The Tax Collector is a separately elected county official
established pursuant to the Constitution of the State of Florida. There are no component units related to the Tax
Collector.
FinancialManagement
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management letter any
recommendations to improve financial management. In connection with our audit, we did not have any such
recommendations.
AdditionalMatters
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of
contracts or grant agreements or abuse, that have occurred, or are likely to have occurred, that have an effect
on the financial statements that is less than material but which warrants the attention of those charged with
governance. In connection with our audit, we did not have any such findings.
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PurposeofthisLetter
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
February 14, 2018
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ReportofIndependentAccountantonCompliance
withLocalGovernmentInvestmentPolicies
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida
We have examined the Monroe County, Florida Tax Collector (the “Tax Collector”) compliance with the local
government investment policy requirements of Section 218.415, Florida Statutes, during the year ended
September 30, 2017.Management of the Tax Collector is responsible for the Tax Collector’s compliance with
the specified requirements. Our responsibility is to express an opinion on the Tax Collector's compliance with
the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute
of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain
reasonable assurance about whether the Tax Collector complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the Tax Collector complied with the specified requirements. The nature, timing and extent of the
procedures selected depend on our judgement, including an assessment of the risks of material noncompliance,
whether due to fraud or error. We believe that the evidence obtained is sufficient and appropriate to provide a
reasonable basis for our opinion.
Our examination does not provide a legal determination on the Tax Collector’s compliance with the specific
requirements.
In our opinion, the Tax Collector complied, in all material respects, with the local investment policy requirements
of Section 218.415, Florida Statutes, during the year ended September 30, 2017.
The purpose of this report is to comply with the audit requirements of Section 218.415, Florida Statutes, and
Rules of the Auditor General.
Orlando, Florida
February 14, 2018
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