Fiscal Year 2017MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
FINANCIALSTATEMENTS
As of and for the Year Ended September 30, 2017
And Reports of Independent Auditor
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
TABLEOFCONTENTS
REPORTOFINDEPENDENTAUDITOR
................................................................................................ 1-2
FINANCIALSTATEMENTS
Balance Sheet – General Fund ............................................................................................................................ 3
Statement of Revenues, Expenditures, and Changes in Fund Balances – General Fund .................................. 4
Notes to Financial Statements ....................................................................................................................... 5-11
REQUIREDSUPPLEMENTARYINFORMATION
Schedule of Revenues and Expenditures - Budget and Actual – General Fund ............................................... 12
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 ............................................................................... 13-14
Independent Auditor’s Management Letter .................................................................................................. 15-16
Report of Independent Accountant on Compliance with Local Government Investment Policies ..................... 17
ReportofIndependentAuditor
To the Honorable Scott Russell
Property Appraiser of Monroe County, Florida
ReportonFinancialStatements
We have audited the accompanying financial statements of the major fund of the Monroe County, Florida
Property Appraiser (the "Property Appraiser"), 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 the
financial statements that are free from material misstatement, whether due to fraud or error.
ƵĚŝƚŽƌ͛ƐResponsibility
Our responsibility is to express an opinion 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 Property Appraiser’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 Property Appraiser’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
opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the major fund of the Property Appraiser 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 the general fund of Monroe County, Florida that is attributable to the Property
Appraiser. 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 opinion is not modified with
respect to this matter.
OtherMatters
ZĞƋƵŝƌĞĚ^ƵƉƉůĞŵĞŶƚĂƌLJ/ŶĨŽƌŵĂƚŝŽŶ
Accounting principles generally accepted in the United States of America require that required supplementary
information as listed in the table of contents 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.
OtherReportingRequiredbyGovernmentAuditingStandards
In accordance with Government Auditing Standards, we have also issued our report dated February 20, 2018 on
our consideration of the Property Appraiser's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Property Appraiser’s internal control over financial reporting and
compliance.
Orlando, Florida
February 20, 2018
2
FINANCIALSTATEMENTS
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
BALANCESHEETʹ
GENERALFUND
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ASSETS
Cash and cash equivalents$ 847,401
Total Assets$ 847,401
LIABILITIESANDFUNDBALANCE
Liabilities:
Accounts payable$ 116,570
Accrued wages and benefits payable67,050
Due to Board of County Commissioners594,033
Due to other governmental units69,748
847,401
Total Liabilities
Fund Balance -
Total Liabilities and Fund Balance$ 847,401
The accompanying notes to the financial statements are an integral part of this statement. 3
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESINFUNDBALANCESʹ
GENERALFUND
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Revenues:
Intergovernmental:
Board of County Commissioners3,799,224$
Charges for services:
Other taxing districts 446,084
Investment income 3,245
Miscellaneous 896
Total Revenues4,249,449
Expenditures:
Current:
Personnel services 2,490,700
Operating expenditures 659,036
Capital outlay 435,932
Total Expenditures 3,585,668
Excess of revenues over expenditures663,781
Other Financing Sources (Uses):
Transfers to Board of County Commissioners(594,033)
Transfers to other governmental units(69,748)
Total Other Financing Sources (Uses)(663,781)
Net change in fund balance -
Fund balance, beginning of year -
Fund balance, end of year$ -
The accompanying notes to the financial statements are an integral part of this statement. 4
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
NOTESTOFINANCIALSTATEMENTS
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NoteϭͶ^ƵŵŵĂƌLJofsignificantaccountingpolicies
Reporting Entity – The Monroe County, Florida Property Appraiser (the “Property Appraiser”) is a separately
elected county official established pursuant to the Constitution of the State of Florida. These financial
statements present only the Property Appraiser’s Office and 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
Property Appraiser have been prepared in accordance with the accounting principles and reporting guidelines
established by the Governmental Accounting Standards Board (“GASB”).
Entity status for financial reporting purposes is governed by Statements No. 14, as amended. Although the
Property Appraiser’s Office is operationally autonomous, 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 Property Appraiser is reported as a part of the primary government of Monroe County, Florida.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation – The Property Appraiser's
financial statements are prepared for the purpose of complying withFlorida Statute 218.39(2), and Chapter
10.550, Rules of the Auditor General, which require the Property Appraiser to only present fund financial
statements.
The General Fund is used to account for all revenues and expenditures applicable to the general operations of
the Property Appraiser that are not legally required or by accounting principles generally accepted in the United
States of America to be accounted for in another fund. 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 Property Appraiser 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 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 Property Appraiser.
Budgetary Requirements – General Fund expenditures are controlled by budget appropriations in accordance
with the 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.
Cash and Cash Equivalents– The Property Appraiser’s cash and cash equivalents consist of cash on hand and
demand deposits. All cash and cash equivalents are 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.
Prepaid Items – Certain payments to vendors reflected costs applicable to future accounting periods. These
prepaid costs are expensed on the fund financial statements of the Property Appraiser in the amount of
$27,653.
5
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
NOTESTOFINANCIALSTATEMENTS
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NoteϭͶ^ƵŵŵĂƌLJofsignificantaccountingpolicies(continued)
Capital Assets – Tangible personal property used in the Property Appraiser'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 office space used by the Property Appraiser at no charge.
Compensated Absences – The Property Appraiser permits employees to accumulate earned but unused
vacation and sick pay benefits. The Property Appraiser is not legally required to and does not accumulate
expendable available financial resources to liquidate this obligation. The obligation for compensated absences is
accrued in the government-wide financial statements of the County. A summary of activity for the Property
Appraiser’s compensated absences obligation is as follows:
Balance, October 1, 2016 $139,243
Additions 237,200
Deletions (216,632)
Balance, September 30, 2017 $159,811
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 Property Appraiser 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
governmental agencies unconditionally guaranteed by the U.S. Government.
At September 30, 2017, cash and cash equivalents included demand deposits with a carrying amount of
$847,401 and a bank balance of $1,088,709.
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 for
which rules may be found in Chapter 19, FAC. The FAC is maintained by the Department of State.
6
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
NOTESTOFINANCIALSTATEMENTS
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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
Property Appraiser contributed to the plan an amount equal to 12.00% 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
tothe Pension Plan. This is a defined contribution plan which is administered by the State
Boardof Administration.
Plan Trust Fund.
7
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
NOTESTOFINANCIALSTATEMENTS
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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 Statute 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.
8
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
NOTESTOFINANCIALSTATEMENTS
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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 Property Appraiser recognizes pension expenditures in an amount equal to amounts paid to the Pension
Plan, the Investment Plan and the HIS Plan, amounting to $163,415, $51,025 and $34,438, respectively, for the
fiscal year ended September 30, 2017. The Property Appraiser'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 $55,760 and $9,311, respectively.
The Property Appraiser 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 presented 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.
9
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
NOTESTOFINANCIALSTATEMENTS
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NoteϰͶKƚŚĞƌpostemploymentbenefit(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 the 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 the
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 of participation will be a premium of $5 per month for each year of creditable service
with the FRS at the time of retirement with the 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 Property Appraiser 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 Property Appraiser 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 Property Appraiser participates
in the coverage provided by the Board for Workers’ Compensation, Group Insurance, and Risk Management
internal service funds. Under these programs, 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 value of the
buildings 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. The Property
Appraiser 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.
10
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
NOTESTOFINANCIALSTATEMENTS
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NoteϲͶŽŵŵŝƚŵĞŶƚƐ
Operating Leases – The Property Appraiser leases office equipment under various operating lease agreements.
Total lease expenditures amounted to $76,585 during the year ended September 30, 2017.
The following is a schedule by years of minimum future obligations under noncancelable operating leases as of
September 30:
Software Agreement – The Property Appraiser entered into an agreement on March 30, 2015 to acquire a
Computer Assisted Mass Appraisal “CAMA” System based on Florida laws and requirements. The total cost is
$761,132, and the implementation schedule shall consist of a period not to exceed 15 months, commencing
from the date of the contract execution. The annual software maintenance cost is $65,235. For the year ended
September 30, 2017, the Property Appraiser expended $344,763 towards this project, and a cumulative total of
$761,132 through September 30, 2017. As of September 30, 2017, this agreement is paid in full.
The following is a schedule of installment payments under this agreement as of September 30, 2017:
2018$ 65,235
2019 65,235
Total$ 130,470
NoteϳͶ>ŝƚŝŐĂƚŝŽŶ
The Property Appraiser 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 Property Appraiser’s financial position.
11
REQUIREDSUPPLEMENTARYINFORMATION
MONROECOUNTY,FLORIDA
PROPERTYAPPRAISER
SCHEDULEOFREVENUESANDEXPENDITURESBUDGETANDACTUALʹ
GENERALFUND
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12
SUPPLEMENTARYREPORTS
ReportofIndependentAuditoronInternalControloverFinancialReportingand
onComplianceandOtherMattersBasedonanAuditofFinancialStatements
PerformedinAccordancewithGovernmentAuditingStandards
To the Honorable Scott Russell
Property Appraiser 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 of the Monroe County,
Florida Property Appraiser (the "Property Appraiser") 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 20, 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 Property Appraiser'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 opinion on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Property Appraiser's internal control. Accordingly, we do not
express an opinion on the effectiveness of the Property Appraiser'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 Property
Appraiser’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 Property Appraiser’s financial statements are free
from 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.
13
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 Property Appraiser’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 Property Appraiser’s internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Orlando, Florida
February 20, 2018
14
IndependentƵĚŝƚŽƌ͛ƐManagementLetter
To the Honorable Scott Russell
Property Appraiser of Monroe County, Florida
ReportontheFinancialStatements
We have audited the financial statements of the Monroe County, Florida Property Appraiser (the "Property
Appraiser"), as of and for the year ended September 30, 2017, and have issued our report thereon dated
February 20, 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 those reports, which are dated February 20, 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 audit
report. There were no recommendations 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 the financial statements. The Property Appraiser is a separately elected county
official established pursuant to the Constitution of the State of Florida. There are no component units related to
the Property Appraiser.
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 20, 2018
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ReportofIndependentAccountantonCompliance
withLocalGovernmentInvestmentPolicies
To the Honorable Scott Russell
Property Appraiser of Monroe County, Florida
We have examined the Monroe County, Florida Property Appraiser’s (the “Property Appraiser”) compliance with
the local government investment policy requirements of Section 218.415, Florida Statutes, during the year
ended September 30, 2017. Management of the Property Appraiser is responsible for the Property Appraiser’s
compliance with the specified requirements. Our responsibility is to express an opinion on Property Appraiser’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 Property Appraiser complied, in all material respects, with the
specified requirements referenced above. An examination involves performing procedures to obtain evidence
about whether the Property Appraiser complied with the specified requirements. The nature, timing and extent of
the procedures selected depend on our judgment, including an assessment of the risks of material
noncompliance, whether due to fraud or error. We believe that the evidence obtained is sufficient and
appropriate to provide a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Property Appraiser’s compliance with the specific
requirements.
In our opinion, the Property Appraiser 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 20, 2018
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