Fiscal Year 2007MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For the Year Ended
September 30, 2007
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2007
TABLE OF CONTENTS
PAGE
Table of Contents A-1 - A-3
Basic Financial Statements
Independent Auditors' Report B-1 - B-2
Fund Financial Statements:
Balance Sheet - Governmental Funds
C-1 - C-2
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds
C-3 - C-4
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Major Governmental Funds:
General Fund
C-5 - C-10
Fine and Forfeiture Fund
C-11 - C-12
Road and Bridge Fund
C-13
Governmental Grants Fund
C-14 - C-16
Unincorporated Area Service District - Planning, Building & Zoning Fund
C-17 - C-18
Comprehensive Plan Land Authority Fund
C-19
Statement of Net Assets - Proprietary Funds C-20 - C-23
Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds C-24 - C-25
Statement of Cash Flows - Proprietary Funds C-26 - C-29
Statement of Fiduciary Net Assets - Fiduciary Funds
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds
C-30
C-31
Notes to the Statements D-1 - D-30
Combining and individual Fund Statements and Schedules:
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
One Cent Infrastructure Surtax Capital Project Fund E-1
Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Projects Fund E-2
Combining Balance Sheet - NonMajor Governmental Funds F-1 - F9
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
NonMajor Governmental Funds F-10 - F-18
(Continued)
A-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2007
TABLE OF CONTENTS - Continued
PAGE
Combining and Individual Fund Statements and Schedules Continued
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Special Revenue Funds:
Affordable Housing Programs
FA
Tourist Development, All Districts, Two Cent
F-20
Tourist Development, Administrative and Promotional, Two Cent
F-21
Tourist Development, District #One, Three Cent
F-22
Tourist Development, District #Two, Three Cent
F-23
Tourist Development, District #Three, Three Cent
F-24
Tourist Development, District #Four, Three Cent
F-25
Tourist Development, District #Five, Three Cent
F-26
Impact Fees - Roadways
F-27
Impact Fees - Parks and Recreation
F-28
Impact Fees - Libraries
F-29
Impact Fees - Solid Waste
F-30
Impact Fees - Police Facilities
F-31
Impact Fees - Fire and EMS
F-32
Impact Fees - Employee Fair Share Housing
F-33
Fire and Ambulance, District #1 - Lower and Middle Keys
F-34
Upper Keys Health Care Special Taxing District
F-35
Fire and Ambulance, District #6 - Key Largo
F-36
Unincorporated Area Service District - Parks and Recreation
F-37
Local Housing Assistance
F-38
Municipal Policing
F-39
911 Enhancement Fees
F-40
Duck Key Security District
F-41
Boating Improvement
F-42
Miscellaneous Special Revenue
F-43 - F-44
Environmental Restoration
F-45
Law Enforcement Trust
F-46
Court Facility Fees
F-47
Drug Abuse Trust
F-48
Marathon Municipal Service Taxing Unit
F-49
Conch Key Wastewater Municipal Service Taxing Unit
F-50
(Continued)
VA
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2007
TABLE OF CONTENTS - Continued
Combinine and Individual Fund Statements and Schedules {Continuedl: PAGE
Bay Point Municipal Service Taxing Unit
F-51
Big Coppitt Municipal Service Taxing Unit
F-52
Key Largo Municipal Service Taxing Unit
F-53
Stock Island Wastewater
F-54
Cudjoe-Sugarloaf Municipal Service Taxing Unit
F-55
Conch Key Municipal Service Taxing Unit
F-56
Long Key -Layton Municipal Service Taxing Unit
F-57
Duck Key Municipal Service Taxing Unit
F-58
Building Fund
F-59
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
All Debt Service Funds F-60
Combining Statement of Net Assets - internal Service Funds G-1 - G-2
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets -
Intemal Service Funds G-3 - G-4
Combining Statement of Cash Flows - Internal Service Funds G-5 - G-8
OTHER REPORTS
Independent Auditors' Report on Compliance and on Internal Control over Financial
Reporting Based on an Audit of Basic Financial Statements Performed in -Accordance
with Govemment Auditing Standards H-1 - H-2
Independent Auditors' Management Letter
H-3 - H-4
F_1W
BASIC FINANCIAL STATEMENTS
Independent Auditors' Report
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida:
We have audited the accompanying financial statements of each major fund and aggregate
remaining fund information of the Monroe County, Florida Board of County Commissioners
(the "Board) as of and for the year ended September 30, 2007, which collectively comprise
the Board's basic financial statements as listed in the table of contents. These financial
statements are the responsibility of the Board's management. 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 standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinions.
As discussed in Note 1, the accompanying financial statements were prepared for the purpose
of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the
Auditor General, General -Local Governmental Entity Audits, and are not intended to be a
complete presentation of the financial position of Monroe County, Florida, and the results of its
operations and the cash flows of its proprietary funds in conformity with accounting principles
generally accepted in the United States of America.
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 Board as of September 30, 2007, and the respective changes in its financial
position and cash flows, where applicable, thereof and the respective budgetary comparison
for the General Fund, Fine and Forfeiture Fund, Road and Bridge Fund, Governmental Grants
Fund, Unincorporated Area Services District Planning, Building and Zoning Fund, and the
Comprehensive Plan Land Authority Fund for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
March 24, 2008 on our consideration of the Board's internal control over financial reporting and
our tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is to describe the scope of our
testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be considered in assessing the results of our audit.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Board's basic financial statements. The combining and individual
fund financial statements and schedules, listed in the foregoing table of contents, are
presented for purposes of additional analysis and are not a required part of the financial
statements of the Board. The combining and individual fund financial statements and
schedules have been subjected to the auditing procedures applied in the audit of the financial
statements referred to above and, in our opinion, are fairly presented in all material respects in
relation to the basic financial statements taken as a whole.
CHERRY, BEKAERT & HOLLAND, L.L.P.
Orlando, Florida
March 24, 2008
ME
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
Assets
Cash and -Cash Equivalents
Investments
Accounts Receivable, Net
Due from Other Funds
Due from Other Govemmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Inventory
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Other Current liabilities
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Reserved for:
Encumbrances
Land Acquisition
Mortgage Loans
Unreserved; Designated in Special Rev. Fund
Unreserved, Undesignated
Unreserved, reported in nonmajor:
Special Revenue Funds
Debt Service Funds
Capital Project Funds
Total Fund Balances
Total liabilities and Fund Balances
Fine & Road & Governmental
General Forfeiture Bridge Grants
$ 3,474,063
$ 16,934,365 $ 5,581,714
$ 226,325
6,645,028
- -
-
375,724
471,741 -
50,460
68,201
31,278 -
182,406
380,588
410,725 546,813
2,052,517
5,884,656
1,169,700 -
-
35,546
- -
160,260
(35.546)
- -
(160,260)
90,595
- -
-
3,396
- -
-
$ 16,922,251
$ 19,017,809 $ 6,128,527
$ 2,511,708
$ 1,501,346 $
59,932 $
142,128
$ 225,313
9,101
-
-
1,476,093
499,274
50,818
69,954
56,448
389,632
-
5,804
334,985
50,182
1,908
9,834
38,237
341,169
81,507
-
-
10,852
-
-
-
18,277
-
-
-
-
-
-
586,096
2,819,833
194,165
227,720
2,717,172
128,680 - 48,456 1,695,717
13,973,738 18,823,644 5,852,351 (1,901,181)
14,102,418 18,823,644 5,900,807 (205,464)
$ 16,922,251 $ 19,017,809 $ 6,128,527 $ 2,511,708
The notes to the financial statements are an integral part of these statements.
C-1
Unincorp.
Area Service Comprehensive One Cent Infrastructure Nonmajor Total
Dist., Planning, Plan Land Infrastructure Revenue Bonds Governmental Governmental
Bldg. & Zoning Authority Surtax Series 2003 Funds Funds
$ 3,341,870 $
9,092,595 $
4,737,606 $
9,845,742 $ 46.093,108
$ 99,327,388
-
-
18,912,771
- -
25,557,799
3
-
242,000
- 398,857
1,538,785
- .
-
300,000
- 212,461
794,346
302,453 '
311,867
1,211,470
- 224,523
5,440,956
2,780
=
-
2,470 2,190,116,
9,249,722
-
6,740,579
-
- 5,124,900
12,061,285
-
-
-
- (5,124,900)
(5,320,706)
-
-
432,674
- 62,554
585,823
-
-
-
- -
3,396
$ 3,647,106 $
16,145,041 $
25,836,521 .$
9,848,212 $ 49,181,619
$ 149,238,794
$ 777,342 $
1,949 $ 5,850,345 $
1,470,201 $
5,145,946 $
15,174,502
-
- 843,227
1,297,696
86,437
3,712,554
185,547
11,022 18,466
12,990
224,828
1,129,347
-
- -
-
92,468
92,468
-
- -
-
101,097
831,518
2,790
- -
-
73,996
176,947
-
- -
-
360,828
783,504
-
- -
-
-
10,852
-
- -
-
1,702
19,979
5,050
- -
-
30,271
621,417
970,729
12,971 6,712,038
2,780,887
6,117,573
22,553,088
44,938 - 1,363,241 5,157,410 522,048 8,960,490
- 2,380,461 - - - 2,380,461
6,740,579 - - - 6,740,579
- - - - 466,651 466,651
2,631,439 7,011,030 17,761,242 1,909,915 - 66,062,178
- - - 41,559,396 41,559,396
- - - 421,966 421,966
- - - - 93,985 93,985
2,676,377 16,132,070 19,124,483 7,067,325 43,064,046 126,685,706
$ 3,647,106 $ 16,145,041 $ 25,836,521 $ 9,848,212 $ 49,181,619 $ 149,238,794
C-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Capital Projects
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sourcesf(Uses);
General
Fine &
Forfeiture
Road &
Bridge
Governmental
Grants
$ 19,270,334
$ 48,199,601
$ 1,482,003
$ -
357,617
-
-
-
7,61.0,387
45,159
3,786,420
13,999,747
5,969,111
4,043,400
59,253
209,730
20,464
323,639
-
-
662,152
1,284,222
339,847
182,094
962,401
3,138
301,351
123,414
34,852,466
53,899,159
5,968,874
14,514,985
26, 583, 330
590,536 -
-
1,273,774
45,753,265 -
2,759,990
642,903
- -
751,444
56,873
- 5,189,445
439,164
1,116,381
- -
339,169
7,175, 550
- -
1,995,110
2,967,612
- -
124,051
3,455,737
54,977 -
745
230,357
- -
-
43,502,517
46,398,777 5,189,445
6,409,673
(8,650,051)
7,500,382
779,429 8,105,312
Transfers from Other Funds 5,782,831 - - 545,972
Transfers to Other Funds (228,069) (16,667) .(795,666) (998,146)
Transfers to Other Governments - - - -
Total Other Financing Sources/(Uses) 5,554,762 (16,667) (795,666) (452,174)
Net Change in Fund Balances
Fund Balances -October 1
Fund Balances -September 30
(3,095,289) 7,483,715 (16,237) 7,653,138
17,197,707 11,339,929 5,917,044 (7,858,602)
$ 14,102,418 18,823,644 $ 5,900,807 $ {205,464)
The notes to the financial statements are an integral part of these statements.
C-3
Unincorp.
Area Service
Comprehensive
One Cent
Infrastructure
Nonmajor
Total
Dist., Planning,
Plan Land
Infrastructure
Revenue Bonds
Governmental
Governmental
Bldg. & Zoning
. Authority
Surtax
Series 2003
Funds
Funds
$ 815,398
$ -
$ 15,200,289
$ -
$ 29,605,372
$ 114,572,997
2,769,315
-
-
-
19,892
3,146,824
3,081,274
2,914,835
-
-
1,771,113
33,208,935
854,265
-
-
-
6,351,071
17,486,830
97,940
-
-
-
618,931
1,060,974
317,055
528,032
1,786,685
468,217
2,826,740
8,395,044
41,670
756
243,671
-
1,021,423
2,697,824
7,976,917
3,443,623
17,230,645
468,217
42,214,542
180,569,428
3,899,664
4,002,859 - - 562,483
35,638,871
4,042,133
- - - 14,876,502
68,705,664
597,386
- - - 3,848,691
5,840,424
-
- - - 741,895
6,427,377
-
- - - 16,657,719
18,113,269
-
- -, - 367,797
9,538,457
-
- - - 2,011,796
5,103,459
-
_ - - 810,188
4,321,647
-
- 25,690,676 10,152,618 -
35,843,294
-
- - - 2,622,822
2,853,179
8,539,183
4,002,859 25,690,676 10,152,618 42,499,893
192,385,641
(562,266) (559,236) (8,460,031) (9,684,401) (285,351) (11,816,213)
- - - 5,282,449 1,967,708
13,578,960
(1,748,420) - (9,167,163) - (1,328,721)
(14,282,852)
_ - - - (2,347,896)
(2,347,896)
(1,748,420) - (9,167,163) 5,282,449 (1,708,909)
(3,051,788)
(2,310,686) (559,236) (17,627,194) (4,401,952) (1,994,260)
(14,868,001)
4,987,063 16,691,306 36,751,677 11,469,277 45,058,306 141,653,707
$ 2,676,377 . $ 16,132 070 $ 19.124,483 5 $ 7,067.325 , $ 43.064,046 _ $ 126,685,706
C-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
General Government:
Board of County Commissioners
County Administrator
Public Works Management
Community Services Management
County Attorney
Office of Management & Budget
Technical Services
Technology Replacement
File Management Services
Grants Administration
Personnel
Vehicle Replacement
Purchasing
Public Works Facilities Maintenance
ADA Compliance
Value Adjustment Board
Community Services -Marine Projects
Promotional Advertising
Tax Increment Payment
Quasi External Services
Clerk to BOCC-Financial Package
Clerk Comm & Fees-Admin
Clerk of Ct Comm & Fees-Noncourt
Clerk of Ct Comm & Fees-TDC
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 19,737,969 $19,737,969 $ 19,270,334 $ (467,635)
300,000
300,000
357,617
57,617
6,047,896
7,956,250
7,610,387
(345,863)
4,742,105
3,992,105
5,969,111
1,977,006
-
-
20,464
20,464
700,000
600,000
662,152
62,152
400,000
586,996
962,401
375,405
31,927,970
33,173,320
34,852,466
1,679,146
1,581,424
1,626,716
1,618,254
8,462
685,458
788,447
698,568
89,879
185,755
190,943
183,388
7,555
236,439
296,246
273,003
23,243
1,445,772
1,389,649
1,247,710
141,939
492,997
500,174
439,964
60,210
1,877,896
1,760,389
1,670,220
90,169
455,400
255,143
244,708
10,435
96,204
15,257
15,257
-
219,386
168,865
166,574
2,291
422,612
538,608
503,815
34,793
226,371
-
-
-
200,956
209,070
205,265
3,805
6,950,381
6,512,032
6,116,578
395,454
150,800
16,200
8,870
7,330
25,000
31,000
30,862
138
137,471
136,977
127,773
9,204
5,000
5,000
1,196
3,804
225, 000
225,000
213,624
11,376
46,840
60,840
57,938
2,902
5,000
-
-
-
126,564
126,564
126,564
-
2,390,578
2,632,972
2,632,972
-
188,394
188,394
142,142
46,252
(Continued)
The notes to the financial statements are an integral part of these statements.
C-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Tax Collector
Property Appraiser
Supervisor of Elections
Insurances -Supervisor of Elections
Gov't Enterprise Management System
Sterling Award Program
Total General Government
Public Safety:
Hurricane
Communications
Emergency Medical Air Transport
Emergency Management
Marathon Emer Operations Center
Medical Examiner
American Red Cross Lower Keys
Fire Academy
Total Public Safety
Physical Environment:
Extension Service
Upper Keys Wild Bird Ctr
Marathon Wild Bird Ctr
Exotic Wild Bird Rescue
Land Steward
Hazardous Waste
Total Physical Environment
Transportation:
County Engineer
Economic Environment:
Literacy Volunteers of America
Affordable Housing Initiatives
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
4,184,196
4,751,246
4,750,231
1,015
3,619,811
3,507,993
3,507,993
-
1,332,400
1, 332,400
1,332,400
-
126,343
116,613
116,613
-
35,000
27,000
21,504
5,496
150,406
150,406
129,344
21,062.
27,825,854
27,560,144
26,583,330
976,814
226,000
196,000
131,032
64,968
441,867
117,932
117,932
-
2,189,664
-
-
-
319,853
297,682
256,548
41,134
80,532
80,532
46,666
33,866
541,706
545,306
545,240
66
30,000
30,000
30,000
-
277,491
175,531
146,356
29,175
4# 107,113
1,442,983
1,273,774
169,209
306,833
297,921
260,724
37,197
12,000
12,000
12,000
-
12,000
12,000
12,000
-
12,000
12,000
12,000
-
102,488
102,340
97,367
4,973
272,187
260,433
248,812
11,621
717,508
696,694
642,903
53,791
262,564 71,546 56,873 . 14,673
10,000 10,000 3,765 6,235
820,889 504,367 465,659 38,708
(Continued)
The notes to the financial statements are an integral part of these statements.
C-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERAL FUND _
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Veteran's Affairs
Veteran's Affairs Transportation
Total Economic Environment
Human Services:
Health Care Respite Act
Hospice of the Florida Keys
Public Works Animal Shelter
Bayshore Manor
Middle Keys Guidance Clinic
Middle Keys Guidance Clinic
Middle Keys Guidance Clinic
Middle Keys Guidance Clinic
Care Center for Mental Health
Monroe Cnty Assoc. for Retarded Citizens
Heron/ Peacock
Older Americans Volunteer Program
Welfare Administration
Welfare Services
Big Brothers\ Big Sisters
Florida Keys Children's Shelter
Wesley House
Pace
MCEFI Monroe Youth Challenge
.Helpline
Domestic Abuse Shelter
Florida Keys Outreach Coalition
Samuel's House
Youth Summer Rec
DePoo Baker Act
Womankind
Rural Health Network
Rural Health Network STD
Social Service Transportation
Catholic Charities
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
527,189
536,318
516,381
19,937
139,025
143,159
130,576
12,583
1,497,103
1,193,844
1,116, 381
77,463
90,000
13,943
3,942
10,001
155,578
155,578
155,578
-
955,134
933,261
932,393
868
714,847
713,827
687,725
26,102
328,810
328,810
328,810
-
51,100
51,100
51,100
-
97,090
97,090
97,090
-
405,259
405,259
405,259
-
345,000
345,000
345.000
-
205,000
205,000
205,000
-
65,000
65,000
65, 000
-
1,000
1,000
342
658
803,318
754,701
714.944
39,757
637,500
637,040
522,024
115,016
30,000
30,000
30,000
-
200,000
200,000
200,000
-
160,289
160,289
160,071
218
75,000
75,000
75,000
-
25,000
25,000
25,000
-
10,000
10,000
10,000
-
50,000
50,000
50,000
-
60,000
60,000
60,000
-
110,000
110,000
110,000
-
32, 500
32,500
-
32,500
200,000
200,000
-
200,000
100,000
100,000
100,000
-
360, 000
360,000
360,000
-
80,000
80,000
80,000
-
1,259,911
1,237,004
1,188,768
48,236
5,000
5,000
5,000
-
(Continued)
The notes to the financial statements are an integral part of these statements.
C-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Higher Love Mission Outreach
Keys Area Interdenominational Resources
FL Keys Healthy Start Coalition
Just for Kids
Aids Help
Center for Independent Living
Fountains of Living
Good Health Clinic
FL Keys Area Hlth Educ Ctr
Total Human Services
Culture and Recreation:
Heart of the Keys Recreation
Big Pine Athletic Association
Boys and Girls Club
Upper Keys YMCA
Higgs Beach Maintenance
Lower Keys AARP
Middle Keys AARP
Big Pine Key AARP
Upper Keys AARP
Fine Arts Council
Historic Keys Foundation
Upper Keys Community Pool
Library Admin Support
Library Key West
Library Key West Donations
Library Marathon
Library Marathon Donations
Library Islamorada
Library Islamorada Donations
Library Key Largo
Library Key Largo Donations
Library Big Pine Key
Library Big Pine Key Donations
Total Culture and Recreation
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
5,000
5,000
5,000 -
5,000
5,000
5,000 -
5,000
5,000
5,000 -
65,000
65,000
65,000 -
36,000
36,000
36,000 -
5,000
5,000
5,000 -
5,000
5,000
5,000 -
36,955
36,955
29,004 7,951
52,500
52,500
52,500 -
7,827,791
7,656,857
7,175,550 481,307
40,000
40,000
40,000
-
45,673
45,673
45,673
-
55.,000
55,000
55,000
-
15,000
15,000
14,936
64
35,167
33,536
32,370
1,166
5,000
5,000
3,949
1,051
5,000
5,000
4,958
42
5,000
6,000
3,786
1,214
5,000
5,000
-
5,000
75,000
75,211
75,211
-
30,000
30,000
30,000
-
225,000
225,000
-
225,000
562,721
558,844
551,571
7,273
844,447
762,320
744,122
18,198
-
131,482
49,624
81,858
379,715
367,097
354,856
12,241
-
9,035
3,402
5,633
314,380
300,235
296,242
3,993
-
1,046
436
610
423,253
402,960
391,752
11,208
-
6,671
2,606
4,065
291,534
270,744
262,372
8,372
-
13,018
4,746
8,272
3,356,890
3,362,872
2,967,612
395,260
(Continued)
The notes to the financial statements are an integral part of these statements.
C-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Court Related:
Clerk of the Court -Records Mgmt
Clerk of the Court -Administrative
Clerk of the Court -Jury Management
Clerk of the Circuit Court -Criminal
Clerk of the Circuit Court -Civil
Clerk of the Circuit Court -Family
Clerk of the Circuit Court -Juvenile
Clerk of the Circuit Court -Probate
Clerk of the Court -Criminal
Clerk of the Court -Civil
Clerk of the Court -Traffic
Law Library
Guardian Ad L.item
State Attorney
Public Defender
.Court Administration
Court Admin-Judicial Support
Court Admin-Staff Attorney
Court Admin-Article V Resid/Conting
Court Admin-Circuit Ct Reporter Svcs
Court Admin-Circuit Drug Court
Court Admin-Pretrial Release
Ct. Admin-Other Circuit Ct. Criminal Costs
Court Admin-Family Ct Case Mgmt
Ct. Admin-Other Circuit Court Juvenile
Court Admin-Information Systems
Total Court Related
Debt Service:
Principal
Interest
Total Debt Service
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
40,880
40,880
40,880
-
25,320
25,320
25,320
-
18,743
18,743
18,743
-
154,280
154,280
154,280
-
85,360
85,360
85,360
-
23,479
23,479
23,479
-
29,670
29,670
29,670
-
16,810
16,810
16,810
-
128,205
128,205
128,205
-
51,130
51,130
51,130
164,525
164,525
164,525
84,074
82,439
78,970
3,469
198,920
179,051
164,177
14,874
329,289
314,693
291,760
22,933
493,447
490,793
484,979
5,814
12,971
12,971
12,096
875
201,908
199,719
181,659
18,060
5,802
5,802
3,710
2,092
18,375
18,375
7,253
11,122
4,773
4,773
4,619
154
605,867
593,012
570,885
22,127
555,315
533,440
.512,102
21,338
913
913
-
913
131,782
128,212
116,832
11,380
72,996
72;828
70,456
2,372
219,672
219,340
217,837
1,503
3,674,506
3,594,763
3,455,737
139,026
158,779
209,672
207,162
2,510
19,113
24,167
23,195
972
177,892
233,839
230,357
3,482
Total Expenditures 49,447,221 45,813,542 43,502,517 2,311,025
(Continued)
The notes to the financial statements are an integral part of these statements.
C-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Excess/Deficiency of Revenues
Overl(Under) Expenditures
Other Financing Sources/(Uses):
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
(17,519,251) (12,640,222) .- (8,650,051) 3,990,171
Reserve for Contingencies (3,784,149) (2,090,243) - 2,090,243
Transfers from Other Funds 4,797,916 5,964,193 5,782,831 (181,362)
Transfers to Other Funds (200,00(842,000) T (228,069) 613,931
Total Other Financing Sources/(Uses) 813,767 3,031,950 5,554,762 2,522,812
Net Change in Fund Balances (16,705,484) (9,608,272) (3,095,289) 6,512,983
Fund Balances, October 1 16,705,484 9,608,272 17,197,707 7,589,435
Fund Balances, September 30 $ - $ - $ 14,102,418 $ 14,102,418
The notes to the financial statements are an integral part of these statements.
C-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
FINE AND FORFEITURE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Increment Payment
Vehicle Replacement
Total General Government
Public Safety:
Sheriff Law Enforcement
Sheriff Corrections
Sheriff Court Security
Bond Refunds
LEEA Funds
Public Works Correction Facilities
Medical Air Transport
Teen Court
Juvenile Detention Cost Share
Total Public Safety
Court Related:
Sheriff Extradition
Total Expenditures
Original Final
Budget Budget Actual
Variance with
Final Budget
Positive
(Negative)
$ 50,548,323 $ 50,548,323 $ 48,199,601 $ (2,348,722)
-
-
45,159
45,159
1,835,000
1,935,000
4,043,400
2,108,400
-
-
323,639
323,639
500,000
500,000
1,284,222
784,222
10,000
26,945
3,138
23,807
52,893,323
53,010,268
53,899,159
888,891
.550,000 590,535 590,535
30,484 - -
580,484 590,535 590,535
21,526,604
21,313,009
21,261,844
511165
19,365,834
18,779,158
18,751,732
27,426
1,473, 898
1,453,330
1,453,330
-
30,000
30,000
-
30,000
75,000
75,000
75,000
-
1,990,841
1,907,386
1,804,762
102,624
-
1,900,000
1,989,494
(89,494)
.90,000
90,000
50,774
39,226
765,000
366,329
366,329
-
45,317,177
45,914,212
45,753,265
160,947
55,000 55,000 54,977 23
45,952,661 46,559,74.7 46,398,777 160,970
Excess/Deficiency of Revenues
Over/(Under) Expenditures 6,940,662 6,450,521 7,500,382 1,049,861
The notes to the financial statements are an integral part of these statements. (Continued)
C-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
FINE AND FORFEITURE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources/(Uses):
Reserve for Contingencies (9,326,824) (8,820,016) - 8,820,016
Transfers to Other Funds - 16,667 S16,667)-
Total Other Financing Sources/(Uses) (9,326,82) 8,836,683 16,667 8,820,016
Net Change in Fund Balances (2,386,162) (2,386,162) 7,483,715 9,869,877
Fund Balances, October 1 2,386,162 2,386,162 11,339,929 8,953,767
Fund Balances, September 30 $ - $ - $ 18,823,644 $ 18,823,644
The notes to the financial statements are an integral part of these statements.
C-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
ROAD AND BRIDGE SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Revenues:
Taxes
Intergovernmental
Charges for Services
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government:
Vehicle Replacement
Transportation:
Road Department
County Engineer Road and Bridge
Street Lighting
Local Option Gas Tax Projects
80% Gas Tax
In -House Projects
Islamorada Roads
Total Transportation
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Original Final
Budget Budget . Actual
Variance with
Final Budget
Positive
(Negative)
$ 1,324,999 $ 1.324,999 $ 1,482,003 $ 157,004
3,3491999
3,349,999
3,786,420
436,421
20,306
20,306
59,253
38,947
-
-
339,847
339,847
20,001
20,001
301,351
281,350
4,715,305
4,715,305
5,968,874
1,253,569
199,398 - - -
3,402,422
3,170,712
3,095,190
75,522
926,114
712,538 .
643,531
69,007
227,318
227,318
210,607
16,711
.240,000
240,000
159,359
80,641
2,839,187
2,839,1.87
806,206
2,032,981
500,000
455,000
274,552
180,448
454,256
454,256
-
454,256
8,589,297
8,099,Q11
5,189,445
2,909,566
8,788,695 8,099,011 5,189,445 2,909,566
(4,073,390) (3,383,706) 779,429 4,163,135
(376,443) (876,484) - . 876,484
(606,023)_ (795,666 _ (795,666) -
Total Other Financing Sourcesl(Uses) (982,466) (1,672,9501 (795,6§61 876,484
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(5,055,856) (5,055,856)
5,055,856 5,055,856
(16,237) 5,039,619
5,917,044 861,188
$ 5,900,807 $ 5,900,807
The notes to the financial statements are an integral part of these statements.
C-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Revenues:
Intergovernmental
Charges for Services
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government:
Grant Match
Public Safety:
Emergency Management Base Grant
Radiological Emerg Preparedness
EMS Award Grant
EOC Enhancements
EOC Security Improvement
Homeland Security Grant
ODP UASI 05 Grant
FEMA-Hurricane Dennis
FEMA-Hurricane Katrina
FEMA-Hurricane Rita
FEMA-Hurricane Wilma
Total Public Safety
Physical Environment:
Stormwater Improvement
Stormwater Master Plan
FDOT Stormwater Improve Project
Homeowners Wastewater Assistance
Community Development Block Grnt
Exotic Plant Control Svc
Clean Vessel Act LE 507
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ - $ 28,134,017
$ 13.999,747
$ (14,134,270)
- 228,574
209,730
(18,844)
- 3,507
182,094
178,587
- 99,714
123,414
23,700
- 28,465,812
14,514.985
(13,950,827)
100,000 100,000 - 100,000
- 140,120
138,717
1,403
- 156,535
132,865
23,670.
- 122,953
98,640
24,313
- 23,912
-
23,912
- 92,796
83,920
8,876
- 48,562
5,231
43,331
- 156,360
150,375
5,985
- 1,133,219
122,727
1,010,492
- 894,328
6,899
887,429
- 705,461
730
704,731
- 16,898,530
2,019,886
14,878,644
- 20,372,776
2,759,990
17,612,786
- 31,680
31,680
-
- 10,404
4,950
5,454
- 2,000,000
243
1,999,757
- 91,620
63,658
27,962
- 396.121
367,460
28,661
- 437,926
256,593
181,333
- 259,741
26,860
232,881
Boat Ramp Repairs - 1,360,000 - 1,360,000
Boat Ramp -Public Launch Fac Plan - 34,066 - 34,066
Total Physical Environment - 4,621,558 751,444 3,870,114
(Continued)
The notes to the financial statements are an integral part of these statements.
C-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Transportation:
S Fl Water Mgmt Dist Grant Stormwater -
400,000
-
400,000
Transportation Study Plan Update -
378,545
315,859
62,686
Safety Improvement Heritage Trail -
33,249
9,946
23,303
Florida Keys Scenic Hwy Planning -
28,865
28,865
-
Transp Planning Prog 07-09 -
417,143
5,437
411,706
Bicycle/Pedestrian Plan 2 -
72,520
58,382
14,138
Overseas Heritage Trail -
362,.716
20,675
342,041
Pigeon Key Ferry Service -
750,000
-
750,000
Roads Disaster Relief Program -
233,972
-
233,972
Total Transportation -
2,677,010
439,164
2,237,846
Economic Environment:
South Florida Workforce/EWTP - 423,619 339,169 84,450
Affordable Housing Coordinator - 45,081 - 45,081
Total Economic Environment - 468,700 339,169 129,531
Human Services:
Residential Substance Abuse Treatment
- 66,667
66,667
-
Title Ill-B Homemaker 2006
- 38,162
37,964
198
Title Ili-B Homemaker 2007
- 121,693
97,773
23,920
Title III-Cl 2006
- 65,463
61,709
3,754
Title III-Cl 2007
- 189,585
158,837
30,748
Title III-C2 2006
- 90,488
86,136
4,352
Title III-C2 2007
229,598
217,685
11,913
Title I Il-E 2006
- 10,474
3,312
7,162
Title III-E 2007
- 60,117
48,439
11,678
Alzheimer's Disease Initiative 05106
- 69,942
67,375
2,567
Alzheimer's Disease Initiative 06/07
- 73,809
21,008
52,801
Community Care for Disabled Adults 05/06
- 80,001
65,182
14,819
Community Care for Disabled Adults 06107
- 90,811
20,238
70,573
Community Care for the Elderly 05/06
567,986
566,733
1,253
Community Care for the Elderly 06/07
- 677,597
178,077
499,520
Home Care for the Elderly 05/06
- 56,004
6,485
49,519
Home Care for the Elderly 06107
- 14,167
5,427
8,740
Boys and Girls Club
- 30,000
23,072
6,928
MC Education Foundation
- 40,000
40,000
-
Low Income Home Energy Program 2006
- 88,477
88,477
-
(Continued)
The notes to the financial statements are an integral part of these statements.
C-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Low Income Home Energy Program 2007
Care Center Mental Health
Total Human Services
Culture and Recreation:
State Aid to Libraries
Gates Center For Tech Access
Total Culture and Recreation
Court Related:
Juvenile Drug Court LLEBG-2003
Juvenile Drug Court LLEBG-2004
Total Court Related
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other financing Sources/(Uses):
Reserve for Contingencies
Transfers from Other Funds
Transfers to Other Funds
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
- 113,240
84,779 28,461
- 49,735
49,735 -
- 2,824,016
1,995,110 828,906
- 106,553
101,551 5,002
- 22,500
22,500 -
- 129,053
124,051 5,002
- 15,570
- 15,570
- 1,122
745 377
- 16,6V
745 15,947
100,000 31,209,805 6,409,673 24,800,132
(100,000) (2,743,993) 8,105,312 10,849,305
(200,000) (200,000) - 200,000
3,642,139 545,972 (3,096,167)
998,116 998,146 -
Total Other Financing Sources/(Uses) (200,000)_ 2,443,993 ` (452,174)_ (2,896,167)
Net Change in Fund Balances (300,000) (300,000) 7,653,138 7,953,138
Fund Balances, October 1 300,000 300,000 (7,858,602) (8,158,602)
Fund Balances, September 30 $ - $ - $ (205,464) $ (205,464)
The notes to the financial statements are an integral part of these statements.
C-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
UNINCORPORATED AREA SERVICE DISTRICT - PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government:
Tax Collector Fees
Property Appraiser Fees
Growth Mgmt County Attorney
Planning Department
2010 Comprehensive Plan
GIS
Planning Commission
Growth Mgmt Administration
Planning and Building Refunds
Vehicle Replacement
Total General Government
Public Safety:
Building Department
Code Enforcement
Fire & Rescue Coordinator
Fire Marshall
Total Public Safety
Physical Environment:
Pump -Out Vessel
Environmental Resources
Marine Resources
Total Physical Environment
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative).
$ 624,553 $ 714,553 $ 815,398 $ 100,845
2,680,000
2,680,000
2,769,315
89,315
4,600,000
2,960,000
3,081,274
121,274
552,000
751,215
854,265
103,050
88,000
100,000
97,940
(2,060)
262,664
300,000
317,055
17,055
20,000
35,000
41,670
6,670
8,827,217
7,540,768
7,976,917
436,149
60,000
49,685
30,272
19,413
40,000
40,000
18,089
21,911
143,673
187,919
178,881
9,038
1,712,669
1,451,129
1,333,010
118,119
500,000
321,932
290,479
31,453
557,344
365,907
310,577
55,330
105,451
93,322
86,227
7,095
2,574,407
2,130,635
1,637,475
493,160
8,240
14,655
14,654
1
155,424
-
-
-
5,857,208
4,655,184
3,899,664
755,520
2,179,331
2,307,396
2,299,759
7,637
1,202,373
1,084,364
1,021,254
63,110
576,985
425,125
417,787
7,338
174,151
339,015
303,333
35,682
4,132, 840
4,155, 900
4,042,133
113,767
74,558
61,422
48,274
13,148
415,474
325,912
313,488
12,424
207,167
242,709
235,624
7,085
697,199
630,043
597,386
32,657
The notes to the financial statements are an integral part of these statements. (Continued)
C-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
UNINCORPORATED AREA SERVICE DISTRICT - PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Total Expenditures
Excess/Deficiency of Revenues
Overt(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
10,687,247 9,441,127 8,539,183 901,944
(1,860,030) (1,900,359) (562,266) 1,338,093
(745,124) (248,127) - 248,127
(1,403,542) 1,824,610 (1,748,420) 76,190
Total Other Financing Sources/(Uses) (2,148,666) (2,072,737) (1,748,420) 324,317
Net Change in Fund Balances (4,008,696) (3,973,096) (2,310,686) 1,662,410
Fund Balances, October 1 4,008,696 3,973,096 4,987,063 1,013,967
Fund Balances, September 30 $ - $ - $ 2,676,377 $ 2,676,377
The notes to the financial statements are an integral part of these statements.
C-18
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMPREHENSIVE PLAN LAND AUTHORITY SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Intergovernmental
Investment Income
Miscellaneous Income
Mortgage Proceeds
Total Revenues
EXPENDITURES:
Current:
General' Government:
Administrative
Capital Outlay
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Net Change in Fund Balances -
Budgetary Basis
Fund Balances, October 1
Fund Balances, September 30 -
Budgetary Basis
Reconciliation of Budgetary Basis
To GAAP Basis
Reconciling item:
Mortgage receivable
Compensation accrual
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 2,390,000 $ 2,390,000 $ 2,914,835 $ 524,835
100,000 100,000 528,032 428,032
- - 756 756
13,984 13,984 13,984 -
2,503,984 2,503,984 3,457,607 953,623
357,500
9,871,115
357,500
9,871,115
266,367
3,725,470
91,133
6,145,645
10,228,615
10,228,615
3,991,837
6,236,778
(7,724,631) (7,724,631) (534,230) 7,190,401
(7,724,631) (7,724,631) (534,230) 7,190,401
9,936,743 9,936,743 9,936,743 -
$ 2,212,112 $ 2,212,112 9,402,513 $ 7,190,401
Fund Balances, September 30 - GAAP Basis
6,740,579
(11,022)
$16,132,070
The notes to the financial statements are an integral part of these statements.
C-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
SEPTEMBER 30, 2007
ASSETS
Current Assets:
Cash and Cash Equivalents
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Interest Receivable
Total Current Assets
Current Restricted Assets:
Cash and Cash Equivalents
Noncurrent Assets:
Restricted Cash and Cash Equivalents
Deferred Charges, Net
Land and Other Nondepreciable Assets
Capital Assets, Net of Accum. Depreciation
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Accrued Interest Payable
Accrued Comp. Absences Payable
Capital Leases Payable
Other Current Liabilities
Deposits in Escrow
Unearned Revenue
Total Current Liabilities
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$ 8,835,840 $ 8,368,671 $ 1,971,824
403,991
- 389,186
37,484
- 4,525
10,165
- 697,481
4,707
- 74,076
913
222,438 -
9,293,100
8,591,109 3,137,092
-
- 26,224,095
1,890,330
- 10,519,342
13,972
- 363,762
3,629,620
3,525,540 19,068,564
384,836
4,957,137 16,375,588
5,918,758
8,482,677 46,327,256
15,211,858 17,073,786 75,688,443
1,090,560
502,535
93,417
-.
329,380
261,556
39,197
32,682
57,300
129,632
-
-
-
295
-
873
-
30,426
-
1,335
243,307
42,738
-
-
7,717
12,199
50,000
-
-
128,238
1,488,955
878.426
8,000
68,807
762,813
The notes to the financial statements are an integral part of these statements.
C-20
Governmental
Major Funds Activities
Internal
Marathon Service
AirportTotal Funds
$ 396,122 $ 19,572,457 $ 30,623,178
38,813
831,990
2,113,797
-
42,009
-
545, 583
1,253,229
149,322
28,091
106,874
148,970
-
223,351
168,046
1,008,609
22,029,910
33,203,313
- 26,224,095
12,409,672 -
- 377,734 -
1,216,774 27,440,498 54,000
11,206,359 32,923,920 1,226,173
12,423,133 73,151, 824 1,280,173
13,431,742 121,405,829 34,483,486
392,268
2,078,780
447,995
185,198
776,134
-
10,118
139,297
61,175
-
129,632
6,983,107
4,525
4,820
17
711
32,010
27,507
17,975
262,617
-
-
42,738
-
13,456
33,372
9,880
-
50,000
-
-
-
35
6,921
143,159
-
-
68,807
-
631,172
3,761,366
7,529,716
(Continued)
C-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET ASSETS - CONTINUED
PROPRIETARY FUNDS
SEPTEMBER 30, 2007
Current Liabilities Payable from
Restricted Assets:
Accounts Payable
Retainage Payable
Accrued Interest Payable
Notes Payable
Total Current Liabilities Payable from
Restricted Assets
Noncurrent Liabilities:
Payable from restricted assets-Landfi[I
closure/post closure costs
Accrued Comp. Absences Payable
Claims & Judgements Payable
Capital Leases Payable
Notes Payable
Revenue Bonds Payable
Total Noncurrent Liabilities
Total Liabilities
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
- - 6,767.520
630,382
96,538
447,309 - -
447,309 - 7,494,440
390,667
- -
132,875
57,490 112,936
-
- 248,720
767,270
- -
1,975,435
- -
-
- 30,455,000
3,266,247
57,490 30,816,656
5,202,511. 935,916 39,073,909
NET ASSETS
Invested in Capital Assets, Net of Related Debt 774,442 8,482,677 31,213,247
Restricted 1,499,663 - 3,024,903
Unrestricted 7,735,242 7,655,193 2,376,384
Total Net Assets $ 10,009,347 $ 16,137,870 $ 36,614,534
C-22
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
- 6,767,520 -
630,382 96,538 -
447.309 -
7,941,749
- 390,667 -
25,221 328,522 125,187
- 248,720 -
- 767,270 -
- 1,975,435 -
- 30,455,000 -
25,221 34,165,614 125,187
656,393 45,868,729 7,654,903
12,423,133 52,893,499 1,280,173
- 4,524,566 -
352,216 18,119,035 25,548,410
$ 12,775,349 $ 75,537,100 $ 26,828,583
C-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Operating Revenues:
Franchise Fees
Charges for Services
Fines and Forfeitures
Miscellaneous
Total Operating Revenues
Operating Expenses:
Personnel Services
Operations
Depreciation and Amortization
Asserted and Paid Claims
Total Operating Expenses
Operating Income/(Loss)
Nonoperating Revenues/(Expenses):
Operating Grants
Grant and Donations - Other Sources
Other Income - PFC
Investment Income
Insurance Recoveries
Gain (Loss) on Disposition of Assets
Interest Expenses and Fiscal Charges
Total Non -Operating
Revenues/(Expenses)
Income/(Loss) Before
Contributions and Transfers
Transfers from Other Funds
Transfers to Other Funds
Capital Grants and Contributions
Change in Net Assets
Total Net Assets -October 1
Total Net Assets -September 30
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$ 260,824 $ - $ -
15,006,822 1,566,004 3,537,469
- - 2,707
1,202 240 7,080
15,268,848 1,566,244 3,547,256
953,258
643,629
1,466,409
14,337,771
108,422
6,653,163
40,448
318,751
901,333
9,020,905
15,331,477
1,070,802
(62,629) 495,442 _ (5,473,649)
210,098 - 3,797,076
50,000 - -
- - 832,745
744,849 560,399 642,660
(640) - (4,102)
106,493 - (609,8471
897,814 560,399 4,658,532
835,185 1,055,841 (815,117
(410, 537)
2,373,276
(53,567) (132,836)
2,937,144
424,648 1,002,274 4,362,467
9,584,699 15,135,596 32,252,067
$ 10,009,347 $ 16,137,870 $ 36,614,534
The notes to the financial statements are an integral part of these. statements.
C-24
Governmental
Major Funds Activities
Internal
Marathon Service
AirportTotal Funds
$ -
$ 260,824
$ -
750,657
20,860,952
20,004,438
-
2,707
-
2,240
10,762
110,241
752,897
21,135,245
20,114,679
317,012
3,380,308
1,584,816
3,030,187
24,129,543
4,475,300
507,523
1,768,055
75,942
-
-
14,165,927
3,854,722
29,277,906
20,301,985
(3,101,825) (8,142,661) (187,306)
456,138 4,463,312 -
- 50,000 -
- 832,745 -
36, 505 1,984,413 1,661, 551
- 4,330,371
(3,108) (7,850) (4,260)
- (716, 340) -
489,535 6,606,280 5,987,662
(2,612,290) (1,536,381) 5,800,356
1,932, 836 4,306,112
(100, 826) (697, 766)
362,090 3,299,234
(2,904,454)
(418,190) 5,371,199 2,895,902
13,193,539 70,165,901 23,932,681
$ 12,775,349 $ 75,537,100 $ 26,828,583
C-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Operating Activities:
Cash received for services
Cash rec'vd from other funds for goods and svcs
Cash received from insurance recoveries
Cash payments to suppliers for goods and svcs
Cash payments to employees for. services
Cash payments to other funds
Cash payments for claims
Other operating revenue
Net Cash Provided by/(Used in)
Operating Activities
Noncapital Financing Activities:
Operating grants received
Transfers from other funds
Transfers to other funds
Net Cash Provided/(Used) by Noncapital
Financing Activities
Capital and Related Financing Activities:
Proceeds from capital grants
Acquisition of capital assets
Principal paid on capital debt
Interest and fiscal charges paid on capital debt
Capital contributions
Transfers from other funds
Other Income - PFC
Net Cash Provided/(Used) by Capital and
Related Financing Activities
Investing Activities:
Investment income
Net Cash Provided/(Used) in Investing Activities
Net Increasel(Decrease) in Cash and
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$ 15,266,911 $ 1.566,420 $ 3,574,039
(14,305,074)
(59,026)
(7,876,161)
(673,958)
(522,818)
(1,064,511)
(323,563)
(144,140)
(246,287)
1,202 240 7,080
(34,482) 840,676 (5,605,840)
210,098 - 5,559,826
- - 2,373,276
(787,(185,654) (342,651
(577,560j _ (185,654) 7,590,451
3,833,000
(249,781) (2,679,637) (5,283,991)
(431,867) - -
{114,214} - (273,539)
- 156,821
832,745
795,862 (2,679,637) 734,964
744,855 337,961 891,380
744,855 337,961 891,380
Cash Equivalents (663,049) (1,686,654) 2,141,027
Cash and Cash Equivalents:
October 1 11,389,219 10,055,325 36,574,234
September 30 $ 10,726,170 $ 8,368,671 $ 38,715,261
The notes to the financial statements are an integral part of these statements.
C-26
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 729,677
$ 21,137, 047
$ 5,901, 342
-
-
14,382,723
-
-
2,223,279
(2,973,372)
(25,213,633)
(4,763,792)
(221,906)
(2,483,193)
(1,145,419)
(100,909)
(814,899)
(635,933)
-
-
(13,638,775)
2,240
10,762
146,286
(2,564,270) (7,363,916) 2,469,711
695,414 6,465,338 1,800,000 4,173,276 -
(230,877) _ (1,546,840) (2,904,454)
2,264,537 9,091,774 (2,904,454)
156,957
3,989,957 -
(205,223)
(8,418,632) (15,497)
-
(431,867) -
-
(387,753)
18,315
175,136 -
12,607
12,607 -
-
832,745 -
(17,344) (4,227,807) (15,497)
36,505 2,010,701 1,494,730
36,505 2,010,701 1,494,730
(280,572) (489,248) 1,044,490
676,694 58,695,472 29,578,688
$ 396,122 $ 58,206,224 $ 30,623,178
C-27
(Continued)
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS -CONTINUED
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Reconciliation of operating incomel(loss)
to net cash provided byl(used in) operating
activities:
Operating income/(loss)
Adjustments to reconcile operating income/(loss)
to net cash provided by/(used in) operating
activities:
Depreciation and Amortization
Nonoperating Income -Insurance Recoveries
Change in Assets and Liabilities:
Increasel(Decrease) in Accounts receivable
Increasel(Decrease) in Due from other funds
Increase/(Decrease) in Due from other gov't units
Increase/(Decrease) in Due fm constitutional ofcrs
Increasel(Decrease) in Accounts payable
Increase/(Decrease) in Accrued wages/benefits
Increasel(Decrease) in Claimsljudgments payable
Increasel(Decrease) in Due to other funds
Increase/(Decrease) in Due to other gov't units
Increasel(Decrease) in Due to constitutional ofcrs
Increasel(Decrease) in Comp. absences payable
Increasel(Decrease) in Other current liabilities
Increase/(Decrease) in Deposits in escrow
Increasel(Decrease) in Landfill Closure Costs
Increasel(Decrease) in Deferred revenue
Total adjustments
Net Cash Provided by/(Used in)
Operating Activities
Noncash investing, capital, and financing activities:
Business -type Activities Enterprise Funds
Major Funds
Municipal Card Key
Svc District Sound West
Waste Bridge Airport
$� (62,629) $ 495,442 $ (5,473,649)
40,448
318,751
901,333
16,149
45
107,939
30,743
-
(3,946)
460
371
-
3,135
-
(74, 076)
(41, 940)
-
(564, 630)
11,087
13,986
1,887
- - (745,848)
191 - 20,200
- (118) 243,307
7,717 12,199 (18,357)
(32, 300) - 11,379 - -
- (18,922) - -
28,147 345,234 (132,191 )
$_ (34,482) $ 840,676 $ (5,605,840)
Loss on disposition of assets $ (640) $ - $ (4,102�
Forgiveness of capital lease amount 50,000 - -
Cash Reconciliation:
Unrestricted $ 8,835,840 $ 8,368,671 $ 1,971,824
Restricted 1,890,330 - 36,743,437
Total $ 10,726,170 $ 8,368,671 $ 38,715,261
The notes to the financial statements are an integral part of these statements.
C-28
Major Funds
Marathon
Airport Total
Governmental
Activities
Internal
Service
Funds
_$ (3,101, 825) $ (8,142,661) $ (187, 306)
507,523
7,111
(28,091)
18,024
3,579
(2,024)
17,975
13,458
537.555
1,768,055 75,942
- 4,330,371
131,244 (2,070,709)
26,797
-
(27,260)
145,271
(70,941)
134,018
(588, 546)
(147, 361)
30,539
12,452
-
527,152
(745,848)
(355,815)
18,367
(1,986)
261.164
-
15,017
8,742
-
(1,060)
(32,300)
-
11,379
-
18,922)
-
778, 745
2,657,017
$ (2,564,270) $ 7F363,9161 $ 2,469,711
$ (3,108)_ $ (7,850) $ 4,260
50,000 -$ -
$ 396,122 $ 19,572,457 $ 30,623,178
- 38,633,767 -
$ 396,122 $ 58,206,224 $ 30,623,178
C-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
SEPTEMBER 30, 2007
ASSETS
Cash and Cash Equivalents
NET ASSETS
Held in Trust for Pension Benefits and Other Purposes
Total Net Assets
Fire and
EMS
Pension
Trust Fund
$ 775,425
775,425
$ 775,425
The notes to the financial statements are an integral part of these statements.
C-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Additions:
Employer Contributions
Investment Income
Total Additions
Deductions:
Pension Benefits
Change in Net Assets
Total Net Assets- October 1
Total Net Assets- September 30
Fire and
EMS
Pension
Trust Fund
$ 24,233
39,985
64,218
(6,120)
58,098
717,327
$ 775,425
The notes to the financial statements are an integral part of these statements.
C-31
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NOTES TO FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summary of the more significant accounting policies of the Monroe County, Florida Board
of County Commissioners (Board) is presented to assist the reader in interpreting these financial
statements and should be viewed as an integral part of this report.
Reporting Entity:
Monroe County, Florida (County) is a Non -Charter County established as provided by Article VIII Section
1 of the Florida Constitution and Section 125 of the Florida Statutes. The primary government of the
County is comprised of the Board of County Commissioners and five "constitutional officers" as follows:
Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector.
Entity status for financial reporting purposes is governed by Statement No. 14 of the Governmental
Accounting Standards Board (GASB) and Rules of the Auditor General, State of Florida. The GASB is
the standard -setting body for the establishment of accounting principles generally accepted in the- United
States of America (GAAP) for governmental entities. The financial statements of the Board, when
combined with all of its blended component units and the constitutional officers, constitute the "primary
government" of Monroe County according to GAAP. The primary government, together with the Board's
discretely -presented component unit, constitutes the complete GAAP basis financial reporting entity of
the County which is presented in the Monroe County, Florida Comprehensive Annual Financial Report.
These financial statements include all funds of the Board and its "blended" and "discrete" component
units, if material. "Component Units" are legally separate entities for which operational or financial
responsibility rests with the Board or for which the nature and significance of their relationship to the
Board is such that exclusion would cause the financial statements to be misleading or incomplete.
Since this report excludes the constitutional officers, these Board financial statements do not purport to
reflect the financial position or the results of operations of Monroe County, Florida taken as a whole.
Rather, they have been prepared to provide information at this level of detail greater than what is
available in the County's financial statements.
The Board of County Commissioners, composed of five members, is the legislative body for Monroe
County and as such budgets and provides funding used by the separate Constitutional Offices with the
exception of fees collected by the Clerk of the Circuit Court and the Tax Collector. Under the direction of
the Clerk of the Circuit Court, the Monroe County Finance Department maintains the accounting system
for the Board's operations, but excluding those of the Property Appraiser, Sheriff, Tax Collector, Clerk of
the Circuit Court and Supervisor of Elections, each of which maintains its own accounting system.
Services provided by the Board and accounted for within these financial statements include police
services for unincorporated areas of the County; health and social services; emergency medical
services; cultural and recreational programs; solid waste services and other governmental services.
Blended component units are legally separate entities that are in substance part of the Board's
operation, as they either have governing bodies that are substantively the same as the Board or they
provide their services exclusively or almost exclusively to the Board. The financial transactions of the
component unit are merged in with similar transactions of the Board as part of the primary government.
The blended component units of the Board are as follows:
D-1
. MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
monroe county, rionaa Lomprenensive Plan band Authority (MCLA) - The MCLA was created by
Monroe County, Florida Ordinance 031-1986 pursuant to Florida Statute 380 and is considered a
legally separate entity from Monroe County. Its purpose is to operate a land acquisition program
in Monroe County, to implement the Monroe County Comprehensive Plan and address issues
created by it. The Monroe County Board of County Commissioners serves as the governing
board and is able to impose its will. Therefore, the MCLA, for financial reporting purposes, is
considered a blended component unit of Monroe County, Florida and is presented as a special
revenue fund of the Board and the County. Complete financial statements for MCLA can be
obtained from MCLA's administrative office at 1200 Truman Avenue, Ste. 207, Key West, Florida
33040.
Monroe County Industrial Development Authority MCIDA - The MCIDA was created by Monroe
County, Florida Resolution pursuant to Florida Statute 159. The MCIDA serves to assist in
financing and refinancing capital projects, which will foster economic development in the County.
The Monroe County Board of County Commissioners serves as the governing board and is able
to impose its will. Therefore, the MCIDA for financial reporting purposes is considered a blended
component unit of Monroe County, Florida. The MCIDA is not legally required to adopt a budget;
however, the Board must authorize the issuance of bonded debt. Neither the MCIDA nor the
Board has any legal obligation for repayment of the revenue bonds of the MCIDA. As an issuer of
"conduit" debt obligations, the MCIDA has no assets or liabilities.
Discretely -presented component units are legally separate entities, which do not meet the criteria for
blending. The Monroe County Housing Finance Authority (Authority) qualifies as a discretely presented
component unit of the Board, but is immaterial to the Board and has been excluded from these
statements. Following is a description of the Authority:
Monroe County Housing Finance Authority - The legal authority by which the Authority was
created is Section 159.604 of the Florida Statutes and Monroe County, Florida Ordinance 1019-
1979. This Authority serves to finance dwelling accommodations for low, moderate, and middle
income persons in Monroe County. Its five -member board is appointed by the Board of County
Commissioners. There is no budget approval required by the Board, although there is an
approval requirement for any bonded debt issuance. The Board has no obligation to pay the
outstanding debt of the Authority; however, it does have the power to remove an Authority board
member without cause. Complete financial statements for MCHFA can be obtained from
MCHFA's administrative office at 1400 Kennedy Drive, Key West, Florida 33040.
Basis of Presentation:
Fund Financial Statements: The fund financial statements provide information about the Board's funds,
including its fiduciary fund and blended component unit. Separate statements for each fund category —
govemmental, proprietary, and fiduciary— are presented. The emphasis of fund financial statements is
on major governmental and enterprise funds, each displayed in a separate column. All remaining
governmental and enterprise funds are aggregated and reported in a single column as non major funds.
Proprietary fund operating revenues, such as charges for services, result from exchange transactions
associated with the principal activity of the fund. Exchange transactions are those in which each party
receives and gives up essentially equal values. Non operating revenues, such as subsidies and
investment earnings, result from non -exchange transactions or ancillary activities.
D-2
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
The following are reported as major governmental funds:
General Fund - The General Fund is the general operating fund of the Board. All general tax
revenues and other receipts that are not required either legally or by accounting principles
generally accepted in the United States of America to be accounted for in other funds are
accounted for in the General Fund.
Fine and Forfeiture Special Revenue Fund - The Fine and Forfeiture Fund is used to account for
revenues received from fines and forfeitures imposed from the commission of statutory
offenses, ad valorem taxes that are transferred to the Sheriff and to account for operations of
the County's court support system.
Road and Bridge Special Revenue Fund -The Road and Bridge Fund is used to account for all
revenues, operating expenditures and capital improvements for the construction and
maintenance of roads and bridges which are not grant funded.
Governmental Grants Special Revenue Fund - The Governmental Grant Fund is used to
account for operating revenues and expenditures for all governmental activity of federal and
state grants.
Unincorporated Area Service District -- Planninq, Building And Zoning Special Revenue Fund -
The Unincorporated Area Service District Fund is used to account for all revenues and
expenditures for planning, building and zoning services provided only to the unincorporated
area of the County.
Comprehensive Plan Land Authority Special Revenue Fund -- The Comprehensive Plan Land
Authority Fund is used to operate a land acquisition program.
One Cent Infrastructure Surtax Capital Project Fund - The One Cent Infrastructure Surtax Fund
is used to account for capital improvements funded by the One Cent Infrastructure Surtax.
Infrastructure Sales Surtax Revenue Bonds Series 2003 Capital Project Fund -- The
Infrastructure Sales Surtax Revenue Bonds, Series 2003 Capital Project Fund is used to
account for the proceeds of this bond issue.
The following are reported as major enterprise funds:
Municipal Service District -Waste - The Municipal Service District -Waste Fund is used to account
for the operations of solid waste collection, disposal and recycling activities, as well as the
closure and post closure of the landfills.
Card Sound Bridge - The Card Sound Bridge Fund is used to account for the operations of
Monroe County's Card Sound Toll Bridge.
Key West Airport - The Key West Airport Fund is used to account for the operations of Monroe
County's Key West International Airport.
Marathon Airport - The Marathon Airport Fund is used to account for the operations of Monroe
County's Marathon Airport.
D-3
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 9 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
The Board also reports the following fund types:
Internal Service Funds - Internal service funds are used to account for the financing of worker's
compensation insurance, health insurance, general liability insurance and fleet maintenance
services provided by one department to other departments of the Board or to other
governmental units on a cost reimbursement basis.
Pension Trust Fund - The fiduciary pension trust fund is used to account for assets held by the
Board in a trustee capacity for a volunteer firefighters .and emergency services length of service
award plan; and therefore, not available to support Board programs.
Measurement Focus and Basis of Accounting:
Governmental fund financial statements are a current financial resources measurement focus, and are
maintained on the modified accrual basis of accounting. Revenues are recognized when they become
susceptible to accrual; that is, when they become both "measurable" and "available to finance
expenditures of the current period." The Board considers amounts collected within 60 days after year-
end to be available and thus recognizes them as revenues of the current year, except for property taxes
since such taxes are collected to finance expenditures of the subsequent period. Expenditures are
recognized in the accounting period in which the related fund liability is incurred, if measurable.
Principal and interest on general long-term debt are recorded as fund liabilities when due or when
amounts have been accumulated in the debt service funds for payments to be made early in the
following year.
Revenues of the Board, which are susceptible to accrual under the modified accrual basis of
accounting, include property taxes, gas taxes, interest revenue, and charges for services. In applying
the susceptibility -to -accrual concept to intergovernmental revenues, the legal and contractual
requirements of the numerous individual programs are used as guidance. There are, however,
essentially two types of these revenues. In one, monies must be expended for the specific purpose or
project before any amounts will be paid to the Board; therefore, revenues are recognized based upon
the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure
and substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance
requirements, such as with equal employment opportunity. These resources are reflected as revenues
at the time of receipt or earlier if they meet the availability criterion.
The proprietary fund and pension trust fund financial statements use a flow of economic resources
measurement focus and the accrual basis of accounting. Revenues are recognized when earned and
expenses are recognized when incurred, regardless of when the related cash flows take place. Non -
exchange transactions, in which the Board gives (or receives) value without directly receiving (or giving)
equal value in exchange, include grants. On an accrual basis, revenue from grants is recognized in the
fiscal year in which all eligibility requirements have been satisfied.
Proprietary funds distinguish operating revenues and expenses from non operating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Board's enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as non operating
revenues and expenses.
D-4
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
Under the terms of the grant agreements, the Board funds certain programs by a combination of
specific cost -reimbursement grants, categorical block grants, and general revenues. Thus when
program expenses are incurred, there are both restricted and unrestricted net assets available to
finance the program. It is the Board's policy to first apply cost -reimbursement grant resources to such
programs, followed by categorical block grants, and then by general revenues.
Use of Estimates - The presentation of financial statements in conformity with accounting principles
generally accepted in the United States of America, as applicable to governmental units, .requires
management to make use of estimates that affect the reported amounts in the financial statements.
Actual results could differ from estimates.
GASB Statement No. 20 Election - Pursuant to the election option made available by GASB Statement
No. 20, pronouncements of the Financial Accounting Standards Board (FASB) issued after November
30,1989 are not applied in the preparation of the Board's enterprise fund financial statements.
Budgets and Bud eta Data - The following are the statutory procedures followed by the Board of
County Commissioners in establishing the budget for Monroe County.
1) On or before June 1 of each year the Sheriff, the Clerk of the Circuit Court, the Tax Collector, and
the Supervisor of Elections shall each submit to the Board a tentative budget for their respective
offices for the ensuing fiscal year.
2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the
County Budget Officer submits to the Board a proposed budget for the fiscal year commencing
the following October 1. The budget includes proposed expenditures and the means of financing
them.
3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to
obtain taxpayer comments.
4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and
adoption at a final public hearing.
5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a
resolution. Accordingly all fund types have an adopted budget as required by Florida Statute
129.03. All funds have legally adopted budgets, except for the Clerk's Revenue Note Capital
Projects Fund.
6) During the year, the Office of Management and Budget acts on intradepartmental budget changes
that do not alter the total revenue or expenditures budgeted to a cost center. A cost center
represents a particular area of Board operations or a department. All other budget changes
(whether they are transfers between cost centers or alterations of total revenues and expenditures
in a fund) are approved by the Board. Supplemental appropriations were necessary and the
budgetary data presented herein was amended by the Board during the year.
7) Florida Statute 129, Section 7, as amended in 1978, provides that only expenditures in excess of
total fund budgets are unlawful. However, because the Board acts on all budget changes
between cost centers, this becomes the level of control.
8) Budgeted to actual expenditure reports are employed as a management control device during the
year for all fund types.
9) Budgets for all funds are adopted on a basis consistent with accounting principles generally
accepted in the United States of America (GAAP) for that fund type, except that mortgage
assistance cash outlays and receipts are budgeted as operating activities and compensation
accruals are not budgeted in the Monroe County Comprehensive Plan Land Authority Special
D-5
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For. the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
Revenue Fund. For the fiscal year 2007, the following adjustments were necessary to present the
actual data on a budgetary basis for MCLA:
GAAP basis $ (559,236)
Compensation accrual 11,022
Mortgage proceeds 13,984
Non-GAAP budgetary basis $ (534.230)
10) All appropriations lapse at year end.
Encumbrances - Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of moneys are recorded as a reservation of budget, is employed as
an extension of the statutorily required budgetary process. Under Florida Statutes, appropriations,
even if encumbered, lapse at fiscal year end. Encumbrances outstanding at September 30, 2007,
represented by purchase orders and other executory contracts, were $8,960,490. It is the Board's
intention to substantially honor these encumbrances under authority provided in the subsequent year's
budget.
Cash and Cash Equivalents -- Cash balances from the majority of funds are pooled for investment
purposes. Earnings from such investments are allocated to the respective funds based on applicable
cash participation by each fund. The investment pools are managed such that all participating funds
have the ability to deposit and withdraw cash as if they were demand deposit accounts, and therefore
all balances representing participants' equity in the investment pools are classified as cash equivalents
for purposes of these statements. For investments, which are held separately from the pools, those,
which are highly liquid (including restricted assets) with an original or remaining maturity of 90 days or
less, are considered to be cash equivalents.
Investments - Florida Statute 218.415 authorizes local governments to invest its funds pursuant to a
written investment plan, which allows investment of surplus funds in the following:
1) The Florida Local Government Surplus Funds Trust Fund Investment Pool (SBA).
2) United States Government Securities — Negotiable direct obligations or obligation, the
principal and interest of which are unconditionally guaranteed by the United States
Government.
3) United States Government Agencies — Bonds, debentures, notes, callables and fixed rate
mortgage -backed securities issued or guaranteed by United States Government Agencies,
provided such obligations are backed by the full faith and credit of the United States.
4) Federal Instrumentalities (United States Government -sponsored agencies) — senior
obligations, which include bonds, debentures, notes, callables and fixed rate mortgage -
backed securities issued or guaranteed by United States government -sponsored agencies
(Federal Instrumentalities). These are limited to the following:
■ Federal Farm Credit Bank (FFCB)
■ Federal Home Loan Bank or its County banks (FHLB)
■ Federal National Mortgage Association (FNMA)
■ Federal Home Loan Mortgage Corporations (Freddie -Macs) including federal
Home Loan Mortgage Corporation participation certificates.
E.
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE i - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
5) Interest -bearing Time Deposit or Savings Account — Non-negotiable interest -bearing time
certificates of deposit or savings accounts in financial institutions organized under the laws
of this State and/or in national financial institutions organized under the laws of the United
States and doing business and situated in the State of Florida, provided that any such
deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida
Statutes. Additionally, the financial institution shall not be listed with any recognized credit
watch information service.
6) Registered Investment Companies (Money Market Mutual Funds) — Shares in open-end
and no-load Money Market Mutual Funds provided such funds are registered under the
Federal Investment Company Act of 1940 and operate in accordance with 17 C.F.R.
270.2a-7, which stipulates that money market .funds must have an average weighted
maturity of 90 days or less. In addition, the share value of the money market funds must
equal to $1.00.
7) Intergovernmental Investment Pool — Intergovernmental Investment Pools that are
authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section
163.01, Florida Statutes.
The Board invests funds throughout the year in the Local Government Surplus Funds Trust Fund, an
investment pool administered by the State Board of Administration of Florida, and U.S. government
agencies. All investments are stated at fair value. Investments in the Local Government Surplus
Funds Trust Fund Investment Pool, which is an external 2a7-like investment pool, are stated at share
price, which is substantially the same as fair value.
Accounts Receivable - Amounts due from private individuals, organizations, or other governments,
which pertain to charges for services rendered by Board departments, are reported as accounts
receivable. Receivables are reviewed periodically to establish or update the provisions for uncollectible
amounts. These provisions are estimated based on an analysis of the age of the various accounts.
Interfund Balances and Activity - During the course of normal operations, the Board has numerous
transactions between funds. Examples of these transactions include providing services, constructing
assets, matching grants or servicing debt. These transactions are generally recorded as interfund
transfers, except for internal service fund charges, which are reflected as revenues to internal service
funds and expenses/expenditures to the funds receiving the services. Additionally, short-term interfund
loans are recorded from time to time as cash flow needs arise. As of fiscal year-end, any unpaid
amounts related to these transactions are reported as "due from other funds" or "due to other funds" on
the fund financial statements. Interfund loans not expected to be repaid within one year are reported as
advances. In governmental funds, advances, if any, are offset equally by a fund balance reserve,
which indicates that they do not constitute expendable available financial resources and, therefore, are
not available for appropriation.
Inventory — Inventory in time General Fund consists of certain supplies, which are stated at cost using
the moving average cost method. The inventory is determined by an annual physical count. No
reserve has been established within the General Fund balance as the consumption method is used to
account for this inventory.
Capital Assets - Capital assets of the Board include property, buildings, equipment, and infrastructure
assets (e.g. roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting
D-7
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
systems). Constructed or purchased assets are recorded at historical or estimated historical cost at the
time of purchase. Donated assets are recorded at estimated fair market value at the date of donation.
Capital assets associated with business -type activities and the internal service funds are presented in
the Board's basic financial statements. Capital assets associated with the Board's governmental
activities are presented on the government -wide financial statements of the County, rather than on the
financial statements of the Board.
The Board maintains a $1,000 threshold for additions to equipment with an estimated useful life in
excess of two years. Buildings are capitalized when the value is $15,000 or greater. Public domain
and infrastructure assets represent major expenditures for such items as roads, water and sewer
treatment plants and lines, landfill improvements, parks and drainage systems. Additions and
improvements for roads, water, sewer, landfill and drainage infrastructure are capitalized when the cost
amounts to $250,000 while park additions and improvements are capitalized at $25,000.
When the MCLA,acquires land by donation, the asset is recorded at the Authority's transaction cost
plus the higher of the tax assessed value at the time of donation or 115% of the 1986 tax assessed
value.
Depreciation has been provided using the straight-line method. The estimated useful lives of the
various classes of depreciable capital assets are as follows:
Life — Years
Buildings
10-50
Equipment
5-10
Infrastructure
10-50
Public domain infrastructure
20-50
Capacity rights
99
Interest cost incurred in the Key West Airport Enterprise Fund during construction is capitalized, net of
interest income from the proceeds of related tax-exempt debt, as part of the cost of the related assets.
This capitalized interest amounted to $25,869 at fiscal year end.
Unamortized Debt Issuance Expense — Unamortized debt issuance expense of the enterprise funds is
reported as a deferred charge and is amortized by using the straight-line method over the life of the
debt.
Compensated Absences — Board policy permits employees to accumulate a limited amount of annual
and sick leave, which will be paid to employees upon termination of employment. Accumulated annual
and sick leave is accrued when earned in the proprietary fund financial statements. For the proprietary
funds, an .expense and a liability are recorded as the leave is earned. Compensated absences
associated with the Board's governmental activities are presented on the government -wide financial
statements of the County, rather than on the financial statements of the Board.
Restricted Assets - The use of certain assets of enterprise funds is restricted by specific provisions of
bond resolutions and agreements with various parties. Assets so designated are identified as restricted
assets on the balance sheet. When both restricted and unrestricted resources are available for use,
the Board's policy is to use restricted resources first, and then unrestricted resources, as they are
needed.
F:
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
Landfill Closure Costs - Under the terms of current state and federal regulations, the Board is required
to place a final cover on closed landfill areas, and to perform certain monitoring and maintenance
functions for a period of up to 30 years after closure. In accordance with GASB Statement No. 18, the
Board is recognizing these costs of closure and post closure maintenance over the active life of each
landfill area, based on landfill capacity used during the period. Required obligations for these costs are
recognized in the Municipal Service District -Waste enterprise fund for public landfill operations.
Deferred Revenue - Deferred revenues include amounts collected before revenue recognition criteria
are met. In the governmental fund statements, amounts. associated with receivables which, under the
modified accrual basis of accounting, are measurable but not yet available are reported as deferred
revenues. The deferred items of the Board consist primarily of contracts for providing services in the
future and grant funds received in advance of expenditures.
Long -Term Obligations -- In the proprietary fund financial statements of the Board, long-term debt is
reported as a liability in the proprietary fund statement of net assets. Long-term. debt associated with
the Board's governmental activities is presented on the government -wide financial statements of the
County, rather than on the financial statements of the Board. In the Board's governmental fund
financial statements, the face amount of debt issued is reported as another financing source, while
principal payments are reported as expenditures.
Property Taxes - Property taxes, based on assessed values at January 1, are levied and become due
and payable on November 1st of each year. A four percent discount is allowed if the taxes are paid in
November, with the discount declining by one percent each month thereafter. Taxes become
delinquent on April 1st of each year, and tax certificates for the full amount of any unpaid taxes and
assessments must be sold not later than June 1st of each year. No accrual for the property tax levy
becoming due in November of 2007 is included in the accompanying financial statements, since such
taxes are collected to finance expenditures of the subsequent period.
Fund Balances — In the governmental fund financial statements, reservations or restrictions of fund
balance represent amounts that are not appropriable or are legally segregated for a specific purpose.
Designations of fund balance represent tentative management plans that are subject to change.
Time governmental fund types classify fund balances as follows:
Reserved
Reserved for Encumbrances - portion of fund balance available to pay for any commitments
related to purchase orders and contracts that remain unperformed at year-end.
Reserved for Land Acquisition — portion of fund balance MCLA restricted for land acquisition.
Reserved for Mortgage Loans — portion of fund balance offsetting mortgages receivable for
MCLA because they are not available spendable resources.
Reserved for Debt Service - portion of fund balance available to pay for any commitments
related to outstanding debt at year-end.
■*
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
Unreserved
Designated for Special Revenue — portion of fund balance is designated by the Board in the
Tourist Development Fund District I for beach nourishment projects.
Undesignated - portion of total fund balance available for appropriation that is uncommitted at
fiscal year end.
Fund Deficits — The unreserved fund deficit of $205,464 in the major Governmental Grants Fund at
September 30, 2007 is the result of collecting FEMA funds beyond the availability period to recognize
revenues. This is a timing issue and the funds have been received and recorded as revenue in the
fiscal year ending 2008.
Excess of Expenditures Over Appropriations — For the year ended September 30, 2007, expenditures
exceeded appropriations in Medical Air Transport cost center (Board's level of budgetary control) of the
Fine and Forfeiture Fund by $89,494. These expenditures were funded by greater than anticipated
revenues.
Net Assets -- Net assets in the proprietary fund financial statements are classified as invested in capital
assets, net of related debt; restricted; and unrestricted. Restricted net assets represent constraints on
resources that are either externally imposed by creditors, grantors, contributors, or laws or regulations
of other governments or imposed by law through state statute.
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS
The Board maintains a cash and investment pool that is available for use by all funds except those
whose cash and investments must be segregated due to bond covenants or other legal restrictions.
As of September 30, 2007, the carrying value of the Board's deposits and investments, other than that
of the Pensions Trust Fund, with their respective credit ratings, are as follows:
Investment Type Credit Fair Value Less than 6 6 Months 1 to 3
Rating Months to 1 Year Years
Demand and Time Deposits
NIA $ 24,982,137 $ 24,982,137 $ - $ -
Local bov't Surplus Fnds Trust Fund
Unrated . 163,174,653 163,174,653 - -
Fed Instrumentalities -Disc Notes
A-1+ 4,649,060 4,649,060 - -
Fed Instrumentalities -Notes & Bonds
AAA 20,908,739 - 2,014,376 18,894,363
Total Fair Value
Credit Risk — The Board's Investment Policy (Policy) limits credit risk by restricting authorized
investments to the following: Florida Local Government Surplus Funds Trust Fund Investment Pool
administered by Florida's State Board of Administration (a 20-like pool), direct obligations of the
United States or its agencies and instrumentalities, money market mutual funds, and Intergovernmental
Investment Pools authorized by the Florida Statutes. The Policy requires that investments in federal
instrumentality debt be guaranteed by the full faith and credit of the U. S. Government sponsored
D-10
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS - (Continued)
agency, and that investments in money market mutual funds have a rating of AAAm or AAAm-G or
better by Standard & Poor's (S&P) or other nationally recognized rating agency. All credit ratings
indicated in the previous table are S&P ratings.
Concentration of Credit Risk — The Policy establishes limitations on portfolio composition, both by
investment type and by issuer, in order to control concentration of credit risk. The Policy provides the
following maximum limits of the portfolio, with limits in any one issuer of the portfolio invested:
Portfolio
Maximum in
Investment TyDe
Maximum
any one issuer
Florida Local Government Surplus Funds Trust Fund
100%
n/a
United States Government Securities
100%
n/a
United States Government Agencies
50%
10%
Federal Instrumentalities
80%
30%, with a maximum of
Maximum in callable securities
25% in callable securities
Interest -bearing Time Deposit or Savings Accounts
10%
10%
Money Market Mutual Funds
20%
10%
Intergovernmental Investment Pool
10%
n/a
At September 30, 2007, the portion of the Board's investment portfolio invested in Federal
instrumentalities is detailed as follows:
Percent of
Issue Investment Portfolio
Federal Home Loan Bank (of which 3% is callable) 4%
Federal Home Loan Mortgage Corporation 2%
Federal National Mortgage Association (of which 3% is callable) 7%
Custodial Credit Risk - The Policy requires bank deposits secured as provided by Chapter 280, Florida
Statutes. This law requires local governments to deposit funds only in financial institutions designated
as qualified public depositories by the Chief Financial Officer of the State of Florida, and create the
Public Deposits Trust Fund, a multiple financial institution pool with the ability to assess its member
financial institutions for collateral shortfalls if a default or insolvency has occurred. Demand deposits are
insured by the FDIC up to $100,000 at each financial institution, and amounts in excess of $100,000
are secured by the Public Deposits Trust Fund. At September 30, 2007, all of the Board's bank
deposits were in qualified public depositories.
The Policy requires execution of a third -party custodial safekeeping agreement for all purchased
securities, and requires that securities be held in the Board's name. As of September 30, 2007, all of
the Board's investments are held in a bank's trust department in the Board's name.
Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to
twelve months. The Policy limits the investment of non current operating funds to five years.
Restricted Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash
and cash equivalents at September 30, 2007:
D-11
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS - (Continued)
Local Government
Demand
Unrestricted Cash & Cash Equivalents:
Surplus Trust Fund
Deposits
Governmental Activities:
Governmental Funds
$ - 93,145,622
$ 6,181,766
Internal Service Funds
23,204,088
7,419,090
Business -Type Activities
12,122,361
7,450,096
Total Unrestricted Cash & Cash Equivalents
Restricted Cash and Cash Equivalents:
Business -Type Activities
Total Cash and Cash Equivalents
Total
$ 99,327,388
30,623,178
19,572,457
128,472,071 21 Q50,952 149,523,023
34, 702, 582 3 9.31,185 38 6633 767
At September 30, 2007, the fiduciary Pension Trust Fund had pooled cash balances totaling $775,425
with the SBA and demand deposits comprising $772,269 and $3,156 respectively.
NOTE 3 — RESTRICTED ASSETS
Restricted assets include those created by resolutions adopted by the Board for the issuance of Key
West Airport Revenue Bonds, the landfill escrow account, and airport passenger facility charges. Total
restricted assets as of September 30, 2007 are as follows:
Cash and
Cash
Equivalents
Enterprise Fund - Municipal District Waste
Landfill Closure Escrow $ 1,890,330
Enterprise Fund — Key West Airport
Passenger Facility Charge Funds 4,978,593
Sinking Fund 2,213,850
Renewal and Replacement 359,997
Debt Service Reserve 2,759,567
Construction Fund 26,224,095
Operating Reserve 194,227
Arbitrage Rebate 13,108
$38,633,767
NOTE 4 — ACCOUNTS RECEIVABLE
Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for
doubtful accounts. The allowance is as follows: $316,892 for major governmental funds, $857,498 for
non -major governmental funds, $577,934 for the Municipal Service District -Waste Fund, $30,739 for
the Key West Airport Fund and $1,977 for the Group Insurance Internal Service Fund.
The Board approved an ambulance billing write off during the year of $238,888.
D-12
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 5 - MORTGAGES RECEIVABLE
Mortgages/Notes receivable at September 30, 2007 consist of the following:
Major Governmental Funds:
General Fund:
Second Mortgage receivable from individual, collateralized by personal residence.
Entire amount of loan due no later than ten months from execution date. 35,546
Governmental Grants Fund:
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire amount of the loan will be forgiven over a five-year period at
a rate of one fifth per year, beginning on the 1 st anniversary of the completion of the
construction of the improvements funded by the mortgage, provided that the
mortgagor complies with the mortgage covenants. _ 160,260
Comprehensive. Plan Land Authority Fund:
First mortgage due from govemmental agency, collateralized by land, payable in
full April 2028, interest free 382,554
First mortgage due from governmental agency, collateralized by land and building,
payable in full May 2031, interest free 1,500,000
Second mortgage due from governmental agency, collateralized by land, payable
in full January 2034, interest free 2,210,000
First mortgage due from governmental agency, collateralized by land and building,
payable in full September 2045, interest free 59,025
Third mortgage due from private company, collateralized by land, payable in full
May 2050, interest free 1,089,000
Third mortgage due from private company, collateralized by land, payable in full
September 2053, interest free 1,500,000
6J40,579
Nonmaior Governmental Funds:
Affordable Housing Pr r� ams Fund:
Second Mortgages Receivable from individuals, collateralized by land and
buildings, payable in monthly installments of $3,622 including interest at 3%, final
payment due March 1, 2004. 248,153
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire amount of the loan will be forgiven over a ten-year period at
a rate of one fifth per year, beginning on the 7th anniversary of the completion of
the construction of the improvements funded by the mortgage, provided that the
mortgagor complies with the mortgage covenants. 10,942
259,095
D-13
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 5 - MORTGAGES RECEIVABLE - (Continued)
Local Housing Assistance:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Commencing in year sixteen of the mortgage, principal and accrued
interest at 3% will be forgiven at the rate of 6.66% annually. The entire principal
balance and accrued interest will be forgiven at the end of year thirty. If the
residence is sold before the initiation of the forgiveness period, the full amount of
the mortgage and accrued interest is due at closing.
Second .Mortgages Receivable from individuals, collateralized by personal
residences. Principal payments shall be deferred for the term of the first mortgage
loan, or until the date the last payment is due on the first mortgage. Interest is not
charged on the mortgages unless the mortgagor is in default, in which case the
interest rate is 12% per annum from the date when payment of the second is due.
The entire balance of the loan is intended to be forgiven. However, in the event the
home is sold, transferred, rented, refinanced or the first mortgage loan is satisfied,
the entire mortgage balance is due.
Second Mortgages Receivable from individuals,
residences. The entire balance of the mortgage will
period at the rate of ten percent per year upon the
provided that the mortgagor complies with the
mortgages are interest free.
Total Mortgages/Notes Receivable
collateralized by personal
be forgiven over a ten year
anniversary of the mortgage,
mortgage covenants. The
129,056
3,741,797
994,952
4,865,805
The mortgages receivable associated with the General, Governmental Grants, and Affordable Housing
Program funds are offset by an allowance for uncollectible accounts of $35,546, $160,260, and
$259,095, respectively. As the mortgages receivable associated with the Local Housing Assistance
fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $4,865,805 has
been established.
A reserve of fund balance of $6,740,679 represents the mortgages receivable related to the
Comprehensive Plan Land Authority Special Revenue Fund that are equally offset by a fund balance
reserve, which indicates that they do not constitute "available spendable resources," even though they
are a component of total assets. This also represents the primary difference in fund balance for the
Comprehensive Plan Land Authority Special Revenue Fund on a GAAP basis versus the budgetary
basis.
NOTE 6 — CAPITAL ASSETS
Amounts associated with the Board's governmental activities' capital assets, related accumulated
depreciation, and depreciation expense are reported on the government -wide financial statements of
the County, rather than on the financial statements of the Board. Amounts associated with the Board's
business -type activities' and internal service funds' capital assets, related accumulated depreciation,
and depreciation expense are reported on the proprietary fund financial statements of the Board.
D--14
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 6 — CAPITAL ASSETS - (Continued)
Internal service fund capital asset information is included in the governmental activities on the
government -wide financial statements, because the internal service funds predominately serve those
activities.
Capital asset activity for the year ended September 30, 2007 is as follows:
Governmental Activities
Capital assets not depreciated:
Land
Construction in progress
Total capital assets not depreciated
Capital assets depreciated:
Buildings
Equipment
Infrastructure
Capacity rights
Total capital assets depreciated
Less accumulated depreciation for:
Buildings
Equipment
Infrastructure
.Capacity rights
Total accumulated depreciation
Total capital assets depreciated, net
Governmental funds, capital assets, net
Internal Service Funds
Capital assets not depreciated:
Land
Capital assets depreciated:
Buildings
Equipment
Total capital assets depreciated
Less accumulated depreciation for:
Buildings
Equipment
Total accumulated depreciation
Total capital assets depreciated, net
Internal Svc Funds, capital assets, net
Total Governmental Activities, capital
assets, net
Beginning Ending
Balances Additions Reductions Balances
$ 71,810,439 $ 16,589,405 $ 2,897,228 $ 85,502,616
24,339,756 25,882,464 743,553 49,478,667
96,150,195 42,471,869 3,640,781 134,981,283
100,695,851
- - 100,695,851
27,667,515
2,297,127 5,178,280 24,786,362
39,499,071
743,553 - 40,242,624
3,150, 000
- - 3,150, 000
171.012.437
3,040,680 5,178,280 168,874,837
33,122,173
2,012,484
- 35,134,657
18,270,322
2,259,796
4,216,645 16,313,473
21,455,207
783,274
- 22,238,481
63,636
31,818
- 95,454
72,911,338
5,087,372
4,216,645 73,782,065
98,101,099
95,092,772
194,251,294
230,074,055
54,000 - - 54,000
1,711,924 - - 1,711,924
415,349 51,364 35,338 431,375
2,127,273 51,364 35,338 2,143,299
529,564 48,211 -
577,775
306,831 59,861 27,341
339,351
836,395 $ 108,072 $ 27,341
917,126
1,290,878
1,226,173
1,344,878
1,280,173
$195, 596,172
$231,354,228
D-15
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 6 — CAPITAL ASSETS - (Continued)
Business -type Activities:
Capital assets not depreciated:
Land
Construction in progress
Total capital assets not depreciated
Capital assets depreciated:
Land improvements
Buildings
Equipment
Infrastructure
Total capital assets depreciated
Less accumulated depreciation for:
Land improvements
Buildings
Equipment
Infrastructure
Total accumulated depreciation
Total capital assets depreciated, net
Business -type activities, capital assets,
net
Beginning Ending
Balances Additions Reductions Balances
$ 4,802,020 $ - $ - $ 4,802,020
7,358,273 15,280,205 - 22,638,478
12,160,293 15,280,205 - 27,440,498
212,925 - -
212,925
17,861,087 - -
17,861,087
3,632,559 1,400,765 518,513
4,514,811
28,751,489 - -
28,751.489
50,458,060 1,400,765 ' 518 513
51,340,312
212,925
- -
212,925
4,254,206
424,733 -
4,678,939
3,040,534
198,990 381,036
2,858,488
9,525,201
1,140,839 -
10,666,040
17,032 866
$ 1,764,562 $ 381,036
18,416,392
33,426,194
32,923,920
$45,585,487 $ 60,364,418
Depreciation was charged to functions/programs on the government -wide Statement of Activities of the
County as follows:
Governmental Activities:
Business -type Activities:
General Government
$1,222,080
Municipal Service District -Waste
$ 36,955
Public Safety
1,715,600
Card Sound Bridge
318,751
Physical Environment
114,598
Key West Airport
901,333
Transportation
1.010,351
Marathon Airport
507,523
Economic Environment
11,839
Total Business -type Activities
$1,764,562
Human Services
306,027
Culture and Recreation
314,580
Court Related
392,297
Total Governmental Activities
5,087,372
Internal Service Funds -
General Government
75,942
Total Governmental Activities
$5,163,314
D-16
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 7 - POST RETIREMENT BENEFITS OTHER THAN PENSION
The Board provides post retirement health care benefits in accordance with state statutes, to all
employees. who retire from the Board with at least 10 years of service and have attained the age of 62;
and who are enrolled in the Board's group health plan. Currently 296 retirees are eligible for this post
employment benefit. Expenditures for post retirement health care benefits, excluding claims, are
recognized as the premiums are paid. During the year ended September 30, 2007 expenditures of
$1,700,172 were recognized for retiree, dependant and surviving spouse post retirement health care.
This cost is offset by the collection of $554,885 from retirees for dependant and surviving spouse
coverage, for a net cost of $1,145,287.
In regards to these health care benefits the Board will be required to implement GASB Statement No.
45 "Accounting and Financial Reporting by Employers for Post -employment Benefits Other Than
Pensions" during the year ended September 30, 2008. This statement establishes standards for the
measurement, recognition, and display of OPEB expense/expenditures and related liabilities (assets),
note disclosures, and, if applicable, required supplementary information (RSI) in the financial reports of
the Board. In order to determine the projected liability and annual funding costs of this plan the Board
had an actuarial study performed as of January 1, 2005. The projected accrued actuarial liability (AAL)
and required annual contribution (ARC) is projected to be $149,729,833 and $15,444,999 respectively.
NOTE 8 - RETIREMENT PLAN
Florida Retirement Svstem:
Plan Description — Substantially all full-time Board employees are participants in the Florida Retirement
System, (FRS), administered by the Florida Department of Administration. Employees elect to
participate in either the defined benefit plan ("Pension Plan"), a multiple -employer; cost -sharing public
employees defined benefit retirement plan, or the defined contribution plan (Investment Plan) under the
FRS. FRS provides retirement and disability benefits, annual cost -of living adjustments, and death
benefits to plan members and beneficiaries of various governmental units within the State of Florida.
Benefits are established by Chapter 121, Florida Statutes, and Chapter 605, Florida Administrative
Code. Amendments to the law can be made only by Act of the Florida legislature.
The FRS provides for vesting of benefits after 6 years of credited service..Normal retirement benefits
are available to employees who retire at or after age 62 with 6 or more years of service. Early
retirement is available after 6 years of service with a 5% reduction in benefits for each year prior to the
normal retirement age. Retirement benefits are based on age, average compensation and years -of -
service credit where average compensation is computed as the average of an individual's five highest
years of earnings. Employees are not required to contribute to this retirement system.
In addition to the above benefits, the FRS administers a Deferred Retirement Option Program
("DROP"). This program allows eligible employees to defer receipt of monthly retirement benefit
payments while continuing employment with a FRS employer for a period not to exceed 60 months
after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue
interest.
For employees who elect to participate in the Investment Plan rather than the Pension Plan, vesting
occurs at one year of service. These participants receive a contribution of self -direction in an
investment product with a third party administrator selected by the State Board of Administration.
D-17
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 8 - RETIREMENT PLAN - (Continued)
The Florida Division of Retirement issues a publicly available financial report that includes financial
statements and required supplementary information for the FRS. The report may be obtained by writing
to Florida Division of Retirement, 2639 Monroe. Street, Building C, Tallahassee, FL 32399-1560, or from
the website www.frs.state.fl.us.
Funding Policy — The FRS is noncontributory for members. Participating employer contributions are
based upon state-wide rates established by the State of Florida. These rates are applied to employee
salaries as follows: regular employees, 9.85%, special risk employees, 20.92%, special risk
administrative support 12.55%; elected officials, 16.53%, senior management 13.12%, and DROP
participants 10.91 %.
The Board contributed to the plan an amount equal to 11.43% of covered payroll during the fiscal year
ended September 30, 2007. The Board's contributions made during the years ended September 30,
2007, 2006, and 2005 were $3,260,384, $2,749,899, and $2,199,510, respectively, equal to the
required contributions for each year.
The Board has historically contributed amounts equal to required contributions and, therefore, does not
have a pension asset or liability as determined in accordance with GASB Statement No. 27.
NOTE 9 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL
SERVICES
Plan Description — The Monroe County, Florida Volunteer Firefighter and Emergency Medical Services
Length of Service Award Plan (LOSAP) is a single -employer defined benefit pension plan administered
by the Board. LOSAP provides retirement and death benefits to plan members and beneficiaries.
Monroe County Ordinance 026-1999 defines the authority under which contribution and benefit
provisions may be amended. This authority is presently held by the Board. LOSAP had 73 participants
for the plan year ended December 31, 2006. Separate, stand-alone financial statements for LOSAP
are not provided.
Funding Policy — The contribution requirements for plan members and the Board are established and
may be amended by the Board. Plan members are not required to contribute. The Board contributes
an amount determined by an actuarial study. Benefits are calculated based on years of service as the
participants are unpaid volunteers. The current contribution rate is $332 per volunteer year of service.
Contributions to the plan, along with benefits and refunds paid to participants are recorded when due
and payable in accordance with the terms of LOSAP. Administrative costs are paid by the Board.
Annual Pension Cost and Net Pension Obligation
Annual Required Contribution $ 24,233
Interest Adjustment -
24,233
Contributions Made (24,233)
Increase in Net Pension Obligation -
Net Pension Obligation, beginning of year
Net Pension Obligation, end of year $ -
D-18
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONER_ S
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 9 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL
SERVICES — (Continued)
The annual required contribution for the past year was determined as part of the December 31, 2006
actuarial valuation using the Aggregate Method. This method does not identify or separately amortize
unfunded actuarial liabilities. The actuarial assumptions included (a) 3.0% investment rate of return (b)
no assumption for mortality pattern as it is inapplicable (c) no assumption for salary increases as
benefits are not based on compensation and (d) no increase for inflation as benefits are based on a flat
amount per year of service. The actuarial value of assets includes only the fair value of the assets.
There was no unfunded actuarial accrued liability at December 31, 2006,
Three Year Trend Information
Annual Pension Cost Percentage of APC Net Pension
Fiscal Year Ending APC Contributed Obligation
12/31/04 $ 58,904
12/31/05 $ 61,056
12/31/06 $ 24,233
NOTE 10 — CAPITAL COMMITMENTS
100% $
100% $
100% $
Construction projects under present contractual agreements as of September 30, 2007 are as follows:
Project _
Key West Airport
Murray Nelson Govemment Center
Freeman Justice Center
Medical Examiner's Facility
Marathon Airport Renovation
Card Sound Bridge Repair
Miscellaneous
Total
Construction Commitments
$ 22,388,818
8,612,749
4,412,298
2,415,672
2,282,681
2,190,194
3,724,976
$ 46,027,388
The Comprehensive Plan Land Authority has approximately $790,042 of commitments to acquire
various properties as of September 30, 2007.
NOTE 11 — LEASE OBLIGATIONS
Capitalized lease obligations are stated at the original fair market value of leased assets capitalized,
less payments since the inception of the lease discounted at the implicit rate of interest in the lease.
The future minimum debt reductions under capitalized leases consist of the following at September 30,
2007:
D-19
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 11 - LEASE OBLIGATIONS - (Continued)
Fiscal year ending September 30:
2008
2009
2010
2011
2012
2013-2017
2018-2022
2023-2024
Total minimum payments
Amounts representing interest
Present value of net minimum lease payments
Govemmental
Activities
$ 196,731
177,866
26,256
.17, 520
2,920
421,293
(21,584)
Business -type
Activities
$ 50,000
50,000
50,000
50,000
50,000
250,000
250,000
67,270
817,270
$ 399,709 $ 817,270
Leased property which has been capitalized as of September 30, 2007 is as follows:
Governmental Business -type
Activities Activities
Equipment $ 906,135 $ 2,335,830
Less: Accumulated Depreciation (197,655) (2,335,830)
708,480 $
NOTE 12 - LONG-TERM DEBT
Long-term debt activity for the year ended September 30, 2007 is as follows:
Current
Portion of
Beginning Ending Long-term
Balances Additions Payments Balances Liabilities
Governmental Activities:
Governmental Funds
Revenue bonds payable
$18,035,000
$ -
$1,206,000
$16,830,000
$1,240,000
Revenue note payable
1,826,486
-
590,663
1,235,823
608,265
Arbitrage payable
-
92,468
-
92,468
92,468
Accrued comp. absences
2,302,924
2,133,853
1,931,459
2,505,318
392,441
Capitalized lease obligations
695,665
-
295,956
399,709
183,507
Total Governmental Funds
22,860,075
2,226,321
4,023,078
21,063,318
2,516,681
Internal Service Funds
Accrued comp. absences
126,325
106,401
97,659
135,067
9,880
Total Governmental Activities
$22,986,400
$2,332,722
$4,120,737
$21,198,385
$2,526,561
D-20
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 12 - LONG-TERM DEBT - (Continued)
Current
Portion of
Beginning
Ending
Long-term
Balances
Additions
Payments
Balances
Liabilities
Business -type Activities:
Revenue bonds payable
$30,455,000
$ -
$ -
$30,455,000
$ -
Revenue note payable
2,854,611
-
431,867
2,422,744
447,309
Arbitrage payable
-
248,720
-
248:720
-
Accrued comp. absences
346,877
204,302
189,285
361,894
33,372
Capitalized lease obligations
867,270
-
50,000
817.270
50,000
Total Business -type Activities
$34,523,758
$ 453,022
$ 671,152
$34,305,628
$ 530,681
Total Long -Tenn Debt
$57,510,158
$2,785,744
$4,791,889
$55,504,013
$3,057,242
Amounts associated with the Board's governmental activities long-term liabilities are reported on the
government -wide financial statements of the County rather than on the financial statements of the
Board. Amounts associated with the Board's business -type activities and internal service funds long-
term liabilities are reported on the proprietary fund financial statements of the Board. Internal service
fund longterm debt information is included in the governmental activities on the government -wide
financial statements, because the internal service funds predominately serve those activities.
The following is a summary of the Board's bonds and notes as of September 30, 2007:
Governmental Activities
Revenue Bonds:
Infrastructure Sales Surtax Revenue Bonds, Series 2003
Revenue Note:
Guaranteed Entitlement Refunding Revenue Note, Series 2002
Total Government Activities
Business -type Activities
Revenue Bonds:
Key West International Airport Revenue Bonds, Series 2006
Revenue Note:
Solid Waste Disposal System Refunding Revenue Note, Series 2002
Less Unamortized Loss on Refunding
Total Business -Type Activities
$ 16,830,000
1,235,823
$ 18,065,823
$ 30,455,000
2,506,640
(83,896)
2,422,744
$ 32,877,744
Debt Service Funding Requirements - The total annual debt service requirements for bonds and notes
outstanding at September 30, 2007 are as follows:
D-21
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 112 - LONG-TERM DEBT -(Continued)
Governmental Activities
Business -type Activities
Principal Interest
Total
_
Principal
Interest
Total
2008
$ 1,859,317 $ 588,418
$ 2,447,735
$ 680,372
$ 69,508
$ 749,880
2009
1,494,186 537,489
2,031,675
975,765
1,687,540.
2,663,305
2010
1,335,000 496,708
1,831,708
977,841
1,644,339
2,622,180
2011
1,385,000 4541177
1,839,177
985,499
1,601,381
2,586,880
2012
1,445, 000 407,105
1,852,105
410,000
1,558,370
1,968,370
2013-2017
8,250,000 1,192,200
9,442,200
2,335,000
7,429,675
9,764,675
2018-2022
1,890,000 37,800
1,927,800
3,140,000
6,712,750
.9,852,750
2023-2027
- -
-
4,500,000
5,723,630
10,223,630
2028-2032
- -
-
8,435,000
4,072.475
12,507,475
2033-2035
- -
-
9,515,000
1,216,325
10,731,325_
Total
$17,658,503 $3,713,897
$21,372,400
_
31,954,477
31,715,993
63,670,470
Less: Unamortized Loss on Refunding
(83,896)
-
(83,896)
$31, 870, 581
$31,715,993
$63,586, 574
At September 30, 2007, the current portion of the unamortized
loss on refunding is $20,974.
Long -Term Debt at September 30, 2007 is composed of the following issues:
21 455 000 Infrastructure Sales Surtax Revenue Bonds Series 2003
Type: General Government Revenue Bonds
Dated: March 2003
Final maturity: Year 2018
Principal payment date: April 1
Interest payment dates: April 1 and October 1
Interest rates: 2.0% to 4.0%
Amount outstanding at September 30th: $16,830,000
Reserve requirement: None; MBIA insured.
Revenue pledged: One Cent Local Government Infrastructure Sales Surtax
Purpose: To construct and acquire equipment and capital improvements.
Call provisions: First redemption date may not be later than 4/20/13 and no call premium may exceed
2% of the par amount redeemed.
$3,495 '144 Guaranteed Entitlement Refunding, Revenue Note, Series 2002
Type: General Government Revenue Note
Dated: December 2002
Final maturity: Year 2009
Principal payment date: December 1
Interest payment dates: June 1 and December 1
Interest rates: 2.96%
Amount outstanding at September 30th: $1,235,823
Reserve requirement: None.
D-22
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 12 - LONG-TERM DEBT - (Continued)
3 495144 Guaranteed Entitlement Refunding Revenue Note Series 2002 — Continued
Revenue pledged: Lien and pledge of Guaranteed Entitlement and Second Guaranteed Entitlement
from the State Revenue Sharing Trust Fund provided by Chapter 219, Florida Statutes.
Purpose: To refund on a current basis the $7,230,000 Monroe County, Florida Refunding Revenue
Bonds, Series 1993.
Call provisions: No prepayment penalty. Bank requires 10 days notice.
$30,451000 Key West International Airport Revenue Bonds
Type: Enterprise Revenue Bond
Dated: July 2006
Final maturity: Year 2035
Principal payment date: October 1
Interest payment dates: Monthly
Interest rates: 5.50%
Amount outstanding at September 30th: $30,455,000
Reserve requirement: None.
Revenue Pledged: (1) Net Revenues (as defined in the Resolution) to be derived from the operation
of the airport, (2) Other Available Moneys (as defined in the Resolution), (3) Hedge Receipts and
(4) (until applied in accordance with the provisions of the Resolution) all moneys, including
investments thereof, in certain of funds and accounts established under the Resolution, and (5) the
Reserve Account.
Purpose: Acquire, construct and equip various capital improvements at the Key West International
Airport
Call provisions: (1) Optional Redemption at par on any date (2) Mandatory redemption at par at the
option of the Bank upon the event of default under the Reimbursement Agreement or with respect
to Bank Bonds. At least 1.5 days notice of mandatory tender of Series 2006 Bonds for purchase; at
least 30 days notice of redemption.
4 143 945 Solid Waste Disposal System Refunding Revenue Note Series 2002
Type: Enterprise Revenue Note
Dated: December 2002.
Final maturity: Year 2012
Principal payment date: October 1
Interest payment dates: April 1 and October 1
Interest rates: 3.41%
Amount outstanding at September 30th: $2,506,640
Reserve requirement: None.
Revenue pledged: Gross revenues from the solid waste disposal, collection and management .
systems.
Purpose: To refund on a current basis the Monroe County Municipal Service District Refunding
Improvement Bonds, Series 1991.
Cali provisions: No prepayment penalty. Bank requires 10 days notice.
NOTE 13 - DEFEASANCE OF DEBT
In prior years, the Board defeased revenue bonds by placing the proceeds of new bonds with an
escrow agent in irrevocable trust accounts to provide for all future debt service payments on the old
D-23
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 13 - DEFEASANCE OF DEBT - (Continued)
bonds. Accordingly, the trust account assets and liabilities for the defeased bonds are not included in
the Board's financial statements.
The following schedule reflects outstanding principal on refunded bonds, by issue, as of September 30,
2007:
$2,155,000 Refunding Improvement Revenue Bonds, Series 1983; defeased on
January 1, 1993 using proceeds from the Refunding Improvement Revenue Bonds, $ 680,000
Series 1993/83
$5,000,000 Improvement Revenue Bonds, Series 1988; defeased on May 1, 1993
using proceeds from the Refunding Revenue Bonds, Series 1993/88 1,255,000
Total Governmental Activities Sjq=00
$8,000,000 Municipal Service District Improvement Revenue Bonds, Series 1980;
defeased on December 6, 1985 using proceeds from the $9,211,774 Municipal
Service District Refunding Improvement Bonds, Series 1985
$9,211,774 Municipal Service District Refunding Improvement Bonds, Series 1985; $ 5,370,000
defeased on April 1, 1991 using proceeds from the Municipal Service District
Refunding Improvement Bonds, Series 1991 3,955,000
$4,585,000 Card Sound Road and Bridge Improvement Revenue Bonds, Series
1993; defeased on March 8, 1994 using available cash 460.000
Total Business —type Activities
NOTE 14 — INTEREST RATE CAP
Contracts - The Board has an interest rate cap agreement in effect at September 30, 2007 for the
$30,455,000 Key West International Airport Variable Rate Revenue Bonds (Key West International
Airport), Series 2006 ("Series 2006").
Objectives - As a means to manage interest rate risk related to the variable rate bonds at the time of
issuance on July 18, 2006, the Board entered into an interest rate cap agreement in connection with its
Series 2006 bonds. The intention of the cap agreement was to effectively limit the Board's. maximum
variable interest rate on the bonds to a fixed rate of 5.50% for a period of three years.
Terms, fair values, and credit risk - The terms, fair values, and credit ratings of the outstanding cap as
of September 30, 2007 are as follows. The notional amount of the cap agreement matches the
principal amount of the associated debt and declines with the principal amortization on the bonds_
Associated Notional Effective Fixed Variable Rate Fair Termination Counterparty
Bond Issue Amount Date Rate 1 Value Date Credit Rating 2
Series July 18, July 18,
2006 $ 30,455,000 2006 5.50% Weekly Rate $381 2009 Aaa/AA+/AA+
D-24
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 14 — INTEREST RATE CAP - (Continued)
(1) Determined weekly by Remarketing Agent
(2) Counterparty's guarantor
Credit risk - As of September 29, 2007 the positive fair value of the. agreement represents the Board's
exposure to credit risk. Should the counterparty to the cap fail to perform according to the terms of the
cap agreement, the Board faces variable credit risk to the same extent as if the Board had not entered
into the cap agreement. The counterparty carries a guarantee by an entity ("counterparty guarantor")
rated Aa2 by Moody's Investors Service (Moody's), AA+ by Standard and Poor's (S&P), and AA+ by
Fitch Ratings (Fitch).
Basis risk - The cap does not expose the Board to basis risk.
Termination Risk - The Board or the counterparty may terminate the cap agreement if the other party
fails to perform under the terms of the contract. An additional termination event occurs if the
counterparty ratings fall below specked categories by Moody's and S&P, and any other Rating Agency.
The swap may be terminated by the Board with 30 days notice and the counterparty can terminate the
swap if the Board falls below Baa2 by Moody's, BBB by S&P, and an equivalent investment grade from
any other Rating Agency, provided however that any termination must have insurer consent.
Rollover Risk -- The Board is exposed to rollover risk on the interest cap agreement that terminates
prior to the associated debt. When this agreement terminates, the Board will not realize the synthetic
rate offered by the agreement on the underlying debt issue.
NOTE 15 — CONDUIT DEBT
IDA Health Care Facilities Revenue Bonds, Series 2003 - The Monroe County Industrial Development
Authority approved the issuance of IDA Health Care Facilities Revenue Bonds, Series 2003, not to
exceed $2,500,000 and for a loan by the Authority to the Guidance Clinic of the Middles Keys, Inc. to
provide for the refinancing of certain outstanding indebtedness of the corporation and for financing
certain capital improvements to the corporations health care facilities. Ownership of the acquired
facilities is in the name of the private entity served by the bond issuance. Neither the County, the
Authority, the State, nor any political subdivision thereof is obligated in any manner for the repayment of
the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial
statements. Maturity of the Series 2003 Bonds is August 1, 2018.
Industrial Development Bonds North Key Largo --Utility Corp. System), Series 2005.-- The Monroe
County Industrial Development Authority issued Industrial Development Revenue Bonds (North Key
Largo Utility Corporation System), Series 2005 totaling $2,965,000 on September 1, 2005 for the
exchange of a like principal of the $3,400,000 of Industrial Development Revenue Bonds issued in
1995 related to the North Key Largo Utility Corporation Project. Neither the County, the Authority the
State, nor any political subdivision thereof is obligated in any manner for the repayment of the bonds.
Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. Maturity
of the Series 2005 Bonds is March 1, 2025.
City of South Miami Health Facilities Authority Hospital ,Revenue Bonds Series 2007 On April 18,
2007, the Board approved an interlocal agreement with the City of South Miami Health Facilities
Authority for the issuance of $800,000,000 of tax-free bonds for Mariner's Hospital (Baptist Health
South) for the purpose of financing capital improvements to health care facilities and refund outstanding
D-25
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 15 — CONDUIT DEBT - (Continued)
bonds. The facilities will be owned by the issuers of the bonds and the Board is not obligated in any
way for the repayment of the bonds. Monroe County was part of a group consisting of the State of
Florida and other units of local government that participated to establish the tax-free status of the
bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
Maturity of the Series 2007 Bonds is August 15, 2042.
NOTE 16 -- RECOGNITION OF CLOSURE AND POST CLOSURE COST
As described in Note 1, current regulations of the U.S. Environmental Protection Agency (EPA) and the
Florida Department of Environmental Protection (FDEP) require municipal solid waste landfills to place
a final cover on closed landfill areas, and to maintain those areas for up to 30 years after closure. The
Board obtains updated and revised estimates of total future closure and post closure costs from its
engineers.
All amounts recognized are based upon what it would cost to perform closure and post closure
functions in current dollars. Actual costs may be different due to inflation, changes in technology, or
changes in laws and regulations.
Recognition of the liability for closure and post closure costs is based on the landfill capacity used to
date. The landfill capacity of the Board's previously operated landfills is 100% used and has no
remaining landfill life. Closure of these landfills was substantially completed during the year ended
September 30, 1994. The Board has another landfill site, which has never been used. Accordingly, no
future closure cost is accruable except for post closure costs estimated to be incurred in the coming
year. At September 30, 2007, the estimated future cost for post closure maintenance, which is reported
as a long-term liability in the Municipal Service District -Waste enterprise fund, was $ 390,667.
For the public landfill, accounted for in the Municipal Service District -Waste enterprise fund, expenses
associated with the final closure and post closure maintenance of landfill areas are recognized over the
active life of those areas. These costs are recognized in each operating period based on the amount of
waste received during that period, regardless of when cash disbursements are made for these costs.
The cumulative effect of updated and revised estimates of closure -related costs is recognized in the
period of the change to the extept it relates to current and past operations.
The Florida Department of Environmental Protection approved a post closure operating plan, which
permits the Board to fund closure, and post closure costs as an operating expense using annual
appropriations.
The landfill is required by state and federal laws and regulations to make annual contributions to a cash
escrow account to meet financial assurance requirements. In accordance with laws and regulations, the
landfill had cash and investments of $1,890,330 held for these purposes at September 30, 2007. in the
event closure escrows and interest earnings prove inadequate due to inflation, changes in technology
or additional post closure care requirements, these costs may need to be covered by charges to service
users.
NOTE 17 - INTERFUND BALANCES
Interfund balances at September 30, 2007 are as follows:
D-26
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 17 - INTERFUND BALANCES - (Continued)
Payable Fund
Receivable Gel Road
nera& Govt'I Nonmajor Card Marathon
Fund Sound ISF
Total
Grants Govt'I AIP
Bridge Rd
General $ - $ - $ 6,434 $ 61,767 $ - $ - $ -
$ 68,201
Fine & Forfeiture - - - 31,278
31,278
Govt'I Grants 175,464 - - 6,942 - - -
182,406
One Cent Infras - 300,000 - - - -
300,000
Nonmajor Govt'I 212,461 - - -
212,461
MSD 1,707 5F804 28,551 1,110 295 - 17
37,484
Key West Airport - - - - - 4,525 -
4,525
Total $389,632 $5,804 $334,985 $101,097 $ 295 $ 4,525 $17
$836,355
During the course of operations, transactions occur which result in amounts owed to a particular fund
by another fund, other than for goods provided or services rendered. These receivables and payables
are due within a year and are classified as "Due from other funds/Due to other funds° on the
governmental funds balance sheet or proprietary fund statement of net assets.
NOTE 18 - INTERFUND TRANSFERS
Interfund transfers at September 30, 2007 were as follows:
Transfers From:
Govt'1 Rev Bond
Nonmajor Key West Marathon
Transfers To:
General
Grants Series 2003
Govt1 Airport Airport
Total
General
$
$ 228,069 $ -
$ - $ - $ - $
228,069
Fine & Forfeiture
-
16,667 -
- - -
16,667
Road & Bridge
795,666
- -
- - -
795,666
Grant
.998,146
- -
998,146
Plan, Build, Zone
1,403,542
44,878 -
300,000 - -
1,748,420
One Cent Infras
209,437
207,118 5,082,900
1,667,708 2,000,000 -
9,167,163
Nonmajor Govt'I
1,079,932
49,240 199,549
- - -
1,328,721
MSD
410,537
- -
- - -
410,537
Card Sound Rd
53,567
- -
- - -
53,567
Key West Airport
-
- -
- - 132,836
132,836
Marathon Airport
100,826
- -
- - -
100,826
Workers Comp
37,828
- -
- - -
37,828
Group Ins
68,642
- -
- - -
68,642
Risk Mgmt
61,661
- -
- 373,276 1,800,000
2,234,937
Fleet Mgmt
563,047
- -
- - -
563.047
Total $5,782,831 $ 545,972 $ 5,282,449 $1,967,708 $ 2,373,276 $1,932,836 $17,885,072
D-27
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 18 - INTERFUND TRANSFERS - (Continued)
Transfers between major governmental, other nonmajor governmental, major enterprise, and internal
service funds were used to support operations of the general fund and capital projects, provide funds
for debt service payments and grant match requirements, and insurance recoveries from Hurricane
Wilma.
NOTE 19 - RISK MANAGEMENT
The Board is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years
ended 1976, 1984 and 1988, the Board established the Worker's Compensation, Group Insurance, and
Risk Management Funds, respectively, as internal service funds to account for and finance its
uninsured risks of loss. Under these programs, the Workers Compensation provides $1,000,000
coverage per claim. The Group Insurance Fund provides self insured excess claims. Risk Management
has a $5,000,000 excess insurance policy for general liability claims with a $100,000 self -insured
retention, and building property damage is covered for the actual value of the building with a deductible
between $100,000 and $250,000. Deductibles for windstorm and flood vary by location. The Board
purchases commercial insurance for claims in excess of coverage provided by the funds and for all
other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three
years.
All funds of the Board participate in the programs and make payments to the Worker's Compensation,
Group Insurance and Risk Management Funds based on estimates of the amounts needed to pay prior
and current year claims. The claims liabilities reported at September 30, 2007 are based on the
requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a
liability for claims be reported if information prior to the issuance of the financial statements indicates
that it is probable that a liability has been incurred at the date of the financial statements and the
amount of the loss can be reasonably estimated.
Changes in the claims liability amounts in fiscal year 2007 and 2006 were:
Balance at September 30, 2005
Current year claims and
changes in estimates
Claim payments
Balance at September 30, 2006
Current year claims and
changes in estimates
Claim payments
Balance at September 30, 2007
NOTE 20 - LITIGATION
Worker's
Compensation
$ 1,732,252
2,033,326
1,903,711)
1,861,867
1,739,198
1,806,714
$ 1,794,351
Group
Insurance
$ 3,095,791
10,308,270
10,311,580
3,092,481
12,137,554
(I 1,588,769)
$ 3,641,266
Risk
Management
$ 1,501,607
294,353
(294,353)
1,501,607
289,175
243,292
$ 1,547,490
Total
$ 6,329,650
12,635,949
(1.2,509,644)
6,455,955
14,165,927
13,638,775
$ 6,983,107
The Board is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. In the opinion of the Board, these suits and claims should not result in judgments
or settlements, which, in aggregate, would have a material adverse effect on the Board's financial
condition.
D-28
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 21 - COMMITMENTS AND CONTINGENCIES
Grant Programs - The Board participates in a number of federally assisted grant programs. These
programs are subject to financial and compliance audits by the grantors or their representatives.
Arbitrage Rebate - In accordance with the Tax Reform Act of 1986, any interest earnings on borrowed
construction funds in excess of the interest costs are required to be rebated to the federal government.
As of September 30, 2007, the Board has estimated its arbitrage rebate liability to be $92,468 for its
governmental activities and $248,720 for its business -type activities.
Impact Fee Refunds - Unexpended or unencumbered funds arising from the collection of impact fees
may be refunded within one year following the end of the sixth year from the date on which the impact
fee was paid or within three months of the nova -commencement of construction.
Letter of Credit — The Board has issued $30,455,000 key West International Revenue Bonds, Series
2006 (the Series 2006 Bonds) for the primary purpose of providing funds necessary to finance the
acquisition, construction and equipping of certain airport facilities. In order to provide security for the
payment when due of the principal and interest on the Series 2006 bonds, the Board has requested the
bank to issue its irrevocable direct pay letter of credit naming U.S. Bank National Association as
beneficiary. The letter of credit is for an amount sufficient to pay at a maximum interest rate of 12% per
annum. This initial agreement expires on October 15, 2009.
NOTE 22 — SUBSEQUENT EVENT
Pursuant to the provisions of Monroe County Resolution 238-C, the Board redeemed $2,700,000 of the
Airport Variable Rate Revenue Bonds, Series 2006 maturing in 2035 on December 1, 2007. The bond
redemption was funded by $2,561,407 of FAA grant funding and $138,593 of Passenger Facility Fees,
The Board issued $29,415,000 of Infrastructure Sales Surtax Revenue Bonds, Series 2007 on
December 14, 2007. The Bonds are issued to provide funds to acquire construct and equip capital
improvements which include fire station facilities, a public works compound; park improvements and a
centralized wastewater system. The Board has an interlocal agreement with the Key Largo
Wastewater Treatment District which requires the Board to contribute $20 million toward a centralized
wastewater system. The Board has previously funded $6 million and expects to fund the remaining $14
million from the Series 2007 bond proceeds. The Series 2007 Bonds are on parity with the Board's
outstanding Infrastructure Sales Surtax Revenue Bonds, Series 2003. The Series 2003 and 2007
Bonds are secured by a pledge of and lien on the one cent local government sales surtax levied
pursuant to Section 212.055(2), Florida Statutes and the moneys in certain funds and accounts
established pursuant to the Board's Resolutions concerning the issuance of the Series 2003 and 2007
Bonds.
On November 14, 2007 the Board approved a wastewater treatment plan to service the Geiger and
Rockland Keys. This plan will require the Board to fund $21,000,000 of the costs to construct a
wastewater collection system. The Board intends to obtain permanent financing through the Clean
Water State Revolving Loan Fund program of the Florida Department of Environmental Protection.
However, these funds will not be available immediately. On December 19, 2007 the Board approved
the application for interim financing not to exceed $21,000,000 from the State Revolving Loan Fund.
The interim financing will have a term of three years and is secured by the proceeds of the permanent
financing and a commitment to appropriate non -ad valorem revenue.
D-29
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2007
NOTE 22 — SUBSEQUENT EVENT - (Continued)
As discussed in Note 2, at September 30, 2007, the Board and the Monroe County Comprehensive
Plan Land Authority had $154,518,856 and $8,655,797, respectively, invested in the State Board of
Administration's Local Surplus Funds Trust Fund Investment Pool (Pool). On November 29, 2007, the
State Board of Administration implemented a temporary freeze on the assets held in the Pool due to an
unprecedented amount of withdrawals from the Fund coupled with the absence of market liquidity for
certain securities within the Pool. The significant amount of withdrawals followed reports that the Pool
held asset -backed commercial paper that was subject to sub prime mortgage risk. On December 4,
2007, based on recommendations from an outside financial advisor, the State Board of Administration
-restructured the Pool into two separate pools. Pool A consisted of all money market appropriate assets,
which was approximately $12 billion or 86% of Pool assets. Pool B consisted of assets that either
defaulted on a payment, paid more slowly than expected, and/or had any significant credit and liquidity
risk, which was approximately $2 billion or 14% of Pool assets. At the time of the restructuring, all
current pool participants had their existing balances proportionately allocated into Pool A and Pool B.
Currently, Pool A participants may withdraw 37% of their balance or $4 million, whichever is greater,
without penalty. Withdrawals from Pool A in excess of the above limit are subject to a 2% redemption
fee. New investments in Pool A are not subject to the redemption fee or withdrawal restrictions. Future
withdrawal provisions from Pool A will be subject to further evaluation based on the maturities of
existing investments and the liquidity requirements of the Pool. On December 21, 2007, Standard and
Poor's Ratings Services assigned its "AAAM" principal stability fund rating to Pool A.
Currently, Pool B participants are prohibited from withdrawing any amount from the Pool and a formal
withdrawal policy has not yet been developed. Market valuations of the assets Feld in Pool B are not
readily available. In addition, full realization of the principle value of Pool B assets is not readily
determinable.
As of November 29, 2007, the Monroe County Comprehensive Plan Land Authority had $7,694,816
and $1,252,644 invested in Pool A and B, respectively and the Board had $39,180 and $6,583 invested
in Pool A and B, respectively. Additional information regarding the Local Government Surplus Funds
Trust Fund may be obtained from the State Board of Administration. To date the impact of the State
Board of Administration's recent actions on the Authority's activities has been minor because daily
operations and small real estate transactions are funded using cash accounts rather than the Pool.
As of November 29, 2007, the Comprehensive Plan Land Authority had commitments to purchase
approximately $809,000 worth of real property. Of these commitments, all but approximately $41,000
contained termination options in favor of the Authority. The Authority has no large property acquisitions
expected to close until February, 2008.
D-30
This page.was intentionally left blank.
COMBINING AND INDIVIDUAL
FUND STATEMENTS AND SCHEDULES
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Capital Outlay:
General Government:
Vehicle Replacement
Flood Zone Evaluation
ADA Assessments
General Government Projects
Total General Government
Public Safety
Physical Environment
Transportation: Const. Mgmt
Economic Environment: Hsg Dev
Culture and Recreation
Total Capital Outlay
Total Expenditures
Excess/Deficiency of Revenues
Overl(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$13,000,001 $ 13,000,001 $15,200,289
$ 2,200.288
650,000 650,000 1,786,685
1,136,685
- - 243,671 -
243,671
13,650,001 13,650,001 17,230,645
3,580,644
28,446
-
- -
30,000
30,000
24,070 5,930
-
65,996
- 65,996
3,993;446
867,000
629,813 237,187
4,051,892
962,996
653,883 309,113
6,007,332
2,586,779
1,200,619
1,386,160
14,250,000
18,014,383
11,752,952
6,261,431
690,021
485,625
460,209
25,416
1,000,000
4,524,850
4,524,800
50
14,416,500
9,000,650
7,098,213
1,902,437.
40,415,745 35,575,283 25,690,676 9,884,607
40,415,745 35,575,283 25,690,676 9,884,607
26,765,744 (21,925,282) 8,460,031 13,465,251
(599,782) (39,692) - 39,692
(5,201,973) (10,602,525) (9,167,163) 1,435,362
Total Other Financing Sourcesl(Uses) _ (5,801,755) (10,642,217) (9,167,163) 1,475,054
Net Change in Fund Balances (32,567,499) (32,567,499) (17,627,194) 14;940,305
Fund Balances, October 1 32,567,499 32,567,499 36,751,677 4,184,178
Fund Balances, September 30 $ - $ - $ 19,124,483 $19,124,483
E-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
INFRASTRUCTURE SALES SURTAX REVENUE BONDS,
SERIES 2003 CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
EXPENDITURES:
Current:
Capital Outlay:
General Government:
General Government Project
General Government Projects II
Total General Government
Public Safety:
Public Safety Projects I
Human Services:
Human Service Projects I
Total Capital Outlay
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 300,001 $ 300,001 $ 468,217 $ 168,216
6,464,652
7,147,720
2,492,881
4,654,839
5,800,000
8,882,491
4,879,373
4,003,118
12,264,652
16,030,211
7,372,254
8,657,957
900,000 1,015,256 975,021 40,235
3,018,000 4,419,634 1,805,343 2,614,291
16,182,652 21,465,101 10,152,618 11,312,483
(15,882,651) (21,165,100) _ (9,684,401) 11,480,699
- 5,282,449 5,282,449
(15,882,651) (15,882,651) (4,401,952) 11,480,699
15,882,651 15,882,651 11,469,277 (4,413,374)
$ 7,067,325 $ 7,067,325
E-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
ASSETS
Cash and Cash Equivalents
Accounts Receivable, Net
Due from Other Funds
Due from Other Govemmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Debt Service
Unreserved, Designated in Special Rev. Fund
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
SPECIAL
Tourist
Tourist
Tourist
Affordable Development
Development
Development
Housing All Districts
Admin & Promo
District #One
Programs Two Cent
Two Cent
Three Cent
$ 366,399 $ 2,947,691 $ 2,921,451 $ 3,739,622
- 78 1,087 -
46,104 95,537 36,778
- 378,073 783,441 285,755
259,095 - - -
(259,095) - - -
$ 366,399 $ 3,371,946 $ 3,801,516 $ 4,062,155
$ - $ 414,440 $ 301,461 $ 594,176
505 572 5,807
- - - 29,010
- 13,472 - -
428,417 302,033 628,993
- - - 466,651
366,399 2,943,529 3,499,483 2,966,511
366,399 2,943,529 3,499,483 3,433,162
$ 366,399 $ 3,371,946 $ 3,801,516 $ 4,062,155
F-1
REVENUE FUNDS
Tourist
Tourist
Tourist
Tourist
Development
Development
Development
Development
Impact Fees,
District #Two
District #Three
District #Four
District #Five
Impact Fees,
Parks and
Three Cent
Three Cent
Three Cent
Three Cent
Roadways
Recreation
$ 372,482
$ 1,170,179
$ 1,245, 042
$ 1,052,971
$ 5,714, 396
$ 1,046, 203
4,213
10,367
9,581
9,881
-
-
33,075
97,906
79,539
84,481
$ 409,770
$ 1,278,452
$ 1,334,1 22
$ 1,147, 333
$ 5,714,396
$ 1,046,203
$ 1,491 $ 441,641 $ 235,655 $ 19,091 $ - $ 308,416
- - 34,268
771 67 67 2, 675 - -
32
2,294 441,708 2351722 21,766 - 342,684
407,476
836,744
1,098,440
1,125,567
5,714,396
703,519
407,476
836,744
1,098,440
1,125,567
5,714,396
703,519
$ 409,770 $ 1,278,452 $ 1,334,162 $ 1,147,333 $ 5,714,396 $ 1,046,203
(Continued)
F-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
ASSETS
Cash and Cash Equivalents
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Debt Service
Unreserved, Designated in Special Rev. Fund
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
SPECIAL
Impact Fees, Impact Fees, Impact Fees, Impact Fees,
Libraries Solid Waste Police Facilities Fire & EMS
$
696,966
$
4,925
$
286,804
$
311,470
$
696,966
$
4,925
$
286,804
$
311,470
$ _ $ _ $ - $ 55,500
- - 47,248 -
47,248 55,500
696,966
4,925
239,556
255,970
696,966
4,925
239,556
255,970
$ 696,966 $ 4,925 $ 286,804 $ 311,470
F-3
REVENUE FUNDS
Fire & Amb
Upper Keys
Unincorp.
Impact Fees,
District #1,
Health Care . Fire & Amb
Area Service
Local
Fair Share
Lower and
Special" District #6,
District,
Housing
Housing
Middle Keys
Taxing District Key Largo
Parks & Rec.
Assistance
$ 201,003
$ 3,233, 969
$ 1,985, 700 $ -
$ 1,425,927
$ 2,660,745
-
352,692
- -
-
45,000
-
1,290
- -
30,894
90,586
-
111,589
- -
14,104
-
"
_
- -
-
4,865,805
-
-
- -
-
(4,865,805)
"
-
-
-
62,554
$ 201,003
$ 3,699,540
$ 1,985,700 $ -
$ 1,470,925
$ 2,858,885
$ - $ 107,149 $
131 $
- $ 80,794 $
33,188
- 175,898
5,270
- 26,123
-
- 31,278
-
- 1,054
-
- 372
-
- 912
32,280
- 126
" -
-
- 1,702
-
- 314,823
5,401
- 110,585
65,468
- 382,064
-
_ -
-
201,003 3,002,653
1,980,299
- 1,360,340
2,793,417
201,003 3,384,717
1,980,299
- 1,360,340
2,793,417
$ 201,003 $ 3,699,540 $ 1,985,700 $ - $ 1,470,925 $ 2,858,885
(Continued)
F-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
ASSETS
Cash and Cash Equivalents
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Debt Service
Unreserved, Designated in Special Rev. Fund
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
911
Municipal Enhancement
Policing Fees
SPECIAL
Duck Key
Security Boating
District Improvement
$ 2,094,975 $ 144,311 $ 246,798 $ 1,116,627
- 101,753 - -
114, 018 - 7 34,133
$ 2,208,993 $ 246,064 $ 246,805 $ 1,150,760
$ 3 $ - $ 3,840 $ 22,083
- - - 52,169
- - - 11,390
194,232 - -
3 194,232 3,840 85,642
- - - 20,357
2,208,990 51,832 242,965 1,044,761
2,208,990 51,832 242,965 1,065,118
$ 2,208,993 $ 246,064 $ 246,805 $ 1,150,760
F-5
REVENUE FUNDS
Miscellaneous
Law
Court
Drug
Marathon
Special Environmental
Enforcement
Facility
Abuse
Municipal
Revenue Restoration
Trust
Fees
Trust
Service
$ 2,148,574 $
729,310 $ 723,429 $
1,486,510 $
120,849 $
1,933,819
71,343
- 50,770
28,612
4,086
18
$ 2,219,917 $
729,310 $ 774,199 $
1,515,122 $
124,935 $
1,933,837
$ 27,286 $ 96 $ - $ 403,983 $ - $ 1,615,831
61,767 6,998
84,507 - 21,000
30,271 - _ _ _ _
203,831 7,094 21,000 403,983 - 1,615,831
119,627 - -
2,016,086 722,216 753,199 991,512 124,935 318,006
2,016,086 722,216 753,199 1,111,139 124,935 318,006
$ 2,219,917 $ 729,310 $ 774,199 $ 1,515,122 $ 124,935 $ 1,933,837
(Continued)
1=-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
ASSETS
Cash and Cash Equivalents
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Debt Service
Unreserved, Designated in Special Rev. Fund
Unreserved, Undesignated
Total Fund Balances
Total Liabilities and Fund Balances
SPECIAL
Conch Key
Bay Point
Big Coppitt
Key Largo
Wastewater
Wastewater
Wastewater
Wastewater
MSTU
MSTU
MSTU
MSTU
$ 15,686 $ 146,512 $ 263,301 $ 1,754,090
258 1,397 15,669
$ 15,686 $ 146,770 $ 264,698 $ 1,769,759
$ 13,613 $ 45,541 $ 25,754 $ 319,152
680 1,492 1,118
243
13,613 46,221 27,246 320,513
2,073
100,549
237,452
1,449,246
2,073
100,549
237,452
1,449,246
$ 15,686 $ . 146,770 $ 264,698 $ 1,769,759
F-7
REVENUE FUNDS
Cudjoe- Lang Key, Total Nonmajor
Stock Island Sugarloaf Conch Key Layton Duck Key Building Special Revenue
Wastewater MSTU MSTU MSTU MSTU Fund Funds
$ 372,780 $ 341,855 $ 6,917 $ 46,602 $ 107,799 $ 300,000 $ 45,484,689
- - - - - - 398,857
- - - - - 212,461
- - - - - 224,523
533 28 138 77 1,066 - 2,190,116
- - - - - 5,124,900
' - - - - (5,124,900)
- - - - - - 62,554
$ 373,313 $ 341,883 $ 7,055 $ 46,679 $ 108,865 $ 300,000 $ 48,573,200
$ 28,004 $ 7,295 $ 216 $ 7,294 $ 32,822 $ - $ 5,145,946
86,437
680 680 680 680 1,063 - 224,828
- 101,097
- 73,996
- - 360,828
- - 1,702
- - - - - - 30,271
28,684 7,975 896 7,974 33,885 - 6,025,105
522,048
- - - - - - 466,651
344,629 333,908 6,159 38,705 74,980 300,000 41,559,396
344,629 333,908 6,159 38,705 74,980 300,000 42,548,095
$ 373,313 $ 341,883 $ 7,055 $ 46,679 $ 108,865 $ 300,000 $ 48,573,200
(Continued)
F-8
This page was intentionally left blank.
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET- CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2007
ASSETS
Cash and Cash Equivalents
Accounts Receivable, Net
Due from Other Funds
Due from Other Governmental Units
Due from Constitutional Officers
Mortgages/Notes Receivable
Allowance for Mortgages/Notes Receivable
Interest Receivable
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Retainage Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Due to Constitutional Officers
Deposits in Escrow
Deferred Revenues
Total Liabilities
Fund Balances:
Encumbrances
Debt Service
Unreserved, Designated in Special Rev, Fund
Unreserved, Undesignated
Total Fund Balances
CAPITAL
FUND
Total
ALL DEBT Clerk's Nonmajor
SERVICE Revenue Governmental
FUNDS Note Funds
$ 514,434 $ 93,985 $ 46,093,108
- - 398,857
- - 212,461
- - 224,523
- - 2,190,116
- - 5,124,900
- - (5,124,900)
- - 62,554
$ 514,434 $ 93,985 $ 49,181,619
5,145,946
86,437
224,828
92,468 - 92,468
101,097
73,996
- 360,828
1,702
- - 30,271
92,468 - 6,117, 573
- - 522,048
421,966 - 421,966
- - 466,651
- 93,985 41,653,381
421,966 93,985 43, 064,046
Total Liabilities and Fund Balances $ 514,434 $ 93,985 $ 49,181,619
F-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Overl(Under) Expenditures
SPECIAL
Tourist
Tourist
Tounst
Affordable Development
Development
Development
Housing All Districts
Admin & Promo
District #One
Programs Two Cent
Two Cent
Three Cent
$ - $ 3,347,730 $ 6,937,155 $ 2,651,078
- 65,684 136,111 50,212
19,421 167,157 173,974 221,205
- 3,485 616 -
19,421 3,584.056 7,247,856 2,922,495
3,129,043 6,515,121 2,637,636
3,129,043 6,515,121 2,637,636
19,421 455,013 732,735 284,859
Other Financing Sources/(Uses):
Transfers from Other Funds -
Transfers to Other Funds - (112,972) (188,163) (71,795)
Transfers to Other Governments -
Total Other Financing Sources/(Uses) - (112,972) (188,163) (71,795)
Net Change in Fund Balances 19,421 342,041 544,572 213,064
Fund Balances -October 1
346,978
2,601,488
2,954,911
3,220,098
Fund Balances -September 30
$ 366,399
$ 2,943,529
$ 3,499,483
$ 3,433,162
F-10
REVENUE FUNDS
ourist
Tourist
Tourist
Tounst
Development
Development
Development
Development Impact Fees,
District #Two
District #Three
District #Four
District Wive Impact Fees, Parks and
Three Cent
Three Cent'
Three Cent
Three Cent Roadways Recreation
$ 305,794 $ 772,199 $ 687,935 $ 725,437 $ - $
5,968 16,145 • 14,733 13,835 - -
22,714 62,261 78,938 61,789 336,659 54,204
- - - - 145,393 56,440
334,476 850,605 781,606 801,061 482,052 110,644
- - - - 741,895 -
309,569 876,800 833,636 701,608 - -
- - - 350,590
309,569 876,800 833,636 701,608 741,895 350,590
24,907 (26,195) (52,030) 99,453 (259,843) (239,946)
(10,740)
(18,653)
(18,030)
(19,183)
(35,583) -
(10,740)
(18,653)
(18,030)
(19,183)
(35,583) -
14,167
(44,848)
(70,060)
80,270
(295,426) (239,946)
393,309
881,592
1,168,500
1,045,297
6,009,822 943.465
$ 407,476 $
836,744 $
1,098,440 $
1,125,567 $
5,714,396 $ 703,519
(Continued)
F-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
SPECIAL
Impact Fees, Impact Fees, Impact Fees, Impact Fees,
Libraries Solid Waste Police Facilities Fire & EMS
35,807 2,152 15,345 16,127
48,634 9,954 22,961 15,937
84,441 12,106 38,306 32,064
- 47,248 55,500
46,894 - -
46,894 47,248 55,500
84,441 (34,788) (8,942) (23,436)
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Transfers to Other Governments
Total Other Financing Sources/(Uses)
Net Change in Fund Balances 84,441 (34,788) (8,942) (23,436)
Fund Balances -October 1
Fund Balances -September 30
612,525
39,713
248,498
279,406
$ 696,966 $
4,925
$ 239,556
$ 255,970
F-12
REVENUE FUNDS
Fire & Amb
Upper Keys
Unincorp.
Impact Fees, District #1,
Health Care Fire & Amb
Area Service Local
Fair Share Lower and
Special District #6,
District, Housing
Housing Middle Keys
Taxing District Key Largo
Parks & Rec. Assistance
$ - $ 7,155,699 $ - $ - $ 974,033 $ -
48,966 - - 418,315 730,832
499,948 - - 63,729 -
8,805 303,601 113,317 - 106,066 166,572
41,651 100 - - 31,994 397,742
50,456 8,008,314 113,317 - 1,594,137 1,295,146
331,026 - -
6,174,397 - 727,746 - -
- - - - - 1,654,306
220,005 - - -
- - 1,651,952 -
91,989 - - - -
6,597,412 220,005 727,746 1,651,952 1,654,306
50,456 1,410,902 (106,688) (727,746) (57,815) (359,160)
(457,399) (25,519) - (93,045) -
- (457,399) (25,519) - (93,045) -
50,456 953,503 (132,207) (727,746) (150,860) (359,160)
150,547
2,431,214
2,112,506
727,746 1,511,200
3,152,577
$ 201,003 $
3,384,717 $
1,980,299 $
- $ 1,360,340 $
2,793,417
(Continued)
F-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
.Overl(Under) Expenditures
911
Municipal Enhancement
Policing Fees
SPECIAL
Duck Key
Security Boating
District. Improvement
$ 4,170,448 $ - $ - $ -
3,233,655 629,375 - 520,490
134,656 18,078 13,618 66,925
- 73,696 -
7,538,759 647,453 87,314 587,415
193,165 - 2,181 -
6,749,649 595,621 48,674 -
- - - 527,366
6,9420814 595,621 50,855 527,366
595,945 51,832 36,459 60,049
Other Financing Sources/(Uses):
Transfers from Other Funds - - -
Transfers to Other Funds (2,666) - - (6,715)
Transfers to Other Governments - (670,256) - -
Total Other Financing Sources/(Uses) (2,666) (670,256) - (6,715)
Net Change in Fund Balances 593,279 (618,424) 36,459 53,334
Fund Balances -October 1
1,615,711
670,256
206,506
1,011,784
Fund Balances -September 30
$ 2,208,990 $
51,832 $
242,965
$ 1,065,118
F-14
REVENUE FUNDS
Miscellaneous
Law
Court
Drug
Marathon
Special Environmental
Enforcement
Facility
Abuse
Municipal
Revenue Restoration
Trust
Fees
Trust
Service
$ 1,271
19,892
-
-
-
_ -
667,269
-
-
376,647
38,381 18
313,593
240,279
65,059
-
- -
151,582
26,752
40,806
87,824
5,312 110,614
1,152,326
267,031
106,865
464,471
43,693 111,903
-
-
-
-
- 188
334,340
-
143,327
-
- -
-
76,759
-
-
- 1,789,320
147,792
9,254
-
-
-
167,711
-
-
642,477
- -
659,097
76,759
143,327
642,477
- 1,789,508
493,229 190,272 (37,462) (178,006) 43,693 (1,677,605)
294,708 - - - -
(61,767) (6,942) - (199,549) - -
(1,677,640) - - - - -
(1,739,407) 287,766 - (199,549) - -
(1,246,178) 478,038 (37,462) (377,555) 43,693 (1,677,605)
3,262,264 244,178 790,661 1,488,694 81,242 1,995,611
$ 2,016,086 $ 722,216 $ 753,199 $ 1,111,139 $ 124,935 $ 318,006
(Continued)
F-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
SPECIAL
Conch Key
Bay Point
Big Coppitt
Key Largo
Wastewater
Wastewater
Wastewater
Wastewater
MSTU
MSTU
MSTU
MSTU
Revenues:
Taxes
$ -
$ 18,625
$ 109,433
$ 1,120,983
Licenses and Permits
_
_
_
_
Intergovernmental
-
_
-
_
Charges for Services
w
256
1,387
15,562
Fines and Forfeitures
_
_
_
-
Investment Income
834
7,686
13,803
106,130
Miscellaneous
-
-
9,000
-
Total Revenues
834
26,567
133,623
1,242,675
Expenditures:
Current:
General Government - 529 2,871 32,170
Public Safety _ _ _
Physical Environment 13,613 50,040 69,291 1,091,996
Transportation _ _ _ _
Economic Environment _ _
Human Services _ _
Culture and Recreation _ -
Court Related
Debt Service
Total Expenditures 13,613 50,569 72,162 1,124,166
Excess/Deficiency of Revenues
Over/(Under) Expenditures
(12,779)
(24,002)
61,461
118,509
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Transfers to Other Governments
Total Other Financing Sources/(Uses)
-
-
-
-
Net Change in Fund Balances
(12,779)
(24,002)
61,461
118,509
Fund Balances -October 1.
14,852
124,551
175,991
1,330,737
Fund Balances -September 30
$ 2,073
$ 100,549 $
237.452
$ 1,449,246
F-16
ZI :Lyl::L11:144Z I-11R
Stock Island
Wastewater
Cudjoe-
Sugarloaf
MSTU
Conch Key
MSTU
Long Key,
Layton
MSTU
Duck Key Building
MSTU Fund
Total Nonmajor
Special Revenue
Funds
$ 114,070
$ 338,071
$ 10,401
$ 48,571
$ 116,439. $ -
$ 29,605,372
-
-
-
- -
19,892.
-
-
-
- -
1,198,113
484
-
137
-
1,055 -
6,351,071
-
-
- -
618,931
16,927
15,156
372
1,900
5,026 -
2,790,115
150,320
-
-
-
13,500 -
1,021,423
281,801
353,227
10,910
50,471
136,020 -
41,604,917
43 310 - - - 562.483
- - - - - - 14,876,502
86,889 19,276 4A41 11,766 61,040 - 3,848,691
741,895
" - - - - 16,657,719
- - - - 367,797
2,011,796
- - - 810,188
- 91,989
86,889 19,319 4,751 11,766 61,040 - 39,969,060
194,912 333,908 6,159 38,705 74,980 - 1,635,857
300,000 594,708
- (1,328,721)
- (2,347,896)
- - - - - 300,000 (3,081,909)
194,912 333,908 6,159 38,705 74,980 300,000 (1,446,052)
149,717 - - - - - 43,994,147
$ 344,629 $ 333,908 $ 6,159 $ 38,705 $ 74,980 $ 300,000 $ 42,548,095
(Continued)
F-17
This page was intentionally left blank.
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES -CONTINUED
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Revenues:
Taxes
Licenses and Permits
Intergovernmental
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
Expenditures:
Current:
General Government
Public Safety
Physical Environment
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Oved(Under) Expenditures
Other Financing Sources/(Uses):
Transfers from Other Funds
Transfers to Other Funds
Transfers to Other Governments
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances -October 1
Fund Balances -September 30
CAPITAL
FUND
Total
ALL DEBT Clerk's
Nonmajor
SERVICE Revenue
Governmental
FUNDS Note
Funds
$ 29,605,372
19,892
573,000 - 1,771,113
- - 6,351,071
- - 618,931
31,643 4,982 2,826,740
- - 1,021,423
604,643 4,982 42,214,542
562,483
14,876,502
3,848,691
- 741,895
- 16,657,719
- 367,197
- 2,011,796
- - 810,188
2,530,833 - 2,622,822
2,530,833 - 42,499,893
(1,926,190) 4,982 (285,351)
1,373,000 - 1,967,708
- - (1,328,721)
- - (2,347,896)
1,373,000 - (1,708,909)
(553,190) 4,982 (1,994,260)
975,156 89,003 45,058,306
$ 421,966 $ 93,985 $ 43,064,046
F-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing Initiatives
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 6,545 $ 6,545 $ 19,421 $ 12,876
284,101 284,101 - 284,101
(277,556) (277,556) 19,421 296,977
(48,000) (48,000) - 48,000
(325,556) (325,556) 19,421 344,977
325,556 325,556 346,978 21,422
$ 366,399 $ 366,399
F-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, ALL DISTRICTS, TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella
Fishing Umbrella
Dive Umbrella
Operations - Events
Catastrophic Emergency
Special Projects
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers to Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 3,031,000
$ 3,031,000
$ 3,347,730
$ 316,730
-
-
65,684
65,684
-
-
167,157
167,157
-
-
3,485
3,485
3,031,000
3,031,000
3,584,056
553,056
723,950
723,950
542,515
181.435
726,600
726,600
612,219
114,381
400,000
400,000
383,586
16,414
1,612,031
1.560,059
1,174,314
385,745
807,833
807,833
-
807,833
784,739
784,739
416,409
368,330
5,055,153
5,003,181
3,129,043
1,874,138
(2,024,153) (1,972,181) 455,013 2,427,194
(61,000) (112,972) (112,972) -
(2,085,153) (2,085,153) 342,041 2,427,194
2,085,153 2,085,153 2,601,488 516,335
$ 2,943,529 $ 2,943,529
F-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Projects
Total Expenditures
Excess/Deficiency of Revenues
Overl(Under) Expenditures
Other Financing Sources/(Uses):
Transfers to Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 6,300,000 $ 6,300,000 $ 6,937,155 $ 637,155
- - 136,111 136,111
- - 173,974 173,974
616 616
6,300,000 6,300,000 7,247,856 947,856
4,391,356
4,338,442
4,093,775
244,667
749,928
749,928
664,856
85,072
1,261,837
1,261,837
-
1,261,837
1,905,483.
1,905,483
1,756,490
148,993
8,308,804
8,255,690
6,515,121
1,740,569
W (2,008:604) (1,955,690) 732,735 2,688,425
(135,249) (188,163) (188,163) -
(2,143,853) (2,143,853) 544,572 2,688,425
2,143,853 2.143,853 2,954,911 811,058
- $ 3,499,483 $ 3,499,483
F-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #ONE, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ 2,489,000
$ 2,489,000
$ 2,651,078
$ 162,078
Charges for Services
-
-
50,212
50,212
Investment Income
-
-
221,205
221,205
Total Revenues
2,489,000
2,489,000
2,922,495
433,495
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
836,180
836,180
814,273
21,907
Administrative Services
87,486
87,486
75,459
12,027
Catastrophic Emergency
226,748
226,748
-
226,748
Special Events
117,461
117,461
60,152
57,309
Bricks and Mortar
3,067,362
3,058,003
1,394,252
1,663,751
information Services
293,500
293,500
293,500
-
Beaches
343,450
343,450
-
343,450
Total Expenditures
4,972,187
4,962,828
2,637.636
2,325,192
Excess/Deficiency of Revenues
Over/(Under) Expenditures (2,483,187) (2,473,828) 284,869 2,758,687
Other Financing Sources/(Uses):
Transfers to Other Funds (62,436) (71,795) (71,795) -
Net Change in Fund Balances (2,545,623) (2,545,623) 213,064 2,758,687
Fund Balances, October 1 2,54.5,623 2,545,623 3,220,098 674,475
Fund Balances, September 30 $ - $ - $ 3,433,162 $ 3,433,162
F-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #TWO, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ 264,000
$ 264,000
$ 305,794
$ 41,794
Charges for Services
-
-
5,968
5,968
Investment Income
-
-
22,714
22,714
Total Revenues
264,000
264,000
334,476
70,476
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
205,256
205,256
173,604
31,652
Administrative Services
8,860
8,860
8,241
619
Catastrophic Emergency
33,393
33,393
-
33,393
Special Events
31,310
31,310
20,736
10,574
Bricks and Mortar
194,947
208,168
30,988
177,180
Information Services
76,000
76,000
76,000
-
Total Expenditures
549,766
562,987
309,569
253,418
Excess/Deficiency of Revenues
Over/(Under) Expenditures (285,766 {298,987} 24,907 323,894
Other Financing Sources/(Uses):
Transfers to Other Funds (23:961) (10,740) (10,740) -
Net Change in Fund Balances (309,727) (309,727) 14,167 323,894
Fund Balances, October 1 309,727 309,727 393,309 83,582
Fund Balances, September 30 $ - $ - $ 407,476 $ 407,476
F-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #THREE, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Information Services
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers to Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 637,000
$ 637,000
$ 772,199
$ 135,199
-
-
16,145
16,145
-
-
62,261
62,261
637,000
637,000
850,605
213,605
201,416
192,334
141,961 `
50,373
22,225
22,225
18,851
3,374
63,955
63,955
-
63,955
109,310
109,310
96,522
12,788
659,966
675,369
491,474
183,895
120,000
129,082
127,992
1,090
1,176,872
1,192, 275
876,800
315,475
(539,872) (555,275) (26,125) 529,080
(34,056) (18,653) (18,653)_ -
(573,928) (573,928) (44,848) 529,080
573,928 573,928 881,592 307,664
$ 836,744 $ 836,744
F-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #FOUR, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Information Services
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers to Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 609,000 $ 609,000 $ 687,935 $ 78,935
- - 14,733 14,733
- - 78,938 78,938
609,000 609,000 781,606 172,606
467,401
467,401
454,008
13,393
26,844
26,844
17,691
9,153
80,782
80,782
-
80,782
186,072
186,072
119,479
66,593
905,581
928,648
132,458
796,190
110,000
110,000
110,000
-
1,776,680
1,799,747
833,636
966,111
1,167,680 (1,190,747) (52,030) 1,138,717
(41,097) (18,030) (18,030)
(1,208,777) (1,208,777) (70,060) 1,138,717
1,208,777 1,208,777 1,168,500 (40,277)
$ 1,098,440 $ 1,098,440
F-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT #FIVE, THREE CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion
Administrative Services
Information Services
Catastrophic Emergency
Special Events
Bricks and Mortar
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers to Other Funds
Net Change in Fund Balances
Fund Balances, October 'I
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 662,000
$ 662,000
$ 725,437
$ 63,437
-
-
13,835
13,835
-
-
61,789
61,789
662,000
662,000
801,061
139,061
452,183
452,183
350,468
101,715
29,112
29,112
18,905
10,207
125,000
125,000
125,000
-
58,845
58,845
-
58,845
66,385
66,385
39,600
26,785
787,718
812,051
167,635
644,416
1,519,243
1,543,576
701,608
841,968
(857,243) (881,5761 99,453 981,029
(43,516) (9,183) (19,183) -
(900,759) (900,759) 80,270 981,029
900,759 900,759 1,045,297 144,538
$ - $ - $ 1,125,567 $ 1,125,567
F-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - ROADWAYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Transportation:
Fair Snare Improvement Dist 1
Fair Share Improvement Dist 2
Fair Share Improvement Dist 3
Fair Share Improve Key Colony Beach
Duck Key Drive
FKOHT Tom's Harbor Cut
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Transfers to Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 148,000
$ 148,000
$ 336,659
$ 188,659
123,765
123,765
145,393
21,628
271,765
271,765
482,052
210,287
'330,378
330,378
- 330,378
556,730
132,230
- 132,230
3,329,270
3,329,270
- 3,329,270
188,842
188,842
- 188,842
1,100,823
1,100, 823
236,975 863,848
-
574,500
504,920 69,580
5,506,043
5,656,043
741,895 4,914,148
(5,234,278) _ (5,384,278) (259,843) 5,124,435
(1,450,000) (1,300,000) (35,583) 1,264,417
(6,684,278) (6,684,278) (295,426) 6,388,852
6,684,278 6,684,278 6,009,822 (674,456)
$ 5,714,396 $ 5,714,396
F-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Investment Income $ 75,000
$ 75,000
$ 54,204
$ (20,796)
Miscellaneous 102,425
102,425
56,440
45,985
Total Revenues 177,425
177,425
110,644
(661781)
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects
421,265
421,265
342,684 78,581
District 2 Projects
247,814
247,814
- 247,814
District 3 Projects
154,887
154,887
- 154,887
Key Largo Skate Park
313,034
313,034
7,906 305,128
Total Expenditures
1,137,000
1,137,000
350,590 786,410
Excess/Deficiency of Revenues
Overl(Under) Expenditures _ (959,575) (959,575) (239,946) 719,629
Net Change in Fund Balances (959,575) (959,575) (239,946) 719,629
Fund Balances, October 1 959,575 959,575 943,465 (16,110)
Fund Balances, September 30 $ - $ - $ 703,519 $ 703,519
F-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - LIBRARIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Culture and Recreation:
County Wide Library Projects
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October 4
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual {Negative)
$ - $ - $ 35,807 $ 35,807
48,634 48,634
84,441 84,441
537,258 537,258 - 537,258
(537,258) (537,258) 84,441 621,699
(537,258) (537,258) 84,441 621,699
537,258 537,268 612,525 75,267
$ 696,966 $ 696,966
F-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - SOLID WASTE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Investment Income $ 5,000
$ 5,000
$ 2,152
$ (2,848)
Miscellaneous 15,000
15,000
9,954
(5,046)
Total Revenues 20,000
20,000
12,106
(7,894)
EXPENDITURES:
Current:
Physical Environment:
County Wide Solid Waste Projects 69,917 69,917 46,894 23,023
Excess/Deficiency of Revenues
Overt(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October I
Fund Balances, September 30
(49,917) (49,917)_- (34,788) 15,129
(49,917) (49,917) (34,788) 15,129
49,917 49,917 39,713 (10,204)
4,925 $ 4,925
F-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN.
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - POLICE FACILITIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
County Wide Police Facility
Excess/Deficiency of Revenues
Overt(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ - $ 14,015 $ 15,345 $ 1,330
22,654 22,961 307
36,669 38,306 1,637
210,553 285,167 47,248 237,919
(210,5531 (248,498) (8,942) 239,556
(210,553) (248,498) (8,942) 239,556
210,553 248,498 248,498 -
$ - $ - $ 239,656 $ 239,556
F-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - FIRE AND EMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project
District 2 Fire & EMS Project
District 3 Fire & EMS Project
Key Colony Beach Fire & EMS
Total Expenditures
Excess/Deficiency of Revenues
Overt(Under) Expenditures
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 1,536
$ 1,536
$ 16,127
$ 14,591
16,100
16,100
15,937
(163)
17,636
17,636
32,064
14,428
111,773
111,773
18,000 93,773
16,007
16,007
- 16,007
81,257
81,257
37,500 43,757
15,086
15,086
- 15,086
224,123
224,123
55,500 168,623
(206,487) (206,487) (23,436) 183,051
(206,487) (206,487) (23,436) 183,051
206,487 206,487 279,406 72,919
$ 255,970 $ 255,970
F-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - EMPLOYEE FAIR SHARE HOUSING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
Miscellaneous
Total Revenues
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 160 $
160 $
8,805 $
8,645
26,419
26,419
41,651
15,232
26,579
26,579
50,456
23,877
T(26,679) 26,579 - 26,579
- 50,456 50,456
150,547 150,547
$ 201,003 $ 201,003
F-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FIRE AND AMBULANCE DISTRICT #1 - LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ 7,547,849
$ 7,547,849
$ 7,155,699
$ (392,150)
Intergovernmental
28,000
28,000
48,966
20,966
Charges for Services
410,000
410,000
499,948
89,948
Investment Income
200,000
200,000
303,601
103,601
Miscellaneous
-
-
100
100
Total Revenues
8,185,849
8,185,849
8,008,314
(177,535)
EXPENDITURES:
Current:
General Government:
Tax Collector
225,000
215,000
206,769
8,231
Property Appraiser
125,000
124,257
124,257
-
Total General Government
350,000
339,257
331,026
8,231
Public Safety:
Fire Rescue - Central
Lower & Middle Keys Ambulance Dist
Total Public Safety
Debt Service:
Principal
Interest
Total Debt Service
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sourcesf(Uses):
Reserve for Contingencies
Transfers to Other Funds
2,135,160
2,753,035
1,991'190
761,845
4,120,302
4,460,302
4,183,207
277,095
6,255,462
7,213,337
6,174,397
1,038,940
- 88,794
88,794 -
- 3,195
3,195 -
- 91,989
91,989 -
6,605,462 7,644,583 6,597,412 1,047,171
1,580,387 541,266 1,410,902 869,636
(2,002,428) (1,193,307) - 1,193,307
�775,458) (545,458) (457,399) 88,059
Total Other Financing Sources/(Uses) (2,777,886) (1,738,765) 457,399 1,281,366
Net Change in Fund Balances (1,197,499) (1,197,499) 953,503 2,151,002
Fund Balances, October 1 1,197,499 1,197,499 2,431,214 1,233,715
Fund Balances, September 30 $ - $ - $ 3,384,717 $ 3,384,717
F-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
UPPER KEYS HEALTH CARE SPECIAL TAXING DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
REVENUES: Budget Budget Actual (Negative)
Investment Income $ 62,000 $ 62,000 $ 113,317 $ 51,317
EXPENDITURES:
Current:
General Government:
Vehicle Replacement
3,778
3T778
-
3,778
Tax Collector
100
100
-
100
Total General Government
3,878
3,878
-
3,878
Human Services:
Trauma District Administration
197,994
197,994
184,272
13,722
Trauma Transportation and Treatment
725,044
725,044
35,354
689,690
Trauma Pretransportation
147,879
147,879
379
147,500
Trauma Facility Upgrade
400,000
400,000
-
400,000
Total Human Services
1,470 917
1,470,917
220,005
1,250,912
Total Expenditures
1,474,795
1,474,795
220,005
1,254,790
Excess/Deficiency of Revenues
Overt(Under) Expenditures
1,412,795
1,412,795
(106,688)
1,306,107
Other Financing Sources/(Uses):
Reserve for Contingencies
(150,000)
(150,000)
-
150,000
Transfers to Other Funds
28,000
(28,000)
25,519
2,481
Total Other Financing Sources/(Uses) 178,000
(178,000)
25,519
152,481
Net Change in Fund Balances
(1,590,795)
(1,590.795)
(132,207)
1,458,588
Fund Balances, October 1
1,590,795
1,590,795
2,112,506
521,711
Fund Balances, September 30
$ -
$ _
$ 1,980,299 $
1,980,299
F-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FIRE AND AMBULANCE DISTRICT #6 - KEY LARGO SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
EXPENDITURES:
Current:
Public Safety:
Key Largo Fire & Rescue
Net Change in Fund Balances
Fund Balances, October 9
Fund Balances, September 30
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
$ 735,458 $
735,458 $
727,746 $
7,712
(735,458)
(735,458)
(727,746)
7,712
735,458
735,458
727,746
(7,712)
F-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT -
PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Intergovernmental
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Culture and Recreation:
Parks & Beaches Unincorporated
Jacob's Aquatic Center
School Board Interlocal
Islamorada Parks & Beaches
Vehicle Replacement
Total Expenditures
Excess/Deficiency of Revenues
Overt(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 1,019,943
$ 1,019,943
$ 974,033 $
(45,910)
500,000
400,000
418,315
18,315
35,000
35,000
63,729
28,729
20,000
96,000
106,066
10,066
25,000
25,000
31,994
6,994
1,599,943
1,575,943
1,594,137
18,194
1,588,291
1,541,009
1,329,647 211,362
-
225,000
225,000 -
130, 000
130,000
17,305 112,695
80,000
80,000
801000 -
67,297
_
_ -
1,865,588
1,976,009
1,651,952 324,057
(265,645) _(400,066) (57,815) 342,251
(568,999) (438,578) - 438,578
(187,703)(1 87,703� (93,045) 94,658
Total Other Financing Sources/(Uses) 756,702 626,281 _ (93,045) 533,236
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(1,022,347) (1,026,347) (150,860) 875,487
1,022,347 1,026,347 1,511,200 484.853
$ - $ - $ 1,360,340 $ 1,360,340
F-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LOCAL HOUSING ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Intergovernmental
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Economic Environment:
Down Pymt,Wastewater,Rehab 05
Down Pymt, Wastewater, Rehab 06
Down Pymt, Wastewater, Rehab 07
Rental Rehab 05
Rental Rehab 06
Rental Rehab 07
SHIP Fair Housing 05
SHIP Fair Housing 06
SHIP Fair Housing 07
Administration 05
Administration 06
Administration 07
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies 05
Reserve for Contingencies 06
Reserve for Contingencies 07
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 777,587 $ 777,587 $ 730,832 $ (46,755)
- - 166,572 166,572
- - 397,742 397,742
777,587 777,687 1,295,146 517,559
855,000
1,022,215
1,021,604
611
606,685
638,372
266,952
371,420
594,535
601,885
135,000
466,885
150,000
-
-
-
675,408
625,408
150,243
475,165
150,000
135,653
-
135,653
14,258
-
_
-
-
5,000
- 5,000
-
5,000
- 5,000
61,624
58,667
58,667 -
117,458
130,771
21,840 108,931
77,759
79,756
79,756
3,302,727
3,302,727
1,654,306 1,648,421
2, 525,140 _ (2,525,140) _ (359,160) 2,165, 980
(10,000) (10,000) - 10,000
(10,000) (10,000) - 10,000
10,000 (10,000) - 10,000
Total Other Financing Sources/(Uses) 30,000 (30,000) - 30,000
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(2,555,140) (2,555,140) (359,160) 2,195, 980
2,555,140
2,555,140 3,152,577 597,437
- $ 2,793,417 $ 2,793,417
F-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MUNICIPAL POLICING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
General Government:
Property Appraiser
Tax Collector
Total General Government
Public Safety:
Insurance Unincorporated & Layton
Insurance Islamorada
Insurance Marathon
Sheriff Unincorporated & Layton
Sheriff Islamorada
Sheriff Marathon
School Crossing Guard
Total Public Safety
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 4,368,042
$ 4,368,042
$ 4,170,448
$ (197,594)
2,770,437
2,770,437
3,233,655
463,218
50,000
50,000
134,656
84,656
7,188,479
7,188,479�
7,538,759
350,280
82,631 72,326 72,326 -
134,000 124,000 120,839 3,161
216,631 196.326 193,165 3,161
437,000 436,870 436,870
179,604
162,740
161,950 790
164,300
139,830
139,830 -
3,035,879
3,035,879
3,035,879 -
1,459,216
1,459,216
1,459,216 -
1,229,760
1,229,760
1,229,760 -
286,144
286,144
286,144 -
6,791,903
6,750,439
6,749,649 790
Total Expenditures
7,008,534
6,946,765
6,942,814
3,951
Excess/Deficiency of Revenues
Over/(Under) Expenditures
179,945
241,714
595,945
354,231
Other Financing Sourcest(Uses):
Reserve for Contingencies
(560,249)
(622,018)
-
622,018
Transfers to Other Funds
5,000
5,000
2,666
2,334
Total Other Financing Sources/(Uses) 565,249
627,018
2,666
624,352
Net Change in Fund Balances
(385,304)
(385,304)
593,279
978,583
Fund Balances, October 1 385,304 385,304 1,615,711 1,230,407
Fund Balances, September 30 $ - $ - $ 2,208,990 $ 2,208,990
F-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
-911 ENHANCEMENT FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Charges for Services
$ 407,144
$ 940,836 $
629,375
$ (311,461)
Investment Income
10,000
26,000
18,078
(7,922)
Total Revenues
417,144
966,836
647,453
(319,383)
EXPENDITURES:
Current:
Public Safety:
911 Enhancement Fund
341,784
314,717
307,796
6,921
911 Wireless
115,000
287,825 .
287,825
-
Mapping Software
425,443
159,121
-
159,121
Total Expenditures
882,227
761,663
595,621
166,042
Excess/Deficiency of Revenues
Over/(Under) Expenditures
465,083
205,173
51,832
(153,341)
Other Financing Sources/(Uses):
Transfers to Sheriff
-
(670,256) (670,256)
-
Net Change in Fund Balances
(465,083)
(465,083)
(618,424)
(153,341)
Fund Balances, October 1 465,083 465,083 670,256 205,173
Fund Balances, September 30 $ - $ - $ 51,832 $ 51,832
F-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Collector
Public Safety:
Island Security
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 4,000
$ 4,000
$ 13,618
$ 9,618
75,000
75,000
73,696
(1,304)
79,000
79,000
871314
8,314
10,000 10,000 2,181 7,819
146,000 146,000 48,674 97,326
156,000 156,000 1 50,855 105,145
(77,000) (77,000) 36,459 113,459
(111,009) (111,009) - 111,009
(188,009) (188,009) 36,459 . 224,468
188,009 188,009 206,506 18,497
$ 242,965 $ 242,965
F-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BOATING IMPROVEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 500,000 $ 500,000 $ 520,490 $ 20,490
- - 66,925 66,925
500,000 500,000 587,415 87,415
1,068,766 1,008,766 527,366 481,400
_ (568,766)(508,766) 60,049 568,815
(400,000) (400,000) - 400.000
- 60,000 (6,715) 53,285
Total Other Financing Sources/(Uses) _ (400,000) 460,000 (6,715) 453,285
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
(968,766) (968,766)
968,766 968,766
53,334 1,022,100
1,011,784 43,018
$ $ - $ 1,065,118 $ 1,065,118
F-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Licenses and Permits
Charges for Services
Fines and Forfeitures
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
Public Safety:
Interagency Communications
Education -Building Department
Teen Court
Total Public Safety
Human Services:
FL Keys Council for the Handicapped
Bayshore Donations
Traffic Educ, Ord 021-2002
Legal Aid
Total Human Services
Culture and Recreation:
Settler's Park Landscaping
Library Special Programs
Total Culture and Recreation
Court Related:
Alt Dispute Resolution - Family
Alt Dispute Resolution - Civil
Ord 016-2004 St Court Sup
SA Ct Tech FS28.24(12)(E)
PD Ct Tech FS28.24(12)(E)
J Ct Tech FS28.24(12)(E)
Total Court Related
Variance with
Final Budget
Original Final Positive
Budget Budget Actual .(Negative)
$ - $ - $ 19,892 $ 19,892
580,544 667,259 86,715
357,038 313,593 (43,445)
47,000 151,582 104,582
350 - (350)
984,932 1,152,326 167,394
724,600
449,081
261,120
187,961
15,445
15,445
11,453
3,992
40,000
101,767
61,767
40,000
780,045
566,293
334,340
231,953
25,000 25,000
11,511 13,489
- 350
- 3.50
74,500 74,500
74,500 -
- 61,781
61,781 -
99,500 161,631
147,792 13,839
10,315 10,315 - 10,315
- 32,591 9,254 23,337
10,315 42,906 9,254 33,652
25,304 25,304
6,895
18,409
11,904 11,904
6,919
4,985
- 142,062
22,295
119,767
- 338,685
-
338,685
- 153.989
37,906
116,083
- 564,476
93,696
470,780
37,208 1,236,420
167,711
1,068,709
F-43
(Continued)
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL - CONTINUED
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
Total Expenditures
927,068
2,007,250
659,097
1,348,153
Excess/Deficiency of Revenues
Over/(Under) Expenditures
927,068
(1,022,318)
493,229
1,515,547
Other Financing Sources/(Uses):
Reserve for Contingencies
(1,072,932)
(250,915)
-
250,915
Transfers to Other Funds
-
(61,767)
(61,767)
-
Transfers to Sheriff
-
1,677,644
1,677,640
-
Total Other Financing Sources/(Uses) 1,072,932
(1,990,322)
(1,739,407)
250,915
Net Change in Fund Balances
(2,000,000)
(3,012,640)
(1,246,178)
1,766,462
Fund Balances, October 1
2,000,000
3,012,640
3,262,264
249,624
Fund Balances, September 30
$ -
$ -
$ 2,016,086
$ 2,016,086
F-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Fines and Forfeitures
Investment Income
Total Revenues
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration
KLWT Plant Site Mitg Pro
Total Environmental Restoration
Culture and Recreation:
Settler's Park
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers from Other Funds
Transfers to Other Funds
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 250,000 $ 250,000 $ 240,279 $ (9,721)
- - 26,752 26,752
250,000 250,000 267,031 17,031
220,000 209,504
74,889
134,615
- 294,708
1,870
292,838
220,000 504,212
76,759
427,453
9,083 9,083 - 9,083
229,083 513,295 76,759 436,536
20,917 (263,295) 190,272 453,567
(50,402) (50,402) - 50,402
294,708 294,708 -
- -- (10,496) (6,942) 3,554
Total Other Financing Sources/(Uses) (50,402)T 233,810 287,766 53,956
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30 $
(29,485) (29,485) 478,038 507,523
29,485 29,485 244,178 214,693
- $ - $ 722,216 $ 722,216
F-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final Positive
REVENUES: Budget Budget Actual (Negative)
Fines and Forfeitures
� $ - $
797,572 $
65,059
$ (732,513}
Investment Income
2,000
2,000
40,806
38,806
Total Revenues
2,000
799,572
105,865
(693,707)
EXPENDITURES:
Current:
Public Safety:
Law Enforcement
1,900
799,472
143,327
656,145
Net Change in Fund Balances
100
100
(37,462)
(37,562)
Fund Balances, October 1
(100)
(100)
790,661
790,761
Fund Balances, September 30
$ - $
- $
753,199
$ 753,199
F-46
MONROE COUNTY, FLORI
SCHEDULE OF REVEN
FUND BALA
COURT FACILI
REVENUES:
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Court Related:
. Court Facility
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
TY
FOR THE YEA
R
REVENUES:
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
Court Related:
. Court Facility
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers to Other Funds
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
DA-BOARD OF COUNTY COMMISSIONERS
UES, EX ENDITURES AND CHANGES IN
NCES - BUDGET AND ACTUAL
FEES SPECIAL REVENUE FUND
ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Orig nal Final Positive
Bud get Budget Actual (Negative)
$ 2 0,000 $ 250,000 $ 376,647 $ 126,647
- - 87,824 87,824
2 0,000 250,000 464,471 214,471
1,306,133 1,106,584 642,477 464,107
1,0 6,133 (856,584) (178,006) 678,578
(55,000) (55,000) - 55,000
- (199,549) (199, 549)_ -
5,004 (254,549) (1.99,649 55,000
(1,1 1,133) (1,111,133) (377, 555) 73.3, 578
1,111,133 1,111,133 1,488,694 377,561
$ - $ - $ 1,111,139 $ 1,111,139
F-47
F-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DRUG ABUSE TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Charges for Services
$ 9,775
$ 9,775 $
38,381
$ 28,606
Investment Income
-
-
5,312
5,312
Total Revenues
9,775
9,775
43,693
33,918
Other Financing Sources/(Uses):
Reserve for Contingencies
_ (31,109)
31,109
-
31,109
Net Change in Fund Balances
(21,334)
(21,334)
43,693
65,027
Fund Balances, October 1
21,334
21,334
81,242
59,908
Fund Balances, September 30
$ -
$ - $
124,935
$ 124,935
F-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MARATHON MUNICIPAL SERVICE. TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ -
$ 460
$ 1,271
$ 811
Charges for Services
_
-
18
18
Investment Income
-
249,585
110,614
(138,97a
Total Revenues
-
250,045
111,903
(138,142)
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
-
351
188
163
Physical Environment:
Marathon Wastewater
1,597,339
1,867,033
1,789,320
77,713
Total Expenditures
1,597,339
1,867,384
1,789,508
77,876
Excess/Deficiency of Revenues
Over/(Under) Expenditures
_(1,597,339)
(1,617,339)
(1,677,605)
(60,266)
Other Financing Sources/(Uses):
Reserve for Contingencies (20,000)
Net Change in Fund Balances (1,617,339) (1,617,339) (1,677,605) (60,266)
Fund Balances, October 1 1,617,339 1,617,339 1,995,611 378,272
Fund Balances, September 30 $ - $ - $ 318,006 $ 318,006
F-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CONCH KEY WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original Final
Positive
Budget Budget
Actual
(Negative)
REVENUES:
Investment Income
$ - $ -
$ 834
$ 834
EXPENDITURES:
Current:
Physical Environment:
Conch Key Wastewater
- 13,613
13,613
-
Excess/Deficiency of Revenues
Over/(Under) Expenditures
- (13,613)
(12,779)
834
Other Financing Sourcesl(Uses):
Reserve for Contingencies
(13,613) -
-
-
Net Change in Fund Balances (13,613) (13,613) (12,779) 834
Fund Balances, October 1 13,613 13,613 14,852 1,239
Fund Balances, September 30 $ - $ - $ 2,073 $ 2,073
F-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BAY POINT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ 20,616
$ 20,616
$ 18,625
$ (1,991)
Charges for Services
-
-
256
256
Investment Income
-
-
7,686
7,686
Total Revenues
20,616
20,616
26,567
5,951
EXPENDITURES:
Current:
General Government:
Tax Collector fees
Physical Environment:
Bay Point Wastewater
Total Expenditures
Excess/Deficiency of Revenues
Overl(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
3,000 3,000 529 2,471
77,000 77,000 50,040 26,960
80,000 80,000 50,569 29,431
(59,384) 59,384 (24,002) 35,382
(8,426) (8,428,426
(67,810) (67,810)
67,810 67,810
(24,002) 43,808
124,551 56,741
$ 100,549 $ 100,549
F-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BIG COPPITT MUNICIPAL. SERVICE TAXING UNIT SPECIAL. REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
Physical Environment:
Big Coppitt Wastewater
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget. Budget Actual (Negative)
$ 114,461 $ 114,461 $ 109,433 $ (5,028)
- - 1,387 1,387
13,803 13,803
- - 9,000 9,000
114,461 114,461 133,623 19,162
5,000 5,000 2,871 2,129
237,763 237,763 69,291 168,472
242,763 242,763 72,162 170,601
(128,302) (128,302) 61,461 189,763
(25,000) (25,00% - 25,000
(153,302) (153,302) 61,461 214,763
153,302 153,302 175,991 22,689
$ 237,452 $ 237,452
F-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
KEY LARGO MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
Physical Environment:
Key Largo Wastewater
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 9
Fund Balances, September 30
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
$ 1,165,596 $ 1,165,596 $ 1,120,983 $ (44,613)
- 15,562 15,562
- - 106,130 106,130
1,165, 596 1,165,596 1,242,675 77,079
69,000 69,000 32,170 36,830
2,096,822 2,096,822 1,091,996 1,004,826
2,165, 822 2,165,822 1,124,166 1,041,656
1,000,226 {1,000,226) 118,509 1,118,735
—_ (200,000) (200,000) - 200,000
(1,200,226) (1,200,226) 118,509 1,318,735
1,200,226 1,200,226 1,330,737 130,511
1,449,246 $ 1,449,246
F-53
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
STOCK ISLAND WASTEWATER SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
Physical Environment:
Stock Island Wastewater
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
$ 119,216
$ 119,216
$ 114,070
$ (5,146)
-
-
484
484
-
-
16,927
16,927
-
-
150,320
150,320
119,216
119,216
281,801
162,585
10,000 10,000 - 10,000
173,494 173,494 86,889 86,605
183,494 183,494 86,889 96,605
(64,278) (64,278) 194,912 259,190
(35,000) (35,000) - 35,000
(99,278) (99-278) 194,912 294,190
99,278 99,278 149,717 50,439
- $ 344,629 $ 344,629
F-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CUDJOE-SUGARLOAF MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
Budget
Budget
Actual
(Negative)
REVENUES:
Taxes
$ 369,833
$ 369,833 $
338,071
$ (31,762)
Investment Income
-
-
15,156
15,156
Total Revenues
369,833
369,833
353,227
(16,606)
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
20,000
20,000
43
19,957
Physical Environment:
Cudjoe-Sugarloaf Wastewater
281,341
281,341
19,276
262,065
Total Expenditures
301,341
301,341
19,319
282,022
Excess/Deficiency of Revenues
Over/(Under) Expenditures
68,492
68,492
333,908
265,416
Other Financing Sources/(Uses):
Reserve for Contingencies
50,000
(50,000)
-
50,000
Net Change in Fund Balances
18,492
18,492
333,908
315,416
Fund Balances, October 1
(18,492)
(18,492)
-
18,492
Fund Balances, September 30
$ -
$ - $
333,908
$ 3334908
F-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CONCH KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
Physical Environment:
Conch Key MSTU
Total Expenditures
Excess/Deficiency of Revenues
Overl(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
$ 10,856 $ 10,856 $ 10,401 $ (455)
- - 137 137
- - 372 372
10,856 10,856 10,910 54
. 2,000 2,000 310 1,690
6,313 6,313 4,441 1,872
8,313 8,313 4,751 3,562
2,543 2,543 6,159 3,616
(2,000) (2,000) - 2,000
543 543 6,159 5,616
(543) (543) - 543
6,159 $ 6,159
F-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LONG KEY-LAYTON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Investment Income
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
Physical Environment:
Long Key -Layton Wastewater
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 9
Fund Balances, September 30
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
$ 49,774 $ 49,774 $ 48,571 $ (1,203)
- - 1,900 1,900
49,774 49,774 50,471 697
2,000 2,000 - 2,000
40,285 40,285 11,766 28,519
42,285 42,285 11,766 30,519
7,489 7,489 38,705 31,216
(5,000) (5,000) - 6,000
2,489 2,489 38,705 36,216
(2,489) (2,489) - 2,489
38,705 $ 38,705
F-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
REVENUES:
Taxes
Charges for Services
Investment Income
Miscellaneous
Total Revenues
EXPENDITURES:
Current:
General Government:
Tax Collector Fees
Physical Environment:
Duck Key Wastewater
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sourcesf(Uses):
.Reserve for Contingencies
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Original Final
Budget Budget.
$ 124,041 $ 124,041 $
Variance with
Final Budget
Positive
Actual (Negative)
116,439 $ (7,602)
1,055 1,055
- 5,026 5,026
- 13,500 13,500_
124,041 124,041 136,020 11,979
10,000 101000 - 10,000
92,839 92,839 61,040 31,799
102,839 102,839 61,040 41,799
21,202 21,202 74,980 53,778
(15,000) 15,000 - 15,000
6,202 6,202 74,980 68,778
(6,202) (6,202) - 61202
- - $ 74,980 $ 74,980
F-58
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BUILDING FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfers from Other Funds
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
Original Final
Budget Budget
Variance with
Final Budget
Positive
Actual (Negative)
$ - $ (300,000) $ - $ 300,000
300,000 300,000 -
- - 300,000 300,000
$ 300,000 $ 300,000
F-59
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
ALL DEBT SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Variance with
Final Budget
Original
Final
Positive
REVENUES:
Budget
Budget
Actual
(Negative)
Intergovernmental
$ 698,510
$ 698,510
$ 573,000
$ (125,510)
Investment Income
Total Revenues
-
31,643
31,643
698,510
698,510
604,643
(93,867)
EXPENDITURES:
Current:
Debt Service:
2003 Revenue Bonds:
Principal
1,205,000
1.205,000
1,205,000 -
Interest
605,930
605,930
593,880 12,050
Other Debt Service Costs
10,000
102,468
95,968 6,500
Total 2003 Revenue Bonds
1,620,930
1,913.398
1,894,848 18,550
Guaranteed Entitlement Loan:
Principal
Interest
Other Debt Service Costs
Total Guaranteed Entitlement Ln
Total Expenditures
Excess/Deficiency of Revenues
Over/(Under) Expenditures
Other Financing Sources/(Uses):
Reserve for Contingencies
Transfer from Other Funds
Total Other Financing Sources/(Uses)
Net Change in Fund Balances
Fund Balances, October 1
Fund Balances, September 30
806,070
806,070
590,663 215,407
63,000
63,000
45,322 17,678
10,000
10,000
- 10,000
879,070
879,070
635,985 243,085
2,700,000 2,792,468 1 2,530,833 261,635
(2,001,490) 2,093,958} 1,926,190 167,768
(553, 649) (461,181) - 461,181
2,109, 233 2,109, 233 1,373,000 (736, 233)
1,555,584 1,648,052 1,373,000 (275,052)
(445,906) (445,906) (553,190) (107,284)
445,906 445,906 975,156 529,250
- $ - $ 421,966 $ 421,966
F-60
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2007
ASSETS
Current Assets:
Cash and Cash Equivalents
Accounts Receivable, Net
Due from Other Governmental Units
Due from Constitutional Officers
Interest Receivable
Total current assets
Noncurrent Assets:
Land and Other Nondepreciable Assets
Capital Assets, Net of Accum. Depreciation
Total Noncurrent Assets
Total Assets
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Wages and Benefits Payable
Claims and Judgements Payable
Due to Other Funds
Due to Other Governmental Units
Accrued Comp. Absences Payable
Other Current Liabilities
Total Current Liabilities
Noncurrent Liabilities:
Accrued Comp. Absences Payable
Total Liabilities
NET ASSETS
Invested in Capital Assets, Net of Related Debt
Unrestricted
Total Net Assets
Worker's Group Risk
Compensation Insurance Management
Fund Fund Fund
$ 5,844,773 $ 18,787,904 $ 4,595,903
- 19,795 2,094,002
33,797 -
- 99,423 -
166,829 1,217 -
6,011,602 18,942,136 6,689,905
3,440 444 3,246
3,440 444 3,246
6,015,042 18,942,580 6,693,151
92,975
210,115
30,582
5,664
5,427
5,861
1,794,351
3,641,266
1,547,490
27,507 - -
267 495 2,541
14 21 -
1,920,778 3,857,324 1,586,474
19,509 16,711 21,155
1,940,287 3,874,035 1,607,629
3,440 444 3,246
4,071, 315 15, 068,101 5,082, 276
$ 4,074,755 $ 15,068,545 $ 5,085,522
G-1
Fleet
Management
Fund
Total
$ 1,394,598 $ 30,623,178
-
2,113,797
115,525
149,322
49,547
148,970
-
168,046
1,559,670
33,203,313
54,000
54,000
1,219,043
1,226,173
1,273,043
1,280,173
2,832,713 34,483,486
114,323
447,995
44,223
61,175
-
6,983,107
17
17
-
27,507
6,577
9,880
-
35
165,140
7,529,716
67,812 125,187
232,952 7,654,903
1,273,043 1,280,173
1,326,718 25,548,410
$ 2,599,761 $ 26,828,583
G-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Operating Revenues:
Charges for Services
Miscellaneous
Total operating revenues
Operating Expenses:
Personnel Services
Operations
Depreciation and Amortization
Asserted and Paid Claims
Total operating expenses
Operating Income/Loss
Non -Operating Revenues/(Expenses):
Investment Income
Insurance Recoveries
Gain (Loss) on Disposition of Assets
Total Non -Operating Revenues/(Expenses)
Income/Loss Before Contributions
and Transfers
Transfers to Other Funds
Change in Net Assets
Total Net Assets -October 1
Worker's
Compensation
Fund
Group Risk
Insurance Management
Fund Fund
$ - $ 14,655,889 $ 1,664,964
100,942 - 3,679
100,942 14, 655, 889 1,668,643
172,297
184,692
178,189
390,535
638,685
1,571,188.
1,295
562
1,131
1,739,198
12,137, 554
289,175
2,303,325
12,961,493
2,039,683
2,202,383 1,694,396 (371,040)
356,536
906,446
306,646
594,975
524,476
3,210,920
951,511
3,517,566
1,430,922
(1,250,872) 3,125, 318 3,1461526
37,828 (68,642) 2,234,937
(1,288,700) 3,056,676 911,589
5,363,455 12, 011, 869 4,173, 933
Total Net Assets -September 30 $ 4,074,755 $ 15,068,545 $ 5,085,522
G-3
Fleet
Management
Fund Total
$ 3,683,585 $ 20,004,438
5,620 110,241
3,689,205 20,114,679
1,049,638 1,584,816
1,874,892 4,475, 300
72,954 75,942
- 14,165,927
2,997,484 20,301,985
691,721 (187,306)
91,923 1,661,551
- 4,330,371
(4,260)_ (4,260)
87,663 5,987,662
779,384 5,800,356
(563,047) (2,904,454)
216,337 2,895,902
2,383,424
23,932,681
$ 2,599,761 $ 26,828,583
G-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Operating Activities:
Cash received for services
Cash rec'vd from other funds for goods and svcs
Cash received from insurance recoveries
Cash payments to suppliers for goods and svcs
Cash payments to employees for services
Cash payments to other funds
Cash payments for claims
Other operating revenue
Net Cash Provided by/(Used in)
Operating Activities
Noncapital Financing Activities:
Transfers to other funds
Capital and Related Financing Activities:
Acquisition of capital assets
Net Cash Provided/(Used) by Capital and
Related Financing Activities
Investing Activities:
Investment income
Net Increase/(Decrease) in Cash and
Cash Equivalents
Cash and Cash Equivalents:
October 1
September 30
Worker's
Group
Risk
Compensation
Insurance
Management
Fund
Fund
Fund
$ 19,169
$ 4,054,103
$ 30,942
-
10,770,068
1,634,022
594,975
510,004
1,118,300
(399,701)
(707,445)
(1,734,856)
(125,616)
(132,984)
(128,128)
(27,667)
(30,526)
(28,281)
(1,806,714)
(11,588,769)
(243,292)
136,987
-
3,679
1,608,567 . 2,874,451 652,386
(37,828) — _ (68,642) 2,234,937
1,336
(1,336)
189,707-906,454 306,646
(1,456,688) 3,712,263 (1,277,241)
7,301,461 15,075,641 5,873,144
$ 5,844,773 $ 18, 787, 904 $ 4,595,903
G-5
Fleet
Management
Fund Total
$ 1,797,128
$ 5,901,342
1,978,633
14,382,723
-
2,223,279
(1,921,790)
(4,763,792)
(758,691)
(1,145,419)
(549,459)
(635,933)
-
(13,638,775)
5,620
146,286
551,441 2,469,711
(563,047 (2,904,454)
(14,161)_ (15,497)
(14,161 )1� 5,497)
91,923 1,494,730
66,156 1,044,490
1,328,442 29, 578, 688
$ 1,394,598 $ 30,623,178
G-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS - CONTINUED
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2007
Reconciliation of operating incomel(loss)
to net cash provided byl(used in)
operating activities:
Operating income/(loss)
Adjustments to reconcile operating income/(loss)
to net cash provided by/(used in) operating
activities:
Depreciation and Amortization
Nonoperating Income -Insurance Recoveries
Change in assets and liabilities:
Increase/(Decrease) in Accounts receivable
Increase/(Decrease) in Due from other gov't units
Increasel(Decrease) in Due fm constitutional ofcrs
Increase/(Decrease) in Accounts payable
Increase/(Decrease) in Accrued wages/benefits
Increase/(Decrease) in Claimsrjudgments payable
Increase/(Decrease) in Due to other funds
Increasel(Decrease) in Due to other gov't units
Increase/(Decrease) in Comp. absences payable
Increase/(Decrease) in Other current liabilities
Total adjustments
Net cash provided byl(used in)
operating activities
Noncash investing, capital, and financing activities:
Loss on disposition of assets
Cash Reconciliation:
Unrestricted
Worker's
Compensation
Fund
Group
Insurance
Fund
Risk
Management
Fund
$ (2, 202, 383Y $ 1,694, 396 $ (371,040)
1,295
562
1,131
594,975
524,476
3,210,920
36,045
(14,472)
(2,092,620)
-
45,715
-
19,169
122,567
-
12,835
(47,187)
(144,863)
347
(411)
434
(67,516)
548,785
45,883
(1,986) - -
(763) 495 2,541
(585) 475 -
593,816 1,180,Q55 1,023,426
$ (1,608,567) $ 2,874,451 $ 652,386
$ 5,844,773 $ 18,787,904 $ 4,595,903
G-7
Fleet
Management
Fund
Total
$ 691,721 $ 187,306)
72,954 75,942
- 4,330,371
338
(2,070,709)
991556
145,271
(7,718)
134,018
31,854
(147,361)
12,082
12,452
-
527,152
(355,815)
(355,815)
-
(1,986)
6,469
8,742
-
(1,060)
(140,280)
2,657,017
$ 551,441 $ 2,469,711
$ (4,260) $ (4,260)
$ 1,394,598 $ ' 30,623,178
MR
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida:
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Monroe County, Florida Board of County Commissioners (the "Board") as of
and for the year ended September 30, 2007, and have issued our report thereon dated March
24, 2008. We conducted our audit in accordance with auditing standards generally accepted in
the United States of America and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Board's internal control over financial
reporting as a basis for designing our auditing procedures 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 Board's internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Board's internal control over financial reporting.
A control deficiency 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 misstatements on a timely basis. A significant deficiency is a control
deficiency, or combination of control deficiencies, that adversely affects the Board's ability to
initiate, authorize, record, process, or report financial data reliably in accordance with generally
accepted accounting principles such that there is more than a remote likelihood that a
misstatement of the Board's financial statements that is more than inconsequential will not be
prevented or detected by the Board's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial statements
will not be prevented or detected by the Board's internal control.
Our consideration of internal control over financial reporting was for the limited purpose
described in the first paragraph of this section and would not necessarily identify all deficiencies
in internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting that we consider to be
material weaknesses, as defined above.
H-1
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board'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.
We noted certain matters that we reported to the management of the Board in a separate letter
dated March 24, 2008.
This report is intended solely for the information and use of management, the Clerk Ex Officio,
the County Mayor, Board of County Commissioners of Monroe County, Florida, and applicable
federal and state agencies and is not intended to be and should not be used by anyone other
than these specified parties.
CHERRY, BEKAERT & HOLLAND, L.L.P.
Orlando, Florida
March 24, 2008
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INDEPENDENT AUDITORS' MANAGEMENT LETTER
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida:
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Monroe County, Florida Board of County Commissioners (the "Board"), as of
and for the year ended September 30, 2007, which collectively comprise the Board's basic
financial statements, and have issued our report thereon dated March 24, 2008 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.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. We have issued
our Independent Auditors' Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards, dated March 24, 2008, and it should be
considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with Chapter 10.550, Rules of the Auditor
General. Those rules (Section 10.554(1)(i)1) require that we address in the management letter,
if not already addressed in the auditors' report on compliance and internal controls, whether or
not corrective actions have been taken to address significant findings and recommendations
made in the preceding annual financial audit report. We have addressed the status of findings
and recommendations made in the preceding annual financial report in Appendix B attached to
this letter.
The Rules of the Auditor General (Section 10.554(1)(i)2) state that a management letter shall
have a statement as to whether or not the Board complied with Section 218.415, Florida
Statutes, regarding the investment of public funds. In connection with our audit of the financial
statements of the Board, the results of our tests did not indicate that the Board was in
noncompliance with Section 218.415 regarding the investment of public funds.
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The Rules of the Auditor General (Section 10.554(1)(i)3) require disclosure in the management
letter of any recommendations to improve the Board's financial management, accounting
procedures and internal controls. See Appendix A for our recommendations.
The Rules of the Auditor General (Section 10.554(1)(i)4) require disclosure in the management
letter of any violations of provisions of contracts and grant agreements or abuse that have an
effect on the financial statements that is less than material but more than inconsequential. There
were no such matters noted.
The Rules of the Auditor General (Section 10.554(1)(i)5) allow for the following matters that are
inconsequential to the financial statements, considering both quantitative and qualitative factors,
to� be reported based on professional judgment: a. immaterial violations of laws, rules,
regulations and contractual provisions or abuse; b. immaterial improper expenditures or illegal
acts; and c. control deficiencies that are not significant deficiencies. There are no such matters
reported.
The Rules of the Auditor General (Section 10.554(1)(i)6) also require that the name or official
title and legal authority for the primary government and each component unit of the reporting
entity be disclosed in the management letter, unless disclosed in the notes to the financial
statements. Such disclosure is included in notes to the financial statements.
This report is intended solely for the information and use of management, the Clerk Ex Officio,
the County Mayor, Board of County Commissioners of Monroe County, Florida, and applicable
federal and state agencies and is not intended to be and should not be used by anyone other
than these specified parties.
CHERRY, BEKAERT & HOLLAND, L.L.P.
v's
Orlando, Florida
March 24, 2008
H-4
Management Letter Comments (Current Year) - Appendix A
Fund Balance
In the past two fiscal years, expenditures have exceeded revenues in the General Fund. This is
due to the fact, the County had limited sources of revenue and increasing operating and capital
expenditures. Thus, the unreserved fund balance in the General Fund has decreased over the
past two fiscal years in excess of 13.5 million dollars, which is close to half of the fiscal year end
September 30, 2005 balance. The County's geographic location is prone to natural disasters
such as hurricanes. If a major disaster were to strike the County, the fund balance would likely
be insufficient to cover both routine and non -routine expenditures associated with the natural
disaster.
We recommend that the County re-evaluate operations and approve, in fiscal year 2008, either
a short term or long term administrative plan to re-evaluate resources and/or reduce costs in
order to re -stabilize the County's fund balance.
Management is taking immediate corrective measures to stop any further erosion and improve
the County's General Fund balance. Reductions in operating expenditures have already been
implemented through a series of cuts such as a reduction in work force, reduced operating
budgets, and policy revisions to employee benefits. Along with the expenditure adjustments, the
County's revenues are being closely monitored. Any fee based revenue is being reviewed and
adjusted wherever possible. Additionally, staff has moved forward with a recommendation to the
Board of County Commissioners to adopt a non -ad Valorem Special Fire Assessment Program
which will generate additional revenue.
Safeguarding of Assets
During our audit of the Airport's grants, we became aware that excessive time delays occurred
between the date of the expenditure and the date of the related reimbursement request or draw -
down. This is due to the fact that controls do not exist to ensure that minimal time elapses
between the expenditure date and the reimbursement date. Thus, the Key West International
Airport does not receive available sources of funding in a timely manner. It is essential that the
County utilize available sources of funding for reimbursable expenditures in a timely manner. In
the current fiscal year, the Airport did not have sufficient cash or working capital to cover their
portion of the County's Indirect Cost Allocation Plan.
We recommend , that the County create internal policies that ensure reimbursements are
obtained in a timely manner.
The Airport will review grant reimbursement submission deadlines and payment procedures.
Internal airport reimbursement policies will be changed to ensure that cash flow improves and
the amount of time between reimbursement request and receipt of funds is shortened to a more
acceptable level.
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Management Letter Comments (Prior Year) - Appendix B
Vendor Payments
During our audit we became aware of several instances where vendor invoices had been
received by various department personnel, held for a period of time by these departments, and
then submitted for payment to the finance department. The lack of the timely submission of
these invoices for payment resulted in the expenditures exceeding appropriations in the
Community Services Management cost center (Board's level of budgetary control) of the
General Fund by $2,117, Growth Management Administration cost center of the Unincorporated
Area Service District -Planning, Building and Zoning Special Revenue Fund by $233,858, and
the Boating Improvement cost center of the Boating Improvement Special Revenue Fund by
$30,912. In addition, approximately $8,000,000 of DRC invoices for hurricane Wilma
expenditures was being held by the engineering department awaiting proper supporting
documentation. The delay in payment, and therefore, the grant revenue resulted in the County
having to report a deficit fund balance of $7,858,602 in the Government Grants Special
Revenue Fund.
We recommend that the County review this area to determine why this occurred in the current
year"and implement appropriate procedures to prevent this from reoccurring in the future.
Current year follow-up:
The BOCC has addressed this situation by reminding the different departments to process bills
that are for goods and services purchased and received by the county's fiscal year end of
September 3e as quickly as possible after receiving the invoice.
Purchasing Cards
During the year the County developed, adopted, and implemented a new purchasing card
policy. Our review of this policy indicates that among other things the policy addresses limits
and restrictions on the use of the card, requires that each employee that is issued a card be
adequately trained on its use, identifies the documentation, reconciliation, and payment
requirements that will be followed, identifies the approval process that will be followed before
payments are actually made, addresses the procedures that will be followed for any disputes or
unauthorized charges that are made to a card, requires that an annual inventory of cards that
are issued be maintained, addresses the process that will be followed for any lost or stolen
cards, and addresses the process that must be followed for employee terminations or transfers.
Finally, the policy has a provision that provides for random audits by the Clerk's office on an as
needed basis.
Our review of this policy indicated that as a whole the policy was well thought out, and provided
for adequate guidelines that should be followed in the use of purchasing cards.
However, we would like to stress the following areas that the County may want to consider
clarifying in order to strengthen internal controls.
In order to have an effective policy the County should focus its attention on three critical areas,
training, assigning responsibility to the appropriate individuals, and monitoring.
H-6
Purchasing Cards (continued)
The policy actually addresses all three of these areas but we would like to discuss each of these
areas in detail to help clarify what we would consider adequate internal controls.
We cannot over emphasize the training aspect of a successful policy. The training should be
provided to each employee who is part of the purchasing card process. This includes the
Budget and Finance Department Staff, division directors, the card holders, and any other
individuals who will be involved in the processing of the credit card payment. The training should
be very specific and well documented as to its content. The training program should address at
a minimum how cards will be issued, what each employee responsibilities are, card holder
spending limits, what the cards can and cannot be used for, the documentation requirements,
the approval process for purchases, how unauthorized charges will be handled, and what to do
if cards are lost or stolen. Each employee who completes this class should also sign an
acknowledgement form that they have completed the class and they understand their
responsibilities in the use of the card. The acknowledgement form should be maintained in each
employees personnel file.
Lines of responsibility should be well defined. We would recommend that each department head
be assigned the responsibility for determining who gets issued a card, approval of purchases,
certifying the adequacy of documentation, addressing unauthorized charges, inventorying card
holders, addressing lost or stolen cards, and employee terminations and transfers.
In order to help monitor the use of purchasing cards we would recommend that an expense
report be developed specifically for purchasing cards. The report should be completed by each
card holder and should provide for the date of the purchase, the description of the purchase, the
account number that each purchase should be charged to, and the amount. Each purchase
should be supported with an invoice. The expense report should also require that each card
holder certify that each purchase was a valid County purchase and that the report is complete
and accurate. Once a card holder completes this report it should be turned in to the department
head. Each department should review the report for completeness and also certify for the
completeness and accuracy of the report. The report should then be turned over to the program
administrator who should review each report for completeness, reconcile each purchase to the
vendor statement, and reconcile any differences. Difference should be addressed with each
department head before payments are made.
Current year follow-up:
The BOCC has a Purchasing Policy which specifically states, "A written or electronic "Request
to Purchase" must be completed and approved, which will secure all purchases of goods and
services via a purchase order signed by the required authority, so as to encumber or "set aside"
the funds for purchases even in the event of an emergency." The Board intends to strictly
enforce this policy which will identify outstanding and unpaid expenditures as encumbrances in
the finance system thereby solving this problem in the future.
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BOARD OF COUNTY COMMISSIONERS
Mayor Charles "Sonny" McCoy, District 3
Mayor Pro Tem Mario Di Gennaro, District 4
OUNTYjo'�MONROE Dixie M. Spehar, District i
KEY WESTLORIDA 33040 r George Neugent, District 2
(305) 294-4641 Sylvia J. Murphy, District 5
MEMORANDUM
To: Sandy Carlile, Finance Director
From: Debbie Frederick, Acting County Administrator
Date: May 1, 2008
Subject: Response to Independent Auditor's Management Letter, FY 07
The Administration has reviewed the comments made by the Independent Auditor's Cherry, Bekaert
& Holland in reference to the Financial Statement for the year ending September 30, 2007.
The Administration appreciates the recommendations made by the auditors and has begun to rebuild
the County's General Fund balance by reducing operating costs, reducing the current work force and
eliminating positions through attrition. Management will continue to monitor the County's revenues
and expenditures as year end draws near so that the County's expenditures do not exceed revenues in
the General Fund.
Administration realizes that it will take more than one year to rebuild the General Fund. The actions
mentioned above will continue throughout Fiscal Year 2008 and into Fiscal Year 2009. Action is
already being taken to move forward with additional expenditure reductions and major service
reductions for Fiscal Year 2009.
To improve the reimbursement requests time delays on the Key West International Airport activities,
management has been directed to put a plan in place that ensures timely review and processing of all
work activity, reimbursement requests and the receipt of funds.